Webinar Q&A
Q: How long until we see more drilling results?
A: We just got the assays back regarding the final 9 holes submitted before the bushfires (with a series of reasons as to why they're so late).
We're processing them now, expect to release them very shortly: need to interpret.
Waiting time was unacceptably long, and there were technical reasons the assays had to be re-run. We're concerned over the time it's taken. Mobile lab up to Radisson (sp?), a couple of hundred km from logistics base, which will allow us to get drill core samples flown or driven. We're hoping that'll remove 1-2 weeks from assay times. Val D'Or lab has been holding up assays.
Q: How long until the maiden resource is announced?
A: 10 week fire delay set us back, but still confident that by end of year will have sufficient drilling to put out globally significant maiden resource, published Q1 next year.
Q: Does the company have enough funds for 50km drilling program?
A: $42m is more than enough to complete plans, and gives a bit of runway post-resource publishing.
Q: How about Jackpot field programs? Gravity survey done?
A: Jackpot is regarded as part of Adina now, surveys to be done over entire area to develop targets in coming month or so.
Q: Road planning & construction situation?
A: Grand alliance PFS on diamond mine to south of Adina (see map), expected construction 5-7 years from time it was published one year ago. Confident road will be built prior to Adina production. We've taken initiative and applied for permits to build northern part of road: snow road over winter and all weather road later half of 2024. Cree Nation advising on best route to assist with approvals.
Q: What areas cleared by fires?
A: Around 1/3rd of property affected, with pegs exposed. Similar at Tilly, and a fifth of property exposed at Cancet (much larger area). Overall has provided more visual targets. Teams on ground at Cancet, Adina & Tilly.
Q: Cost management?
A: We feel that no raise is required until second half of 2024, but raising when able and keeping a buffer.
Q: Do you expect a low strip ratio project?
A: Adina is, as deposit is from surface.
Q: Define globally significant deposit?
A: Significant among Canadian projects, among top few in that region. [stumbles around trying to give a guarded answer here]
Q: How many metres being drilled in coming months?
A: Between now and end of year, expect to drill 20km.
Q: Talk about drill spacing.
A: Spaced at approx 100m x 100m right now (proportional to how much maiden resource they want in indicated or inferred). [Answered further but missed it].
Q: Canadian govt assisting with permitting?
A: Govt hasn't changed process for permitting, which is in line with first world countries. Similar environmental surveys and timeframes. Now that lithium has become more mainstream, there's more familiarity with it in the govt, and they're going out of their way to assist with permitting processes: pointing in right direction, inviting to events, open to discussions. Learning lessons from other companies, and noticing things we can improve upon, such as engaging First Nations partners early on and proactively. Getting on top of surveys quickly by having sufficient funding. Hope approvals will be faster than other companies in Quebec.
Q: Have Patriot's results benefited of hindered WR1?
A: No real effect on us, but has seen many new entrants. We think we're undervalued given what we expect our resource size to be. Whenever we speak to fund managers, they seem almost tired or weary of hearing about new entrants into Quebec or Ontario. We get bunched in with that, instead of recognised as a soon-to-be-publisher of a significant resource.
Q: Patriot is 109mt for 3.4km strike....possible for WR1 to have a larger tonnage?
A: It's a possibility, as got footwall, pegs trending north, further gravity targets to south west, etc
Q: Are we being looked at as as takeover target or partner in the future?
A: I've made no secret that we're being approached by a whole lot of potential partners, from car makers to mining companies.
We don't want to give away offtake too early like other juniors, but there are other ways we can consider strategic investors at the right point. Maybe post MRE will see us fully engaging with strategic partners. Not short of options.
Q: Any non binding offers for Winsome?
A: No, just strategic partner approaches.
Q: How long is northern portion of road?
A: Roughly 70km long once it hits Trans Taiga from Adina.
Q: Is DMS processing suitable for Adina?
A: Seems like it, only done one round of testing so far, which bodes well. More met work and variability test work required. Also want to experiment with flotation.
Q: With new drill assays in hand, how long until rlease?
A: Need a few days to interpret and draw up diagrams.
Q: Require another cap raise before MRE?
A: $2.5-3m per month being spent, takes us well into next year.
Q: Any discussion with mining licence owners to the south?
A: You mean Azimut? We speak to them, as with all neighbours, looking for areas of cooperation. They've got their own plans, so we'll see what areas of coop may be possible later.
Q: How is camp construction going: will need further expansion?
A: 6-8 week process to construct, need it done by Nov before freeze comes in. Approvals progressing well. 50 rooms, which should be enough for a couple of years. Come next year, expect all weather road into Adina, which opens up chance at building a camp there.
Q: Upcoming winter effect on drilling?
A: No problems, will continue through winter except for 10 day Christmas holiday. Excavator on ground dropped in by helicopter, which will facilitate movement of track rigs around site.
Q: WR1 still able to provide observed spodumene in announcements, or ASX stopped it?
A: ASX is strict, but we don't feel that we need to do that anymore. No plan to release visuals going forward.
Q: Opening office in Val D'Or will assist First Nations relationship?
A: Big step showing our commitment, giving us a presence. We expect it to help with FN and govt relations.
Q: When are we expecting MRE from Power Metals? Is lithium or caesium more strategic?
A: Lithium is our priority there, and we think offtake rights will be powerful. Not discounting caesium either. Assays results soon, thinking MRE early next year.
Q: Plans to propel share price?
A: Talked about management from CXO and how same players are talking to them. Marketing will ramp up, maybe bring on strategic partner. [I got interrupted during this answer, so please listen yourself]
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