American Eagle Gold Hits 844 Meters of Copper-Gold Mineralization as NAK Expansion Accelerates

0:15Welcome back to Mining Stock Daily. Ian Wagner here with a corporate update from our friends at American Eagle Gold. They are developing Canada's next major copper gold porphyry in British Columbia. They trade on the TSX venture under the symbol AE and on the OTCQB under the symbol AMEGF. And with us today is CEO of American Eagle Gold, Mr. Anthony Moreau. Anthony, Tony, how are you doing? Good to see you. Welcome back to the podcast. Thanks a lot, Ian. I'm happy to be here. Put out some news today and here to answer any questions you have. Sure. Long-time listener, second-time caller here. Second-time caller.

1:00Okay, all right. Well, let's start off with the news and then we can kind of riff as we are known to do if you want. Yeah, all right. You guys are drilling there at NAC, right? A big copper gold porphyry target there in British Columbia. um your what you put out was your phase one drilling i think nine holes you reported um i'll give a couple numbers and then maybe you can tell us what you found important or what help what what context you think is important for people to understand so uh hole 90 97 711 meters a 0.32 copper equivalent from 44 meters so that also includes 277 meters of 0.41 copper equivalent um hole 92 844 meters a 0.3 copper equivalent from 58 meters so big long deep holes copper from you know near surface you know what what what did you find and what's what's what should be the takeaway here the takeaway is really it's not not crazy exciting it's business as usual Like NACA is mineralized everywhere within this 1.5 by 1.7 kilometer footprint.

2:15Hopefully it's going to be bigger by the time we drill this season. But all of our drill holes have copper and gold in it. And, you know, we hit what we expected to hit more or less. You know, this wasn't like a super sexy release. You know, no crazy banger holes. But they're all - But they're deeper than what a lot of what you'd done before, right? Yeah. Like, so like we were stepping outside, like a lot of, like this, a lot of this was infill in terms of the drilling inside the porphyry stock. And then some of the step outs west, you know, waste to ore conversion. And then these are, these are holes that you have to drill that the miners need to see in order, you know, to do a PA or an MRE and to see how big this thing is.

3:02Cause like if you have high grade right in the middle, you can't start the pit there. You got to start the pit outside of that. So it's good to see some of those holes, even through like 0.2, like, you know, instead of, instead of sending that ore to the waste pile, you send it to the mill and actually make some money. So that's really key. And, um, look, this market's been awful recently, despite the, despite the copper and gold numbers. Like you told me three years ago, copper would be at, you know, 630 and gold would be at 4 ,100 and we'd be in a downturn. I think you're crazy. So the market's like, what have you done for me lately?

3:41And investors are kind of lost in this whole macro thing. Also, it's tough because like, how do you convince people to put their risk capital into anything, let alone junior miners when, you know, you're putting money into a T-bill and getting a 5 % return? So there's a lot of different reasons that I think things are down. But we have an investor. I think people have seen him before. His name's Nate Smith. He's become a good friend of mine, like a lot of investors have in AE. You know, yourself, Andrew Kwong, get some shout outs, Antonio from Chile. But he said to me, and what we were doing was we have this new zone in the southeast.

4:17So we're like, we got to put that out because we just want to make sure every release we have is really exciting, right? But we were waiting forever. And the assays, I'm telling you right now, everyone bugs me. I don't know what's going on. It's weird because like everyone's waiting for assays, but it's like, who's getting the assays? I don't know. And like this, like this hole to the Southeast, I swear to God, we've been waiting for them for like 12 weeks. It's as long as we've ever had to wait for assays. So we're like, we can't wait for these any longer. We just got to cleanse the market. We got to put all of our holes out and they kind of tell a story.

4:48So like I said, there's stock holes, there's way some more conversion holes. And there's some really good holes. like to have those stretches of over 0.4, like that, that's, that's highest grade in BC. So we're like, let's, let's put some news out. Then, you know, at least our next news, we don't have to wait. We can wait like two, three weeks and we can actually get these holes and explain them like this new zone together. So we can wait for 98, 100, 104, put those together and put together 102, 106. That's in the North, just, just North of 70. And I'm sure, you know, riffing off these whole numbers is super helpful for a lot of these listeners.

5:19So, so I apologize, but that that's kind of the way we're doing it. And kind of going back to Nate, I got kind of off base. He said something that kind of resonated to me. He's like, you know, you stick your head out in this market, your head's going to get kicked off. And he's right. Like whether you put out good holes, your head's going to get kicked off because people are looking for something that's slightly up. So you get a liquidity event. If you put out bad holes or even mediocre holes, your head's also going to get kicked off. So you really kind of wanted to wait it out and hoping that, you know, the midterms were done and we started to see mid November and started getting some of this momentum heading into the holidays for the markets.

5:55And we've kind of seen that and we put out the holes today and you know, the, the stock's trading, you know, flat, which we always want the stock to go up and this market flats up, uh, you know, so that's kind of what we're doing. Those are kind of the holes we're putting out and they're great holes. Like, you know, any, any, any BC company would be, be happy with those holes. But like I told people, we've only put up about 20 % of our holes this season. And we're going to drill about 80 holes. And when everyone else is done with news in January, we'll have news going out all the way until May, June.

6:25And actually probably never ending. Yeah, your guys' calendar. I mean, that's one thing. It's kind of interesting. You know, you guys are drilling right now. I think, what, three holes on site. You mentioned that just 15 holes have been reported out of, or 32 of approximately 80 holes have been drilled. 15 have been reported. You're going to have 50 ,000 meters-ish. You know, you're going to have three rigs going. So you're going to have news flow through the winter into that planned MRE and study next year. But yeah, so phase one done, just I guess to kind of reset. Phase one done, you're going to be moving out to step out drilling, phase two under the way.

7:02And to your point, I mean, about the market, I mean, yeah, obviously today gold's down, what, 60 bucks? I mean, depending on, I didn't check immediately before we pressed record, but I mean, gold's down substantially. Silver, not as much, surprisingly. copper is well off recent highs. I mean, maybe not well off, but still above$6 a pound. But it is definitely, whether or not it's tax loss season or people are, you know, a lot of stocks, anyone who bought at any point in 2026 is underwater, right? Just because it's been a sort of slow grind down. So whether or not that just changes because the commodity price or people jump back into things after tax loss selling is done.

7:44I don't know. But to your point, yeah, I mean, you said you kind of wait, but how do you sort of detach the stock from the commodity price in that sense of like, you guys want to be adding value or having catalysts, right, to be increasing sort of the value proposition, regardless of whether or not of goal goes down up or flat. How do you kind of think about that? Is it just kind of, hey, build this out, let the drill bit do the work or what else do you need to do? Just prove this is going to be a mine. I think there's very few companies in the world, junior companies that they can say hand to the heart, you know, this is going to be a mine, economical mine.

8:27Definitely, you know, you can turn your backyard into a mine. It doesn't mean they'll make money. So I think it certainly doesn't mean anyone's going to invest in it. Yeah, you can process just dirt if you want. Yeah, I think NAC, honestly, it's going to be a mine. Hand to the heart. How big it is, I don't know, but it's going to be a mine. I wanted to show that it's going to be a mine in this economic cycle. And we have a plan right now. So there's no hiding for us. We have our holes. We're not going to change the size of our program on the downside. We will probably change the size of the program on the upside based on what we're hitting, but we're not going to reduce it.

9:04So we have our plan. We've got to put out the holes. And what I got to do, the market is kind of explain the story. Like investors are, they like listening to stories like, like, like kids. And we got to tell the story and be succinct and explain what we're hitting and why we're hitting it and where we're going to go. And, um, you know, when we saw these holes out there, we said, listen, we have nine holes here. It's kind of in the same area, stock waste or conversion. We put those out and I'm going to be blackout. Uh, I don't want to see any information from the labs until we have all those holes.

9:31We got them, we put them out and now we're onto our next story. So now we're, so that's, you know, we knew what we're going to get. We got pretty much in line with what we expected. And now our next chapter of our story in is we're adding scale. So the Southeast, can we add scale? Can we add a hundred, 200, 500 million tons? I think we can. So that's going to be the next chapter. And the chapter after that is going to be in the North, hopefully adding more scale there. And like we're done kind of just like plugging good holes and hoping the market goes up because it's not sustainable. We got to prove that this is a mine.

10:03That's our plan. And yeah, I don't know if I answered your question there and you got to kind of just kind of put the macro in the background. I'm like, I don't know. When we started this company, gold was like a, I don't know, 1800 bucks and copper was 350. Yeah. And I know when this is a mine in 10 years, I can guarantee you copper and gold are going to be higher. So I don't think it really matters on these day-to-day swings in the price. It's like, where are we going to be in 10 years? And that's why the, that's why the Asians are so far ahead of us. Like they make these plans, like they have 50 year plans.

10:35They're not kind of worried quarter, quarter, day to day where the prices are, where the stock is. So, yeah. I think the interesting follow-up there is like, you know, okay, that's the story you tell them, but like, it's also different who you're telling it to it, depending on where your guys' face is at, right? Like, if you know, this is a good deposit and you know, it's going to be a mine, you're not really telling the story as much to retail anymore. As much as, you know, these holes and these news releases are there for the strategics or for larger institutional investors to say, OK, hey, this is, you know, this is this needs to be on our long term plans because this is.

11:09You know, this is going to be a mine as it's something that we want to get involved in. And that's a little bit different of a approach or a, I guess, slightly different storytelling. You don't sort of have to stand up and scream and say, hey, hey, hey, we're here. it's more like we're getting bigger, bigger. Do you want to jump on this train or leave it behind? I mean, does that, does that make sense? Yeah. Like, so like, I love retail, like, thank you retail. You've helped us get to where we are like not forgetting about you, but you know, we, we got to kind of transition. So we are an exploration company.

11:42We are transitioning into a development company starting next year. Um, and like now, like we predominantly, like we were kind of, you know, we're, we're a retail like investment company because all of our raises came from South 32 Tech and Sprott. And, you know, a lot of our bumps came from retail. But right now, like, I think the big difference in our company is getting the institutions to come in and, you know, retail, what they're looking for, they're looking for 5, 10x. And I think we can still do that, like no problem doing that. But we need the big capital to come in and the institutions, they yeah, do they want a 5 and 10x?

12:17sure but like they're quite comfortable to get you know a 1x and be able to liquidate out of it so we got to show to them you know if you put 10 20 30 million dollars can you turn it into you know 20 30 60 i suck at math actually i'm good at math um so like yeah i think we can do that and i think quite frankly like we have a plan and there's a good chance that there could be a liquidity event down the line and you know that's where the institutions really get interested in you and that's where the banks kind of start to get interested so the banks talk to us and they say listen like the banks are really only interested in money obviously like i don't blame them that's their job um so like when you're small they want to do the raises so they want to clip a seven percent off you and then if you're not doing the raises which we have and they're not interested in you but now it's kind of changed now the banks aren't really interested about getting the money off the raise now they're interested in actually getting that one percent off you know the one billion sale.

13:10So like now they've been starting to court you. And then because of that, they're now saying, Hey, like, you know, look at us, like we can introduce you to these really big guys. So, you know, bank X might introduce us to BlackRock, these big institutions, because they want to, they want to become friends with us. And then we can kind of sign an agreement with them. So when we sell, they can get that 1 % fee. So we're kind of seeing institutions come on the backend from the introductions from these big banks who wouldn't give that away unless they thought they could make some money down the line.

13:38And they're not worried about making money in one, two, three months off a raise. They're worried about making big money in 12 months, 18 months. Longer sale pipeline. Kind of with that, you guys are American Eagle Gold, but that top portion or the northern part of your area, right, might be 70, 30 % copper to gold. And their bottom South Sale might be more 50, 50 gold and copper. One, I mean, does that ratio at all change on who knocks on your door or is it commodity agnostic or do people come and say, you know, hey, we are, you know, we want to get in because of the copper. We're looking for X deposits in the copper gold space or does that change anything or not really kind of what you guys end up resourcing out?

14:26like i think right now i think when what people are looking at is like our potential ore body in terms of its scale and you know that makes sense the most for the copper companies like you know if you're looking at something that's over a billion plus like that's a copper mine but you know i i talked to uh you know when eric sprod invested us he almost invested us for like the gold part like he he saw that gold intercept we had last year and he was like this is this is a gold deposit he goes i back the envelope i calculate five to six million ounces there already and that another investor said like if we position ourselves more as a gold company we might not even be around anymore like we probably have about six seven million ounces we'd uh we you know we're focusing on a smaller area and you know copper would be our byproduct open pit so you know i i think i think about that sometimes but you know yeah it's a good point like How do you position yourself and who you, you know, trying to court?

15:19And we always thought this was a huge copper deposit with a gold byproduct. So it's kind of like six and a half dozen of the other. Whoever wants to buy us, like we're for sales, just we want to get the right price. But like also like you're seeing a lot of these gold companies like interested in copper, like Ignico, super interested in copper. Obviously, Barrick is with their investment that they made in Kingfisher. You know, New Gold, which is now I think Hekla. or core. They got the, like, yeah, like all these companies want to diversify. Also, the interesting thing about copper too is that, you know, especially in Canada, like copper is super helpful because if you position your mine as a copper mine, even though you have gold, like you get more money from the government, you can fast track things because it's a strategic metal.

16:05We talked about last time, I think this whole strategic metal stuff is kind of dumb because I think, well, some of that changed last week here in the States, right? At least some of those. Most of the deficits are strategic. I think it's being able to get your people jobs and improve your economy. So, yeah. Yeah. I mean, yeah. And the reason I ask is you, to some degree, the thesis is somewhat different, right? If you're going on the gold thesis and maybe, you know, it is a monetary debasement or just whatever, you know, but a copper has had strong tailwinds from the AI, from the data center, from the build out.

16:38And so that is being challenged a little bit, I think here in the States, certainly in terms of what, you know, we're going to support and what people here are going to support. So that's sort of my riff on just why copper has been down a little bit. But yeah, I mean, the other thing I was going to say for what it does to you and when you're making decisions, you know, does that then come into what your cutoff grades are or use or is that all geology dependent? You know, do you not necessarily

17:08tier what you're going to do for the resource MRE or study, you know, based on the price of gold or the price of copper and you more base it on just kind of, hey, this is what the rock shows, what we can mine profitably. And we don't, we don't, you know, at$4 copper or$3 ,500 gold, like, how do you, how do you think about that? Yeah, I think that comes a little bit further down the line like the way that i kind of think about it is in terms of like i i'm not a geo and i try not to micromanage my team neil's a like a really great geologist and charlie greg's obviously great geologist and but the one thing i do tell them it's like we used to do some deep holes right 800 900 meters and i i said like we're not doing any more holes deeper than 650 meters unless they're absolutely absolutely gangbusters because like we got to prove that this can be a mine and i don't care if something's 0.3 that's 600 meters underground like i care about stuff is 0.3 you know zero to 500 meters underground but i don't care if it's 0.3 after that so like that's where like i really kind of think about you know where the price of copper and gold are and our cutoff grades um etc so i think that's one thing that's really changed and you'll see from our holes like going forward, you won't see a lot of holes deeper than 650 meters.

18:25We will. That's why I was surprised at what you put out just because it was so deep. Right. And that was so, um, you know, those were yeah. Hole 92, 800 meters. Like those are drilled like three months ago. Right. Um, so like that, that big change has happened in the last kind of month, month and a half. Um, but yeah. So like when you start seeing some holes come out, you know, probably in December, you'll, you'll start noticing that, you know, the deepest hole will be probably 675 meters. Having said that, we're going to go for a deep hole. So we're going to get a lot of results that end in mineralization?

19:02Yeah, I think so. I mean, hey. At some point, you got money. I like to operate as if we're not going to get any more money. It's very hard to raise money right now. I don't really want to raise at these prices. Our plans to prove that this is a mine. We've got to hit as much area as possible and we got to prove that this is in mind this economic cycle it's the stuff that's important the stuff at surface so so if you like if you look at our most recent like so like if you just look at our our news results today like we we laid it out pretty good like we literally have like we have one zone it's the whole property like we it's two by two we're drilling all over it but like for the most part until you know phase two started we drilled you know somewhat close So where we've drilled before we drilled within the stock and we drilled, you know, some ways to or the stepping out west.

19:51And right now phase two is essentially, if you look at a clock, for example, if you started at 11 o 'clock and you drill all the way and you turn that clock all the way till six, um, that's where we're drilling around the porphyry stock. We think a lot of the higher grade stuff is at the contact zone of where the host rock hits the porphyry stock. Um, so we're kind of exploring out there and we're just trying to build out tonnage. So like that's, that's where we're drilling and we have a plan and we're not kind of stopping our plan based on what we're hitting. We're, we want to have a pretty good idea of what NAC is by the time we kind of pack up for the Christmas holidays.

20:25So that when we come back and second week of January, we're going to do some infill, you know, find some higher grade areas and hopefully expand on some of the stuff that we drilled that were massive step does to make the likes of like, you know, Tom Ulrich happy. and some holes aren't going to be great like some holes aren't going to be great but it's kind of relieving because it's it's been a bit of whack-a-mole from from my seat it's like you can never focus really because everywhere we drill that knacks really come out with some great mineralization so it's at some point it's nice to bookend the deposit and know you don't have to keep on stepping out and then you can kind of infill so i guess they're good problems to have yeah i mean you know it's sometimes you got to do the kind of the boring drilling right to hit the to be able to do your studies, your MRE.

21:10All right. Well, listen, Anthony, you got to get on a plane. So yeah, what should people expect here? Maybe between now and the end of the year, just more drills, more results? Drill, drill, drill. A better cadence of results. I think we're past the super busy time in terms of assays coming out. So I like to think that we can have a more steady stream of results so people aren't waiting two and a half months for news. And hopefully, you know, explain some new zones and adding a lot of new tonnage and having some higher grade areas. So look out for news. And I think we're going to have news from this drill program going all the way till June.

21:51So there'll be, you know, an extra five months of news versus a lot of our competitors out there that are in North America, at least. Yeah, yeah, absolutely. That's great too. You want to communicate this to the market as you drill out because you have, like I say, you have about another, what, 65 holes to report. So we will look to catch up with you as those come back. Thanks so much for coming by, Tony. Appreciate the time. Thanks, Ian. That is Mr. Anthony Moreau, CEO of American Eagle Gold. They trade on the TSX Venture under the symbol AE and on the OTCQB under the symbol AMEGF.

22:53Thank you.