B2Gold's recent quarter showed that the company will be a "cash machine," said the CEO of Troilus Gold, Justin Reid. Reid joined editor Neils Christensen; correspondent Paul Harris; and mining audiences manager, Michael McCrae, to record a podcast on Friday.
B2Gold's recent quarter showed that the company will be a "cash machine," said the CEO of Troilus Gold, Justin Reid.
Reid joined editor Neils Christensen; correspondent Paul Harris; and mining audiences manager, Michael McCrae, to record a podcast on Friday.
Troilus Gold is an exploration and development company focused on a mine restart. The project is located in northeast of the Val-d'Or district of Quebec and produced 2 million ounces of gold and almost 70,000 tonnes of copper between 1996 and 2010.
This past week B2Gold announced 248,000 ounces of production in Q3, up 17% from a year ago. The company nearly tripled revenue coming in at $487 million compared to the $176 million from a year ago. Clive Johnson is CEO of B2Gold.
Reid, a former mining analyst, was impressed.
"First of all, they sold gold at an average price of $1,924 ounce," noted Reid. "When was the last time anybody did that? And...they're debt free. They paid back their revolver. They have absolutely no debt. Their cap ex is behind them, and now it's a free cashflow machine."
The panel also discussed other news:
Argonaut Gold is going ahead with a $380 million mine in Ontario.
China-based Shandong Gold Mining's $230 million acquisition of TMAC Resources is now under a security review.
Barrick Gold's third-quarter gold output dropped due to no production at the Porgera mine, in Papua New Guinea. In late April, the mine was placed under care and maintenance due to a dispute over its mining lease.
Well, I'm going to kick a round table. I am your host, Michael MacRae with me editor Niels, Christianson. How you doing? Neal's pretty good. Happy Friday guys. Have a weekends. Correspondent. Paul Harris. Welcome Paul. Hi, good afternoon. And special guest is Justin Reed, CEO of Troilus. It's advancing a past producing mine in Northern Quebec.
Justin, can you tell us about Troilus? Hi, good afternoon guys. Um, trellises TSX listed big board. TLG we're about $170 million market cap. Uh, we bought the past producing Troilus gold mine, which produced 2 million ounces of gold. Between, uh, for 14 years, uh, under the guidance of the INMED from first quantum, about three and a half years ago, we've drilled 80,000 meters.
And we now have, uh, an indicated and inferred resource of 8.1 million analysis completed RPA and moving it through the feasibility process. Lots of activity up in Quebec. Busy place. Uh, Quebec is really busy right now. I'm certainly coming out of the COVID hiatus, I guess. Uh, you'll see that, especially with the robust equity markets everybody's cashed up.
And what that means is you're seeing an incredible amount of. Safe, but aggressive work at all the sites from mind to really junior exploration and regional exploration. And I think I was talking to the guys that Bukavu drilling yesterday and they are almost at a hundred percent capacity of all their rigs.
So, uh, all the things that come with the boom we're seeing. Uh, I want to get into a discussion about, about how things are looking, uh, regarding, uh, suppliers regarding equipment, uh, how you're doing your assays, how Quebec is working right now. Would it be interesting to get your perspective there? You also have a background as a mining analyst, and we're also going to be talking about some of the, uh, equity and listings, uh, that actually happened later in the podcast.
And it'll be great to get your view on that, but first. We'll start with gold. It's all about gold. What happened with gold this week? Neil's that looks like it was weighed down by a lack of stimulus talk. Yeah, well, it was, it was up and then it was down and then it was up again and, uh, it's, we're just really flirting around this, this $1,900 an ounce level.
Um, and it, it is, it's all about election. It's all about stimulus. Who's going to have the biggest package. Um, and, but I, I, I think it's just, you know, we're going to have to wait until after the election, the waters are so muddy right now. Um, everybody's reacting to every headline that comes out. And it's just, it's creating this, this volatility and the reality, like, even with all this volatility, but we're just, we're stuck in this mud at $1,900 an ounce.
It's surprising to me because everybody's anticipating a stimulus. There's going to be a stimulus. If it comes from the Democrats, it's going to be a stimulus. If it comes to Republicans, I guess the only problem could be is if you actually end up with a Republican controlled, um, Uh, Senate, uh, that could actually put the brakes on any type of stimulus.
So at that point then they don't want to, um, they don't want to give the Democrats a break. Yeah. Well, I think, I think that's, I think it sort of goes yeah, back and forth and, you know, sort of along the political spectrum. Uh, I think, you know, right now people that I've been talking to, everybody's actually sort of pricing now in a Biden when and a democratic suite, because that's the best.
Way to get stimulus. Um, if Trump gets in, uh, yes, there's still going to be a stimulus package. You know, he was saying that the, you know, it's going to be the biggest bet, just whatever. Um, but, uh, Republicans, aren't going to take back the house. It's just, it's it's a near miss, possibly. They just there's too many seats.
Right. They would have to get to get the house so they can kept the Senate, but they're still stuck in. Um, Democrat controlled house and nothing, nothing will get done. So people are starting to sort of price that in and now like things are shifting to maybe Biden's going to be better for the global, for the, for the U S economy, because that, that stimulus is almost guaranteed.
Then. Let's switch to a junior and a development news. Paul, uh, I was noticing Argonaut gold is going ahead with his $380 million mine. Yes, our code made a construction decision for his machine or project in Ontario with first goal production. Slate it for the first half of 2023. It also said it's put in place or blind up a $400 million financing plan.
Um, the mine would produce around 150,000 ounces of gold per year for the first five years, uh, 17 year mine life. Um, but then it seems, there's been a bit of a price creep already from the 2017 feasibility study, which put the CapEx at $320 million company is now talking with state of $380 million. Uh, one of, uh, last year is a big M and a headlines that was Shan dong, and it's a 230 million offer for key Mac.
Now it's under a security review. Yes, that's right. The Canadian government, the federal government has ordered a national security review under the. That's when, kind of the act, um, the reason being at hope Bay is up in Northern Canada. It's, uh, very close to one of the, the Southern route of the Northwest passage, which is the, the sea route between the Atlantic ocean and the Pacific ocean, which is becoming navigable as the CIS or there's less CIS each year.
Um, this is very much into international politics here. Um, the U S says the Northwest passage should be an issue. Considered an international. So Europe, Canada, flatly refuses to entertain such things. And so it needs to look into the facts of, you know, will foreign ownership of assets in that area, compromise its position.
Uh, Justin let's just swing over, share your viewpoint. You are operating in Quebec. Um, you know, I've, uh, I I've spent the week, uh, focused on the Yukon. Uh, we're helping them with their, uh, virtual site series, uh, that they're having right now, a lot of activity up there, but, uh, what I'm hearing from those people is, uh, just kind of difficulty, uh, getting our drill results, uh, out of the labs.
Uh, which has been a real hindrance. Um, how was it, uh, like, uh, operating in, advancing a project up in the Yukon right now in the back? Well, you know what, I think that maybe unlike the Yukon a little bit. When you're looking at Rue out Val door, new areas, you know, we, we have a significant amount of preexisting infrastructure in place for mining.
And that includes massive service centers, drilling companies that, you know, can service rigs from main shops, three hours away. So I think access to labor supplies, parts, turnaround. From that side. Um, it's probably the best there is right now. Uh, and we're seeing very limited, uh, impact for accessibility.
Um, however, like anything, when you start getting into the, the volume side of exploration or development, where it's masses of samples, um, we're coming out of period where everybody's cashed up, you know, we've had two great. Post PDAC financing windows, and I think everybody's jumped into them. And so everybody from the $5 million market cap Explorer to the $500 million Explorer, um, has capital and then they're exploring.
So what we've seen, um, in the Shaboo and Northern Shibu area, James Bay, Has been, um, did you usual delay? You know, we were putting samples in three months ago and getting turnaround and 10 days, two weeks from various labs. And it just keeps progressing and progressing. So, you know, turnaround or last turnaround for about three, three and a half weeks, we're getting into patients that the, you know, average turned around probably in two or three weeks from now is going to be a month, which.
It's very difficult if you are on a result dependent project. So you're placing your second drill hole based on the results of your first. That becomes a real, a real issue. Um, we're a little luckier, you know, we have, we have three rigs turning. We have a preexisting program that's just getting laid out.
So, um, you're good. The market is going to see a ton of results, not just from trials, but from everybody in Quebec. Um, everybody's busy. Um, But we're seeing the less, uh, and we're seeing inflation and pricing and we're seeing competitive, uh, inflation and labor and skills. That's, that's what we're seeing.
Uh, when you could, you know, you ordered a, what do you call a waiter? Three years ago, it was a geologist. Now we can't find a geologist. So if you look at what, for example, fury gold is doing Mike Timmins now, uh, with the East Eastman or in, um, Mike's out looking an advertising for etiologist. Mike's a great buddy.
He's trying and poach half my guys everybody's poaching. So what does that mean? We're paying more money. So labor and time is probably the impact, but that's great for the industry too, because that means we're going to have new discoveries and we need them. I, it always seems like this industry is boom and bust.
Yes, it's never middle it's never middle cyclical is the word I want to use cyclical, uh, in mining, uh, Barrick gold on Thursday, a reported preliminary third quarter gold production of 1.1, 6 million ounces of gold and a hundred, 3 million pounds of copper. That was respect of 11% and 8% decreased on its output a year earlier.
Uh, during the third quarter, there was no production, et cetera. mine in Papua New Guinea after operation was placed on care and maintenance in late April, uh, amid a dispute over a mining lease. Uh, barracks envelope, mine in Ontario is also worth noting because it's winding down. It's a open pit operations, uh, that, uh, hemlock has been operating as an open pit since 1989.
And is. Produced more than 2.8 million ounces of gold. Now I was sending out notes before we actually did this, uh, podcast, uh, uh, both Paul and Justin noted on this next piece of news. And that was the quarter that Debbie gold had a, they had a 248,000 of ounces of production in Q2. That was up 17% from a year ago.
Oh, and a, with a nice, uh, goal prices. It really shows you a comparison, a revenue triple a, they had 487 million of revenue. Uh, that was up from 176 million a year ago. And Paul, you noticed, um, well, let's start with production first. So Paul, you notice the increase from, for Cola. Yeah. So one of the key contributions to their production increase was at the Kohler in Mali, um, which produced 152,000 ounces, which is 36% higher than the prior year period.
Um, they've been expanding the mining fleet, optimizing pit designs, et cetera, and they're just completed, um, and a mill expansion to 7.5 million tons a year, throughput capacity. Very well put on your, uh, mining analyst, hat, uh, Justin, uh, what do these numbers mean for the industry as a whole. Uh, you know, first of all, they sold golden average price in 1924.
When was the last time nobody did that. Absolutely. And, and probably more importantly than anything else for me, just looking out Clive this, manage this they're debt free. They paid back the revolver. They have absolutely no cat, no dad. And now they're moving into most of the cap ex is behind them and now it's a free cashflow machine and you have a company that.
You know, this year analysts and their guidance is suggesting they're going to produce just around a million ounces of gold forecast next year. It's kind of four or 5% less various, but they're basically flat line right now to 2025 and a million ounces. So what do you do? And all they're going to be doing right now is building cash.
And what were they're all in sustaining costs like eight 25. That's an unbelievable margin. You're making over a thousand dollars an ounce. Um, The company is perfectly set up in this market right now. What do they do right now? What do you think the pressures are going to be on them? Justin? What are investors going to be asked?
Well, it depends on who your investor is and where they want to position the company. You know, I'm sure I've listened to some of the podcasts either. We taught you spend time talking about buffet and then us retail, but probably more importantly is. It's a, it's a more dogmatic question is the gold industry as a whole investment grade, right?
Yeah. And if it is, that means that it's about systems, stainable longterm cashflow and return of capital to shareholders. So if you are Bristow, That's where you want to go, right? It's about longterm longevity, return of capital bringing in the great a investor. If you're, you know, if you're a Clive Johnson.
Well, who is maybe the most aggressive guy out there and it's built incredible companies. Um, I don't think he's going to be comfortable with a million analysis a year forever. He's going to be bored out of his mind and his shareholders are gonna move forward. So I think you're either paying dividends are growing.
I think B to goal is going to keep growing. Paul. So to add to your comments, Justin, you know, I think it's widely acknowledged in industry that beats you gold has one of the best, if not the best mind building teams in the sector and the company's success has been because Clive has managed to keep that team together over the years because he's had assets to develop.
The next asset it's got to develop is the grammar logical project in Colombia. But beyond that, um, He's going to be looking for things to do. And a lot of the acquisitions that companies made in the past have been counter cyclical acquisitions at the bottom of the cycle. And obviously that's not the case today.
So, uh, I think he's going to perhaps have an eternal philosophical struggle about the possibility of requiring an asset at the high point of the solid. I don't see him doing that, but the need to keep his team occupied and keep his team together. May. Oh, I agree. You know, he made, he made the ODU Cotto, um, acquisition when nobody was looking.
And in fact, I think it was probably the most misunderstood asset out there and it wasn't until they got their hands on it, that the market truly understood what it is at gremolata comes in and 24 and 25. I don't know what the ultimate production is going to be there, but, uh, yeah, he's got he's, team's busy for a little while, but what's next after that.
I think they are the feasibility studies do the first quarter of next year. I think production annual productions, three 50 to 400,000 ounces a year.
Just, I wanted to ask that. I mean, do you think that, you know, like if you know this and I, I agree with you, this, this argument between growth or dividends, you know, value. Um, but I'm just sort of wondering, do you think. Uh, companies have learned their lesson from, from 2011. I mean, margins are the best that they've ever been in history.
You know, they've really cleaned up their, their, their balance sheets. Do you think they've learned their lesson or, you know, like this, this race to grow this race to become, uh, you know, a new tier in the mining sector, is that going to, you know, sweep things away? Great question. And I'm going to, I'm going to say the evil word right now, which is hedging and, and I think the leading indicator, therefore, that is one.
We haven't seen it yet, but when we start to see these producing companies start to lock in that margin, you, you know which way they're going. We haven't seen that yet. Um, I don't know if I'm, if I'm answering the question, we know who the growth vehicles are or the growth management teams are and you back those horses.
Uh, I think you're going to see a shift of investment. Um, cause you know, we have geographic dispersion of valuation right now. Australian equities, gold equities are trading substantially higher and we might talk about new Cresa later. Canadians are far lower. Um, I th I think you're going to see a huge shift in investor base retail.
Always do what retail does. Um, but the large institutions of the world, I think you're seeing them, you start to shift out of. The established producer, looking for a little more leverage in this market, um, as we move forward. But as they exit, I think you're going to see a whole nother tier of, you know, fidelity based Ks out of the U S come into Barrack.
And then that's the exciting part, because that is the Holy grail grill of investment. Right. You asked generalist 401k money who have just said we should hold some gold. And then that's the only place you can go for yield, man. Well, and, and as a whole, the industry is the size of Apple, right. Or smaller.
So it's going to be a lot of cash chasing, not a lot of stock. Well, I think that's also part of the, you know, those messages, the industry needs to become more mundane and easily understandable with things like cashflow and dividends, rather than having to educate your potential shareholders about oxides and sulfides and what they mean.
Yeah. You need to take the technical, um, requirement out of investing. And then I agree with that a hundred percent by established track records. And we don't have a track record yet. Our good track record, Justin, not what are some of those, uh, catalysts that you would see for the developers and the juniors?
You have this money that's coming into the miners, but, uh, what do you think is really gonna lift, uh, your sector? Um, it's a focus to, uh, focus on U S retail. I mean, you know, the U S retail that's there now has always been there. You know, they're gold bugs. We may have seen a little bit of expansion into it, but I don't think, and I, at least I haven't seen directly, um, the true impact of what that can be.
That's going to be the major catalyst. The, the others is we need the producers. We're not getting a lot of great global discoveries right now. Not like we should be, you know, great verus done an unbelievable job. There's there are, there are great, perfectly priced discoveries now, but, um, I think we need a flow of cash all and then for my space, especially, I need to see consolidation start, right.
There's two trains that are going to happen. We're building our company to produce. Right. And the shareholders will tell us when we're not going to do it, but we're going to do absolutely everything to the best of our ability with the goal of being a producer. You know, you can build another B2 goal out of a Troilus, but realistically, basically Bristow talks about the reserve cliff.
And it's absolutely real where in the world can you find, and you've gotta be able to move the needle. I think that's probably the key, you know, Barrick and probably be two gold. Don't care about a 50,000 ounce producer. You're a, doesn't do anything for the muni consolidation for that to happen differently.
But what assets out there in the world right now can produce an excess of 150 or 200,000 ounces a year for a sustained period of time. And w we have not seen that consolidation of single asset companies start for me. That's really going to lift our sector more so than others. You think Northern Quebec has that potential, like, do you think there's potential for that big discovery?
I mean, there's every, there's a lot of companies doing a lot of things out there, but I'm sort of wondering, I mean, you know, there's still so much that is unexplored in Northern Quebec. I was, I have to agree I'm biased, but you know, let me put in perspective, we bought Troilus. Mmm. As a past producer kind of orphaned asset that everybody has forgotten about it.
It was a low grade bulk tonnage deposit. I kind of Serco ground, uh, produced profitably for 14 years, went into production at $250, golden Berman, but. INMED operated in Manhattan, Kovar, Panama. This was not a corporate focus. They wanted a gold, multiple, they didn't want to be a gold producer. So it kind of just executed that corporate objective.
Everybody had an opinion of what it was, uh, the opportunity for us is that not a lot of people loved it. We went in, bought it for cheap 80,000 meters drilling later. We're 8.1 million ounces of equivalent of majority open pit material. That has the potential to produce over 200,000 ounces a year for 22 years.
That's just pointless. And we have a thousand square kilometers that have not been explored at all for 50 years. So then you go to Val door, uh, exact same thing. You look at what Jose, I know three are doing. They're putting the money in the ground. And then even more importantly as you move North, well, I should touch on Kanora land because Troilus owns 5% of that company.
Uh, they made a great discovery. 40 kilometers from us under 10 meters until our whole belt is covered in tills. So nothing's exposed 30 meters at 10 grams at 70 meters, you know, that's, that's like an Eleonora discovery hole. Hasn't been followed up. Sumitomo's controlling that now could be a group. Blind target in an area.
Nobody thought about it. Then when you move North around the Elliot numb, or you have asthma, then you have, um, you know, you have the new fury gold, you have Kobeck precious metals. These companies are drilling. On great on great assets that just have never had the capital to do it properly. So yeah, I look up in the Northern James Bay, North of us, and I bet I bet you there's three, three or four or five more.
Eleonora saying there is time and money and expertise and we just haven't had the chance. I think Quebec has always kind of. Stuck in fiddle to Nevada and, and, and maybe a little more focused areas where Quebec is insular, right? Um, Quebec takes care of its own. My three largest shareholders are Quebec funds and our management team.
They provide capital and incentives to us. So you find that a lot of Quebec companies don't have to go too far a field, and you don't know about it until later. Um, But I think from a geopolitical cost of capital and expertise, Quebec's probably the best place in the world. I'm biased. There were some companies that are expanding.
Other exposure to retailers saw noting a new listings this week. A new crest is trading on the TSX and a Yamana is now trading on the LSC. Uh, Justin, what, uh, do these moves mean for companies when they have the new listings? Uh, you know, if you're, I think maybe for different reasons, but you look at new crest going to, um, to Toronto, probably a, a fairly predictable move.
I think that, um, you know, an absolute tier one major. Um, I think that the generalist and even a lot of the institutions, uh, in North America probably don't know who Chris that well, they don't understand the light here. They don't understand the true scope of these assets. I think some of their assets are in jurisdictions that maybe North American investors were wary of in the past.
And they're established now, um, you know, North American investors understand South America really well. Where are the Asia pack? Hade? Hey South America, but they'll invest in Papua New Guinea all the time. So, you know, I think, I think it's global now is a new investor base, um, mandates of institutions to remain local, um, are probably becoming more relevant.
Um, and, and, uh, you know, they, they own is that right? 70 or 75% of Ruth Chris. Their corporate development team has relocated to Toronto. I think when you look at the valuation of Australian developers and producers versus North American, and you have their balance sheet and you want to grow, it's time to come here.
So let's get a listing here, establish a hub here and start doing your work. They, I think they're just starting. So that's that one? You, Amanda, you know, Peter going to London, um, No, you have over the last five years, new regulations and investment in, in the UK. And what I found certainly is that, um, a lot of European and especially UK based institutional investment is locked to the LSE.
You can't leave that exchange. It's mandated by the fund. And by that capital, even though there is a global platform, now you can trade all the time, anywhere. Their mandate says it has to say local. And I don't know if Brexit has any kind of impact on that, but, um, the LSE is lacking that mid tier, large, mid tier producer on that board.
And, uh, I think Peter wants to take advantage of first mover advantage on it. Um, for new investment in new capital. And so, you know, that one I wasn't expecting as much of a new crust, I think certainly was, uh, um, probably really well thought out. I can't find the figures right now, but a new crest, I believe being one of the top five gold producers in the world right now.
Yeah. Yeah, uh, let's move to, uh, the figure of the week. Uh, this is where we talk about a number or a stat that kind of stuck out, uh, with people during the week. I'm going to pick on you again, Justin that's, uh, we appreciate, uh, that's terrific. A terrific insight, uh, just regarding, uh, listing, but, uh, we always do start with the guests.
What's your, a figure of the week, Justin. So the key to stay on the theme that we were just talking about. It's a 41 billion don't know nothing. I'm stumped. No, that's, uh, I, I went there when we were talking about new crest earlier and I was just doing a little bit of research going in. That's a number of mining companies shares, traded on the TSX last year.
And, uh, so, you know, we were talking about liquidity. That's a huge amount of liquidity, 41 million shares traded. And, uh, I think that new crests doing that, I worked at, um, as the head of money in research it's fraud in, uh, the early two thousands, kind of through 2009, the big part of our business was bringing.
Canadian Canada is providing you better access the capital and more liquidity. And so a big part of our business is bringing the Australian listing to Canada. And at that time, you know, we brought Paladin energy, that uranium company, uh, our huge win, uh, was economics gold. That Barrick bought out. We raised them $400 million over a couple of years.
Um, And so I think we're seeing we're, we're, we're kind of seeing the same thing. There's a big discrepancy in value, you know, um, it's going to be interesting cause the hedge funds are involved now and the ARBs are involved and that makes it, that puts a whole nother layer onto what we're talking about.
I think that's. So the one thing that has been noticeable, uh, during, um, uh, during this new bull phase is, uh, the ability that you want to get larger and you want to get to that place where you make yourself more investible, uh, by the passive investors. Uh, Paul, what's your number of the week? My number this week is 3.4 billion us dollars.
And after. Two years of no new builds, Pru expects to see. Five projects start construction next year, gold and copper. Um, I think silver as well, uh, totaling an aggregate of 3.4 billion us dollars. So mines are starting to be built again. It's what a good commodity prices do. Neil's your number? I actually, I have two this week.
Um, so my first one is five. Uh, that's that's a personal one to me. That's my, that's my lucky number. And that's the birthday that my daughter just celebrated. Yay. Congratulations. So I'm going to go, I'm going to get a little gooey. Um, but my mining number is, uh, 1909 guesses. No. That's the average gold price in the third quarter up like $200 from the second quarter like this, I think people just don't really understand what kind of earning season this is going to be.
Production is up. Uh, prices are up $200 from the previous quarter. Um, I just, you know, like, Bags and bags of cash are going to be unleashed by mining companies. Well, I think you're right, because you're already in the initial. Third quarter production figures. Our number of companies have already announced their increasing dividends or even doubling dividends and calculate for one.
And you might go for another. Yeah, well you look at, uh, um, uh, um, first majestic, uh, they released, you know, 5.2, um, uh, million, uh, equivalent ounces of silver produced in the third quarter. Um, just like the, um, grand Columbia had really good numbers, Eldorado record production at their, uh, lamacq, uh, mine in Northern Corey.
Um, I just, yeah. Bags of candy. Like these mining companies are literally making bags of cash right now. And I just, I don't, I don't think people actually realize just how big this earning season is going to be. You too, to your point, I'm just looking at Kinross forecasts, uh, on the Ford curve right now. If all things remained equal, Kinross is going to produce in us dollars.
$1.1 billion in free cash flow this year. And on the forward curve is 1.9 in 2023. If they can execute. Free cashflow. Unbelievable.
Uh, I've got a related, uh, Paul Harris number. It's also Yukon number that is two in 12 months. That's two in 12 months. Uh, that's a new mine builds. Uh, so you had Victoria that was produced, uh, that came up production. Um, Uh, 12 months ago. And now in this quarter, we're going to be looking at, uh, Alexco, which is going to be starting up a production as well.
So that's been a really big shot in the arm for, uh, the optimism in the region that, uh, you do have those minds coming on and coming on quickly right now.
That's it for us. I want to thank, , Justin for joining us. Um, we're going to catch you on the way out, Justin, but, , I just want to note that, we're in the heart of, , conference season right now. , Keiko media is a partner, , with, , best Yukon. That's the virtual site series. Look for us, uh, that, um, Neil, I believe you're going to be on a panel.
I'm also going to be doing some panels as well as some moderation this week, you can look for Keiko online, uh, during those shows and then you can catch up, uh, Neil. So it's also explore. Yeah. So, , this week, you know, with Justin here, we've talked a lot about Northern Quebec, , to learn more definitely tune into the, , Northern Quebec excellent floor conference, which is next week, uh, 19th to the 23rd.
Um, and it's basically highlighting all of the companies and you know, what's happening in Quebec, mostly what's happening in Northern Quebec. It's. Part of it is just incredible, the work that's going on up there and yeah. And if you want to, uh, get a feel, uh, if you want to head down South for Latin America, when's your conference, Paul, on the 10th to the 13th of November via zoom, uh, Justin, uh, this is terrific.
Thank you very much for you insight. Uh, is there any news that we can look forward to for a Troiluss over the next 12 months? Well, I stayed tuned. We have a over the next three or four weeks, lots of regional work from us. And then we have three rigs turning right now and we're drilling 7,000 meters a month for the foreseeable future.
Uh, PA was out a week and a half or two weeks ago. Pre-feasibility is kind of around there round the corner and, you know, I think we'll continue and you do develop a trellis towards, uh, that production decision. So, uh, not just a deposit, but we control the belt. And I think what we're showing as Neil's talked about earlier is that we're going to be able to show that the lack of capital in Northern Quebec 50 years is going to turn to new discoveries now.
So. Thank you, Justin. Uh, we're going to reprise our Jeff Clark. Can you tell us about it, Niels? Yeah. So a did an interview with Jeff Clark, uh, precious metals analyst@goldsilver.com. And basically he just lays out the laundry list of factors driving gold prices from. Geopolitical uncertainty to the massive stimulus to, um, election turmoil in the U S uh, it's just, it's hard to be bearish on gold and commodities right now when there's just so much stuff happening in financial markets.
That's it for us. If you like, what you listened to, please share a friend. Please let them know. And our interview with Jeff Clark.