Gemdale Gold Inc

Thanks for making it early in the morning here. Gemdale is a company that started quite a long time ago, actually. About eight or nine years ago, we started the company, and we’ve been a private company up until this year. So in February, we went public at TSXV, and ticker symbol GEMG. We’re focused 100% on Finland, and we have a number of different properties across Finland, but the main project is called Pontio, and it’s a major large-scale near-surface gold discovery that we’ve been drilling out. We recently brought on Eldorado Gold also as a shareholder, and so they’re a 9.5% strategic shareholder in the company.

And the Pontio project is located in what I think is the best place in Finland to be developing new mines. That’s in western central Finland. And that’s quite a lot different than the northern Finland area, where many of you know Agnico Eagle has recently consolidated the district up there largely by the acquisition of Rupert Resources and Orion Resources. There’s some legal information. And this presentation is on our website, so you can pick it up and review at your leisure.

So, just quickly, this is a quick introductory slide. It shows you that there’s a lot going on in Finland in terms of exploration and mining. It’s a country with an established mining industry, and so there are various mines across the country mining different commodities. Anything from copper, zinc, nickel and gold. And this just shows you that the brown ones here are Gemdale’s properties, and I’ll just give you a summary of that there. So we’ve got some properties up in the north, up where Agnico Eagle is, and we’ve got our main property, Pontio, there in western central Finland. And in the southeast, we’ve got the Savo project, which is another great project that we’ve got in the portfolio.

So this is zooming in on that western central Finland area. It’s a belt of rocks. They are Paleoproterozoic, and in fact most of Finland is underlain by Archean and Paleoproterozoic rocks, which is very similar to the rocks you’d have in West Africa, or in the Guyana Shield, for example. So the rocks generally trend, the belt trends northwest. It goes over into Sweden, and on the Swedish side, you’ll see there’s a little bit more in terms of gold discoveries and mines. It has had a much more longer period of exploration than Finland, this part of Finland, in terms of exploration. So we think that it’s a thoroughly underexplored area that we’re in, and we’re onto a big discovery already there.

Zooming in further, this slide shows you basically that the red license in the middle there is the Pontio license, and around us are roads, rail, mines, metallurgical facilities, deepwater ports. This is one of the best places in the entire world that I’ve ever seen for developing new mines. And it also benefits from low-cost electricity, which is essential obviously for a successful mine. And on the coast there, you see metallurgical works at Kokkola and steelworks up at Raahe. At Kokkola, in fact, they’ve just built Europe’s biggest lithium refinery. That’s Sibanye-Stillwater’s operation, and then they’ve been opening lithium mines down in that district there.

So Pontio is a flagship for the company. We’ve certainly got a lot of other licenses in the company that are very valuable and highly prospective. But this is the one that’s really been delivering the most, and we’ve been working the most on this. So we’ve been drilling one of these north-south type trends here along, on the license. You’ll see there’s M1, M2, M3, M4, et cetera, and those are magnetic anomalies where previous work has been finding gold mineralization. The M2 trend is the one that we’re doing the most work on, and that’s now been divided into these sub-sectors, N1, N2, S1, and then in the far south, S2.

So that’s along a four-kilometer strike length. It’s hosted by an intrusive, a set of intrusive rocks, which are diorites. And these are subvertical to vertical, and they come straight up to surface. And there’s a small two to three meter, in general, glacial till cover, which is the only cover that we have here. So up until the end of 2025, we’d done 10,000 meters on the property in terms of drilling, diamond drilling. We’ve done 5,000 meters this year in phase one and a half, the first half. And we’ve been mainly focused on the N2 and the S1 sectors there, infilling those areas so that we can get to the first resource in Q1 2027.

So the nature of the mineralization is disseminated in these diorites. It’s quite different than a lot of other mineralization that you’ll see in Finland. It’s very low arsenic. It’s not associated with quartz veining. So it’s a good bulk tonnage target. The zones are up to 150 meters in true width. Obviously, they vary. And right now, we’ve already started a second-half program, which we’re in the thick of right now, and we’re doing 2,000 to 3,000 meters in progress now. We’re also doing additional metallurgical test work, and that’s on the go in the background as well. And then resource modeling is anticipated by early 2027. So the first resource will come out. It will only be focused on a very shallow portion of the deposit, and then we’ll go back and continue drilling and making it hopefully a lot bigger.

Now, this slide’s a bit difficult to read right now, so urge you to go back and do your homework when you get home and have a look at the presentation with these numbers. These are a good selection of the drill results that we’ve had. And what we’re showing here is consistency of wide zones of mineralization, generally quite low grade, but does include some higher grade portions as well. But you can see that it’s consistent all the way along this trend, with those yellow areas being the main mineralized areas that we’ve found so far.

This is the long section. Just shows you that picture again, really, but a vertical slice through the Earth going down to, well, on this one 1,000 meters. But you can see that the drilling we’ve done to date is only in the 75- to 150-meter depth, in general. It’s completely open at depth, and we hope to be able to obviously put that together into a deeper mineralized zone when we do the next drilling, which will follow on from the Q1 resource. So with this, we’re bringing it down to 50-meter centers, and we’ve already done that on the N1 and the N2 there in the shallow portion of the deposit. And in the S1 though, we’re in process of taking that from 100-meter centers down to, say, about 50 meters there. And then in the future, next year, we’ll also be doing some more drilling on that S2 zone there and hopefully extending that to the south.

So some of the results here are incredibly wide intersections. We’ve just drilled the best hole in the program. That’s 0.93. That’s 110 meters of nearly 1.2 grams a ton. Now, that’s a wide zone of low-grade gold mineralization, but it does include some high grade. And we’ve only had two holes in the whole program, in the whole data set here, really where there’s any noted visible gold. And in those two, they’re 100 meters apart there, those two reddish-colored ones in the middle of the S1 there. And so we’re hoping that that might turn into something a little bit special in terms of the area. One of the intersections included there was 5 meters at 14 grams a ton, which is way, way higher than anything else we’ve had in the deposit. So we’re hopeful, but it’s definitely exciting.

And I put the Rupert Resources Ikkari project there that many people know, just taken over by Agnico Eagle for up to $3.6 billion. And just for scale, they drilled theirs to 800 meters depth. This is an orogenic-related deposit, and we think that our deposit can also go deep. So there could be higher-grade shoots similar to what they have, although the mineralization is a little bit different. Ours is much more disseminated. Theirs is more of a vein deposit.

So why is this all potentially very valuable? Why are we investing in this? Well, we like to keep drilling it and expanding the resource so that we can be ready to develop a new mine, obviously. And I compare with the latest round of new mines in Canada, big new mines, and you can see the grades are plus or minus a gram a ton. And with those kind of tonnages, that’s the kind of thing that we’re actually targeting here. And one which is probably much more of a good comparison with Pontio is Montage Gold’s Koné deposit. Koné has a reserve of 174 million tons at 0.7 grams for 4 million ounces. And that’s the kind of thing that we think that we might be able to deliver here at Pontio in a mining district in Finland with low-cost, reliable electricity and all of those benefits that go with being in Finland versus being in West Africa.

Other projects in the portfolio: this is the Isoäärinä Gold Project. This is a high-grade gold project, a different style of mineralization to Pontio, and more similar to what’s been drilled up in Lapland, actually, although this is still down in that Western Central Finland area. We’re in a deal with another junior here, and they’ll be doing all the funding. We’ll be doing the work. We do actually charge them a little bit of money to do the work, obviously. And they’re earning into a 100% ownership of the project. And we’ll end up with various tranches of value out of this, including potentially a share in their company or some large payments, milestone payments based on resource discovery and also a royalty in the end as well. It’s a high-grade deposit, more difficult to find the gold here. The glacial till is a bit thicker here. So unlike Pontio, this is gonna take some time and some detailed geological work to figure out where all those high-grade boulders are coming from at depth. Although we have stripped the mineralization at depth with grades up to 54 grams a ton.

Another project in the portfolio is the Savo Project, also Rantasalmi it’s called. This was drilled by our team, in fact, back in 2011. They put together a resource on it, the Asinkomaki target. And it’s about 300,000 ounces at a grade of about 2 grams a ton. We understand the mineralization, and we think we can expand this through drilling down plunge of the main ore zones here. And I think this one’s gonna be a good one, but we do have to get the license on this one first. We’re in application with the government, and hopefully we’ll get that sooner rather than later.

In terms of valuation, I just put this slide in because it has some recent market comparables in terms of real transactions in the Nordic area. And I think the Gold Sky transaction with Agnico Eagle for the 55% ownership of Barcelona in Sweden, which is in the same belt as us actually, gives some idea about where we could be valued in the future. They traded at about $171 an ounce plus a royalty.

Finland’s a great place to be. It’s one of the greatest countries, I think, that you can be exploring and developing new mines. Low corporate taxes, low royalties, excellent availability of low-cost electricity, excellent availability of talented people, low corruption, rule of law country, EU jurisdiction. It’s a fantastic place to be and it really does compare very well with the top places in the world, Canada, Australia, for example. And this is a map that Sprott puts in their website, if there’s anyone here from Sprott. I know this is two years ago, but the most recent slide on this is still about the same in terms of ranking Finland very highly in terms of both geological prospectivity and also in terms of obviously risks.

This is the team. I’m the Executive Chairman of the company. We have Toby Strauss is the CEO. He’s a very experienced geologist. Him and David Pym, our COO, have been working in Finland together for 30 years plus. They’re some of the most experienced geologists in Finland, with all of the knowledge of how to explore there, how to operate a business there, and also where the good geology is obviously. And they certainly delivered in terms of the Pontio project, which is an excellent project with excellent upside to be a large-scale new discovery in the world. Paul Durham is also here, very, very experienced guy, formerly with HSBC, formerly a geologist, like myself originally. Dan Denbo also is actually chairman of the conference here and a former fund manager running one of the biggest gold specialist funds in the USA. John Pearson also is on the board, ex-Centerra Gold, and then Graham Richardson rounds us off as currently CFO at Faraday Copper.

Capital structure’s really simple, 21.4 million shares. It’s very tightly held. We as founders and management and directors have 40%. Eldorado Gold has 9.5%. 30% institutional, and then the remainder is retail. There’s just some information about comparatives there. We think we’re undervalued, like many companies here, I’m sure.

And we have some projects up in Finland, in Lapland in the north here. I’ll just leave you with this slide here really. The yellow is Agnico Eagle’s new ground position after their acquisitions this year. And so it’s quite extensive. I think it’s 2,500 square kilometers. And then we have a significant ground position here as well, noted in the red licenses. And they’re prospective for both gold as well as critical metals as well. And there’s some detailed information about those licenses there. And that’s just basically it. If there’s any questions, it’d be great to talk some more here. Thank you.

Any question from the room? So maybe we can start with your last theme, why invest in Finland, and go back to the very top of the presentation. So a little bit introduction, who are your neighbors, what they’re doing, and how do you position Gemdale in the region?

So, okay, thanks. So Finland is a country that we really came across because of the geologists that were there. So they provided the information, the knowledge about where these highly prospective licenses were gonna be. So we put that together about eight years ago as a private company. We also then moved forward. We brought in Centerra Gold as a financing partner, and they worked with us for about four years. They had a change in their corporate direction and they left the picture, and then we got 100% of the licenses back. So they’re no longer involved in it, but we’ve moved forward on that basis. And sorry, just back into your question was?

How do you position yourself in the region?

Well, we position ourselves as an exploration company with a major discovery, and the main focus of the business is gonna be to basically continue expanding the discovery, and hopefully to a multimillion-ounce number. And in the meantime, we have these other licenses across the country. We’re looking for joint venture partners on many of those. And so we’ll continue to run that business as almost like a project generation type of business. And hopefully we’ll bring in partners into Finland.

And one of the interesting things about Finland is if companies want to come to Finland and start up exploration, it takes often, especially in the north, a long time to actually get your licenses permitted sometimes. It’s taken us up to four years to get permitted on one license in particular. And especially up in the north where the Agnico Eagle ground position is, it takes a long time to get those. So to come in and start from scratch is quite a tricky thing and can take a long time. Whereas doing deals with the few juniors that are left now in Finland doing gold exploration is really the best entrance point for any larger or smaller companies that wanna enter Finland.

Any more questions from the audience? And I saw you have four kilometers strike proven by the drills they’ve done, and your phase two are infill only. Any step-outs, any regional exploration you’re planning?

Yeah, thanks. The most important thing for us is to infill that and demonstrate that we have got this big scale resource, and we’re only scratching the surface of it right now. We realize some companies don’t wanna put a resource out early, but we think in our case it’s the wise thing to do. And so even though it’s just the surface portion of the M2 trend, we definitely wanna get that resource out and then follow on by going deeper and expanding it and also along strike. It’s open in all directions really. To the south in particular, we’re excited that there’s some really prospective ground down there in the S2. And then parallel to that, there are other zones that do have mineralization on them that are known, and we just need to follow up on those. Regionally in the district, we do have a big ground position as well that we’re also doing early stage work on now, and hopefully that’ll yield some results as well.

Great. Thank you, Patrick.

Thank you. Cheers.