3M Ounces of Gold in Quebec, But Can the Economics Support a Mine? | Sirios Resources CEO Interview

**SPEAKER_1** (0:00)
This video is sponsored by Terrahutton, who makes the invisible, investible. Today in the CEO BBQ Advanced Stage Gold Exploration in Quebec, together with Sirios Resources. But if you're short on time, subscribe to our free newsletter, and once a week, we'll send you a five-minute summary of all interviews we put out, resourcetalks.com for a free weekly newsletter. Now, although this company has not paid us for the production of this video, you should still understand that we are not financial advisors, and this is not intended as financial advice. It is a broad, general, and in-personal piece of information intended only for those who know and understand the risks of junior mining, of which there are many. Before moving on, read the company's official filings on SitterPlus.ca and do your own due diligence. Pause the screen and read all the disclaimers I've shown you because your capital is at risk. If this isn't clear, go to the last section of this video for a longer explanation of risks and biases and do not consume this content if you don't agree with everything said therein. Moving on, Sirios Resources' flagship asset is a Qi2 Gold project in EU, East Qi, James Bay territory of Quebec. It's less than 15 kilometers away from Delmar's Éléonore Gold mine, which really awakened the region and something we'll talk about as well when we talk about the history of the asset. The deposit is a reduced intrusion-related gold system hosted primarily in a tonal line intrusion with mineralization, also extending into the surrounding metacetaminary rocks. We'll touch upon the geology here a little bit as well.
Last year, right around the same time as today actually, they published a resource on the project showing roughly a 3 million ounce gold deposit split between a 1.26 million ounces indicated in an open pit scenario at a gram or 1.1 grams per ton. And another 1.7 million ounces inferred, including a higher grade underground component of about a half a million ounces, specifically 446,000 ounces.
And the underground portion was at 3 grams per ton. Right now, they're drilling a 25,000 meter expansion program at Chichou, which might grow to 35,000 meters across the different projects for the year, which of course we'll touch upon as well.
The media focus here is on growing and upgrading the resource base through infill and step out holds, which they expect to support an updated mineral resource estimate later in a program. Then followed of course by PEA, hopefully next year or not. But hopefully timing is something I'll have a better handle on later on in the conversation as well.
This is not the only project they have though. There's some work on the company's other projects happening, including Aquillian, Plex and Fagnand, also planned as part of this 2026 program. But that remains secondary to the main effort at Chi-Chu and hopefully some more details about that later on as well.
Now, for some of the numbers and a bit of the details that I've got on here, Sirios is listed as SOI, so that's S-O-I on the TSX-V in Canada, where the average daily volume over the last three months has been about 580,000 units. The 52-week high is 27 cents and the 52-week low is 6 cents. With a little under 672 million shares outstanding and a $113 million market cap, today this is a 17-cent stock with a 50 and a 200-day moving average at 20 and 16 cents respectively, so the stock is now trading in between those two. There are 93.4 million warrants and 18.7 million options outstanding, collectively making up about 14% of the fully diluted 784 million shares, which is of course something I'll be asking about later on as well. The last time Sirios raised money was in March of this year when they closed a $25 million brokered life offering a flow through in hard dollars. There was no warrants with that, but also that was followed in mid-May by a warrant exercise. It was warrants and options actually that got exercised and that brought in about $3.5 million into the treasury. How much of that money has already been spent on drilling? How much money have they got right now? How much money are they going to need to do the work this year? Then potentially how much before they have a PEA out? Those are all questions that I'll be asking later on in the conversation. But for this to become a conversation though, I will unfortunately have to shut up and Jean-Félix, I'll give you the word here. But first of all, thank you for sitting down with me today.

**Jean-Félix Lepage** (4:24)
Thanks for having me, Antonio. Very great to be with you.