Big Copper-Gold Target, But Will Boliden Commit to a Drill Program? | Golden Sky Minerals Interview

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This video is sponsored by Terrahutton, who makes the invisible, investible. Today on the CEO BBQ, early stage copper exploration in BC, together with Golden Sky Minerals.
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, Golden Sky's flagship is called the Rayfield Project. It's a copper gold porphyry located roughly 20 kilometers east of 70-mile house in South Central, BC, within the Quinelle terrain. There's a long history of shallow drilling on this project dating back to the 70s throughout early 2000s. I believe last time it was drilled was 2008 And that outlined broad zones of low-grade copper with minor gold credits as well. But previous operators never defined the resource or really moved the project forward in any meaningful way. The why behind which I'm hoping to learn more about later today. Golden Sky consolidated a large land position here starting in 2021, so-called five years ago. It has since run geophysics and sampling programs that identified additional targets with supporting alteration and pathfinder signatures, again, which it was not really going to be a geodeep dive here, but we will touch upon that for sure. The main activity right now for the company centers around preparing for a partner-funded diamond drill program on the combined Rayfield-Gil project that is scheduled for later this year, the specifics of which I'm also hoping to find out later on. That work, again, it's partner-funded, so it's happening under a JV agreement with Boliden. Boliden is a Swedish major mining company, and they can earn up to 80% interest by spending up to $20 million on exploration. Plus there's some cash payments over a six-year period that are happening here.
Golden Sky does remain the operator during that phase though, but if Boliden goes through with that $20 million spend, then Golden Sky's interest transitioned to a 20% free carried interest until, actually, I wrote down in my notes until not clear. So I actually don't know whether it's until MRE or PFS, but I will ask about it later on because the news release only says that they get carried through the discovery phase, which can mean different things to different people. That's not the only thing that's in this portfolio, though. The rest of the portfolio, which is again, not under a JV, consists of gold properties up in the Yukon in the White Gold District. And there's just one in Ontario that they don't really get all that much attention right now and are essentially being held for optionality, as far as I could tell. But I will be asking more about them later on in the conversation toward the end of the conversation, really. Now, for some of the numbers and more details, Golden Sky is listed as AUEN on the TSX fee in Canada, where the average daily volume over the last three months has been about 22,000 units. The 52-week high is 73 cents and a 52-week low is 13 cents. With a little over 24 million shares outstanding and a $5.6 million market cap today, this is a 23-cent stock with a 50- and a 200-day moving average at 28 and 32 cents respectively. The stock is now trading between those two.
As far as I could tell, there are no warrants outstanding. The last time they closed the financing was a long time ago, in April of last year. It's been over a year now when they issued a six-month convertible debt to a company controlled by Rob McKeown at 9% interest for a total of $220,000.
The debt was convertible into 2 million shares at 11 cents per share and carried no warrants or other equity kickers. It was, though, converted in full last year as well. So in November, Rob brought in no additional cash at that point, but it did give him roughly 9% of the company on a non-diluted basis. How much money have they got right now? How much money would they need to do the work this year?