High-Grade Ni-Cu-Co in Scotland, But Hasn't it Been Worked for 50 Years? | Winshear CEO Interview

**Antonio** (0:00)
This video is sponsored by Terrahutton, who makes the invisible, investible. Today on the CEO BBQ, early stage copper, nickel and cobalt exploration in Scotland, together with Winshear Metals.
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 impersonal 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 the risks and biases. And do not consume this content if you don't agree with everything said therein. Moving on, the flagship asset for Winshear is now an option to earn in up to 100% in the Portsoy Nickel Copper Cobalt Project, which is about 60 kilometers northwest of Aberdeen, and that's in northeast Scotland. The project has not been worked on for almost 60 years now, even though it was discovered back in the 70s.
And of course, we'll be asking about the why behind that later on. Geologically, this is the mineralization scene so far at least. There's a near-surface Migmatic Nickel Copper Cobalt Sulphite within mafic, ultramafic, intrusive rocks, and then specifically at the Rodburn target. Winshear just did a 1200-meter phase 1 diamond drilling program with Downhoe EM serving at that specific target, and they're now waiting for the assay results, which we'll talk about as well. And that could, if they're good enough, or if they like them, that could trigger a decision on phase 2 follow-up drilling in the second half of 2026, again, if the numbers justify pushing forward. But that, of course, will be a big part of the conversation later today as well.
Now, on top of Scotland, Winshear's also got an option on the Thunder Bay Gold Project, which is in Ontario. It's in the Shebandewan Greenstone Belt, where till and soil sampling programs are still going on, but there's no drilling yet. So is there gonna be any drilling this year? What's really going on there? And what are the plans long-term for that asset? Are of course going to be questions that we'll be asking later on as well. Now, for some of the numbers and a bit more of the details, Winshear is listed as WINS, so that's W-I-N-S on the TSX-V in Canada, where the average daily volume over the last three months has been about 16,000 units. The 52-week high is 20 cents, and a 52-week low is 7 cents. With a little over 69 million shares outstanding and $8 million market cap today, this is an 11.5-cent stock, with a 50 and a 200-day moving average at respectively 13 and 12 cents. So the stock is now trading just below those two. They're close to 20 million warrants and 5.7 million options to get representing about 27% of the fully diluted 94.5 million shares.
The last financing they closed was on March 2nd at 10 cents with a half a warrant for two years, exercisable at 20 cents, bringing in a total of 2.5 million dollars. How much money do they have right now after the drill program? How much would they need if they decide to go for that phase two program? And will they be back to the market this year? Of course, questions we'll be asking later on in the conversation. But for this to actually become a conversation though, I will unfortunately have to shut up already and Richard will give you the word here. But first of all, thank you for sitting down with us today.

**Richard Williams** (3:49)
Thank you, Antonio. It's good to be here.

**Antonio** (3:52)
Pleasure is mine. And Christian, I know it's 8am on a Monday for you, so I'm sure you're happy to be here.

**Christian** (3:58)
I'm always happy to be here with you, Antonio. Thank you for joining us, Richard. To set the stage here a bit, what's the business strategy here for Winshear? Are you going to solely focus on Scotland or will there be some exploration done on both projects, so there being Scotland and the Ontario asset?

**Richard Williams** (4:15)
Well, you know, I think the strategy, a year ago we didn't have any projects. We had just come out through a long period of arbitration against the Tanzanian government, which we were ultimately successful in.