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0:00:02 – Announcer

Wall Street Unplugged looks beyond the regular headlines heard on mainstream financial media to bring you unscripted interviews and breaking commentary direct from Wall Street right to you on Main Street.

0:00:16 – Frank Curzio

How’s it going out there on September 18th? I’m Frank Curzio. Host of Wall Street Unplugged podcast, where I break the headlines and tell you what’s really moving these markets. Host of Washington Puppet Podcast. We’re big. The headlines end. Tell you what’s really moving these markets. So guess what? And don’t be smart and guess that I’m pissed about the Eagles losing and Saquon Barkley dropping the pass to win the game. He was the best running back in the league. Don’t guess that, because I am pissed. It’s a different guess.

I have a great interview set up for you today. I said on Wednesdays I want to set up more and more interviews. Been a little crazy on my end, it’s nuts, but this one’s really, really good. It’s with Ed Karr, who’s a founder of U.S. Gold Corp. Ed’s a speculative investor, very brilliant guy. Always talks about the economy, things like that. Gets shares ideas, even outside the gold space with us.

If you’re looking at US gold to junior mining stock we have in our portfolio, as most gold stocks over the past two years even longer, but this one particularly, it hasn’t been good because the oil industry hasn’t been doing well. However, gold near all-time highs if it’s not at its all-time highs very, very close. This stock has more than doubled from its lows recently, because they did what only a tiny fraction of junior miners are ever able to do, and they received a mining permit to develop its signature gold and copper project in Wyoming. Now US gold is just a small part of this interview. The rest of it is incredible, and I mean no disrespect to everyone I interviewed this year, but this is the best interview that we’ve done this year, because Ed is talking from the Gold Forum Conference, which is in Denver Very, very big conference with majors. Most of the majors are there and they have sell-side firms, stuff like that but even a few days before that, which is also in Denver, beaver Creek, that gold conference was a couple of days before and he was there, so you’re going to hear a lot about the sentiment of these conferences, what’s going on, and it’s actually going to blow you away. Not in the way you think, though, now, like gold’s at all time highs and his place is flooded. It’s totally different from what he says, which I think is incredibly bullish. So listen up. It’s going to be a surprise. So many things that he says.

Now, the best part of this interview is going to be near the end, and this isn’t like with TikTok. Or if you’re watching Instagram it says please watch to the end, and when you’re watching you’re so disappointed. It’s not that, seriously, you could like, but I suggest you don’t, because the whole interview is fantastic, but the very last part is important and if you have kids in college, in high school, please, I’m actually going to beg you to tell them to listen to this part. And you know, listen, trust me. After you listen to it, you’re going to know exactly why I’m telling you that you should have your kids listen to it. But, seriously, get ready for an awesome, awesome interview and then, after it, stay tuned, because I got some great news regarding our company, Curzio Research, that I really wanted to share with all of you. I only shared it with a small part of my file right now. It’s really really good news, which is great, great stuff for all of you. So definitely stay tuned for that.

But first, since I built it up enough, let’s get to my interview with the one and only Ed Karr. We’re talking to Ed Karr, who is the founder of U.S. Gold Corp.. How’s it going, man? Hey, Frank, great to see you, great to be back. Nah, it’s great. Love catching up with you, so you know what. I spoke to you a couple of days ago and you were talking about all the conferences that are going on. I’m hearing from a lot of my sources whether it’s Beaver Creek, Colorado, or the Gold Forum also in Denver, I believe. But you had some interesting thoughts. I wanted to bring that up because I want to get into your company. A lot of great news going on, but I wanted to get the sentiment out there for people who are not attending these conferences. And everyone’s talking about gold at its all-time high. What are you seeing at these conferences that would make you optimistic? That would make you like say, maybe I shouldn’t be optimistic. I mean, what do you see in terms of crowd and sentiment?

0:04:13 – Edward Karr

Yeah, great point, Frank, and it’s a real interesting time, as you pointed out. You know, gold’s pushing up towards an all-time high. We were almost just over $2,600 an ounce, I think. Today we’re coming down just a little bit about $2,592. Last I looked on Christmas gold. But what’s interesting is that, with that all-time high of gold price and, don’t forget as well, silver pushing through $30, up towards $31, copper doing well at $430. So these metal prices are really really doing well and myself I would expect these conferences to be absolutely chuck-a-block full, filled with generalists and retail and lots of people interested in the sector wanting to come out to look at great producers, mid-tiers and even junior developers and explorers. And interestingly, Frank, I find it exactly the opposite. So, us Gold Corp, we were up at Beaver Creek. I was up there both with U.S. Gold Corp. and as an investor and of course there’s a lot of companies here.

Beaver Creek takes place at the Park Hyatt Hotel at the Beaver Creek Resort. So it’s a nice compact venue. Lots of companies out there, lots of. And I tell you but you know with these metal prices where they are this sector now I attended several company presentations is going to be wildly profitable, going to throw off tremendous cash flow. I think analysts are going to be shocked if the metal prices hold up at these levels. What you know fourth quarter 24 and into 2025 is going to look like from both the majors and the mid-tiers.

And yet, when we look at the attendees, you know you have your usual, what I’ll call a cast of characters in the mining industry, people that are historic gold fund managers. So maybe the Fidelity Select Precious Metals Fund, you know, the BlackRock Precious Metals Fund, the US Globals, the Sprott, the Tocquevilles. They are here, without a doubt, both at Beaver Creek and right now I’m talking to you from the Broadmoor in Colorado Springs at the Denver Gold Forum Americas. But I don’t see any generalists. You know there’s not the New York typical hedge fund walking around. There’s not the family office. There’s not the New York typical hedge fund walking around. There’s not the family office. There’s not the generalist investors. I don’t know, maybe they’re still long NVIDIA and chasing the AI trade, but they are not yet here at the gold conferences.

Interestingly, just even one data point the Gold Forum Americas is the premier gold conference in the United States. You know, run by the Denver Gold Group. This is where the big majors, the new months, the barracks come and present and I would expect all of the institutions to want to be here at $2,600 gold the conference. This year the footprint is probably two thirds smaller than last year and I bet you attendance is down by Denver. Gold Group probably won’t tell you this, but just looking around, attendance is down by 50%. Are you kidding me? It’s down 50%, 50% and we are at an all time high gold price.

So what does this tell me? When I just put my macro hat on, this market is climbing. It’s like a stealth fighter. You know we are a B2 bomber going in under the radar to Ukraine, no one other than the people in the gold industry. So the gold fund managers that have positions, they’re here to get updates and they’re here to hear, they are here to listen to the stories. But the generalist investor, in my humble opinion, is not yet long and strong in this sector and I think we’ve got a lot more to go to the upside. So I find it very encouraging, you know. I think it’s a really good sign. We are we are in a stealth bull market.

0:08:03 – Frank Curzio

I think it’s encouraging too. I think that that’s a sign of a bull market. It’s when you see you know Bitcoin and the conference has, you know 10,000 people that are paying $1,000 each, you know which is crazy, and the Lambos and stuff, you get a little nervous. But it’s rare that you see it come out like this. It’s been so out of favor for a real long time, hit new highs and again the mistake I made is thinking like well, once we got to 2000,.

Which was a high record high is you have to account for inflation. How much inflation that these guys have seen. It was much more than the average person has seen. Inflation in terms of tires, in terms of drilling, in terms of costs, in terms of labor. I mean, it was incredible.

So, even though you see the price of gold go up 20%, 30%, when you see inflation go up 30, 40%, it really takes that away and I feel like what you’re saying at these levels, okay, we’re counting for inflation at maybe 2,300, 2,600, going to 3,000. Now you see the majors. I mean these guys are absolutely going to print money, which is, I would think, has to be the biggest key for this bull market to take hold, especially for junior miners like yourself, where now these guys are gonna have so much capital to really expand because they under drilled and you know again with just Capex and and just you know for past few years. I mean, am I wrong to say that it just seems like the next three, four hundred dollars moving gold is going to be incredibly powerful, which would open up the floodgates. I would think to maybe acquisitions.

0:09:27 – Edward Karr

Without a doubt, Frank, you hit the nail on the head and look, one of the biggest costs of the mining industry is energy, specifically diesel fuel. Because what does this industry do? It moves dirt. At the end of the day, you go in, you see our Wyoming project behind us, open pit. We’re going to blast, dig, move dirt and process and produce a gold copper concentrate. So the whole mining industry runs on diesel fuel, not electric yet. So look, we’re looking at the price of crude today, around $71 a barrel. We’ve really come down. In the summer we were 85 plus. Why Deflation fears out of China Specifically, the Chinese economy has been a lot softer than a lot of analysts predicted.

A lot of people thought, post-covid, china is going to reopen and oil is going to really rip right above $100. Did not happen. And China now is looking like it could go through a Japan sort of decade. You know they’re exporting deflation to the rest of the world and we’ve seen iron ore come down to 90. We’ve seen crude oil down here. You know they’re exporting deflation to the rest of the world and we’ve seen iron ore come down to 90. We’ve seen crude oil down here. You know, ripping below 70. It’s hovering around $71 a barrel here.

But look, this is the perfect storm of profitability for the majors, for the minors, why You’ve got gold at 2,600. If crude holds here around 70, wildly profitable industry. And as you pointed out, Frank, look, this is an industry, I think, as we all know, mining depletes the reserves and resources. So the companies have tier one assets Maybe it’s the Barracks, the Newmonts, the Anglos, the Inicos. Every day they are chewing through their reserves. They need to add to those reserves. And the mining industry the analogy is just like big pharma. You know, the development pipeline in big pharma is dry as the Sahara desert. So what happens? A junior biotechnology company goes out there, gets some great phase one, phase two indications and big pharma comes in and acquires them. That exact same business model has almost happened in the mining industry. The high risk section of the industry, that right tail risk, has been exported to the juniors. So they allow these junior companies to go out and try and prove up exploration discoveries Once they do.

The big majors right now have fantastic balance sheets and this is a very cyclical industry. What happens? The big majors tend to make too many acquisitions at the peak and then they take on debt. You know famous was like Newmont with Long Canyon paying $2.8 billion for it. Then the industry crashes and they have to divest at the bottom. Now the majors have fantastic balance sheets. They’ve restructured, they’re gushing off cash flow, so they’re going to have to start replacing their reserves and this should set off a new wave of mergers and acquisitions. I’d say we’re already starting to see it. Recently we saw Goldfields come in and take over Osisko. We’re starting to see a couple mergers in the silver space. I do know that that is kind of some of the talk and chatter of both Beaver Creek and Denver Gold. Wow, what are the good looking projects that could be acquired?

0:12:33 – Frank Curzio

So what’s the playbook for these large miners? And you know, the analogy you brought up was fantastic with Big Pharma. If I was Big Pharma and I’m looking at companies, it matters what industry that they got those results in. So if I see immunotherapy, cancer, glp-1, positive phase one, phase two results, that’s a great market for them, where we know most of the companies. You could even go into crypto, you could go into biotech, you can go into junior miners. There’s a lot of dog shit in the industry, right. What are some of the things that trigger it, especially considering you could have a tier one I mean not a tier one asset. You could be sitting on a high grade project right From early drilling results, but the way the permitting process takes place, it could take 15 to 20 years. It’s so bureaucratic it’s insane. It matters even what state you’re in, not even US jurisdiction, but it matters what state. What are some of the things that big miners look at in terms of hey, this is a company that makes sense and how does U.S. Gold play into that?

0:13:28 – Edward Karr

Yeah, well, on the macro standpoint first and I think you point that out very well in that, permitting is critical for this industry. So you can have the best deposit in the world geology, high grade, et cetera without a permit Oreo cookie, as Mark Baum said, the big short zero, you know. So you need a permit and we’ve seen a lot of projects actually move forward in West Africa in some of the stands because permitting can be a little easier. Unfortunately, in Canada, in the United States and in Mexico right now North America, none of those three countries administrations are, I would say, pro-mining. The big ESG movement, environmental, everything else has taken hold. We have bureaucracies in government and it just takes time.

In this industry there are a lot of great projects.

You know many, Frank, you’ve been to many that have wonderful potential mines and they are in what we call permitting purgatory.

It can take 10, 12, 15 years to try and get a permit, why? Well, if you’re dealing let’s take specifically with the United States, if you are on federal government ground, you start dealing with a whole host of federal government agencies. One, well-known, is the BLM, the Bureau of Land Management. So another can be the EPA, the Environmental Protection Agency. Another can be the US Army Corps of Engineers when you get into waterways of the United States. All of these agencies are massive bureaucratic institutions based in Washington DC that have their own rules, their regulations, their permitting processes and can take a long time. You might be on land and have claims that has regulatory oversight from the US Forest Service. That’s a whole other agency that can come into the alphabet soup of three-letter agencies and it takes a long time to permit projects. The average is 10 to 12 years from an application to actually getting to permit projects. He averages 10 to 12 years, you know, from an application to actually getting a permit approved.

0:15:31 – Frank Curzio

You know, when I look at this industry too and I’m looking at a lot of these junior miners it seems like they’ve been waiting for this moment. But does it have to come from these big miners where funding is really dried up? And you’re telling me even at the second conference, which is the one that you’re at right now, right, I feel like that’s more about the large miners and also sell side analysts, right? So we’re talking about the funding environment where the other one’s kind of like the junior miner environment. Do we really do we need to see is it more than just the price going higher? Where you’re going to see, I mean, how many companies can these majors buy in the junior space?

You know, whatever, maybe a few dozen, but do we really need to see more capital come into this space? Because that’s a little bit of a surprise. I’m bullish that there’s not a lot of people at your conference, but the fact that you’re not seeing the sell side analysts there and the capital come in, I mean, how do we get that to happen? Is this Bitcoin stealing their thunder? I mean, at 2,600, if you talk to anyone when it was below 2,000, you said 2,600, you know we’re going to the moon here and to see where so many of these stocks are, and even large caps.

0:16:38 – Edward Karr

They’re starting to hit highs now, but still you would think they would hit them, like you know, six, nine months ago. What do we need to happen? Oh, this is going to be the year you know gold’s going to go to 2000,. Then, all of a sudden, 2500. And I’ve heard sometimes in the last couple weeks at these two conferences oh, $3,000 gold, that’s what it’s going to take to get the generalist in.

0:16:58 – Frank Curzio

I don’t know, but I’ll just tell you you know the market so well, Frank.

0:17:02 – Edward Karr

You’ve been doing this 30 years. Bull markets tend to build with the majors leading. We’re seeing that right now in this sector Barrick up to about a 52 week high at 20 and a half. Newmont up to a 52 week high, around $53 a share today. Great, the majors are leading.

The next phase will be the mid-tiers. You will see the cores, the heckles. The mid-tier producers really start to rip. Why? Because if gold holds at $2,600, silver holds at $32,000, these companies are wildly profitable and that third leg becomes the juniors. We’re probably not there yet. I think we’re probably in the first or second inning of a nine-inning ballgame. I think the majors continue to rip this year into next year, next year, 2025, probably the first half of the year. You know people would be really, really wise to be positioned in the mid tiers. The second half of 25, if these metal prices hold up, the juniors are where you want to be and the juniors will get the biggest torque. They’ll go up. We’ve seen in bull markets in the past 5 to 10x and I think this will happen.

But your point about crypto, stealing thunder of this industry absolutely, marijuana a couple of years ago, stealing a lot of thunder of this industry, absolutely so. The young kids, the millennials, or even younger 25-year-old kids, are they thinking about buying gold stocks or would they rather look at the next hot token? So it’s going to take something pretty major. Would it be $3,000 gold? It could At some point the capital will come in here because I’m convinced Frank the generalist is going to chase cash flow and when you look at the overall market OK, that AI trade and the Davidias and the large cap mag seven tech stocks it’s a little long in the tooth. Now it might go further. They’re a long duration asset. If Jay Powell pulls the trigger here this week and reduces interest rates by 50 beeps, long duration assets should do well. But this gold sector is really poised over the next several years to throw off heaps of cash flow and that will attract investment capital.

0:19:09 – Frank Curzio

Yeah, it reminds me of a lot of people who are the I call them the gold, just the gold bugs, the gold bulls, the dinosaurs in the industry. I mean that as a positive. They’re bullish on gold for 30, 40 years. It’s the same speech that you could say 40 years ago that they’re doing today. Yeah, it’s the same speech that you could saw 40 years ago that they do today.

I wish that, if you see Peter Schiff’s, the Fank Joosters, maybe the Rick Rules, who’s into blockchain technology and stuff, if they just took time, instead of beating the crap out of Bitcoin for getting pissed at a bunch of kids that actually did very, very well, which is rare. You rarely see them first at the party. It’s always Wall Street and then they get fucked at the end. They were right and everybody was wrong. But if you really took the time to educate them, instead of making fun of them, how gold is better, I wonder if that would help, because where you’re seeing the junior mining market right now, it seems I hate using the term no-brainer, but there’s a lot of great names in that space that just said listen, we’re going to acquire assets. Yes, we’re diluting, but we’re raising money to buy assets that we’re trading in 10 cents on a dollar and then when gold goes higher and now you have gold going higher they were like playing.

Their playbook was like if gold goes to 2000, we’re great now at 2,500, 2,600, probably on our way to 3000. I mean, there’s a lot of great projects here. Where you know as well as I do is you’ve seen the cycle right. When the cycle’s bullish, these things go right. These are 2, 3, 5x, 10x, sometimes right, and where we are right now, I just feel like that’s where it’s there. I just wish that there was a better understanding to maybe the younger generation. Instead of making fun of them for actually being right on Bitcoin, maybe you should educate them and say hey, anyone that doesn’t understand gold or wants to know more about this sector and why I’ve been doing this for 30, 40 years, I think these guys would draw hundreds of thousands of people to a conference like that.

0:20:47 – Edward Karr

Yeah, no, I agree, Frank, totally with you, and you know me, I’m on record, I’ve been early in Bitcoin and I don’t think it’s an either, or I think you can have both.

Yeah, and I love technology, you know. I love the value that it’s created and the future, but at the end of the day, gold is money. And what would I rather have in my hand? An ounce of gold or some computer code with Bitcoin? Gold’s real, it’s tangible. There’s no counterparty risk. There’s no, if heaven forbid, an EMP went off and all the computers went to zero. It’s also nice to have some gold it really is and the cyclical nature of this industry.

The young guys got to realize as well too. That you know uranium well, Frank. We made a lot of money 2005 through 2008, 2009, and that cycle. And then what happened? Fukushima, and we have a lost decade. Uranium was $8 a pound, dead man’s pulse. None of the stocks are going everywhere, and it’s like for 10 years, we’re throwing money out the window and then it starts to come back, and now in the last two years, uranium spiked and, trust me, guys, we’re going a lot higher on uranium. You know, if you don’t have exposure to uranium, you’ll want to get some and gold. This is the time you got to, like Kenny Rogers sings, you got to know when to hold them and know when to fold them. Now is the time to hold them.

0:22:02 – Frank Curzio

I’m going to ask you a question because every time this is asked, I feel like it’s an easy, it’s a layup, so I’m going to ask it in a different way. What could push gold prices instead of up, which we know, debt and all this crazy central government? What could push it down from here?

0:22:14 – Edward Karr

Okay, Look, there’s a couple certainly scenarios that could be very bearish to the downside of gold and the whole stock market economy. Number one you know, I kind of think about this what keeps me up at night. We’ll see which way the election goes, We’ll see which way the world goes. But if we got into what I’ll call pandemic 2.0, COVID 2.0, maybe it’s COVID, maybe it’s Mpox, maybe it’s something new, who knows? The world locks down. We go into another black hole deflationary drawdown, Equity markets would crack, They’d go down 20% to 30% Gold, all the metals would go down. So that’s certainly a scenario that could happen. I hope that does not. Another scenario that could happen what if the United States specifically, really went into a hard landing? I mean if we saw the NASDAQ, the S&P and the Dow crack by 30%? Guess?

0:23:10 – Frank Curzio

what’s going to happen. It always hurts the stocks. People think gold-.

0:23:12 – Edward Karr

Not only does it hurt the stocks, it’ll hurt gold, Frank, because it’s liquid and when margin calls come, anything that’s liquid gets sold. So we’ve seen that Gold would go from $2,500, $2,600, probably to $2,000. Margin calls stop. Then it would be well bid. The central banks would be there and I think it would be an incredible buying opportunity. Gold would go right back. But that could certainly be a short-term sort of headwind for gold. Is that going to happen? Let’s look real time right now at the data. The Fed’s about to reduce interest rates, Frank. I don’t know if that’s going to be 25 or 50, but they’re going to cut.

0:23:46 – Frank Curzio

We’re going to know. I don’t know if people are going to get this pocket. It’s going to be right before, I think, when we release, if it’s 25 or 50. It’d be shape, it’s not that bad.

0:23:51 – Edward Karr

Unemployment OK, four and a half if you really want to push it to the upside, that’s not bad. And look what are the leading indicators of a hard landing or recession in the United States? I mean we have to look at interest rates.

OK, 10-year bond has been rallying in that the price is going up, the yield’s coming down. But one of the biggest indicators I like looking at credit spreads Are credit spreads blowing out? Are credit spreads really widening? We go and we look at the junk companies and triple B they’re not. Credit spreads are super tight. The debt market is much smarter than us stock guys.

Debt market is where the smart guys are. Credit spreads are not blowing out, so that means there’s no recession coming, at least in the very short term. There’s no hard landing coming. It might not even be a soft landing, it might be a no landing. The United States could potentially, with the Fed reducing interest rates, be on a 2.5% to 3% GDP trend going forward into 2025. That’s nice growth. That’s pretty decent. Europe would love that sort of growth, china they’d love that sort of growth. Japan bring it on. So United States is kind of in that Goldilocks. I give these Fed PhD guys credit for pulling this off. They’ve managed it pretty well up until this point.

0:25:12 – Frank Curzio

Yeah, and it is interesting. I get annoyed when people are like the economy is very strong. I don’t think it’s very strong, I think we can get a soft landing here. I just don’t think it’s. You know it’s not totally negative to. The credit spread is a great example. But you’re seeing, you know, some of the things crack a little bit, but not to the point. You know you expect that right, with higher interest rates, because that takes time to really filter through. I guess my next Well, you guys and I visit your properties and stuff. You had some really, really amazing news in terms of a mining permit. How significant is that? And has it changed the landscape for a guy walking through the hallways seeing 2000 of these junior miners? How do you separate yourself from everyone else?

0:25:51 – Edward Karr

Yeah, a great point. And again, we spoke before permitting such a big issue. So our flagship project just to review, called the CK Gold Project. It’s outside of Cheyenne, wyoming, only an hour and a half north of Denver Airport. You’ve been there, Frank, you know it. So this is a great little project. Our president and CEO, george B 45 mining industry veteran. He hit the ground running early 2021, start all the environmental baseline studies, got an updated pre-feasibility study and filed the mine permit application. So in April of this year we got a permit to mine application approved. So we have a permitted project Now, with that permit that came forward in April of this year, there were three conditions.

Number one was to advance the first year reclamation bond Check. Us Gold Corp did that. Number two was to get a water discharge permit Check. Us Gold Corp did that. The third and final permit the last piece of the puzzle is the air quality permit. There will be a public hearing in Cheyenne towards the end of October and right after that we expect a positive approval and U.S. Gold Corp. will get the air quality permit. And then this is a fully permitted shovel ready project. There are not many fully permitted development projects in North America. You can literally Frank, count them on your left hand that’s crazy.

0:27:22 – Frank Curzio

All these permits, all these crazy. It’s so easy if you are not on the right side of wherever you are in that state that how, how difficult it is to get that approved right. It’s just. It’s just a matter of a guy saying yes or no. It’s just. Uh, the bureaucracy is just incredible. So it’s so, it’s crazy, but uh yeah, all right.

So what’s the next steps then? So this you get stamp of approval. You know what happens in terms of explaining people how long it would take to actually develop this. Then you have to raise money, do you? Are you looking to sell a project like you know what’s? What’s the next steps? For someone who really doesn’t understand this process where oh wow, you got a mining permit. What? What’s next?

0:27:57 – Edward Karr

Yeah. So you put out in very basic and I apologize for any of the sophisticated mining industry guys watching, but just trying to keep it pretty simple you put out these geological and economic studies. So our one in December of 2021 is called a pre-feasibility study, showed some great numbers, a very robust project, but since December of 21,. We’ve had this COVID inflation spike, so all those numbers have ratcheted up. For instance, one thing you look at is how much will it cost to actually build the mill, to build the facility to produce the gold and copper concentrate? Our project is a gold copper deposit comes right up to surface. Very simple mine plan we’re going to blast, we’re going to dig, we’re going to crush, grind and float, have a dry stack tail and produce a gold copper concentrate. So in that December 2021 pre-feasibility study it showed CapEx, the capital needed to build the mill of 221 million. Now we know that amount has gone up, why, you pointed out, Frank, steel price have gone up, concrete price have gone up, rock price have gone up, labor has gone up, energy everything’s gone up. So maybe take a nice round number 300 million. I don’t know, but that is the next step in the process for U.S. Gold Corp., george B, kevin Francis, will be updating that pre-feasibility study as well.

In this last couple of months U.S. Gold Corp. was contacted by Glencore Technologies. They have a separate division that has something called the Jameson cells. So in a typical flotation plan, in a typical flotation mill you have banks of flotation cells. You have these big vats that in essence, water comes in, it bubbles up. You put some dish detergent I am really simplifying it but just so people know it’s big froth flotation. It produces kind of like a scum on top that gets wiped off and that becomes your gold copper concentrate. So the bubbles, the mineralization, adhere to the soap sud bubbles in a very simplified way. These Jameson cell technologies they are smaller, they are more compact, they produce more air I’m really simplifying it but they have the potential to increase gold and copper recoveries and reduce the costs.

So this is the time that mine engineers will go and look at all of these what we call optimizations at the pre-feasibility level. So we’re looking at that. Right now U.S. Gold Corp. has metallurgical samples at an independent laboratory. They will run through a bunch of tests to see if this Jameson cell technology is viable, is economic. They should know that the next couple of weeks, so I’d imagine towards the end of the year. There’s a press release on that. There’s probably at some point an updated pre-feasibility study. Does that come out the end of this year? This is certainly a forward-looking statement. I don’t want to give a timeframe End of this year, early part of next year, however long it takes, because, Frank, you’ve met George B, he does the work. He’s not going to rush anything out that will lead in 2025 towards what we call a full bankable feasibility study, dfs, a definitive feasibility study, and FS it’s called feasibility study or a bankable feasibility study. So again, if we think, Frank, that CapEx, the amount of money needed to build this facility is around a round number of 300 million. Well, we’re a small junior market cap company. How does a company like U.S. Gold Corp. go out and raise that money $300 million of project finance?

There are a number of different ways this can be financed. So it could be equity and debt. You know you could go out and raise $100 million of equity to publicly trade a company. They could do that and take down $200 million of debt from a major money center bank. That’s one way.

There’s a lot of the big private equity groups. There’s a huge one in Denver that has billions under management, knows the project. They could put together a package. It might include equity plus debt. They become a partner. There’s the big royalty and streaming companies. You know a lot of the names, Frank, so they come in. They might do what’s called a stream. What does that mean? A stream means you’re basically selling them a percentage of your production each year over the life of mine and they could come in with $300 million. This is small enough that one group could finance this whole thing and become a real partner. But at the same time how we started this conversation there are a lot of mid-tier companies that are going to be wildly profitable at $2,600 gold and $32 silver. These companies are always looking. What is the next move on our corporate chessboard? What is the next acquisition?

Again, the amount of permitted projects in North America are on your left hand when you look at a state like Wyoming incredible infrastructure. This project it’s an hour and a half north of Denver International Airport. It is right outside of Cheyenne Wyoming. What does that mean? There is a captive workforce in Cheyenne. Wyoming is a big natural resource state. A lot of coal mines, a lot of oil and gas. Several of these coal mines have been shut down because of environmental considerations. So there’s a captive workforce.

If you have a project up in Saskatchewan I’m just making something up, no offense against Saskatchewan but you might not be able to find two to 300 qualified workers. We can find those in Cheyenne and they go home at night. So we don’t need a man camp, we don’t need big supply lines. We have water, we have power, we have roads right to the project, we have a rail line and a rail spur two and a half miles south of us. All the infrastructure is right there in Wyoming. These things make the project even more of an attractive potential acquisition for that mid-tier.

Now the production profile of this project is about 110,000 ounce gold equivalent per year. So that’s a little small for it’s not going to come on the radar of a Barrick or a Newmont. But some of the mid-tiers you know all the names, Frank, you know a billion to $3 billion market cap company. When they look at a little tuck-in acquisition of 110,000 ounce a year, that can really move the needle on their own production, their own valuation. If we think that over life of mine, the next 10 years, the price of gold could hold at $2,500 an ounce. Personally I think it’s going to go higher, but let’s just assume $2,500 an ounce. The all-in sustaining costs on this, even with updated pre-feasibility economics, I hope come in like around $1,000 an ounce. Asic, that’s $1,500 an ounce cash flow, 110,000 ounce production profile. You’re over $150 million a year of free cash flow that this project can throw off.

Now George B has told me, Frank, he can build this project in as little as 12 to 18 months. So I think you’re looking at 2025 for the company, for U.S. Gold Corp., optimization of that pre-feasibility study number one. Number two, coming with a real feasibility study which leads to a potential process to find out what is the best financing source. We say in the industry who’s the prettiest girl to take to the dance? You want to go with the bank, you want to go with the streamer, you want to be acquired? You have to look at that process that could lead to, by the end of 2025, the financing secured a construction decision. This project gets built end of 2025 into 2026. You’re in production by the end of 2026. I just I can’t.

0:36:05 – Frank Curzio

I can’t believe how much you just explained to me after, after you get the permit, I mean, you could be in a blockchain and create some bullshit meme stock and have some guy promoted and the next day you could be making money. It was just the process of how much you have to go through. It’s just what you guys do. It really is incredible, because just getting the permits is, I mean, it could take many, many, many, many years, even a decade, and then afterwards, just the process of the financing and everything going through it. Holy cow, it’s insane.

But I will say this you could see a difference in your stock because it’s it’s almost double off of its lows. It’s outperforming the gdx j and you could tell, like you know, between the junior miners, right, that they’re not all rated the same. Yes, you need someone to really look at them and be like, okay, this is a bs project, this isn’t going to work. Who are the insiders that are buying? Where is this? Where is this located? Right, geography is such a concern. There’s so many elements, but you know the ones that you see outperforming the gdx. You like yourselves, I think, is it just shows like the promise in it, right, especially since you got that permit. It just puts you, you know, it takes you out of this and puts you in another class, which is important and uh, yeah, that’s really really good news. So I’m excited. I’m excited for you as Gold Corp. You guys have been for a while.

0:37:12 – Edward Karr

It’s really exciting, you know I’ll tell you Frank one thing to point out, which is quite interesting. You, you know, you know our chairman, Luke Norman, extremely well. Luke loves to tell the story and get out there. However, in the last year and a half, two years, the company’s been quite quiet. And why the permitting process? So in the permitting process, any company has to deal with potential opposition that shows up and says the NIMBYs not in my backyard, no, we don’t want this project, Even though the young kids are out driving Teslas that take a lot of copper, take a lot of gold, oh, we don’t want to mine.

Well, we got through that permitting process. Now that it’s approved, we really want to go out and tell this story and I think you’re starting to see that since April, Not only has the stock price gone up, but liquidity in the stock has doubled. So more eyeballs are getting on U.S. Gold Corp.. You know more investors are coming out starting to believe in the company. Everyone’s always skeptical on getting a permit in this industry until it happens. Well, there’s a permitted project now and we will move forward. You know that updated pre-feasibility study, moving into an ultimate financing package and letting George B build a mine and produce American gold, American copper, American jobs in the great mining state of Wyoming. It’s a real cool project.

0:38:29 – Frank Curzio

Yeah, that’s a great story. Well, I’m going to end with this and I really appreciate you dialing it down, because even some of the stuff I didn’t know about what you were talking about in terms of scraping off the I didn’t even know that, so that’s great. I love that that you I mean people underestimate the importance of that, because geologists may know what you’re talking about, but if you’re really going to get the mass investors and scale and people looking at this, they need to understand it Right. So, great job explaining that. I want to have a little fun with you before I let you go, because you are a speculative investor that are not just you’re not just in gold and you talk about different ideas that you’ll pitch to me. Sometimes I’ll pitch to you Is there anything you see outside of gold and you look at biotech, even crypto, or anything that has you excited? And that might be a no, but I just love hearing some of these ideas that you have sometimes.

0:39:10 – Edward Karr

Look, I’m. I’m always excited, Frank. I mean, naturally I’m an optimist, I’m not a pessimist. So some glasses always half full and you know, sometimes we can get taken in with stories and other things, but I’ll tell you it is such an exciting time. You know, all you pessimists and you preppers and you gloom and doomers. Go home, I don’t want to talk to you. Surround yourself with positive people and good friends like you, Frank, and I really value our friendship.

You know, and we are on the cusp, the human race in biotechnology, longevity of, I think, pushing this frontier of we might look at a hundred year lifespan in the next couple of years, you know, and there is advances in genomics, in biotechnology, that are absolutely spectacular. There are advances right now in nanotechnology that are absolutely mind-blowing. 3d printing is really starting to come on. There’s another sector that your subscribers really want to get into. Then look at everything. What drives the world and what drives the economy Energy, energy drives it.

Well, guess what? In Wyoming, bill Gates has a small module reactor, a small nuclear power plant. It’s not one of these big. Bill Gates has a small module reactor, a small nuclear power plant. It’s not one of these big, massive, 300 megawatts. You can make little, small module reactors in the nuclear industry and you can literally mass produce these in a shipping mill van that can go out and have like a one megawatt project. We could have a small nuclear reactor maybe in the future that could power our little gold mine in Wyoming. It’s really cool, some of those advances that are coming.

You look at fusion energy. If they can crack the fusion energy and they’re close free energy like for the entire planet, the upside in a couple of these companies that are looking at fusion energy so is there a lot to be excited about? Man, I’m excited, and then you know you look at the whole crypto and blockchain space. That’s just starting. We’re really starting to see the institutionalization of the sector. You’re starting to see more use cases for, like you know, payment processing of tokenization, tokenization of hey, maybe even like research companies like Curzio Research. Those guys have done a Curzio equity owner’s token. That’s pretty cool, man.

Look at the upside of that.

0:41:24 – Frank Curzio

It took a while, but now we’re seeing that momentum kick in finally. Now you’re seeing it.

0:41:28 – Edward Karr

bud, I’m a proud owner everyone of the Curzio Equity Owners token.

And I love what you’re doing, Frank, you know I really do. I think the upside and the vision that you have had as a small business owner who’s looking to create something really cool and people can have equity ownership and participate side by side with you in all of that upside of your particular industry and at the same time, it’s really cool, man. You know it’s a token, it’s something that’s a little different than like a traditional IPO and so, yeah, there’s a lot of neat things out there on the horizon. You know I have a young daughter, I know you got some kids. I love talking to her about all this cool stuff that’s going to happen.

Might there be a little rough sailing ahead. Without a doubt, Do we have some challenges as a society to come together in discourse, to work out some of our you know debt and budgetary issues, of course, but it’s all going to, it’s all going to work out. We might have a rough sailing but, trust me, you know we get through this little difficult time, however long that lasts, and then we’re going to have this period of. You know, the markets are going to rip, technology’s going to rip, the human race is really going to come together. In my opinion, it’s going to be a very fun time.

0:42:41 – Frank Curzio

I have to say it’s so freaking refreshing because we all know what sells right. It’s fear and greed or whatever. But I’ve surrounded myself because I’m an optimist as well I always surround myself the negativity. At this stage in my life I’m over 50. I don’t even talk to people who are crazy negative. You, you got to move your assets out of, out of the United States right away. The debt levels and the kid.

It’s just when you hear the optimism is so refreshing because it’s so easy to sell people on all the fear, uh. But there is so much uh when you look at the future, look at technology, and ai is just something that’s able to accelerate a lot of these trends and that’s why you really want it to work and it’s not slowing down anytime soon. We see that you’re talking about energy and hyperscalers. I mean, there is absolutely. They’re talking about gigawatts. They’re not even talking megawatts anymore. Talk about building gigawatt data centers. Okay, it’s insane. So just what you’re saying about Bill Gates and be wrong. You need to be right once, exactly you need to be right once.

That’s why you know you diversify, okay, right, all this thing. But just you know you need to be right once to actually have one of these things go. And you know, for me I’ve always felt like that’s the reason why people listen to me. That’s why I listen to people like what is the big idea out there? I mean, anybody can get microsoft, all Nvidia, good, what’s the next biggest thing out there? And just to see it develop, even be wrong on it and be like shit, okay, now it’s going to develop this way or that way.

And it’s fascinating if you’re really able to focus and look at the right places to find that research without a lot of bias out there. But I really appreciate that, that optimistic view. It’s very, very nice. So always hearing the negatives, as you know, even in your industry, especially like the debt levels and central government and we’re going to go under, a dollar is going to lose reserve currency stat, all this negative shit which if that happens, I think we’d all die. But that’s besides the point. It’s not going to matter what you invest in, but it’s really nice to see the optimism. I really appreciate. I know the audience appreciates that too, man.

0:44:33 – Edward Karr

Yeah well, I’m always optimistic. I think it’s a really, really exciting time to be alive. I mean, would you rather be alive now or like in the time of the Roman Empire, in the time of the cavemen? I mean, technology is accelerating and even if you don’t find that one in 100, you know, in my opinion, any of the young viewers out there, just go buy the NASDAQ, buy the QQQs. That’s where the innovation is. It’s in the NASDAQ. You know it’s in that sector. Go out and buy an index. Don’t put your money in the money market. You know, over time, inflation will eat away your purchasing power. You need to believe in countries like the United States of America. Capitalism, you know, ideas, business creation, and it’s going to come. There’s probably such neat stuff that we haven’t even thought about like five to 10 years from now. You know that’s just going to be here. We’ll take for granted and it’s a really cool time to be alive.

0:45:23 – Frank Curzio

No, I love it. I love it. Well, I always love talking to you. We always share ideas, lots of good stuff. I’m so glad everything’s going really well at U.S. Gold. I know it’s been a difficult journey for everyone in this industry. It’s really nice to see gold prices rising and I agree with you, I think we’re just about there. Great opportunity. Love your company. It’s in one of our portfolios, but I really appreciate you coming on. Good luck at the rest of the conference, giving us a live update and, as always, we’ll keep in touch and I’ll talk to you, man.

0:45:47 – Edward Karr

Thanks so much, Frank. Appreciate the friendship, Appreciate the time and look forward to keeping in touch. Sounds great man.

0:45:56 – Frank Curzio

You know I really enjoyed that interview, especially the last 10, 15 minutes or so. Being optimistic, I meant what I said to him. It’s like I’m starting to kick people out of my circles who are not optimistic or just negative all the time. I don’t have time for it at this stage in my life really. I really look at it, look it’s what 12, 15 years and you can say Frank, don’t say that, but just statistics. If you’re a guy, if he’s 65 or whatever, you know and I don’t know, maybe I’ll live to 80, maybe I’ll live to 90. Actually, I don’t know if I want to live that long and whatever, but we’ll see. I don’t know if I want to live in pain or whatever, but I feel great now.

Seriously, I feel like there’s so many young kids out there, high school and in college, that believe that the deck is stacked against them, that they have no shot. They’re going to be all is dead and the world sucks. And when you’re just watching the media from both sides, it’s just I don’t even care what side you’re on. Seriously, it’s just so negative where everyone’s so pissed off, and I feel like they’re using these kids for votes and condition them to think a certain way, and what you really have to do is take a step back and just realize that you have an incredible opportunity a much better opportunity than I had where you know something could go viral and you could become famous. You could start your own YouTube channel. You know, you could be in certain circles, man. You just got to work hard. Where you know the whole entire world is connected today. It wasn’t connected 20 years ago, not like it is today, where you can reach so many more people if you really have good ideas and if you work hard. But that’s the thing you have to work hard to achieve it. And you know you look at your mom, you look at your dad. Look what they did to provide the opportunity for you just to go to college, to buy you your first car, to provide a roof over your house, to take you to watch your favorite team play in college or pro or whatever, or what they’re doing, whether they’re taking you if it’s gymnastics or whatever in sports and supporting you.

I mean, you have such a great opportunity right now and I feel like it’s lost and just like the technologies he was talking about and everything that it’s so exciting right now, to really, really you could sit there and learn anything you want about ai and it’s not that expensive. Some of these programs are $30 a month and you start learning the prompts and you start, just start a you know, a facebook group and just you could learn. You have the opportunity to learn so much right now and I just I wish this could be pounded in their heads, because when you listen to the outside noise and social media and everyone’s gonna be fucking beautiful on there and you think that’s real world, shit, it’s, it’s such nonsense and that’s the things that we didn’t have to deal with growing up. But, man, it’s just refreshing where you don’t get someone that’s telling you the world’s gonna fucking end tomorrow. So, you know, be careful, do all this and, by the way, subscribe to my newsletter. You know it’s, it’s, it’s such a shit show out there. You know, and if you just, you know, keep your guard up, work your ass off, I mean, there really is incredible, incredible opportunities out there and it was just nice to hear that. You know, it really is nice to hear that. I really mean that, just with all the negative and all the bullshit, all the politics and the back and forth, it’s just refreshing. It really is refreshing. So you know, one thing is, I didn’t know he was going to say so many positive things about me or the Curzio token, which was really really nice I thought, but it was a great segue into what I’m about to tell you, which is really really good news.

So this came from tZERO. So tZERO is a platform we trade our token on, C-U-R-Z. If you’re not familiar with that, it’s Curzio Research. It gives you a direct equity stake in our company and I launched this thing four years ago saying this is one of the greatest trends we’re ever going to see, and I still truly believe that. And then you had COVID, and then you had SPAC bullshit, and then you had all this garbage. Then you had the SEC going after crypto companies. There’s been no laws on this industry and there hasn’t been a lot of liquidity on our token. There hasn’t been a lot of launches for security token and in the past, like nine months, we saw Larry Fink come out. If you don’t know who Larry Fink is again BlackRock, managing 10 trillion assets every ETF launch right 4,000 plus. He actually said this is the next biggest thing within the markets, so much so they launched their first security token, a tokenized fund which is based on treasuries right. So they launched their first fund. Now T-Zero just came out with news last week that that’s a game changer. They received a special purpose broker license SPBD and they received it from the SEC and FINRA.

And what this does? It provides rules and a framework around security tokens, which is what we fucking wanted for such a long time. Sorry, we needed it, right. And a lot of people are like we don’t want. No, this is exactly what we wanted. Because of the fact there’s no rules, that allows the SEC and everybody to go after these guys whenever they want.

Because the definition of a security I mean, how is a security defined? It’s defined as an asset that you believe you’re going to buy to make money on, that is talked about by a third party or promoted by a third party. So that’s any asset you’re going to buy If someone talks about it on social media that they like it. It’s a security which is so vague. It allows the SEC and the regulatory authorities to go after anyone they want or anyone they don’t like. And that’s what happened over a year ago, right In early 2023, which you saw they closed the banks.

Spbd licenses okay, special purpose brokerage. They’re rare. They allow broker deal to manage trade, take custody of digital assets. Basically, you’re talking about securitizing real estate, art, sports, other real assets and funds. Tzero is one of only two firms in the US that are approved for the special designation. The other one is a company called Prometheus and it’s not really in competition with T-Zero, because they like to trade other utility tokens on their platform, which that’s not what this is going to be designed for. So this is going to be the premier place to trade this and it’s a one-stop shop for security tokens which provides secondary trading features like continuous automated trading, auctions, block trades, for example. Now say, if I have someone I wanted to sell $50,000 worth of my token, they would crash the price because there’s not a lot of liquidity. If there’s someone else there that wants to buy $50,000, it can match them up, just like you would match up big block trades. It’s a game changer. It’s going to open up the floodgates to security tokens where you have a tokenized world which is fractional ownership of over $100 trillion in assets.

When you’re looking at real estate, I’m talking about even your home. Imagine how to get equity out in your home and you could tokenize your home and sell a fraction of it and then pay interest on that. Or commercial real estate $100 million portfolio that you could sell a portion of that One. You sell 20%. The guy who owns it gets a check for 20 million. That’s great, right. So now you got a check for 20 million. Now people have the right to actually own which they never had the right to a portion of that real estate and maybe you’re paying them what you’re making on leases seven, eight, 9% interest. Right Now.

It’s not a privately traded market where we know, when it looks at private companies, what do they trade. They trade for like three times earnings. The S&P 500 trades for 20 times earnings. So this is going to be like five to seven to eight times earnings. Now the value of that asset is going to go up. So the guy who owns is happy. He just got a $20 million check for $100 million assets probably going to be trading. It’s going to be more liquid. It’s going to be trading $150 million. Good for you. Pat yourself on the back.

Now look at the rest of the people. You’re going to be able to buy something that’s great, tangible, an asset that’s going to trade on a market, and it’s fractional ownership and equity stake and you’re going to be able to get a 7%, 8%, 9% interest rate on it. It’s the greatest idea I’ve ever seen. And you’re looking at some of the smartest people within the markets, even the guy his name is David Goon who’s a CEO and basically built the New York Stock Exchange to where it is today. He was a chief strategy officer, brought everything there and this guy could retire. He doesn’t have to do anything, and he’s been pushing this and saying everything is going to be tokenized pretty soon, and now you finally have that door open. Now our CRZ token trades on T0, so we’re very happy about this because now we’re going to see liquidity on our token.

In the next 6 to 12 months, you’re going to see a flood of new tokenized securities coming on this exchange, and the fact that they’re the only ones with the license right now basically another company Prometheus has it. They got it, like two years ago this is going to open up the floodgates and it’s really, really exciting news for us, because that’s one of the things I wanted. Okay, I’m a 60% owner of my stock. Okay, of course I want this. You know when people say, Frank, you worry about dilution. You’re worried about this. I’m the biggest owner of the stock. Okay, it’s not that I want to dump the stock or anything, but you know you want liquidity for your investors because they should have the right to whatever they want and have that liquid market. This is really really exciting. This is the vision actually coming where, man, I wish it came like three years ago, but it’s now coming together.

Now, when I look at Curzio Research, things have been really really good, mostly because of you knuckleheads, who downloaded my podcast 15 million times in over 125 countries. We’re seeing traffic increase across all social media platforms. We’re seeing strong growth, just launched a new consulting division, already signed our first contract through this, which we’re really excited about, and a lot of this growth has been at the expense of our competitors, where a lot of them aren’t doing well, as the overhyped, overpromised, underdelivered model is done of fucking the consumers, and I’m glad to see that Not everyone in our industry, but you guys who know newsletter business know exactly if you sign up to another newsletter. You know exactly what I’m talking about, cause you get 5,000 emails a day all about you know get your money in the market before you die and shit like that.

Okay, now the regulators are going after these guys and they’re pressing and we stayed away from that and now we’re starting to see a lot of growth within our company. It’s exciting. Again, it’s not everyone I’m not talking shit about my competitors but when you’re hurting people with a lot of the BS that you’re doing, it was just a matter of time. There was a model I thought that would get destroyed three years ago and they’re still doing it. They’ve been doing it for the last 10 years and now it’s really hurting them. You’ve seen a lot of our competitors actually go out of business who are generating $ $300 million in sales right, which is crazy. So when you look at where we are right now, we lowered our costs by 35% year over year. Sales are up 25% year over year. We became profitable the first four months of the year, which last time we bought our financials and we’re flying all cylinders right now. It’s really exciting and to accelerate this growth, we are doing a capital raise. We’re not doing this capital raise to pay the bills, not doing it to show up a balance sheet. I’m doing it because I truly believe we have the opportunity to build a billion dollar brand. I’ve never said that before. Honestly, I’ve never said that before. I’m surprised you said it, but I truly believe that, of where we are, I’ve never been more excited about my company as I am right now.

We’re raising $5 million. It’s going to be accredited investors only to $25,000 minimum. It already went out to my investors first, which is normal what you do in this type of round For everyone who came in ready. Now I’m sharing it with the public type around for everyone who came in ready. Now I’m sharing it with the public. The terms are extremely favorable on purpose, because I want people to share in the growth, and this idea is bigger than me. It’s showing how the security token market can accelerate, could be built for small businesses. This model actually works and helped us raise money, and it’s working with our business, where again, everything’s firing on all cylinders. So I wanted to make the terms as favorable as possible and, in terms of this, we’re going to offer a 10% dividend. Good luck getting that anyplace else which the optionality to convert it back into our token at 350. Okay, we were at 160 the other day. They got tokens at 350 today already and you could convert it back to $350,000. But you’re going to get a 10% dividend, which you’re going to be paid semi-annually cash dividend.

If you’re interested in learning more about the deal, email me at Frank@curzioresearch.com. I’ll send you a special video that I shared with my investors already. It outlines where every dollar of this capital rate rate is going, why we’re taking market share from our competitors, all the details about our growth initiatives, the details about the terms, and it’s also going to contain a link to the subscription agreement and a link to my calendar. So if you look at it and you have questions, you get to set up a one-on-one with me to answer, and I probably spoke to about 25 investors, I think. I think 90% of them. Come in and remember you must be accredited. It’s a $25,000 minimum.

I’m not saying this in a bad way. Just don’t call me and say, hey, Frank, how you doing? Really it’s, and if you don’t want, it’s perfectly fine. But this is not a sales pitch. Demand is very, very strong.

I wrote a check for $100,000 into this round. Again, I’m a 60% owner, but I own the founder shares and I came into the last financing round as well. But you always want to write a check if anyone’s talking about a private placement, make sure the person who’s pitching it is actually going to write a check and come in at the same level. For me, I want the 10% dividend. It makes a lot of sense to where I’m coming in. But I wanted to share this with all of you because you helped me build this company. I mean, you heard me talk about securitization, fractional ownership for how many freaking years I’m like man? This is like the greatest trend of all trends all my life.

It makes sense for trends to scale, to change the world. They got to be cheaper. This is much cheaper way of going public. Okay, you don’t have to pay the massive lawyer fees. You don’t have to report every single quarter. It’s once a year. We’re going to be reporting at least every six months and have updates on our company.

It’s good for investors where you could raise money. You could tap the capital markets, you could tap your list for money. It’s great for investors where you can get on the ground floor, which you can’t do ever. You can’t get on the ground floor of a company ever. The time it goes public, I mean most of the growth has taken place. They’re coming out three, four, five billion dollar valuations and you may get lucky with it in meta, or you’re not going to get lucky with 97% of the SPACs that came out at these crazy valuations that are trading what? Below $3? I’ve seen them more and more. I think it was a BurgerFi just went under right SPAC. They just keep going under and under and under these SPACs, right? Well, all these guys made an absolute fortune on it. That’s not this. I mean. This makes sense.

Fractional ownership this news is fantastic for T-Zero. I’m happy for them because they had their hands tied. They couldn’t market, they couldn’t do anything. Now you have a framework and anyone that cares about this. They want a framework because it allows tens of billions in capital to come out the sidelines and go into this industry. Now, well, you can’t do that if there’s no framework and the SEC could do whatever they want because there’s no rules or regulations. So, if you’re doing the right thing, you want rules in place. Now we have rules in place. Congratulations to C-Zero. I think 2025 is going to be an outstanding year for them. I think it’s going to be an outstanding year for us. But if you’re interested, let me know, send me an email. Frank@curzioresearch.com.

Seen very, very strong demand, I just want to say thank you for all the support. It’s a lot, a lot of fun right now and, yeah, I have a way and a path to make this 25 times bigger than what it is right now, and I’m really, really excited about it. And when you have that time and you have that window, you want to take advantage of it, because a lot of times that’s the biggest mistake I hear from some of the richest people, some of the most successful people that I’ve talked to is, you know, people like Palantir. I had it at single digits but they put in like five grand. Okay, great, you made 50, but that was your idea. It’s 35, it’s 37. That was it. So, if you see it, take it, and right now it’s time to take it and I’m really really excited about it. So, if anyone’s interested, man, you’re a credit investor, $25,000 minimum. If not, it’s perfectly fine. But now I’m going to go out to the masses. We’re seeing very, very strong demand. Please let me know if you want in. You see the terms. You can set up a call with me. After that, after the call, you’ll be like Frank, I’m not interested. I’m going to be like okay, no problem, that’s fine, I me build this business and I just wanted to say thank you. So questions, comments, feel free to email me at Frank@curzioresearch.com and, as always, always, always, always, I’ll see you guys tomorrow.

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