Listen in to this conversation with Mr. Morgan Good of Delrey Metals (TSXV: DLRY). Thanks for the update, Morgan! I'm glad to hear you talking about the recent run in iron ore prices, as this is a headline story that may blow a big burst of wind into the sails of Delrey. Thanks also for your comments on intended timelines and scope of work programs ahead! Please note, this is sponsored content.

Peter Bell: Hello, I'm Peter Bell and I'm here with Mr. Morgan Good from Delrey Metals. Hello Morgan!

Morgan Good: Hello Peter. Thank you for having me on a call.

Peter Bell: Wonderful to be talking to you. The second time we've had an interview talking about Delrey, I believe.

Morgan Good: This is correct. It's been a few months, certainly nice to be back.

Peter Bell: Congratulations on the work you've been doing. I was reading through Peter Epstein's publication here earlier today and after reading about the stuff on Four Corners I thought, "ground truth, ground truth, ground truth!" There's a lot of good work to be done there before drilling, potentially. And in addition to drilling. As I read Epstein's article and scrolled down, I saw that you've been doing this ground truthing at the projects on the west coast! It seems that you are competently managing a junior mining exploration company here. Good work, Morgan!

Morgan Good: Thank you, Peter. Certainly, Mr. Epstein's article has been a great help to us. I think it's a great layout of what we've been up to and what we plan to do. You mentioned ground truthing and we've done a lot of that on the BC projects. We've got some very positive assays back, which were published a couple of weeks ago. Permits have been submitted for drilling at the Blackie, Porter, and Star projects. As soon as we receive those permits, we will be initiating a drill program -- a diamond drill program this summer. Likely in a couple of months time. Then, of course, to take the focus back to our flagship project in Newfoundland, the permitting process is actually a lot faster. It's only about a two to three week turnaround there. We're looking to actually have drills going in late June and early July at our project in the East Coast. Certainly, we are going to be moving very quickly to to follow up with some work there.

Peter Bell: That's exceptional. Good for you. I hadn't heard that or seen that mentioned anywhere. The potential for that accelerated timeline on the East Coast there versus the West is good. Depending on budgets, the potential to have both of them underway at similar times is noteworthy. Could they be going on at the same time?

Morgan Good: I think they will be separate. The BC projects do take a little longer to get approved with the government being a lot different here on the west coast, as you know. We're going to focus on the big boy out east at the Four Corners project. There was a lot of historic work there, as everybody knows. A lot of geophysics were done, as well. There are already drill targets out there. Myself and Mr. Blady, a fellow director and geologist, as well as our QP Scott Dorion visited the project a couple of weeks ago with Vic French and team from Triple Nine Resources. We spent the better part of three or four days looking at the old drill core and spending time with the Department of Natural Resources and meeting with all the heads of the departments within the government, which was really fantastic to know how open for business Newfoundland truly is and how accommodating they're going to be -- what a great way to start off a working relationship. Delrey is extremely excited to be in that jurisdiction, which is always rated in the top ten or twelve by the Fraser Institute worldwide.

Peter Bell: Wonderful. I'm glad to see you striking out there. I hadn't expected that with all the projects in BC. There's so much knowledge so many people out there in Newfoundland that really understand mining and exploration. Good for you.

Morgan Good: Thank you, Peter. We appreciate it. It's an under-populated and under-explored part of our country. There's been a lot of successes there in the past and we hope to reinvigorate the mining exploration space as best we can to contribute to the growth for the economies of the local communities, as well as taking what we believe is an extremely undervalued asset in the Four Corners and getting to work.

Peter Bell: Big shout out to Mr. Vic French there. Maybe at some point we'll get a chance to talk to him. But a question for you now about something you just said, "under-worked". I haven't seen detailed work history of Four Corners -- is that my oversight or is that available somewhere?

Morgan Good: I think that it's difficult to source the information. It took us many many months to gather what we could and then get in touch to meet Vic and his team. We announced an LOI about a couple of months back and just closed in our definitive documentation and announced it today, so it's been quite the process to get to here. Now that we're here, the fish is in the boat and nobody can take that away from us. It's up to Delrey Metals to further the advancement of the project, which it plans to do and expedite those plans as fast as possible. We're in a position to get the ball rolling, depending on how big of a program we would like to get into. We would like to initiate with some drilling as soon as possible. That process is underway as far as getting our permits and then getting out on the ground, like I said, in late June to early July. That isn't too far off.

Morgan Good: If you want me to touch on some of the historic work, I'll just swing back and say it had about four thousand meters of drilling. Approximately 11 or 12 drill holes all between four and five hundred meters in average depth. Most were nearly a kilometer away, in terms of spacing. You're really looking at a large, homogeneous type of deposit that offers an opportunity to be much more well-defined by further work. This is something that we know. It's not 43-101 complaint, so we will be working to bring that up to compliance. It looks like a favorable hillside mining-scenario, as the world-renowned consulting firm SRK said when they did some work there about eight or nine years ago. It checks pretty much all the boxes you can think of as far as an advanced exploration project with an opportunity to head into developmental stage. That is what we plan to do.

Peter Bell: Exceptional. Great to hear it. I wonder about your recent site visit -- did you visit old core shacks, were you able to visit any of these grab sample locations or old drill holes?

Morgan Good: Yes. One of the days was spent at one of the core shacks. Newfoundlandis actually very unique in that they've got about a half a dozen major core shacks spread across the province, which the government subsidizes to allow public and private companies to store their core. All of the old drill core was intact and organized. We had a wonderful team out there who works for the DNR come out and assist our team with going through all the old core. We actually took some samples from much of the old core, which are in the labs right now here at ALS on the west coast. We're waiting for the results on those assays. We're using a modern technique of lithium-borate testing, which they didn't use back eight or nine years ago. We're hopeful that we'll see some positive results from that, confirming or possibly even enhancing previous results. We're looking to get those back as soon as possible so we can update the market in due course.

Peter Bell: Wonderful, good for you. There's so much value in doing that from a government policy perspective, it's amazing that it's not done more widely.

Morgan Good: I totally agree. Back to my point about how open for business Newfoundland is -- they truly do roll out the red carpet for groups that are looking to bring business to their province. We were overwhelmed and flattered at how great they were. That was our first impression. We are really excited to spend the summer, fall, and so on working in that province.

Peter Bell: I looked through the Delrey pitch deck and see the management team. I've met Mr. Leighton Bocking before and seen him on the internet -- he's active on Twitter, I believe. I hadn't noticed that he worked with Gold Standard Ventures for over a year pretty. After the discovery when the stock ran, but still an important group. Looking at his experience in raising money, Mike Blady's experience, and yourself -- then talking about drilling. Drilling is expensive, but there's d bit out there for junior mining exploration work. If you can provide that in a reasonable way and with a commodity focus, it's a unique niche on the offering side. There are surely buyers out there for your paper.

Morgan Good: I think there's no question about that. One great part about Newfoundland is the costs of drilling are substantially less than many, if not all of the other provinces. In fact, when you compare it to British Columbia you're looking at approximately 50% of the all-in cost. I can't get too specific with metrics, but I do know it's considerably cheaper. That's one big advantage of working in Newfoundland. Obviously, we have the ability if required or if wanted to raise flow-through capital at any of our projects, as they are all Canadian-based. To touch on myself, Mike, and Leighton's financing and money-raising abilities, I think it speaks for itself. We've got the right network, not only within Delrey already but at our fingertips, to help us finance the future of this great opportunity. One thing we haven't talked about, which is happening in the last week or two, is this surge in the iron ore price. We've been talking about vanadium so much over the past months and that has been the focus, but I think it can't go unmentioned that the Four Corners project is a very large iron ore titaniferous magnetite deposit that's been enriched in vanadium. With the price of iron ore at a five-year high now, over a hundred dollars a ton, you're starting to see some iron ore companies really perk up. We're going to make sure we talk about both angles. It's important to have all the commodities that are in your scope discussed, especially those of merit and those that are getting the right attention. Iron ore has proven to be at the right time for Delrey. It has really started to stand out and that that piece of the story will get blended into the vanadium story as we move forward.

Peter Bell: It's a good example of the team understanding and improving their understanding over time -- searching for opportunities. Whether it's asset acquisitions or how to frame the company. I would love to see some of the global economic figures around the economic activity around mining of iron ore deposits. From an exploration side of things, I've seen in the past that these have some of the more pronounced cycles -- some of the iron ore discovery stocks seem to run higher and harder than others.

Morgan Good: No question about it. And that's part of our job -- to continue to educate the market as best we can as things change. We all know this is a cyclical business and things change every day, every week, every month and so on. Fortunately for Delrey and its shareholders and potential future shareholders, the price of iron ore is at a five-year high. What better timing than to have that happen? We're going to take advantage of that. We're going to see to it that we most out of that and can maximize everything from an iron ore and vanadium perspective moving forward.

Peter Bell: And if we look in a few months hence when the financial statements are out for the current period or if we were to go and dig through some of the financials from this new pubco, then I would wonder how things would look to us there. How are the spending rates across different activities?

Morgan Good: I think that we're in-line with much of the juniors. We've been prudent in preserving capital, but also getting getting funds in place to be deployed for the exploration advancements. As well as certain marketing efforts -- these junior companies don't tell the stories themselves, you've got to get out there and build your audience. We're doing the best we can to blend everywhere. Advancing the exploration work to a much higher degree will require raising further capital in the future -- we're not quite there yet on the details. We're going to see how the next little while goes. We've got enough money to get things kicked off back east, so that's certainly the plan for now. It is exploration season and, as you said, there is a bid around for good projects and good people. We're going to look to capitalize the company further at the right time, bearing in mind goals of minimising dilution and taking strategic money from the right people, the right sources, at the right time.

Peter Bell: It's amazing how challenging it can be to get access to deal flow on any side of this market. Bull markets can run quickly and leave people in the dust! You want to be on top of it, whatever that looks like. Again, across the team there that you have at this company the fundraising side is looking strong. I wonder about work commitments, I haven't seen terms for Four Corners that I recall.

Morgan Good: It's very basic. It is written in our press release from this morning. The first 12 months commitment is a million dollars Canadian on the project. We've made our property payments, which was a total of fifty thousand dollars for the company thus far. There's no more property payments to be made until the 12-month anniversary from just yesterday would be the official day -- not until May twentieth of 2020. A million bucks is what we need to spend over the next twelve months. I think we're going to look to accelerate that tremendously and see if we can even get through the first couple of years commitment within the first six to twelve months. I think we've got a market coming here that has an appetite for stories like this. Why wait? Let's create the value, get out there, and beat the drum as best we can.

Peter Bell: Exceptional. I'm very impressed. Thank you Morgan Good for the call today.

Morgan Good: Peter, I really appreciate the time and effort you make. Thanks again for doing that. I look forward to the next time we have a discussion.

Peter Bell: Thanks, goodbye.

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