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T2 Metals (TSX-V: TWO)(OTC: TWOSF) CEO Mark Saxon on Advancing the Sherridon Copper-Gold Project in Manitoba’s Flin Flon Belt and the Shanghai Gold-Silver Project in Yukon’s Tombstone Belt
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today for an overdue catch-up is the CEO of T2 Metals (TSX-V: TWO)(OTC: TWOSF) — Mr. Mark Saxon. Mark, I feel like it's a different world in more ways than one since the last time you and I chatted. How have you been and how are you, sir?
Mark Saxon: Gerardo, great to talk to you… and yes, it has been much too long. It’s probably been 12 months since we last put something on tape. The world is absolutely a different place, and it’s really inspiring.
It’s great to see metals and mining back at the center of political conversations again. We’re now understanding that supply security is important, which has been ignored for a long time.
Countries and regions all need to take care of their own supply chains and really understand where metals come from, and that’s great. I really hope that’s filtering through to all parts of the industry and that younger people coming into universities are talking about mining as a career. I think it’s a really exciting time.
Gerardo Del Real: I think that's fantastic. Just to provide the audience some context, I've known you now for roughly 16 years. I had the good fortune to be introduced to you by a mutual friend, Jeff Phillips, and we were together at a conference with the late, great Mr. James Dines.
You and a couple of close mates of yours, as you put it, were really keen and early to the resource security story. The way it played out in 2010 was in the rare earths space, and we all did very well as a consequence of you and several others getting ahead of that. That was short-lived in terms of the geopolitical tensions that arose as a result.
This go-round, it’s extending across the commodity space — copper, uranium, lithium, rare earths. This feels completely different than 2010. Would you agree that this seems like more of a permanent shift?
Mark Saxon: Yes, absolutely. As you know, we were working particularly in Europe at the time when rare earths popped in 2009-11. We had great support from James Dines, Jeff Phillips, and lots of strong names who are still involved in the company, and we owe a lot to those people. Mr. Dines especially was a great supporter.
This time, it absolutely is different. That 2010 pop in resources was a hint — a bit of foreshadowing of what we’re seeing today. It was fairly niche, really a Japanese-Chinese issue with some very specific problems.
Now it’s worldwide. Every country and every region is waking up and realizing we have to take care of our own issues and we have to know where our products and materials come from. We want short supply chains, we want to understand the processing networks.
Rare earths are a great example because there are so many steps in the process that it’s been hard to onshore all of them and secure the full supply chain from mine to magnets.
But whether it’s copper, zinc, gold… understanding where metals and products come from is now a key part of a government’s role, just as with food security. We want to know where our food comes from; let’s know where our metals come from too and make sure those supply chains are secure, short, and visible.
Gerardo Del Real: Couldn’t agree with you more. Gold is at or near all-time highs, copper is headed there, silver is breaking out, and you have a couple of projects of consequence. One is very advanced and one is new to the portfolio.
For those new to the T2 story — one of the most undervalued stories in the market — can you provide an overview of the portfolio, the projects, and then let’s get into some catalysts moving forward before year end?
Mark Saxon: Absolutely. We’ve got a number of copper projects in the U.S. Our flagship project is Sherridon in Manitoba, which has multiple historical resources. Our new acquisition is Shanghai in the Yukon — a gold-silver project we added two or three weeks ago.
All of our projects fit well within the current global narrative. The ones to highlight today are Sherridon in Manitoba and Shanghai in the Yukon.
We’ve been working on Sherridon for about three years, and it’s an amazing project. We picked it up very cheaply because we had to bring a company back to life to make the transaction happen. For a few tens of thousands of dollars, we secured a project with 600 past drill holes, past high-grade copper mining, and five historical resources.
Manitoba is an easy place to work with strong government support. Importantly, we have an excellent relationship with the Kitchuwapakwe Nation, the local First Nations group, who are our biggest supporters in getting a mining project going. They see the value in employment, royalties, and revenues that would flow to the community.
So we’ve taken away all the risks apart from the final geological risks. We can drill when we want, where we want. There are no access or First Nations issues. The project is now at a pivot point. With infrastructure like a train line running through it, we have flexibility: either progress to development or continue discovery by targeting deeper, high-grade mineralization.
Historically, past mining was 8 million tonnes grading 2.8% copper. That’s an outstanding deposit, and if we drilled into that again today, it would be a mine. Sherridon really combines discovery and development potential, and we’re balancing those two stories.
Gerardo Del Real: What comes next for Sherridon? You’ve had some high-grade gold and silver hits recently, so you’ve got a strong commodity mix led by copper. What’s next there?
Mark Saxon: Some results we released in 2024 included 23 meters at 6.8 grams per tonne gold with 1.2% copper — a really strong intersection. The gold was unexpected, so we’ve been working to understand where that gold could be and where to follow it up.
We’ve got so many drill targets at Sherridon — a blessing and a curse in exploration. When you’ve got mineralization in nearly every hole, the question becomes where to follow up first. We’re also evaluating potential economic studies. We’ll be revealing more about next steps in the coming weeks and months.
As for the Yukon, the Shanghai project is in the Tombstone Belt, near the Klondike, in a region with multi-million-ounce deposits. We wanted more gold exposure in the portfolio, and Shanghai was a great addition. Sherridon remains a cornerstone, but now we balance it with a discovery-stage project in the Yukon.
Gerardo Del Real: You added a star name to the advisory board, Sean Ryan, who, if I understand correctly, has held this project for roughly two decades.
Mark Saxon: Yes, that’s right. Most people in the industry know Sean Ryan as an incredible prospector. He really put the Yukon on the map — unlocking the White Gold District, making major discoveries, and being involved in numerous companies.
Sean has held the Shanghai project since 2004. It was always one he said he’d get back to, but never did. He’s now focused on placer gold mining and other ventures, so the timing was right for it to come to T2.
He’s joined our advisory board and is helping us learn how to work in the Yukon, leveraging his contacts and networks. That allows us to move quickly, use local facilities, and hit the ground running.
Shanghai sits in the middle of major discoveries — within 15 kilometers there are 14 million ounces of gold. Recent discoveries extend right up to our boundary. Sean did a soil sampling program of ~4,000 samples, highlighting excellent gold and silver anomalies.
The best soil sample returned about 6 g/t gold, with clusters of high-grade results and walk-up drill targets. There’s also a silver zone with high grades in past trenching. It’s a very exciting project in a region that’s moving fast.
Gerardo Del Real: We have a bull market, Mark. What comes next? How do you unlock the value of both projects?
Mark Saxon: We’re focused on moving both forward at the same time. But right now, Shanghai is getting a lot of traction. We’ve just started boots-on-the-ground work, confirming data.
The beauty of Shanghai is that it already has a Class 3 drill permit. That means we can build access roads and drill when we’re ready. The project has never been drilled — not a single hole — despite being surrounded by major deposits.
That’s what makes it so exciting. We get the chance to make the first discovery drilling on an undrilled but highly prospective target.
Gerardo Del Real: Exciting times. I know we have the tailwinds we’ve been expecting and hoping for over several years now. I’m excited to see you work with this bull market and to see what you unlock from each project. Anything to add, Mark?
Mark Saxon: I think we’re working in great belts with a strong team. We’re not passengers — we’re making things happen. At T2, we’re always improving the portfolio and moving forward. It’s a really exciting time to be in mining and geology.
Gerardo Del Real: I couldn’t agree more. Thanks for coming on, Mark. I look forward to doing it again.
Mark Saxon: Super. Thanks, Gerardo. Chat soon.
Gerardo Del Real: Alright, cheers.
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