À la Recherche de Minéraux: Accelerating Quebecs support for Miners and Explorers

0:08 All right, well, welcome everyone to our panel today about accelerating Quebec support for miners and explorers. We're going to talk about how Quebec is a highly prospective and yet under-explored jurisdiction. I'm really pleased to introduce our speakers today. We have Marc Fedoswitch, the President, CEO, and Director of Vior, Inc. And Terry Lynch, CEO, President, and director of Power Nickel. Welcome.

0:33 Before we begin the discussion, I want to remind everyone on the line today that you can submit questions at any time using the Q&A panel on the right-hand side of the screen. And we're gonna try to get to them after this discussion is over. And as always, the summit is being recorded and will be available to watch afterwards on Six.com. But to kick things off, if you can both just briefly introduce yourself, your company and describe some of the goals that you're excited to share about your company. Starting with you, Mark. Thank you, Dasha. And

1:02 obviously my name is Mark Fadasowich. I'm the President and CEO of Viorink. We're a Quebec-based hybrid junior exploration company. A few words about our corporate profile. We're a precious metals focused exploration company whose strategy is to provide investors with discovery exposure on multiple high potential gold projects. At the moment our primary focus and priority is our is the advancement of our flagship Belter Gold Project in Quebec. It's a rather unique project that I'll share a few more words about shortly. We believe that this is the area that we can create the most immediate shareholder value for our shareholders and clients.

1:48 Not to be dismissed though we do have exposure to 8 other promising precious metals projects in either Quebec or Nevada. They're either 100% owned or via a strategic investment that we made several years ago in a Nevada-based junior called Ridgeline Minerals. As I mentioned, all of our projects are situated in either Quebec or Nevada, to arguably 2 of the best jurisdictions in the world. We have a very experienced management and technical team, significant insider share ownership, over 16% of the company. We've got skin in the game, our objectives are aligned with other shareholders. We've got some excellent financial and technical partners.

2:34 I would highlight Osisko Mining made a strategic investment in our company last March at 20 cents a unit.

2:42 To date they've been excellent partners financially and we've also formed a technical committee on 2 of our projects. In addition, the Quebec institutions have been great supporters financially of our endeavors. We've got a robust working capital position to advance our Belterra project and also advance some of our other projects to create a little bit more value and get them drill ready. Just a brief overview of our Belter project. About 18 months ago, my executive VP, Lorraine Stach, who's not with us today, and I embarked on a mission to put or acquire a flagship project in our company and we identified Belter as a unique opportunity.

3:31 This was a proven and under-explored mining camp. Proven in the sense that it hosted a very high-grade past-producing mine between the late 30s and the late 50s. We knew there was still a mineral endowment there. That's not our focus. Our focus is to find the next Belter gold mine, 1 million ounces plus of high-grade ore. So we knew that it was a unique opportunity in a more de-risked camp to create some value for shareholders. So it's a unique opportunity, it's well situated in the heart of the mining district in Quebec, about 95 kilometers south of Ruey-Noranda, 95 kilometers south of Val d'Or.

4:18 We have the opportunity to advance rapidly since there's a large brownfield component to this mining camp. So what we assembled was a district scale land package, 300 kilometers squared, 551 claims, 37 kilometers of favorable geological strike. We believe that this district potentially hosts 1 or several future deposits.

4:46 We're going to do our best to to try to identify these and create value that way for shareholders. Great, thank you so much and excited to learn more. Terry, please introduce yourself and Power Nickel. Great, hi, I'm Terry Lynch, I'm the CEO of Power Nickel. So, in the last, I guess, 18 months, I would say Power Nickel's been focused on the NISQ project. The NISQ is a high-grade, multi-metallic

5:18 deposit that's just south and east of James Bay, sort of very close to the new the new Namaska lithium mine that's being producing or that we'll be producing here shortly, just down the road from the airport and across the road from a major Hydro-Quebec substation. What was interesting is, you know, nickel sulfide is a very hot market these days because of obviously the electrification movement and obviously the, you know, the Russian incident, you know, the ongoing darkness over there has exacerbated the problem of grade 1 nickel supply. So anyone who's got a bona fide nickel sulfide deposit in a good jurisdiction is gonna be a very attractive

6:09 opportunity I think. And we feel like, honestly, I think this nickel deposit is the best undiscovered nickel deposit in the world right now. And I would say price per unit at risk were the best nickel investment out there. Bull claims I know, but we think we can back it up. So we've just finished

6:30 releasing our fall drill program. We acquired the project, it had a historic resource, about 3.1 million tons, effectively 1.7% nickel EQ, so it was about a little over 1% nickel, 0.5% copper, 0.07 cobalt, and about 1.1 grams of palladium and a little kicker of platinum. So a nice combo. Right now it's like over $400 a ton. I mean, it's obviously ridiculously fantastic to be mining that today. But the nature of these types of deposits worldwide is they sort of run from between the commercial ones between 8 million tons to 20 million tons or to 140 million tons.

7:18 So, we need to get probably to the 8 to 10 range to be commercial. We think, our geologists feel that it's sort of a Lynn Lake, Voices Bay style of deposit. So what happens in these things is you'll have a string of pearls or ribbons of a deposit. So it's not like 1 giant porphyry. It's basically nuggets of high-grade ore. And they're usually displaced around faults that are in fairly close proximity. So we feel like we've discovered the first pearl, if you would, that we can probably get to 8 to 10 million tons on, high-grade enough to be commercial, but we think there's other pearls to be be discovered and You know, we will be drilling again in late May early June and that'll be sort of pretty significant drill program for us about 5,000 meters fully funded and

8:19 the the other thing that I've note is we'll have a new, in fact, our first made resource official 43-101 should be out sometime in May. So that'll be something for shareholders to watch for. So it's a pretty exciting time for Power Nickel. We've got, our focus is on, of course, our nickel project, but we will be dividending out our copper gold exploration projects in British Columbia's Golden Triangle and in Chile. And you were commenting off screen before we get

8:51 on, that we used to be, the current valuation we had just were copper gold projects and then we acquired NISQ. So, and you're getting something for free here today, whether it's copper, gold or nickel, but I think there's a lot of value out there in the junior resource sector and it's people are sitting on their wallets, it's time to engage because these things are going to start to go and it's not going to be a double, you're going to be okay at 10s and 20s and you know 100 to 1s on some of these things and that's exciting in anybody's ballgame. So that's our perspective today.

9:25 Great, thank you both so much. We're going to dive into the discussion about Quebec specifically. What do you think the most attractive aspect of mining in Quebec is? Mark, what are your thoughts? Well, you know, it's not just 1, I'd say it's several

9:41 attractive aspects. I'll touch on a couple and perhaps let Terry add a few as well. But, you know, I'd say to begin with a very knowledgeable and experienced workforce with an excellent mining ecosystem in place and then you know also excellent support from the Quebec institutional funds on the investment side. I think it's a little misunderstood but you've got institutions like the Quai Zadipo which is well known but you also have other institutions like SideX, FSTQ,

10:14 Societe de la Baie James and the Desjardins group who all understand our business and they understand also the inherent risks in it and they're great supporters.

10:27 I have a couple others, but maybe I'll let Terry chime in here. Yeah, I think Quebec is just a really amazing jurisdiction to work in. I mean, the infrastructure they've invested in and their commitment to,

10:44 especially to Plan North and what they're doing there, I think that's really phenomenal. Obviously, we could not mention the phenomenal tax benefits for exporters, you know, working in Quebec, you know, that super flow through that certainly makes it attractive. These days, you know, the juniors need every arrow in our quiver to make it through to the promised land and having the beneficial tax approach is great. And I think the other thing that I found is really good is they've done a lot of really good work with the First Nations, you know, in terms of, you know, outreach and education

11:23 and commitment to dialogue. So, you know, obviously when we, you know, engage, you know, when we start to get active in these areas, you know, there's a positive attitude, you know, they're open to, you know, certainly development and exploration. And I think, you know, that's phenomenal. So I feel like, you know, this is a very difficult, very risky business. So the extent that one can eliminate, you know, through political goodwill, a

11:50 lot of those intangibles, it really makes it a lot easier for us to grow it and just focus on the very hard job of finding good resources and bringing them to market. I would also add they've got an excellent geoscience database. It gives junior companies like ours access to all the historical work that's been done on a project, which is valuable in potential compilation. Yeah.

12:19 So then how does Quebec stand up and compare it to other Canadian and North American jurisdictions?

12:26 I would say arguably it's, you know, I think it's the best. You know, I know Saskatchewan is higher ranked. And I think for certain, at the end of the day, the most important thing is the resource itself, like the actual exploration ground. And I think Quebec, it's amazing that you have great base metal prospects. You've got obviously lithium is becoming a huge growth market for the province And then obviously it's had a history of a phenomenal gold place. And yet, as Mark was mentioning, there's still vast tracts of Quebec that have largely been unexplored.

13:12 And I think now that some of the new technologies are coming out in terms of seeing through the bugs more effectively and the

13:19 AI that's coming in to allow us to process a lot of information and to narrow in on more prospective ground for exploration is pretty good. So I think we're lucky in generally in Canada having generally favorable climates, but I would say arguably right now, Quebec is as good as any year and perhaps the best. So we're happy to be there.

13:47 Yeah, I would add, yeah, I would just add, Dasha, is, you know, we're clearly top ranked consistently in the top decile. You know, there's the odd year we've fallen out of the top 10 for a variety of reasons, but, you know, you talk to any knowledgeable mining investors around the world and and companies global companies they'll they'll always say that Quebec is certainly one of the top-ranked jurisdictions global.

14:18 Welcome David we're going to... Sorry about that my board meeting went super long so anyway. No problem Happy to have you. Actually just to kick it off, can you just introduce yourself and your company briefly? Sure. So Orford Mining is a Quebec Explorer. We have 3 key projects in Quebec. The Kigavik Gold Project, which we believe is a brand new gold district in the Nunavik region of Quebec. The West Raglan Nickel project, which we currently have Wailu Metals earning into, they're spending up to $25 million to earn up to 80% and we are carried through to feasibility study.

14:57 And this summer we'll spend $5 million on that project and we are operating. And we have the Jetel area projects where we have 4 different projects. We just finished up a drill program on the Jetel Eagle project, which sits in the middle of that group of projects in the Jetel region. Jetel is where Ignico Eagle got its gold mining start at the Eagle Tell Bell Mine.

15:17 So those are our 3 projects. We're spending about 9 million dollars in total in Quebec this summer, or this year, and about 7,500 meters in diamond drilling. So a big year for us. Great, thank you so much. We were just talking about some of the most attractive aspects of mining in Quebec and how it compares to other jurisdictions in North America and in Canada. Do you have any thoughts?

15:41 Yeah, so when you work in Quebec, you get the benefit of a lot of different financial aspects. The Quebec government's been quite good at setting up a number of funds, which are very generous to the exploration and mining industry in Quebec, whether it's the Quai St-Depot or it's Fonds or SIDEX, they're all very supportive of mining and exploration in Quebec. Then there's things like Investment Quebec and

16:07 there's a number of other ones actually as well, Plan Nord, and they're all very supportive to mining in Quebec at different stages of mining or different areas of Quebec. So that's one reason. Of course, you get the super flow through in Quebec, so you get an extra 20% kick on your flow through. But also just the people of Quebec are very supportive of development and mining. They have always been quite active in the mining, both from an investment point of view and as far as well-qualified people to work in mines and exploration, and they take that seriously.

16:46 So that works quite well. Great, thank you so much. There's actually a question from Eric here and he says, thank you gentlemen, what are your opinions on the Quebec flow-through incentive?

16:58 I think just since you were talking about it, I don't know if anyone has an opinion but he says monies are indeed constrained to end to be spent on exploration but is that not the mandate of an exploration company? Does anyone have any thoughts? Well you know I agree I mean Quebec has some very favorable flow-through tax credits that they extend to individuals who invest in the exploration space. Yes, you're constrained on what you can spend it on, but I think it's pretty generous nonetheless. It covers a pretty wide range of expenses in the expiration process.

17:37 Yeah, I mean, we've certainly taken advantage of it and we'll continue to do so. You know, just the math of it, as an example, we did our last financing at hard at 25 cents and a flow through at 40. So, you know, a 60% premium for flow through. So that's not unusual. And, you know, sometimes if they use the charitable deductions, even as high as 80% premium to your share. So that's less dilution for your shareholders and potentially more capital that you can take in to de-risk your project and move it forward. So it's certainly financially speaking that's the most beneficial

18:13 investment program that I'm aware of in North America. Yeah, I would agree, the flow-through aspects of Quebec work quite well, but you know, if you spend hard dollars in Quebec, depending on where you are in Quebec, you actually get a tax rebate as well. So in Nunavik, where we spend most of our money, you get a 35% rebate on hard dollar expiration costs. So you have to have the money to do that, but

18:39 flow through, you get the money up front. So it's a different way of looking at it, different way of doing it, but it all works very well for expiration companies in Quebec and no other province really does that type of thing. Great, thank you. So we talked about some of the benefits of operating out of Quebec. What are some of the challenges that companies operating Quebec are faced with?

19:02 Mark? Yeah, you know there's a few there, you know, are they challenges or they're you know it's a challenge in every business and you know I think Quebec is not unique. I think there's like most advanced economies in the world, there are increasing pressures in ESG, environmental, social and governance and

19:26 you know there's a lot more paperwork to do, there's a lot more compliance, you have to be watching out socially and be responsible as a company. I'd also say that it is a different culture, it's a different language. I think it's important to have at least some boots on the ground who know the landscape in Quebec, who can speak the language and properly communicate with some of the government stakeholders, financial stakeholders and probably local stakeholders.

19:59 Yeah we noticed you know obviously when we we started to operate there versus, say, BC, where we also have projects, that you need to have local QCs for any sort of QC type of involvement. And at the end of the day, it was something we were gonna do anyway because a lot of times you're looking for people with local expertise that have domain expertise in that area. So I don't see any of it as any sort of a real problem. It's just a procedural thing. You need to be aware of it and to take care of it. And the bureaucracy of Quebec is pretty diligent

20:43 and you have to keep pace with it. But I mean, that's part of doing business, as Mark said. So I don't think it's punitive, it's just a process and you need to adhere to it and respect the process. Yeah, I would agree. It's just respecting the process. You know, in Quebec, it's quite busy in the mining world and exploration world. So, finding a QP and geologists and technical people to work for you who are registered in that province is sometimes hard because the province is so busy in the mining sphere. So, to find good qualified people who can qualify

21:20 in Quebec to be to be registered and to be your QP or to be able to to write reports etc is quite difficult so that'd be the the biggest challenge sometimes but it's probably not that different than many other provinces.

21:35 I would just add for a junior exploration company as well, I think there's a lot of junior explorers sometimes that come into Quebec and they don't have a clear policy with respect to dealing with the First Nations. And I think it's imperative that you involve them at a very early stage in the exploration process to have good relations with them and not to impede your project along the way. Great. Thank you. How do you all see the interest in Quebec evolving in the future and what should investors be excited about in Quebec? David, I'll start with you. Well, I think the geology and the mineral endowment of Quebec is going to always attract people like us 3 to that province because there's a wealth of deposits already found there and I believe that there's a wealth yet to be found. There's a lot of covered ground that is blind drilling and that's all open testing as far as I'm concerned. So there's lots of things to do in that province still as far as looking for mineral deposits.

22:42 And you know, they've got a lot of different types of mineral deposits in that province. And the geology is just quite robust as far as looking for those types of mineral deposits. So I think it's always going to be attractive to both investors and to companies like ourselves looking for mineral deposits to build your company on. I think it's encouraging to see them, you know, I'm obviously in the battery metal space as opposed to the precious metals space, but you know, obviously they're taking a fairly serious approach to trying to establish, you know, downstream refining and, you know, sort of plants that can actually use the materials that we would discover locally and I think that's potentially very beneficial to explorers if you've got that it just will make you more economic and possibly presents partners that will invest in you you know strategic partners that will invest in you so those types of things could be very good and I think Quebec's done a good job of you know trying to get in front of that and it makes sense you know given the the layout of the world.

23:50 Yeah I would add we see interest in Quebec remaining very strong we we believe it's going to be a top jurisdiction for a long time going forward you know as all jurisdictions there's increasing responsibility socially and then through governance. And, you know, I think Quebec has done a really good job to help in that regard, align our interest with theirs. And they're no more challenging than any other jurisdiction can. Great. Actually, I'll just add one more thing to that is that, you know, when you look at the power situation in Quebec versus other provinces or even most in North America, It's probably the greenest place in North America as far as power, you know, there's no nuclear power, there's no coal burning, no gas burning, it's purely hydroelectricity and most of that electricity actually leaves the province.

24:45 So, and their power rates are quite low for industrial users, so that alone is a huge attraction to people working in that province. On the First Nations side of things, they've done great work as far as making sure you understand where you are in the province and who you need to be contacting, and there's very definitive rules on what you're supposed to be doing wherever you are. So I think they've done a great job with both those things, you know, building a very green energy infrastructure as well as working with the First Nations. Great, thank you. Yeah, before I get into some of these attendee questions, I just wanted to wrap up this portion of the panel just asking what are your upcoming milestones for each of your companies that you're looking forward to this year that you want to share with investors and leave with today?

25:31 Terry? Terry, do you want to? Oh, okay, sure. I lost that. Yeah, so the next milestone for us will be the release of our Maiden 43-101 on NISQ, and that should be coming out in May and that'll be obviously a big moment for us to get that out there a lot of people want to see that so that will be good and then the next big thing will be our drill program that will commence in end of May early June 5,000 meters fully funded that will follow up our very successful program from last fall and we'll look to again push the tonnage envelope and add some more zones to this thing and show the world that NISQ is going to become Canada's next nickel sulfide mine.

26:22 All right, thank you. David? Yeah, for us our next catalyst will be the release of drill results from our Châtel-Églé drilling, which we just finished. So that should be in the next month or so, depending on how quick or slow the assay labs are. And then we will have, we're drilling 3000 meters at our West Raglan Nickel project and another 3000 meters at our Kikipik project this summer. So those are the next 2 big catalysts moving forward. Perfect. And Mark, is it your turn? Yes, so a little bit along the same lines as Terry and David. We're looking forward to some drilling success and a potential new discovery at Bell Tare with some economic resources that will help support a much more aggressive drill program.

27:08 We're in the midst of a drill program as we speak where I think we just began our final hole out of 10 yesterday. We're very encouraged from what we see. This is a program that surrounds the old built-air mine concessions. We've seen some very interesting new vein structures to date, So we're highly encouraged. That would be a significant milestone for us to show the market that, you know, we do have some good results to embark on a much more aggressive drill program at built air and built sun ounces. Great, thank you so much. I'm going to now open the floor to some attendee questions and if you haven't submitted a question, feel free to do so now. But we have a question here and it's asking, is it fair to say that all 3 of your companies have projects located in areas where there should be no social acceptability issues either from historical perspective or underlying agreements with First Nations. What are your policies in regards to employing local workforce?

28:17 Whoever wants to kick it off. Well in at NISC we basically you know we're in an area where there's about 3 mines being developed you know and within I guess 40 miles or so 40 50 60 kilometers so I mean that's very promising So we know the Cree band is very, you know, pro-mine development and, you know, we're, you know, looking forward to engaging with them, you know, as we sort of de-risk NISCs. And of course, our priority is wherever we can, we employ, you know, the Native people and the Native companies to do the work, you know, wherever possible, just trying to get as much as we can to that. And that's one of the things Canada's mining industry has done a very good job of, is employing way disproportionately our native people, and these are high-paying jobs, so it's really great. So it's good to see us keep focused on that.

29:24 Yeah for us I'd add Dash as we set out at a very early stage as soon as we we put together our project at Belterre to make the First Nations in the area aware of what we were doing, what we were planning for the coming year or coming years. We have employed some local workforce from a couple of the bands. We've hired one of the bands to do some of our wood cutting. They have excellent lumber jacks, but we're keeping them apprised of developments as we go along. I mean, there's always gonna be challenges. I don't care how easy you say it is, it's an ongoing process and you have to be actively involved and be able to deal with little twists and turns along the way. SPEAKERS from the very beginning working in Nunavik, we've worked well with the the communities in the area that are on the you know the arctic coast there, Saliwat, Akulavik, and we try to hire as many people from those those communities as possible. We are in communication with both the regional governments in Kujawak as well as as well as those governments and peoples and the cooperatives that they have in those towns.

30:38 So we employ people, we try to employ Inuit-owned enterprises as much as possible, like Inuit Air, et cetera. And in the Abitibi, the Pikogan, we've tried to work with them as much as possible. We communicate with them before and after our programs and make sure they're aware of what we're doing. And we've employed them as far as helping us cut roads and do those kinds of things with their corporations that they have that they've started themselves. So we continue to do that type of thing. Thank you. Question here for all of you. Mark's wondering what the projection is for the stock price and when will we see a move? Well, I guess if we could actually tell you that answer legitimately, we'd be richer than the miners.

31:30 You know, I don't know for anybody else, I mean, you know, generally speaking, I would say power nickel fields were savagely undervalued. We called some warrants and they're due on the 29th and they're pretty much all in by now. So probably after that's over, 1 would think we'll see some fire given the results we've had and the markets we're in, but forecasting is a difficult game. My mentor in this business said in the short run there can be good companies and bad stocks and bad companies and good stocks but in the long run there's only good companies and good stocks and bad companies and bad stocks. So our objective is just to be a good company, deliver on the resource, stock will eventually deliver the rewards to our shareholders. So that's our focus.

32:22 I think for VeeR, it's twofold. One is it's one of the determinants is going to be sentiment in the market in our particular space, which is lacking at the moment, but we are hopeful it's going to come back in the near term. And then company specific, I think the primary determinant for value creation in the stock price is going to be good results and a good advancement of your project. And as simple as that. So in our case, we're hopeful for some good expiration and drilling results and further advancement of our project. I would agree with Terry, you know, Orford thinks of himself as very undervalued, so we're not different than his company.

33:10 But like Mark said, you know, results speak for themselves usually, and if you have good results, investors will come. And so you just gotta keep telling the story and keep doing good work and if the good work translates into good results everything else will just work out for yourself. So you know we think we're undervalued, we think We have really good projects, we think the results are coming. So those are all good things. Just going back on the sort of ESG type questions that came up there, we've started a new process in Quebec called the Eco-Logal Certification, which I think is going to be a paramount certification that everyone's going to go for in the exploration industry in Quebec. Great, thank you. There's a question here, so it says Quebec in some cases has been very slow to provide permits despite saying that they're pro-mining for critical metals. Are there any signs of them changing their tune?

34:08 I mean I'll speak for VR we to date we've had no problems with permitting you know I think we permitted our 2 drill programs in a period of about 4 weeks on average, which I think is very good. So no issues from us. I mean, it's possible other companies are encountering some stumbling blocks along the way. I don't know how Terry and David feel about that. Yeah, I mean, we've only been on the expiration side of things and like yourself have had no problems getting expiration permits granted and just going through the process. I am an investor in other companies that it seems like there has been a bit of a delay. I don't know, I mean I've seen, you know, very surprisingly rare circumstances where federal permits are granted before the provincial. So usually it's always the other way around. But, you know, I still believe that Quebec is very much a pro-mining province, and if they're taking some process time, they probably have a reason, and I suspect that these permits will come down and you know their minds will be engaged and we'll get back to work.

35:23 Yeah we have not had any problems and I think you know if you communicate with the communities you're working in because they get a say in permitting, I don't think you'll have problems. I think companies that have problems tend to probably not be communicating very well or they're going to be doing more difficult things maybe, but we have not had any problems permitting our projects. All right, thank you. I have a question for each of you specific to your companies here. So the first one for Mark, can you give us an update on the drill program in Belle Terre and when the next drill results will be? Yes, so as I mentioned earlier We're just completing a roughly 4,300 meter drill program over 10 holes around the old mine concessions. We have rushed some samples about a week, week and 0.5 ago on 3 holes.

36:16 You know, I would expect some results from those probably, I wanna be conservative here, probably in about 3 weeks, plus or minus, I would guess to be safe, 3, 3.5 weeks to be safe. And then on other drill holes from the campaign. It'll be lab dependent, but a budget from the time they're sent to the lab to 2.5 months or more or less. Thank you. For you, David, Christopher is citing an interview with the chairman of Cobalt Metals, saying that they made their first land acquisition next to Orford Mining, and is asking, does Orford currently have a relationship with Cobalt Metals? And if so, What is the extent of the relationship and if not, does Orford plan to work with Cobalt in the future?

37:08 We spoke to Cobalt probably when they first acquired their land, which was sometime in 2000 during the beginning of COVID. This is for anyone who doesn't know who they are. This is a group backed by Bill Gates and Bezos that have acquired a huge property position in the Nunavik region on the Raglan Belt. Basically any open land that was available that Glencore didn't own, we didn't own, or Nunavik Nickel didn't own, these guys have acquired it. And they use a data mining type technology to look for deposits. We did talk to them at the beginning before we had the YLU agreement because we have YLU we don't really need to talk to the Cobalt guys so I would consider them our competitors and that's where we are.

37:57 All right thank you. Terry, Ted is asking are there any major risks for Power Nickel today? In junior mining, every morning you wake up is a major risk, right? But, I mean, generally speaking, the fundamental first risk is, will you get to a commercial tonnage and grade? And I think we're heading on a very good pathway in that respect. So that would be obviously the first risk. And then, you know, again, very typical for mining company, metallurgy is something you have to, you know, we've done work on it and it seems to be fine, but obviously that would be something you de-risk. And then you have permitting risk. And it's like, as the gentleman was saying, generally speaking in Quebec, if you follow due process and engage with the community and do the procedural steps 1 is required to do, you can permit a mine.

38:55 So I think we're in pretty good shape on that side of things. So that's how I'd answer that. Thank you. A question for all of you. Are any of you affected by supply management issues? Yes. Drills. It's hard to get drills. It's a very difficult thing. So when you get them, you got to keep them. And people, as we mentioned earlier, and of course, fuel prices are up like 70% from last year at this time, right? So those things are huge with respect to Orford anyway. Yeah. And assay results are, you know, obviously slow and obviously to the extent that one could learn while one is drilling, what we're getting in the ground, it would be super beneficial, but that's just a fantasy land at this point in time. But that's certainly impacted us.

39:55 Yeah, I would add the result issues. I think it's sorting itself out. It was probably worse in the fall and around Christmas time. We were experiencing 3, 3.5 months waits for results. I think now we're hopefully down to 2, 2.5 months. With respect to drills, we've been pretty fortunate. We've, unlike David, we're in the middle of the Abitibi. There's a lot of drillers like to come to our project. We've got a great setup for them. You know we've got rooms, good food. It's actually an attraction. We've had a couple of companies wanting to bid on drilling contracts for us. So I don't think that's going to be an issue for us going forward. And we're very fortunate the costs are very reasonable as well.

40:44 Great. Well, that is all we have for today. I want to thank each of you so much for all of your great insights today and taking us through the discussion and all the live Q&A. But of course, also thank you to everyone who joined and asked great questions. If you do think of any other questions following this discussion, feel free to reach out directly to any of these companies here and find more information on their website of course, and I'm sure they'll be happy to follow up with you