Brian Bosse Takes Questions on Latest Press Release

0:04 Hello everyone and thank you for joining us today. We're pleased to have Brian Voss, CEO of Capani Meadows here to discuss this week's announcement and address your questions. There are a lot of new eyes on this story though, so We will have Brian just lay the foundation for individuals on the call new to the story. After that, I prepared a few questions to get the Q&A kicked off. But please feel free to add yours in the chat. Now's the time and we want to hear from you. Just a quick reminder that this session is being recorded and will be available after we wrap up here. With that, Brian, the

0:36 floor is yours. Kyle, thanks very much for setting this up. I love that we have a larger turnout than ever. And frankly, I'm also happy with everyone that's called and reached out since yesterday morning when we put the news out. There are definitely a lot of new people involved. I've seen some new buying. Thank you very much. And so for everyone who's new on the call, rather than jump immediately to Q&A, I just want to tell you a little bit about us. So I'm going to use the presentation deck that's up on the company website, pawniemetals.com. I've already got that open. The title page is already being shared. Spend maybe 4 or 5 minutes on that, and then we'll go to the press release for 4 or 5 minutes. And then we'll just take questions until everyone's asked and answered everything we can do.

1:28 OK. So always important because it's a publicly listed company. We are listed in Canada under the ticker Charlie Uniform Papa Alpha, or C-U-P-A, which is right here. And in the US, it's C-U-P-I-F,

1:46 okay? And some weeks there's more volume in the US, some weeks there's more volume in Canada and don't worry about you know inter, don't worry too much about which one you're gonna buy just if you're in the US buy the US ticker if you're in Canada by the Canada ticker. And the prices are pretty much exactly the same once you convert for foreign exchange. So there you go. Oh, one more couple more points about this title page. I know we have a lot of people who have come to us because they made money on Asante Gold. For those in the know, Asante Gold is now 3 operating gold mines in the country of Ghana. I think in Canadian funds it's roughly 2 bucks or maybe it's below 2 bucks right now. I don't know. When I first met Douglas, it was 6 or 8 cents.

2:38 And Douglas Macquarie turned that company with the help of many other people into a raging success. And he has always been a fan of companies whose name ends in a vowel. So when Douglas and I were choosing a name for this company in December of 20 24, Douglas said, make sure it's got to end in a vowel as our largest as far as our second largest shareholder. Douglas, of course, carries a lot of weight. And I said, I love that idea, but I also want the title to be coded, coded C0DED. And the code here is that I've been a shareholder of Agnico Eagle for 25 years and I've been super happy with how they built their exploration and mining company.

3:28 And they've made smart capital allocation decisions for 25 years. And their name came from the elemental table and they started with nickel copper sorry they started with nickel silver cobalt which is where they got it Nico from so we're starting with copper nickel platinum palladium and that's where we get Coupani from. All right, I know there's a lot of people who are new to us so I'm going to give you this overall overview page. We have a project, we own 100% of the project. The project is near the town of Shefferville, near in this instance is 65 kilometers, which is about 40 miles. It's in Quebec, which is the best jurisdiction in Canada and possibly the best in the world.

4:18 There's a historical already here 4.4Mt of what calculates as 2.3% Copper equivalent. You'll see the math for that in one of our slides, but it's 0.87 Copper percent, 0.52 Nickel. And then you can see the platinum numbers in the middle there. We have a fantastic team. I'm the largest shareholder, but the most important person in the company is the VP of Exploration, Jacques Gauthier, who's found 4 economic mines already in his career. And he's with us because he's hoping to find the fifth. Let me speed on here.

5:05 So this is the tally for drilling done by a prior company, but we now own the land, or sorry, we now own the claim blocks, that drilled 400 holes and found that 4.4 million tons in the 1980s. And you'll see here that there's 9 rows in this table and that's because the mineralization is in 9 different lenses or cigar shapes or yeah we'll call them cigar shapes or lenses for now, and they're lying along the bottom of what used to be a flowing river of magma. So the magma came up out of the planet's core, moved horizontally across the land, and in some places the metals, the copper, nickel, platinum, palladium that were in the magma when it came up, filtrated, saturated out and made these lenses along the bottom.

6:03 So our mineralization is in lenses along the bottom of an old river. Super important for later on.

6:15 What else can I tell you that's quick here? For me, this is the obvious investment case. These 2 maps, they're important to Jacques. They're important to me. These 2 maps are entirely government of Quebec data. There's nothing that we've done to create these maps except pull the data from the government database and color it up. And on these 2 maps, the left-hand side is nickel as found on the surface of the ground in river beds, lake beds, and soil samples in Quebec. The right-hand map is the same thing, but for copper. And you can see very clearly, the 2 maps look pretty much the same. There's a little difference in the copper one.

7:02 And the red spots are where there's a lot of nickel and or copper around its surface. And most important for us as investors, these red spots up here. So it's the same red spot. This one's in nickel and this one's in copper are the location for Current copper nickel mining owned by glencore called the raglan mine Canadian royalties is another mine. We'll probably talk about that some other day. The point I want to make is, Mother Nature has made 2 red spots.

7:37 The current operating value plus lifetime value, because the Raglan Mine's been opening since 1997, is measured in the billions. Glencore wouldn't sell it for less than billions. That's a guess, because they're not ever going to sell it. That red spot's worth billions. This red spot, because we have the claim block for the entire thing, is currently listed at 13 million. So my job as CEO is to close that gap, that multiple gap, and we're gonna do that by exploring, by proving, by demonstrating the economics when we can do that, and by developing tonnage and grade so that we become an alternative or a competitor to those minds someday. Okay?

8:24 Let's go to slide 17 here. This one's important. Look at this on your own time. It's how those lenses get made at the bottom of that moving river of lava. This one is a shot. This is my back and Douglas McQuarrie's back and we're standing at the opening of 1000 foot hole that goes horizontal. And it's where that company in the 1980s, we now have all the claim blocks, they took 22 tons out, they did a bulk sample, they did their metallurgy, that material is available to us, those results of metallurgy reports, we have those. And this is to show you that a lot of work was done back then. Okay, we'll probably talk about that company a couple of times.

9:13 And then we'll spend some time on this slide, but a version of this map is in the press release. So we'll probably deal with it there. And that's probably as quick, Kyle, as I could do it as a recap for people who are new to the story. And again, you can find this deck and all the other slides in it on the website.

9:33 Okay, how's that? Yeah? No, it's good. Okay, give me a second to get organized here and I'll put the press release up. While you do that, I'll remind people in the room, feel free to submit your questions. We will be doing a question and answer period. So please start asking them in the chat.

9:55 I think I need to zoom this. Kyle are you able to zoom that or do I have to? I think you have to, but people can zoom in on their end too, which I could recommend, but it should be dependent on what type of computer you use command plus or control plus I believe. Yeah let's try that. Oh look at that you're a genius. How's that? Okay so what we press-released yesterday morning was that we have been drilling and that's not news. We told everybody we would be drilling and we race monthly for the drilling in advance. We have drilled already 6 holes, 4 of them we're going to spend most of our time talking about.

10:47 The total so far is 1,344 meters. But the press release does 2 things. It says 1, it lays out how many meters we've accomplished. It says that we stopped because As a prior agreement with the First Nation, they don't want our helicopters moving around during goose hunting season. So we stopped for the goose hunt. We'll get back to it afterwards. And more importantly, that from what we've seen so far, Jacques Gauthier's theory, and this is really important to where the company's gonna go next, his theory that he refers to is the high potential corridor, of which there's a full descriptor in this press release that is clickable here, the February 27 press release. We've seen 4 holes, and the 4 holes already prove up the theory.

11:37 So that's fantastic Okay We've got a lot of samples off to the lab. I'm sure someone will ask about assays we'll talk about that when the time comes so the 4 holes and

11:50 you know, we've hit some really exciting stuff. We'll talk about that. But I think for me, the most important sentence in here is in this paragraph here, it says this extends the footprint of the known mineralization to the southeast, which is the high potential corridor. Kampani management now believes that at least the entire length of this corridor, which is 16 kilometers or 10 miles, could hold mineralization similar to or better than what is observed at the Blue Lake Mineralized Lenses 1-6. The company has chosen to keep the drill bit going. So that's an important thing because we're going to be looking at maps during this call and the map will be of that corridor. And here's the map here. I'll try and zoom in some more.

12:40 But essentially what we're saying is the Blue Lake 1 to 6 is this area here. And so the mineralizations that are there, mineralizations that are there, we now expect to find the same type of rock. And we have found the same type of rock in these 4 drill holes, these red circles here, and we're now more confident than ever that that same system continues in this direction, which is Southeast, so continuing down the map here where my hand is, my tool marker is, all the way down here for 16 kilometers. So if we're finding what looks to be very similar to the known tonnage here, and we've always thought that it's the same

13:35 flowing magma 1.9 billion years ago that laid down these lenses, these cigar shapes up here. We're finding we haven't drilled enough to know that they are lenses or cigar shapes or what their size or density might be or anything like that yet. But we are seeing the same signs here and we expect to find the same signs in various spots all the way down this length. And that's super exciting because as Douglas said back in 2024, the question is how big can it get? And that's what we're starting to answer. So now here are the locations for the holes and in the second paragraph of about Kupani, it also goes through some of the things I've talked about already, the size of the project, prior work done and that sort of thing.

14:24 Okay.

14:27 So let me now change over. Now look, I'll probably just leave that map up, Kyle. And then I'll have a sip of water and then let's jump into, I guess, either the Q&A questions or your questions or wherever you wanna go next. Yeah, feel free to continue submitting questions, people. And I'd be remiss to say, if I didn't tell you, at the bottom of your screen, you will see a request meeting button. So you could always click on that if you wanna request a meeting with management and we'll let Brian know after the call. So feel free to request a meeting if you wanna get into further details, but let's kick it off to the questions.

15:13 So I have a few here. First one, in the 1980s, work included hundreds of holes, as you mentioned, and added, which we saw, and metallurgical testing, yet the project stalled. In your view, what did the previous owners fundamentally miss, and how is Kupani's approach structurally different?

15:33 Yeah, you know what, that was one of the first questions I asked Douglas Macquarie and I also asked that Ned Goodman who was involved with Douglas and I beforehand. And there's basically several answers to that. One is they did not consolidate the region. So the area on the map that you see these dark spots here, essentially, I don't know if I can grab it, that was kind of all they had. This blue square, it wasn't exactly that shape, but that was all they had. And so whatever they learned in finding material there, they could not then apply in the entirety of the space. OK, so they did a lot of work, but they got locked in to to that area. So that was issue number 1 for them. And then more importantly is they had other projects in other areas of Quebec, 100,200,300 kilometers away.

16:31 They had a long string of projects, but none of them were connected to each other, and none of them were large enough to be a region on its own. So their capital allocation deployment decision is exploration. Not great.

16:45 Having said that, I wasn't there at the time, so I'm going by what I've been able to figure out along the way. So that was the first one. They didn't have the consolidation that this needs. Second, as far as I can tell, they were super excited about the Platinum and the Palladium, which is, you know, out of a hypothetical mine on those deposits, out of $100 of revenue, $45 of revenue would come from Copper, $45 of revenue would come from Nickel, and then $5 each would come from Platinum and Palladium. So you ask yourself, why would they focus on the Platinum and the Palladium when they were telling the story and finding the money and doing the work? And the answer is because in the 1980s, there was a huge run in platinum palladium prices along with silver and gold So they were they were positioning this as a platinum palladium story and then in the 90s when platinum palladium prices came back down They ran out of funds and remember I already told you that you know, they had 7 or 8 different projects spread across 7 or 800 kilometers.

17:52 And in those projects, none of them were large enough to be self-sustaining in terms of learning and finding something. So they ran up against the financial wall, which is not something I intend to do. So that was another

18:06 problem for them. And then I guess the one they couldn't control, I'll say history played a trick on them, which is that they were doing their work, peak level of work in 1988. But if they had done it in 1998 instead, then all the theories that we're using now, which are based on the Raglan mine, which is that other blob on the map I showed you a few minutes earlier. The Raglan mine opened in 1997 and all the theories about magmatic flow and everything else were proven by the existence of the Raglan mine and these lenses. So if they had been doing the work in 1998, they would have been able to use the theories that we're using, the tools that Raglan was built on, and they probably would have done exactly what we're doing today, which is extended to control the region and used the magmatic flow and the theories that come from it to find as much as they can.

19:08 So, you know, it's probably the longest I've

19:10 ever talked about what they did, but I've been thinking about it for a while, so there you go. I appreciate the thoroughness. Let's get to the press release. It describes massive sulfides at the base of a subhorizontal ultramafic unit extending 1.4 kilometers from Blue Lake number 2. From a geological standpoint, what does that contact zone tell you about how the system is behaving as you move southeast? So it's the internet, so I can't ask for a show of hands, but how many people understood that part?

19:46 I should probably translate that from geologics into finance or generalist investor. I've been talking about flowing magma. So, you know, this entire Reds area here, which is, you know, from top to bottom on the screen here is about 12 or 13 miles 20 kilometers And it's part of a much larger thing that entire zone We now believe Used to be a flowing river of magma on the surface or near the surface. So imagine for, or maybe at the bottom of an ocean, but at the surface of the ground, right?

20:25 So imagine for a moment, a river of lava moving through Hawaii, right? It's slow moving in. Okay. So we brought the nickel platinum palladium copper up with it. And just like a big river of water like the St. Lawrence River or the Mississippi River, it's carrying things in it like the metals that I'm gonna use a metaphor here and When the river slows down or the river gets the riverbanks get wide and the river loses its energy Those things that it's carrying can fall out and they make a sandbar on the bottom of the river, or a pile of rocks on the bottom of the river. It's not the same in geology, but as a metaphor that's good enough for now to a generalist audience to say that these

21:15 lenses are akin to sandbars falling out of a river. So hopefully that kind of explains all the jargon, or at least gives you an alternative way to think about the jargon for what we've just described as ultramafic and units. And So the unit, think of the difference between the water flowing in the St. Lawrence River and the rock that is the bottom of the St. Lawrence River and the miles of rock beneath the St. Lawrence River. So those 2 meet, we'll call that a contact. Right. So there you go. All right. So and anyone who wants to talk more about that, give me a call. So what does it tell us? It tells us that 1.4 kilometers are almost a mile away from where we have one of those sandbars or those those lenses or cigar-shaped mineralization zones,

22:08 it looks like there's probably another one, maybe a couple more. So if you can go a mile and the same thing is happening again, and you believe the whole 10 miles is probably the same river or the same magmatic flow, that leads you to guess, and it's a guess and we have to go do a lot of work to prove it, it leads you to guess that you're going to find many, many more lenses as you go down the length. So I guess that's the main takeaway of what it tells us. How do we, what's the basis for us thinking it's all the same magmatic flow? Well, a much larger company called Anglo-American used to explore a portion of this land, including the area that we're now interested in as our top priority.

22:55 And they flew in 2011, underneath a helicopter, they flew a giant electromagnetic system and they measured

23:03 what rock What metals were responding to an electromagnetic signal that they were putting down into the ground and When you map those signals so you would put colors on a map you get the same response at the historical tonnage as you do at the spots where we just drilled, and you get a similar response all the way down for 10 miles. Now it's getting a little bit deeper as it goes, so you get a less response from the magnetics but the fact remains it looks like it's all the same flow the same or the same former riverbed and remember this is a river of magma 1.9 billion years ago so the world looked very very different back then

23:48 okay So I think I've probably answered that one to death, Kyle. No, no, that's good. You're probably going to have to take the same approach for my next question here. Okay. You've described disseminated and net textured sulfides over thicknesses of up to 70 metres above the massive zone. Are there disseminated sulfides above the known resource that provides any further insight into the recent findings?

24:15 OK, so I guess we've got to jump into geology again and explain what these are. If everyone thinks back about 15 minutes when we were in the slide deck, I showed you a multicolored cartoon, which was, it showed you how the deposit was made, how the sandbars were made. So net texture and bleb is an indication of those sandbars being made. And those net textures and blebs kind of break away from the sandbar by a heat current or something turbulent, we get carried to the top and they're now at the top of the rock formation. So, which is great. Cause it's a clue that there can be the result of that same process almost vertically down. So that's good. So what we're describing in this is that those signs

25:13 of creation of a mineralized zone, the net texture and the disseminated are visible in the core that we drilled down. And in some cases, the distance between the bottom of the riverbed and the first spot you see the clues, the net textures, can be 70 meters. We'll have to see exactly what the math is going to come back on how much metal that is. So we're waiting on the assays. Disseminated is another way to say that, or net textures, another way to say that there's probably metal but it's not visible to the naked eye. So that's an important point. Going back to the guys who were working in another company that had the same land package or a portion of our land package in 1988, they didn't test anything that wasn't visible to the naked eye, as far as we can tell.

26:09 So your question is, is there disseminated, i.e. More metals

26:14 sitting just above the known tonnage we talked about at 4.4 million tons? Maybe. We don't think they tested for it because back in 1988, it would not have been something they would care about. And if our response, if our assay results show that there is above our holes. It's probably also there above the historical tonnage too. Same system, same design by Mother Nature. So that's a reason we'll have to go back and figure out what to do about testing for that. And of course, again, there's another thing that was proved by the Raglan mine opening. I hear that Raglan, a good portion of the metals production they have comes from disseminated mineralization where if you were to look at the core, you wouldn't see the copper or the nickel, not that you can always see the nickel anyway Because the the grade is is not something that the eye can see but it's meaningful once the mines built for sure

27:12 What's going to talk to you about that Yeah, just to reiterate that if we have it above our 4 holes when the assays come in that'll lead us to think it's probably above the historical tonnages to Say, okay Let's move on then so the press release mentions targeting combined magnetic and electromagnetic anomalies Where did you get that data from? So lots of people have done studies over this land by helicopter over the years. Most notably the 2011 electromagnetic flights by Anglo-American, That was a big part of what we did. We've done our own flights over the years. So that's part of the data set. The Quebec government's done flights.

27:59 So we piece together every database and every piece of data that we can in order to put our decisions in. We also did some gravity surveys. We did walking over the land to look for the blebs, look for the net texture, right? Because If you can see that on surface, that's a good sign that something happened to produce that event, to produce that clue. So that would be below you. Yeah, like all companies now, exploration is a database management job in many ways. Obviously it's a lot of other things as well, but that's super important. So we take data everywhere we can get it.

28:39 So you've referred to Reglan quite a bit in this thesis. And the historical resource at Blue Lake was copper dominant at roughly 0.85% copper versus 0.52% nickel, which is structurally different from a regland-style system where nickel leads. It's nickel dominant, right? As you mentioned in the presentation. So based on what you know so far, how does blue blue lake compared to other projects on copper and nickel percentages?

29:10 Well, I've got a slide for that give me a second and I'll show you it's in the deck But while I'm doing that Let me just get organized here Again so there's the net texture and blebs we talked about a few minutes ago. And they're right here. So I can probably zoom this in for you. So this is a triangle measuring on 3 sides content. Okay, so The higher you are up the triangle, the more platinum, palladium or platinum group elements you have. The further you are to the left, the more nickel you have. The further you are to the right, the more copper you have.

29:58 So here's here's raglan right here. Like you say, Raglan is as a percentage more

30:04 more Nickel than Copper compared to Blue Lake. Here's Blue Lake right here. And why would that be the case if we think that it was the same magmatic flow or a very similar magmatic flow 1.9 billion years ago, why would the content be different? Working theory at the moment is that the the sulfuric rock that the magmatic flow flowed over already had copper in it. And so it would have picked up that copper and put it into the mix when it was doing all that mixing as shown on this other slide here. I'll try and get there. Right so the here the lava is the purple and it's kind of coming off the screen at you like this.

30:57 And down here in the bottom 1, you're seeing the chemical physical reaction that makes the deposit or the lenses.

31:06 And if this sulphide rich sediment that is the very bottom rock here already had Copper in it, that Copper would be scrubbed and scoured out and go into the mix that is making the money. So at the moment, that's why we think we have more Copper as a percentage than Raglan. And to reiterate, out of the 100 hypothetical mining revenue dollars, $45 would come copper, $45 would be nickel, 5 each for platinum and plenium. Okay, no, that explains it well. You're making a claim that the entire 16 kilometer corridor could host mineralization similar to or better than the known lenses.

31:55 What geological observations from this program, not just the model support that statement? Oh, okay, well, I'm at the right slide. So if you zoom in on this slide, you'll see this fishing net or hexagonal texture. I'm trying to do that here. It gets created at the moment right here. All right, So see the little honeycomb thing, right? So that is net texture. And then blebs would be small little pieces shown here in red that kind of, they would otherwise have been in the tonnage at the bottom, but for some reason they got carried off up to the top.

32:40 Okay. In some current of heat, just like the net texture did. So if you see those at surface, it's a sign they must have come from somewhere and They must have been created somehow So the process you're looking for which is this process of making the closet happen somewhere nearby So now let's go to so we can pick it up in here, into the press release. But there's other maps that show it. It's not on this one. Give me a second here. I probably went the wrong way.

33:33 Oops. Yeah, here it is. So on this map, which is a zoom out from the one that's in the press release, and it's in the presentation deck, it's on slide 20, and I'll zoom in on it here. On this map, we have put in the locations where we have already happened to see net texture or blebs on surface, right? So Here are some of them right here. You can see the blue box I've just made. If you zoom in, you'll see that there are words there, Net Texture and BLEB and things like that. And here's more of them up in the 2 new zones we found this past summer. I have to go do a lot of work there. And then here are more of them here, down well down the high priority corridor.

34:25 Now, the fact that there aren't any in this space between, just means we haven't done enough work yet because no one's gone there looking for net blebs as a job description. So you haven't looked in that area? Obviously, we've mapped it, we've walked it, but it hasn't been mapped or walked by people who are working under the theory that came to us in August of 2025, that this whole thing is 1 flow. With that idea in mind, Jacques Gauthier went out and did some work on his own and came up with these ones. I think himself and another geo came up with these ones here. But in summer of 2026, in addition to a lot of other things we're going to be doing and continuing to drill, we're going to be doing what's called detailed mapping all the way down here.

35:17 Saying to the geology team, go do more work, but make sure if there's a net texture or a blub to be found that you mark it down and site where it is. That'll be part of our drill program design later on. But the fact that we already have it at spots where we have been in the high priority corridor is the answer to your question. Why do we think that? Gotcha. Just stay on this one for a second, cause there is an individual in the chat, Dale, is asking, has the feeder zone been identified? And I know you spent some time explaining the metaphor with the river flow. So why don't you go ahead and elaborate what are you trying to find that will make this economic and like, because it's not just 1 feeder zone, right?

36:07 But that might be what Dale is asking, so let me run over to another slide here. It's probably what Dale's looking at. Yeah, right here. Yeah, right here. So to explain this slide to everybody, the map in white with a gray coloring is the outer edge of what 1.9 billion years ago was a piece of North America that hadn't yet fused in to become a piece of North America. It was kind of floating on its own, or it was jostling up against its neighbor. And the space where it was floating free from something else, or it was rubbing up against its neighboring block, that is where the magma came up from the core to the surface. And then once it got to the surface, it moved horizontally.

37:03 So what Dale is asking is, have we found the spot where it came up vertically from below? And he's asking that because, you know, that can be a really important source of material. The answer is no, we haven't found it. To be honest at this point, it's not yet the priority to find. Obviously good to know. There's going to be material there if we can find it for sure. What will that material be? Don't know, depends on how complex the system is. And at the moment, we've got our hands full, Dale. You know, if you run the math on what 10 miles can be, if you've got 4.4 million tonnes in a mile and a half, you know, that's pushing 25. So that's important for us right now. The other thing is we haven't been able to figure out which way it was flowing Dale.

37:51 So we don't know if it was moving on today's maps from the North to the Southeast or from the Southeast to the North, which of course is super important to find the source or maybe the source is in the middle. We just simply don't know that yet. There you go. That leads into another great question in the chat. There's been a lot of commentary about the 4 holes to the Blue Lake Southeast area. Do you have any comments on the 2 holes to the northwest area? Yeah, they were they were get-your-feet-wet holes. So You'll notice that they're super close to camp. Okay, so You know, nobody's drilled on this project in decades, So the first couple of holes were chosen for their location because A, there was a gravity anomaly, there were some good surface samples, and there was a, There might've been an EM there too, but it was also super close to camp.

38:49 So that meant the logistics were set up, the helicopter moves, the number of delays, the number of days of delay you'd get if a blizzard hit, because remember this is March in northern Quebec, would all be reduced if it was closer to camp. So that's why we did those first. That's you, thank you. OK, maybe this is a flawed thought, but I wrote this question down and I want to ask it. The sub-horizontal geometry you've described makes the system easier and cheaper to drill, right? But that flatter system, does it lack the structural trapping mechanisms needed for sulfides to pool and concentrate into higher grade clusters? Tell me that's AI. That's gotta be AI, right?

39:38 Yeah. Yeah. All right, so if you were, and again, I'm a finance guy, I'm trying to explain geology as best I can to an audience that is probably not a geology audience. What AI is looking for is something like a complex system in a gold trap or maybe even it's taking 2 analogies away from an oil trap where It can't get away. And so the trapping system is what makes the economics. But in our situation, we already know the 9 lenses to date are not in traps, right? They're material that was floating in a river. And then they fell out of a river. And they've accumulated on the bottom of the riverbed. There's no trap required. So not to date have we seen traps, however it is an exciting idea for us.

40:29 Let's imagine for a moment that along the riverbed, there's a big hole. And that hole could create the opportunity for a whole lot of massive sulfide containing metals to to to put a lot of tonnage or even as we hope, even better grade because it's concentrated more. So if we find a trap, or another word would be embayment in the bottom of the old riverbed, we would expect it to be filled with exactly what we're looking for. So yes, the trap concept, if you call it, in payment works for us, but the idea that you need to trap the minerals to find them, I don't think the lenses idea supports that. Gotcha.

41:14 Okay, Let's get away from the AI questions. We have a ton in the chat, so we'll go to those ones. I'm going to start from the top and work our way down. We have about 20 minutes here and about 10 questions, just for your awareness, Brian. How is your relationship with the First Nations? Do you see them as partners eventually? They're partners now. They're partners now. We, we were talking with both. So there's 2 First Nations in the region. We're talking with both. They jointly as well with others own the railway that takes the iron ore material, the iron ore mine production from Shefferville down towards the Atlantic port.

42:00 They're in business already. And one of them, the Nescafé Nation, is already so comfortable with business and pro-business that they're part of a group that's been buying hotels and conference centers in Quebec. And if you Google it up, in 2025, the Nescafé Nation was part of a group that bought the Quebec City Hotel and Conference Center, and they're operating it like private equity would. So super financial sophistication there. And the Inuit, we're in conversation with them. They are great partners so far. You know, our conversations are things like, is there an opportunity for us to come and do work? Can we come out and see what you're doing? Teach us about the differences between an iron ore business, because that's what they're familiar with.

42:46 And what you're looking for. Is this different from Rare Earths? You know, those kinds of questions are the stage we're at right now. Gotcha. Malcolm is wondering how far away time wise from an official 43-101? Malcolm, thanks for dialing in. The short answer is we haven't decided yet. The long answer is it's a balancing effect between if we were to do one today, it would only reflect the historical tonnage from the 1980s. But we already know that's there. So let's assume for a moment that getting the report written costs us US$100,000. Jacques quite rightly, and he's been proven right in this by the drilling results, says, well, the best way to spend US$100,000 to push the company forward is to find something new, right? Spend it on drilling.

43:42 So there will come a point in our future, whether it's near in 2026 or whether it's in 2027, I don't know, be one of those 2, I guess, where it makes sense to spend on that report. But current thinking is you spend on that report when you've got something more delineated than just the historical tonnage. Because We have no doubt that it's there. So why report on just that? That's how we think about it right now. What are the minimum grades you're ultimately looking for for each metal? Mother Nature has already decided the grades. It's our job to find them. We have 2.3% copper equivalent with all the math that you can see in the deck there.

44:33 Do we want that to improve? Absolutely. It's a great start. And if we find one of those abatements or possibly many of those abatements, we would expect to get higher grades in those. But look, you can do this by growing tonnage, by growing grade, or both. And frankly, I'm choosing that we should look for both. So that's why something like a disseminated, right, if there's, Who knows if it'll be 70 meters, but if we find out, for example, that there are 2.3% copper equivalent in the known tonnage lenses that were found in the 80s, and let's say it turns out that we learn there's 0.7 copper equivalent running for 15, 20, 30 meters above that.

45:25 That's fantastic. But it's lower grade than what we have at the moment. But it adds to the economics of the project. So yeah, it's not like we're gonna throw away a piece of rock because it's only 0.4, nor is it clear that if we get 7%, please, but if we get 7% copper, it's also not clear that you get enough of it to open a mine just for that. Right, so grade is important, but it's obviously not the whole complexity of the design. No, great answer. I see Byron King is on the call. Nice to have you, Byron. Can you name some of the basic ore minerals you have ID'd so far? Is there elemental copper like over west in say, Keweenaw Peninsula?

46:15 So Byron, thanks for joining. As you know, Byron, I'm a finance guy. I'm happy to set a geology call, but for now I'll say chalcopyrite and pentlandite, if I have those correct, and you'll know what those are and give me a call. We'll talk more. And you can do that by requesting a meeting in the bottom of the screen here. Everyone, if you want to meet with Brian, please request a meeting in the bottom of the screen. Next question, drill holes are vertical. Was core recovery good visually? What hole was the most interesting? Okay so 43-101 and the regulators do a great job of making sure that no 1 over promises and under delivers when they talk about visuals so I'm gonna try and skip the visuals When the assays come in a press release, we'll probably do some visuals with that. So I will leave that. I'm not going to start showing pictures and waving arms. That's not how we operate.

47:12 So give me the question again. Drill holes are vertical. Was core recovery good? Yeah. What hole was most interesting? So the vast majority of core recovery is good because like I said it used to be a flowing river of lava which means it's now super solid rock. So you're going to get almost all the material up when you pull up. There will be some areas like in the cartoon where there's all that messy blebbing and that, right? Some of that will have some heat damage to it or something like that. You'll maybe get really fine grains and you'll end up something like that. But no, so far it's all been easy to pull. It's not a situation where, you know, the rock is like a sand so that when you drilled into it, you can't get it up. That's not our problem.

48:03 Are there any XRF results or suggestions that can be shared from the drill course? Okay again XRF not necessarily something you can put into a press release So I will just press pass on that one. And the same individual has another question. I believe his name is Daniel. Username is just a little backwards, but I'm gonna say his name is Daniel. Do the electromagnetic and gravity results suggest the same targets? Suggest the same targets. Let me answer by saying, are they perfectly a Zen diagram, Venn diagram overlap? No, the gravity will overlap a lot of the EM, but even then, Daniel, just because you have an EM response does not mean it's your target.

48:55 There's a lot of iron around here, and so iron has a great EM response as well. So what's interesting actually is when you look at the EM response maps, and Jacques and Danielle were early at figuring this out, the targets that we've drilled, the 4 in the Southeast, They were not the brightest spots on the EM map They were actually mid-level spots in the spectrum of the EM map Because you're looking for something that has a muted response because it's below you know 100 200 meters of old lava So it's not going to be on surface. It won't give you a super response But the iron comes to the surface and that gives you a great response so you have to choose the middle ones and Then you also have to choose ones if for example, you know There's a blab or net texture nearby And then if there is a gravity anomaly that isn't explained by the iron, then that's another clue.

49:53 You'll look at EM and mag separately. You'll look at them in derivative. You'll look at them from different database collection. There's a lot that goes into that and I would just say my discussion of it is only the surface. If you ever get a chance to buttonhole Danielle or Jacques for 20 minutes and talk about that, they'd love to talk about it with you. Based on your river analogy, please describe the mine design you envision and what mineral concentration would be economic today. Okay, economics is something that is for a third-party engineering firm under 43-101 to opine on someday. Job 1 is to find it, and we're at Job 1.

50:41 Then, having said that, Look, if it's a large cigar-shaped body under 200 meters of rock, and it's lying flat, I would imagine you would ramp down to it. And then you'll have several choices of how to mine it in terms of mining method. I guess maybe the question is really, is it an open pit? And the answer is. Not as we envisaged it at the moment for anything we were to find now, because it would be under 200 meters of rock or 150 meters of rock. If it was to start at 150 meters down, you maybe start the disseminated. That's an engineering question. And we're currently at the geology stage. Happy to talk about it in more detail about what we think we know, but I won't waste everybody's time on the webinar about it. Sure. We're wrapping up here. We are running close to the time, but a couple more questions come in.

51:45 Is there an option to reverse circulation drilling in the region to keep costs down and expedite exploration in the high potential corridor? So actually before I answer that, Kyle, I've thought of a better, more succinct response to the prior question. Sure. The Raglan Mine has parts of it, we're entirely underground, parts of it opened as an open pit and then went to decline from their small open pit when they started. So I guess either one of those could be part of the tool set for this. Yeah, that makes sense. Yeah, okay. And then- Do you want me to read the other question? Yeah, thanks. Is there an option for RC drilling in the region to keep costs down and expedite exploration in the high potential corridor?

52:32 Okay, So let's explain what RC drilling is, reverse circulation drilling. So it's the same drilling rig yet instead of drilling with a hollow, a hollow drill bit that will give you the core that you want, it's kind of smashing and turning like that as it goes down. So you end up with not a piece of rock that you can examine, but a representative sample per meter of bits of rock that have been smashed. And you have to do a good job of keeping track of which bit of rock is coming back up in order to know which depth it came from. Right, you bagged them all. So you can't see, you won't see blebs, most likely, if you're doing that.

53:21 And although you'll save money because it's a cheaper drilling, in our case, the cheaper drilling is probably not worth the savings because the mobilization cost is not nothing here. So you still have to mobilize the drill. And then the next thing would be, we are looking to learn as much as possible about how mother nature laid this down, which means at the moment, we want as much actual core as possible. So smashing it up is currently not in anybody's playbook. But if at the right time, that's the right tool, then that's what we'll do. Moving on, are there indications of late faulting and what was the deepest overburden thickness? Late faulting? Yeah, late faulting.

54:09 Oh, okay. Certainly not in any of the drill holes. Late Fulton? Yes, Late Fulton. There's debate about what's happened to this in the 1.9 billion years since it was made. Obviously, if you go off the screen that you're looking at right now, the magmatic river flow gets narrower. And at that point, rather than be flat-lying, it kind of tilts off to the left-hand side, which is the southwest. So yes, something's happened since, but there's probably lenses quite a way along there. And then give me the first half again. And then the overburden. The overburden, None. It's bare. There's no forest. There's no 6 feet of soil. There's no 10 metres of glacial rubble. This is, you know, park the drill, turn it on, let it rip. You're starting pretty much in the ultramafic. And the question is, when you get to the bottom, is there something at the contact with the next sedimentary rock?

55:13 Great. Is it true that Doug wrote 1 million dollar check during a helicopter flyover? Yeah, well obviously you can't write a check when the helicopter is moving. So the money came by wire weeks later. But yes, we, for those who don't know, Douglas Macquarie, he and Ned Goodman, long before I got involved in the year 2018, they spent 15 years, 17 years accumulating this land package. And the deal, the informal deal we all had was that Douglas was going to be busy in Ghana building Asante until he was done.

55:59 And he finished that and left the Asante board in April of 2024, to which point he was the second largest shareholder of this company and I was the largest. And we had this project and we think, you know, finished the accumulation of the land claims. And he and I were debating what to do next. You know, do we look for a Gold project? And if so, what are we gonna do about this one? And I said, look, let's just take some of the money we have in the bank, rent a chopper for a week, hire up 2 GOs and go hit the highlights. Let's go do a study ourselves of the dozens of showings up and down, you know, in the historical tonnage and visit the bulk sample. And so we did that. And so we kicked rocks for a week.

56:45 And when we landed back in Shefferville, he said, you know, this is going to be bigger than Asante. It's going to happen faster than Asante. And there's clearly something here. There's a huge system. It stretches for 100 miles. Yeah, here's 1 million from my own. I'm buying flow through. And go find a match, and let's get some work done in 2024. The Q&A has been exhausted. We have one question that was submitted upon registration. So I'll read you that and then feel free to answer it and then just continue on with your closing remarks as we have 3 minutes left on the clock. So the question from the individual upon registration, Do you have a rough idea of when you should begin to receive the first assays from the current drill program?

57:38 And do you have holes planned for the area of the originally identified deposit to ensure that area meets 43-101 compliance? Okay, give me a second. There's a couple of different points in there. So the last point was about 43-101 compliance. So I think we've touched on that. There will be a right time to do that. That's a decision, you know, we debate that right now. There's a for and against argument for each. Obviously, finding new things is more valuable than tallying up old things. And at the moment, if we do the report, we're only gonna be able to tally old things. So for now, that's the right move. Do we have to do drilling on the old stuff to make it 43-101 compliant? I think is the question.

58:26 Yeah. Okay. Well, that's already been done, at least in part. So in 2011, I think, 2015 as well, some of those old holes in the historical tonnage were twinned. We have that core. So it's already been done. And then, you know, We have all the mappings and the whole locations in the drill logs, the core logs from that work in the 1980s. As a matter of fact, we're also trying to get our hands on the actual database of that company that went defunct in the 90s. We'll work on that. So we probably don't have to do anything there in terms of drilling. Who knows? We'll see.

59:14 But of course, if it turns out that disseminated becomes an open question, because we find disseminated in our current 4 holes That might lead us back to drill the old stuff but not necessarily for 43 101 drilling right so I think I've probably answered that 1 2 or 3 different ways. What was the other part? Assay results. Oh yeah. So look, we've ordered a lot. I think there's 800 different samples. Some of them are on rush. The rush ones I imagine we'll have in May, right? If that's what rush means, we'll have them in May and the rest will trickle in probably June slash early July. That's the thinking at the moment. Also, you did put some on rush.

1:00:00 That's interesting. Yeah. Brian, any further comments? Any closing remarks before we sign off here? Just to say that, you know, we're many years into this. I think somebody told me once it takes 10 years to be an overnight success. Look, we're in year 7. The next 3 years are going to be a ride. And I'm looking for other shareholders who know what they're doing in exploration, see the value that we've got here to give me a call, join me on the ride because this, I think we've got a tiger by the tail. Great, thank you for doing this, Brian. And thank you everyone for joining and asking the questions. It makes this a lot more fun when you guys participate. So thank you very much.

1:00:52 Enjoy the rest of your day. ♪