Cupani Intersects Magmatic Massive Sulphides in Three New Drill Holes

0:00 Okay, as folks start filtering into the room, I will say good morning, good afternoon, or good evening, depending on where in the world you're logging in from. I know there's people from all over today, so I really appreciate you taking the time to join us. I've got with me today Brian Boss, CEO of Kupani Metals, one of my favorite polymetallic stories in Quebec. I'm really looking forward to today's presentation. Here's how today's going to work. Brian's got a presentation that he's going to run through. Then I've got a couple questions. Some came in over email already from you guys, which I appreciate. And we'll try to get to as many as we can. This

0:31 is also an interactive event, though, so please do share in the chat any questions additionally that you might have during today's event. If I don't get to them, I'll make sure the Kupani team receives them, and they'll be able to get back to you. But I'll try to get to as many as we can today. The only other thing I'll say is this event's being recorded. It will be available for replay probably late day, Eastern time today. It'll come up this exact same link, but also on YouTube. Six's YouTube channel, pardon. But enough boring housekeeping out of me. Brian, I'll throw it to you for the protein of today's event. Thank you. Thank you, Romeo. And thank you for everybody for joining in. Yeah, normally I start with a presentation and I go through a bunch of slides. Look, this, we've got a lot of information to put across. We're having this webinar because we put out a super important press release.

1:17 Yes, today. Yeah, yesterday. So this is going to be kind of a firehose of information. So I'll run through a couple of things just to get everybody situated about where the project is and what we're called. But I would imagine from there, the questions that Romeo has or that the audience has, or frankly I've also written down questions people have called and asked me since the press release came out. The questions, that kind of question and answer is what we're going to do most for today. So for those who don't know, welcome. My name is Brian. I'm the CEO of Coupani Metals. If the name sounds weird, it's meant to. We chose the name because I've been in a shareholder of Agnico Metals, Agnico Eagle, for 25 years. They're the best management team in the business. They started in Quebec and they named their company after the metals they had when they got started. So they were silver, nickel, cobalt, so Agnico.

2:14 We are copper, nickel, platinum and palladium. So that's why we've done Coupani. So projects in Quebec were listed in Canada. The ticker is Charlie Uniform Papa Alpha Cuppa. So grab a cup of stock. And in the US, The ticker is Charlie Uniform Papa Indian Frank. C-U-P-I-F. Okay. We've been really busy. So this is actually supposed to say September 2nd, 2026. That's on me. We'll get that fixed. Disclaimer, too small to read. Sorry about that. Why are we doing this at all? Exploration is a difficult business. Exploration is a capital hungry business. You know, everyone knows that one drill hole in 1000 turns into something. Look, we've spent 15 years getting ready for this bull market with this project.

3:03 We've addressed as much as you can address all those concerns that, you know, the questions in the Q&A will come into that. But I'm starting with the key slide about why. Why are we doing this? Why do we think we're going to have something that's important? Why are we able to attract the quality of geology staff that we have attracted? And why is it that very successful mining investors like Douglas Macquarie and Ned Goodman before him, were preparing this project by accumulating and consolidating the claims package for 15 years. And why was it that Anglo-American used to have about a quarter of this claims package until they dropped it when metals prices fell 15 years ago. So the answer is in these 2 charts.

3:54 And I like starting with these charts because neither one of them is about data the companies created. This is all government data. The Province of Quebec spent over a decade compiling and then analyzing samples they had taken from lake bottoms all over northern Quebec. And then they turned that into this map of metals. The map on the left, so this one here, is only nickel content. The map on the right is only copper content. And they've helpfully colored it into hotspots, right? So where you see blue, there's really nothing. Green is not much. Yellow is mildly interesting, but red means that there is a lot of material that is in lake bed samples, which implies there's a lot of material nearby because things end up in the lake bed because they're flowing over something else, rain, snow melt, whatever it is. So it's that something else that is the source material.

4:52 Now, you'll see on the left-hand side, we're talking about nickel. It's this giant red glob, this spot up in the top of Quebec. That is now an operating nickel mine with cobalt and PGM and copper credits. It's owned by Glencore, one of the biggest companies in mining. They're probably 100 billion US market cap. Obviously, they have more than that mine and they have smelting and a lot of other things going on at Glencore, but Glencore owns that red spot, leaving aside the Canadian Royalty for a minute. And that mine has been in operation since 1997. And very rarely in mining, you get an infinite project. And that's what I call a project that is finding new material faster than it can mine the material it has.

5:42 And that's the situation up in Raglan mine. So that's a great hotspot. And if you had staked all that and found it, you would have spent years getting it ready, but you'd have something that Glencore probably wouldn't part with for less than a handful of billions. Let's call it 3 or 4Bn for now. Now, nowhere else is there a red hotspot except this one here. And our company, Kupani Metals, with a market cap of US$10M and 37% insider ownership, has the exploration rights for this entire red hotspot. Obviously there's no mining yet. You know, everybody in mining industry wants to get the cashflow. That's years away for us, but we know we have great ground and we know that we are expecting to beat the odds.

6:31 And this is one of the reasons why we're in a very fertile situation. That's an immense system, right? This is probably 100 miles from top to bottom, maybe 130 miles top to bottom. Really large. We have it all. And that's the right hand side for Nickel. The, sorry, the left hand side for Nickel. The right hand side is Copper, same situation. In fact, here's the hot spot for Copper and there's a little less of a hot spot, but it's obviously still there for Copper up at the Raglan site. So that's the key insight that makes us think we're looking in the right place. And yesterday's press release was about telling the market, not only are we looking in the right place, but we're looking, we're finding exactly what we expect to find.

7:21 And that should encourage everyone. I know it encourages me. So with that, I'll move on to the next slide and see what that is. This is a map so that if you're new to us, you don't know where we are. That hotspot that we showed you that was our hotspot, that is now moved into this blue outline. So it's called the Blue Lake Project. This is our claim block. Again, we're covering all of that hotspot. This crazy squiggle black line, That is the interprovincial boundary in Canada between Quebec on this side and Newfoundland Labrador on this side. So we are in Quebec. We are near Labrador, the province of, we're near Newfoundland Labrador, and we are 65km, so for the Americans, that's 48, 50 miles from an existing mining town in Quebec called Shefferville.

8:15 They have open pit iron ore mines that have been running since 1940. There's a railway taking all that ore down to the Atlantic Ocean port here called Satele. There's hydroelectric dam here. There's a huge hydroelectric dam over here called Churchill Falls. And 65 kilometers, 450 miles, that's, you know, in mining terms, that's not bad for infrastructure distance so that's really good. What have I got here so now I'm zooming in on that claim block just to show you why we claim so much land for exploration and to talk about the size of the land. This is a map showing our claim block outlined in blue squares. Blue squares is how Quebec does it.

9:00 Search squares is how Quebec does it. And you'll notice if you study it, there's different colors on the map. And this map is, again, government data. And the government is coloring in pink something they're labeling ultramafic intrusive. Ultramafic intrusive is their name for what I'll describe as a rock type that used to be a flowing river of lava or a flowing river of magma or a near surface underground river of magma. And that magma is what brought all the metals with it. And you'll notice that our claim block encompasses all of that pink color in the region. So we have locked up everything there is that is interesting to look at. Now that means our claim package is 700 square kilometers or in miles, it's probably about 400 square miles.

9:53 So we've done that because we think our thesis is right. And that that means there's opportunity everywhere you see the pink rock. And the other reason why we have it, and we're excited about what we have, is there's a historical tonnage, which we'll talk about in a minute. And that historical tonnage is represented in physical space, just by these 3 red stars right here, 123. And that's 4.3 million tons. And it's 1% of the land package. So if it's in the Ultra-Mafic Rock, which it is, and the Ultra-Mafic Rock is 100 times more on our land than just that spot, we have a lot to look at. And so the press release we put out yesterday is an update on drilling that we have done less than a mile to the Southeast of these 3 red spots.

10:43 So we're beginning to explore the land, okay? Here's another look, I'm zooming in on that claim block. We've outlined in red color what we call the high priority corridor. The reason why we call it that is because the historical tonnage is here. And from data we can see that was originally collected by a giant company called Anglo-American. From the data we can see that the lithology or the layers of rock from, if I can show my cursor, from here the historical tonnage for 10 miles or 16 kilometers down to the end here, the lithology is flat, which means when you're finding something, it's probably flat lying. And if it's flat lying, that's really good for us because over such a long distance, if it was at a degree or a dip of 45 degrees, you'd have to go, you know, 5 miles down for 5 miles additional rock.

11:39 If it's flat lying, you don't have to go down at all. It's all the same distance, which so far has been about 200 meters or 600 feet below surface, okay There was drilling done by another company in the 1980s and They drilled up along the bottom of that river of magma or river of lava in the small space of those 3 red stars I showed you. They've drilled up these 9 lenses, we're going to call each one of them as a lens,

12:12 and that gets to 4.3 million tons. This is not 43-101 compliant because it was drilled before 43.101 came in as a rule.

12:22 And somebody's texting me to say they don't see the presentation. Hey Brian, all good. There's a couple people that can't. I'm sending it through to everybody afterwards and it'll be available on the replay. Okay, I can see that I'm screen sharing. So yeah, by all means, if you can't see it, thank you for texting. I saw that, felt a buzz. And we'll get you the deck, or we'll make sure it shows on the replay or give me a call and I'll do a presentation just for you. Happy to do that. Okay, so we've covered that. Now we're going to move into the fresh news and we're going to take a few slides to do that. On this map, which I've taken directly from the news yesterday morning, this is I think figure 3, we are showing the historical times, those 9 lenses, 12345678.

13:17 And then this ninth one over here is just a little baby. They were just getting started when they stopped. So what we've done is put in new drill holes to the southeast and look, it's bordered by this high priority corridor that we talked about where everything should be flat lining. And we've done almost, I've done 10 holes. And what we're focusing on today are the results from number 789, and 10, which are here in red. And we're also gonna call attention to this black line. Obviously the black line is drawn by us, it's not there in reality. And that black line we're gonna get to in a minute as a cross section. So In terms of distance, where are we from the last large lens? So let's use Blue Lake 2 as a reference. So coming down to the scale, you'll see the Blue Lake 2 is a kilometer long, okay? It's got more than 1 million tons of material in it, and at its widest, its place is...

14:19 It's 200 meters wide. So kilometer long. And look, it's laying inside

14:25 of this other coloring here okay this orangish coloring The red is laying inside the orangish color, which is true here and here and here. Possibly true there. It's obviously true here, here and here. So there is a connection between this orange coloring, which is the magnetic response,

14:47 and the historical lenses. So what we've done is continue to assume that connection and start putting new drill holes in places no one had ever drilled before and more importantly we made sure that whenever we drilled, we always went to the bottom of the old riverbed and then through it by tens of meters to make sure that we're getting the material because the material we're looking for is accumulated at the bottom of the old riverbed.

15:18 Remember it's a riverbed of magma, so I'm using a metaphor here. So this press release we're talking about 7, 8, 9, and 10, and we'll also make reference to earlier holes 6 and 5. Okay,

15:32 where can I go next? So here is the image. It's also in the press release, I think it's figure 1, where we have 2.45 meters. So that starts about, probably starts about here, and it goes this way, and it resets, comes along here, and it'll go to about there. That is 2.54 meters of massive sulfide and the sulfide is what holds the metals inside of it. And you can see at both ends, the top end, which is here, that there's kind of a broken off piece, a bubbly little bit that's floated on top and the whole thing solidified. It was still floating there and now it's solidified into rock. And at the bottom end, you can see that the rock below, which quickly becomes blue, it's kind of a toasted black here. And that's because of the heat of the system.

16:27 And you can also see there's some intermixing of sulfide into that toasted black. So that's, I believe, called flame texture. All of this proves our theory. It proves how it was made. It proves that it was made in the orientation and the expectation of what our geologists have. And it also proves that we know what to look for and where to look for it.

16:53 Now we'll come to a couple of other, there's the team. So that's our new senior geologist, Matthew Mayo. There's Danielle Giovannazzo, who's an independent director, come to the site for exploration purposes. That's batiste He's one of our contractors and we're standing over a particular rock and I'm going to show you this rock and then relate it to figure

17:14 Bigger to I think So this particular rock has magnetite in it and that's why we're stopped here. And it's on surface obviously and the magnetite is hard to see it's just little black blobs almost looks like tar. And in the rock This is what it looks like. So this is in the section that we've just shown you, the drilled section. Look at these little black spots, magnetite. So it's an iron-based mineral, and it is essentially nature's best magnet. And what we've done is we've figured out that where you have a high magnetic response there's a good correlation to the mass of sulfide because the magnetite is sitting sometimes in sometimes above the mass of sulfide because well I guess we're not exactly sure why, but it's related to the way the whole thing was set up 1.9 billion years ago.

18:09 So that's important. We'll come to that. And then these lighter colors are the chalcopyrite. So that's the copper itself. So we've zoomed in and we've given you a reference here. So that has shown us that we know exactly Exactly. It's a wrong word to use in geology. It has shown us that our theories are right It has shown us that because there's so much magnetic response For the next 10 miles. I'm now optimistic. We're gonna see a lot more material over the next 10 miles.

18:37 What else can I show you? There's the drilling rig. So it's 1 rig that we're using. It's a small, lightweight rig. This is not a rig built for speed. It's not a rig built for super low cost. It's a rig that's built for moving by helicopter from one place to another, set it up, drill it and then move it again. And that's exactly what we want. You know, it's a good capital allocation strategy. We didn't drag in a giant machine and commit to a whole bunch of fixed costs. Instead, this year we've used this machine to have variable costs. So that's the right move. What else have I got to show you? These are prior drill holes from the winter drilling and we have assays back on these. These were press released probably back in June or April.

19:30 Again, the Chalcopyrite, again, the roughly 2% Copper equivalent. Remember we're being hyper conservative here. We're using a 0.8% recovery method estimate. Probably be much higher when we do our own metallurgy.

19:46 And this is a map showing some of those recent holes, 3, 4, 5, 6. Remember, 7, 8, 9, 10 are in the same neighborhood. Here's all the historical tonnage. And here, open to the southeast for 16 kilometers or 10 miles, is that same magnetic

20:07 and EM response. All this stuff right here, we're coming to suspect is going to have the same kind of thing as we've found so far. That's the business plan. All right. And then I've probably thrown a lot at you. I'm going to pause, catch my breath, take a drink of water and let Romeo ask a couple of questions and then I'll dive back in in a second. How's that, Romeo? Sounds great to me, Brian. So I do have a couple from the chat. So I don't know if you'd rather go with some of the ones from the chat first, just so we can wrap up a couple of those. Swing away. I've got my own good list. So let's start with the chat. And we'll, from here on out, let's just do Q&A until everyone's exhausted. Because This is a flood of information that I have and I'm trying to put across to people. Awesome. So, let's exhaust some folks with some questions. First one that popped up right away. Simon asks, how many holes will you be drilling during the current program?

21:01 Okay. We are, I think it's 1 being drilled now, we'll probably do 1 or 2 more. The current program end is scheduled for September, whether it turns out to be

21:15 the 10th or the 20th or the 3rd, that's a call we'll make when, when the moment is right. I know Simon's probably going to have a follow up question, which is how are you choosing where to put the next hole? So we have just begun in the last several days, downhole electromagnetics, which is another way of saying you've drilled a hole, right, so let's say hole number 10. You've drilled a hole and you know that in that hole we literally saw the magnetite sitting inside the mass of sulfide, which is where the copper is, and the nickel and everything else. So if you now put, I'll simplify the system, if you now put a magnetic item down the hole and you measure the changes in the magnetic field that it experiences, that theoretically should point you as to where something else magnetic is already existing.

22:12 Not in the hole, but around the hole, near the hole, you know, in a circumference of maybe 200 meters. So we're doing that right now and then we'll set the next hole to take advantage of that information. Okay and then after we've done the hole we just drilled we've got maybe 10 or 12 other holes either things we've drilled or things that were drilled in the 1980s where the holes are still physically open, where we go do that same downhole electromagnetics, looking for things that just couldn't be found in the 1980s, because they didn't have this technology,

22:47 or things that are adjacent to holes we've drilled, but we don't know what is there because we haven't done this magnetic test yet. So to recap for Simon, 1 or 2 more, well, who's my current guest, they'll be cited by EM Downhole, and we will continue doing Downhole to build a library of information to use for the 2027 campaigns.

23:09 Great. I've got some follow-up questions while we're on specifics of drilling. Stefan from the chat asked, how much will this year's drilling program cost and how much cash will be left in the bank after the drilling? Okay. So cash in the bank right now is, I'll say just under 1.9 million bucks. Some of that is earmarked for flow through. So by the time we're done the campaign and spent all the flow through in rough numbers, let's say just above or just below 1 million bucks resting in the bank. We like to always have 1 million bucks in the bank because you never know when you need it. And we also like to have next year's campaign fully funded before next year comes. We run the company very conservatively. What was the other question? What did it cost? Oh yeah. So your first campaign, Stephan probably knows this. Your first campaign, which is what this is right, Which we split in 2 parts and, and, you know, we were learning a lot of things as we go. It's like when you buy a boat for the cottage, you don't do the per hour cost because you don't like the number. It's the 2nd or 3rd year. Once you've figured out, you know, I need to do my maintenance on this day and I'm going to drag out a larger boat and I'm going to gas up at the gas station instead of the marina. That's when you start to calculate it.

24:23 So the per contract number was something like 300, but that's nowhere near the total. So, you know, plus we brought the fuel out in advance. So, yes, I will do that number. But what Stephan needs to know is next year's number will be a lot more hyper-rational about what we spend in the drilling section of it, because we'll use a different rig. We'll try to do logistics without helicopters, all kinds of things will be different for 2027 as we expect versus 2026. So the 2026 number, whatever it turns out

24:57 to be is not indicative of the future. Sure. Yeah. I appreciate them. I got a couple of questions of my own and then guys in the chat, I see all your great questions. I will get to those too. One thing I wanted to get into before we do is I saw on yesterday's release, you said the holes should take Blue Lake from interesting to evidence, which to me, really strong phrase for exploration press release. I love you can unpack it for us. What's the difference between an interesting exploration project and an evident one? Well, first of all, I want to thank everyone who edited that for me.

25:32 My original word was obvious, but I was obvious is not where we're at at the moment. Interesting. So interesting is a lingo that geologists use to say, you know, I think this project deserves attention and money spent on it.

25:49 And an obvious, which is not what we use, but what is this, evident, right? Evident is my word to say it's clear there's something here, it's clear that the something is an indicator that something large is here, and it's clear that no one can feasibly say we're chasing ghosts. This project doesn't deserve more attention, more money, more time and lead to a larger result. As a result of that is my expectation. So interesting is, yeah, there's a historical tonnage. Evident is, well, the historical tonnage turns out to be the start of something. And we can see that because when we move away from it, we're finding a whole new system, which is part of the same larger system. So that's why. No, I appreciate it. That's an interesting phrase. I was looking for updates.

26:36 One thing and just because I know your history, Brian, I know you spent years on the capital market side before running Coupani. So you know how discovery stories get priced, sometimes frustratingly. And there's often a lag between visual results and the market caring, noticing, you know, sometimes especially in August. What do you think the market typically gets wrong in that window between hitting massive sulfides and getting assays back?

27:04 Yeah, I had this conversation with my own son just last night. He's in business at McMaster. We were talking about the efficient market hypothesis. That's just what we chat about.

27:18 Markets are not efficient, right? This is why stocks suddenly run up before they get bought. Right? The, you know, to pick on 1, Northern Superior, I think was a big win for a lot of people last year in December. And, you know, it spent 5 years at whatever number of cents. And then in the last 6 months, it ran vertical and it got bought for a couple of bucks by a much, much larger company. If the market was efficient, those lines would be sloping gently. It's not, right? Geology is hard. Nobody understands it if you're not a geologist. If you are a geologist, you've got a payroll, you're working, you've got kids in a minivan, you're not spending

27:54 a lot of money on other people's projects as investments. So there's a very small market of people who actually know what they're doing in this space. And I hope they're on this call. Thank you. So, you know, the last few months, stock price has gone down since we raised money. First of all, it looks like a lot of companies have gone down over the summer. Maybe that's because there's a war in the straight up or moves. Maybe it's not. Tell me it is. The next thing is, and this is a failing of mine that I'm gonna have to figure out how to fix. In 2025, we raised money from people who were interested in the tax credit, right? Those are called flow through investments. And I asked them all to be very careful to wait until we have our drilling results before they go sell it. It turns out that some of them at least are selling it to get their cash out to go buy another tax credit deal. And that's why frustratingly, the stock is at $0.08. I mean, I've been buying it myself and press releasing that I've been buying it at 7.

28:52 You know, so as a clue, if I'm buying it myself, I don't expect us to be raising money at 7. So, there you go. That's a decent clue. Tony Fitzgerald in the chat says markets especially inefficient among micro-caps and I tend to agree. Fair enough. So that's something to think about. I don't know exactly who Tony is, give me a call later, but in case you don't know Tony, we've got 37% insider ownership And we do that because we know that's a signal to people who are doing the homework that this is a company that has a project the insiders expect is going to work. And you know, we don't waste our money. So if you didn't know that, give me a call, I'll tell you more. I appreciate that. I have one more question, just looking at the release. This is one's for me, and I'll get back to the chat in a second. The new intersections, they're more than a full kilometer southeast of the historical lenses.

29:46 For people just finding the story, I know there's a few on the call, what does it tell you when mineralization shows up that far from where everyone was looking previously? Can I swear? Yeah, on this platform, please. It tells you you've got the world by the ass, is what it tells you. Yeah, there you go. Let me zoom out and go back to that map. So here's our scale along the bottom. You know, we're more than a kilometer away between the tip of Blue Lake 2, which itself is a kilometer long, and this black line, which is kind of the line we're drilling at the moment. So if you're going to find the same, roughly the same things a kilometer away, and your theory was that that's because this magnetic response shown in orangey color is the indicator geophysics for the Copper and the Nickel and the Platinum and the Palladium.

30:40 It tells you that you're finding it here exactly where you expected. Now you also expect to find it everywhere in between. Lots of places in between, lots of places beyond the Black Line and possibly even lots of places over here where we haven't even drilled yet. So what it's telling us is it's a really big system. And for reasons of history, meaning nobody had all the claims in 1 block, or copper prices and nickel prices were low, or you couldn't get here, no one has applied these theories of exploration outside of the area where they've already done the 9 lenses. All right, so, you know, it gets crazy when you start to calculate what this could be. And so I won't do it. I know the regulators don't want me to do that and they're valid points to make there. We have to rely on the engineering and the geology to do that. So, yeah, but what keeps me awake at night is I'm always redoing this calculation. If there's 4.3 million non-compliant historic tons between here and here, so let's call that 2km,

31:44 and the whole corridor is 16km long, well, just do the math and I lie awake at night. There you go. That's the decent kind of lie to wake at night. I got one more about the resource, Because I don't know if people realize this, everything you've hit is roughly flat-lying. Holes are shallow, some under 300m. So set aside drilling for a second. If this keeps growing, and I personally believe it will, what does horizontal near-surface mineralization mean for how a deposit like

32:16 this could eventually be mined?

32:19 Yeah, so I'm gonna take the I'm gonna compare that concept to The it's it's it's extreme opposite. Okay. Mm-hmm So the extreme opposite would be something like Platinum that comes out of South Africa. So those are like 1, 2, 3 kilometre deep mines. And so what happens if you have a mine that goes down, as the years go on, your cost to extract goes up, right? The diesel price goes up and the diesel's what's running your elevator, or the labour price goes up because the labour gets expensive every year. And then compounding that is after you've finished at the first kilometre, you found everything there is to find, you've taken it out. Now you've got to dig a deeper hole, another kilometer.

33:06 And in some ways you'll have doubled your operating costs because you're now going 2 kilometers down and back every shift instead of 1 kilometer down and back. Right. So that's why speaking about South Africa, right. We're not sure that the supply of platinum and platinum is going to continue at its current rate because they have to keep going deeper and deeper and their costs are going up and up and the grade is not necessarily going up to match. So that's 1 end of the spectrum. The other end of the spectrum would be us. Everything is lying flat. So there's no need to go deeper. And not only is it lying flat, but the current expectation is that it's lying flat along a horizon 10 miles or 16 kilometers long. So if it's lying flat and let's say it's 200 meters down, okay, or in feet, what's that? 600 feet down.

33:57 You would just make a ramp, right? Kind of a curly queue in the rock to get here, bring all your material out, drive it up, and then drive it to wherever you're going to process it. And when this one's done, the next one's maybe A0A kilometer away or 600 feet away, and you just use your ramp to go the other way. And you just keep taking it out along

34:18 this horizontal road that you've built and bring it back to 1 spot. You with me? Okay. And then if your trucks are running on battery, then you're not even going to have to fight the higher diesel cost every year.

34:34 So that's why this is super exciting. To our knowledge as a geology team, there is no other situation in the world currently known to us that has this amount of magmatic flow horizontal, or almost horizontal, roughly horizontal is what we say, because it's not perfectly flat. So we can't say it's perfectly flat, right? It'll have a wave motion to it, but over the long distances, it's mostly flat.

35:00 We think it's currently a once in a lifetime thing. I think great. Yeah, sorry, I got to ask because I thought that was a unique structure so I've never got into it. By the way, it also means that if you, let's say you're a giant company and you take this thing over, you can scale your capital to what the world wants. So let's say, you've been in production for 5 years and the copper price drops. Okay, well, You just don't drive as far to the next shell, to the next underground. You just keep working the one you have and you'll leave that one for the future, knowing that the cost to open the next one is not very much because you don't have to sink a new shaft. Right? Not going down. You're going horizontal.

35:48 Yeah. There's advantages. I appreciate you getting into the structure there. One thing I wanted to ask, because I know when you and I have talked and when you've talked to my colleagues, the headline metals are obviously Copper and Nickel here. But your equivalent formula in this PR carries Platinum and Palladium credits. And there's a Pa in Kupani. The original operator here was literally called Lafosse Platinum. How should investors think about the precious metals kicker in this system and as a part of this investment. Okay. So thanks for bringing that up. So here's the equation. We redo it in every press release, so everyone can run the math on their own. So what should they think about the Platinum-Palladium? It's a pair of metals where we expect the supply-demand balance over the next 15 years, which is really as far as you could possibly look, is where there's no new supply growth and the demand growth had been assumed to be negative, and it turns out it's not.

36:55 So supply, most of the platinum and palladium comes from either South Africa or Russia. We've already talked about South Africa's problems. Deeper. And then in addition, South Africa as a country has infrastructure problems, right? They can't keep the power on so the mine can't run the whole time. And then Russia, you know, sanctions, sanctions, sanctions. Plus they're having a hard time building new things because they're busy with the war. So over the next number of years, the supply of platinum-palladium probably isn't going to increase much. Now, those 2 metals were, well, platinum anyway, were in the catalytic converter for internal combustion engines. Right, that's the thing just before your muffler that reduces the emissions from your tailpipe.

37:46 Okay, And I guess up until the 2nd Trump election, everyone assumed that the internal combustion engine was going to go away. And you were going to have batteries with Lithium. So the Lithium price shot up and the Platinum price, Palladium price shot down. And it turns out cars aren't going away anytime soon, or at least the internal combustion engine isn't going away anytime soon. So in the next couple of years, the price for those 2 metals should start to go back up because there's no new supply and the demand will continue to grow slowly. So what does it mean for us? It's a sweet little kicker. It's essentially a non-Gold Gold. It's a precious metal which has a use case beyond investment case.

38:36 Yeah, there you go. No, appreciate it. Just wanna make sure I have a side with the coup and the knee there's a par right in the middle. I thought I'd bring it up. Now there was a, I had a question about infrastructure but so did some in the chat. So I'll just go ahead and read theirs. They want to know, it's a couple part questions, so I'll do one at a time. Is Compounding involved in any discussions about a road to Crater Lake at this time? OK, so let's get over to our map for the region. OK, so Crater Lake, for those who don't know, I'm gonna use my cursor. Can you guys see my cursor? Yes, for those who can see the screen, they can. Everybody else, you'll get it on the report. Just off the T of the word project, it's somewhere over here. So Crater Lake is a Scandium project owned by a company called Scandium Canada.

39:22 Its market cap is much larger than ours. I think they're about 100 million right now. And they're located right where the cursor is. So They have, that's not right. The first, one of the 2 First Nations in Shefferville, the Nisgapi First Nation, has told Scandium Canada and the provincial government of Quebec and the federal government of Canada and everyone who will listen, that they want to build the road, they want to lead the road building program from Shefferville to Scandium Canada. There's a couple of reasons for that. 1, they're an investor in Scandium Canada. That's obvious. 2, they're very forward thinking, and they realize that if the Crater Lake project gets built and the Crater Lake uses a winter road, it comes straight South down here to the Labrador Highway.

40:16 Then the jobs that come from trucking, the jobs that come from processing and purifying are going to end up in Labrador City or maybe down in Satele. But instead, if a road gets built from Crater Lake, and I'll trace its expected path, and I'm moving to the west, and look at that, it goes right over our claim package and would stay in Quebec by avoiding this little finger of Newfoundland, most likely, and then come down into Shefferville. Then all the cargo will go through Shefferville. All the equipment, all the ore will go through Shefferville. The processing facility will be built in Shefferville. All of that to the benefit of the First Nations and the people living in Sheffield.

41:03 So what they're saying is this is regional economic development. And so we, the Nisgapi, we're in favour of this. We want to be the ones to set the agenda for this and we think it needs to be done. So Nescapi are leading it. Obviously, Scandium Canada got there first with them as investors in the project. We're catching up. Scandium Canada is at, I think they've already done a PEA. They're working on a pre-feasibility study to come out in 2027. So they're advanced versus us in terms of timeline and man, are we working hard to catch up. But yes, that road is going to be important for everybody in the region And it will certainly make economics better for us and for Scandium.

41:53 And we've offered help. The help we can offer right now is using our camp as a staging base for the survey crew or running that route in the wintertime by snowmobile. So you can run that survey. We've done runs like that in the past. So yes, we're offering up help everywhere we can. And we're watching that process. We're cheering it on. Awesome. No, appreciate it. I think that covers actually most of the infrastructure questions that you had. But if you have another one that you don't think I captured, please throw it in the chat. I got one for you that's a little bit of a crystal ball gazing 1. So bear with me here, Brian. But I know the rush samples are at the lab. The drill is still turning for a few more weeks. In your experience, do discovery stories re-rate on a set of assays? Does it take an accumulation of results? I know a lot of this is out of hand because as you said, Warren ran August for 1 million reasons. What's the moment you think this one clicks for the broader market?

42:54 Look, I'm not going to hazard a guess to that. It just seems like no matter what I guess the odds of me being right are 1 in 100. So I'll say it clicks when it becomes obvious, and it becomes obvious after however many essays or however many drill holes or however many estimates of what the lens might look like, which actually brings me to something. Perhaps this will help people. It's not my work, but I think the guy is on the right track. Let me try and show this up here. So this is not officially company. Somebody else has done this and they put it into the CEO.ca chat. So this is from Eric Lemieux, who follows a lot of stocks. He has taken figure 4 from our most recent press release. And figure 4 are these drill results, right? And here's the, I think that's an EM conductor.

43:48 And from the legend, he's able to see the citations here where there's massive sulfide for 2.35 meters in hole number 6, and then 1.8 meters in hole number 7. And he's, he's mapping together what is probably continuous or semi-continuous or nearly continuous layer across holes 6, 7, 10, 5 And as you can see here, right, it's roughly flat. It may not be flat in reality, we don't know. But remember this is on line A to A prime. So if we go back to line A to A prime, let me get to that here. Here's line A to A prime in the map.

44:34 Oh, you know, here's a kilometer long, the lines a kilometer long, the whole thing is not. So let's just say it's 400 meters. It's 400 meters from here out to here that he's mapped of a continuous layer, we'll call it. Not deep, not steep, So it's shallow-ish and it's flat-ish. Like how many of those do you need to see before you realize this is something? Sure. I don't know. If it was 1, the stock would already be up. Maybe it's 2, maybe it's 3. I don't know. But remember, you're just taking a slice, a horizontal slice of this high priority corridor that goes on for 10 miles. I don't know how Everybody isn't as excited as I am. There you go.

45:21 I hope folks catch on. I got 1 about the broader market, and then a couple of quick ones just to close us off from the chat. I did see the one about the F-350, so we'll get to that. But I wanted to zoom out from Blue Lake for a second. Magmatic Nickel Sulfide discoveries are rare. Folks in the chat know they're very rare. And most of the world's Nickel growth is coming from Indonesian laterites with their own series of problems that people can read about. And North America is kind of barely adding supply from everything that I read and can see. So why, in your opinion, does a Copper and Nickel Sulfide system in Quebec matter right now in this market? Oh man. Like I had this ready. I didn't know you were going to ask that. Glad I can still surprise you, Brad. Now hold on. I'm going to share up, and this is a public thing. Obviously again, it's not us. We didn't write it. Give me a second here.

46:18 Yeah, here it is. OK. So this is an article that we've passed around internally and read ourselves maybe 2 or 3 months ago. Okay, let me get to the title of it. And if you're not a geo, my apologies, It'll put you to sleep, but it's worth reading Geodynamic controls on magmatic nickel copper platinum group elements sulfide mineral systems through time You with me? Mm-hmm. The authors are In large part academics and people who work in the exploration department of BHP. Wow. Yeah, sure. Okay, so I'm not gonna read the whole thing and everyone's welcome to go find it. Just Google it up. You'll probably find it the the concept of the article can be represented in one of their figures.

47:05 And I'll just show you this figure here. All right. Let me zoom out so I can get it all in at once. Okay. So from the article, they're basically saying these are the majority of the world's copper nickel projects as ever found and they are reclassifying all the systems in the world to this new system of classification that they've created. So they're starting with the age, okay? The lower you are in this chart, the older it is. The higher you are in the chart, the younger are the rocks that are holding your metals. And then from left to right, roughly speaking, on the left side is the hottest the magmatic flow was, and on the right hand side is the coolest the magmatic flow was.

47:59 All right. Now, we'll get to Indonesia in a second, but notice the following. The older and hotter, and the size of the circle represents the size of the project, the older and hotter, the more bountiful the project. Sure. That makes sense. Up here, the world has changed. The plate tectonics are slower, cooler. The material underneath the plates is of a different style than it was back then. Everything is smaller, harder to find. So the Indonesians, they are using material of one of these types of systems that has then sat in the tropics for so long that its near surface and rain and weathering has opened up the rock and the water has come in and washed out the sulfur, replaced the sulfur with oxygen.

48:59 Okay, that's essentially it. And that means that you need to bring in Sulphur in order to extract everything, which is why prices are starting to go higher because you can't get Sulphur from the Strait of Hormuz right now. And it also means that once they get through the top layers of the ladder, right? They're back into having to find regular projects like this. So there's only a limited supply eventually before they, you know, what is that measured in years, obviously, but no one knows the answer. You know, we're passing this around because one of the recommendations at the end of this article is that people have to go back and look for this type of system again. And guess what we are? Right here, Thompson and Ragland. That's the same continental edge that I've been talking about for years that we are on.

49:51 So anyway, I hope that's an answer to the question. I've gone deep. I know I've gone deep. I'm sorry for that. You're on the right side of the graph, which I think is interesting. And I think it's important to remind people just how few of these projects there are in North America. So I appreciate you jumping into the details. But I will share that article with everybody who's in the room for folks asking in the chat. 3 quick rapid fire ones before we wrap up today. Brian, if you don't mind. Rozzy from the chat asks, what's current debt for the company? Debt? Yeah. Yeah, no debt. No debt, Rozzy. Amazing. See, all that. Debt is the one thing that could kill us, so I would never do that. Love quick answers, quick, easy answers. One person wanted to know how tightly held are Kapani shares? What's the percentage of the top 10 or 20 shareholders? If you got napkin math in the back of your head right now.

50:43 Okay, give me a second to do this on the fly. So the top 2 shareholders are 37%. Top 10 shareholders, I would have to assume it's 50 or 55%. And the top 20 has got to be 70%. Okay. Great. I appreciate it. 1 really specific 1, it was a follow-up to the infrastructure question that I didn't get to. Did the Arctic F350 that was bought make it to camp and can it be driven to camp on winter roads right now? Okay. So we tried and we didn't make it in the short 4 days that I had allotted for that last winter. So I think it will make it as part of a much larger team. And the difference between my expectation and my not getting it done was that we did a snowmobile trek the year before to camp.

51:38 And we used that route this most recent winter thinking that, well, we already know the route. So we just need to lay in the track with the truck and the snowmobile and then we'll get there. And I was wrong because the route that we used last year was impassable this year because of a particular snow drift at the bottom of a ridge, that snow for some reason was so dry that it didn't compact. And we didn't leave enough time in the plan to go around that and find another route. Obviously, lesson learned, but we're currently using the truck in town as our town truck. And yeah, I still think it's all gonna work. It just hasn't worked yet. Okay. I appreciate it. I'll say this, Brian, thanks so much for- Before you go, actually- Yeah, yeah, go for it. I have a bunch of questions that people have called and asked me since the press release came out.

52:29 Sure. If you give me 3 minutes, let me try and get through those. So first of all- You've got 7 minutes, go for it. 7? 0 man. So why does 2.45m matter? Right? So people keep saying, well, you're drilling 2.5m, but 37m is what I hear from somebody else or all that. Remember, it's because their ore body, if you're drilling 37 meters, their ore body is vertical or near vertical. And that brings back all those higher costs we talked about with the South Africa situation. If ours is like that, right? And the pen I'm holding is 2.45m thick, we're drilling straight into it, but the pen is also a kilometre this way and 200m this way, that's just as good if not better.

53:16 So I've got to keep putting that across. What is the grade going to be? Well, we'll get the assays in October, November. Somebody who only buys gold stories asks me, how do I convert copper grade into an equivalent gold grade? And I've said to them, go to, this is not my website, metalequivalent.com and you can type it in but roughly they're the same number. So if you're 2% copper equivalent you're gonna have roughly 2 gram per ton gold equivalent. So if that's a shorthand for someone, by all means, use it. Somebody else asked, how much is this going to be worth? That's a question that's an answer for the future, but, you know, at today's Copper price, if you take the 2% or 2.2 or whatever number you want to use for an effective grade, times 4.3Mt, times the number of pounds in a ton, times 1 million and get yourself started with there. And of course, we're adding to that eventually. So Then the next question was why do the black spots matter? Well, that's the magnetite we've talked about that Why did only 3 of 4 holes succeed? Okay, so that's not right 3 of 3 into high magnetic targets hit the massive sulfide That's what we've reported The fourth one, which I think was CUP26-09, that was actually aimed at a weak MAG response in order to prove the corollary is wrong. So we went into a low mag to prove that we wouldn't hit anything in

54:48 a low mag, thus reconfirming that high mag is what we want. So arguably 4 out of 4. What do you know about length and width? Well, I think we've covered that already, plenty. And then somebody asked about value per ton, but we'll leave that for the future. Okay, thank you for that. I've run through the rest. No, no problem. I'll just say there's 1 very fun comment from the chat, which is there's an easy answer to how much this will be worth, a lot in all caps. So, we appreciate that in the chat. Well, that one, that's accurate. Brian, thanks so much for running through this and also letting me grill you a bit on it. This is really exciting news. I hope more people see it. So everybody in the room, please feel free to share this replay when it pops up. It'll be in a couple hours. But I appreciate everybody's time so much. And if you do have additional questions, you can always reach out to Brian directly. But if you shoot them through just as a response to any of your invites to this event, I can get them to Brian too. There's also a request meeting button at the bottom of the screen. Please press that if you'd like to meet with Brian and the Kupani team. I'm happy to connect you as quickly as possible. Brian, thanks so much. This was a fun catch up. Yeah, thank you, Romeo.

55:53 It was great. Talk to you soon. Have a great afternoon, everyone.