CUPANI Metals: AGM Meeting

0:04 Welcome everyone. I'm not sure what the camera can see, but at the moment I hope it shows me. To my left is VP of Exploration, Jacque Gauthier, and to my right, perhaps in the camera field, maybe not, is corporate director, Dr. Danielle Giovannazzo. So this is the team that'll take you through the presentation today. I have a few words I just want to get through and then we will start the presentation deck, which I think we're just going to tap on and it'll go. Okay, good. As always with the AGM, I want to acknowledge that it takes a long time for exploration to turn into success. And that means in practice that we have a great shareholder base. Some of them have come in at different times, different events in the company's history. So I just want to call that out and thank people for their patience.

1:01 So to Brian Laurie and everyone who came with him when the company got the ball rolling by going public in 2010, thank you. To Jeff, shout out to Jeff and his friends who came after Ned Goodman became a significant player in the company. Thank you again for your patience. For Simon, George, Valentina and everyone who joined along with Douglas Macquarie in the pre and in the post Asante years, thank you very much. And there are several new groups of shareholders this year, people who are Quebec residents that bought Flowthrough, a couple of fund managers. We've got some dear friends of mine and smart investors from the U.S. So thank you for joining us this year. We're on the road.

1:47 The pace of success will, I think in 2026, be double what it was in 2024 and 2025. We are building up ahead of steam. And so I'm very happy about that. And I just wanted to say that to everyone before we jump into the presentation. I have a few other points to make before we go. We lost Douglas this year. He was a wonderful man and a great friend. He knew there are 0 successful pessimists, especially in exploration. So I'm always thinking about him and his daughters and his brave wife Roberta. So thank you all. And I have another comment to make. I have a special respect and a thank you for Professor Kim Hein. Kim was empathetic enough to join the Coupangti board immediately following Douglas' passing. She was an important stability for the company, for the team, myself personally during a tumultuous time in our recent history. Kim's true love is, of course, our teaching and academia.

2:47 For that reason, Kim will be unable to serve the directorship terms which she was just elected today. She's unavailable, she's resigned. She's going to go back to that as her main and only focus. And I wish her well, and I thank her for guiding us and the company when we needed it most. So that will be reported in a press release when we do the annual vote results, which will probably come out this afternoon. And then in the last couple of days, last week or so, I've been getting text messages and emails from folks who bought the 2025 deal. They have a DRS, which is a direct registration statement. It means you have an email from the transfer agent saying you own your shares and you're trying to give those to your brokerage firm. And you're getting, some of you are saying it works no problem and others are saying it's not working, the brokerage firm isn't taking the DRS.

3:38 No problem, if you're having troubles, send me an email, it's been a crazy week this week, I'm taking a train back to Toronto tonight from Montreal, I will do everything I can to see all those emails and we'll solve that by having the transfer agent reissue the DRS. So not a problem. Okay. And with that, unless there's any quick questions on those comments, I think we'll just jump into the deck, which is really what everyone wants to know how we're doing and what we're doing with the company. So can you, Romeo, can everyone see the deck? Not yet. No, can't see you sharing anything. You sharing? All right. Yeah, it's on. It's on here. Can see that.

4:32 All right. How about now? OK, great. Speaking of looks great, I just saw a little snippet of Jacques and myself in the camera. So to stop the distraction, we'll turn that one off so people can see the deck only for now. Okay. All right. Let's get underway. So I imagine as it's a shareholders meeting, everyone's already familiar with what we've got, but perhaps that's not the case. So we'll just open with a very brief about the company and then we'll go into detail as we go through probably the next 20, 25 minutes. And then we'll do a long Q&A. We'll do everything we can to answer all the questions.

5:19 We have great grades at surface in Quebec, Canada. The immense land package we've accumulated over more than a decade is now 682km2, if I have the number right in my head. And it has never been systematically explored. That's part of what's attractive about it. The reason we have that much land is because it's all the same peridot type of rock across that 682km, which is the same type that hosts the historical tonnage, which we will talk about a lot. The next main point to note is we have a high insider ownership and that we are listed now in Canada and the USA. The historics I'm talking about, 2.3 equivalent, We will have to get into all the math of that and what the 43-101 later on, but it is there. We have seen it.

6:08 That equivalency, that grade is made up of Copper, Nickel, Platinum and Palladium. You know, basis point out of 100, So if you take that 2.3 and think of it as 100%, 45% is Copper, 45% is Nickel, 5% for Platinum and 5% for Palladium. So like I said, those are all a great start, but here's where things get even better. We are 70, 65km, depending on which part of the property you're standing on. 60 in the closest parts. 60 kilometers away from Shefferville, which is a mining town built in the 1940s. It has an airport. It's got a hydro dam nearby with spare power. It has a railway which takes existing open pit iron ore product down the railway to the Atlantic Ocean at the port of Sept-Îles in Quebec.

6:58 And so the infrastructure, if the decision ever gets made by somebody further down the road to put into production, infrastructure is not a giant problem. And then the geological model, which we're going to hear a lot more about today, is that we're chasing the idea that we have something like the Raglan mine, which is further up in Quebec and is an important asset for a giant company called Glencore. Here's the ticker symbol, which I assume everyone knows. A little more detail about the history. So Agosin, and we'll see a photo of 1 later on, Agosin is a visible mineralization at surface. They were first spotted at this project site in the 1940s when people were using helicopters to explore.

7:48 There was drilling in the 1960s that found Copper and Nickel. In the 1980s, during a Platinum Palladium price advance that lasted several years, a company called La Fosse Platinum Group, They went back and tested the drill core

8:04 from the 60s and they found it contained Platinum and Palladium. It was great news for them. It's good news for us. That allowed them to spend what we estimate to be in today's dollars, but back in 1983 to 1989, probably spent 50M bucks. And they did fence line drilling. They did a lot of drilling on the lenses that are there, the pods of mineralization. They defined this 4.3M metric tonnes that we've talked about. They did a addit, which means they started into the side of the slowly, gently rolling hill. They pulled out bulk material, 2000 tons. They did metallurgical work on that. They brought the project to mining lease status in Quebec and they did a winter road from the town of Shefferville to the site and they brought in all kinds of heavy equipment to accomplish the things we just talked about, but they never produced.

9:01 They never produced because they overextended themselves. At one point, I think they saw maybe 4 or 5 times the land package we have now, up and down the trough and other places as well. The flow-through rules changed against them in 1987 or something to that effect. I wasn't around, but they never produced. They did, however, sit on the licence, the special mining lease until 2023. And that's when Douglas and Ned, in the period before 2023, they started staking around the project's historical tonnage. And that was the basis of the company. Actually, I think Brian Laurie and gang were doing that. And then Ned came in with Douglas later on. Anyway, that brings us roughly to today.

9:50 And I would say the most recent big change is the addition of the VP of Exploration, Jacques-Alain Gauthier. And here we have with us right now, The 2 people who are with me right now explained here, both of whom are super accomplished. And here's a map of the site. Just make sure they see the screen. So we have a portion of Quebec on the smaller site, and we've got a larger inset map showing the project right here, and the town of Shefferville, the rail line all the way down and the port of Satele.

10:39 Okay, now before we go too far, Danielle has kindly pointed out in the chat, and I'll put this as a question to Romeo. Romeo, I see someone in the chat is saying they can only see a green screen. I don't know if that's our problem or theirs. Anything you can say about that? Yeah, just making sure on our end. But I can certainly see it and I believe everybody in the room can. So Robert, if you wouldn't mind just refreshing your page, That tends to work for small video issues like that. It's probably just a quick internet thing. OK, thanks very much. Looks good for me. All right, great. Thank you, Danielle. OK. Why don't, do you want to take it from here? Yes. Okay. Just to point it out, this picture show in grey, dark grey, the outline of the Percambrian Craton that is over most of Ontario and a big chunk of Northern Quebec and Labrador.

11:35 And you could see all the major nickel-copper mining Camp are sitting at the edge of this big craton, or the edge of those 2 cratons here, Sudbury, Duluth, Townshend in Manitoba, Raglan in northern Quebec. And our project is similarly situated at the edge of the Pacembrean Craton. That's

12:02 important, because we believe, geologists, that the edge of those cratons is where you have a lot of mythic magma coming up from the mantle. The mantle is under the hard crust. So it's a, just to say, it's a very nice location to find another one again. This is a color map of the result of lake bottom sediment sampling that was done by the government over the years I guess since a certain time. It shows in blue and in red the value of copper within the mud at the bottom of the lake, it was sampled.

12:58 In red it shows, in orange it shows the highest value that were obtained over the entire northern Quebec. And this area in red, that hot spot, it's exactly where our property is situated and it's exactly where we have our claim to cover the entire North. Just to show you a bit of geology, I'm going to be brief with a technical description. In black you see the contour of our property, a claim that we stake over the years. And in violet, almost dark pink, you see the trace of the ultramafic rocks all over the place. So Brian and Ned Goodman and other guides who worked over the years with the company, they were able to stake all the occurrence of a tromphic rock in this region.

13:57 So obviously we control all the favorable lithology in the area. As Brian mentioned, we see here the calculations that were done in the 80s and the 90s about the massive sulfide length that we have. You can look at the number here. I have to tell you, however, those are historical resources. We at this point in time, we don't have all the data, all the information to verify the validity or the quality of those calculations. So we don't take those resources as current resources, they're only historical, but it tells us, geologists, that There is, what, 123456789 very nice massive sulfide lands that are rich in copper, nickel, and palladium, and platinum.

15:02 Just to show you some of the work that were done in the mid 80s by La Force Platine, there was a spike in the platine price at the time and they were looking mainly for platine. So they dig a 350 meter long adit, it's a gallery, underground gallery, to take a bulk sample. And you see on surface, they took a bulk sample, it was 2,000 tons, if I remember well, for metallurgical tests that they've done. Mainly, it was aimed to verify the recovery that it could have on the precious metal. And the pile that you see is ore, in fact, it's massive sulfide, semi-massive sulfide, well numerated, so we can weaver, we check the assay of some of those piles.

15:52 We had pretty good value in those. So yeah, so you know what's what's happened, why are we excited about the next couple of years? And I really want to tip my hat to Jacques and to Danielle, who've taken the ideas based on what we've seen in the field and turned it into a theory and the theory seems sound and the theory is testable. So the next few slides, we'll go back into geology, but the message here is that The data that we have from surface sampling and from

16:37 electromagnetic surveys that have done in the past, when you merge that up with theories of how projects like Raglan were created, because so much more is known about an operating mine at Raglan than is known about this. It leads you in a new direction. It's a new direction that wasn't available to the people working in the 1980s.

16:57 First of all, they were focused on maximizing their speed because they had to do work quickly while that Platinum price boom was happening. And second, the magmatic flow theories that we're going to talk about just were not available to them, nor would it possibly occur to them that that was the right thing to be doing. So in these 4 points, which we'll break down over the next couple of slides, that is the basis for the theory that we're going to talk about next. Okay. Yeah, Brian had this slide to show, it's a better picture than the one we took in the field. Those are columnar jointings. That type of structure is created by the very rapid cooling of lava.

17:45 Azaltic lava, chromatic lava and azotic lava. This example is from Yellowstone. Sometimes it's called organ pipe structure, there's any other name, there's a lot of those things in Scotland, Ireland, Iceland. What it tells us, geologists, is that the lava, okay, was cooling very, very quickly. And it's the quick cooling of the lava, very hot lava, in contact with water or water saturated mud that create that columnar joint. What this thing tell us is that when you see that in the field, it means that it's either a lava, okay, that were in contact with water, or a very shallow, very, very shallow sub-intrusive that was in contact with water saturated mud.

18:40 Just want to do to show you some some other columnar jointing. This picture here was taken on at Raglan. You see the Raglan mine here. And the picture was taken some 400,500 meters from the mine site. You see Utramethic from here to here with columnar jointing at the top. Just to want you to compare, that's a picture we took on our property. Here you have a geologist as a scale, and here you have another geologist at the scale on our property. And you see the exact same columnar jointing on top of a neutromyphic flows or a neutromyphic very shallow subentrism.

19:25 This tells us that we have a very, very similar geology to the Raglan Camp. Yeah, Brian wants to show you what's exactly a lava flow. That's from Hawaii, but it's not the same type of flow. Those are basaltic, but the flows that we were talking about at Kupeni property are ultramefic. This is a cartoon to briefly explain how the massive sulfide is created at the bottom of the ultramafic. It's a vertical cut along the lava flow in this example. The lava flow is turbulent and it's flowing on sulfide-rich sediment.

20:13 Those sulfide-rich sediments are soft. So there is lots of fragments of those sediments that are incorporated within the magma, within the hot lava that is flowing. Here on a larger scale, you see those fragments of sediments that are melt within the hot lava. That liberate the sulfide, because those sediment here are very rich in sulfide.

20:39 That those sulfide in melting, there is some sulfur assimilation within the magma. The sulfur in the magma will connect with the nickel, copper, cobalt and precious metal to form heavy sulfide minerals. Those heavy sulfide minerals are heavier than the magma itself and they settle down at the bottom of the lava to form massive sulfide. Here I have an example from Raglan. This is one of the ultramafic lava at Raglan. That's another cut at 90 degrees. You have the surface and the sky here, and you have 3 types of rock. The ultramethic magma is in pinkish-orange, pink, something like that.

21:26 And you see there's some mineralization close to the surface, most likely non-economic or sub-economic.

21:33 And the strategy when you have a fertile magma conduit like this one, the strategy is to follow the conduit, down the conduit, because you can see sub-economic mineralization closer to the surface, and you can hit somewhere else along the conduit, massive sulfide, thicker massive sulfide, that could be economic deposit. So that's the strategy in that type of situation. You find Fertile conduit, fertile mean there is some massive sulfide or disseminated sulfide mineralization somewhere. That mean the conduit is fertile. You follow the conduit, that's the way to maximize the change to find another one, another mineralization, bigger, larger, and with a better grade.

22:21 So back on our property, this is a plan view, this is a map showing the color is the magnetic survey that was done in 2010 by an airborne survey, high quality VTEM airborne survey. What's in pink and red here it's a high magnetic anomaly, while it's in green and blue or orange are mediumly anomalic magnetic

22:50 anomaly. And what we have here in the red star is the localization of the massive sulfide that were found in the 60s, the 80s, with some of the historical resource that's in this area. Me and Daniel, we quickly realized, looking at all of that brainstorming and everything, that the magnetic signature and the electromagnetic attitude of some of the contents around those massive sulfides were extending. We see the same type of magnetic pattern and electromagnetic pattern going down to the southeast for at least 12 kilometers. So we draw in red, the red line here, we draw what we call a high potential favorable corridor.

23:38 Because all the drilling that was done in the 60s, the 50s, and the 80s, and a bit in the 90s, not a lot, All the drilling stopped here. It's between here and this area where you see the Blue Lakes outside. It's from there up to here that all the drilling was done in this area. There's no drill hole over that 12 km stretch here, except for 1 drill hole here close to the middle. We have all the data, we have a 3D model that I don't have on that computer, unfortunately, but that drill hole was too short. It didn't reach the bottom of the ultramafic. So what we realized, looking at the symmetry or the attitude of the massive lens, the massive sulfide lens and the ultramafic, is that the massive sulfide at the bottom of the ultramafic and the bottom contact at the ultramafic are very, very almost flat, almost horizontal, dipping maybe 2-3 degrees to the southeast.

24:45 So what we do have here, it's a high potential, easy to drill, extortion target. Easy to drill because the hosting rock, the ultramefic hosting the mineralisation is so flat. So, vertical drilling, we can reach the bottom of the Eutromific over that 12-kilometre stretch, we can reach it at 100 metres, 150, maybe 200 metres at the most southeastern part of that corridor. So easy target, high potential, follow the fertile conduit. We have 3, 4, maybe 5 fertile conduit here that we have to follow.

25:32 And this is gonna be our first priority for drilling in the next 234 years to come. Just to show you some, the picture I'm gonna show you, it's a bit detailed in this area and a bit more detailed in this area, is that just the partial result that we got from the this summer mapping and prospecting, some brand new showing here and in this area that fit with some electromagnetic and magnetic anomaly. So new showing, Witten, ultramefic again. That's another sequence of ultramefic. It's not the same sequence that we had with the high potential corridor.

26:18 So that's a brand new target. And it's just after 1 summer of mapping. So we could expect that the next few summer, we're going to find more of those showing that we're going to work in more detail later. To you, Brian. Yeah, thanks very much. So one of the things you've heard me say repeatedly, both on this webinar and most of the times when we speak together, is that exploration takes time. And seeing as we're using Glenn Korr's Raglan mine as a mental model for what we're doing, I thought we'd go back and spend a moment just on the history of the Raglan mine. So the chart we're showing you now, the X axis starts in 1957 on the left hand side. It goes all the way to 2019 on the right-hand side.

27:06 That's the latest data for which the chart has reference. And I want to call out a couple of things that I hope are relevant for us. 1, there's a period starting in, I'll say 1969 and going through until about 1994. So I don't know if I could show me. Yeah, let's try this. Yeah, so this period here, from here over to here. So that's nearly 20 years where almost nothing was done at the site, right? So what I want to do when highlighting that is to dispel the idea that this is a project or that Raglan at that time was a project that shouldn't be pursued because it's known or we know it, we understand that it's never going to be economic and yet starting in the following 20 years, They had immense success with new technology, and that's what the yellow bars are showing.

28:08 And a lot of drilling. A lot of drilling. Borehole, electromagnetic, so you drill a hole and then you put sensors down looking for magnetic response and electromagnetic response at a radius around, the technology just wasn't available in the earlier time period. And then in the back of this chart, so this other higher background colour, That represents the tonnes, the resource tonnes at the site. What I want to call attention to there is that because it is on the edge of that craton, that centre of North America you saw on an earlier map, Raglan and Glencore are in a fortunate position that they're finding material, new mineable material, faster than their mine is consuming what they already have.

28:54 So they opened in, I'll say 1995, I think it is, they make a million and a half tons a year. And they started with about 30Mt, they should have run out 15-years later. And instead, they're still running 20-30-years later, and they have even more mineable material in front of them than they had when they began. And that's because this continental edge collision is very, very deep, goes down a long way. And once you've defrayed the cost of building the mine in the first place, you can go further if your grades are turning up. So will that apply to us? Who knows? And obviously it's many years into the future, but it's one of the reasons I'm excited. Okay, next we wanna talk about the Nisgapi Nation, our First Nation friends.

29:44 Our project is on their land. We're very fortunate in several ways. 1, we're on the land of a single nation. And some of you who live in Ontario are familiar, the Ring of Fire, there are several nations involved and it's very difficult to get a consensus. So in this situation, 1. And importantly, the Nisgapi Nation is very savvy financially, as well as open for business. So examples of that are in the bottom right. That's taken from a press release. If you squint, you can see the Hilton Hotel logo here. That's because the Nisgabi Nation, in conjunction with 3 other First Nations in Canada, they bought and operate the Quebec City Hilton Hotel and Conference Centre. They just bought it this year.

30:34 And then they also own a portion of the rail, the railway that takes iron ore from Shefferville down to Satele. So of course, they're in the rail business related to mining. And finally, down here, this is from their own website. They have taken a 5% interest, an equity interest in a Rare Earths in Scandium project, which is about 130km past us. So meanwhile, there's a conversation going on between them, the First Nation, Scandia, Canada about a road, and we'll get into that once we know more about it. But if that road were to be built, it would be wonderful for us because our project is on the path of that road. So let's move on here. This is not about exploration at all. And I can see Jacquelin smiling on the inside.

31:25 But for me, this is about the business model, which is that once the mine is up and running, which is many steps from here, many, many steps from here. You know, the profit definition for a mine is revenues, which is really volume times commodity price. And you don't control the commodity price. You only control the volume. Subtract away your costs. And the largest cost is usually labour and fuel. So if you look at this chart, which is a wind chart of the province of Quebec, our site, and I'll put my cursor right over it, it's right about here, And that's almost, I think it's the ninth decile. So it's almost the highest wind speed in the province of Quebec. So that holds out the tantalizing idea that any project running there could reduce its fossil fuel bill significantly.

32:16 It's a long way from here to there. We need to do some testing, some theory and get great measurements. But that would make it more environmentally friendly. And if you think about that revenue minus cost line, you're doing 2 things. You're lowering the cost of energy, wind is free. We'll deal with the capital costs as well at another date. But you're also reducing the variability of that earning stream, which should make the business more valuable. And for those that are interested or hasn't come up in conversation, we have 142M shares out and the insiders own 44% of those. So The float is really less than 80M shares.

33:03 There are some options for staff, which is basically where the quote is right now. There are warrants at $0.30. That's from the financing that was done earlier this year. Market capitalization, if you're using $0.14 as a reference price, is $20M. And at the last filing, which was a reference date of June 30th, there's $3.2M in the cash till. Obviously, we've been spending money in the field all summer, so that number is lower. But remember, we're also operating in Quebec, which means that we have $0.45 on the dollar cash rebate to us after filing our taxes with the Quebec government. They're giving us that back as an incentive to continue exploring. So although cash is less than 3.2, I would estimate at the moment in round numbers over the next many months we're due just under 2 million dollars more back from the Quebec government.

33:59 Okay, For those who don't know what I do, obviously it's clear I'm not a geologist, I'm a finance person. I've run funds before. I've done turnarounds of small brokerage firms. I've done hostile proxy fights. I've always been attracted to companies that have great assets but are in difficulty for one reason or another. This company wasn't really in difficulty, but it was having to go a management transition when Ned became ill. Douglas was unavailable. And we spent a long time putting this land package together. I'll point out proudly that while we were doing that, we didn't raise equity once from 2018 when we rebooted the company to 2024 when Douglas put in a million of his own and other people came in to match his million. And that's because we were doing distressed debt equity, sorry, distressed debt investing.

34:51 And I want to thank everyone who helped us with that in that phase of the company. So thank you, Veronica and Elliot and Brian. And let's move to the next slide. So here's why I'm excited about the company. The grades are good. And as you saw with that Lava Flow cartoon from Raglan that Jacques showed, there's a potential for them to get better. And we have a top-notch geoscience team. We have great partners in Quebec and in the First Nation. I really like the set of metals that we have here. Platinum, Palladium, Copper, Nickel. First of all, it takes us out of what I call the battery chemistry battle. We don't have to worry about whether Lithium is going to be dominant or Sodium batteries are going to be dominant or a phosphate or whatever it is. That's not our problem. And there will be hearts broken by the companies who are in the wrong chemistries by the time all is revealed a couple of decades from now. But from our perspective, as long as the batteries are getting better and as long as the electrification remains a priority for the world, and also, You know, Indies has got to grow. Africa's got to grow. China will continue to grow.

36:04 Canada and the US, the EU will continue to grow. That's going to create demand for copper and nickel and platinum and palladium as well, to be honest. So we're going to benefit from that. And I know Peter's probably watching. Hi, Peter. Peter's forever sending me notes, and he's quite right to do so, about supply problems that are developing in the Copper world. So all of that should push for higher prices, and we have exactly what the world will be looking for when that happens. And then finally, as I've already talked about the wind and the infrastructure, when we do send product, if and when we're sending product down the rail from Sheffield to the Atlantic, from the Atlantic Ocean, remember shipping is the cheapest way to move bulk goods, you can reach either the Canadian rail system, the US rail system, you can reach the EU, you can reach the Middle East, you can reach Africa, you can reach South America.

36:54 And if you're willing to go through the Panama Canal, you can do everything in the Pacific. So this is a really good location to be selling material to the world from. So in the very long run, that's a great asset for us. So there are appendices and where they might get called upon, but I just wanted to say thank you for everyone. And Romeo, I'm sure you've got some questions that I don't see in the chat, but if you have them, great, and if not, just let everyone know, now's the time. Awesome, I do. A number of questions came in over email, so I'm going to run through those first. For those in the room, please do shoot through some questions into the chat. I'll try to address as many as we can today. As the first one, this was somebody registered as soon as the invite went up, do the assay labs convenient to your property location of sufficient capacity for aggregate mineral exploration of northern Quebec?

37:45 I gotta make sure you understand that. The question is, as I understand it, is the lab capable of handling all of the volume when Quebec gets busy? That's what I get from it. Yeah, that's right. Yeah. So look, the lab we're using is nationwide. We usually send to the Montreal location of ALS and other than you know they get several the laps yeah they get seasonally busy but we don't see a problem with them having a throughput issue in the long run or in the short term. Great. One other question is what steps are needed to move DRS shares to a US broker? We are on the US system and I'm guessing that's Vann. Great to see you Vann. Send me an email. It should be no problem whatsoever. If it is a problem, we'll fix it. No worries.

38:37 Great. Easy. One person asked, has there been any metallurgical work done? And if so, what sort of recovery percentages have you seen? Sure. So work was done not by us, but by Lafosse Platine Group in the 1980s. We have reports published for them. I'll reference them by memory, but if anyone here wants to correct me, go ahead and remember, They were focused on Platinum-Palladium recovery, so it will be slightly different. And also remember that the metallurgical technology then is substandard to what we have today. And then finally, the whole idea of ore sorting, not that everyone on the call knows what that is, but you use lasers to, or some kind of a sensor to figure out which material is to be put through the system and which material should be exited out of the system. Sometimes you see apples going through that process on little YouTube videos.

39:31 Same thing happens for ore now. So with all that as background, I think recoveries were middle 80s for copper. They were in the 60s or high 50s for nickel. And the platinum palladium was middle 80s. To 90s. Up to the 90s, says Danielle. So there you go. I hope that's an answer. And if you need more, send us an email and we'll get into more detail. Yeah, for sure. Just for folks registered, I'm going to send everybody, including the transcript of questions through to the Kubanit team, so they'll be able to follow up with you. 1 from the chat, Ash Katie asks, what does float share mean? Yeah, yeah. So the total number of shares outstanding is 142. The insiders out of that 142 own just under 68 million.

40:18 And the float really refers to the remaining shares. So start with total outstanding, Ash, subtract the insider shares and you're left with the shares that are available to regularly trade on the exchange. Not that insiders can't regularly trade on the exchange, but they really don't because as insiders, you need to file your transactions to SETI. And if you are an insider and you're selling shares, that may well be considered a distribution, which requires further disclosures. So generally insider shares are not easily traded, and therefore they're thought of as separate from, they're not separate from the listing, they're the same list of shares. But if someone were to, you know, let's say, I'll make up a hypothetical example, let's say Goldman Sachs wanted to come in and buy a whole bunch of shares on the market.

41:11 The insiders would have difficulty selling to that because they'd have to file first. And therefore there are only, what was the number, 70 odd million shares available, not the 142 you think there are. Great. Now, I'll give everybody in the room a chance to ask the last question. I'll ask a classic question that Brian, I'm sure you've heard me ask a million times, and I'll ask it to Jacques as well, which is what is keeping you both up with excitement for the rest of this year and going into 2026? Well, my classic answer to you, Romeo, as you know, is I don't own enough of this. It's going to be a heck of a ride, And I think it's going to be a big win for everybody involved. So I lie awake at night figuring that out. But to be honest, it's the new plan, the drilling that's going to come from that, whether it's a mediocre result or a great result, or whatever result it's going to be, if it proves the thesis that we have this lava flow and that there's fertility along that lava flow, we're set. There's no guarantee we're going to find anything the first time we go drilling.

42:14 We're going to get smarter every time and that's going to lead us to success. So that's my answer but there's 2 people... I'm excited about the same thing, to check this new interpretation. It's a solid geological interpretation that is backed by field observation. And in my mind, it's a high-quality expression target like we rarely see in our business. Exciting. One question that popped in while we're asking that is Simon, Simon Lermuth, thanks for joining us. How many meters of drilling are planned for the first program? Yeah I'll give you a round number Simon. I think we're currently thinking plus or minus 4,000 and Simon's probably gonna ask how many holes that is and how deep are there?

43:06 Well 15 something like that we're still planning we need to do some ground-jurisdiction survey to help planning the exact location of the drill hole and how many drill holes we could do with the budget we're going to have. So say between 12 and 15, maybe 20, it depends where we're going to put the drill hole and what's the new, the next geological survey will tell us about an interesting target. So just to explain the timeline on that, Simon, so it'll be the same winter expedition out to site, the geophysics survey, which I'll ask Jacques to explain how it works and why it's called squid, which is a cool name. It's got a quick turnaround, right? You do the work out in the field, you'll get immediate preliminary answers in a couple of days.

43:57 So that allows you to target your drill while the drill is already on the site. Maybe it's turning on some other drill, and you're really working 1 or 2 holes ahead. But tell us about the geophysics that the ground survey has. The ground survey we are planning to do, just receiving a quotation bid from a contractor now. It's the same type of exploration geophysics they're doing in Angaba and elsewhere in the world for that type of deposit. It's called a moving loop high penetration, high power EM survey. So we move the loop, it's big loop, wire loop, we connect a high power generator.

44:43 This thing produce a very strong electromagnetic field that goes down the Earth. And if there is a massive sulfide or any conductor below, it will be charged by this electromagnetic field. The current is stopped for a millisecond and if there is anything that was charged, any conductor, massive sulfide that was charged, you're going to have a secondary electromagnetic field that could be measured by the squid. The squid is just a low temperature kind of device. It's within an envelope of liquid nitrogen and that type of technology gives us a better, a lot better, less noisy reading for the type of very good, excellent conductor that we're looking for.

45:44 Awesome, okay, great info, Thank you. Van Womboel from the chat asks, going back to the cartoon drawing, I just might want to drag that back up, what physical structure might cause a point of high concentration? Would it be the axis of a fold, for instance, or the base of a lava pool? So Van, I'm not going to guess which one you're talking about, so we'll let you choose. This one? Yeah, so first of all, Van is a very smart man with an undergrad degree in geology. Okay. I've known him for a very long time and... And what's the question? His question is, how do you find a trap basically, Van, is that right? That's what physical structure might cause a point of high concentration. What physical structure might cause a point of high concentration? So I suppose he's talking about this one. Well, maybe he's talking about this one instead, sorry.

46:31 There's no real structure that would produce a massive sulfide. Maybe a less turbulent area within the flow after a detour or a thickening of the conduit or an enlargement of the conduit that when the magma is flowing a little bit more slower than before, then it gives time to some of the sulphide to precipitate at the bottom of the lava. But there's no real structural feature that would help find where the massive sulfite is concentrated. So Van, by the way, that's an excellent question. I've been struggling as a generalist myself to understand, and I know it's wrong, but I use the idea of a river carrying sediment down from the mountains. Where the river slows, the sediment has a drop. You know, can drop. Like a placer. Yeah, that's an analogy. It's not exactly like that, but it's very close. Yeah, it's very similar.

47:27 Okay, appreciate that. I have one question from Malcolm. Are the flow-through shares that were recently purchased classified as insider shares or market shares? No, Malcolm, you do not own insider shares. You bought flow through shares. Those are regular shares and they're the float portion of the count. There is no reporting requirement for you, Malcolm, and no reporting requirement for anyone who bought the flow-through shares unless they're already an insider and that was only Brian Laurie and he knows it. Perfect. So that's the end of the questions that I've got. But while I'm closing up, if you want to sneak 1 in, you're welcome to. But otherwise, Brian, Jacques, the Holka Pony team, thank you so much. And for the many people who joined during this event, there's quite a number of you in the room, really appreciate your time and questions as they came through. And I'll make sure to pass the full list through so you can reach out to Brian, of course, at any time. Brian, I'll throw it to you for any last words before we close off the virtual portion.

48:17 Danielle. Ah, Danielle is asking, Romeo, I'll punt it to you. Do you have numbers of how many people are here? Yeah, absolutely. There, we're looking about 48 people in the room right now. That's fantastic. So I guess I didn't mention this at the beginning, I should have. We had a 48% vote turnout. So out of that, you know, 142M shares, almost 48% of the shares were voted. That's a very high number. And I think everyone should pat themselves on the back for taking the time to get your vote organized and into the transfer agent. Thank you very much. And the vote results in favor of the directors were all very high 90s. I think there were a couple of hundreds.

49:05 So thank you so much for the support from the shareholders. We've got our head down. We're working hard. I know you might go a month without news, but it's not because there's no news being built. It's just that it might not be the right moment to have it out or it might need more certification before it can go out. We're always working. My wife will tell you I'm up 7 days a week working on this. So thank you everyone for joining us. Any other comments from here in the room? Okay, thank you, Romeo, for setting this up. Thank you, everybody.