CUPANI Metals Is Cashed Up - Town Hall Q&A with CEO Brian Bosse

0:05 Good morning, good afternoon or good evening, depending on where in the world you're signing in from today. I'm eager today to have on Brian Voss, CEO of Coupani Metals, to talk about the company's recent successful financing and what's up next. Brian, how are you today? Oh, you're on mute, by the way.

0:24 Ask me again. Yeah, right. How are you today?

0:28 Never better. This is fantastic. We're, We're so excited about how the equity raise turned out. We're so excited about the summer. And look, we're just going from strength to strength, from success to success here. And I'm excited because we're building up momentum. We're building up speed.

0:49 And it's a long runway ahead of us. Anyway, I'm doing fine. Thanks for asking. Incredible. I'm very excited today about the conversation. For the folks in the room, here's how today is going to work. Brian's going to begin by giving a presentation. Then I'm going to pop back in, ask a few questions, and then we'll be taking live questions from the audience. As you have questions, please put them in the chat, and we'll get to them at the end of the presentation. With that, I'll pass it over to you, Brian, and you can kick things off. And just as a reminder, today's event will be recorded, and you'll be able to watch the recording right here from this URL. But without further ado, I'll throw it over to you, Brian. Yeah, thanks very much, Daniel. So look, we'll do the presentation kind of in 2 parts. We'll do 1 short part, should only run about 10 minutes, and it's for the finance nerds, the value investors, the people who got in early, they want to know about how the financing went, what we did with the financing.

1:47 Then we'll do 1 or 2 quick slides on the exploration already underway. Then I think we're gonna have a lot of Q&A and we'll answer the Q&A questions with reference to the longer slide deck, exploration targets and all that sort of thing. So if that's all right by everybody, let's get underway so the first thing I want to say is we've got the The new title page up and I want to call to everyone's attention If you didn't know already we now have a USA ticker Okay, So on the OTC quotation board, Charlie, Uniform, Papa, Indian, Foxtrot. The original ticker, Cuppa in Canada, still there. They're both valid. They're both working.

2:32 The shares are exactly the same share so if you if you want to you could buy it on 1 market and sell it on the other Sunday but same share okay company still called couponing because we have copper we have nickel we have platinum palladium and a unexplained but hopeful piece of gold. All right, it's just a few slides here on the financing. So we have announced that we've closed 3.8 million in 2 tranches, so a total of 3.8 million. And when you look at the number of shares issued, which is roughly 20 million shares, the exact numbers will come any minute now, but for the reason of not getting bogged down in details, I've just rounded everything here.

3:20 So $3.8 million raised at an average share issuance price of 19 cents. So how did we get that 19 cents when we were offering at 3 different prices? Well, the hard dollars, meaning things that are unconnected to income tax credits, is 16 cents. The flow-through, which is the regular shares plus an income tax credit if you're Canadian was 17 and a half cents and then the charity flow-through which is Income tax credit stacked with a charitable donation tax credit which are then stripped out by another party called Pear Tree. Those were issued at 24 and a half cents.

4:09 So when you blend it all together, the Treasury, the company issued the shares on average at 19 cents, which is great because the stock was 16 when we announced this and I think even now it's trading 17. So you know people talk about cost of capital This is a good cost of capital. Okay, and then the breakdown of those parts. I've got them in 4 here The largest of course is the flow-through, so that's FT, for people who are not resident in Quebec. Second largest is the charity flow-through, that's the stacking I talked about. And then third is flow-through for residents of Quebec. And we'll talk about why these jurisdictions matter in a second. And then roughly $100,000 of people who bought stock but didn't buy flow-through or charity.

5:00 And of course, as you can see, we're trying to channel into as much charity flow through as possible. And there's a reason for that. It gives us the best cost of capital. And let's see what it says on the next slide. Actually, I'm not finished with this one yet. Sorry about that. So the 1.27 round numbers, million of charity flow through, I'll say this a couple times on this call. 1 dollar we raised, you know, I find a buyer who wants to buy shares in the company buys 1 dollar of charity flow through. The company gets to spend that in the field 2.17 times. So for every dollar raised, we spend $2.17 in the field. That's what makes, amongst other things, Quebec such a fantastic jurisdiction for explorers like us.

5:52 So the way this works is 1 dollar from a buyer and then there's 54 cents added to that by the company who does the tax credit stacking. So now it's $1.54. So that's how we sell the shares at a treasury at 24.5 cents. And then we spend 24.5 cents or $1.53 of cash. And then a year later, we get a rebate, 45 cents on the dollar spent from the Quebec government on the proviso that we spend that 45 cents on the dollar a second time. So now if you take $1, you gross it up to $1.54 and then add another 45% of that, you get $2.17.

6:39 And so, you know, when I look at companies who are further down the road than us, and as many of you know, I look a lot at Power Nickel, I think they're doing great things. Terry's running Power Nickel and he says, look, all we really focus on is that cost of capital. So when we raise, we wanna do as much charity flow through as possible. And I can see why, he's doing great things there. Okay, so that's this slide. Now we'll talk about those rebates from Quebec in dollar amounts. So for what we spent in the exploration year 2024, we're expecting about $600,000 cash back. That money should arrive this summer. And then of course we know we're going to be spending a lot in 2025, so we'll call that maybe 3 million spent in 2025. And that applies a million 3 who come back to us in the summer of 2026.

7:29 Again, all that money will go back into the ground. So a couple of notes about the financing that we've closed. Insider ownership percentage is now 44% at rough numbers of all the shares are owned by insiders. Fantastic insider ownership and fantastic alignment with the total shareholder base. In this financing, we had our CFO, Brian Laurie, and I'm sure he's watching, thank you, Brian, bought $150,500 worth of stock. He bought the flow through stock and he paid 17 and a half cents. So that's 860,000 shares. Finders fees, you know, I've always, for those who have known me a long time I've always kept an eye on the pennies when it comes to doing an equity raise and so you know I did all of this myself the company did all of this ourselves so therefore We paid a lot less in fees when we find our own buyers.

8:33 It also means that when we find our own buyers, we're finding people who we expect to hold the stock for quite a long time. So that means we, on average, on the total deal, paid 3%, but of course on a lot of that, we paid nothing at all. There's no broker warrants here, so there's no second bite at the apple for brokers to take fees and also get paid by selling their own shares and buying warrants, exercising warrants. Because we have spent so long preparing this financing, I like to joke and I say it with love, I've presented this story in every St. Hubert in Quebec, from Chicoutimi to Gatineau and back again. And I've met a lot of great people. And we did that because we understand that, you know, a Quebec story expects to find champion shareholders in Quebec.

9:28 And we did exactly that. And you saw that on the first slide, you know, there's almost a million dollars of Quebec resident flow through. So fantastic there. Thank you very much to everyone in Quebec. Thank you very much to MI3. That's a friend of ours, Mario, who arranges those lunches and dinners. And then final point here again is that 2.17 times number. Very smart way to do things. Thank you to Pear Tree and Gary Bastruck. Okay other notes about the deal. I think this deal is going to improve our volume on the stock exchange right. More shares held by more people, fewer shares held by insiders, still a really high insider ownership. So I'll use a couple of data points to highlight that. Canada Day is July 1st, so the Canadian exchanges were closed, the American exchanges were open. We did 55,000 shares of the American ticker on July 1st. I don't ever remember seeing 55,000 shares in the US market so that's great for us.

10:30 And then so far today in the Canadian market, there's 170,000 share volume. Also fantastic. And then for those who care about how we invite people into our financings, remember each of our press releases always has a link in it when we're doing a financing to a web portal run by a company called Capiche. And by doing that, it allows us to lower the barrier of entry of someone who wants to invest in our financings. So as an example, the Capiche allows us to accept $7,000

11:10 from somebody in Finland. And there's 0 cost to them. They don't need to get a lawyer. We don't need a lawyer to vet their application because the Capiche software is built by a lawyer. It does it all for us. And that also allows us to do things like say to the world, if you own a single share of Coupani on the day we announce a financing, you're eligible to buy into that financing whether or not you're accredited as an investor because there's an exemption for existing shareholders. So we've always done that. We'll continue to do that. And I'm mentioning it because if you don't know about it, you wouldn't take advantage of it.

11:50 Now, the money we have on hand, lots of money now will carry us through to drilling. And the webinars, the lunches, the dinners, the conferences that we've been doing before the deal and during the deal, those will continue. We have a spectacular story. We want to get it out to as many people as possible. And we're just at the beginning of what I expect to be a really great run. And then out of all that $3.8M, you know, I just did a tally in my own head. It's probably 75 different buyers of that. So again, that'll help with liquidity, right? Some people will buy more, some people will sell in a year. All of that will create volume in trading and volume in trading will also help us. So that's why I'm super happy about everything that's happened related to this financing.

12:36 Okay, I'm sure we'll get to lots of Q&A about exploration. We're totally prepared for that. So I think I will just supersede some of the questions right now with how do things stand today in the field. So right now we've got 15 people in the camp. We've got the exploration summer season already underway. So we got and we closed the financing last week. People were in the field the next day. We next week, so what's today, Thursday, next week we're starting the airborne underneath the helicopter, magnetic, very long frequency, so that's BLF, and electromagnetic geophysics flights over a huge land package to be looking for more zones like the Blue Lake Zone and like the Cancun Zone.

13:24 We already have teams in the field right now following up on last year's Cancun Zone discovery. We have teams that are building the drill sites for the drilling that we're going to do and we're already permitted for those. We're also permitted to build ATV routes. So we're planning, we're clearing out those routes right now. One of the things that I care a lot about, because Mother Nature has given the endowment she has and geologists and geophysicists will find it. I can't change those parts. But one of the things I do care about is the cost of exploration. So I'm really focused on as much as we can this summer, we're going to come out of this summer with an ability to explore without choppers, without helicopters. Now the guy who runs the helicopter company I know is one of our shareholders, he might be watching this, sorry, but choppers are expensive.

14:13 So if we can move at least half of our time, maybe even two-thirds of our time, from chopper time to ATVs, so you know, Honda ATVs that we own, or boats,

14:24 or ferries that can bring, pick up trucks and carry 10,000 pounds and move 5 or 6 people at a time across the field, that will do us better in the long run. It will lower the cost of exploration. It will also lower the threshold for economics, which of course is the most important thing in the long run. And then finally related to the threshold for economics is our wind and solar installation to run the camp. Just checked in with all the suppliers. It looks like we'll have that up and running middle to late August. I'll give you more details as I get it. So we have a

14:59 50-foot steel pole that's retractable. We're going to put that up at camp. It'll have a 3 kilowatt wind turbine on it, a battery system below it, inverters, chargers, everything. And we'll start to move the camp straw of energy from, gasoline generator that we have to the battery system and it'll stay there all year and if we do it right we'll also be collecting weather station data all year with the long-run plan that perhaps when a mine gets built it can be built within an energy source, which is focused on wind more than on diesel. Anyway, that's what I've got here. Got a blank screen, so that's a reminder for me to stop talking and let's get Daniel in here and start to hear about what the questions are.

15:57 Wonderful. Thank you for those updates, Brian. So, to kick things off, some of the questions that we've already received during the registration process. So, you successfully closed the $3.8 million raise. How does this funding contribute to the next 12 to 18 months and what specific milestones should investors expect to see from your 2025 summer exploration program.

16:19 Okay, so how does it do us for the next 12 to 18 months? By my math, more than enough cash. So super happy about that plus the Quebec rebates. So, so I think we're good for cash. We're all cashed up. And then, what are we milestoning? Look, we're going to spend over 2 million bucks, probably just less than 3 million bucks in the field between now and Thanksgiving. That will set us up for drilling, I'll call it post Thanksgiving, but most likely it'll be when the ice freezes up and we can bring heavier drills out in January. There's an economics trade-off that we'll be continually

16:59 studying. Do you drill with lighter equipment that's delivered into a site by helicopter? Right, so again, you're paying for helicopters and you have to move the machinery around by helicopter. Or do you drill with heavier equipment that you drag in over the ice, in the ice roads in the wintertime. And you can get more done per day and you're not paying for the helicopter. So, you know, we're always looking at that switch over.

17:26 But so yeah, we've got a huge amount of work to do this summer, team's already in the field. Tell you more about what we're gonna do. By the way, in this call, right, this is kind of a victory lap call for the financing. We will be doing webinar calls throughout the summer. So I'm actually going to camp myself a week from now. And as soon as I can get it organized, we'll do a webinar about geology. We'll do a webinar about geophysics. We'll do webinars with Mike Muggeridge and the geo teams. So I don't need to answer into full detail on this one because we're going to be doing lots of those throughout the summer. Plus there'll be press releases as we go. Give me the second part of the question if I haven't touched it already. Yeah, the second part is what milestones should investors expect to see from our 2025 summer exploration program?

18:14 Ah, okay. There's about 5 things.

18:17 1, we're gonna fly a huge amount of geophysics and we're gonna do it in areas that have either not ever had geophysics or areas where the last geophysics was done in 2010 by what is today now subpar technology. So we are gonna be using

18:37 a vendor called, I think I can name them, a vendor called Expert Geophysics, and they have machinery that is a large ring and it puts a signal down into the ground, can get down to about 150 meters, and we're looking for the magnetic response, we're looking for the electromagnetic response, we're looking for the frequency variation that comes from...

19:00 Well, sidebar, there's a very long, very large frequency, very large VLF anyway, there's a submarine transmitting station in Maine which is almost due south from where we are and as it happens the ore bodies that we have already knowledge of are lying perpendicular to the way that carrier wave comes through. And so it lights up is the wrong word, but it excites the material. And if you have a system that can see that excitation,

19:31 it allows you to look for deposits. So we'll be doing that as well. For the old school folks in the crowd, Douglas used to be out there with the handheld one, standing on the rock, trying to line up, you know, with the horizon and the bearing to the radio transmitter in Maine. But now we've got better technology that will do it simultaneously to the EM and the mag and it all slings underneath the helicopter. Anyway, I'll leave the rest of that for the Geotalk. So there's that, we're doing a lot of Cancun work. We're doing a lot of pre-drilling work in the Blue Lake zone. And then we are prepping to be able to move equipment and people around the large exploration area with a minimizing of helicopter going forward so that we'll get even more bang for the buck on exploration

20:22 every year going forward and that comes back to having the high insider ownership. We don't want to issue more shares than we have to So we want to be smart about our dollars.

20:35 What else you got, Daniel? Oh, quite a bit actually. So the next question I have for you is, with your drilling permits now approved until April 2027 and Mike Mugridge joining as VP Exploration, Could you walk us through the key targets and anticipated timeline for a drilling campaign at the Blue Lake Project? Okay, so yes is the answer. I'll do it in a few seconds. And like I said, we'll get Mike on to a subsequent call and we'll do a lot more on drill targeting. Remember the drill targeting list will get longer and smarter as we go through the summer season. Okay. But where do we anticipate drilling? Okay, so we're going to be drilling in the Cancun zone. We're going to be drilling in the blue lake zone. We anticipate that we're going to be drilling in the Cancun zone. We're going to be drilling in the Blue Lake zone. We anticipate that we're going to be drilling in the Anticline Lake zone.

21:23 And we are expecting that we're going to find targets in the Doublet and the Extension zone. And whether they make it onto the first drill target list or not, will be a function of, do we do it by helicopter in the fall or do we do it by ice in the winter, coming back to how much can you get done per day, per dollar? Okay, and Mike will be the guy leading the math and making decisions in conjunction with myself and the board as we go through all that. Brilliant. The other question I have for you is you've expanded your land position to 1069 claim blocks with new staking around the Dublat zone. What geological indicators drove

22:11 this expansion and how does this fit into your broader exploration strategy?

22:16 Sure, so we have, is it 1069 your number? Yes. I think that's probably even a little bit out of date now, and I have to trick up my sleep to come, so keep an eye out for more information on that. But The land package now is more than 500 kilometers squared or 360 miles squared. The reason we grabbed it outside the doublet zone to expand it is because remember the work that we're doing, all the historical 2.3% Copper equivalent, all of that known stuff exists in 1 type of rock and that one type of rock is everywhere in our land package. And so at the doublet zone we saw that the type of rock we're looking for actually came close to the border of our land exploration package and we figured out pretty quickly given the way that it's moving under, moving is the wrong word, given the way it's dipping, it may have dipped out of our land.

23:17 And so we had to move our barriers, our borders further to make sure that if we find something there, we don't have someone sitting on our doorstep claiming they own it when we should have had it first. And that's always been our approach. We think that this is gonna be, We think that this is going to be

23:41 a huge regional zone and we figured that out in May of 2024. We doubled our land package then, And we chose to do that because we knew if we were right about a little bit, we'd be right about everything. And if that's the case, we didn't want to leave an avenue for someone else to come and play Closeology, right? Where they'd say, well, Brian's company is now a hundred million market cap and this other company should be worth 40s because it's got the neighboring land. You know, we're hogging the puck and we think that's the right move. Gosh, it definitely makes sense. The other question I got for you with Mike McGridge's extensive experience from Voices Bay and IronOrg, Company of Canada now as your VP of Exploration, how will his operational mining background influence Kupany's approach to advancing your projects?

24:32 The guy is so smart. Look, I'm a simple finance guy. Everything I know about rocks, I've learned through osmosis by working for NED or being involved in investment banking for gold companies and resource companies, uranium companies. But you know, Mike's the real deal and we'll be adding more people to the team over time. Remember there's also 15 people at camp in addition to Mike. So He's a very serious, very experienced, no wastage, no BS approach to exploration. And that's exactly what a company like this needs. Just as we've always said, My job is to run the company and find the cash.

25:18 Mike and the geology team, through its various iterations, their job is to use the cash smartly and find discoveries with what they spend on.

25:31 I don't know if I really answered it, and frankly, we'll stick that one as a question to Mike when we do a webinar with Mike on it. Brilliant. Well, speaking of great people, you mentioned high insider ownership with CFO Brian Lurie investing $150,500 in this round. What does this level of management commitment signal about your confidence in the upcoming exploration results? Well, look, I know that I think, I'm gonna say that right. There are nights I can't sleep because I just I lie in bed tallying up what I think of this is going to turn into. And I know Laurie does the same thing. And so, you know, this is the way the stock market works. When something works, you can never have enough of it.

26:17 So I think that's how we view the company right now. As a reminder for those who don't know, I'm the largest shareholder of the company. Upon the closing of this financing, I think my ownership is 26, 27% of all the shares. I think Laurie is probably a 5 or 6 or 7. I've got to go look that up. But yeah, I'm all in. I think this is going to work. I think it's going to be fantastic. And my share count shows that. And looking beyond this summer program, what are the key value inflection points that could transform Coupani from an exploration stage company? And what's your vision for the company over the next 2 to 3 years?

27:03 Look, 2 to 3 years, I'd love to be at 20 million tons of 2.3% Copper equivalent. We're currently at 5.

27:11 That's where I want to see us. I want to see us have reached that number and also done it in a way where we have an issue to share that we didn't need to, where we've raised our equity at successfully higher prices.

27:27 And we're at a, you know, 3 years from now would be too early for a mind building decision, but it would definitely be time for a development decision. Answering the questions of where's the power gonna come from? How do you get something to market?

27:41 What is the net present value?

27:43 Or what is the cashflow calculation?

27:46 Because the answers to that, I think, unlock an even bigger question, which is who gets to build it? And we're a long way from that.

27:56 But as you know, we've talked plenty of times, Daniel, I'm always thinking in several different timeframes at once, right? The immediate timeframe is what are we going to find this summer?

28:05 The long timeframe is what's it going to cost to build something at different assumption amounts of

28:14 equivalency in the ground? And what's the return to building that and then finally who's the best team to build that right?

28:21 Is it couponing with a larger staff or is it an entirely different company? Those are problems for the year 2027 But they're good problems to have Definitely and in the interim one will boots be on the ground at Blue Lake already on the ground The minute the money closed we had boots on the ground and we'll be there probably through to the end of August There might be a subsequent trip in the fall and there'll be pre-drilling trips and then there'll be drilling trips. Will there be any testing on the samples from the February trip? Yes, I think we had those already And basically they came in the same as what we already knew for that region of Cancun.

29:10 And so we did get better data, but so far it's shown the same data. So we're going to go back there and we'll be trenching this summer. We got down, what was it? 10 inches? 8 inches with the rocks? No, 12 inches with the rocks. I forget the number. It was so damn cold that we didn't spend as much time as we would in the summertime. So I'll say at this point, though, I think that we see it's early, it's very early, but I think that we see there's a different genesis of mineralization at Cancun than there is at least the defined pods in Blue Lake. So what's exciting about that is we really had 2 huge systems that are probably connected miles down but may not be connected in a economic way you know from 0 to a thousand feet down which gives us you know 2 or 3 different ways to win.

30:07 One of them will be probably high in platinum palladium, the other one will be probably much larger, but with lower platinum palladium. We just don't know that yet, but that is why we're going to have, as part of the team we have out there right now, we have structural geologists out there and we'll be doing a lot of structural work to understand Cancun and how it's different from Blue Lake and how it's similar to Blue Lake. So there's a huge amount of work to do and I know the guy who asked that question and he's on the right track. It wasn't terribly informative versus what we already knew and we had other things to say. So and then by the time we got to it, we realized that's 6 months old now, it's probably not worth even saying. So that's where we're at. Okay. Do you currently have a number 1 drill target?

30:56 Me? Absolutely. It's what I call the Sister to Pogo. I should probably show you that on the deck here. Let's let me get organized. So for those who are new to the story, this is our historical resource. It was drilled by another company in the 1980s. That company was chasing platinum palladium and they found a whole lot of copper nickel and This is where we get our you know, 5 million tons from we know that this is a number that is under representing What reality is because they didn't count Mineralized intervals that were less than 5 feet thick So, you know, there's more there than that And I want to call your attention to this line here, Pogo.

31:50 So in short tons, it's almost 1.4. We know it's higher than that because of missing intervals, but 2.2% copper equivalent. And I'm going to show it to you in our gravity results that we did last summer over this already drilled, but not drilled out deposit. This is the larger view of the whole Blue Lake zone within the Blue Lake project, and the bodies of the pods that represent the deposit are drawn here and I'm just going to highlight over the Pogo 1 so everyone can see it. So Pogo is up here on the left-hand side of the screen and the colorings that you see here, Blue is the cool color and then a teal and then a green Gets warmer with yellow and then orange and then red and pink and then white as you go up that color scheme up the Intensity you are looking at mass that's been measured by geophysicists but not explained yet by geology.

32:54 Okay? All right. So now I'm going to take this slide. I'm going to move to the next slide where we're going to focus in on not, not all the unexplained mass in a vertical column, which is what we're seeing here from surface to 500 feet. That's where you get these really big blobs. The next slide, this one here, we are looking only at the gravity data at a slice centered around the 25 foot down zone and then looking down from there. Okay, but you're not looking all the way to the 500 feet. So now let's go back to Pogo. All right, I'll do the same box. Here's Pogo. There's Pogo's blue outline and off to the left and almost falling off the data map here is the pink gravity result representing Pogo.

33:44 And we already know that Pogo is 1.4 million tons of 2.2% copper. And the reason why it's a little bit off is because of course the rock is dipping as it goes down. So the surface manifestation is here, the gravity result is slightly off. Okay? So if this is 1.4 million tons, Daniel, what the hell is this? What is this right here? Because it's the same gravity response. It's 200 meters away and it's never been drilled. So I call it, you know, corollary or sister of Pogo. That's what I lie awake at night trying to figure out in my head, what is that? Right? Maybe it's iron, but if it's iron, well, it's not as good as copper nickel, but if it's copper nickel and it's the same as POGO for grade, 2 big assumptions, we'll have to test by drill.

34:44 I'm looking at that and thinking this 2, 2 and a half, maybe 3 million tons right there. And if that's 3 million tons, what's this up here? Again, never been tested. Same gravity result. I have to drill that too. So these are the parts, you know, where I, where I say how we're going to get from 5 to 20. These would be key features in that addition. Let's say that's 3, maybe this is another 3 or 4. Now you've added 6. Here's another one down here. This whole region, there's mass that's unexplained. So that's, for me, as a person, as an investor, that's what I'm focused on for the drill result. Having said that, those are 3 important zones out of what will be probably drilling at the Blue Lake Zone, drilling at the Cancun Zone. I expect we're going to have drilling at the Anticline Lake Zone.

35:40 We'll probably have new targets this summer that we'll add to the drill list from Doublet, maybe even from extensions so Yeah, that's my answer. I'm very excited. People should be watching. Mm-hmm And do you know of typhoon technology of Ivanhoe electric for exploration? I sure do So I had a meeting 35 40 minutes long with the CEO of Typhoon, maybe 2 weeks ago. Shout out to one of our board members, Elliot Butel. Thank you, Elliot. You got us invited to a COPR conference at Raymond James in Toronto. And Raymond James put us together with Typhoon. So first thing I did from that meeting is I got in touch with 2 people. 1, Terry at Power, and I asked him if he's used it. He hasn't, but he's looking at it. And then most importantly for us, I talked to our geophysicist consultant. So this is the one who helps us choose which technologies are right for our project.

36:46 Is He's up on all the latest technologies and what the response rates are and what we're gonna find out of it. In our case, for example, when we're choosing an Aero vendor for Mag and EM, because there's iron already in the neighborhood and there's a lot of magnetic response, We need a product that can differentiate between what we'll call the background response and the targets we're looking for. So he helps us choose which product from which vendor. And so I had a conversation with him about Typhoon And it's promising, but I don't think it's promising for us today. There's a few reasons for that. But I am, you know, the CEO of Typhoon and I, we swapped business cards and we agreed to keep talking. I know that they're super busy with what they're doing in Saudi Arabia, and they have only so many units built, and they've got some of them dedicated to Arizona with BHP.

37:41 And I put it to the guy and I said, that's all great, but you need to know, and you do know, that 99% of the customers are smaller than BHP in the kingdom of Saudi Arabia. So you need to help find big projects like ours in order to make the next 30 years of sales funnel fill up. And he agreed with the concept. So will it happen that we bring in Typhoon? Certainly not this year, but we are talking with them and we talk with everybody that has a good technology. I think we're also due for a refresh with the people who do the frequency tuning, I forget the name of it, ANT, ambient noise technology. So as we learn more about this summer, we're gonna learn more about which tools we're gonna be using to build our 3D models.

38:28 Anyway, that's probably deeper down the rabbit hole than most people want. But whoever asked about Typhoon, I hope you have an answer you're happy with. Yes, we're looking at it. No, it's not right for us today, but we'll continue talking. Wonderful. Well, Brian, thank you for these updates and congratulations on the fantastic momentum. Any final closing thoughts before we close off the webinar? We've never been happier and we hope the shareholders feel the same way I know that the The future is going to be great and I can't wait to meet the future. Brilliant. Well, thank you everyone for attending and participating and exciting it to Brian for there to be a future webinar. So the summer definitely I'll be tuning in and very excited to keep on top of the project.

39:15 Wonderful. Thanks very much, Daniel. And thank you everyone for joining us on the webinar.