Automated transcript · Written by software from the replay's audio. It can mishear names and figures; the replay is the record.
30:14 mineralised blocks of massive sulphides sitting in the tonalites where they don't belong. They've just been ripped up by that intrusion as it came through. And that's what Tiger essentially is, is a rip-up from a much larger deposit. And so we, understanding that, we've begun to look deeper. We did some drilling between Line and Tiger. We've had success at hitting mineralization in those holes. And more importantly, we have some multiple borehole EM conductors. And so, are going to be some priority targets that we will shoot for at the beginning of this winter program. Tiger Deep is essentially part of that Lion Tiger program, but we identified some good large conductors down plunge from the Tiger deposit itself.
31:15 Our goal there is to go into those anomalies. At the end of the campaign, just before Christmas, we were about 100 meters away from the first plate that was modeled in the Tiger Deep. And so come next week, one of the 2 drills that are going to start up right from the get-go on the 12th is going to go onto that Tiger Deep deposit and finish that hole and go through that conductor plate. We're expecting to see some significant results right away on that side of the program. On the hydro ground, we have the largest off-hole conductor sitting in that blue box.
32:07 We had seen indications of a conductor back in 2024 from a deep hole that we drilled. We extended that hole. We found When we did the borehole EM, we were able to localize the largest conductor that we've seen on the project so far. Fortunately, just Bullshit luck, but we had one of the holes from the Lion Tiger is pointing directly towards that conductor. We have to drill another 600m to get to it, but we have a hole that's halfway there now and that's going to be the first whole collard on the new program. And Terry has rightfully coined the name elephant for that tiger, for that deposit or that plate.
33:01 And we're just cross our fingers and hope that it's going to be as big as we think it is from the borehole EM. The other targets that we'll be looking at, obviously, we have a lot of regional exploration that's going to be carried out in the beginning of this year. Mostly there's a sort of a small green block up at the top where we did some drilling in the fall. That area has a very large Copper soil anomaly associated with it.
33:48 That Copper anomaly seems to be bleeding off a Meg high that appears to be associated with the Ultra-Mafic that hosts Nisq and Lion. An excellent target for us to go after. We're going to put a drill in there that will be able to sample overburden so we'll be able to get better definition on the Copper anomaly. It's a large anomaly. It covers about 5 clicks of strike length. But the drill will also be capable of core drilling once we go through the overburden. So we'll be able to get some samples of core. And obviously, if we start hitting some mineralization, that drill can be converted right to a core drill and we can start pumping away at it as we move forward. But the goal for that program right now is to identify the structure that's controlling that copper anomaly that's in the soil.
34:53 And as I said, it's on strike with the ultramafic that already we know is mineralised. So It's an excellent target for us to go after. That's a mouthful of information that I've dropped on you in 5 minutes, but we are going to try to hit the ground running. There's crews on the ground right now, so we've got a week to tamp out the snow for drill trails and to clear the sites for the drill collars that we have planned. The drills will be collaring up on those first 2 holes on Lime Deep and Elephant on the 12th.
35:41 And the other thing to understand about the program that we did in 2025, We had about 8,000 samples that were cut during that program. We still have about 3,800 of those samples in the lab waiting for assay results. So There's a lot more information coming. Some of it will be significant in terms of mineralization. And when we left site before Christmas, there were 1,100 samples sitting up on the tables that hadn't been cut yet. So there's lots of information still coming from that 2025 program. And Joe, we're sort of thinking like towards the end of January, the sort of when we'll start to get assays back from the fall?
36:31 I would suspect that we're, we'll be getting them pretty continuously from, say, next week. Again, the labs tend to take their time off at Christmas, too, so they're just tooling themselves up. But many of these samples have been in the lab for several weeks, so they've already been prepped. So I suspect we'll start seeing assay results, you know, even before the end of the week, they'll start rolling in. Okay. Scott, why don't you go ahead a couple of slides. Well, yeah. So I'll just summarize what, you know, what Joe was talking about, just in terms of the expiration plan. So obviously, going to continue to look to extend on the on the core line zone, We've got some new theories on where that's dipping to. So we'll be following that up. And then I can explain to people, everybody sort of see, I call it 4, you know, expiration plays we're quite keen on. One is line West, which is Joe described, just across the fault. So we're going to check that out.
37:36 The Tiger Deep on the right-hand side, which is the anomaly that's been identified by the borehole yamen by the drilling above it. And then on the blocks of unmobilized, you know, massive sulfides above there. And then obviously the full hinge, which is the, you know, what we always thought is the second half of the line zone that we were finally able to get. And then of course, you know, elephant, which is the, what we think might be the, the parent of this whole complex, let's hope. So I say to people, it's funny, when the stock took the big dip there in November, December, I was talking to people, I was saying, the story has never been better, never been more intact. You know, we've got, you know, we've proven we can find something up here. We've obviously grown this system quite a lot.
38:23 We've got like world-class guys like Steve and Joe that have not only found this system, but they found other systems around the world. We've got lots of money. We're using the best technology. You know, why would you bet against this now? Doesn't make sense. The commodity markets are up by 50%. We got 6 times the land package. It's like, it was, it was one of those things. So to me, it was it, but that's why it's sort of important is that we, you know, reconfirm all these things so people can understand that the thesis has never been better, really. Next slide. So The next big catalyst, I think, will be the Met Study. Met Study should be out in a couple of weeks. It's looking, as we've alluded, the early results look very promising. We think that's gonna be a positive cycle for the market. They'll sort of reflect on this and it's sort of what we predicted, but it'll be great to get it out there. So I think that that'll be coming in a couple of weeks and that should be some very good news for us.
39:25 Next slide. We'll just wrap things up here. So, you know, just as we, you know, go forward, you know, what will be the catalyst that you should be watching for? Well, obviously we just talked about the Met Study, so that's coming out, that'll be the next one. The assays Joe just talked about, so we've got, I don't know, 13,000, 14,000 meters, something like that coming through at a bunch of samples. So we'll start to get those out, you know, probably mid to late January. And that'll pretty much run continuously from that point forward. You know, the I think the, You know, generally these mining stocks run with the value in the ground that you increase. So that happens by obviously adding more tonnage. It also happens by, you know, adding more grade.
40:14 It also happens by extracting more value from the rock, i.e. Through the recoveries, through the MET studies, and also through the rising commodity prices. So we've been a beneficiary of a rising commodity price. We, as we evidenced, you know, our commodities are up over 50% since we did the financing and it's obviously not impacted yet. And that's pretty much, it's fairly common in the sector. The miners have not yet felt the benefit of the rising commodity prices that we're in. At some point, the miners will catch up. The commodities got a little bit ahead of the miners, that's always the case, but at some point there'll be a catch up and when it catches up, it'll catch up quick. Last thing to talk about is the move to New York.
41:01 You know, we applied to New York Stock Exchange. We're basically almost through that process now. You know, things changed a little bit around the way there was the strike, and then afterwards, obviously, there was the dynamic of the stock price. We don't want to limp onto New York. We want to roar onto New York. We've got some great news coming, we believe. We think there's a good chance this thing gets revalued in a big way. So we're thinking now New York is more like a February, towards the end of February type thing. So that's sort of our forecast on that. Other little tidbits to let you know of the spinoff. We're at the one yard line on the unlisting Chilean. We think that would happen in January. The feasibility study, I'm actually meeting with CVMR in Saudi Arabia next week. You know, We're back and forth on that.
41:46 So I expect that to be done in H1. That's on the nickel powder plant opportunity that they paid for to do the feasibility study on. And then finally on Saturday, we obviously got awarded the Jebel Badawan package. And there's a few other things that are happening down there. We're down there next week for a week of some pretty serious conferences. And I think, you know, I say to people that, you know, 4 years ago NISQ was a seedling and now it's an oak and we hope it's gonna be a forest. Saudi is sort of the same way. It's a deceiving at the moment, but it's got a great potential. That's a good catch-all on the Power Metallic story. So at this point, Kyle, why don't we turn it over to the audience and answer some questions? Sounds great. Great, thorough update, everyone here. Let's check out the Q&A. I'm just going to start from the top and work my way down. I see there's quite a few comments already. Answer some questions. Will you continue with infill and expansion drilling at Lion Zone? How many drill rigs will you use? So some of these questions we might have already touched on, but how do the elephant and lion zones compare in terms of the strength of their BATM electromagnetic responses? And I'll leave it open to whoever wants to address.
43:01 You know, In terms of the density of the drilling, in terms of where we'll put the drill rigs, I think Joe sort of walked us through that. The 5 rigs that we'll have running by the end of the month will be pretty much focused around the Lion area. OK, some will be on the extensions, some will be on Lion West, some will be on Tiger Deep, some will be on the Elephant. The sixth 1 will be added to that area Joe talked about east of NISK that we're going to be doing some work on because we like it. You know, on the borehole EM, I think maybe Steve or Joe could give you a better feel for that than I could. Okay, I can comment on that. The conductance from line is relatively low compared to sort of a nickel sulfide.
43:54 It doesn't have as much of a signal that gets picked up by the EM. So most of our EM targets when we're searching for a lion's dial are small. And so then we have to try to poke around to figure out where they are. So I know some people might be frustrated in why did you drill here and then you drilled over there, it's because lion, because it's copper, has low conductance. On the other hand, elephant is just a big screamer. It's typically with lion, another thing that you see is you see what we call a Plus minus anomaly so it tells you Okay, this is a narrow body. It doesn't mean it's bad Obviously lion is very good, but typically the anomalies associated with it are what we call a narrow conductor.
44:51 The elephant is a very broad, high to low conductor, which indicates a thick conductor. And the conductance on it is much higher than it is for lion. So we know it's something that's different. Interestingly, the drill hole that we have out in front of it did hit lion style mineralization. Now, whether that lion style mineralization is coming up from that body or not, we don't know, but, you know, sort of 2 plus 2 equals 37 is, that mineralization is probably coming up from that source.
45:38 And so now we just have to drill these holes. And the drill hole that we'll be doing is not perfectly placed to continue to explore the elephant. We would want to come up closer to it and keep our holes a little bit shorter. But one of the advantages of that hole is we could directionally wedge off it if we hit a zone, because we've got enough distance down the hole that we can start putting directional wedges in and maybe get 4 or 5 or even 6 cuts off it from that one collar location. It's all going to depend obviously on success. We have to see that we hit something.
46:23 We're quite sure we're going to hit something, but what the mineralogy of it is, is still a bit of a crapshoot. We have to drill through it and see what it's telling us. Can I just say something extra, Joe, on the copper? One of the things that's really important is looking for these copper zones in these polymetallic systems is just a little bit harder than looking for a nickel sulfide system, which is straight conductance. Obviously that's the beauty of nickel sulfide systems. But in this case, as Joe has alluded to, we are looking for a zone system. So we think we've found the copper zone and every day we make the lion's own bigger, the nickel equivalent has to get bigger as well. That's just the way it works. So we think we're looking for a big nickel sulfide zone as well. So when you hear Joe talking lion style targets or nickel sulfide like targets, what we're saying is we have to change the toolkit depending on what we're looking for.
47:24 We're dictated by the rocks. It's what the rocks tell us. That's how we work. So What we're excited about for Elephant is Nickel sulphides, but obviously finding more Lions is obviously a wonderful news as well. Just to make that a little bit geological for some, we think the system is somewhat overturned and therefore it's got Copper at the above. That's wonderful news if you think about it, because the unit value of Lion is so high because of PGEs and the Noble metals. It's the opposite of Sudbury. At Sudbury, the Nickel is above the Copper system. So the Copper systems are deep. So we've got this wonderful scenario of having the juicy economic rocks at the top. Just to add on to that, when we began to drill the areas that we got from the lift, and there's lots of conductors that we've picked up, as Steve alluded to earlier.
48:21 Your initial sort of jump at it is, hey, let's go for these big high ones. And after a couple of weeks you're sort of, wait a minute, what did Lion look like? And we actually modelled up the Lion conductor and it would have been ranked as a next to last, as one that you would have drilled. And so as Steve said, okay, now we have to change the way we explore because these lower conductance ones are the ones we're really looking for. And when we did that, that's when we sort of looked over at Lion West and said, well, wait a minute, there's a couple of small, low amplitude conductors over here. Let's put a few holes into them and voila, there's mineralization. The next one we want to drill, and it'll be drilled this winter, is to the east of Tiger. We have another low amplitude anomaly that sits, it just looks like lion. So obviously we want to go there.
49:21 In terms of the Copper soil anomaly, obviously the question is, well, what kind of anomaly do you have over that? And we don't have any anomaly over it because there's a 20,000 volt power line that rips right through the whole area that we need to explore. And that's why we're going to the overburden drilling, because we can't get an EM response with that big power line sitting there. Now, the power line is great. When we make the mine, we'll just be able to throw a wire over it and away we go. But for exploration, it's a pain in the ass. And so we don't have any conductor there, but we see really good magnetics. We see the Copper anomaly. We see the strike extent from the ultramafic end. This summer we actually mapped out some ultramafic in the area, so we know we've got all the ingredients for that target other than the anomaly.
50:15 So away we go. I must say, Steve, you're just beaming here. That's great. We will continue on with questions. Do you have enough land? I.e. Is there still cheap land to stake, acquire, or is the rest held? No cheap land to stake. Everything's sort of acquired already up there. So we're always, as Steve and Joe both talked about, this is going to be a district scale most likely. I mean, of the 20 orthomathematic discoveries in the history of the world, I think 19 of the 20 were district, Boise Bay being the one that wasn't. So it's probably 20 to 1 that this will be a district as well. So could we acquire more land? Yeah, we could. And we're always on the look. So, but we felt when we did the regional examination that we had 7 of the 8 super targets that we identified.
51:13 So, you know, we feel like we've got, you know, we got the, you know, the obviously the best and the most stakes in the key areas. The lion's share. Peter Epstein's asking, in a shameless, arm-waving way, but no guarantees or official guidance, just a frame of reference, how big could NISQ, Lion, Bee, not include in Tiger or other zones or potential new discoveries? You know, I mean, again, it's really hard to predict, you know, the Cicadi is now 150 plus million tons. I think Norelsk is in the billions, you know? So, I mean, it's happened before, it could happen again, you know, we're maybe 20 now.
52:00 So it gives you a sense of the range of things. And, you know, who knows? You know, the one thing I always sort of, the math I took away was that on average in these deposits, if you have 1 ton of copper, you'll find 5 tons of nickel sulfide. Okay. And, and, and it will be rich because in order to, to make the lion's own, you have to have a nickel sulfide zone that would be much richer than NISC main. The math just doesn't support anything else. So, you know, right now we're probably 1 and a half tons of copper to one of nickel, you know, just by the math of what we found, soon probably to be 2 copper to 1 nickel. Well, what, hey, we're only, we've been looking for copper, you know, so we have been looking for nickel. We sort of know where some of the nickel is, but we're like, cause it's like why chase $250 rock when you can chase $1,200 rock?
52:49 So it's obvious why we're doing it. But the elephant could change things because it's obviously could be much richer too. And that could bring it back in a big way. So At some point, we're going to find, I believe, if this behaves like historical systems have, we're going to find a lot more of the high-grade nickel sulfide. That should jack up the size of this thing a lot. But we've got to find it, of course, so it remains to be discovered. Terry, Henry's asking here, on the macro setup, can you provide some comment on whether the Indonesian quota cuts create new urgency to develop the West's sulfide nickel deposits? Yeah, you know, I think, listen, the Indonesian action has always been helpful to the nickel price and that's a good thing, even if we're not really focused on the nickel at the moment, we know it will be a big part of the economics of this. And, you know, what we've always said to people, because remember we used to be Power Nickel and we had to change the name to Power Metallic so people would actually answer our phone calls.
53:58 But as Steve has always said, listen, nickel is gonna make us a lot of money because in these types of systems, our lifting costs are basically, the nickel's free. You know, so everything's gonna be paid for along by the noble metals and by the copper. So I think we'll always be super competitive, whatever the price of nickel is, but obviously the critical minerals all around the world, whether it's copper, nickel, cobalt, you name it, platinum, palladium, everything, we need more of. We've been under invested in a big way in mining for the last 20 years. And now we're paying the price. You know, the supplies have dried up. The supply demand curves are all looking like they're gonna, you know, leak to the more demand than supply in a commodity market. When you have more demand than supply, the price moves sharply, just as they do the other way around.
54:50 So it's likely to be very positive for us, especially because we're in a, you know, obviously globally safe location. You know, we've talked to the US Department of Defense and these types of guys. And they're very focused on having a North American supply set. They'll look at global supplies, but they definitely wanna be tied into local supplies. So I think it'll be, it couldn't be better macro picture for us really. Steve from the chat saying, could you give some information on the current relationship with CVMR and the potential for producing Nickel powders? And congrats on the grandchild, Terry. Thanks. Yeah. So I'm actually meeting Cameron Koza, the CEO of CVMRO in Saudi.
55:38 We're going to catch up and have dinner and catch up. He's been busy doing deals around the world. So we're plowing our way through that feasibility study. Part of it was slowed down because we switched focus from chasing Nickel to obviously the line zone. And now it's coming back around where we can see, hey, we're gonna get a bunch more nickel, we better try and sort this out. So, we're back and forth on that. So, I'm thinking it's a H1 thing that we'll have their feedback out and the preliminary numbers look exciting, but I think it'll get better with more tonnage. So, yeah, that's where we're at on that one. Have you considered applying to the federal government for funding to fund exploration work for a project of national interest or possibly the provincial government?
56:30 So, you know, I mean, obviously one of the things we did this last fall was we got Seamus O'Regan on as a board member, and he was obviously Minister of Natural Resources, and before that Minister of Indigenous Affairs. So he certainly plugged into that circle. So we got some good insights of where the government wants to go. And I would say, and I've been a slagger over all of the liberals, especially under the Trudeau era. But even under the Trudeau era, I said their critical mineral policy was very good. And so they've had a very good, I think, mineral policy. It's been continued and even further supported, the National Infrastructure Bank, et cetera. So I think there's a lot of stuff we can tap into. We probably have to, you know, we're getting into that phase now. We're starting to engaging with them. I was at the PMO before Christmas and had some good productive conversations.
57:25 We're doing the same thing provincially in Quebec. So I think there'll be a lot of government support for us. And I think it's clear why. I mean, this is gonna be, this will create tremendous amount of taxes for the country. So there'll be a lot of jobs, lots of taxes, and governments want that. And this is the type of business that doesn't get to move to China or the US, it's gonna stay here. Right. Now, Terry, I think you already addressed this a bit, but there's a few likes on this question, so I'm gonna ask it. Anything coming near term on Saudi concessions? No, not really. You know what, we're gonna be doing work down there. We basically identified our work program and we're about to start to kick it into high gear in Q1.
58:15 But this is truly green fields, So we have to do the spade work. You gotta do the geophysics, the geochemistry, you know, the structural work. You know, it's gonna take a good, you know, 9 months, you know, a year, whatever, to generate the targets to actually get into the drill. If we're being honest about things, I think that's what we're trying to do. We're excited about it. We think it's got a lot of possibilities, but there's a lot of spade work to be done there before we get into the exciting drilling action and see what we got there. A couple of questions here for Steve and Joe. Steve, we'll start with yours. Is this resource so regionally scattered and complex that it may never reach the threshold of commercialization?
59:03 What will tell you and when will you know that the most prospective location becomes your first commercial line? And you're on mute, by the way, Steve. Good question. No, I do think this is going to be economic. What does it take to become economic? I think it is already there. I think that let's revisit this question in a few weeks and then you can tell me. So another way to phrase that is what would it take to have greater continuity? So Joe has already alluded to that despite my words about thickening and thinning, that the ore body itself over most of its extent is held together really well. And that's because it's on the limb of a fold. So if you go back through all our work again, we're remarkably consistent.
59:53 We've talked about that the best way to create economic intersections, superior economic intersections is in fold hinges. It's just the way strain works. So why are we excited about elephant? Because we're in a fault hinge. Why are we excited about some of our targets? Because we know what it's going to take to turn into thicker intersections. Why do we bring in extra expertise to help us with structure? Because that's what's going to focus on finding massive sulphides. So we have a whole integrated toolkit now that's based around not just EM, but a whole range of systems. And you're going to see us roll out new geophysical tools. We're basically just constantly iterating. When the geology tells us things are thinning, we're going to do something about it. When the things go thicken, we're all going to, everybody's going to know about it. That's the way it's going to work. So what's it going to take to turn this into a commercial mine? Probably some good metallurgical results.
1:00:54 Great. Just if I can add to that, Kyle, is obviously we're not sitting on our hands. I've run some economic models on what we have right now. It's a good result. I'm not going to get into any detail to it because I'm a QP and I can get myself into trouble. This could be a mine, today as it is, but what I've told Terry is, this is not the time to put that to bed. We're still exploring. We still think this thing could be even magnitudes bigger. So let's just cool our jets. We know already we have something that we could turn into a mine if we had to, if nothing else showed up. But let's stay on the bullish side and get the exploration done. And that's what the focus needs to be.
1:01:48 But just on that, Joe, you know, we have been comfortable with where we're at. Obviously the market dip at the end of last year suggests that we needed to do something else and that's why we pivoted. But the reality is the tools we're using and what we're delivering, we're pretty comfortable with. We're pretty happy with where we're at. We are still very much on track. And what you'll see from us is just us iterating and learning to try to find a quicker way. This is, we're already doing what you would consider it to be, or we could find somebody to tell you, is best practice. But you're gonna see more from us from there. You're gonna see us push into spaces that nobody's gone before as well, just to see if we can, you know, meet the short-termism, the way the market thinks, see if we can do things even faster and even better.
1:02:40 And that's what people should expect from us. That's why Joe and I were brought on board, to see if we can just keep doing it better. I think also, we've alluded to it very lightly again, we have to be careful what we say, but a lot of these deposits get slammed because they're complex and, my God, I can't get any of the metal out. When we put out the metallurgy, I think that will be a bit of a game changer for the project. This is truly a different beast. Staying with you, Joe, there's a question. How many wells and in which location are you drilling in 2026? And when do you expect sufficient results that define the commercial reserves identified by this year's drilling?
1:03:34 Okay, I guess if I've heard you correctly, Kyle, the question is essentially, when are we going to be able to put a reserve together? Expect sufficient results to define commercial reserves. As I just mentioned, right now, if this was all there was, let's start the baseline work and let's get going because it can become a profitable mine. When am I going to be ready to turn the key to get this thing going? I don't have an answer for that yet because we have a lot more discoveries out in front of us and I don't know where they're going to be and I don't know how big they're going to be. So that's a question I just can't answer right now. What we've been saying to the investors, Kyle, is we're putting out all of our drill callers, all of our assays, all of our asthmas.
1:04:33 And the one thing that people need to independently model this and come up with their own numbers, their own, run their own sets of PEAs or whatever they might wanna do in terms of the economics is the MET study. The MET study is the one that is always the big, you know, spanner in the, in the, in the, in the, in the thing. And because, you know, you can have, Hey, people are saying, we've seen the bosses get 50% recovery. We've seen as far as get 90% recoveries. So where are you? You know, So you can't, it's such a big number, you actually need to put a pin in that. So that's coming out in a couple weeks. So that'll really, you know, our plan ready for 26 is continue to transparently post all of our assays, our azimuths, all of our colors, et cetera. So people can independently model it. And then now we'll have the network so they can actually get into the whole economics of it much more in depth. And most likely it's a H1-27 thing, But we'll see how the market moves on that.
1:05:34 Right. An individual's wondering, when can we expect core pictures from Elephant? Well, we stopped releasing pictures a while back. We'll just have to see. Sometimes what happens is we release the pictures. The first time we released the pictures was because I remember It was back when we discovered the line zone or we followed up the discovery and we started to bang it. Like we were started, you hit these, and you can see that rock. When you see that rock, you know, well, that's prize rock. You don't need to assay to know that that's gonna get you a good number. And we were needing to raise some hard dollars at the time. And I think the Russians had done something crazy, invaded, the world looked like it was coming to an end. And it was like, so nobody cared about Junior Money, but I thought, well, we need to raise money.
1:06:30 And I thought, there's no way, because I'm happy to write the check, but there's no way I'm gonna do that unless we put out these pictures and tell the world we've made a material discovery, which has, when you say material, when you're in the press releases, the security's implications, it's got serious consequences for management to do that. So you don't do it lightly, but I wanted the world to know, hey, we hit the mother load here, as much as I can say it and put it out there in pictures. So that's why that was the initial genesis behind the core pictures. And of course, when we put that out there, it didn't do anything. The market didn't react at all. I ended up doing most of it myself, thanks God. But that was the history of it. Now we're in a more traditional new slow where we're getting assay things that are being happening.
1:07:19 So we'll just see how that goes. There's no, we'll just manage that as it comes in. And a follow-up question on elephant. Can you comment on the evolution of the elephant P-H-E-M anomaly size? Joe, I'll let you go with that one. So again, just to understand the question is, just want a storyline on how the elephant zone came together? Yeah, the evolution of it. Okay, well, we had drilled a hole in 2024, and as exploration is due sometimes, they just say, let that thing run for a while and let's have a look at what the rock is. We had no reason to go further, it's just that we didn't know anything, so let's blaze off into the unknown.
1:08:15 And When we did the borehole EM on that, the geophysicist came back and said, hey guys, you cut my anomaly in half. This needs to go further. Everybody was all excited, but at that time, I put my hand on Terry's shoulder and said, we can't extend that hole, Terry, because we don't have the ground. We're too close to the edge here in terms of the property boundary. We went through pretty much almost 2 years of positioning ourselves to get that ground so that we could continue that hole. We did. We did the right work and we had the right land people working with us to get that land into our hands.
1:09:05 Once it was in our hands, we had a drill sitting on there extending that hole and we had to extend it about almost 350 meters further. The geophysicist basically said, I need at least 250. And so we did 350 just to be sure. And it was good that we did 350 because that anomaly became a very large, broad anomaly. And we needed the extra 100 meters to get the tail end of it. And the reason why the ups and downs of these anomalies are important to get is they're the tools that the geophysicist used to say, hey, I have something off whole. And by the way, it's over here. If you don't get the complete anomaly, he can just say, hey, there's something off hold, but I don't know where the hell it is. And so we needed that full anomaly.
1:09:54 Once we had the full anomaly, the geophysicist was very confident of where he could place it in space. And then we started scrambling for, geez, how can we drill this thing? And as I said earlier, it was just fortunate. We have a hole that's halfway there already, and it's pointing in the right direction. It's going straight for the centre of the conductor plate. And so, we've got another 600m to go to get there. And that'll be the first thing popping away when the drills show up on the 12th. So as it stands right now, are there any indication of the sickness or volume for the elephant anomaly? Right now what we have is a plate that the geophysicist said he conservatively modeled with about a 500 meter strike length.
1:10:49 So we've put that plate into 3D space. Based on the width of the anomaly, all I can really say is it's thick. It's not a lion style, which is, even though it's high value, as Terry has said, lion is in the big scheme of things, relatively narrow. Great rock. And it's nice that it's narrow because I'm an underground miner and I like narrow things. But no, the elephant is very different. So I can't give you an absolute volume to it other than to say that it has a good up and down dip to it and it has great strike length and we know that it's a thick anomaly.
1:11:39 And that's about all I can tell you right today. Thank you. Terry, Are naked short sellers still sometimes active in power metallic shares? Absolutely. Unfortunately, it's just the nature of the space. I don't think they've necessarily singled us out. I think they're active across the board. You know, many people will not believe that, but we've got the data, we've got the facts. We're collecting more data as we go along and we'll see what we do with it. At some point, you know, it'll all come to tears for them because, you know, this thing is going to be, in my mind, just a big discovery. Big discoveries get paid and at some point these guys are going to have to cover and it's going to be bloody for them.
1:12:31 That's just life. We're not obsessed with them at all. You don't hear me talking about it much. I just, we're just focused on executing on what Joe and Steve are doing, making sure they've got the resources to execute and this thing will take care of itself. Thank you, Terry. We're running to the end of questions here. Can you comment on Golden Ivan? So Golden Ivan is a part of the spin out in Chile and we like that a lot. It's basically the top of Mount Rainey, which is in the heart of the Golden Triangle. North of it is the Scotty Resources, which is a really cool, one of my favorite junior goals. And Strikepoint used to have the Porter-Idaho complex just south of it, but it was sold to Dolly Varden, which is now doing the merger with Contango.
1:13:27 So it's a pretty exciting play. We're looking forward to Chilean exploring that this summer. We like it a lot. It had 3.5oz Gold at surface, continuums, and The Port of Idaho had 12oz of Silver that came right in and stopped. They stopped because it was our ground and couldn't go any further into the project. It was going to be our flagship until I found NISQ. NISQ was further advanced and we switched horses. But we like the bones of that thing. We think Chilean's going to have an exciting time exploring that and its projects in Chile.
1:14:19 So the first time a question's been asked about me, do I own any shares in Power Metallic? So just for record I don't own any shares in any clients of 6, But I do have friends that invest in the stocks and they talk highly of Power Metallic. There you go, Kyle. Putting you on the spot. Well, listen, we got a few more. Are we still good for time here, guys? Yeah, maybe a couple more. Okay. I gotta get out of here by, let's say, 1120. OK, so we wrap things up here. Kevin's wondering there there has been major trade in volume in the stock these last few days. Any reason that you know of? You know what? When we had the dip, obviously I went back on the, you know, back to a number of existing investors and then we found some new funds and ultra high net worth individuals that bought. So we had a couple of guys, one guy went and bought like 5 million shares, another guy bought like 4 million shares. So these were significant buyers that come in and made a decision after a lot of research to, to step in. And so they, they picked it up and always volume begets volume in almost any stock. So when volume picks up, then everything turns on volume.
1:15:37 So we've been, I think just, and it was such, I mean, everyone, the reality is they're buying it at the, it's a super Christmas discount, right? It's the smartest guys in mining put 50 million in at a buck 45 a share in stock. You know, we are, we've done all this thing. We, we, we did do it slower than we had initially planned. And that's somewhat circumstantial, somewhat on us, but it was just the way it shook out. But we've been running this thing based upon what's gonna be the best for the company in the medium to long term. So we weren't worried about the stock in the short term. We're always worried about the stock, but I'm talking just like not obsessed with it because what we need to do is create value. If we create value, the stock price will fall, right? So how we create value was, in our case, we knew we needed to get, you can see from Joe and Steve saying, they were like, Terry, when are you getting this land? Terry, when are you getting this land?
1:16:29 So It was pretty obsessive to get this bloody land. So we did, you know, and we've been after it for 18 months. You know, so we got that sorted out, you know, and, you know, so I think, you know, that's what, when we went out after the dip, it was a great entry point for some people. I feel bad for the guys that sold because we obviously didn't meet their expectations. And I hate to disappoint any shareholders. We truly appreciate them being involved and we welcome them back. But for the guys that have stepped in, obviously a godsend for them. They got in a tremendous price point and probably when the thing's ready to surge again. So, God bless. Last question here, I'm just gonna leave it with you, Terry, and then you can do closing remarks after you address this question from Ken. You talk about deep holes, how deep in meters are these holes? How deep is the hole that is targeting Elephant?
1:17:23 Joe you want to speak to that? Yes, I will. Basically, To reach the target from where we're drilling right now, it's going to be about a 1200m hole. That's not the vertical depth because we're quite a ways back to the North and this is a hole that's coming in at a fairly shallow angle. So The top of the conductor that we have modelled right now, it's about 500m down, but the depth extent of the plate that is modelled right now goes down to close to 1000m. It's a big plate. We only have 1 hole in there right now that's modelled this plate.
1:18:11 Obviously, as we do more drilling, we'll be able to define that body to a greater extent. But at this point we're dealing with a target that potentially is somewhere between 500 and 1,000 meters deep. So that's kind of the scale that we're at right now. To expand a bit more on just that question for these deposit types, it's really not unusual for these things to go down 2,000-3,000m at the end of the day, but we're not worrying about that right now. Right now we have lots of targets close to surface. Elephant is a big one for us. It's relatively deep because it's just big.
1:18:56 And it's kind of what Steve has been saying, hey, we should be looking for this. And now we think we might have found one of them. So yes, we're gonna be drilling, you know, thousand meter holes on this target. And for that matter, the Lion is still going as Steve says, and we're already down 700 meters on that. So there's gonna be some deep holes on the Lion also. You know, the good, we'll wrap it up here now, Kyle. I mean, the good thing about NISC overall is that the line starts at 40 meters. So the great thing is that we're gonna make money all the way down. So it doesn't really matter.
1:19:43 I mean, what you get in problems in mining is when you make your first discovery and it's 1000 meters down, well, that's tough. You better be a bloody rich discovery man because either drilling costs, exploration, excavation, everything is just so much more. But in our case, we're gonna have, we believe a mine all the way down. So you're going to be getting $1,000 rock, maybe, all the way down. And then you're going to hopefully run into one of these big beasts down there. It's fine, because we're getting economic. So that's what's so unusual about this thing and so exciting is that, as Steve said, we got lucky by having the copper and the noble metals up top, whereas Sudbury was on the bottom. And Nowrelsk, Nowrelsk actually, initially the initial sky was fairly low gray. It was Octobrisky that sort of changed the animal. Just to show you how rich Octobrisky was, it's like once when Steve told me this, I was like blown away. I said, are you sure? And he said, yeah. 1 square kilometer contains more than 1 trillion dollars worth of metal. I mean, get that in your head. I mean, I can't imagine how easy it would be to miss 1 square kilometer in this, in drilling, it's just like crazy.
1:20:54 So it's insane how these compact the value proposition is and our grades are comparable to Octobrisky, We just don't have the square kilometer, but who knows? Anyway, just wrapping up, thanks everyone for coming. Hopefully, you got a more fulsome picture. Obviously, when we had the slide last year, we thought to ourselves, well, what have we done wrong to that we, you know, that people didn't get the story. So we had to sort of go back and sort of say, hey, how can we do things better? Which is why we, we thought this year we wanted to sort of set the stage with this, you know, discussion up front. And then of course, we think the MET study will come in in a couple of weeks. We'll really sort of re-emphasize, you know, the work we've done. And then I think 2026 is going to be a banner year and we look forward to communicating with you more in the future. And hopefully everyone has a terrific new year and a very prosperous one and a very safe one. So thanks everyone for attending. I hope you have a great day. We'll talk to you again soon. Cheers for now.
