Generation Mining: End of Year Wrap-up & Town Hall

0:04 Okay, as folks start piling into the room quite quickly, I'll say good morning, good afternoon or good evening, depending on where in the world you're signing in from. I know there's at least 5 continents represented today in our audience. So really appreciate you guys making time for Generation Mining's end of year webinar. I've got with me today, lucky enough to have with me today, Kerry Knoll, Chair of Generation Mining, Jamie Levy, President, CEO, and Director of the company. Jamie, Kerry, how are you today? Great. Doing well, right before the holiday season here. Happy holidays, Romeo. Yeah, happy holidays. It's great to check in. I know there's quite a few investors in the room, so here's how it's gonna work today. I've got some questions for the executives here, just to kind of wrap up the year of all the accomplishments, generation mining, and looking forward towards next year. But this is also an interactive event. I know many of you have already submitted questions via email in advance, which I appreciate very much. We'll get to as many of them as we can. But there's also a chat button on the bottom right of your screen.

0:55 You can ask questions during today's event. I will try to get to as many as we can. For whatever reason, I don't get to your question. Let's say we ran out of time or it's off topic or really too specific to your portfolio. Also make sure that the Gen M team gets it and that they'll be able to respond to you as quickly as possible. Only other piece of housekeeping before I get to the good stuff is this is being recorded and will be available for replay Probably in about an hour after the event closes, it'll pop right into your inbox. I will also be on Six's YouTube page and at the same link. So enough out of me, I'll get to you guys for the good stuff. Kerry, I'll start with you if you don't mind. As we're closing out 2025, what would you say, you know, gun to your head, what are the 3 most significant accomplishments for Generation Lining this year and how have they positioned Marathon for success?

1:38 Well, that's a good question. After a very slow 2024, which I thank a lot of you investors out there for your patience. It was a tough time with the palladium price going down to $900 and our permitting dragging on. The first big thing we did this year was redo the feasibility study and knock a significant chunk of money off the CapEx. That was done by Asenco for us in March of this year. That really positioned us to get ready to build. The second thing, and probably the biggest thing that happened to us, was getting our final permits in May to build the mine. We're making us one of the only permitted yet unbuilt critical mineral mines in North America.

2:24 So we're ready to go, shovel ready. We just need to get the money together and finish building the team of people. And that was the third thing that happened. We brought on Clinton Swimmer

2:35 in the fall and Clinton has been working really hard with the banks to get that onto the next stage, which we'll talk about a little bit later. And along with Clinton are going to come a couple of other people to join the team shortly. So we've got those would be our 3 biggest accomplishments and and it's really positioned us to get ready to build.

3:02 Awesome, okay appreciate that very much. Jamie I'll say first to you congratulations on receiving the final construction permit in 2025. I'd love if you could walk the investors in the room through what that achievement means practically for the project timeline. And if you could share, what are some of the challenges that were overcome during that five-year permitting process?

3:24 Okay, can I just go back to Kerry's point there, just on the last question there, not to rehash an accomplishment, But I think we're not looking for we told you so's from the investors? And again, thank you for the patience. But the mainstream news now picking up the importance of critical metals, strategic metals, and the palladium price moving with the demand for the hybrid vehicles, which we'll talk about again. So it's not really accomplishment that we did, but I just think people should be aware that, you know, we were talking about this hybrid revolution for a long time as a natural transition to the BEVs. And, you know, it's great that, you know, our kind of thinking over the past numerous years with the numerous webinars at 6, where we've said what we believe is going to happen to the Palladium price. We didn't know it was going to fall as much as it did, but we knew it was going to have a little bit of a rebound off the bottom there. But It's not really an accomplishment, but I just think for the investors and other patients through this downturn in Palladium, and now we're hoping that the Palladium price will be quite stable at these levels right now. But going back to the construction permit that we received, Your question there, we received our joint review panel back in November of 2022.

4:37 It was a joint review panel, which is an EA environmental assessment through the federal and provincial governments of Canada and Ontario. That process took probably about a year. So that started in 2021. And we were in that process because when we acquired this project from Sabani or previously Stillwater, they were put into this joint review panel, which nobody had really heard of before. It was meant for like major projects like nuclear reactors or highways through towns or tunnels through towns. So like crazy permitting. And we went through that and we survived it

5:12 and we got good reviews from the government. And so it took, it was the highest level of an EA that a company goes through. And so it was, we were hopeful that the permitting process would be a little bit faster, but it still took us almost 3 years after the 2022. But our team through Ruben Waleen and Jeremy Dart and numerous other people. They spent a lot of time to make sure that these permits were gonna be operable, that they're gonna be in compliance when we're in construction and operation. So a lot of that extra time we had credit to the team a generation for getting us good permits. They took a little bit of time, but that's a lot of government folks being very big government. But we're there. It was an aha moment for us to get that final permit in the second quarter of 2025.

5:56 And for us to go out there, as Kerry mentioned earlier, to be the only critical metal project, shovel ready, not in construction, We're kind of in a league of our own right now. No, awesome. Speaking of league of your own, I know in December you expanded the Marathon District even further, the land package by 36% through the Martinet and Foxtrap agreements. I'm curious, and Jamie, I'll keep to you with this one. What's the geological potential of these new claims and how does that expansion fit into a long-term exploration and development strategy for the company?

6:28 Well, I mean, as investors know and speculators know and prospectors know, when something's for sale and it's for a good price, you a lot of times will buy it. This was a very good price for generation. It's good for the investors. If we didn't buy it, other people were going to buy it.

6:46 There is prospects there for critical metals, rare earths. We're not going to get into the geological potential right now. It's way too long, but our focus is on getting this project developed right now. The Marathon project and exploration in some of these areas, which are very prospective, never been looked at before, we'll be looking at in the future. But it's nice to have these extra areas that sooner or later somebody else is gonna come purchase them or option them from the vendor. So it was a good price and a great opportunity for us to get it. So quite happy that we purchased them. Great. Jamie, I got one more for you before I carry out, get you back in here. I know a company announced a support letter for up to $200 million from a leading Canadian financial institution, plus another $200 million available through the Wheaton Streaming Agreement.

7:33 I'd love, and this reflects a lot of the questions actually came in over email as well. Can you provide an update on your overall financing strategy and timeline for securing that remaining capital that you need for construction? Sure, good question. So it's a complicated process because we have a different project financing but one of Kerry's old partners from years ago was a group called Endeavor Financial out of London, England. It's run by this fellow named David Rhodes. So he's helping us through this project financing. He's been with us for about 4 years now and a world-class

8:08 project financing firm. So far on the project financing we've arranged the Wieden Stream, which is 200 million on construction. We've talked about numerous times about the senior secure lenders, which are commercial banks led by Export Development Corporation of Canada, Societe Generale and EDC. We have term sheet mandate letters for upwards of $400 million USD. What we're focusing on, which Kerry mentioned that Clinton's working on and everyone in generation, is we're trying to get those from mandate letters to credit approval

8:41 to definitive documents. And our hope is we can get that, or our aim is to get that in the first quarter of next year, 2026. And once we can announce that we have credit approval from the senior lenders, which we hope is gonna be 400 million USD, plus the 200 million from Wheaton, plus the 200 million that you mentioned from the leading financial institution plus the Caterpillar lease, we're getting close to the billion dollars, which is the capital. And then we're looking to raise a little bit more to make up the cost of our own facility in the working capital. And we're working with numerous critical metal funding policies through the provincial government and federal government

9:20 to reduce that funding gap. And then we can announce hopefully a fully financed package in the first quarter of 2026. Awesome. I just wanna add something to that quickly that the both the federal government and more recently the provincial government have been extremely supportive. I've never in my 45 years in mining, I've never seen governments step up to the plate like these guys are doing now.

9:47 And so and Romain also, Kerry and I, you know, an accomplishment for this year is COVID's over. I mean, it's been over for a couple of years, but we've been traveling a lot. Carrie's been out of a suitcase a lot. Sorry, Carrie. Hopefully, the wife is still happy, but it's a breath of fresh air how many people are actually interested in critical metal projects like ours, PGMs, copper. Obviously, we don't have the rare earths, but the doors are open. It's not just open for gold and silvers now. We're in New York. It was 3, 4 full days of meetings. We're in London a couple of weeks ago. So the stories, you know, mainstream news of rare earths in Ukraine and in Greenland and all the geopolitical nonsense is coming out of the, you know, out of the States. A lot of this China stuff is happening. So it's a lot more of interest for people. So our funding gap, quite confident that we're gonna get it resolved early next year.

10:42 Awesome. No, appreciate that. And I know a lot of the questions came in about that. So I really appreciate the extra context. Kerry, if I could, I wanna zoom out for a second and just talk about some of the macro trends. I was wondering if you could just speak to the pivot from just EV to HEV that we're seeing, like what's your perspective on that?

11:01 Well, As any of us long-time followers of our company would recall, we've been shouting from the rooftops for a few years now that the EVs is not going to be taking over the industry like a lot of people think. 50% of the people who buy EVs in the last 10 years have no intention of ever buying another one. They're not going over very well. There's range anxiety, there's charging problems. And so the solution that people are looking to is the plug-in hybrid and the general hybrid as well. In the

11:33 United States, hybrids and plug-in hybrids are outselling EVs 2 to 1. But in Japan, which is the third largest car market in the world, they're outselling EVs 30 to 1. And in China, it's just been a sea change in the last 2 years. They've gone from 7% of the car sales 2 years ago in China were plug-in hybrids. It's gone up to 20% this year, 20%, it's tripled. And it's moving fast because of the same thing. People have range anxiety,

12:03 people want to be green, people want to run on batteries, but they don't want to get stuck. And so the EV mandates, the latest one was Europe, but in the United States and even in Canada, they're dropping like flies. And plug-in hybrids, just for you that are new to this story here, plug-in hybrids not only use a lot of palladium, they use actually more palladium than a regular internal combustion engine car. So plug-in hybrids to us, and hybrids in general, Hybrids to us are one of the reasons it's driving palladium right now.

12:40 Yeah, and Carrie, what was that news story that you sent over this week with the Ford? They've had the big write-off. Yeah, they're writing off $20 billion or something like that. They can't sell their cars. Their big showcase was the Ford F-150 electric truck. They're suspending that altogether. People just aren't buying them.

13:03 Speaking of the macro, I'm curious if you could just give us your insights on the Palladium and Copper price movement in the last year. I know Jamie already referenced it, but I'm just curious if you could give us some more context and perspective on why things are happening and what you think those trends will be moving into the next couple of years as well. Well, let's talk about palladium first. As you know, palladium went from well over $2,000 all the way down to $900.

13:27 And there was, in our minds, anyway, 3 reasons for that. One of them was the pivot towards EVs and that did take about a 10% of the palladium out of the automobile market. So that was a negative and that is continuing. The second thing that happened was the unknown opaque investors shorted 1000001 half ounces of palladium on the Comex. A year ago today that was still short. That short has been covered by over 1 million ounces, one of the reasons it's been driving the price back up. And the third thing that happened was when palladium was actually a higher price than platinum, the car company started substituting and they substituted about 1 million ounces into palladium. Well, now that

14:16 palladium's gone, it's $300 higher than platinum, or sorry, platinum's higher than palladium, you've got that substitution all going back. Those are the 3 drivers. They were the drivers on the way down and they're the drivers now on the way back up. As far as copper goes, well, we all know that there's a massive shortage of copper looming and people are stockpiling copper and

14:40 there's no mines coming on for the next 3 or 4 years, no significant mines in the world. So when copper consumption goes up 2% a year? Where's that copper going to come from and people are very cognizant of that? No All that on I think we did a webinar and I think you're part of it with Adam Simon the University of Michigan professor couple years ago before copper had the run. And I'm not saying he was right, but he was basically saying we need 1 tier 1 project built a year in copper just to maintain normal copper. And I mean, Friedland talks about it all the time. And there's just nothing happening on the copper. But Kerry just jumped over 1 thing on the supply of palladium. Also, you talked about the supply of copper, supply of palladium.

15:25 Right now, with the lower price of palladium over the past couple of years, numerous companies

15:30 was neglecting underground development and exploration. So a lot of the supply of these South African projects, which make up about 35% of the world's supply, and Russia, which makes over 40% of the world's supply, might not have done the development that needed to be to maintain this demand that's resurrecting right now. So it's going to be maybe a good little moment here for plating when the demand is increasing and there's been no supply. And there's 1 project in North America, sorry, in

16:00 Canada called Lac de Zille and Impala announced that they were going to close it down the spring of 2026. They've delayed that for a year just because of the higher prices, but still there's very little projects going to get developed other than ours in the near term. And one more thing I might add, the Platinum and Palladium contracts just got listed on the Shanghai Commodity Exchange. And that doesn't sound like a big deal, but actually it has been consuming a lot of palladium lately. In fact, yesterday I believe they had to stop trading because it went up limit and

16:38 I suspect that might be a little bit overzealous and we might see a little bit of a correction from that at some point. So whenever a commodity goes up as fast as this, you expect some corrections along the way, just like we had a big correction on copper in August. We could see that, but that doesn't change the fundamentals of the market at all.

16:58 Sure. Kerry, one thing I wanted to get back to is when you were talking about milestones and accomplishments earlier in this webinar, you noted that you made some important additions to the team, including Clinton Swimmer as VP Projects and Kyle Klintz to the board. I'm curious if you could expand on that a bit, and that How are these appointments strengthening construction readiness at Marathon? What other key positions are you looking to fill right now?

17:24 Going back, the first mine that I was involved in building was the Golden Bear heap leach mine in Ontario in the 1990s. Our first attempt at getting that going was had a big setback, partly due to a flood. But the second thing that happened was we replaced the technical team, brought on really, really top-notch people

17:47 and turned it into a tremendous success. And I learned then that your project is important, but just as important as your project are the people that you bring on. So you have to go and look for people not only who have the skills, but have done this hopefully a couple of times or more. Clinton has been involved with several palladium platinum mill constructions in Africa over the years. There aren't too many people in Canada that can claim that skill. He was also involved with a big mine build in Canada that was under budget and on schedule. And it was a similar size to this one. So he's done this before. And he of course has all the contacts in the business and people he's worked with before. And We're just in the process of bringing some of those people on. We've been talking to them and we've pretty much decided on them and we'll be doing that in the new year. So we're getting ready to have that team.

18:41 The team is going to be extensive eventually, probably 10 to 12 people. We're not gonna be building this ourselves. We're gonna be using a third party builder, but we still have to have the people in-house that can watch over them.

18:58 No, I appreciate that. I think that's a useful context. Jamie, I'm gonna jump to you just for kind of the, we'll call it the politics of the project. So I know the province of Ontario identified Marathon as a shovel-ready strategic mineral project worthy of federal investment. So my question to you is how are discussions progressing with both provincial and federal governments And what role do you see government generally playing in advancing the project from here?

19:24 It's a good question. So the federal government has already earmarked certain monies for different, with different agencies right now. So the federal government has done a very good job and we're in good discussions with numerous levels of government or these crown corporations or whatever they could be for some of the funding sources available from the federal government. The provincial government is struggling a little bit right now, but yesterday I was invited to a Premier Ford event with Olivia Chow where they're trying to get Toronto to be a headquarters for NATO or

19:55 something. I mean, it wasn't the opportunity for me to talk to Premier Ford or Minister Lecce there, but they're aware of this project. We are the only project in Ontario that's shovel-ready critical metals that we know of. So we're at the top of their mailbox of people interested. And if retail investors or whoever's listening here want to reach out to their local MVP and tell the provincial government to give some funding to this. But I'm quite confident we're going to get some funding from the federal government and the provincial government in the timing. The provincial government did announce some funding for a processing fund, which we're probably not gonna be included in, but I'm not too sure on that. So they're still trying to figure it out. The federal government is a little bit further ahead on critical metal funding sources than is the provincial government, But quite confident in our stage that we're going to be able to get something from both levels of government. Great.

20:51 No, I appreciate that. Cary, I'll throw you 1. So the March 2025 FS maintains strong economics. We've got after-tax NTV of 1.07 billion, 28% IRR, all awesome. Given the current market conditions and metal prices, particularly with palladium trading right now, below your base case assumptions, I know we've talked about your predictions for the near-term future, but how confident are you in the project's

21:14 resilience? Well, I'll talk about a few things here. The main one being, if you look at spot prices today, in fact, we ran the numbers yesterday just out of curiosity, mainly due to things like copper being way up from the Feasibility Number. Surprisingly, Platinum is way up from the Feasibility Number. Platinum as a byproduct is going to add $100M Canadian to the revenue line each year. That's a nice byproduct. And of course, the Copper being well over a dollar above our feasibility number, the same sort of thing at 40 million pounds of Copper a year. So the numbers today are in revenue, in pure revenue, are about 900 million Canadian dollars a year.

22:04 If you look at our feasibility study at $28 a ton, 10 million tons, that's $280 million in expenses a year. That's a pretty nice margin. Now, of course, on top of that, we're going to have interest payments, leasing costs,

22:17 a sustaining capital of about $50M a year over the life of the mine on average. That's not all. The difference isn't going to be all profit, but nevertheless, there's hundreds of millions of dollars a year in profit at today's metal prices. We're pretty excited. Even if there was a major correction, I think we're still in pretty good shape here. I appreciate that. Jamie, I got one for you. This is kind of on global politics and how GenM fits in. With growing emphasis on securing domestic critical mineral supply chains, particularly for copper and palladium, people discussing potential bifurcation of the market in the near future. How is GenM positioning itself to capitalize on potential policy initiatives and strategic importance of

23:04 these metals?

23:10 Well, we've been talking for numerous years that our project produces metals which aren't battery metals. They could be critical metals but we like to focus on the strategic metals. We don't have a trademark but we do like the term

23:30 strategic. As mentioned earlier, 40% of the Platium is coming out of 1 project in Northern Russia called Norilsk, 35% is out of South Africa. I'm quite confident that the North American or the G8 would like to get a secure supply of Palladium on that side. The Copper as well, there's very few Copper projects that are getting over the line. We're 20,000t, 40 milliontons of Copper a year. These are numbers that are large enough that it should take notice to the government agencies that this is a project of merit. But we're just focusing, as Kerry said, just to get these top line numbers, to get the bottom line numbers, and just to get it built. And the geopolitical stuff that's happening outside of it to test, it will help us out through some of the financing mechanisms, but for us it's to run a business, try to generate as much EBITDA as we can and have enough return for our investors. Because Kerry and I are

24:29 large shareholders, We want to get this thing built and have it as profitable as we can. And we'll let some of the smarter bankers tell us some of the best hedging policies that are out there. But our focus now is to get this built with the best team and to get it built at the lowest capital that we can. Awesome. No, I appreciate that. I got one question. That's a topic often people ask me to avoid on webinars, so I appreciate you guys playing ball with this. And Kerry, I'll start with you, but I do want to hear from both of you on this one. I know throughout the permitting process you work closely with Indigenous communities and the actual town of Marathon. I'm curious if you could speak to these relationships and how community engagement will continue as you move towards construction and and during production. So Kerry I'll start with you if you don't mind. Well I think as Most of you know, especially those of you in Canada, that Indigenous and community relations are kind of the third leg after quality of projects and financing in order to build a mine. You can't build a mine without it. And what I wanna say, first of all, is that Jamie has worked several years with the First Nations,

25:35 Indigenous groups, also with the local towns, also with the local governments, and has gotten everybody on side. We have very, very tremendous support. And Jamie, do you wanna just talk about how you went about that? Because Jamie didn't have a lot of experience in that before and he was a quick learner. And we've really made the, especially Big Daganish NABIC, the local indigenous group, that really are partners in this project. Yeah, thanks for that, Kerry. We learned from a few people that the best thing to do is to have a relationship with the First Nations, with the Chief, and if we could use the term Chief to Chief, keep the lawyers out of the room.

26:20 The lawyers can paper up agreements, but to have that relationship, to have what I believe is a friendship with the First Nations, you know, for us to be successful, it's easy it's going to be a commodity price, but for us to be really successful is to have a good relationship with the First Nations to build together, build their capacity, disregarding their direct payments of our community benefit agreement. It's indirect payments that are really going to be beneficial to the town of Marathon, to Bic to Ghana, and to us and our team. Our team has done a fabulous job keeping Bic to Ghana, Schneebeg and our other partners in the area up to speed on what we're doing. As you mentioned, the five-year permitting process, the three-year permitting process, the whole way we're dealing with the First Nations to make sure they understand what we're doing, that we're gonna be protective of the land, of the water and the air. And that's where we're very focused in on it. We have a very professional team that we made sure that hopefully that we're, everything that we've done in our E and our permits have all been, you know consented by the First Nations Great I think that's helpful. And like I said, thanks for playing ball Most people don't like me to bring up that topic. So I really appreciate both of your Comments on it.

27:32 Last of my questions before I get into some of the great stuff that's come in, both in the chat and over email, and that's looking ahead to 2026. I do wanna hear from both of you on this one as well. I'll start with you. What are the key milestones and catalysts that shareholders should be watching for? And what needs to fall into place for Genym to actually make that construction decision on Marathon and next steps to happen. I think we talked about it before with our project financing. We're aiming to get some announcements out earlier next year. Hopefully it doesn't slip in the second quarter of 2026, but we like to make a financial investment decision, have all the money arranged, as Kerry mentioned, we brought in Clinton, but to bring in the rest of the team to have them all here and make that financial investment decision early in 2026. And then we can make a start construction in the later in the summer of 2026.

28:24 From there, a couple of year build, two-year build and then hopefully we'll be commissioning in the summer of 2028. It may be an aggressive timeline but that's what we're working towards And that's what the team is working. And, you know, in today's prices is Kerry mentioned with whatever 11 or $12 billion in revenue, you know, with a 40 million pounds of copper and 170 or 160,000 ounces of plate in a year. I mean, all these commodities are just, it's great to have this polymetallic mix that we just don't have 1 commodity. Sure. It'd be great to have gold or silver now, but now we have all of these commodities that are catching up to gold and silver right now.

28:59 Awesome. Carrie, you don't know if you have any comments of your own, just before we get into audience questions of what you're excited about next year. That's pretty much it. I want to get building and we intend to do that. And if I can just add on, I think one thing, Romeo, sorry, is I think people are starting to wake up to the fact that Palladium is going to be around for a while. And obviously, I think most people know that Copper is going to be here. So I think we are getting re-rated today or we have in the past little while

29:26 since our permitting. I don't know if we're at a 52-week high today, which is nice. I know there's lots of mining companies that are trading up here, but I think we're starting to get to a point where we were maybe at a $200 million market cap. And maybe the last time we did a webinar, we're 150 or $100 million market cap. You know, if Pierre Lausanne is as smart as he is, which I believe he is, and is a billionaire for the Lausanne curve, we should get re-rated on that Lassonde curve. And analysts are telling us we should be trading at 60 to 80 percent of our

29:54 net present value going into construction decision. And we're only trading at 200 million. So I think there's some room for us to move up that Lassonde curve and get revalued. So, let's hope that we get this thing, the commodity prices continue to stay strong and we make this financial investment decision. And I think there's gonna be a good return for investors. I know Kerry had a stock back a couple of years ago, or Kerry, how many years ago is Blue Pearl now? Or it was for 2 years in a row. 20 years ago. Right around the corner, but he had the number 1 performing on the 2 years in a row, so it'd be nice if... On the Toronto Stock Exchange, yeah. Let's see if we can do that again. Exciting, looking forward to it. I hope to only have webinars with you on 52-week highs.

30:41 Yeah, that'd be good. It's the easiest way for me. Yeah. I've been to audience questions, because a lot came in over email. I want to tackle those before I get into the ones in chat. One person wrote in and said, Jamie mentioned once that they will develop a similar amount of copper as Foran. And this person is curious if you think Gen M will reach similar share prices for it. I hope so. I mean, I think for us trading at a $2 billion market cap, that's like a 2x or 10x from us here. I mean, I don't know what 4N is producing, well, they're not in producing yet, they're still in construction, but I believe they were doing a similar amount of copper per year and their by-products were lead and zinc and ours are PGMs and gold and silver. So I think a re-rate is in there. I mean, Dan Meyerson and the team beforehand has done a fabulous job and he's got good shareholder base. Their capital was a little bit less than ours, even though they had some costs overrun being an underground project. But I think when we get into construction, we should get revalued.

31:41 It'd be nice to get up to that level, but we'll wait and see. Awesome. One person wrote in to ask, are there any operational risks that could impact 2026 production? Kerry, you want to go? Yeah, well, any risks that we are aware of have been mitigated. So there's always a surprise when you're building a mine, but that's where your team comes into place and how they deal with those surprises. And the surprises, fortunately for us, this is a pretty simple mine. So We don't have the infrastructure issue, which is often a big one. Usually when you see these remote mines being built, the road usually costs like 3 times what they originally plan on. We don't have to build that road. Our power line is 2 and a half kilometers from the government line.

32:31 So We don't have a lot of the risks that other projects have. It's a simple open pit. Our tailings is going on bedrock. As far as a mine build goes, They're not easy and everyone is different and everyone is complicated. There's always surprises. In fact, when you build a mine, there's a surprise every day. It's how you mitigate those. We have mitigated everything that we can see. There's nothing that keeps us awake at night. The only thing that would ever worry me about this is metal prices, because they don't go up in a straight line, they fluctuate all the time. So, and we're expecting that to continue. No, fair enough. And actually in the same vein, somebody asks, are there any plans to hedge metal prices or use other financial risk mitigation instruments?

33:27 Depending on the commodity and depending on the price, we'd certainly look at hedging at various levels. So it'd be nice to secure some levels of these commodity prices for our lenders and for our investors. So we will look at that in the future. But I think it's for us to make a construction decision and then we can start dealing with the banks or whomever on that. But we believe there's strong demand for many of the metals that we have in here that it'll be an easy hedge to do. Great. So I'm going to combine a question that just came in on chat and a question that came in an email. Somebody asks, do you have any plans for exploration or drilling on any of the deposits, other than marathon, and the person on chat asks is there planned exploration program at marathon. So let's talk about the exploration next year. I think it'd be great.

34:19 It's a good question. We would love to do exploration on the new land that we acquired on the marathon in the surrounding area. Our focus right now is to get this thing built. I think the majority of the investors are here to see us building this project. We do have a bunch of people who would like us to test those targets. We will try to raise some money next year to do some exploration after we get this thing built, but we're going to try to do it together. I think our focus right now is developing the marathon copper palladium project. And if we have some extra money out there, we're gonna go test a few of these targets. So, in later years in the mine life, we could have some of these other targets, but our focus right now is getting this built. Great. One person writes in to ask, will Wheaton be involved in the financing over and above their current commitment? And how about Sabanier and Sprott?

35:13 I hope so. We're in constant communication with all 3 of them. I think Eric has done phenomenally well over the past little while. So I don't think it would be an issue for him to write another check to us, but we're not looking to raise money today. So I'm not gonna reach out to him. So Banny's done an amazing job so far. I think with the platinum price and palladium price, I haven't looked at their share price, but it's gotta be a 10X from where they were earlier, maybe, I don't know what they're trading at now, or 5X, but, and obviously, Wheaton is making oodles of money. We have a very good relationship with Wheaton Precious. So when we do make a financial investment decision, we'll be talking to all 3 of those parties, as long with the offtakers. And I think we're going to be able to get some funding from all 4 of those. Great. Thank you.

35:58 Doug asked right at the beginning of the hour, How is detailed engineering progressing? We are working with a new construction team. We'll give them an update sooner than later on that. We're still waiting to tender for the EPCM and then we can update that on the level of detailed engineer we're at. So we're a little bit behind where we were before, but we're looking to pick that up in the first half of 2026. Great. There's a number of questions about timeline that I think we've already tackled. So if you have any specific questions about timeline beyond what we've already talked about, please let me know. One person asks in the chat, anything related to Darnley Bay to report or share? I don't have anything to report. They should reach out to that company themselves. We do have an agreement with him, but whoever wants, they could reach out to me and I could give an introduction to the option here on that.

37:01 Awesome. Awesome. Now, as we get to the end of the planned 40 minutes that I mentioned this event would be, I do want to give both of you an opportunity, obviously, anybody who listened to you guys speak at the end of last year and invest in generation mining had a lovely year. I'd love to know if there's folks in the room that are new to the story and folks that have been following for a long time. I'll just give you guys kind of a last word to speak to both those audiences. Kerry, I'll start with you and then Jamie, I'll let you finish. Well, again, I'd like to thank the shareholders, the long-term shareholders, especially who stuck in with this. We had the faith, Jamie and I, we both added over the years to our share positions and we hope that people are pleased with our, always hitting, I think It's a 2 or 3 year high this morning. So that's always nice.

37:50 Partly driven by share price, partly driven by the accomplishments that we've made. And I just wanna thank the shareholders for hanging in there. Yeah, I agree. And wishing everybody a warm cheer, happy holidays, Merry Christmas, Happy New Year and hopefully more 52-week highs at the end of this year and early next year and continued health and happiness for everybody. But I appreciate everyone's support And thank you to 6 and Romeo for another great webinar. So much appreciated. Thank you. Awesome. Kerry, Jamie, thank you so much. Thanks everybody for joining us. I'll send through the full list of questions. I know there were a couple we couldn't get to today just because of time. I'll make sure the Gen M team gets them, but gentlemen, thank you so much. Have a wonderful holiday.

38:35 Looking forward to the new year. Merry Christmas. Have an air.