Get to know Lavras Gold: the property, the people, and the potential

0:08 Hello, everyone, and welcome to EVNickel's live summit today, hosted by 6. I'm very pleased to introduce Sean Samson, EVNickel's President and CEO. Sean's going to take us through a company presentation after we will be accepting questions live. So as a reminder, you can submit your questions at any time using the Q&A panel on the right hand side of the screen and we'll try to get to as many as possible afterwards. And as always, this is being recorded and available to watch afterwards on six.com. But without any further ado, I'm going to hand it over to you, Sean, to kick it off. Super. Thanks, Tasha. Okay, welcome, folks. Thanks for taking the time. I'm going to run through some slides, like always, they're available on our website. And then as Tasha mentioned, we're going to get into some Q&A at the end. Very important, legals. OK, to summarize what we're all about, what EV nickel is all about is decarbonization.

0:58 So electric vehicles are driving a whole new demand category for nickel. They prefer sulfide nickel and they want the cleanest possible metals. And where we have our nickel up in the Shaw dome in Canada, it's hydro power fueled. So that's part of the country that has hydropower. Plus it's a high-grade sulfide. We have a very large land package. I'll talk about that. We have over 30,000 hectares of prospective land. We're up near Timmins, Ontario. So we're in the kind of, We're in the zone that you want to be. And we have a starter resource, which is at 1% nickel. So good high-grade nickel of 15 million pounds of that class 1 sulfides. So what we are is Ontario, a critical metal, which is important because it's in line with the federal and provincial critical metal strategies and we're funded to drill.

1:51 So really excited about our location up in Timmins, where again we draw on clean hydropower and we're beside a very large and growing mining district. Plus we have great grade at our initial resource at W4, and we think more broadly across the Shaw Dome. And then we have a huge land package. We have an epic amount of potential across the land we have. That's going to be a big theme as I talk you through what we've got going on. So we're a very simple company. We're going to find more nickel in the Shaw Dome. We're going to get our hands on more land in the Shaw Dome, and then we're creating what I refer to as a clean nickel business, which is a trademark term of ours, which I'll spend a bit of time talking about today. I run the company.

2:39 I'm joined by my partner, Paul, who's our VP of Exploration, hugely qualified guy has spent the majority of his career in the Timmins camp looking for nickel in the Kamatiates. And then rounding out the team we have Phil Vicker who runs the drill program Boots on the Ground up in Timmins and then Travis is our CFO. So we're a very tight team as we note here and we know how to find, develop and operate mines. More broadly across our board, very important to me, we have 2 of the 4 are from Northern Ontario. Linda is an environmental permitting expert, she's based up in Timmins And then Michael Fox is an old friend of mine. Together we were on the PDAC board before. He's an expert on communities and he's very well connected into the First Nations especially.

3:26 And Michael is based up near Thunder Bay. Then more broadly, we have an accountant and a Toronto-based investment banker. So we have deep transaction and community experience across our board. Okay, I don't spend a ton of time on the nickel macro story. But there really is a revolution underway with electric vehicles. And with that comes an increasing demand for nickel sulfides. So top left in terms of what's tipping the balance for vehicles that are being sold. We spend a lot of time talking about the Teslas you know the Rivians, but the big huge numbers in the electric vehicle game are really coming from the announcements across all the other OEMs.

4:12 And targeting out to 2030 or so, as I chart here on the top right, this new demand category is coming on for the batteries going into electric vehicles, where stainless steel is the current story for nickel. So right now, nickel is a global supply demand balance, all figured out based on the real big demand currently, which is stainless steel that grows at sort of 5% annual growth rate. But what you're layering on top of that is this very strong demand growth, a whole new demand category in the EV batteries. And bottom left, when you stack up that demand with the red line and then the forecast out supply, there's going to be a gap and that's an enormous gap. So just for context, saying that you need 500,000 tons per annum, so 500,000 tons of nickel produced, all of Canada currently only produces 180,000 or so. So we're talking more than 2.5 times Canada's current production needs to be found within the next decade or so.

5:22 Found and brought online, I should say. So it's something these companies are focused on. All nickel juniors tend to have a quote from Elon Musk, where he said at his battery day in 2020, look, we really need more nickel. It can't constrain our growth plans for selling my vehicles. But also what I like to focus in on is he also talked about. The complexity of how the global nickel business has developed, whereas he said it's insanely complicated, the world journey of a nickel atom, where you've got nickel that comes out of the ground in 1 part of the world, gets processed on the other side of the world, then comes back around for the demand. So as they're looking at more, you know, efficient and strategic supply chains, where people are looking for nickel is they need more supply in North America where they're building these big gigafactories to make the EV batteries.

6:15 So that's really where we're positioned because the thing about the footprint of the EV revolution is going to be really tightly regulated. So taking a step back, all industry is talking about the various scopes of emissions and what's going to happen with their public disclosure. So all large industrial companies are getting more and more focused on disclosing what their various emissions are. But the automakers, they've had a lot of focus on them where people are saying, look, when I buy a Tesla, Is that clean? Is it actually something that's good for the environment? So that's been a real focus across the electric vehicle space. And now it's being legislated. So with the new regs a couple of years ago in the EU, they have very clear objectives in front of them, where initially they need to just be declaring what the footprint of their vehicles are. And then you're going to have classification labels.

7:10 And then there's going to be thresholds. So the EV companies can no longer just be buying all their inputs. They need to be buying their inputs with an idea of what the carbon score is, including for all the nickel they need to buy. So it's not like stainless steel, you know, pots and pans manufacturers in China. So this new demand is not just going to back the truck up and buy all of the current supply. It has to have a carbon cost component to it. So back to our deal, what we have is the Shaw Dome. Why do we love it? It's because of the location. It's up in Northern Ontario, very close. You see in this map on the top left, Timmins. Timmins is a large mining town where there's 20 mines and projects. I've said this a few times, it's served by clean hydro power.

7:57 And what we love is we're within 1000 kilometers of the Windsor-Detroit area, where there's a lot of focus on the new electric vehicle batteries, and they require a lot of nickel. So we think we're in the right postal code. And then we have this enormous land package. So we have over 30,000 hectares. We have over 100 kilometers, a very favorable trend for us to be exploring on. What we have is in the bottom there, you see the W4 zone. That's our starter resource at 1%. That's the 15 million pounds that I have on the books of an historic resource. More broadly across the Shaw Dome, there's been great grade production. So you have the Langmuir 1 and Langmuir 2 at 1.75 percent, 1.5 percent.

8:42 McWaters was producing at 0.5. The Redstone produced over 2 percent. These are the types of high grades that get turned into mines. And that really has been our focus. I'll talk about how we're moving now into also the large scale deposits. But we think the Shaw Dome has hosted a bunch of high grade deposits produced from those deposits. And we think there's more to be found as well. So W4, our starter resource, back before we put it into EV Nickel, 22,000 meters have been drilled on the W4. It comes to surface, it sub crops to surface, which is also a theme for our mineralization on the Shaw Dome. There are outcrops and stuff comes up, so you don't have to get through a lot of overburden.

9:31 On W4, it ranges from 0 to 20 meters of overburden. But here we have a 1% 15 million pounds of nickel with the majority of it being open pitable. So we're really excited about that high grade W4. Last summer with our phase 1 drilling, we went in and did about 4200 meters. And we popped holes around to try to figure out if the mineralization continued up and down trend, and if it was open at depth. And out of our phase 1 last year, we were able to confirm the mineralization continues up and down and is open at depth. So that was a successful program last summer that we disclosed at the beginning of this year. The other thing we've been up to this year is we've tripled our land package. So we acquired 21,000 hectares of land to really expand out our shod on package. We paid a bit of cash, some EV nickel shares, and then we put a royalty on parts of that. Of that.

10:32 So that's what added the original yellow was my project going into this year. That's the Langmuir part of the Shaw Dome. And then we've added on the red, the blue, and importantly, the red does not have any does not have any royalty on that land. So what we're doing now after that acquisition that we closed on in April, we've been going through all the existing data from the vendor, we applied for and received our exploration permits And what we're really excited about is the potential on this acquired land for enormous lower grade, we call them a large scale targets. And I'll spend a bit of time talking about what's possible up there. But first let me tell you about the other historic results that are driving us towards high-grade targets.

11:20 So similar to our W4, we think there's a few really interesting high-grade targets across this group. To the west, Croxall, there's been a wonderful anomaly out there which we'd like to spend some time drilling. Langmuir 2, so that's an old historic mine that had production. Crown Pillar collapsed there well away from where we know there's already mineralization that's still sitting in the ground. And we have over a 400 meter deep shaft from which we could use for future exploration and potentially operations. Plus there's some land that we got to the south. So from the perspective of high grade targets, there's really interesting stuff across the acquired land that we can go after. And what we really like about this is when you compare the Shaw Dome to Western Australia's Combalda Dome, the Combalda is a famous production district in Western Australia.

12:15 Since initial discovery in the 60s, they produced over 50 million tons of nickel down there. And the mineralization comes in these chlamydia flows down with clusters along the same stratigraphic horizon. So Cambalda Dome is on the right, and that's the footprint of this area that's produced over 50 million tons. That same outline on the left in the dots, their flows go north-south, ours go predominantly east-west, but it's a very similar geology across the Kamatiates. And this is what Paul Davis, my VP of Exploration, has spent much of his career in, did his graduate degree in, and he knows a lot about the similarity between the flows of the Combalda in Western Australia and Shaw Dome up near Timmins.

13:03 So that's all the high grade. If I take a step back, though, we also now have a new focus about the large scale targets. Now, these are really interesting to the north and what we refer to as Carmen Langmuir, and then to the west, to the Adams-El Dorado. That nomenclature comes from the township names. But the large scale target, so what we're talking about for large scale is I've been saying high grade is 1% and above. That's where our W4 is. That's where these other deposits have been in the Shaw Dome. If we expand out our aperture and start talking about deposits that could be 0.3 to 0.5 near surface in these commadiates, these are these large scale targets we're going at. And if you look at our land, it's really interesting because it's already been drilled, and we know all this because we've gone through the assessment files. Plus, my colleague Paul was the one doing this drilling, used to be employed by Otakonpu.

13:59 For example, up there, they drilled down through 300 meters of dunite. Now Otakonpu moved on because if material was going to be below 0.6, it wasn't of interest to them. But they drilled the area, plus, and I'll show you a bit of this airborne, where we match up the airborne analysis plus some grab sample studies that have been done with the surface outcrops. It's really interesting. And the reason we're excited about this is because large scale targets, they can be defined with pretty limited drilling. And it's really neat because Canada Nickel has had wonderful success with their Crawford project, which is well north of us, but also in the Timmins camp. And if you look back to their initial resource of their main zone, They drilled about 15,000 meters.

14:51 They discovered a deposit that was 1.8 kilometers long by 360 wide. It was a 0.25% nickel grade, and they had 1 billion tons. That's really what got that company started. So it's exciting to think about discovering these large scale targets and then applying that to what we're looking at. So this slide is an old vendor flown. So the company we bought the asset from flew their airborne and using the mag highs, we're able to target, I'm referring to those 2 groups, Adam Zeldorado to the west and Carmen Langmuir up in the northeast. And it's really neat because the pinks and purples are the geology showing up in the airborne that we're excited about. But if you overlay that with a comparison to the size of zones we're talking about, like the main zone for Crawford, which came up with the billion tons, That was 1.8 kilometers long and 360 wide. I have it drawn to scale on the right side of this slide So let me zoom in. So these are the same sort of target ovals and in this 1 You see the what I've drawn on the bottom left shows you to scale what Canada nickels talking about versus what we're hoping to have across our land.

16:11 So those car-laying targets were really neat. That was the airborne I showed you before. Now if I show you the University of Alabama did a grab sample survey. So this is that same area, that Carmen Langmuir from the last slide. And the purples here show you these dunnites that we're really excited to get into. And they took dozens and dozens of surface samples. So surface samples are interesting because when the mineralization is showing to surface, we're able to chip away some rocks and test it. It shows that there's pretty limited overburden, of course. So across this area, you're able to do surface sampling, which speaks to how near to surface they are. So across Carmen Township, they took 40 samples that averaged 0.33 grade, up at the showing on ground. But if you look at what we're talking about, we have here that 6 kilometers by 4 kilometers.

17:07 So we're talking about at least 10 kilometers across the main zones up there on Carmen Langmuir. And it's very material when you look at its size as compared to, for example, Crawford, plus the grades that we're getting from these surface samples. So we're very excited about the potential out there because of the airborne and then also because of the surface sampling. We replicated with our own surface sampling last week, and now we're looking forward to getting those results back. So if I was to summarize sort of what we're working on now after we tripled the land size, our land package up over 30,000 hectares. So we're still jamming through all the existing data we had. We've received our permits to drill. This will be what we call our phase 3 drilling. We did our own surface sampling last week.

17:53 We're hoping to get those back from the lab the next couple of weeks. And we're planning to be in here and drilling the Karman Langmuir to start this summer. So to summarize Shaw Dome, we've got location, it's where you want to be, North America, just north of Detroit, near Timmins, we draw hydropower, we've got great grade, we know on a big chunk of the shawdown, and we have a huge amount of potential just by land. But also we think we have this sort of dual strategy now at the high grade and the large scale. So now I'll talk about the third thing we're doing, which is creating the clean nickel business very quickly. So our thing is we want to accelerate the transition to clean energy and clean nickel, this concept of clean nickel, it's in our DNA. And what it means to us is questioning each step of the process to produce nickel.

18:47 So we have trademarked the term, as I mentioned, clean nickel, EV nickel. Those are registered Canada, the US. It's neat, because that allows us, you know, this is part of every time we're talking to community, First Nations, plus recruiting, We think it's really valuable on that front. Plus, of course, it plays well with certain investors, especially ones that have a CSR focus. And again, it's really in our DNA. We're not just talking it, but we're doing it. And then also, very importantly, as I mentioned before, when you're talking to the EV companies, and you hear it from Musk when he speaks publicly, you know, they need a focus on the lowest possible carbon cost of the nickels they're buying. They're being regulated into it because they need to put a stamp on their cars to say what the emissions are that went into it. So nickel, the metal they buy, needs to have the lowest possible carbon cost. The way we're doing it is questioning every step. So we're going to electrify our mining operations. We're working on ore sorting. That'll be us doing that out at the deposits as we raise the head grade as we move to a potential processing site. We're also looking at different innovative processing techniques, including bio leaching.

19:58 We'll talk about that a bit more in a second. Plus there's a huge amount for carbon capture, huge potential for carbon capture, which we're analyzing. And this is potential to absorb CO2 from the atmosphere just by the rocks that we're uncovering. So we're working on all that. I'll talk a bit more in the next couple slides about a couple of the areas, but starting with the highest grade nickel ore is really a separating step. It's an excellent first step towards getting the lowest possible carbon cost. So as I mentioned, bioleaching, So industry has had a lot of sort of ups and downs in the world of bioleaching. In the nickel space, it's currently being done at various operations around the world. Our team has a lot of experience. Paul and his past life has worked on this.

20:44 But right Now we have samples from our deposit, which are being studied at a lab in New Brunswick as funded through the federal government. As I mentioned before, nickel is a key part of the critical minerals list with the federal government, And they are helping fund this work. And we're going to try to figure out how we can rethink bioleaching. Then on the carbon capture, there are other Nickel Juniors that are also focused in on this. We're working with the lab at UBC. They're probably the experts in the world on large scale carbon sequestration from industrial waste. So again, they have samples from our deposit, and they're doing analysis now around reactivity tests to try to figure out both passive and also active. So where you can pump in a concentrated stream of flue gas or other.

21:35 And that works underway right now at UBC. Really excited to see where that leads. We've really been running. So our logo is a running man. Some people see that, Some people see a lightning bolt. But if I think about sort of where we've been at in December of last year, we went public at 75 sets. We did our phase 1 drill program, did over 4000 meters, came out with the results in January, said how the W4 is extended. Then we immediately announced we're into now 10,000 meters. Part of what we're doing is we're testing the W4, going a little deeper. And all this is driving towards a study for next year. So a new shodown report. In April, we did our acquisition to triple the size of our land package. And then we've announced all that we've had underway with clean nickel and how that sort of all wraps together.

22:26 So we've been running hard for the first 6 months. It's not lost to me the angle of the car versus the angle of our stock chart. So if I talk about our capital structure, we went public at 75 cents at the end of last year, and we really just traded off since then and a very strong nickel market as well. So we've been focused on the things we can control, which is the steps we're taking. And it's directly in line with what we said we're going to do. So we confirmed up the W4 extends, we got into our second phase. We tripled our land package by doing acquisitions on the Shadome. We've announced what we're working on with clean nickel, and it's been a real whimper back from the market. So of course, everybody on this call knows it's a very tough market. But where we stand currently is a little under $5 million market capitalization of their equity value.

23:15 Where the stock is held, There's 10 million shares with the founding group. They're tied up over 3 years with an escrow. Similarly when the asset was initially vended out of rogue resources, which is another publicly traded company, which I run, that's 6.6 million shares sitting with Rogue. That is all pledged against some debt of Rogue. So that hasn't moved at all. And then if you look at the dollars that came in through the various rounds, last year, we sold at 30 cents, a private round, almost 7 million shares went out for that. And then 7 million shares went out in December with the IPO at 75 cents. And then 2.5 million shares went to the acquisition vendor in April of this year. So we've got a tight float, Less than 33 million shares outstanding.

24:03 Management and the board owns a lot. If I expand that out more broadly to friends and family, we're about a third of the company. So it's in safe hands and we're all believing in what's happening with the story And these things we say we're going to do. So it's a wonderful potential to come in with an investor right now. We're sitting on the cash that we can afford our drill plans. Of course, we're a junior miner, so we've got exploration plans going forward. So we'll likely be financing again. But what's going on at the company is, as we said in that last slide, we're running hard and we've accomplished a lot over the last 6 months. And it's a tremendous value opportunity down at this price. If I try to compare us across at that $5 million equity value. And now I realize I'm showing a comp slide where I'm 1 bookend and the other bookend is over 400 million. But if I compare us to these other nickel companies, I think we're in very good shape, bizarrely, even though we're valued down at 5 million.

25:04 So immediately beside us will be Alexa Dundonald that asset under class 1 nickel. That's another Timmons camp junior. They have a pretty small land package. We have an enormous one. We're just getting started. I'm trying to figure out the potential of ours, and they're more than 7 times our value. If I look at the companies that are running with the lower grade, or as I say, the large scale ones, FPX, Canada Nickel, I showed you Canada nickel, how the Crawford main zone compares to what our potential is for the large scale deposits up just a Carmen Langmuir before I talk about, before I talk about the ones in the Western part of our land. And then we've got talent, you know, at a great grade, wonderful company. But I think we've got some Tamaracks on our property.

25:52 So on a valuation perspective, I recognize again, the absurdity of me putting us on the same slide as a company over 400 million. But if you compare what we have and what these other companies have, I genuinely believe we're in very good shape, just not today's valuation, which speaks to the potential for investors. So to summarize, you know, the way I think about EV nickel is an opportunity as a pick and shovel play on what almost everyone agrees on, this future boom for the electric vehicles. So this is like buying Levi's prior to the California gold rush. So Our thing is we're trying to accelerate the transition to clean energy. We know that the world needs the type of clean nickel that we are going to build our business around. And decarbonization is this epic challenge. It's the biggest thing that we have in our lifetimes to try to address. And we're going to be helping with that challenge. And if I think about what's going on from here, you know, very soon, we're going to come here with our fee, our phase 2 drill results on W4, which should be good news, because we're going to talk about how I want to have that as part of a shoddowm report next year.

27:02 This summer, we're going to launch on phase 3, which is that Carmen Lang near large scale targets where we think there's a huge amount of potential. Then we will be announcing later this year results of that phase 3, which are really excited for also because my, my partner has already drilled up there. So we're pretty confident on what we're going to see back. So excited to have that news in the second half of this year. Plus, we'll be announcing where we'll be drilling at the beginning of next year, 2023. And it's all going to be steering towards a new technical report for the entire Shawdome area, which we'll be pulling together in the second half of next year. So that's my thing, Dasha. A quick overview of sort of what we've been up to in the past 6 months.

27:48 We're very proud of the things we've done. The market hasn't reacted with similar pride, pounded us down, but I think it's a significant opportunity right now to potentially come in on the stock. Great. Thank you so much, Sean. We're going to jump into the attendee Q&A. So if anyone has a question, feel free to submit them now. We have a few here, but Sean, when do you expect your next 43-101 report and what will be in it? Yeah, thanks for that, Dasha. So second half of next year, so we'll have a new updated 43-101, which will do a few things. 1, it'll tell us sort of where we're at with W4. So that's the one we currently have as an historic resource. I've been talking about how last year's drilling Proved to us that it expands up and down trend and it's open deeper. Part of phase 2 is drilling that, which is what we'll be talking about over the next little while.

28:39 And I anticipate we'll likely get in for more deep shots beginning of next year. But that will go into next year's report on the Shaw Dome. So we'll have W4 plus this Carmen Langmuir deposit. We're setting up the drill program that we're going to do in the second half of this year. So that is in next year's report. So I'm really excited to see what sort of resource we can pull from the drilling we have planned. It's all exploration, so there's no certainties, of course, but I anticipate Carmen Langmuir will be in that report as well. Plus, we're going to have the bits and pieces of the research we've got for clean nickel. So wherever we're at, whatever we've learned from the labs, we'll be putting pieces of that into next year's technical report, in addition to potential other acquisitions across the Shaw Dome. So we'll see where that gets us, But that's really what we're gunning towards, which is second half of next year for our next 43-101.

29:36 And that'll be an all-encompassing tech report for the Shaw Dome. Great. Thank you. Richard's asking, he's saying that Goldman Sachs published a research report saying that the battery metals bull market is over for now. I'm wondering what your view on the nickel price going forward is in the market right now. Right. I'm not a big sort of nickel price prognosticator. I did read the report from Goldman last week. I think they missed a titch by a couple of fronts. I got my eyes open here. I'm questioning the guy at Goldman. But they do bundle the group as the battery metals. And the interesting thing for me is you have that battery metal space, metals like cobalt and lithium, which are just now with the EV batteries becoming global metals.

30:28 Nickel is already a global based metal for which there is a demand supply balance based on stainless steel primarily. So we have a bit different fundamentals in that we're already a functioning global-based metal, but what is set up is not fit for purpose against this new demand. So I was surprised that Goldman in that report didn't talk much at all about how in the nickel space there is already this global thing developed And yet there needs to be additional new supply, which matches up with the requirements of these EV battery makers. So it's different than when you're building from scratch in a way, which is, you know, global cobalt, which is the hockey stick projections they have there, is almost all because of the EV batteries. Very different because that can be set up from the get-go to match the new demand. It's different than nickel.

31:26 And I know this not just because of the stuff I read, but the conversations I've had with the buyers at the large EV companies. So I was surprised by that, them bundling all the metals together. I was surprised with the nickel. They sort of missed that added little part. And if I take a step back, the reason I am bullish on the future nickel price is because that forecast disconnect between supply and demand. There's going to be some hiccups along the way. As I told the investor who called me at the end of last week about that report, the bigger news for me would be some sort of innovation around battery chemistry, which for some reason, makes nickel less and less important in that alphabet soup of future sort of metal battery makeups.

32:15 That would be a very big concern for me. A call from a sell side broker research house, which themselves have a bunch of positions and folks can read into that all they wish, but for them to say, you know, battery metals is a big category is done. I shouldn't say done. I think it was the end of the first chapter. It's tricky because it's not a single, it's not a single amorphous group within battery metals. You have very different fundamentals. And what I come back to is the disconnect that folks are seeing when they forecast out demand plans. And frankly, they're redoing their demand scenarios with the higher than expected EV sales. But when I look at forecasted demand and supply, which folks who track this stuff really understand because you don't just flick your fingers, snap your fingers and start a mine.

33:08 You have to discover, permit, build so they can stack up supply. And there's a gap. And for the size of that gap, as I said before, it's more than 2.5 times what all of Canada produces for nickel. So there's a big number that we're all chasing towards. And that's why I'm fundamentally bullish on the nickel price. It's because of that forecast, because my timeline is not the nickel price at the end of 2022 or the beginning of 2023. It's when after I've proven that I've got a bunch of nickel on the ground and I put together the pieces to talk about production, that's what I'm interested in, the nickel price being strong. And I have not seen anything, including in that Goldman report, which has me waver in that view. Great, very interesting. Thank you.

33:55 Sean, do you think that you'll spin out your carbon capture business like the others? Yeah. Yeah, good question. We're proving up our carbon capture business. I have spoken to investors who would be interested in that as a standalone business. And we've seen that done already by one of my one of the other juniors. But my thing is I want to figure out and really understand the potential for the carbon capture business to help me have the lowest possible carbon score for the nickel I plan to produce. You know, that's job 1, try to quantify it. And then I'll figure out if it makes more sense to be part of my business or separately owned by our shareholders. So across that bridge when we get there.

34:41 But the important thing for me about carbon capture is that Once we understand it, that's great. We can add it into our economics. But if I'm able to start with a business that has more and more of this high-grade nickel, that's the best possible thing on the carbon score front, because you want to start with the best possible grade. So if I can have 1% or better in my high grade side of the business. And if the large scale I'm looking at is nearer to surface than Crawford's average 40 meters, if I've got a less than 10 meters overburden on mine, and I'm able to start with a 0.35% grade as opposed to a 0.25, that's where I wanna be for carbon cost. I wanna have the high grade and I wanna have the best possible grade out of the large scale.

35:27 Once I cross that bridge and understand the potential for the carbon capture, we'll figure out where it's best owned. Thank you. And how big do you think the new large scale resource will be? Yeah, okay. That's the $5 million question, I guess, if that's the value of my company today. You know, it's exploration. So it's all sort of arm waving until we get there. But I'll say a couple of things. 1, in our slides, if folks go back and look at, to scale how we know of 1 at Crawford, and we know how many pounds that has. And you can you can sort of match that up to my to my chart. So it's really exciting, the potential size. So I'm not going to put a number on it.

36:13 But I will say it's very interesting. And it's very likely many years of discovering what's up there, which is exciting, of course. But the other really neat thing is when you're going after large scale deposits, which when you're in the mineralization, it's down at something like a 0.35 or let's say a 0.25. If you have to go through a lot of overburden to get there, it really hurts your business, really hurts the economics. I would say I'd encourage investors to really take a closer look at those slides where we lay out what our airborne is showing us and what the potential is as compared to a deposit that folks know about and it's pretty straightforward to just sort of overlay it. But then very importantly take a closer look at the average overburden for companies like CNC with Crawford and think about how we're doing surface sampling to get started before we start spinning our drills next month.

37:21 So just doing surface sampling means there's outcrop outcrop means very limited overburden. So it really kind of ties 1 or even 2 hands behind your back. If you need to go through say 40 meters of overburden to get down to a 0.25. So I'm not answering your question about what the potential size is. I anticipate it's going to be very big. I'd encourage investors to go back and really take a close look at those slides. But then also to think about the surface sampling from outcroppings point and what that means for an average overburden, because I think that's going to be a big part of, you know, down the road after you've discovered the resource or after you've discovered, I hope, the mineralization. And when we start putting numbers around it for the economics, I think that's really going to be the game changer, because these are, these large-scale deposits, are lower grade. But you certainly want to make sure They're lower grade, but they're the best possible lower grade to go after. And you want to be as close to surface as possible. And you want to be as close to infrastructure as possible.

38:24 And that's really why we're excited about that Shaw Dome, close to Timmins, a bunch of other mineralization there. And that really is, you know, it speaks to our excitement. Great. Thank you. And also, anyone on the call can download a copy of the presentation under the handouts tab here if you want to do it right now or also on EVNickel's website. Richard has a question. He says, back in December, you said that you're going to be going after a US OTC listing. What is the status of that? Yes, in process. So US OTC and also being listed in Germany. So it's on my list. The timing, I think is okay because the, you know, markets been such trouble. We're, we're in process on it. So it's one of our objectives.

39:11 Really what I'm hoping for Richard is when we, when we, when we hit the ground running with results, initial results out of this phase 3, let's say Labor Day, I want to have those listings in place. But not a great answer. I talked about it before. It's on my list. I don't think I missed great trading months between then and now, but I'm hoping to have that all pulled together so we can really hit the ground running after the summer with dual listings. Perfect. And are you still making Shaw Dome acquisitions? Yeah. So we do have a substantial package now pulled together. There is still a patchwork and we're still in talks with multiple groups to begin or continue filling in that patchwork on a few fronts. You know, There's ones in which we want to get access to the land because it better sets up where we're confident of there being mineralization and it helps us with access.

40:11 Secondly, our base of operations, our base of drilling, I should say, is way down in the southwestern part of our land package. And I'd like to have access to an area from which we can run our drill program, which is closer to the car lane. Plus there is processing, permitted processing down on the Shaw Dome. And we're in touch with those groups, including the vendor from our acquisition earlier this year has the permitted and operating Redstone mill down on the Shaw Dome. So we're very close with them. That's where we're co-located for exploration currently. So we're always in touch with them. Plus there's another permitted mill up there not operating called Karshaw.

41:00 So access, potential processing, plus just getting our hands on more prospective land. And again, the person in this world who understands the Shaw Dome best and has spent the most hours actually exploring there, I'm confident in saying is my VP of exploration. So we go into acquisitions, usually knowing the land better than the owner, the current owner. So we're very active on that. And that'll be part of our future news flow, but with M&A, you can never say sort of when it's going to happen. Great. Well, thank you so much, Sean, for taking us through the presentation and the Q&A session. And also, thank you for everyone who joined us today and asked questions. If you do think of any following questions, there's Sean's contact information on the slide here, and I'm sure he'll be happy to follow up with you directly.

41:53 As I said, the copy of the presentation is available for download in the handouts tab, and also more information is on E.B. Nickel's website at ebnickle.com. But I'll pass it back to you, Sean, if you have any closing remarks. Sure. Thanks, Dasha. Thanks again. Thanks, everyone, for joining in or for listening to a recording. We're really excited about what we've done, what we now have and where we're headed. So I think it's, and hopefully you hear our interest and energy about this. Now we're really excited about what we can possibly do here. And as Dasha mentioned, I'm always available if you need more detail and sort of keep an eye on us because if the first 6 months are busy, the second 6 months, the next 6 months are going to be huge.