Highland Copper Announces Final Approval of US$50 Million Grant

0:00 Okay, I see people coming to the room at breakneck speed. So I'll say good morning, good afternoon or good evening, depending on where in the world you're logging in from today. I know there's quite a few of you, and it looks like from all around the world. So really appreciate everybody's time today. I'm lucky enough to have with me Barry O'Shea, CEO of Highland Copper to discuss some pretty good news. Barry, how are you? I'm doing well, thanks for having me. I'm good to be here. Awesome. So here's how today's gonna work, just for the folks in the room. I've got some questions based on not just the news, but also some of the future of what's to come next for Highland Copper. But this is an interactive event. I know a lot of you already asked questions in advance over email. So we'll be able to get to all those. But this is also an interactive event. So please do use the chat button at the bottom of your screen to ask questions during today's event. Particularly if there's something you feel that we haven't covered during the questions that we get to. If for whatever reason I don't answer your question today, chances are it just ran out of time or it didn't quite fit with the conversation.

0:52 I'm still going to make sure the Highland Copper team gets those questions. So still feel free to ask them, even if we don't get to them today. Only other thing I'll say is Today's event is being recorded and will be available for

1:02 replay before end of day Eastern time so it will pop right in your inbox. It will also be available on Six's YouTube channel. Final thing before we get into the protein, there's a request meeting button at the bottom of your screen. Please press that if you'd like to meet with the Highland Copper team. I'll be sure to pass on your information, both phone number and email once this event is over. But Barry, let's get into the headline. I'm excited. $50 million from the state of Michigan. Final approval, no further state sign-offs required. Walk us through what actually happened last week. Yeah, I mean, you've said you stated it. That's the headline. It is the final approval of a $50 million non-dilutive grant from the state of Michigan. Truly can't understate the importance of this to our company. Of course, it's a key first step as we think about the broader project financing, gives us incredible strength as we go into those next steps. And I'm sure we'll talk about it, but next on deck will be the $250 million letter of interest we have from USXM.

2:00 And importantly, it's just an ongoing demonstration of support from the region. In the weeks leading up to the announcement, a coalition came together named Our Future, Our UP. Just a who's who of regional leaders, businesses, residents, demonstrated that they want responsible economic development in the Western UP. We're very excited to bring our investment alongside the state of Michigan. Great news for us. No, excited. I know this isn't just a check in the mail. It is a performance-based reimbursement tied to milestones like the 380 jobs that I know you've talked about at Copperwood and evidence of $150 million in additional financing by 2028.

2:45 Barry, if you wouldn't mind, just for folks in the room watching the replay, can you unpack how the structure of this grant really works and why that structure is actually really quite good for shareholders who are into Highland Copper? Yeah, of course. Well, let me start actually with why it's good for the state of Michigan, because if it's good for the state of Michigan, and it generates support for us, then of course that drives social license to operate. And of course, in turn, that's good for our shareholders. Importantly, it's a $50 million in eligible expenditure for regional infrastructure. So this is the state alongside our foreign direct investments supporting expenditure in roads, upgrades, rail, power and telecommunications.

3:28 Of course, the main thing that the state wants here is good paying jobs. We expect to create 380 jobs considerably above the median wage in the region. As I say, all of this, what is good for the region, drives social license to operate. Social license to operate is critical. It brings assurances around driving forward. It brings assurances around building of the project. Importantly, then if we go back specifically to shareholders, this is $50 million that you can consider as an NPV dollar for dollar benefit. Think about the mechanics when we spend money and arguably it's capital early dated. So in the first year of construction, up to $50M in that regional infrastructure expenditure gets reimbursed on 0.25 by 0.25 basis.

4:19 So I do see this as year 1 construction costs. And as I say, a true NPV boost, essentially of that same $50 million. Naturally, that has read through as we think about financing to the economics of the project itself. And all of those, of course, are really important to our shareholders. That makes sense. One thing I'll say about the about the actual statement from the state itself, it wasn't hedged. It was quite strong. It described Copperwood as one of the largest private sector investments in Western UP history, highlighted the jobs, infrastructure investment, domestic copper supply, the project delivers, all very positive. So after the extensive process to secure this $50 million commitment, How should investors think about what the state support represents for Copperwood and its path forward?

5:06 Yeah, listen, as we say, you know, execution risk often relates to jurisdiction. I think we have these ongoing demonstrations across all levels in the US that this project is desired for a number of reasons, of course, to bring copper, to bring jobs, and very importantly, to do it responsibly. The state of Michigan has incredibly stringent regulation. We have proven that our project design meets all of that regulation. That's how you get your permits. We think we can bring all of these benefits coexisting well with local tourism and of course with the environment. But it is that support that is key and I'll take you through piece by piece. You know, at a federal level, Senator Slotkin and Congressman Bergman have been 2 of our most vocal proponents in Washington. We, of course, on 2 occasions now in the last 6 months have had mentions and endorsements in a White House publication, again, driving the understanding of this project that this is a project that can have a near term benefit in terms of copper supply.

6:05 When you look at a state level, there's 1 state Senator, Senator McBroom and 5 members of Congress from the UP referred to as the UP Legislative Delegation, all of whom are dramatically in support of this project and actually celebrated it shortly after the announcement was made. Most importantly, though, we are wanted in the local area, the Western UP. I've spoken about this before. We have 22 resolutions of support from all key municipalities in the region, and particularly where the project resides, that's the Gogebic County. So we feel great that this is truly a project the Western UP wants. The endorsement sets a tone overall for responsible mining. But as I say, it also sets the tone for our project financing and we're excited about taking next steps there.

6:51 Awesome. And on the same train as financing, between the White Pine proceeds, obviously earlier from this year, the letter of interest from Ex-Im and now this grant, financing picture has changed a lot in the last 12 months, obviously. So I'd love if you could paint us

7:06 the full stack from here and what the sequence looks like. I know some people ask this over email, but the sequence looks like between now and a construction decision. Well, I certainly think the path through financing, construction decision and initiation of construction looks more clear than it ever has. Let me take you through broadly on the capital stack and we'll assume conservatively that the project needs around $450M in overall capital for initial construction. Obviously, this $50M state grant, particularly being non-dilutive, is an incredible first step. I've spoken about it before. The debt capacity of the project, certainly at a US$5 long-term Copper price where we stand today, is certainly US$300M. US$250M of that, of course, ideally will come through the US Export-Import Bank. We have a lever of interest there.

7:56 We're looking forward in the near term here to progressing that and moving it towards a binding debt facility.

8:02 But we're fortunate that we do believe we have some additional debt capacity around $50 million that will ideally come from offtake or asset finance. That leaves about a remaining $100 million that we need to bring in, either through additional private funding or arguably some additional federal grants. All of these steps from our perspective are made easier by the fact that we have this wonderful starting point and a real foundational base of $50 million in terms of this grant. So as I say, we have good visibility to the path at a state, federal level, and of course, with the direct investment that we'll bring from our shareholders.

8:43 Great. If you don't mind, I'll zoom out and talk about the macro and politics just for a second. I mean, we can get back into it. But I want to zoom out to copper because we did see record price in December. Goldman now has that five-figure floor under the metal. And there's a 15% tariff so far, I say so far because you never know, on refined copper imports kicking in this coming January. How much does being a fully permitted American copper project change the conversations you're having with financiers in this environment? You know what I think about copper, I think the story has for some time now been a very well understood fundamental story. And if you go back 2 to 3 years ago, candidly, that overall fundamental story was certainly developing, but copper hadn't moved meaningfully.

9:31 In the last 12 months, obviously, we've seen incredible advances.

9:35 Spot prices sitting near $6.50 per pound at the moment. One thing that I certainly keep an eye on is long-term consensus value of Copper. That has certainly reached $5 at this point, and I think is more of a view of the downside case. All in, I think that the story just remains particularly strong. As you mentioned, supply has been waning globally. New categories of demand are increasing, not just from an electrification perspective, but as the US has identified also from a strategic defence perspective. So this overall imbalance that we're seeing is particularly pronounced in the US. So back to your question, as we're sitting in front of US Ex-Im, as we're sitting in front of other debt providers and investors. I think the story just remains particularly strong. We're going to see continued fundamental strength here. And of course, all of that improves our likelihood of

10:31 getting the project capitalized, financed, and ready for construction. Awesome. Now I know, just based on the questions I'm getting and from seeing some of the folks in the audience, there are some people from the region, so I wanted to ask a couple of regional questions if you don't mind. Because 5 million of the grant goes to the Gogebic County Road Commission, plus another 7.5 million from MDOT for County Road 519. I'd love if you could just tell us what the project means for a region that lost its paper mill in 2010, lost prison in 2018, lost White Pine in the 90s. What does all this incoming money actually mean for folks in the region?

11:09 Well, yeah, listen, the Western Upper Peninsula has lost considerable industry over the last number of decades. And you'll have seen regions like these wonderful historic mining districts that candidly have been underinvested in and need updated regional infrastructure. Yes, a portion of the money went directly into the region, the Gogebic County Road commission, some of the money to us, some additional money, as you mentioned, came into the Gogebe County Road Commission through the Michigan Department of Transportation. Whether that capital is going directly into those entities or to us, all of the capital is allocated to regional infrastructure.

11:47 That of course will benefit us as we invest alongside them. But importantly, it improves infrastructure in the region for residents, and most notably for other industry. This is the region that deserves this type of investment. I think the state of Michigan has made it a priority and it's very nice to see. Awesome. One thing, and this is for a lot of the folks that are in the room, I know there's a couple hundred people and some of them probably haven't heard of Highland before today. Copperwood it's the highest grade sentiment hosted copper deposit in the UP. It's fully permitted and is designed as a lower capital intensity project. Really significantly for folks who aren't familiar with projects in the region. Barry, for investors just discovering this story, why is this the right first mine for Highland?

12:35 Well, first of all, address some of the points that you made, yeah. I mean, I do consider the Copperwood project 1 of the most advanced copper developers in the US, really at the right time and the right place as the looming supply demand imbalance candidly only grows. But there are important things in terms of the characteristics of a project that allow us, a smaller company to build and scale is key. This is not a project that requires a $1Bn or a $2Bn investment. It's less than 500,000. This is an appropriate scale project for our company. Being permitted is critical. That is a key risk removed. It puts timeline in our hand. And as you'll know, this is a near-dated project. We are a company whose goal is to quickly get to production at our first mine. It changes the overall complexion of the company.

13:28 You'll have heard the statistic. I know you'll know this. It takes the best part of 20 years from first drill hole to build mine in the US. We at this point, arguably have 15 to 16 of those years behind us. We'll step towards detailed engineering now, construction decision in 2027. And with permits in hand, we remain in a good path to be building in 2028. So it's all those characteristics that make this the right project for us from a scale and time perspective. And we're excited to get moving. Awesome. Yeah, it's certainly a bit more de-risked to be in year 16 of that process than some folks I work with are in year 1 or 2. I want to educate everybody a quick history lesson with my next question just to talk about how this whole year came together. Now earlier this year you sold out 34% stake in White Pine North to Kinterra. $30 million US, wiped out debt, put the company all in on Copperwood.

14:20 So looking at this decision now with the $50 million state grant coming in hand, walk us through how the pieces of this year's strategy were supposed to fit together just so people can kind of see the whole picture. Yeah, listen, and thinking to that multi-decade development timeline, you'll understand it's not easy to build a project anywhere in the world, and certainly not in the US. So over the past years, and certainly the last 12 months specifically, we've been highly focused on both the company and the project. If you want to build, you need to be ready from both perspectives. At an asset level, you will see we've done some very good early site work. We've done some very important current reclamation demonstrating the environmental design and of course, our capacity to meet it. From a project level, We're putting our money where our mouth is in terms of detailed engineering. And we're also making considerable steps, of course, as we see with both Ex-Im and with this grant towards the finance ability of the asset itself.

15:15 At the same time, again, acknowledging we are a smaller cap company, the company needs to be ready at a corporate level. As you mentioned, through the sale of our non-core white pine interest, we've eliminated debt at the company. We have no warrants, we are recapitalized, we have about 20 million in the bank, sufficient capital to get ourselves through the balance of engineering and activities needed to make a construction decision. And we're focused, fully focused on our fully permitted Copwood project. So I think it's this demonstration of focus, of course, being well capitalized that puts us as a company and an asset really on a firm path to development. I will mention, by the way, when you think about year 15 or 16, having put behind you multi-year processes around permitting and engineering and financing and so on and so forth.

16:05 That happens to be the point at which you hit that deep value on the Lassonde curve. And as you step towards construction,

16:12 you start to see real value generation again. And I'm trusting we'll see that for our shareholders. Awesome, I appreciate that. Couple more for me and then I know there's growing number of great questions in the chat and there's a bunch on email, so bear with me. I just got 2 more for me. One quick 1, I understand Highland intends on issuing an updated FS in the first half of 2027. How are you tracking towards that right now?

16:34 Yeah, I think we're tracking very well. And importantly, I think we're looking at a whole host of optimizations to make this feasibility study the best that there has been on this project historically. We made an announcement earlier this summer, in round some of the mine life optimisations at a higher Copper price and a lower cut-off. We certainly think there's a real opportunity to convert an additional amount of measured and indicated into mineable reserves, so driving additional mine life, actually without any additional drilling. Of course, there is an additional significant 79Mt in inferred that we do think over time we will convert into an incredible upside to the project. Candidly, not something that we would look to drill and bring into this updated Feasibility Study.

17:20 On a mining perspective, we're also looking to re-optimise both mine height and pillar optimisation, again with good opportunities to bring more ore into the mine ore reserve. I'm just going to refresh you that tail ended last year, and we had a pretty significant improvement to the process plan. We incorporated

17:37 ultra-fine flotation technology. We demonstrated we could add about 2 percentage points of additional recovery at a lower cost. I'm Telling you about all those optimizations because none of them as yet have been incorporated into any feasibility study. The project has seen naturally in the first half of 2027, we'll update a study and incorporate those. And as a quick refresher, remember that This next dollar of Copper price increase provides the most incredible leverage in terms of the economic prospects of the Copper Wood project. I'll refresh you that our study done in 2023 was done at a $4 Copper price, 168M NPV, moving from $4 to $5, which is now long term and ideally the price that we use for updated feasibility study actually triples the net asset value of the project on a like for like basis to $507 million. So we've got all of these great opportunities to bring in. And I think it tells you that we're tracking towards a robust feasibility study in 2027.

18:38 No, appreciate it. And yeah, for Copper Bulls type of leverage, you don't often see in a project this dearest. That's pretty neat. Last one for me. The grant reimbursement window runs through 2033 financing milestones in 2028. But I know shareholders think in a quarter. I certainly do sometimes myself. What are the 2 or 3 catalysts people should be watching for between now and let's say Christmas this year? Well, I think the nice thing for our company, our project is that there are catalysts over varying timeframes. Through the balance this year, of course, we're driving engineering, we're going to parallel our process. I think just stepping forward in those and formally stepping into the debt process, I think is a catalyst in and of itself. Of course, the largest catalyst you'd see in the early part of 2027 is an updated feasibility study, which really creates that groundwork needed to formally step through debt financing.

19:29 By mid-2027, naturally, we'll look to have gathered that binding debt product, be it with USXM or other private sources. And all of that pushes us towards a construction decision in the mid-2027 timeframe. And candidly, it's value generation from there. We look to initiate construction in the first half of 2028. And again, speaking of that mid-level timeframe, producing Copper in the 2030 timeframe. So really exciting times. And I think starting from a very reasonable place, from a valuation perspective, I think we have significant upside as we continue to deliver. Awesome. That's it for me. So I'm going to go into a couple of questions that came in over email. Then I will get to the chat. We got time. So don't worry if you have any more questions, please feel free to add them. One question, I think interesting one about local impact. One person

20:20 wrote in wanting to know how soon could the local area see an economic impact, especially in the number of employment opportunities and in school enrollment. They want to know if there's likely to be an increase in enrollments because of Highland Copper employment. Yeah, and maybe for a little context for those that aren't from the region, you know, school class sizes, of course, have declined over the past many decades, there's been a lack of investment. So naturally responsible economic development brings families back to the region and helps school enrollments as much as anything. I see the main boost is when we drive towards full construction in 2028. So I think that is the key point that we need to be looking towards. But recall that if you're going to be building a mine in 2028, there's considerable operational readiness activity that will be required through calendar year 2027.

21:09 So while the impact in that year may not be as significant as when you step into full construction, I'm certainly hopeful to see some increased activity wrapping up over that period. Okay, great. Next one, I got kind of

21:21 3 questions that are all in the same universe, so I'll try to combine them all at once. But somebody notes that you previously said you expect the range of grants to be between 25 and 50 million. Obviously, this one already puts you at the top of that range. So they want to know, is that all that could be expected from grants or are other federal agencies still remain as a viable conduit for additional funding? Well listen, I always do my best to be careful in what we speak to and ideally try to over-deliver. I think what I've spoken to historically is that, we've had 2 active grants, obviously there's the 50 million application that we've had at the state of Michigan for a period of time. And separate to that, we have an additional 50 million application from a federal perspective with the DoD.

22:09 You know, I was careful. I said that of those 2, we didn't have certainty in and around executing on all of them. So we estimated 25 to 50M. So you're right, we now have already met the high end of that. And candidly, grants at a federal level remain open to us. And I'm quite hopeful in that area as well. Federal government is incredibly incentivized as they think about domestic copper production. We are one of the most near-David projects. I mentioned, of course, that we've had a White House endorsement on 2 occasions now. I think we have high visibility in the halls of Washington, DC. And through the balance of this year, we'll continue to drive our grant applications at a federal level. That's great. It's a good time to be well known in the capital.

22:57 Now there's one question somebody wants to know really specifically, any potential grant from the DOE, the DOW or even the LOI from Ex-Im, they want to know if any of them require Phase 2 engineering to be at 40% before the grants for loan are made. Certainly with Ex-Im, Yes. And that's why, you know, we received that LOI some time ago and we have had some questions as to why we haven't made more progress on that. Candidly, we have. We remain in very close contact with USXM as we establish what the due diligence process looks like. But Just like any other bank, you have 1 goal at due diligence. You need to prepare it from an engineering perspective. Of course. We're concluding on that engineering, as you know, into early 2027. And then that becomes the appropriate time that we look to convert

23:45 that letter of interest into a binding debt product. And we've left ourselves time naturally that we'd have certainly 6 to 9 months and look to conclude that debt process into mid-2027, Q3, 2027. So we feel quite comfortable there. The grants at a federal level are a little different. They don't require the same level of engineering. So those are ones that we are imminently working on. You do need to demonstrate, of course, so that you're advancing well. So US authorities and agencies certainly like to see that you're making solid steps from an engineering perspective, that you're stepping quickly through from a financing perspective, and that they know that when they put money into a project, similar to how the state of Michigan does, that there'll be assurances around development and the benefits that they're looking for. Great. Appreciate it. I'm going to get into the questions in the chat now. I'll start with 1 on Ex-Im just because we're already in that topic, but then I'll go basically in order. They want to know if there's any possibility to expand the size of

24:44 the capital commitment from Ex-Im. They note that Santa Cruz Silver's had theirs bumped up. I think that there is. And that's a step that we'll take as we get closer to due diligence. I think the important point that I made earlier is that even that US$250M number that we have with USXM, it was largely related to our debt capacity. When we were looking at Copper price on a long-term basis in the US$4M to US$4.50 range, certainly now at US$5 Copper price, the profitability of the project and the debt capacity to repay. So we do think certainly that $300M is the appropriate debt capacity of the project. That can be dealt with in a couple of manners, either by upsizing the ask USXM. And I think there's a very strong case to be made for that. And of course, we've seen instances where companies have been successful.

25:36 USXM remains, of course, a key focus for us. We've seen others be successful in debt that has been announced. The cost of capital is arguably well below what you see in the private markets. So we remain focused there. But as I mentioned, there are other opportunities. Our largest shareholders are on Orion Mine Finance. They're one of the largest debt providers from a private perspective into the mining industry. Of course, we have not yet concluded on offtake terms with anyone. We think that's a really nice strategic element that we can use as we think about preferential debt from the markets. So a range of opportunities there. Great. A couple of quick ones here. Wes from the chat wants to know, are there any permits left in either the state or federally?

26:24 No, we are a fully permitted project. You will know, obviously, as with any permits, and we have the 7 permits required from a state level to both operate and construct in the state of Michigan. Of course, those permits see periodic renewals. We're in the process of a renewal for one of those at this point. Last year, we were successful with renewal on our air permit. We feel very comfortable with the design of our project, very comfortable with our relationship with the permitting authorities in Michigan. I mean what's been nice over the last couple of years is that we've had a chance to demonstrate concurrent reclamation of our site, the creation of the 18 acres of compensating wetland. We've set up a wetland preservation area of 700 acres.

27:09 All of these things really provide comfort to the locals in the region that they understand that we'll operate well. And of course, give us further credibility and with the permitting authority. Great, Thanks. Trevor from the chat asks, is there any other stage along the road to construction or production

27:27 where opposition to the project might cause a problem? So just speaking to a risk there. No, we don't think so. And maybe I'll just speak to opposition generally. Of course, in mining, very often there will be elements of opposition and candidly, that's fair. In the U.S. We're operating in a pretty beautiful area. It is our goal as a company and we certainly know it is priority number 1 for the state of Michigan to drive the type of environmental protections to make sure that you're not creating jobs at the expense of the environment. Michigan mining legislation is incredibly strong. It's modern. It was passed in around 2007 with unanimous support at both the House and Senate in the state of Michigan and actually endorsed by a host of federal and state NGOs.

28:17 If you can demonstrate through your project design that you're capable of meeting those regulations, you have a good project from an environmental perspective. All that being said, this is something that we continue to educate our opposition in and around. We try to make sure that we really follow through on our obligations. We feel very comfortable. We feel comfortable because we know also the state of Michigan through the permitting authority is keeping a very close eye. But importantly, we have all of our permits in hand. We firmly feel that we have very strong local support. We listen to and are mindful of opposition, as is the state of Michigan. We certainly feel very comfortable with the broader social license to operate.

29:03 Great. M. Ponte from the chat, I'm going to finish on your question, so just hold on for that one. But SD asks, first they say congratulations on the grant approval, major de-risking milestone. They note that While future financing was targeted alongside the updated

29:18 FS, they want to know if the board has considered pulling forward a capital raise to meet current investor demand and provide liquidity for those looking to expand their ownership sooner than that. There may be an opportunity for that. Certainly nothing that we have as of this point stepped towards. The nice thing is that we have $20M in the bank and no debt. So for the moment, we're very well capitalized. Our potential opportunity may come in the first half of 2027. I think we'll issue a pretty robust study that of course can create some really nice demand and there could be an opportunity to bring forward some of the total equity needed for the project. So we'll be very careful and mindful. It is of course important to bring new investors in. At the same time, we remain just incredibly respectful of the dilutive impact for our current shareholders and we'll look to find the right balance there.

30:09 That's good balance. I appreciate that. Jay Redberg

30:12 asks, as specific as possible, What infrastructure project is Copperwood going to spend the 45 million on? So if you just run through that again, if you don't mind. Yeah, I think first and foremost is the County Road 519 upgrade to make it an all season road from an industrial perspective. County Road 519 is rated very low in terms of its current state. And that's in part informed why the County Road Commission also received a component of this grant to ensure that road is upgraded, not just for our project, but for the broader region.

30:49 The second and arguably the largest component of capital is bringing power to the site and by default to that specific region, the Western UP. And the third major component is bringing Wi-Fi, bringing telecommunications to that region. Incidentally, we think it'll be very useful to the local state park, bringing that Wi-Fi capacity is important, certainly from a safety perspective, and we will always be doing our best to benefit the region overall. Perfect. Paul from the chat wants to know if there's any synergies with regional mills. He notes Eagle as a specific one.

31:30 Not imminently as we look at it. You know, when we've looked at the Copperwood project, certainly as we think about infrastructure, it does probably require its standalone mill given its location. There may be opportunities to work with the Eagle Mine and Talon, certainly, as you think about transload facilities and some other elements of regional infrastructure that may be useful to a range of companies in the region. So there are some opportunities. But for the moment, we certainly view Copperwood broadly having its own standalone key infrastructure. Perfect. 1, D. Kurtz just says what they've seen, the Copperwood team on site is best in class. I appreciate that comment. Sherry from the chat is a question I'm going to get you to wade into other state politics. I'll be careful how I ask it, just obviously answer the best of your ability. But Sherry says they're very happy for you and your team, say it's a huge win for Michigan and the U.S. As a whole. They'd love to know what lessons could be applied in almost

32:30 neighboring, not quite states, of Minnesota, as they have minerals that are critical to the US, but to residents in the area that support their region. So what could they learn from Michigan in this scenario? Well, listen, Michigan is an industrial state. It needs copper in Detroit. So I do think Michigan is quite pragmatic. But I do know also that Michigan, at no expense, wants to impact its natural beauty for the benefit of economic development.

33:02 So I would say that the key lesson is that Michigan has put in place modern and stringent and environmentally forward regulation. They have a strong authority, but then uses that regulation appropriately so that when a new entrant be at us or others seek to mine in the region it can be trusted that will be held to an incredibly high standard. And even thinking through the permitting process, thinking through again how we are regulated, you know ongoing site visits that we receive from the authority.

33:41 I always view the Michigan Permitting Authority as pragmatic, they have a strong law, they apply it well. They give timelines and they stick to them. They look at reviews from an engineering and environmental and safety perspective, less so from a political one. And I think that's been to the benefit of the state and certainly to us as a company. I appreciate that candid answer and apologies for the fireworks. It's Independence Day soon in Mexico. There might be some bangs. One question from Jay in the chat. Any concerns you might have with mineral rights agreement with the Q and L Land Association?

34:19 No, Q and L Land Association have been a great and I'll say patient partner to us. All of our mineral rights are in good standing And we look forward to driving value for them also. The value of their royalties, candidly, are in our capacity to build. The state of Michigan giving this support, I think, includes both our capacity to build the mine, and then, of course, QNL Land Association, as a regional company in Michigan, stands to highly benefit from this. So we're excited for them also. Great. And then Ponte, I said I'd end with your question, but if anybody has the last one, this is your last chance to get it in. I think it's a great regional question and something I want people to think about as we close today. He wants to know, what do you want Copperwood to leave behind in the Western UP when the mine eventually closes? Not just economically,

35:09 but as part of the community. Yeah, you know, I certainly hear the point sometimes that a mine, you know, in and of itself and it seemed for a moment it could last 15 to 20 to 30 years, doesn't leave a long lasting impact. I think a host of mining combination, when you create a responsible industry that is welcome and can operate for decade upon decade through generations, you leave a sustainable benefits to the community. I think for Michigan and for the upper peninsula, this path is really directly on route. The Eagle Mine came back into Marquette County about 15 years ago. They've operated incredibly well from an environmental perspective in accordance with the state of Michigan law.

35:58 They brought significant benefit to the region And I trust and hope they'll carry on for many years to come.

36:06 To a degree, we're riding off their coattails and we'll hope to do the same as they have done, really demonstrate that economic development does not have to be at the expense of the environment. It can be done in combination with strong environmental protections and controls. If we do that, that continues to set paths for other mines in the region. The uplands of Michigan, you may know, is blessed with a considerable amount of copper. And if mined responsibly, I think it can leave a legacy for the whole region. Barry, thank you so much. I think that's a great note to end on today. As I wrap up, please remember there is a meeting request button at the bottom of the screen. It will also be up when I close the room. Barry, thank you so much. One more congratulations for me and the 6 team. But thanks for running through all the details and answering everybody's question. If you have additional questions, I know there's a lot of you in the room, please do feel free to send them in. I'll make sure the

36:57 Highland Copper team gets them, or you can reach out to them directly at their info line. But Barry, thank you so much. Really appreciate your time today. Thanks, Rami. Awesome. Have a great day.