Location, Location, Location: EV Nickel triples land package in the Shaw Dome

0:08 Well, hello, everyone, and welcome to EVNickel's live summit today hosted by 6. I'm pleased to introduce President and CEO, Sean Samson. Sean's going to walk us through a company presentation after we will be accepting questions live. So as a reminder, you can submit your questions at any time on the Q&A panel on the right-hand side of the screen, and we'll get to them after the presentation. And as always, the summit is being recorded and will be available to watch afterwards on six.com. But without any further ado, I'll hand it over to you, Sean.

0:35 Super, thanks, Dasha. And thanks everybody for joining. I'm really excited to run through our story with EV Nickel again. We've done this before with 6, it's been very well received. And we are excited to tell our story. And this week is a big one in the development of our company, because we announced a transaction on Monday morning to acquire a very large piece of land on the Shaw Dome. So consistent with what we our plans have been for the company and it fits right in with everything we presented last time we did a summit and for those that followed the story you'll see that it's us making forward progress against what we said we were going to do. And for new viewers of the story, you can see how this all fits together, and it just sort of strengthens what we've been talking about.

1:27 So these slides are also on our website. I'll start, of course, with important comment about forward statements. Important to work through this and have this in mind when you hear what I'm presenting. So just to start us off about what we're all about, EV Nickel is focused in on the new demand for nickel, which is coming on through the electric vehicle boom. And electric vehicles, they want to source the cleanest possible metal. And we think that what we're doing up at the Shaw Dome is a great fit for that. It's located in Canada. We are drawing on hydro power, so clean electricity, and it's high grade sulfide, which I'll talk a bit more about.

2:12 EV nickel last year, we acquired 100% of the Langmuir Nickel project from another junior mining company called Rogue Resources. I actually run both companies. With the Langmuir project, there was a starter resource called the W4, which a 2010 resource estimate for that had at 1% nickel. So that was a very good grade, 15 million pounds of the nickel sulfide, so class 1 nickel. And to summarize, and I'll come back to this, what we're talking about with EB Nickel is we have a great location, we're easy access back to the town of Timmins. It's a wonderful mining camp to be located at. As mentioned, we have clean hydropower. Then grade. We have 1 percent with our starter resource down on the Shaw Dome. That's the sort of resource sort of grade that is found there, and there's historical production from the Shaw Dome, and we think it has tremendous potential.

3:10 Our W4, we confirmed last year that it extends up and down trend and goes deeper, And I'll talk a bit about that. And then this week's transaction where we're tripling our landmass. And I'll show you how those extra hectares getting us up over 30,000 hectares post-transaction puts us in a wonderful position. So to summarize the 3 things we're working on, 1 is to try to find as much nickel as we can at Langmuir. The second is getting our hands on more land in the Chagos. And of course, this week's transaction is a big step in that direction. And finally, we're beginning to put the pieces together of a clean nickel business. And that'll be a big part of what we're talking about going forward.

3:56 So real quick on the nickel market, I don't spend a lot of time on this in my presentation, I suspect if you've found our company, then you likely have a view of what's going on in the broader nickel commodity. But frankly, it's a really exciting time because this new demand category in the nickel space is creating fundamentally a shortfall in future supply. So if you look at the recent demand, as we've got on the left side of this chart, nickel has been a stainless steel story. It's a global base metal that is primarily the supply-demand mix is primarily set up for the demand of the stainless steel business. Stainless steel is not going away. It's going to consistently grow with global growth rates, let's say 5%, as is on this slide with this estimate going forward. But on top of that stainless demand, you have the new demand from the electric vehicle batteries.

4:57 And that's creating, if you look at how that demand stacks up against supply, it's creating a shortfall, which is a wonderful place to be if you're in the mining business looking to find and develop a business to supply into that shortfall. So we are pretty positive about the nickel price. You've seen a wonderful run recently. And we think this is just the start of the longer term macro situation for nickel. It's also worth mentioning that across other battery metals like for example lithium currently the size of that market similar for cobalt is it's not yet a global based metal. Nickel is a global based metal and it's currently a stainless steel story. But it's not just sort of developing up from scratch. You have already a, you know, a mix of the world's minds matching up against demand and This whole new category thing is is a really neat situation for a currently traded global commodity So surging demand from batteries is going to put huge pressure. We think on the nickel supply chains And it really is a revolution So if you look at the plans for electric vehicles, I know that much time is spent on Tesla and what's going on with Musk, But it really is beginning to tip the balance as you look at what the existing suppliers of vehicles, their plans are. And when you stack those all up, it really is staggering in terms

6:27 of how quickly we're moving towards moving away, I should say, from the internal combustion engine. So it's very real, the EV growth, and I wouldn't be a nickel junior company without talking directly about Elon Musk. But it's interesting to look at what he has said about the market. And of course, most people, they focus in on his comments around the requirement to find more nickel because the nickel market is going to get much bigger and he needs to put his hands on commodity. But what I'm focused in on is how the Tesla people and we've had conversations with them, in addition to other EV companies, as they're trying to source metal around the world, they have struck on the arrangement that nickel has developed into, where we have nickel coming out of the ground and it moves around the globe to be processed before it gets into the form that the EV companies need. So that's where we've developed to. Again, that's been to supply the stainless steel business. But something's got to change with this new demand from electric vehicles because the raw materials, they're a priority and just getting their hands on the volume, but they're also demanding that miners search for efficiencies and begin to move towards a carbon neutral product. So for us, that's going to be the clean nickel that we plan to produce.

7:51 So it's interesting. It's not just the intention of this new demand is going to back up the truck on existing nickel producers and buy more, they're looking for something different. They're looking for not just the high quality nickel sulfides, where I think that right now industry has come around to how within nickel, you have the sulfides and you have the others. So it's sort of apples and oranges. And people have focused in on how class 1 nickel sulfide is going to be what's required for this new EV demand. But even within the sulfides, you're going to start seeing those oranges splitting into oranges and bananas because you're going to have low cost carbon nickel production. And then I anticipate that will stretch itself away from the remaining nickel production. And you're going to have the EVs working with the lowest cost carbon producers.

8:46 So that's really going to be a second split of the nickel business that we see coming down the road. So it's an exciting time because these new nickel buyers are really pushing suppliers and we know that from conversations that we've already had with the EV companies.

9:07 Sorry I'm trying to push this along. Perfect. So if I think about the Shaw Dome And where we're located, it is all about location. So Timmins is a regional town. It has a great population, has a wonderfully long history of mining, primarily gold mining, where there's 20 operating mines and advanced development projects in the Timmins camp. And again, as I mentioned, the whole northern Ontario is serviced by clean hydropower, which is important for the business we're pulling together. So Langmuir project, we're down within 50 kilometres of Timmins. We have 9,100 hectares. This is before the transaction we announced this week. We have 30 kilometers of favorable commadiates.

9:54 So these commaditic units that we're looking to explore along, and we have easy access to an all season road coming down and power lines. And what I really like about our project is we have this enormous land package and you see the W4 zone, our stored resource of 15 million pounds at 1%, but then just across the way we have mineralization more broadly across the shadow, which has been historic production and also other deposits. So we're in an area where there's the type of grade that gets turned into mines. And it hits me, you know, as as everyone is focused in on watching television about the situation in Ukraine, and you've got these military talking heads talking about how amateurs focus on strategy, professionals focus on logistics.

10:42 If I was to think about the mining business, Professionals in the mining business focus in on grade and location, because the grade is really what drives your whole business. So you need to be looking for the type of mineralization that can support future business. And if you want to develop a business, you want to start with the type of grade that's been turned in historically to mines. What that leads you to is looking for further mineralization in an area where you know there has been past mineralization. That plus I've spent enough time in my mining career driving along roads and pickup trucks on my way to a mining operation or flying in a helicopter on my way to a mining operation and wondering have we really explored everything we're traveling through on the way to this mine because it's a lot better to be located with your mining operation near to a town.

11:35 So I love the idea of the Shaw Dome for us because it has historic type mineralization, the type of mineralization that gets turned into mines, and also it's located near to an existing mining town, which helps you for permitting, sourcing labor, of course, and all the support that comes from being in that ecosystem in that existing mining camp. So we're really excited about the Shaw Dome.

12:03 I'm struggling with the page change. Maybe if I could jump to the next one. Thanks. So this week, our news is that we're putting our hands on 21,000 hectares of additional land, primarily on the Shaw Dome. So for comparison again, our existing package is 91 hectares and we're looking at picking up 21,000 with what we've announced this week. That's split across 3 groups and I'll show you on the next slide with the map. Shaw Dome is 1, Groves is another, which is to the south of the Langmuir project, and then Carmen is tucked up above our Langmuir project. So those 21,000 hectares for 100% ownership, we are doing a few things. We're paying $350,000 of cash. The counterparty has already received 100,000 of that. We paid that as a deposit last year. We're giving them 2.5 million shares of EV nickel.

12:57 And then we have and those will be in an escrow at over 18 months. So nothing will be free trading right away. And then we're adding a royalty. So 2.75% royalty, half of which can be bought back on 2 of the 3 property groups. So it's supposed to be approved by the TSX. We're really excited. Now let's look at the map. So the areas that we're acquiring, again, the Langmuir project is us in the yellow there. And we are going after Carmen, which is shaded here in the red, Shaw Dome, which is this patchwork of land primarily to our northwest, and then Groves is a property group south of where we are at Langmuir. So again, this puts us 30,000 hectares. This means we will have lots and lots of land, and we're really excited to try to figure out what's there.

13:49 So taking us back to Langmuir, the project for us was initially discovered in 2007. The W4 deposit was 2010. Rogue Resources and its predecessor company put out a resource report and then stopped work. EV Nickel acquired Langmuir, immediately put out a technical report last April, and then importantly, we ran all the geophysics. We ran all the geophysics to try to target in where we'd be doing our drilling. And last summer we did almost 4,200 meters, which I'll talk a bit about, and that confirmed that the W4 extends up and down trend and then is open at depth. So this year we're focused in on additional drilling with phase 2, our MET testing, and then anticipated future resource.

14:35 Of course, now when we look at phase 2, we are trying to figure out what our phase 2 drilling priorities will be once we close on this transaction and we have the much larger land package. So the terms on what EV Nickel acquired the Langmuir project for, it was a combination at that time where they paid Rogue Cash and Rogue continues to be one of the main shareholders. And then we issued shares in the IPO. I'll get more into detail on that a little later while I'm going through the cap table.

15:06 So if I look at Langmuir, the W4 has wonderful drilling that's been done on it already. So we inherited over 22,000 meters of diamond drilling on W4. And then as mentioned last summer, we did almost 4,200 meters further. So in the mineralization comes up almost to surface, majority of it's in the open pittable cone. We have some in the underground, but it's the really good nickel sulfides, which again, are going to be the main focus with the EV demand growth.

15:40 So the resource, the 2010 resource, the majority of those 15 million pounds are up in the open pit. So 15 million pounds indicated at 1%. And again, that is just the start because that's our initial starter resource on this trend that we confirmed with last year's drilling, continues up and down trend and is open at depth, but it's the type of mineralization, near surface, very good grade mineralization that we've seen on the Shaw Dome with the historical production, and we anticipate there's more of with our exploration plans. So on Langmuir, last year, after EVNickel acquired the project, we reran all of the geophysics data. So running that with modern technology and the new algorithms lit up the property. It was really neat because we ran this analysis with third party based out of Colorado called Condor.

16:36 Really smart guys in the space and they were able to, blind of any of the drilling data, just using the EM data, come up with 16 different trends. And then as we highlight here, 6 high priority targets. One of those targets was the W4, which we already had the resource on. But 5 more of those targets are still to be tested. So this first step of doing the geophysics across the property, When we are able to secure after this transaction, the much larger package on the Shaw Dome, it's our intention that we rerun the geophysics across the much larger 30,000 hectare property and try to figure out what the best targets are.

17:18 Last year, we drilled those 4,200 meters or 4,192 and we were looking at how does the trend shape up around the W4. So we did 20 holes and we were able to come away from that confirming that the mineralization continues east and west and then at depth. Within that drilling, we had some wonderful hits, including we had over 8.6% nickel over more than 1.1 meters, which is a wonderful grade. It works out to on a gold perspective, like a 30, 30 grams per ton. It's wonderful mineralization. So we've got hits like that with really good grades across the deposit. Also, we had great results based on what our nickel tenors are. So nickel tenors are the estimated content if you take 100% sulfide and what's the nickel in that. And that's really, and we're gonna do more work on this with our MET work, but it really gives you an indication of what your concentrate grades would look like. So we think it's a wonderful deposit, the W4, and we think it can be bigger than the historical resource we have. So that was the phase 1 drilling last summer.

18:26 Phase 2, looking into this year, we have budgeted for 10,000 meters. We contracted with a First Nations-owned drilling company, a different group that did last summer's drilling. Really excited to be working with them, wonderful partners, and we are hand in glove with that group. We're now looking at moving into the other 5 high-priority targets. We have included in there W2, which is east of the W4, TZ3, which is a target directly south of Redstone. We've actually, and the Redstone mill is part of the land, it's surrounded by the land package we're doing on our transaction. But it's these targets across the property that we're really interested to get into, because for the most part, we're looking at targets that haven't been explored before.

19:15 So we had intended initially to be at TZ3. With the very cold winter, we've shifted across instead to be looking at the Western targets first. We're going to come back to TZ3 after the spring breakup. But we're excited to get in there, find out what else there is on these new targets. We're also doing further drilling of the W4 for metallurgical work we're going to do this year. And then also testing more of these favorable, the favorable horizon that we identified last summer with the phase 1 drilling. So we're excited about phase 2. And as we note on the slide, and as I mentioned, we're going to rerun the geophysics across the much larger package once we've completed the transaction. And we may reassess and reprioritize our targets once we've got that larger land package under our belt.

20:06 So this is my what it could be slide. So it's really neat to look at the Shaw Dome and our type of deposits in these commadiates of the Shaw Dome and compare it to another camp which is further advanced in Western Australia, the Cabalda Dome. So the Cabalda Dome has very similar geology as we know from the Shaw Dome south of Timmins. The Cabalda Dome between 1968 and roughly today has mined over 50 million tons of high-grade nickel sulfide. So it's neat because these deposits on the Cabalda Dome, they occur in clusters that go down the stratigraphic horizon. So on the right side is a map of the producing mines on the Kembalda Dome and you see their stratigraphic horizons are oriented for the most part north-south.

20:59 On the left side of this chart is the government geology map which includes the Shaw Dome and it shows that our horizons where we are in the bot towards the bottom of that dotted rectangle they go east west but then they pivot up to be on the diagonal but we think and the dotted box is the same surface footprint as the Combalda Dome, we think we can have a lot of potential nickel mineralization in this area. We think it's underexplored and it has huge potential. And again, the other neat thing is it's all within 50 kilometers of Timmins. So we're really excited about what could be had on the Shaw Dome, where you look at Western Australia and the Kemalda Dome, similar mineralization has produced a lot of nickel sulfide over the years. And that's one of the reasons we think we're just getting started now in the Shaw Dome.

21:53 So to come back, the things we're excited about include Shaw Dome's location, easy access up the Timmins, we're within 50 kilometers. The grade so far, our starter resources at 1%, there's been historic production on the shadow, which is even higher. And then the potential. If I think about our current Langmuir project over 9000 hectares. Well, if we can close on this transaction, the next couple weeks, that's going to bump up to 30,000 hectares. We know that W4, our initial resource, is open at depth and up and down trend. You know that from last summer's drilling. But we're really excited to go after understanding more of what is known mineralization across this, the package that we're getting with the transaction. And we're getting smarter on that, trying to figure out where we can find more grade or even better grade than what we have with W4.

22:46 So team-wise, I've run through a bio about me before. My background is I'm general commercial background. I spent much of my career working in financial markets. The last 15, 20 years I've been in the mining space. I used to work and help run major gold miners and I've been in the juniors for the last decade or so. So I come at things from the business side, rounding out our team. We have a wonderful CFO, Travis, Vancouver based. He has experience in other juniors, juniors before and after takeout. Then we have Paul Davis, who's really the brains behind what we're doing in the Shaw Dome. Paul's my VP of exploration. We've worked together for many years.

23:31 He is an expert on the Kamatiates, did his master's on it, spent over 20 years of his career up in the Timmins camp. He knows the nickel deposits very, very well. And rounding out our group, running our project boots on the ground up in Timmins is Phil Vicker. Phil, Paul and I have worked together for many years and we're an excellent team. Phil has extensive experience up at Raglan, similar type flow deposits, and He is the one managing our drilling locally, and Paul and Phil are the best at trying to figure out what more there is in these commodities up on the Shaw Dome.

24:16 If I look at our board, we have a couple of representatives from Northern Ontario, which was very important to me when we were setting up the board. Linda is an environmental expert based out of Timmins. Michael Fox is an old friend of mine. We were both elected to the PDAC board years ago. Michael is based up near Thunder Bay. And then rounding out the board, we have Gadi, who is chair of our audit committee. He's an accountant by training. And then Stephen is a very seasoned guy in the sort of junior mining space. He's a banker based in Toronto, based in Toronto with extensive knowledge of the nickel space, particularly.

24:58 So our cap table, we have a very straightforward capital structure. I have us, this is at $0.16, but roughly we have 30 million shares outstanding, which leads to roughly a $5 million equity value. We're sitting on cash right now of about $4 million. And we have enough cash in the bank to pay for all the drill program that I just ran you through. So we are cashed up and we're ready to go on what we have planned. In terms of where our 30 million shares sit, we originally, I mentioned Rogue. So the predecessor company, the company that owned Langmuir and did the transaction with EV Nickel, owns close to 7 million shares. We have a founders group that's close to 10 million shares on top of that.

25:44 And then there's 14 from there. So we did a round of financing last March into the private company that had 6.8 million shares go out. And then our IPO in December of 2021 had another 7 million shares. And on the next slide, I'll run you through the escrows and the tie up of those 30 million shares. So the founder group and Rogue, those 16.4 million shares, they're tied up out for 3 years. So some came trading at the IPO. The Rogue portion of those is publicly on record as being locked up because Rogue has that pledged against some third party debt that they have. And I can say that those 16 million shares are pretty tight.

26:30 So they vest out over 3 years, but those are steady hands, groups that are very closely associated with the company. And we are building EVNickel together. Groups beyond that include the 30 cent round from last March, those 6.8 million shares. 0.2 of those came free trading at the IPO last December. And then we have waves of those coming out. So we've gone through both of the January and February waves. We have March and April, and then all of that will be free trading. The IPO, 75 cents, the 7 million shares associated with that were free trading from day 1. So that gives you a good perspective of where the 30 million shares sit. Over half of them are with Rogue and the founding group tightly tied up.

27:21 The other 14, we have the 75 cent shares. Those were free trading since the IPO. And we're coming out with waves and we're 60% of the way through those $0.30 shares becoming free trading.

27:37 So taking that $5 million equity value and trying to compare it across other nickel projects, It's very interesting. And I usually, of course, you wouldn't have a comparable slide that had 1 company at one end and the other bookend being 100x, roughly speaking, of evaluation. But I genuinely think that we stack up if you try to compare what EV nickel has against what other potential nickel projects have out in these public companies. So to just orient you, our 5 million equity value for our 9100 hectares and our 30 kilometers of strike, I think actually stacks us up very well in terms of what our potential is to be able to build something which is comparable to other names on this slide.

28:30 A key differentiator is the grade of the deposits we're going after. So if I compare EV Nickel to another Timmons play, Class 1 with the Alexa John Donald, much higher valuation, same grade, very similar grade. But it's from our perspective, we're very, we're much more excited about the potential of the Langmuir project, the 9100 hectares, as compared to what class 1 has with evaluation of more than 4 times ours. But if I then stack on the exploration potential of the transaction hectares, where we're going to have 30,000 hectares to go out and find more high-quality nickel on, it's just a game changer. So From a valuation perspective, I think that there's a key differentiator between companies when you look at the grade of the deposits.

29:22 And our most, our clearest comparable would be Timmons Camp and Class 1, and they're much higher valuation for the market than ours. But I think about the potential of our assets versus their assets. I'm very excited about how we stack up. Then if I look at much higher valued companies, It really becomes a game changer when you look at what the grade is. So you can look at grades that have historically been turned into mines around the world, and they are north of companies like FPX, Canada Nickel. It's a tricky thing to be able to pull together a business when your starter grade is down at those levels. It leads you to having bigger and bigger operations.

30:17 And I think that the sweet spot is really when you look for higher grade potential developments. And that's a company like Talon Tamarack in Minnesota. That's really what we're trying to build. We're trying to build high grade nickel story where we can pull together the pieces. And we're really excited about what the potential is across our land package. Going after high grade, maybe we find some low grade along the way, but high grade type deposits where you can pull together a genuine business. So comparable slide, I think, depending on which way you look at it, frankly, any way you look at it, we are deeply, deeply undervalued at the equity level we're at today, especially when you bolt on the hectares and the prospectivity of this larger land package after this week's transaction.

31:08 So where to from here? Hopefully you've heard it. I think that we are a great opportunity to participate in the electric vehicle boom through a top quality. And it's a thing that I talk about a bunch with investors in one-on-ones, a pick and shovel type investment. What does that mean? When you look at the California gold boom of the 1840s and 50s, and this is a classic business school type lesson, The people who were selling the picks and shovels were the ones who really made the big dough on the California gold boom. Similarly, I think today, if you look at the electric vehicle boom, you could be another investor who's jumping in on Tesla, or you can be someone who's looking for where are the key inputs for those future EV businesses. And I think you pretty quickly figure out it's clean nickel. And that's the type of opportunity we have. So that's the mission of our company. We're trying to accelerate the transition to clean energy. We know that the world needs more nickel and especially the high grade clean nickel that we plan to build our business around. You know, decarbonization is a major, major challenge. It's probably one of the greatest challenges of our time. And we think the EV companies are going to be a key part of addressing that challenge. And we want to partner with the EV companies and that rising demand and help to address it. So it's a simple, simple story. 3 things we're working on. One is try to find as much nickel as we can at Langmuir.

32:34 Second, and you saw a big piece of that this week with the transaction announcement, we're trying to put our hands on more land in the Shaw Dome. And then third, start putting the meat on the bones of our clean nickel story. And that's really what we're focused on those 3 things. And that's the future news flow out of our company. Well, thank you so much, Sean. I think we're going to jump right into attendee questions. So if you do have a question, feel free to submit them now. There are some here. So you say that there are plans to gather more land at the Shaw Dome. What is the timeline? Yeah, that's a great question. So I've been saying the same 3 things we're working on for since since the IPO publicly and This week's transaction is an indication of the work we're doing in that area.

33:19 Conversations continue on other pieces of land. And I suspect, I anticipate that will be continued news flow for the remainder of this year as we're trying to put the pieces together of a larger package in this new nickel production district, the Shaw Dome. Great, thank you. Andrew is asking, just for his benefit, understanding the investing time horizon, If all goes according to plan, what might the mine be first, or when might the mine be first producing nickel, and how many years out from here? Yeah, that's, that's the key question is as I talk about clean nickel business, What does it mean for the thing we're building, especially when you try to overlay that with timeline?

34:06 So I can tell you the things we're working on now are identifying resources and beginning to put the resources together. We will then be, once we have what we think would be critical mass of nickel mineralization in the ground and access to pounds, we would begin putting together a production story. And that would require subsequent rounds of 43-101 reports, you know, above the resource, That's when you get into PEA, PFS, FS, and very importantly, permitting. Permitting becomes the longest timeline item. But I think it's feasible to say that running down that path towards production is, and it's very difficult to put timing on because what we could do is leapfrog on that timing if we're able to acquire existing mining leases.

34:56 So taking out a piece of the permitting or if we're able to bolt on with existing permitted production. But from where we stand now, resourcing the ground to getting into a producing nickel operation is inside of 4 or 5 years. Lots of variables there, of course, there are the leapfrogs that I talked about where we could jump years in that process. The longest timeline item is really permitting, which is difficult to predict. But from my perspective, we are barreling forward as quick as we can. And that's the timeline that I have in my mind. Great, thank you. And how low do you think your carbon score could get? Right, that's the what is clean nickel. So we're doing a bunch of work now. I haven't talked much about it in this presentation, but we have the potential and we're analyzing what we can do around carbon sequestration.

35:53 So that's the exposing the ultramafic to the atmosphere and drawing in carbon. So we're running lab testing on that now. I should say we're preparing the samples which have gone to the lab and then the lab will be running the analysis. But that will be part of our future news flow about success from that and other streams of work we're doing, trying to figure out how that can all combine in to have clean nickel. So I'd love to think that we're down at net 0. I need to put numbers onto that. But that's the objective. That's what we have in mind when we think about clean nickel is having the lowest possible carbon score, because, again, we think the nickel sulfide business is going to begin to split between the lowest carbon score, which we anticipate will be in high, high demand from the new EV buyers, even to the point where there's the potential for premiums to be put on the cleanest nickel and separating from other nickel sulfides that have higher carbon count.

36:54 And everything falls into that, including where you start with your grade. So If I start with a 1% grade from whatever deposit it is that we're going to be drawing nickel from, it's a lot less effort and carbon scoring moving material around than it is if you're down at 0.2 of that grade. Great. Thanks. And what is going on with the share price? Yes, the share price. So we are down 15, 16 cents, which is very low. And I talked about it from the, you know, how does $5 billion equity value stack up against other comparable? So I mentioned how we're deeply, deeply undervalued. I also walked I walked through our capital structure and what's going on with the escrows coming off.

37:45 And I think what's happening, the good news for investors, especially new investors, is that this is a deeply, deeply undervalued company to step in. For existing investors who are wondering what's going on with an IPO price, which is much north of where we're trading today. The good news for them is that we are delivering on the plan and everything is OK with the company. We have cash in the bank, as I mentioned, to pay for this year's announced drilling. So we are steady on. And I think the transaction this week is a great example of how we're busy at work and things are happening. What's happening with the share price? I think it's all related back to more broadly across the market. I think that micro caps are getting hammered and the investors that came in on last year's 30 cent round and also in the 75 cent round, they are getting hammered in other areas of their portfolio and they have liquidity with us. So I think what's happening is you're seeing folks run for the exits, not because of anything that's happening within the company, because frankly, there's nothing negative here, where we said we were going to do some stuff and we're doing it.

38:55 And frankly, the nickel tape has been wonderful. The nickel price run over the period since the IPO, and last year's 30 cent round has been very strong. So it's nothing within the company. It's nothing with the broader commodity space because I think people are bullish on nickel. I think what's happening is more broadly the microcaps are being very soft and folks can get out of our stock and put cash back in their jeans. And that may not be the case in other stocks, which are very thinly traded. So it's tough to say what's going on in the market, what's going on with the share price. But from my perspective, it's not related to the company. It's not related to the nickel biz. It's, I think, related to the broader market out there. And you've got investors that are willing to take a deep loss just to liquidate because of what's happening with the broader market.

39:50 That makes sense. Well, thank you so much, Sean, for taking us through your presentation and also these questions. For anyone who tuned in and has more questions, feel free to reach out directly to EV Nickel. Their contact is on the slide here. And I'm sure Sean will be happy to follow up with you directly. And as I said before, the summit has been recorded and will be available to watch afterwards on Six.com. Pass it back to you, Sean, if you have any closing remarks. Yeah, Again, I hopefully you hear the passion that our team has about this story. We are really excited about the potential of the Shaw Dome. We're excited with what's happening in the broader nickel space. I think that we're beginning to see that with the nickel price running. But we think fundamentally there's a lot of room for Nickel Price to run.

40:36 And we're trying to pull together the type of business that we have heard from the EV companies that they need to be buying from. So it's an exciting time. We are executing. We're cashed up. And we hope to have further news flow and I look forward to more events to talk about progress that we're making against our plan. Thank you. One more quick question from Andrew is when will the presentation be on the website, this updated version? Right away. I'm going to get on that right now. All right. Well, thank you so much, and I hope everyone has a great rest of your day.