Nevada Lithium’s Progress: Boron Insights & Resource Report

0:08 Hello, everyone, and welcome to the Nevada Lithium live event hosted by 6. I'm pleased to introduce our speakers for today, Stephen Renschler, the CEO, and Jeff Wilson, VP Exploration. They'll be discussing their latest and best drill hole, the progress of the work program, and some thoughts on the lithium market following CATL's joint shutdown. After that, we'll be accepting questions.

0:31 We're looking for questions in the chat at any point during the presentation. As always, this event is being recorded and will be available to watch on SIX.com shortly afterwards. So without further ado, just passing things over to you, Steve, to get started. Super Max, Thanks again for hosting. Welcome to everybody. Look forward to speaking with you this afternoon. We have a lot of different subjects that we want to address, and I'll just lay it out for you what I think the sequence will be. We obviously have these drill results that we just released the other day which were spectacular. I'll just briefly go over that with you, Jeff, we'll get into more of the geology. And then essentially I'm going to tell you how the workflow is unfolding, you know, at Bonnie Clare for the rest of the year, how we see things going. And then what we're also doing corporately.

1:18 And then I'm going to give you a market outlook for what it's worth. It certainly looks like we may be at an inflection point. And we've been waiting for this for a while. It's going to be very interesting obviously the U.S. Election I think is also going to be a pivotal moment on it. But it just sort of feels you know I've taken my experience over sort of 30 years in commodities industries investments. It just feels like we're we're finally getting to to sort of the bottom of the market sentiment. So given all of that, Max, could you sort of pull up that plan map and we'll start with that. So what you're looking at is Bonnie Clare, again, from over top, Remembering that if you look up in that right corner, right, the outline of Bonnie Clare is 1 and a quarter times the size of Manhattan, right, huge. Call it 10, 11 kilometers square.

2:10 And we're working within that small rectangle within the box, and then we take it down even farther to the recent drill results that we just published, which if you look at them, essentially, it's the green dot farthest to the upper right, to the northeast quadrant up here on that A prime line that you see. And that was a step out hole. So we went beyond boundaries of the other drill holes, and we encountered spectacular, absolutely spectacular lithium and boron mineralization. So I'm reading just simply from the headlights, you know, 5,100 parts per million or half a percent of lithium and 16,000 ppm, so 1.6% of boron over 518 feet or over 158 meters, just a towering, towering intercept.

3:00 Whereas a number of months ago when we had our, essentially our second best hole, you know, we were thrilled to report those kinds of intercepts for 4,000 ppms of lithium. So Bonnie Clare continues to get better as we progress in our case out to the northeast along that strike line. And what we had previously said was that this high grade mineralization is open in 3 directions. And you'll see that there are 3 arrows there, 1 pointing more towards the northwest, obviously to the northeast along the way that we've been going, and then to the southeast. One thing I would like you to note is the distance that we still have from the boundaries at Bonny Clare. If we were to continue along strike we still have arguably a kilometer or 2 that we could go. If you were to go to the north east, pardon me, to the northwest slightly for that arrow pointing upwards is, arguably you could progress for many kilometers. And we do not know the extent of this, again, high grade lithium and boron zone.

3:59 All of these holes that you see here are not incorporated into our present resource that has the PEA done on it, which was finished a number of years ago. So we believe that this is going to make quite an impact as we move forward, as we update all our reports. So having said that, there's a brief overview of it. I'd like to bring Jeff into it so he could talk in more detail about what our technical folks think is going on. And then when he's finished, I'll bring it back and tell you how we plan to address this whole thing going forward. So Jeff, if you wouldn't mind saying some words here, it'd be great. Sure thing. So

4:37 we're looking at the map here and what I'll get you to focus on the line from A to A prime, if we can move on to that section. So what we see is a continuation of what we've identified so far. We have 2 mineralized

4:59 zones, 1 from about, you know, surface down to about 450 feet, within, sitting within clay stone and then a barren sandstone in blue here and then another reoccurrence of this clay stone. What we really have is a much, what we have with the new hole is a much thicker intercept of high grade mineralization. If you compare our previous best hole, 2303C, which is the second from the right. It was around about 1100 feet at 3000 ppm. With the new hole which is 2401 C on the far right hand corner, we have about 1500 feet of 3148 ppm.

5:51 So what you have is a mineralized zone which is higher grade, it's getting thicker as you go from southwest to northeast. As you can see it is open to the right of

6:08 this section. If we can go back to the plan map again. That's right. As you can see, the 2401C, you can see that it's a northeast step out from the previously identified resource zone. And the mineralisation is open in all directions at this point. So what we have is our best hold to date and it's really opened up the deposit in all directions. So at this point in time, we now have a high-grade mineralised lithium and boron zone that's over a thousand meters long. And again, this is not talking about the mineralization that we had previous to this. This is just a high grade.

7:00 And that last drill essentially extended everything by another 350 meters ballpark. I mean, so you can see sort of the magnitude, or maybe you can't see it. That's why it's so important to bring actually people out to the site. It is very hard to get an idea of just how expansive this is. And now it's an expansive subset of the entire property just with this very, very high grade mineralization. I mean, honestly, sometimes you will see mineralization of this grade, lithium grades in spodumene, low grade spodumene. I mean, that's the kind of stuff that we're talking about. Now, as we talk about how we're going to address this going forward, you've heard me speak previously about some of the things that had sort of been slowing us down, quite honestly. One of the most obvious was previously we had drilled down to 2000 feet in depth.

7:51 Then we were essentially extending that sometimes a couple of hundred feet. Frankly, now we do it considerably more. And that was again, because of the concept of sterilization, right? You don't wanna find out after the fact that you have even better stuff right underneath that you never knew about, and you end up putting a building on top of it, or it doesn't get into your mind plan or whatever. So when we saw these incredibly high, data points coming through, we took the time and the money to basically make sure that we were getting all the way through it, which is, again, another important point, which is that we have been able to continue to drill, right, because of some very strong shareholders that we have in a recently completed finance, which has allowed this work program to progress.

8:36 And the context that I'll put around this is that although we have a PEA, which is a number of years old, and ultimately we're going towards an updated PEA, this is because we have an entirely different animal on our hands in my opinion with Bonnie Clare and we don't want this concept of sterilization but here instead of mineralization I'll talk about value I don't want to sterilize this whole thing by not taking into account the boron And the boron is potential to be have some good revenue with us. We know that Rhyolite Ridge gets significant credit to its cost because of the boron. I will tell you that the boron market is very opaque in terms of supply and demand, but we know a number of things about it, which is that one of the big boron deposits in California appears to be coming to an end of its life in relative terms.

9:24 And you'll see that sort of in Serbia, the Yadar deposit that Rio has, It sort of has this on again off again type of a life. And I think the uncertainty around that is sort of getting a little bit higher. All of this to say, I think there's a supply demand dynamics for boron probably will reflect the higher prices going forward. And that's going to be value potentially for us and we don't want to neglect it. How does that tie into what we're doing? The high-grade lithium and boron mineralization seems to be associated with a mineral called surylsite. Not to get too far into the weeds with this, it is a different kind of mineralization than what we have seen for most of the Bonnie Clare, certainly for the lower grade mineralization.

10:10 And we may have to adjust, essentially, our metallurgical work to reflect that and to get the value of the boron out and get the proper extraction of the lithium. So the way that we're going to address this is step 1. We're going to get results for a second hole that we had drilled and has been completed at Bonnie Clare. This is an infill hole. So an infill hole means that we're coming back, we're not going out in the frontier, back to where we're essentially surrounded by some other holes. When we get those assays back, which we think is going to be, call it 3 weeks, a month, something like that, This, those results will allow us to essentially increase its statistical confidence, okay, of the grades that go into a resource report.

10:57 Our resource already at Bonnie Clare, as you know, is one of the largest in the world already. Around 1,000 ppm overall grade, 18 million tons of LCE, this kind of stuff, okay? And they call us the third largest, something like that. It doesn't matter because our mine life doesn't use anywhere near it from my perspective. This material obviously is magnitudes of water greater than a thousand ppm and it's going to be very interesting to see how that is reflected in an updated resource report. And we do not know at this point in time how it will be reflected. However, I would argue that the odds are quite good that it's going to be very positive. The resource report will also bring in the first time potential for boron, and we step 1. That we think is going to be done, call it 6 weeks after we get the drill results back. So we have a month to get the additional drill results back, then after that called another 6 weeks to get an updated resource report, and then following that we are going to progress towards the updated PEA, which will take into account updated economics, CapEx, all of these sorts of things. And all of the work that we're doing in the updated resource report will be incorporated into the updated PEA. So it's not as if we're losing time by doing this.

12:13 We feel pretty confident that the value of this high-grade zone being reflected one way or another into. The economics of an updated P. A. Should be very very helpful- as well as the fact that we think despite what spot lithium prices are now. The over the overriding emotional- You know outlook sort of for this is that we will still be able to put in a higher lithium price. Than what we had previously in our PEA. That's the workflow as we think it's going to unfold over the course of the next couple of months call it somewhere. Updated PEA. End of Q1I would say 20 25 now and again remembering that yes originally you're trying to get to PFS. As quickly as possible. But the fact that we now again have this massive sort of sandwich. This is the way I describe it to people who aren't geologists, but you know, if you put that sandwich on its side, that top piece of bread is sort of the low grade lithium, lower in relationship to what we have now, and you have a very, very thin slice of cheese in the middle, there's nothing there for us in terms of the lithium. Then that second piece of bread now lying on its side, as we continue in those 3 directions, is now getting thicker, right? So it's getting thicker in terms of intercepts, and the density of that with regards to lithium and boron is getting greater. So all of that will be addressed in an updated PEA, again, towards the end of Q1.

13:37 What else will we be doing during that time? Well, in a few days, I'm gonna be going over to Europe. There's a lithium conference that's going to occur. I'm going to use that sort of as a central point to obviously continue to tell our story, but also to meet with our shareholders, you know, some of whom I just alluded to were obviously instrumental in enabling us to continue with a work plan earlier this year. These type of people are going to introduce us to other potential investors. This is essentially how everything works and this is going to be very helpful for us. We're also going to have a luncheon where we will try to get in front of funds based out of Holland, high net worth individuals, that kind of thing. And I'm reaching out to other funds that are based there just to essentially get the biggest bang for the buck that we can.

14:23 So we have high hopes for what may come out of that. Following that, at the end of the month, I'm going to be going out to basically a symposium that the governor of Nevada will be hosting. I think it's a very big deal. It's essentially starting to talk about how Nevada is going to be able to extract as much value as possible from the lithium industry in the state. Many of you have heard me speak about my admiration for the government and his perception of what the value actually is there. Again, over a year ago, he went to Toronto, talked to the Canadian government about their plans for maximum value of extraction from the lithium chain. All of these sorts of things are going to be valuable for us to know, to understand the people that we meet, to try to essentially tell them our story. One of the things that I would sort of want to make clear to people, because people always asking, you know, what about access to federal money and all this kind of stuff?

15:20 Right? Because we all hear about the $80-90 billion of loans and all this money availability. You know, back in June, at another lithium conference in Vegas, It was very clear that the federal government is, you know, they're trying to pick winners. They don't want to lose a part. Yes, they don't want to lose taxpayers money on anything. At the same time, they think that they're basically, you know, building out a strategic supply chain for lithium in the best way. I've tried to point out that I do not think that that's what they're doing, you know, and essentially they should take the government, federal government, should take a portfolio allocation and say, hey, you know, we want as many of the smaller companies to survive, so here's a couple million dollars for drilling, studies, whatever it may be, to advance as many people as possible and then let the market weed out, ultimately, who the winners are. The way they're doing it now is they're waiting for a winner to emerge and it'll come through basically with low cost loans and that's where the bulk of money is going. If it's not going there, it's for near-term commercialization of something that has to do with technology or whatever, but really the money's not available for developers like us or anybody else.

16:25 I have been trying to make that point to the federal government as well as to the state entities, And what I'm frankly trying to do right now is get an audience with the governor. I had submitted some analysis to him of the value of the work that we're doing in his state. You know, and as you know, I could tell from our drilling campaign recently how much money we put in, theoretically how much was staying in the state, there were, you know, then you have all sorts of economic inflators that go on because the follow-on value of, you know, third-party businesses, all of this sort of stuff. And if we can get an audience, et cetera, we're gonna try to push the whole idea of having essentially a concerted effort by the state's governors. And I would say it would be Nevada, it would be Arizona, it could be Idaho, Utah, to basically coalesce around in the US. Of course, we have the 2 houses, we have the congressional representatives and then we have the Senate but to basically coalesce with them and essentially re-educate the federal government here try to get them to redefine what their mandate is with the allocations of dollars. And believe me, it's not going to take 3 weeks to do if we can get them to do it. It will take time. However, I think that the timing could be right.

17:40 And for those of us who continue to have good shareholders and who can count on them and we maintain, you know, diligent, you know, work efforts and put out the news, we'll be in good shape when that change comes. I think that's a very important thing.

17:55 And as I said, I think it's gonna take some time and we won't know the results, But what we will see beforehand is the US results, basically, of the election in November. And I wanted to touch on that again, because I think people get very, very concerned about whether Donald Trump gets in. And he's been very, very vocal about electric vehicles and things like this.

18:18 My interpretation of this remains the same, which is that it was a monumental task to get money allocated in the U.S. Budgetary process, okay, for this whole Inflation Reduction Act. And I do not see, with a divided government that will persist, even if Republican gets into the presidency, I do not see any way that they're going to be able to get that money out of there. Will there potentially be court fights over stuff and executive orders? Absolutely. We see that in essentially every part of the federal government in the US. And it will go back and forth. While that's going on, however, I believe the money will still be there. We'll be working on initiatives to try to get a redefinition of that mandate. I also think that what we're going to see is that obviously non-Chinese Automakers have been having problems They will be taking the time to buy these Chinese cars that we all hear about see in Australia or mainland China That have all these advantages and they'll basically go and they'll the reverse engineer them And I don't think it's going to take a terrible amount of time to start seeing some of these, let's just say, consumer wanted EVs emerge from, let's just say, American automakers.

19:26 And so I could see in a couple of years, all of this really starting to snowball in our favor again. However, before that occurs, I think you're finally seeing the inflection point here. And I'll finish up with this thought about just sort of the commodity itself in terms of lithium.

19:42 The movement of lithium, the exacerbated volatility, all this sort of stuff is just indicative of a very young industry. You've heard me talk again about how basically it's impossible to get to, let's call it, 3 million tons of LCE equivalent in now about 5 years from, let's say, a million tons last year, right? There's just too much stress on the system. And that's for a mature commodity. And I always use copper as an analog. Here, you're starting to see at these spot prices, Chinese, basically, investment is pulling back, production's coming down. You see CATL has recently announced a production reduction, you're seeing future investment is starting to be curbed, Ava Marble has talked about this, you know, other companies, and this is what we would expect to see at a market bottom. Is this gonna turn around immediately? No, I don't think so.

20:35 I would see this sort of bumping along again over the course of maybe a couple of months, get to the new year, get past the election.

20:42 And then you're gonna start to see the effects, I think, take place as essentially the supply cuts occur. We're obviously starting to see some headwinds being lifted just in terms of the markets today, the ECB cut rates, the US producer price index came in tame. It feels like we're probably going to get a rate cut here in the US, which I would have expected anyway to help the incumbent. And that's obviously generally good for markets. So there's a lot going on. It is not going to be straight up. But I do think that, you know, we're getting to the point where we want to be. And then our value proposition has always been good in Nevada lithium. And frankly, it's only getting better with these drilling results, right? What we anticipate to see is better economics coming out in an updated PEA

21:31 because of this high-grade mineralization. Could we find more? You're sure if we had the funds, we wanted to do it, we could, but I truly think that the impact as it is now is spectacular. So we'll wait and see what the engineers tell us, But that is the latest at Bonny Claire. We got a lot going on and Max, I think we should throw it over to Q and A and we'll see how we do. Yeah, quick comment here. So besides Sears Light, you may have the well-known boron bearing potassium felt spar, which is autogenic mineral described from saline alkaline lakes of the western US and Samoa Island, Greece. Do either of you know about that one?

22:10 Do you have any additional comments on that? That is Jeff's, that is Jeff's ballywhip. Oh Jeff, you're on mute there. Yep, you're on mute, Jeff. Yeah. OK, sorry about that. Bivalium ceralzite comprises

22:36 40% to 50% of the rock mass in the high grade zone. So that's really the main one that we're talking about. There might be other smaller minerals that are containing boron, but seralzite is really the one which appears in all the analysis that we've done. And in terms of what kind of modification would be needed to extract the boron compared to your present operation?

23:08 It looks, I'll just give it to you in layman's terms. It looks like it's gonna be acid, is gonna be necessary, perhaps dominant in the recovery process. But we're not far enough along with that process right now. I will tell you that we have been in contact with people who have essentially done the flow sheets of let's just call it Rhyolite Ridge, which looks to be our closest analog and who are quite confident in how to address this. But we're just starting that process right now. But for all intents and purposes, I think that calcination is going to play a much smaller role in this, if at all anything. But we just don't know yet how this is all going to go together. Yeah, I'll second that. Although the boron and lithium are 2 separate elements, the work that we've done so far has indicated that The boron should be relatively easy to extract. You know, once we get it all organized, it's likely that the boron will come out first and then the lithium after.

24:15 And, you know, this is just some color to add for folks. You know, I've talked about in the past when we go out to conferences and the professional curiosity that surrounds Bonnie Clare, as manifested by the number of people who will come over to Jeff to the point where it looks like he's holding court with, you know, I mean, serious investors as well as serious EPCMs, you know, metallurgists, all this thing. There is this huge sort of shift with regards to the way people look at the sedimentary type deposits, right? Nevada is going to be obviously the centerpiece of the US with regards to lithium industry, and it's gonna be generated by these types of deposits. And that's very, very different than where everything was 3, 3 and a half years ago. That's sort of the geology.

25:02 We have the same sort of professional curiosity now really coming in from the metal or just who are comfortable with doing this kind of thing, have done it for some of the bigger projects that you've heard of. And again, I'm not prepared to say whom, However, I will tell you that we are getting venues, we are getting responses, we are getting offers to work with some of the very biggest, most well-respected companies in the world. And for a company our size, It's very, very impressive. So I want everybody to know that.

25:35 Yeah. A question here about the extraction methods. What are some of the potential extraction methods that you're thinking of now? Have you changed your thoughts on them?

25:48 Yeah. The extraction method really is still proposed as the borehole mining method, hydraulic borehole mining that we've talked about. Closest analog to that is, is again, you know, Cameco at Scar Lake in terms of, you know, using high pressure water to, to excavate the material underground. Again, this is a very soft, friable material. We recently did the Kinley report. We had published that or put that out the news release into the market a number of months ago where you know from Kinley again these are the experts on this method, no qualms at all about the ability to extract the material from those depths using an airlift, whatever it is. The question is really going to be, what's the absolute behavior of the material within sort of the cells, let's put it that way. And just envision, you know, you're on top looking down at Bonnie Clare, you drill down into the center of something, and you start injecting water into it, rotating that head, and the material sloughs off, collapses to the bottom of the hole. You come up as far as you want through the high-grade mineralization, et cetera. When you're done, then you drill a hole not too far away, go down, same thing, vertically.

26:59 And then the question becomes is how does the material between those 2 areas behave? Does it collapse into 1 or 2 of the wells? Does it remain stable, et cetera? You could get tremendous efficiencies of scale if things behave in sort of a plastic manner or whatever if that material starts to slough off and whereas perhaps they had envisioned 25 or 30 holes to excavate an area over a course of a number of years maybe it only takes 10 I'm just speculating but that's the kind of stuff that we would find out in an infield test. However, that report, again, that we had put out to the market a number of months ago, to me answered the tremendous question, which was, can we get down to the depths that we need to get into this high-grade materials?

27:46 Absolutely positive. And that's pretty much the latest on that. Jeff, anything you would like to comment on that? I would agree with that assessment. The numerical modelling that Kenley carried out for us certainly confirmed that, at least in his opinion, it is certainly doable. None of the drilling companies that we've talked to about this seem to have any problem with the depth of the mineralization. The big question mark that everybody has is how the material is going to behave at depth, whether it's going to behave coherently, in which case you'd get a cavity, a cylindrical cavity, or whether it would behave in a ductile manner where it would flow towards the drill bit. And I don't think anybody has a clear idea about that and that's why we would have to do a test at some point before feasibility probably.

28:48 Can you just comment a little bit on the ground stability, assuming you're vacating and kind of leaving these pockets below? The best guess we have at the moment is that it shouldn't affect the... You mean at the surface, you mean? That's right. Yeah, I don't think it'll have any effect on the safety at the surface because you've got several hundred feet of sandstone between the upper and lower zones. And if it behaves in a ductile manner, then what you might see is a very slight subsidence over an extended period, an extended area. The mining engineers, the external mining engineers don't seem to see that as any kind of safety hazard at the surface.

29:38 Perfect. And in terms of the boron, just quickly jumping to that, some of the parts, I mean, parts per million, it's like 5 times more than the lithium. Can you just describe a little bit about the pricing, how it compares to lithium pricing just typically on the market? Is there a potential that economically it overtakes lithium or is that not possible? This is all opinion. And as I mentioned the beginning the boron market is really opaque. Though the grades are significantly higher just as reference I think that boron was somewhere around say $700 a ton. And lithium to me forget these you know $10,000 $12,000 ton prices obviously where producers are cutting back. My opinion, $20,000, $30,000, something like that long term. So you see the magnitude 20 times, something like that. The market's also much smaller, you know, in terms of what it's going to be over time going forward as the EVs come through. Because remember, it's not just the EVs, it's the stationary batteries as well, look to be accelerating in terms of growth.

30:44 So I think it's going to be a co-product, you know, it's going to knock down our costs. I think, no, I'm sorry, I should say a byproduct revenue that's going to knock down the costs has become the, with instead of being, becoming the primary revenue generator for this right now. I mean, we still think, you know, Bonnie Clare, this is a lithium deposit, not a boron deposit. Boron's just a great extra thing to have. I think I would agree with that. If we are providing an analogue to rhyolite ridge, Certainly they are treating it, Rhyolite Ridge, as a lithium deposit with a nice little kick from the boron. And we would work on that assumption unless the underlying boron market significantly changes. And I don't think there's any indication of that at the moment.

31:36 Perfect. And as we just close out the questions here, Steve, can you just provide just briefly a summary of upcoming catalysts for investors? So we'll have a second drill hole that should be coming, called it a month. Now the drill hole is not gonna be a step out, and I'm not saying that there's gonna be poor results, I obviously don't know, but I think they should certainly be commensurate with the types of holes that we've seen recently if we go back, you know, I don't know, 500 meters, whatever the number is, should certainly, you know, be representative of the kind of material we have right now. Following that, and again, let's call that 6 weeks after that point in time, we'll get the resource report. I think there's going to be a demonstrative change in terms of at the very least the Quality when that I'm talking about cut off grades that kind of stuff That just reflects this high-grade mineralization that goes into it So That will give everybody a chance to see, holy crap, look at the extent of what's at Bonnie Clare.

32:35 Because frankly, I say, what are we getting close to a year now? I don't know, maybe 8 months or whatever. We've been talking about the high grade zone. It's trying not to forget everything else that we have, you know, that was back in the PEA that was finished, what, 3 years ago, that kind of thing. And probably we get a chance to see all of this unfold. And, you know, I've commented on this before, I think it's a bit of a fool's game to say, who's the largest, But the reality is, I think that we're going to be able maybe to put some things to rest here about who is. Would we ever be able to mine it all? I doubt very much. However, what we'll do is we'll see numbers that you can sort of extrapolate that what would happen in a new P. A. With regards to tonnage and things like that- I frankly believe that we're gonna have higher.

33:23 Higher production values but that's just my opinion at this point time. But then the next big thing I would say in terms of just talking about big things. Would be that that updated P. A. Which is going to be somewhere in Q1. And let's just be conservative, say it's the end of Q1, maybe a little bit into April, that kind of thing. So that's the workflow that I think is going to come through. I will tell you, we continue to do as we've always done, talk to end users, which means, you know, automotives, OEMs, that kind of thing. Let them perform their due diligence. I will tell you that we just took some folks out to Bonnie Clare not long ago again for a private tour of car company that you would all recognize but you know with an NDA signed we're not going to say anything more about that so despite all these production problems that you see These companies are starting to assemble or broaden their teams as they look forward to supply.

34:22 You know, again, what I think is probably the most interesting out of all of this with regards to sort of this inflection point and the production decreases that we're starting to see is the fact that you look at these other restrictions that the Chinese are starting to impose on the exports. I think I mentioned this before. Antimony, gallium, all this sort of stuff before. I mean a lot of it's for war fighting materials, but the point is you're introducing more craziness right into an already bifurcated market. And I simply say to people, what if the Chinese said, hey you know what, we're not gonna export the lithium anymore. What shape does that put into the world? Right. So now you've got car manufacturers who again clearly align themselves with the EV movement And now the Chinese are controlling 80% of everything that goes on obviously because of their, you know, refining capacity, etc They just arbitrarily decide that hey, this is a strategic material for us. It's not going out. That's sort of the crazy kind of thing that could happen going forward. That kind of uncertainty is why, again, I would look towards everything with regards to lithium prices towards the upside.

35:34 Who knows if it's going to happen? Don't know. But I think certainly a possibility. We'll have enough news flow over the course of this year. I think the new year is going to bring better sentiment again. And then we'll address this all again. But that updated PEA, I'm certainly hoping, but I'm thinking is going to be very, very eye-opening for a lot of people. Excellent. Well, thank you both for taking us through these updates in the Q&A session. And I also want to thank everyone who submitted questions and comments. This recording will be available to watch on demand later today so look out for that. And before we wrap things up, just passing things back over to you Steve and Jeff for any final remarks. Jeff, go ahead, you start. Just to reiterate what you said about the technical report, even though it won't have an economic model, it will have greater clarity on the, in greater detail, on the mining method, the proposed mining method and the proposed extraction flow sheet.

36:31 This recent drill hole is the best we've done to date. We can tell we continue to grow this very high grade, you know, 3000 plus PPM zone. And I think it's, you know, it's just going to get better. And to follow up on Jeff, just make sure people understand that technical report, that first technical report will be updated resource report. Obviously, the PEA later on towards the end of Q1 will have the economics involved, etc. More extrapolated than the updated resource report. But I just want to thank everybody. I know sentiment is still bad. Keep the faith though, things will turn around. This happens all the time, essentially, especially with nascent commodities. If you can see through it, we have a tremendous value proposition.

37:19 We'll be making that even more clear as we get more data put into it going forward. But if you're a believer in EVs, stationary batteries, all this sort of thing, the craziness of the world, this is where you want to be in the state of Nevada, Bonnie Clare. You know, we're just starting again to tell this story to everybody with 100% ownership. And we would welcome you as shareholders. Thanks for your time. Perfect. Thank you all for participating. And I hope you have a great rest of your day.