Newcore Gold: Updated Mineral Resource Estimate at Enchi

0:08 Good morning, good afternoon, or good evening, depending on where in the world you're signing in from today. At least 6 time zones represented. I appreciate everybody joining us. I've got with me today, Luke Alexander, CEO of Nucor Gold, to discuss the company's recently updated mineral resource estimate. Luke, how are you today?

0:23 I'm doing pretty well. I think a lot of us on this call are staring at our screens today going, oh man, what a difference a few weeks makes. But yeah, overall, I'm doing well. Obviously, we got our MRE out. We're extremely pleased with that and see a lot of catalysts on the horizon. But yeah, the current gold price market in the last couple of days has been something to watch, that's for sure. Yeah, it certainly keeps us young, keeps it exciting, which I think is fun. Let me get started right into the meat and potatoes here. Luke, the updated MRE just dropped yesterday and the indicated resource is more than doubled to 1.5 million ounces. So I'd love if you could walk us through just the key takeaways. Yeah, absolutely. So We've more than doubled our indicated resource. That was really the goal with the first 28,000m of drilling that we've completed as part of our 60,000m drill program.

1:15 As we've talked about in the past, our goal

1:20 with this MRE was to convert at least 1.3Moz into the indicated category. The reason we've referenced 1.3Moz or more in the past was because if you go back and look at our 2024 PEA and what outlined the tremendous economics or fed the tremendous economics within that PEA, it was a 1.3 million ounce resource. That included both indicated and inferred ounces. So a key component for us and for a PFS, one of the requirements is that all of your ounces sit within the indicated category. That means they've been further de-risked, the drill spacing is a lot tighter and obviously that gives investors, markets, investment bankers, analysts a lot more confidence in the resource that then elevates it to that PFS study, which we're targeting for June of this year. So our goal was 1.3, we've come in at 1.5 million within the indicated category.

2:26 So we're extremely pleased with the results of this update, which now we've handed over to the consultants and they're building that into their mind plan, into their models, which will feed that PFS. The other thing I will highlight is if you go back and look at our PEA again, and our 2023 MRE, which fed that PEA, our grade sat at 0.55 grams per ton. So we've come in at the same, actually a little bit above the grade that was used within that PEA. So that's a nice result for us as well. So doubling of the ounces in the indicated category, as well as coming in at a slightly higher grade is very encouraging. It's also important when we're looking at grade to highlight that at certain deposits, our grade is coming in well above the average grade. So Boeing, for example, our second largest deposit, 550,000 ounces sitting at Boeing at 0.73 grams per ton. What I'm expecting as this gets built into a mine plan, as it gets built into our financial model, you'll see that material coming to the front end of the mine plan. What that obviously does is leads to higher production in the earlier years, helps with the NPV, helps with the economics of the project.

3:52 That's the other piece that we've spent a lot of time looking at as we've prepared this MRE, as we've completed a lot of trade-off work, is the different grades at different deposits, the higher grade areas, the grades within the oxide, the transition, the fresh. So again, we spent a lot of time on this and we're extremely pleased with the results. And again, it only includes 28,000 of our ongoing 60,000 meter drill program. Couple other things I would highlight is the average vertical depth of the new pits that are used to constrain this 1.5 million ounces plus the additional 625,000 or 626,000 ounces in the inferred category, they average 85 meters in depth. So we're still looking relatively shallow across the entire project.

4:47 So that's something we're excited about to be able to continue to chase these structures, look to grow and deepen the overall size of the pits. And then if you look at all of the drilling that's been done to date, we've still really just put a few holes down to that

5:05 150-200m level. There's an opportunity for us to continue to chase these high-grade structures at depth. Our goal converting ounces, We more than achieved that. We've also then got that additional 625,000oz or 626oz in the inferred category. And then with the additional 32,000m of drilling that's ongoing, we see an opportunity to continue to grow the mineralized footprint that will feed future studies. When you look at it from an oxide transition perspective, the softer material that doesn't require the blasting that you look at within the fresh material.

5:51 You've got roughly half of the ounces coming from that softer material. That's something that I would highlight as well. I love to give context, I love to zoom out slightly. I know you very touched on it, but what would you say, in your opinion, does this milestone mean for the trajectory of Enchi? And how does it set up the PFS that I believe is targeted for completion at the end of June? It's a key element and it's a requirement to have indicated ounces. Again, tighter drill spacing, more confidence in the resource. That inevitably then indicated ounces are priced higher in the market. They're valued higher in the market because investors and others have a lot more confidence in those ounces. So for us, this is a key milestone to get these ounces into the indicated category to then be able to complete that PFS

6:51 in the first half of this year. It's a big step forward from that perspective. We've also then beyond this drilling that we've completed and moving these ounces into the indicated category, we've also completed a lot of other work on the project. Hydrological work, geotech work, we've completed a lot of metallurgical test work. So if you look at the commissioning of the PFS news release that we put out at the end of January, beginning of February, you'll see that we've seen 89 to 98% recoveries within the CIL test work that we've done. There's a lot of additional metallurgical test work that's been done to a PFS level that again gives a lot more confidence in terms of what's going to feed the economics of the project when we put those out in June of this work. We've also done condemnation drilling, we've done geotech drilling, we've done a lot of additional environmental and baseline work. Again, all of those things are requirements for a PFS, which then once produced is a big part of the reason why investors, corporates and others will pay a much higher multiple is because of all of that de-risking work. But without a doubt, the most expensive

8:21 component for us was the drilling. We've now got

8:25 that completed. It's been incorporated into this updated MRA And we're now extremely excited to be back to focusing on pure resource expansion, exploration drilling, which I assume you'll ask some questions on that and we'll talk about as well. And here's some of that metallurgical test work that I was talking about, 89% to 98% recovery. So very pleased with those results. Awesome. I do want to talk about the Gold price for a second because I know the resource was constrained at the $3,200 Gold price. And despite the best efforts of wars and interest rates, etc, We are still sitting well above that today. So how does the current Gold price environment change the way Nucor thinks about the economics at Enchi and any decisions you're making on project development?

9:13 Yeah. So, I mean, that's always a balancing act of what Gold price to use for these studies. We've started to see studies coming out anywhere from $3,000 to $4,000 from a Gold price perspective. As you've highlighted, the $3,200 Gold price that we used for this updated mineral resource is meaningfully lower than where the market is today. But it becomes a balancing act. The higher you move up the Gold price, the lower the cut-off goes, the lower the grade ultimately goes. Again, for us at $3,200, we've been able to produce indicated ounces of 1.5 million. And if you go back and look at our 2023 MRE, what you'll see is the grade is actually the same as what we've had within that 2023 MRE.

10:14 If you then look at the economics that we produced within that PEA, all of it was driven by that 0.55g-0.6g per tonne grade. Again, being able to produce this MRE with the same grade in those indicated ounces is something that we're extremely pleased with. And then when that ultimately feeds into our PFS, we expect that will drive very good economics for the project. The other key element is if the ounce doesn't sit within our MRE, then it cannot be used in a mine plan. Being able to balance that is obviously important in terms of making sure that we use a Gold price, in this instance $3,200, to make sure that economic ounces will make it into our PFS mine plan is a critical element as well. We spent a lot of time with our consultants looking at what ounces are economic, how will those feed a PFS level mine plan, and where we landed was 3,200 made the most sense.

11:32 Needless to say, again, extremely pleased with more than doubling of the indicated ounces and the fact that the grades came in at the same level that were used in the PEA, which drove those very robust economics. And then these nice higher-grade areas that will feed into the front end of the mine plan, we see as a real opportunity to create a lot of value. Awesome. I do want to get into the deeper drilling as you referenced earlier, because I know we've talked about it, but what really jumps out to me is that the resource only incorporates 28,000m of the 60,000m drill program. So investors are looking at a resource estimate that doesn't even reflect kind of half the drilling that you've done. And specifically, I look at the January drill results at Boyin that were really eye-catching. You've got that sexy visible Gold showing up for the first time, some big high-grade intercepts at depth. So, I've got a bunch of questions for you there. How should people be thinking about this drilling? Is it going to be captured in future updates? And does any of that deeper high-grade factor into the PFS?

12:37 Yes, absolutely. I can walk you through a few slides if that helps you, Romeo, just to kind of cover some of that off. But Again, stress it, the goal of this MRE was to get the ounces into the indicated category. That first 28,000m really focused on converting ounces. With the additional, call it 32,000m of our ongoing 60,000m drill program, We're back to focusing on pure resource growth, resource expansion. This resource that we just put out, this updated MRE, it includes only 4 resources. Sioum, our largest, followed by Boeing, NIAM and Kwachi Krum. To put that in perspective, we've identified roughly 25 targets across our project.

13:27 All of our existing deposits. So here at Sium, for example, and at Boeing, and so Seyoum is our largest deposit, followed by Boeing, NIAM and KwaChiKrum. Those are the 4 areas that make up our 1.5 million plus our 626,000 in the inferred category. All of these areas remain open along strike. Systematically stepping out and continuing to chase these structures is an area where we can grow the mineralized footprint and over time then put out another updated MRE, which grows the overall size of that. We've also identified parallel structures at all of our existing deposits.

14:14 Looking at those parallel structures, drilling them, growing the mineralized footprint. We've then got previously drilled tested areas like Arati, Cojina Hill, Naquanta, Sium South. Tokasea was actually in our last resource update. We didn't complete the infill drilling there to move the ounces into the indicated category, so didn't bother including that. But that's another area where we can go back to do additional drilling, look to grow that area. Cogina Hill, we've put some additional results out there. These are all areas where we've made discoveries and with additional drilling, we think we'll be able to really grow the overall size of the mineralised footprint and then add ounces to our global resource over time. When we then take a step back, 28,000 was what was included in this updated MRE.

15:12 To date, or as part of this 60,000m, we've so far released 33,000. So 28,000-33,000,

15:23 we've released about 5,000 of resource expansion type drilling. If you look at our results back in January of this year, those high-grade results, 174g over a metre, 147g over a metre, 3.5g over 23g, and we can get into some of that. Those are part of this resource expansion that will go into future updates. So we now have an additional 27,000 meters of results that we will put out, well of drilling that we will do and results that we will put out over the next number of months. When we then look at some of those results that I was just highlighting from January, here at Boeing, for example, you can see where these high-grade feeder zones are ultimately sitting. When we then look at the specific results in relation to these pits. And these are updated pits that we're looking at here.

16:25 They've gone deeper with this updated resource, captured more in-pit results, but then right below those pits, 3.2 over 17 meters. Over here, 3 grams over 2.5 meters. We've then got 7.5 grams over 2.5. We've got 2.5 grams over 8 meters. And as you can see, all of this material is sitting right below pits. This is that hole where we had that first ever visible gold on the project, 147g over a metre. So as we continue to chase these structures, drill deeper, we see an opportunity to continue to grow and deepen these pits. And then to the north here, there's that hole I was referring to, 3 and a half grams over 23 meters. Within that 7 grams over 8

17:21 meters. Again, sitting right below the existing pits. So continuing to chase these nice high grade results that we've got, we think provides an opportunity to continue to grow the pits, add resource, add mineralization. Interestingly when we look at our deposit and we compare it to our closest neighbor, So we're looking at a long section here. So that's what we were just looking at at Boeing, looking at it from a long view perspective. And you compare it to Toronto, for example, our closest neighbor in Ghana, 40 kilometers to the north. As we highlighted in this update that we just put out, the average vertical depth of our pits today is 85, not 85 kilometers, but 85 meters.

18:16 It's been a long couple of days. 85 meters, when you superimpose that 85 meters across our closest neighbor, Toronto, you can really see where a lot of these deposits grow in size and increase in grade. To put all of this in perspective, Toronto today is mining roughly 800 meters below surface. One of our analysts who covers us put out a really interesting note that looked at Toronto and looked at Newmont's Ahalfo mine. And from when they put out their initial resource about 15 years ago, it has grown by about 6 and a half times at Toronto and at Newmont's Ahalfo mine it's grown about 5 times.

19:06 And A lot of that has come from these high-grade feeder zones. That's the reason why at Boeing, at Sium, the results you've seen

19:17 out from some of the deeper drilling at Niamh, we see an opportunity to continue to chase these structures that we've identified and prove out what we see along the Safwi Bibiani belt from us at a lot of our neighbors. Here's this high-grade intercept that I was referring to, 147 grams over a meter with the first ever visible gold in our project. So this continues to support our thesis that high grade exists across the project and as we hone in on it, we will meaningfully grow the ounces on our project. I'd encourage you go to our website. You can look at all of this stuff in detail. You can spin these models around and get a really good feel for what I'm talking about.

20:09 Here's that 3 and a half grams over

20:11 23 meters, 7 grams over 8 meters. You can see it is sitting right below the existing pits that we're using in this MRE. So that's an opportunity to add ounces. Similarly, look at this intercept here. You're looking at about 70 meters of mineralized material right below our existing pits. 3.2g over 17m, 1.7g over 25m. Just within those 2 sections, you're looking at over 40m of mineralization and then a number of other intercepts within that.

20:58 That's what we're going to continue to chase. That's where we think we'll be able to add a lot of value for shareholders with this additional 27,000m of drilling that we're doing as part of our 60,000m drill program. It's certainly exciting to see a potential upside in both the depth, but also the district scale. There's one question I think fits really well. It came in just from the chat now. They'd like to know how deep do pits go before you have to go underground?

21:26 So it really depends. There's a couple of key components to it. And maybe I'll just pull up our Boeing deposit again, and we can kind of look at it this way. So the depth of a pit will be driven by a couple of key things. One is obviously grade, the higher the grade, the material, the more you can justify going deeper, because the economics of moving waste material, so non mineralized material, to get to that higher grade material. Obviously, the higher the grade, the higher the value, the more waste you can ultimately move. The other component would be how wide is the mineralized intercept. So if you think when you're at the beach and you're drilling and you're digging, you know, a hole, the deeper you want to go before it starts to fall in on itself, the wider you go, the deeper you can go.

22:30 So, you know, here at Boeing, for example, we have quite a wide mineralized area. If I pulled up CU, we've got an intrusive that pushes through at one of the areas, which makes it a very wide at surface mineralized area. So instead of mining waste at surface, you can push the pit a lot wider within the mineralized material, which then allows you to go a lot deeper. So here at Boeing, for instance, and let's see if this actually adds up. Here's one of our wider areas. And let's say right here is one of our skinnier areas. When we now spin this around and let's see if this is comp, yeah, added up. So you can now see the deepest part of the pit is where it's widest at surface and mineralized.

23:23 And then obviously where it's narrower at surface, obviously it's a shallower pit because

23:32 you'd have to move a lot more waste to get to the deeper mineralization. So hopefully that explains it. And sorry if I got into a little bit more detail, but it sounded like a question that would be helpful to have a little bit of explanation. So the wider it is at surface, the deeper you can drive the pit, the narrower it is at surface, typically the shallower the pit will end up being. There's a lot of other factors that play into it. Here at Boeing, for example, our pit at its deepest spot would be getting down to about 200m. There are mines around the world that will be going down to a half a kilometre or more. Those will have very wide mineralized areas at the surface and often will be big porphyry deposits where you'll see that big, deep pit being driven.

24:31 Just a quick follow-up to that. With the latest results, would they be underground? No, so that's actually a good question. So that's actually a good question. And it's also a key thing to highlight. If you look at our entire 1.5 million ounces of indicated plus our additional 626 of inferred, all of that is open pit material. If you go back and look at our 2023 resource, you'll actually see that some of the material, we had 136,000 ounces of underground material. For this update, We're not planning on mining underground at the moment, so we decided let's just go with the open pit and not be distracted with the underground material.

25:24 A bunch of it did move into the pits, that 136,000oz, But when you look here closely, and again, I'd encourage you if you do want to to go and look at this, these models, but this mineralized material is sitting directly below the pits. So my personal view is we are going to be able to extend and deepen these pits a little bit further. We need to get a few additional holes in here to obviously tighten up that drill spacing so that consultants can then build a block model around

26:00 that. But there will be an opportunity to continue to deepen these pits but yes obviously as we get down let's say to you know 3 400 meters below surface that's when you'll really in earnest be starting to look at an underground mine again as a reminder Toronto today is 800 meters below surface, and they've ramped down all the way from there. So we haven't in my view, hit the point yet where we're looking at, you know, a guaranteed underground mine scenario, we're kind of getting to the edges of that. But with this immediate drilling that we've completed in January, the way we're looking at it internally, we think that will come into a pit.

26:46 Does that answer the question, Romeo? I know I've kind of bounced around a bit. I'm trying to describe things in a little more detail just in case I didn't understand the question correctly. No, I think it's helpful and I just wanted to answer the question, but I think it also gives some extra context. I think that's great. Now, there's a lot of questions in the chat. I'm going to get to those, but I just had a couple more. One last one for me, and then some that came in over email. I want to just zoom way out and look at the rest of 2026. I know you've got the PFS targeted for the end of June, drill rigs currently turning, a lot of catalysts kind of stacking up. What should investors be watching for over the next couple of months? And what are you, Luke, personally most excited about delivering? Well, this MRE that we just put out is obviously another key milestone. The commissioning of our PFS at the end of January, beginning of February, that was a key catalyst for us. That really kicked off the path to that PFS. Now all this MRE gets incorporated into that. That PFS that we are working on right now that's going to come out in June, I see that as a major, major catalyst for the company. We spent a lot of time in 2025 doing trade-off studies internally, looking at heap leach only, looking at a hybrid heap leach plus CIL.

28:06 We then honed in on the CIL option. And with these additional tests work and met recoveries that we were getting of 89 to 98%. That took us down the CIL path. And ultimately we think that what we're gonna produce in June will be a major catalyst for the company. If you go back and look at the PEA that we put out in 2024, we traded a huge amount of volume on the back of putting out that PEA, the stock re-rated meaningfully and that's because ultimately now investors were able to price the value of the project. They were able to build cash flow models. We see as we go to a PFS, there's another whole level of de-risking.

28:54 Typically, if you look at PEA stage projects, they'll trade anywhere from around 0.1 to 0.2 times the NPV of the project, the value of the project, the discounted cashflow of that project. As you de-risk it to a PFS, which is what we're doing right now, you'll see that multiple move up to anywhere from 0.4 to 0.6. And anyone listening, I would encourage you to, you know, look at some of the analyst reports out there, look at comp sheets and you'll, and you can come up with your own views on what that multiple should be. But you know, my personal view is it's a, you know, 4 to 5 X multiple from PEA to PFS. So we see that as a major catalyst. And with all of the work that we've done, we're extremely excited about that coming out in June of this year.

29:45 But we're not losing focus on the fact that we have true district scale exploration here. We've kind of touched on it, 25 targets identified. We've only drilled down to an average of roughly 125 meters below surface. So Lots of additional growth at depth that we can go after. That's something we're going to continue to focus on. Obviously, we have an additional 27,000m of drilling to complete, results to come out, and we'll continue to get those out to the market. As I keep saying, we could wake up tomorrow morning and find out we've had another nice, big, wide, high-grade intercept that then can add incremental value above and beyond what we're expecting to come from the PFS.

30:33 So I'd say drill results we're extremely excited about, but then the major catalyst is the PFS. And on the back of that PFS, we can start looking at construction timelines, production timelines, what additional work needs to be done to fast track this project into production. And if you look at the trend that we've seen with companies that have taken their projects right through to production or are on the cusp of production, there is a major valuation re-rate opportunity. 1 company that I'm sure a lot of people on this call follow pretty closely, Montage. Just go back and look at where they were 2 years ago when they started to in earnest look at putting this project into production, the stocks up between 10 and 15 times.

31:25 So that's the kind of opportunity that me as a shareholder, I'm extremely excited about is PFS, FS, construction, production, and through that development path, we can create a significant amount of value. Awesome. Now I'm just gonna jump into some of the questions that came in in advance over email. One person knows their current shareholder and very appreciative of all the team, all the progress that the team's making. They do note they have a concern that there are rumblings of increased political risk due to Ghana considering raising royalty fees. Just curious for your perspective on that and if that political risk could affect the efficacy of the project? Yeah, so this started in Q4 of last year. If you follow the local Ghanaian news, you'll see that there was rumblings and speculation that the government would introduce a sliding scale royalty that basically as the gold price goes up, the royalty goes up.

32:30 That, in my view, was fully priced into Nucor, as well as the pure play Ghanaian companies in January of this year. In January, if you go back and look at the news flow, you'll see Reuters put out an article talking about this sliding scale royalty and the potential that it was going to be put forward and implemented in Ghana. If you look at the day that article came out, and the reason I refer to the Reuters article is, you know, that really is one of the big, as we most know, one of the big news agencies that a lot of international investors look at. So the day that article came up, Everyone kind of woke up and said, oh, what does this mean for companies?

33:18 And if you look at us, Galliano, Asante, the pure play single asset or multi-asset, but pure play Garnet and companies, every single one of them was down 7% on the day. If you look at the sliding scale royalty at $4,500 or higher, what's being proposed is it would go to a 12% royalty. Today, it's 5%. 12% minus 5%, 7%. Ironically, coincidentally, or direct correlation, however you want to look at it, On the day that Reuters article came out, all of the stocks traded down 7%.

34:06 So my personal view is it was fully priced in on that day. I think people who follow Ghana really closely might've started speculating as this news was coming out within the local media in Ghana. I think any improvement on what is being proposed and what came out in that Reuters article would actually be a benefit and a potential catalyst for companies like ours and others that are pure play Ghanaian, or have a meaningful amount of their NPV ascribed to Ghana. Great. And that's the only change, right? That there's a royalty amendments. That's the only thing that's being proposed right now. They're not looking at changes to carry interest, et cetera.

34:58 Correct. And I think that's, It's a good point you raise. And I think that's a real positive because if you do look at some of the neighboring jurisdictions, other jurisdictions around the world, you know, they're looking at changes to free carried interest. They're looking at changes to taxes. So it's really focused in on, on the royalty. The other thing that I think is really encouraging and highlights what a mature jurisdiction Ghana is, is the fact that these changes have been in full consultation with the industry. So there's been a lot of back and forth between the industry and the government to discuss these proposed changes, to see what the potential impacts would be. The Chamber of Mines in Ghana is a very well-established industry group that has all the major gold companies in country, as well as ourselves as a member of that chamber of mines. It's been around for over 100 years.

36:00 And Again, they're a very strong voice for the mining industry in-country. They've been working and in discussions with the government on this key point. But from where I sit, I think it's fully priced in And any tweaks in the positive direction will obviously be a good thing for the industry. Great. I've got just the remaining from the email questions, a quick one and then 1 that might take a little bit longer, but the quick one, roughly what is New Curgold's current cash position? So if you look at the end of September, our last reported cash, we were around $11 million. If you look then at the warrant proceeds that came in over the course of February.

36:50 Those warrants expired February 27th. An additional $10.3M came in from those. We've obviously been drilling over the last few months since the end of September. So one way to look at it today is we'd sit somewhere around $14 million of cash. So we have a very strong balance sheet to execute on everything that we've talked about today. So our PFS is fully funded, our 60,000 meter drill program is fully funded. If you look at recent news that we put out in March, you'll see that we increased it from 45,000 to 60,000 metres. That was on the back of us announcing that all of that warrant proceed money had come in. That allowed us to then reassess our budget, increase the drill program.

37:42 We're well-funded for all of 2026 with all of that drilling and the PFS incorporated into that budget. Awesome, appreciate it. So I'm actually gonna save the last email question, jump into the chat for a quick second, because I think those are a little quicker to answer. Norman asked, what is the cutoff grade of the ore? The cutoff grades between 0.1 and 0.2 grams per ton. Great, thank you. Travis, will there be another MRE with the PFS or does the current 1.5M indicated ounces represent the whole of the mine plan that's going to be released this summer? There will not be an updated MRE as part of the PFS. So that was one of the things we were kind of contemplating was does it make sense to put out an updated MRE ahead of the PFS or what we've been saying up until yesterday, which is that we'll just include the 2 together.

38:39 Our view was, let's get the MRE out. It's obviously very positive for the company. We've more than doubled our indicated ounces. We beat our internal goal of 1.3Moz. Now the market, analysts, investors and others can start to look at that MRE. They can incorporate it into their own models. That piece of the PFS is now out there and we can hone in on obviously building the mind plan, the economics, the cash flow model, all of that. So we're not planning on putting out an updated MRE beyond what we've just put out within this. Obviously within the next 45 days, the full 250 to 350-page 43-101 MRE tech report will be out there and then we'll get that PFS completed in June.

39:34 And then on the back of us, completing this 60,000m of drilling, that's when we'll reassess again, potentially putting out another updated MRE, which would then feed the feasibility study. And that's something that we see as an opportunity to even enhance the feasibility study beyond what we're going to put out in this PFS. So that's something we're excited about as well. I mean, I don't want to get too ahead of ourselves at this point, but internally we are starting to do a bunch of feasibility level work. At the moment, we're getting ourselves in a position to look beyond the PFS to be able to, you know, fast track from PFS to FS. And one of the key components of that is similar to what we're looking at at Boeing, some of that high grade at the bottom of the pits, some of the areas that we've identified that are very prospective that we could move directly into the indicated category.

40:35 Bringing those ounces in now, that could then get incorporated into a full feasibility study, could enhance things even further. So in the background, and again, I don't want to distract this call with talking about a lot of that, but we're doing a lot of feasibility level work at the moment. And that's a component that we're extremely excited about. And we see already opportunities in the future. So so that's great. Awesome. Michael, from the chat, I think Luke already answered your question just this last little bit there. So I'll conclude with one of the questions we got over email. And it's a question that I've been hearing all week with various degrees of colorful language, but basically what is going on with metals markets right now? And specifically, I'd love if you could speak to the new course performance in comparison.

41:22 Yeah. So, I mean, obviously we've seen gold come off meaningfully over the last, you know, over the last few trading sessions. And really, I don't know, people always talk about PDAC curse in these various mining conferences where, and I mean, I'll tell you this year, PDAC in Toronto, which I'm sure most people listening to this call know that that's the world's largest mining conference. If you kind of go back and look at metals prices and the stocks where they were trading at the PDAC conference, it's kind of been 1 direction since then. Obviously, the gold price has come off quite substantially since then and gold stocks as a result have traded down anywhere between 25 and 50% over the last few weeks.

42:20 One of the things specifically for Nucor that I thought was really encouraging and I'd encourage people listening if you like to, you know, kind of look at trading flows and potential impacts from that. If you go and look at the volume that we traded yesterday in what was a complete bloodbath in the market, GDXJ down 7%, GDX put down over 6%, There was nowhere to hide. We traded 4 million shares. If you take our TSX volume of roughly 3800000.0 shares, another couple hundred thousand traded on the OTC in the US, we traded over 4 million shares yesterday and we were down 1 penny or about a percent and a half. That compares to the GDXJ, which was down roughly 7%.

43:15 So we outperformed the market meaningfully yesterday on significant volume. So I look at that kind of volume and it's probably the biggest volume day we've had in the last couple of years. So there is investors who woke up and wanted to take a strategic position in this company and recognize that a day like yesterday was an opportunity to accumulate meaningful volume and get a nice position in the company. So yes, we always wanna see the stock move up and we wanna see green on the screen when you put out meaningful announcements like we did yesterday. But needless to say the fact that we outperformed the market on huge volume was something that I was very encouraged with yesterday and highlights that there are a lot of investors who are watching what we're doing closely.

44:07 And as we hit these milestones, are keen to step in and buy the stock. And today, you know, March 19th, depending on when you're ultimately watching this, you'll see that again, we've traded over 1 million shares today and we're a couple hours or a few hours into the trading session. We're trading relatively flat in what is another bloodbath in the market. So I think someone today, again, is recognizing that loose hands will be selling stock on days like today. And if you've got a strong fundamental view on what our PFS is going to produce and what doubling the indicated ounces is going to do for that PFS. We're seeing investors stepping in opportunistically and buying a meaningful position in the stock.

44:59 So yes, It's a horrible day out there. Don't get me wrong. We want to see the stock up. But from a relative perspective, I'm very encouraged that we've traded over 5M shares in the last 2 days and meaningfully outperformed the market. I think that speaks to what an impact this MRE is viewed by a lot of investors out there. It's great to be one of the cleaner ones coming out of a bloodbath. Absolutely. So, Luke, thank you so much for letting me grill you today about the MRE. Everybody in the chat, I know there are a lot of you here for today's live event. I appreciate you all very much. But Luke, this is great. I appreciate your time. I hope everybody has a great end of their day. Yeah, thanks a lot, Romeo. You always do a great job and make these interviews flow well. So always appreciate that. And listen, anyone who's listening, I know it's been a tough few days out there, but again, this is a meaningful result for Nucor.

45:56 And when we look beyond the noise that's in the market today, we see a significant re-rate opportunity. I'd also encourage anyone who wants to learn more about this MRE, feel free to reach out directly, as well as you can go in and spin around those models that I was pulling up there briefly, as well as follow us on social media, lots of good content out there and stay safe everyone out there and we'll get through this. Awesome, appreciate it Luke. Wise words, I hope everybody has a great end to their day. ♪♪♪ you