Nisk Latest Drilling Results And Comments From Dr. Steve Beresford

0:05 Hello everyone and thank you for joining us again for another live Power Metallic update. Today we're joined by Terry Lynch, Dr. Steve Beresford, Joe Campbell and Duncan Roy. There will be a Q&A at the end so please submit your questions in the chat whenever you come up with them. We'll try and address all of them before we conclude today. If not, I'll be sure to pass along the questions to management of the Power Metallic team. As always, this event is being recorded and will be available on 6.com and our YouTube channel a few hours after we conclude. With that said, I'll pass things over to Terry to provide an overview of Power Metallic

0:36 and today's news release. Terry, over to you. Great Kyle, thanks again for having us. Looking forward to updating our shareholders and interested parties on what we're doing with Power Metallic. I had some great news out this morning, and we'll walk you through that. I thought it'd be good just to have a little refresher, sort of, you know, how we got here, and then obviously we'll dive into the results and what we're doing with our exploration program. So obviously this is the, you know, the origin story, really. We basically had acquired the Nickel Sulfide project from Critical Elements on the bottom left-hand corner. 3.1Mt, 1.5% Nickel. Grew that close to the MRE around 7.1Mt.

1:22 Probably there's 8.5Mt there now. We don't know something in that range. In looking for more Nickel qualified, we literally stepped out 5.5km away to test a target that we liked up there that was identified by Airborne EN and had a ultrasonic expression at surface, drilled it and we got enormously lucky and found the Lion Zone. Next slide. And the Lion Zone, you know, is just a gift from God really. It's a top 5 holes, you know, 20 meters of almost 8% copper equivalents. It's a record breaking stuff, folks. So it's a, it's very exciting, you know, and so that's obviously that, you know, thrust us into the limelight and allowed us to move forward and raise significant capital.

2:10 20M initially last summer with Robert Friedland leading the way for half the issue. And then just recently we raised 50 million with again, Freedland and McEwen and a batch of mining funds, giving us basically enough cash to follow to drill this beast up for the next 24 months. So we're good for cash until the end of 2026. So that's awesome. Next slide, please. Sure, Terry, just want to interrupt you for a second.

2:40 Steve and Joel, if you don't mind going on mute, I'm just hearing a little bit of reverb. Much appreciated, Thank you. So one of the neat things about this discovery of the Lion Zone

2:59 was that basically it changed our complex understanding of the deposit. It went from being a nickel sulfide, sort of normal course to being this orthomagmatic nickel copper PGE deposit, but if you add gold and silver, it becomes noble metals. This is Dr. Steve Beresford's creation, this triangle. And he sort of has put a number of the basically all of the orthomagmatic deposits that he's identified it sort of in the history of time and generally these things are either giants or supergiants and you can see they go from more nickel-y like Boise's Bay to more copper-y like Sukkoth to you know more PGE like Marinsky and stuff and Saccati. We're somewhere probably to the right of Oktoberrisky there in terms of where the line would be. And the key thing about this slide that we've always sort of thought was interesting is that, you know, this is a nickel sulfide body. Steve tells you that basically think of it as the palm of your hand, and the palm is the nickel sulfide, and the fingers are the zones. So in this case, the lion zone, possibly the tiger zone, are the zones we might identify.

4:00 And in our case, the copper zone is obviously very rich. And typically in these things, the copper sulfides, for every ton of copper sulfide you'd find, you'd find on average probably about 5 times a nickel sulfide. Right now at NISK, we're probably closer to 1.2 copper to 1 nickel. Probably that's moving towards 2 copper to 1 nickel. So what does that mean? Well, probably over time as this exploration matures, in addition to finding a lot more copper, we're going to find a lot more nickel sulfide, which is awesome because this means this thing is going to be big, you know, big to very big. So that's the takeaway. Next slide. How do we get there? Steve and Joe are going to tell us in just a second, but generally what we're finding with Lion and with Tiger and with NISQ-Mane is that the downhole borehole EM is an amazing technique.

4:56 Steve will go through what that is and Joe will go through the execution of that. But It's identified a number of what we would call open phases where we basically have used the technique and it's flashed and showed, hey, there's still plates of sulfides in front of us. And we've been very fortunate in that, and at this point in time, we're not getting any false positives. So when we see a, think of it as a metal detector and this metal detector is flashing, hey, there's more metal in front of you and go drill it. And that's what we're doing. And so that's, what's being effective. And that's sort of what you see in today's results. Next slide. So this was 1 from our, I think our second last release. We're starting to see how this sort of shapes out and starting to see the plates on the left and some of these zones. I won't get into this in detail because Joe's got more detailed view on this. Next slide.

5:48 So these are the images from today's slide. So I'm gonna, at this point, sort of shortly turn it over. But I wanted to give you sort of 3 takeaways because we just came back. We were in the exploration team was meeting all weekend up in Ottawa for the last number of days. I came in for the last couple. And the takeaways I had as a layman, non-geo, non-geophysicist, but as obviously a very keenly interested observer, was that this deposit or this mineralized area, as it would be properly called right now, it goes from thin to thick, to thin to thick. And when it gets thin, you get stressed, and then it gets thick again, and then you're happy. And it gets thin and you're stressed, and then it gets thick again. So, you know, so I think this is just the nature of this mineralization. But the cool part about it is we're continuing to find, even in those 6 sections, very heavily mineralized copper sulfide, to the most part.

6:46 The chalcopyrite is there and that's just the nature of it. So, you know, people, you know, can get, you know, as much as we'd like to have every release have 32 meters of 7% copper. The reality of life is that's just not possible. However, you know, what we're trying to do with, you know, as our exploration program grows is obviously rack up a lot more tons and identify where this thing can grow in terms of size. And we're certainly doing that. We certainly think today we racked up some more tonnage and we've certainly identified a number of more key pathways to go. The other thing that I would say that the takeaway that I had was that the technique of the borehole EM is amazing.

7:31 I've mostly been in goals before and goals sort of a, yeah, there's a lot of science and a lot of great structural geos that you have to have but it's also brute force of drilling. You know, the technology can only help you so much, you know, but in this particular type of ore body, the technology can really play a key role and it can really, especially if you're fortunate enough to not have a lot of false positives, if the mineralized area doesn't have a lot of graphite, then boy, it can really be effective. So I'm super impressed with what Matt, our geophysicist, and his team, and our team at Geo has been able to do to sort of get the data, process the data, and set the data up. And I would say we probably have never had such a great set of exploration targets, either drilled or coming to be drilled.

8:21 So we're super stoked about what we see coming forward in the future. And my final takeaway is, after the weekend was, I was thinking, damn, this thing's gonna be big. So I mean, obviously, we'll see, it has to unfold, but my sense of it is we're just scratching the surface. So without further ado, I'm going to turn it over to Steve, and Steve's going to sort of walk us through the science behind the borehole EM and why we're using it, why it's working for us. And then we'll talk, Joe will talk you through the execution of it. Steve. Thanks very much, Terry. So one of the things you'll notice is that we've moved from airborne EM to ground EM to now borehole EM. And I think it deserves an explanation of why we're adjusting as we go. One way that I use to—as an analogy to understand it is a bit like unpeeling an onion. The outer round of the onion, that's as far as downhill EM is seeing, so we're—sorry, airborne EM. So, we're seeing the airborne EM down to about 50 to 70 metres.

9:20 The ground EM that we did, we'll see down to about 300 or 400 metres. Now we're moving into techniques that require EM from the hole itself. What that looks like, instead of imaging the hole deposit when we started, as we get deeper, the system's obviously getting bigger, we're starting to use new techniques that have to be in the hole itself. So we put down a drill hole, as the term implies, borehole E-M, you must have a hole first. The important part of that is we can see a radius. It's like a metal detector. We can see a radius around the hole and therefore we can map zones that are conductive sulfides away from the hole And how far away we can see depends on a number of the things that we do. But essentially the way to, the other analogy I would make is it's a bit like caterpillar tracks. This is gonna be a constant workflow of drill a hole, generate new plates, which are new

10:18 EM responses, and then we'll drill the next plate, and that will be mineralisation, which will generate new plates, and we'll keep drilling. And you see what I mean by caterpillar track. So you'll always be seeing images, which show the long section of our deposit, plus plates which are untested, but soon to be tested massive sulfide. Now, the important thing to understand in a terrain like this is it's extremely resistive. And as a result, Every massive sulfide or every plate we've got at the moment is massive sulfide. Now most nickel sulfide camps are generated by adding sulfur and are hosted in graphitic shales with sulfides. And what does that mean? In those environments, an example would be the Raglan Belt, over 99 or 90 odd percent of the plates in that environment are false positives. They're either country rock sulfides or country rock graphite.

11:14 In our scenario, it's 100 percent nickel or copper sulfide. So we're in a nice position where the probability of upcoming results being nickel or copper sulfides is extremely high, massive contrast to those of you who've ever worked or invested in Nickel sulphides. So I think that's probably enough. And then I'll pass it on to you, Joe, to give us some more detail.

11:44 Okay, Thanks for that, Steve. That's a good introduction into what we're trying to do. That's the theory that we want to implement on site. I'm going to just walk you through a couple of slides here that hopefully will show you the power of this borehole EM. And as Steve said, we're going to go from caterpillar tracks, as he put it, but we're going to go from each individual hole and That hole is going to give us more information to move ourselves forward. The first slide I have up here is just the one from the press release. I always like to throw in a few pictures of core from holes that we don't have released yet, we can see the mineralization.

12:35 This is to try to give the investor some forward information that the zone is still there. We're still cooking with gas and moving forward. But this picture that we sent out, obviously it highlighted the holes that we wanted to show from the release. And you can see when you look at these holes, And if you went back to the table of results, the closer we're into the middle of the zone, the better the results are. Most of these holes in line were on the fringe and they were purposely drilled there. We have to try to determine what the size and the geometry of the deposit is. It wasn't like these were done because we weren't smart about it. We were actually trying to hit the edges of the zone.

13:35 I want to back up to how did we get to this point? This is a slide that shows 2 holes that we did borehole EM on. Hole 93 was our deepest hole at the time. We boreholed that and we picked up a big plate that seemed to indicate an extension to the lion's zone. That's very helpful for us because we can start to target that plate and put some more holes into it to extend the zone down. Of as much importance, or maybe even more importance, we did a borehole EM on hole 85, which was off to the west of the zone. Again, these holes were purposely drilled off the trend in the hopes that we would hit mineralization or that we would be able to get an indication of mineralization.

14:32 And when we did the borehole EM on that hole, and we did the ones above it also, we picked up some plates that are offset from the lion. This is a potential that we have a new zone off to the west of Lion.

14:52 We are in the process right now of drilling that target. We have put several holes into this plate that was picked up on hole 93. I've put some images out of the holes that we've put into it already. I caution that we don't have any assays for these holes yet, but it doesn't take a geologist to realize that we've hit a lot of shiny rock. That's our massive sulfides.

15:31 These massive sulfides have many characteristics to them that are of great interest to Steve and I in terms of the maturity of the deposit and how it's changing. But literally with a plate from the borehole EM, we can pepper that plate with some drill holes and we continue to get significant results. So the zone that you see in color above, that's what we know right now in terms of assays. But you can obviously see that that coloured zone is going to extend to a much greater depth than what we presented in today's news release. And the plates off to the West.

16:19 We're currently drilling those plates.

16:22 As soon as we can get the borehole survey done, it takes a couple of days to interpret that information from Matt Penny with Hard Rock. And he generates these plates. We put them into our 3D model to say, okay, where are they? And then we will

16:48 design a hole to hit the center of that plate. So on this drawing also is a red dot, a solid red dot. That's the latest hole that we just drilled. Obviously we don't have any results from that yet, but I can tell you that it has shiny rock in it too. We've hit the zone again. That hole was basically from the geophysicist Matt Penny saying, okay, you get some holes off to the side of the plate, but I want a hole in the middle of the plate. And we have more holes to drill. This plate is still alive. More importantly, we now have holes that are deeper down.

17:33 We will do borehole EM as an example on PML 2502.

17:41 The hope is that when we do the borehole EM on that, that's going to give us another plate that is either going to show as a new zone or an extension of this zone. So that's the caterpillar tracks that Steve was talking about. This isn't the end. 2502 is going to be a very important hole for us to do the EM on and it's going to generate another plate for us. And we'll drill that plate. This deposit has not shown an end to it yet. It's still live and we're still taking it deeper and we're still discovering things that are off-trend that may indicate new deposits. And as Steve pointed out, in this environment so far,

18:29 any plate has been sulphides. So That's a very lucky position to be in when you're exploring in these kinds of deposits. Because as Steve pointed out, generally that's not where you are. You end up with a whole bunch of garbage plates that don't lead to ore and You can chase your tail after those ones. But in our case, so far, everything has been sulphides. So exploration has been very successful with the borehole. Thanks, Joe, that's awesome. So, Kyle, I think it probably is a good time to turn to questions from the audience. I mean, that's pretty much the story from our perspective of things.

19:18 And the only other thing I'd comment on is just what's gonna happen going forward. You know, so basically we've got about 6 weeks, 5 weeks, something like that left in the winter program and 3 rigs turning, either drilling for targets or operating the borehole EM and generating new targets. So we're firing on all cylinders there, basically working line at depth, Tiger, and then also line west. And we're also doing some exploration at NISC, which is an interesting wrinkle. You may get a question on that. And then we're also scaling our core facilities so that we can move to 6 rigs or sort of starting in June.

20:10 And then we'll obviously do more exploration on the zones we talked about, but also working our way between line and NISQ to see what's there. And again, continuing to use the techniques that have brought us success so far. So we're, you know, very, you know, couldn't be more excited about, you know, the exploration program and how it's going. So anyway, without that, let's turn it over to questions and see what our audience wants to know. Sure, happy to moderate that. And for anyone just joining in, you can find the chat box in the bottom right corner of your screen. Already a lot of questions in the chat here. I'll start from the first ones being submitted. Have all the lab results from the Africa lab returned or are there still outstanding results?

20:57 Yeah, so they've all returned. And the question probably, There's been some speculation about rhodium in the system. That's why we sent them down there. It probably took a little longer than it will in the future because we've streamlined how we approach that now going forward. We didn't have any material. Rhodium results had some sniffs. We continue to think that this system probably at some point will have some rhodium and we're gonna continue to monitor for it, but no prize there at the moment.

21:32 At time of recording it's March 25th. Are the drill results released today in line with what you were expecting?

21:41 You know what? I mean, I guess so. I mean, you're always anticipating. This thing has been so prolific. We're all a little spoiled. And I was thinking that when we had the visual interpretation that at Tiger, I thought maybe it was a little bit bigger in terms of the initial hits, but still they're significant in terms of what we had and what it might mean. And we also reflect back to the origin of Lion, right? You know, the first hole was 7 and a half meters or 8 meters,

22:15 you know, was a very good hole but wasn't flying fully, it was materialized after he had about 15, 16 holes in it. And it's very hard on any one hole, you got 1 pierce point, which way does it go? Does it go left? Does it go right? It can go any number of ways And it takes a few holes in these things to sort of get a sense of it. So I think it's fair to say that we're still hopeful about Tiger and what it might mean. But we're very encouraged with what we had, with hitting on the periphery of Lyon. And as Joe said, we're trying to define the perimeters of the system, at least of the main zone. And so we were starting to do that, yet we're still obviously massively open at depth

23:00 and still showing some offshoots to the West and to the East that we will have to drill and see so far they're turning into sulfides and maybe there's other zones there that could be also prolific. So that's how I'd answer that one. So If I could say a couple of things, Terry, the first most significant thing about today's release is the fact that Tiger is nickel sulphides. So we've been saying, I've been saying right from the beginning that this system was going to zone and now we've got evidence that it is zoning. So I think it's a very significant release. I know the results are skinny, but it's just day 1. So one way to read down Holy M results, you see those big plate that Joe showed. I mean, that's obviously a no brainer that the system is gonna get bigger at depth now at Lion, but when you see these smaller plates, that's just the leading edge of a mathematically modelled plate.

23:54 So I would really hesitate at anybody thinking negative about initial results like that. I would say a

24:03 better way of qualifying it is, we just don't know. This is the reason why I mentioned this caterpillar tracks like behavior. The thing's going to thicken and thin. If you go back to lion, hole 85, we actually missed the zone and then hole 85, outfield hole EM, lights up that it's off hole. What does that mean? It means the thing is gonna thicken and thin. The thickened zones are gonna be all grade, but the very nature of this sort of style of system is it's gonna come and go. And that's actually going to be true of Tiger as well as Lion, as well as NISQ and everything else. So don't expect consistency, expect inconsistency. It's going to be the very nature of the beast. With that, expect inconsistency.

24:49 Are you guys surprised with the dip in the stock price following the release of the draw results today?

24:55 You know what? I mean, stock prices reflected of anyone's particular frame reference. I think if they actually do the math, they should be buying with both hands. But that's me, I'm obviously the biggest shareholder and obviously long, because what they're showing is, are we growing the resource? What you get paid for at the end of the day in this business is the size of your resource. And as much as I'd like to have every hole 32 meters of 7%, the reality is we can grow the resource quite nicely without doing that. And we are. And what they should be excited about is, hey, this thing is, the resource is growing, the techniques are working, and we're cashed up, this thing is going to get much, much bigger. So

25:41 people play games in markets too. So little games and shit going on out there, but hey, do your best. It's a great time to be looking at Power Metallic. I know you and the team expect it's going to get bigger. So, Rock's wondering, have you established a timeline for 43-101 and or PEA? And Will those incorporate all of NISC, Lion and Tiger Zones included? You know, I'll turn that over to Joe. Joe is a very prominent resource geologist, so I'll let him speak to that. Obviously, these types of deposits are very high-grade and there's going to be a lot of variability in them.

26:29 Before we go to a mineral resource estimate, there's 2 things that are going to need to be done. One is we have to do quite a bit of infilling in the deposit. If you look at that long section, you think, hey, you got a whole whack of drill holes into that, but really most of those drill holes are still 150m apart from each other or even greater. And we will need the infill to actually get to an MRE. On top of that, at this point, we don't have any metallurgy on the deposit. So What we're doing now to move that forward is we've got a broad series of samples that we're putting out to various labs to get the mineralogy of the zones.

27:14 This is going to give us the habit of where the Copper is residing and where the important precious metals that add great value to this deposit are.

27:28 Once that work is done, That will lead us into a metallurgical study. It will dictate what we're going to do for metallurgy. On the face of it, just looking at the deposit, this one doesn't look like it's going to be too hard. It looks like it's going to have very high recovery and that's what we would expect. But you still have to go through all those steps. Following those steps, we could get into an MRE. I think Optimistically, we have been saying that come first half of 2026, we will be ready to put a resource estimate on lion. By the time we do that and the amount of drilling we will be able to do, as Terry said, we are sizing up the drill program,

28:19 I think people will be surprised at what the size of the lion is when we put the first results out. We've been asked that on some of the roadshows and stuff. And we basically said, end of H1, sometime into H2. What we are gonna do is post the drill collars and the azimuths as we've done so people can independently model it. And they're doing that, obviously, the analysts are doing that now. Obviously, the metallurgical study is a second key part to that. How do you put the math together in this deposit? You've got to understand what the recovery is going to be. It's a calculation, it's a process. We're doing the steps to get that out. We hope to get that metallurgical

29:04 report out sometime in H2 this year. In the interim, we'll continue to post the collars and the assays and the azimuths so that people can model it. So that people can come up with independent numbers, much as Great Bear did, much as Philo did. So it's not unusual these days to take that approach.

29:23 Thank you, Joe and Terry. Trueform would like to know when we can expect the annual financial statements in MDNA to be released. Basically, as I recall, it's May 31st, is sort of when it comes out, I believe. You know, it's something in that, in around then. Because you have until

29:45 March 30th, I think, to get everything in. And then it's like 45 days after that or something like that. It's usually sort of mid to late May or early June. That's when that would happen. Thanks, Terry. Todd's wondering how vertically deep has the zone been identified so far? I'm not sure which zone Todd is referring to, but feel free to mention in the chat. How deep has the zone been identified?

30:15 The deepest holes we have now, and again, these are holes without assays yet, but we can see the mineralization. We're down about 630m with the deepest holes. That's the Lion Zone? That's the Lion Zone. Yes. And as far as Tiger goes, and I think Steve mentioned this earlier, and I've put it into the previous press releases, we just don't have enough drilling on Lion yet, or on Tiger

30:44 to model it. But we do know that it's a mobilized sulphide system similar to lion. It just happens to have different metal characteristics. And we've also done more borehole EM on the holes we've drilled and we've picked up more sulphide mineralisation, both east and west of the hole that was released today.

31:08 Still not enough information for us to really tie that one together yet. We're still very shallow on the Tiger target. To be honest, 630m is still pretty shallow for a massive nickel-copper system as well, so we're only even halfway to the target we would imagine that we would stop at. You know, we know from these systems worldwide that you'll keep them going to at least a kilometer beyond So if the geology carries on we're carrying on that's the way that's as simple as it is Vitro would like to know what does PML stand for?

31:48 Power metallic lion Versus PMN would be Power Metallic NISC. Todd has another question here. On the Tiger Zone, why did hole 90 end short as noted in the news release? Well, again, if you have 20-20 hindsight, you can do a lot of things. But at the time we drilled hole 90, We didn't have hole 94. So what we had was a borehole anomaly that came off hole 90 that said, hey, you got something out in front of you. So that's why we drilled hole 94. But if we had to continue, just, you know, We had no reason to continue hole 90 at the time, but if we had to continue

32:35 another 10 meters, then we would have hit the zone that was hitting hole 94. So in the press release, just being honest, we stopped that hole short because we had no information. Take this question how you will. What is the wrinkle at NISQ? The wrinkle at NISQ?

33:02 Maybe the guys can comment on that. I mean, what I'm taking away from having been at the exploration meetings on the weekend is that we're possibly looking at NISQ in a bit of a different light now. We're understanding it a little bit differently. Obviously, it's nickel sulfide. And if you look at lion, if Steve's analogy of the nickel sulfide being the palm and the lion's own being the fingers, maybe what happened is yeah, at NISC it's reversed. So nickel sulfide is up top and the fingers might be below. And then lion is, nickel sulfide is probably down below and the fingers are the lion's zone. So that's sort of the operating theory, you know, until we, you know, we've got obviously a lot of

33:49 verification to be done, but that's, that's the moment we're conceptualizing at the moment. Would you say Steve, is that? Yeah. Remember the, the important definition of a polymetallic system isn't just the multiple grade, you know, the bonanza, copper and PG grades that are different to nickel sulfide systems. It's the fact that they're fully zoned. So they're fully zoned from nickel cobalt, direct dominant domains and sulfide to copper PG noble metal zones. And Lion has been all copper noble medals so far but I've been very clear that that's going to transition at some stage and NISQ is obviously at the moment the opposite and that the various models we can interpret is that they're connected or that they're 2 isolated systems but it'd be fair to say we've learned a lot at Lyon enough to return to NISQ with fresh eyes and the attempt we had at NISQ is what with what we knew at the time and now we've got another lens to look at it through.

34:49 Thank you. How many assay numbers are pending or how many holes are pending rather and how many could be done until April 14th specifically? Okay, that's a tough question to answer but let me just add up so so we've released now we've released up to 094 a at lion or 95 a so 094A at Lyon or 95A. So right now we have from 96 to 102 and We have 5 holes in the PML. So that's about 13 holes outstanding.

35:40 And as far as the April 15th date, I expect that we'll have more assay results before April 15th, but I can't really tell you how many will come in by then. And then we, you know, the second part of how many more holes we'll drill is probably another 4 or 5 is my guess. What do you think, Joe? Between now and the end of April? I would say that we'll probably get those. And there's a mixed bag in there too. As I mentioned, we did some drilling around Tiger, so I suspect some more results from Tiger, maybe within that timeline. We drilled a zone that was between Tiger and Lion.

36:27 Those holes are also out for assay. The majority of them are the extension on the line deposit, mostly to depth. Thank you, Joe. Todd's wondering what drill company are you using? They seem to be doing rather well. It's a company that GeoVector has been involved with for quite a while. They're RJ Allen Al. They're actually the child of the old Bradley drillers. There's some people on the call that might have some grey hair like me. Bradley was a very large drilling company back in the 80s and 90s. RJ Allen Al is basically an offshoot from the Bradley brothers.

37:17 Can you discuss the feasibility study with CVMR and why it is delayed? Yeah, I mean, basically when we signed the deal with CVMR, we were a nickel sulfide and fully expecting to grow that from 8, 8.5, which what it might be now to 2030. And we stopped not drilling for nickel because it wasn't there. We stopped because we went from $200 or $250 rock to $500 plus rock in the lion. So we completely switched to this copper sulfide system, which is a different animal. So obviously you need to have a certain amount of tonnage in the nickel to make it make sense. And it will ultimately get back to the nickel side of it.

38:05 We will definitely, you know, get a lot more tons of nickel in this thing. And so much of the work has been done, you know, with CVMR, but we need to rack up some more tonnage before we'll produce that feasibility study. Next question is for Dr. Beresford. In your online presentations, you talk about the erosional level being an accident of geography. How is erosional level appearing at NISQ? Very good question. So the reason why I mentioned that repeatedly is it's the be-all and end-all in nickel sulfide targeting, especially polymetallic systems. You really do have to understand your erosional level. You need to understand why nobody, you have to have some humility as to why someone hasn't found what you've found before.

38:54 And the way to do that is often you're at the wrong level to where you think you are in the system. And these zone systems that matters. So Lion, for example, where you've got to be in a really perfect Goldilocks zone to hit that. And if you're not, you'll never know it will exist. And so those of you have looked at it in the Airborne EM, it's some It's tiny looking airborne EM responses because we're in the tail of copper sulfites It's the complete opposite of the way most nickel sulfide exploration would work in terms of how you would want to do things and Lion, sorry, and NISQ is the opposite. NISQ is more the tradition and really the the problem with the erosional level there is Just simply that we didn't know whether we'd want to extend it to deep to the side Or whether maybe even our copper zones that we might want to target are above.

39:47 We're in a what we call a polyphase deformed system. It's a very, very old 2.7 GA part of Quebec and the rocks are heavily deformed and squeezed and remobilized and what that means is you've got to do a bunch of structural geology and quite a lot of work to work out where you are in the erosional level. But I would say at some stage we'll update everyone, but that's the thing that I'm focusing on is what's going on with the erosional level at NISC compared with lion, compared with tiger, compared with anything else. Have you considered BHMR, Bohor Magnetic Resonance as a downhole geophysical technique? It shows a lot more than just magnetics. At the moment, the technologies we're using, we've adapted, like I mentioned, to unpeeling the onion. You just, you have a toolbox as an explorer, and that toolbox changes with depth and changes with 2 things. The complexity of the geology that you get given, the real world that you face on a on a on every day and the second one is probability.

40:56 So one of the key things that you'll hear us talking about is the minimum number of false positives. So the power of minimum number of false positives is almost unique in this sort of style system. So Musgraves in WA is a good example. Norelsk. Anytime when you don't get graphite and sulfidic sediments in these systems. What does that mean? That sounds a little technical and academic. It just means the probability of us heading with the EM systems that we've set up is so goddam high that we do not need to change the workflow in any way. It is totally optimized and humming right now and it's going to do all the damage we want to do. So we don't need to look to anything else for the toolbox and maybe that day will come. Just the simple reality of having worked in these systems before is that you will always learn new lessons things will get more challenging as we get too deep and then we will tweak again and consider other technologies but right now what we've got is the bees knees So we see no reason to adapt.

42:04 As a wise man once said, if it ain't broke, don't fix it. Another follow-up question regarding EM surveys. Does the EM survey look down as well as side to side? For example, does it show zones at deeper depths? As an example, we looked deeper in hole 90 to actually see the conductor on hole that we drilled in hole 94. More importantly, some of the deep holes that we have at Lyon may be given as an indication that there's some conductors beyond where we've drilled.

42:51 We're going to be investigating that. One of the things that we can do, because we preserve these holes, we keep the collars in good shape, we're able to go back to these holes that have an indication of a potential conductor ahead of them and we can extend the holes. So say drill another 250m, do another borehole survey and get a full conductor anomaly. So that then we can vector to say, hey, where is that conductor coming from? So yes, we can see out beyond the hole. The problem is it's hard to vector where that hole, that anomaly out in front of you is.

43:37 So that's why we will go to extending drill holes to better define them. Now I know Terry shared his vision a few times with me here on 6, but another question here is it the plan to develop this yourselves or JV or too early to say any views on other stock market listings UK selfishly for me? It's way too early. I mean, you basically, you know, we need to define the resource size here, at least get to the some sort of edge of the system. We haven't even come close to the edge. You know, So we don't know how big we are gonna be when we grow up. We wanna know that. I think we wanna definitely have the metallurgy done because everyone that is anyone will want that done because they wanna understand how does the math work and that's how it's gonna shake out. They don't want a bunch of arm waving, they want mathematical formulas that they'll run.

44:35 So that's key for us to do those key things. So the final outcome, there's a number of ways it could go. Traditionally, these things you would expect, they would be acquired by a bigger developer. This thing is so sweet, so lucrative that obviously we will not build it ourselves, but could we JV it with somebody that builds it and we maintain an interest? If that becomes the best way for us to maximize our shareholder value, that's certainly on the table. So we'll see, ultimately the size of it and the grade will ultimately determine that and the complexity of the build. So, but lots of great options for us. So we're looking forward to that. In terms of listings, we're looking at other listings, for sure, I would see us uplisting in Canada to TSX at some point soon, certainly getting, I think, to the US on a New York listing, and we're looking actively at in Australia as well. So, you know, we just want to make, you know, we think we have a world-class ore body. We want to main access to world-class capital markets. Our last round, we raised, you know, a big chunk of the money in Australia, in Europe and in the United States.

45:55 As you know, the Canadian capital markets have been still suffering and hopefully that changes. But for now, we want to maintain our access to the global capital markets that's been able to power us going forward. Certainly. What further potential at NISQ, NICO, do you hope to find through new drilling at depth? Steve? Look, how long is a piece of string? So we're in the situation at the moment where these systems, the very nature of this potty nature means you can never really be sure that you're out of the system. So I like to take a comment that Rob McEwan made, which was where he asked, you know, tell me how big this system is going to be. And if you can't tell me how big it's going to be, tell me how long it's going to take you to get there. So you can see from our behaviour and from everything I've talked about as about the zonation, that we know this system is a lot bigger than what we found. That's where the confidence comes. In terms of demonstrating that to you guys, I think Joe's imagery around the plates and the work that Matt had in Hard Rock Geophysics, I hope you can see that we can see that it extends to quite a lot deeper. So that's where the confidence is coming from.

47:13 The specific question about NISQ is, we're inside a camp, everything is telling us to go between NISQ and Lion, and I can see another few questions on that. Why haven't we just plugged holes in between? I can answer that question as well. You can't just go wildcatting your way to success. The toolbox that we've got is downholey M. So we can't just light it up from the surface, but you are going to see us return to connecting line and NISQ. We do think that that's a wise thing to do, but we don't just want to drill random holes. We've got more to do than we've got time. So the beauty of this situation is we will get around to making these things as big as possible. So summary, we want to know the order of magnitude of this system and we want to learn it in 2025 before we get around to producing a resource.

48:09 And at the moment, we don't know whether this is a giant system or even bigger. And But that's what we're focused on. We're just focused on finding the edges and finding the order of magnitude of what we're dealing with. And the other thing that resonated with me, and we had this conversation internally, and obviously, you've got a lot of money to explore, but you always want to spend it wisely. And it's like NISQ is exciting, but it's also deep. We're at 6, 7,800 meters, And we can get to a lot of really exciting stuff, a lot less deep. And it's like, so just from a pure capital allocation perspective, you're always spending your capital on the most exciting operations you have per unit of depth, I would say. And so, you know, we'll eventually get to, you know, exploring, you know, and we'll take some educational shots at NISC. But I would say that, you know, priority wise, you know, we're going to allocate the capital to where we're getting the best returns for our money spent in terms of adding resource and great. You know, and and, you know, so that so that depth thing actually factors in because in the fullness of time is like we were chatting somewhere on the weekend.

49:29 It's like. In 15 years time, somebody be drilling at a kilometer and a half or 2 kilometers here and finding some more stuff. I'm fully confident of that. So it's like, does it make sense for us to drill that today? Probably not. So I think that's the trick is doing enough to sort of show the blue sky, but also hitting the low-lying fruit. The low-lying fruit has been phenomenal in this place. And as Steve says, we've got techniques that are working, So let's use those techniques to find the low-lying fruit and bang those out, because we can bang that out quicker. The shallower it is, the quicker it is we can deliver it. So let's do that and less risk really. So we're doing that, but of course we'll be, we're taking deeper shots, but we're doing it the right way with the techniques that Steve and Joe brought to the table.

50:21 I'd like to just add to what Terry said is borehole EM isn't our only tool. One thing that we're looking at extensively right now, we've got a lot of good magnetic data and these rock types that were the source for this mineralization is something that lights up in magnetics. Hard rock has done a 3D inversion of that data. It's given us some wonderful looking targets from the magnetics. It doesn't indicate mineralization, but it gives us a proximity to possible mineralization. One of the things we're going to be doing this summer is getting back out in the field. We have to map rocks. We have to map structure because as Steve said earlier, this thing has been squeezed and folded and we have to understand where the squeezes were and where the folds were because that's where the mineralization is going to be.

51:25 A lot of the manpower effort through the summer, once the snow goes, is going to be getting back out on the ground. I wouldn't say we ignored mapping in the past, but we were drilling a deposit and you sort of get focused in. Now we realise, oh my God, we got to step back on this property and look more broadly at it. We have some targets in our magnetics that say, hey, maybe there's another one over here. This summer will be pretty exciting for the guys to get out in the field and use the 3D magnetic inversion to target some focused surface exploration.

52:12 Can these targets be in between the 5km between Lyon and Nisk? There's just a question here, if you can comment on targets you're looking at in that zone or area, rather, and when they will be drilled. Yes, it is. We can see a magnetic signature between Lion and NISQ. Obviously, that's the one where people were asking, are we going to be drilling that? And yes, we will be. But as Steve said, we're not just going to go in wild catting and punching holes in, we're going to try to do it in a logical way. And there's things that we can do to upgrade those. But there's some other targets to the west of NISC that look very promising for potential hosting polymetallic mineralization.

52:59 And there's a couple of targets on a different structure to the north on the property that also looks promising. So we've got our work cut out for us this summer to do that field geology, to enhance those targets and turn them into drill targets. Maybe Joe, I could just add one more bit to this. Joe talked about the importance of folds. If I could just give you a technical 101. The way to improve grade in this system is to find fold hinges, and we're in fold limbs. So fold limb comes across in a hinge. All sulfides move into the hinge of a low stress zone. What does that mean in pragmatic sense? It just means we've got to get out there and follow the fold. So if you have a look back at our data you can see why we're confident between NISQ and Lion itself and why we've always said we want to stay in that zone. That's what the geology is telling us and that's what we know will control grade. So that's another way of saying we think we can do better in grade and thickness than we've already done.

54:08 Thank you. Is the PML zone south of the PN zone? I'll answer that question. We changed all that the PN stood for power nickel. We were drilling power nickel holes, but then in the great wisdom of the company, they changed the name to Parametallic. We took that opportunity to change the nomenclature of the areas that we're drilling. If we're drilling in the Lion area, it's PML for Lion. If we're drilling in NISC, it's PMN for NISC. There's not really any change in the drill holes or anything else. It's just we've changed how we number them to reflect these drill holes were drilled after we made the name change in the company.

55:01 How close is Tiger to the tenement boundary? The Tiger is about 600 metres from the tenement boundary. We still have questions coming in. We have about 5 minutes. We have time for a few more here. Follow up on indications of possible Lion style polymetallic mineralization on the fringes east and west of the NISQ main deposit? Are we going to do that? Yes, we are. It's something that's in the drilling queue. We're finishing off something at NISQ right now.

55:49 I'm not sure where that rig is going, but I think, you know, certainly when we roll to the 6 rigs, there'll certainly be a rig working around NISC and that, you know, and then there'll be, the rest will be spread out working between NISQ and Lion, and of course, a lot around Lion. How many meters are presently planned for Tiger and do these most recent results justify an adjustment to planned meters in Tiger? I don't think we've got a number. You know, we're basically letting the the the holes and the borehole dictate the number we're going to drill, you know, 100,000 meters between here and the end of 26 is my guess. And how it gets allocated is really based upon the success we're having with the drill and with the borehole AM. So we'll continue to, as I said, continue to move towards grade and proximity in terms of depth, drilling the low-lying fruit first and then working our way out from there.

57:01 Thank you, Terry and everyone for today's call. I'm going to just ask the last question and I'll pass it to you, Terry, for closing remarks after that. For anyone that jumped in a little late, this is being recorded and the 6 team will have it up on YouTube and on six.com within the next couple of hours here. But the final question we have time for is, has there been a large uptake in the big boys talking with you? You know what, the big boys, boys have always been talking to us, So they continue to talk to us and I'm sure there's a lot of interest in what we're doing here and that'll continue to grow. So we were fortunate enough and I think strategically it was great that we were able to finance without industry, because better to have financial partners at this point gives us maximum flexibility to grow the thing the way we want to, and to let those guys get hungrier and hungrier.

58:00 So, you know, it's always a dance, you know, and so, you know, we want to be the prettiest girl with the ball, so we'll continue to get, you know, buff Steve and Joe up and get those dresses as hot as they can be and those, you know, get the, you know, obviously the old concept of the drilling, the metallurgical, there's a lot of good stuff we need to do to accentuate our industry attractiveness. And, but yeah, we're certainly on a global radar screen at the moment.