Automated transcript · Written by software from the replay's audio. It can mishear names and figures; the replay is the record.
16:46 So Mark, do you wanna go or I'll go? So to add on to what Minister Piri was mentioning about Ontario, they have been very supportive, you know, through the CMIF, some of the exploration credits that are out there. You know, the federal government has, I believe, about just under $4 billion between the Strategic Innovation Fund to help out with downstream. The Canadian Infrastructure Bank has about half that amount as part of the budget from a couple of years ago. And I think there's another growth fund or mining fund that Freeland is running. I don't know if they've deployed any money. I think it was upwards of $5 billion. So there is some support from the federal government as well. The provincial government, I believe, they would probably be able to come on at some point on a bespoke model or one-off model as well, kind of like what Trevor is happening with his project right now.
17:36 And, you know, I'm a firm believer of, you know, Mark and I were up in Tim's last night a couple of weeks ago at Mr. Peary and Mr. Puccini, and I can't even say the other guy's name, the guy from Niagara, Associate Minister of Energy. Sorry. And it was very good to hear their interest in mining the job creation that is gonna happen, direct and indirect jobs, the tax revenue that the province is going to get. So I'm a firm believer that the province, and it's probably not Minister Peery's department, but it will come from the Prime Minister, sorry, the Premier's office or the Finance Minister or Fidelity has a bunch of money as well that he's able to deploy more in the Infrastructure Ontario Fund. And then there's Minister Rickford also has some other funds. So there's a bunch of funding that's out there direct into the project. Probably not, but maybe they could help out on some other forms of grants or loans to mining companies like ourselves that are on the call here. Yeah, I would be remiss if I didn't.
18:44 I said it was setting the table, but yes, the province, especially with Minister Fideli's ministry is quite, in fact, they have invested directly into different projects. Yeah, and just a couple of points to add, you know, I agree with all the comments that were made. I think, you know, number 1, you know, we've taken our project from fifth drill hole in just over 5 years to feasibility study complete. We'll be shortly finishing the second phase of the federal permitting process. We expect to have all our permits in place by this time next year, so just over 6 years. And a critical part of making that happen is being in a place like Ontario and the support that this government has made. One of the first things when Minister Pirie got in was basically changing the legislation, which in a lot of cases hadn't been touched in quite a while, and actually made a significant number of improvements in terms of not getting rid of things, but just streamlining to make sure that they're just asking all the right questions and not a pile of unnecessary ones so that we can advance these projects as quickly as possible. And then in terms of money, we were quite fortunate the last 2 weeks. We announced that Export Development Canada was providing up to $500 million in funding support as part of it and leading the overall debt package for the project. And then another financing institution is gonna provide 500 million Canadian dollars. So that's almost a billion dollars US in terms of funding that the federal government
20:16 stepped up. And again, so governments are deploying capital in this space and I would encourage investors to keep an eye on it and I think you know in 12 months from now you know you there'll be a lot of good stories that you know I think people will wake up to the fact that most of our companies here are trading at a discount to the free money that's attached to our project, never mind, you know, the actual resource in the project that we've got as well. And can I just finish off, Kyle, sorry, just going back to Minister Pirie, I don't know how long you've been on this job for, 2, 3 years now? Since that time, I've seen Minister Pirie probably too many times, maybe 10 times. He has roundtables every 3 months, you know, when they updated the Mining Act, when they've updated this, he's asking for CEO executive support, whether it's during PEDAC where he brings in Premier Ford or all these other times. We've had different meetings all the time and he's asking, Trevor, Mark, myself, and numerous other mining execs, what can the province do? And they are listening. So I give them a lot of credit for the help that they're doing, whether it's on the permitting or the financing side, but they are here, they are listening.
21:23 Things take time to develop, but they are doing a lot of good things for mining in Ontario. Yeah, 100% echo that sentiment. Yeah, it's been tremendous. Thank you for those closing remarks. Minister Pirie, I'm gonna address the question to you. So just, there's a question in the chat, which ties nicely to Jamie's remarks there. I'm just gonna read it verbatim here from Gord. Minister Pirie, even though not all items for development are undermining ministry control, what is being done to collaborate with other ministries such as environment, transportation, etc. To keep obstacles to a minimum? Obviously you have clear communication with the companies and they're expressing their gratitude but what about within the government? No Kyle, I've been in this for 2 years and the question is a good question, thank you very much. Yes, there's always more work to do. You know the 1 Project 1 license if you want to call it or 1 Project 1 Permit, that of course is the emphasis there is to eliminate the silos that naturally exist across ministries.
22:32 We've got an exceptional group of ministers for us and with our government. It's the number 1 focus that we all have to ensure that these projects get permitted faster. Again, without the redundant nature of some of the activities that are carried out right now. And this is even a question of course, or a remark that the indigenous people have said. Well, why do we have the same, relatively the same questions 4 or 5 different times in the same project on the same issues? Yes, we've got to. That's one of the areas that we're working hard on right now. And hopefully we'll have some good news in the near term.
23:25 But notwithstanding that, we have exceptional, we're working exceptionally well with the Ministry of Indigenous Affairs and Economic Reconciliation. They're the lead on the roads. Everybody's focused on the same thing and everybody realizes there's always a better way to do it without sacrificing any of Ontario's world-class environmental standards and or the duty consult. So yeah, we are actually focused. There is a sense of urgency to get this done. Nobody is sitting back and waiting for us on their laurels. We will always have a lot of work to do to make ourselves better. I'll open it up to the group based on your comments there regarding local communities. I'm just wondering, what are you hearing from local communities where mining projects are active or planned regarding critical minerals open to anyone?
24:25 From the Indigenous or non-Indigenous communities that are supportive, which the majority are, all of them are supportive in our project. The one question they get is, when will it start? And why does it take so long? So a lot of this is technical work. Again, I'm not blaming the province or the federal government on that. There's a lot of work that our consultants or our employees, whether it's Stantec or Northern Bioscience or WSP, a lot of technical stuff we want to make sure we get it right. Mining is important, health and safety. We don't want any environmental disasters. So we're going to make sure that we check all the boxes. We're not going to speed through any sort of permits. We want to make sure that we get the right consultation with the First Nation, their approval, work with them for their understanding, and to go jump ahead. You know, we just got at the end of 2022 November, we received our EA environmental assessment.
25:23 There was a Crown consultation team, which was joined between the province and the federal government. I think it went very, very extremely excellently well. If I could say that, I was very, very happy with that. The ground consultation team and then the environmental assessment process which was led by IAC, which is the impact agency of Canada. We had a good friend over there, Terry Hubbard, he was the president of IAC, he really helped making this project a priority, working with Minister Pichini, MECP, along with Kathleen O'Neill, there's a bunch of people I can mention, give a shout out, but they did a very, very good job making sure we got our EA complete. You know, and then now we're going through our federal and provincial permits. We're federal permit, we still have a couple of Ontario provincial permits to get, but needless to say is when there's some cooperation between the federal and the Ontario government, it goes a long way and we had that in our project.
26:14 So I'm very happy with that. It took a long time to get there, but once we got there and the priority that the federal and the provincial government has for critical metals projects, it was certainly a breath of fresh air. Yeah, and to build on Jamie's comments there, you know, Again, part of the reason we went quickly is because Ontario is such a good jurisdiction, but even more importantly, being in the Timmins region, these are communities that understand the benefits of mining. The First Nations communities in that area, again, are familiar with the cost benefit of having these mining operations in the area. And so, if you're a mining company and you approach, start from the very beginning with the approach that you're only going to do things in those communities, both First Nation and non-First Nation, if you've got the informed and consent of those communities to do what you wanna do and ultimately what you wanna do with those projects. And so Again, I can't echo enough just what a great place Timmins is to be able to get stuff done.
27:22 And then 2, because there's so much mining activity in the area, there's a huge depth of resources to do pretty much anything you need to do with the mining project that's available locally. You'll find that in very few places around the world. And again, Timmins in Ontario is a great place to build a mining project. We're really fortunate with a little less complexity balancing both levels of government. We have no triggers on the project for federal EA. But with regards to communities on the ground, we've seen really good support in our project area. We continue to work really hard with the communities on engagement and really providing facts around the project. We're at the early steps of permitting process.
28:18 You know, It's really important when you are working in the tip of the far North is to dispel misconceptions. There's a little less capacity in the northern regions, the northern communities. So really, you know, getting the facts straight, you know, making sure that you're dealing with truths around projects, having, you know, support from the Ontario government is key on really getting northern communities up the curve. So, you know, we've seen government support with programs to really help in the education and understanding for communities in close proximity.
29:07 So, overall, I think critical mineral projects, if done correctly, are seen really favorably by Indigenous communities that are sustainably focused. So there's direct alignments between core values in Indigenous culture and the critical minerals that are required for, you know, circular economy, lowering carbon footprint, you know, all the things that the government is leading the charge and working closely with ourselves on making sure we get this right. And ultimately, you know, what's that old saying, you know, if you can't farm it, you can't grow it, you got to mine it. And that's just the reality.
29:58 And communities are understanding that we've got to strengthen and build economies for opportunities for these northern communities. So yeah, so we're really appreciative. Truth and reconciliation, you know, what's really important is dealing with the facts. So we're seeing tons of support from the province on that front. Thank you everyone for your responses. Elijah mentioned a question in the chat. I think I can extract some value from this here. It's posed to Minister Peary regarding the cyclicality of the commodity sector and how many of these critical minerals are experiencing low commodity prices and if there's any pause in the government in terms of moving along with these programs. You mentioned infrastructure prior but I'll leave it open to you to start this conversation about the low in the commodities?
31:03 Yeah, it's interesting. Obviously, we're seeing what's happening with nickel based on, I would suggest, excess supply being distributed into North America. I'll phrase it that way. The issue you see in tariffs, of course, with the federal government, both in the US and Canada, where they've imposed tariffs not only on electric vehicles coming out of China, but also on the commodities that are required to support them. We are in an incredible position right now and a time in our history where in fact the demands for those commodities will be in unprecedented demand, and certainly in Canada and other jurisdictions and also including the U.S.
32:17 We have a requirement to double our grid to meet these needs, and the US needs 10 times the energy. So I think it would be a little unwise to think about these commodities from the viewpoint that they're in a prolonged slump. That certainly isn't my opinion. The fact that the province has invested, I said, $45 billion to transform the, to move off of fossil fuels into critical minerals, bodes well for certainly Ontario's economy.
33:07 So the pricing situation in critical minerals is also complicated by the fact that a lot of those commodities are not traded in the LME. However, they are commodities that are controlled by the Chinese or financed by the Chinese. So as that pendulum swings, you'll see the prices reflect and the value of the commodities that the long-term value in the commodities that are in the ground. As I said, from Ontario's point of view, we need every single pound of nickel to be developed, whether it's in northwestern Ontario or northeastern Ontario.
33:55 All single, every single pound of nickel. I mean, Canada Nickel at this next round of drilling will have the world's largest resource of undeveloped nickel. That will all be required to meet the needs as seen through the Canadian lens and as well as the US lens about national security. I think we're very, very well positioned in this market. No one's on this panel, of course, that has a gold project, but that's why gold right now, I haven't checked it in about a week, but a few weeks ago it was $3,215, $50 an ounce Canadian.
34:45 That reflects the geopolitical situation, the real geopolitical situation that we're talking about here. And you'll, when in fact, perhaps the investor realizes how that plays out in relation to real minerals, That'll take a little bit of the angst about the current pricing. Thank you. Before I pass to the CEOs for this question, price of gold closer to 3,500 now, Canadian, But in terms of the financing question, I do want to add on with a question from the chat just to remind people, what are the timelines for each of the mines to get into production on the call? Trevor, it looks like you wanted to go first, so I'll pass it to you. Yeah, just to add on to the minister's comments from a lithium perspective, it's a well-known fact that the Chinese government's been subsidizing lithium supply from some high-cost sources in China, mineral species called the pitilate.
35:55 It's low-grade, there's lots of byproducts, lots of nasty byproducts, very expensive to process. While they've done that and flooded the market, the Chinese have really gotten control over many resources, in particular in Africa and South America. So that has posed as a challenge, but we've seen at the same time over $45 billion of commitment from OEMs for production of critical components of battery, the electric vehicle battery itself, lithium ion, of course, and electric vehicles.
36:46 So what's really important is identifying where there's market failures. Really difficult for governments, you know, to echo ministers comments in his opening, really tough for government to pick horses, but they've done, the Ontario government's done a tremendous job in realizing the opportunities to set the table, recognize where there's market failures, and support investment to really, that enables the decoupling off of the Chinese supply chain. So the difficulty is the equity markets for companies such as ourselves have really sat by and been idle. This is a new dawn of support we're now seeing in North America.
37:37 We're seeing the ecosystem being built downstream to now investments start to take place upstream. So it's going to be really interesting. We're really proud Ontarians here to see where there's market failure, to see public support come in. These are not projects that are not economic. These are projects that are dealing with market failures that the government, including the minister here has identified and they've got boots on the ground and doing something about it. So just wanted to add that lithium lens to the earlier comments. Mark, Jamie, do you wanna take the floor?
38:23 Sure, yeah, in terms of timeline, we expect to have permits by mid next year, break ground shortly thereafter, and look to have a 30 month construction period and targeting first materials through the mill by the end of 2027. We're also looking to build downstream processing plants. There's more, even a bigger gap in the nickel space in terms of those types of facilities and we're looking to have those facilities basically get built. Hopefully the nickel plant gets even built beforehand, starts processing other people's feed and then followed by the stainless alloy plant and expect that that plant to start up in line with with the mining project as well. And I know Minister Puri was mentioning Mark's nickel project in Timmins, but you know there's some other commodities out there as well that Generation will be producing and it is copper.
39:23 You know, we'd be producing over 20,000 tons or 40 million pounds a year. Copper is critical. It is a battery metal. It is going into a shortage and it is needed in the short time. So we're glad we're close to that shovel-ready decision. PGMs, which we're producing almost over 200,000 ounces of PGMs between palladium and platinum, The majority of that is produced over in South Africa and Russia. As I mentioned earlier, there are some issues with the Russian supply. You know, as you were asking about some of the funny business that might be happening on the spot market, whether there's a large short position in Palladium right now, whether it's the Chinese shorting it because they know no real school need to sell that PGMs. I don't know, but what kind of stuff happens, but we don't look at the daily quotes as much as I look at Kitco in the middle of the night to see what the commodities are trading at. You know, we're not in production now, so it's not a big deal, but we know in the future that these are all commodities that are needed.
40:20 And, you know, we're right on the power line, which is nuclear clean carbon free, you know, and I think there could be a demand in the future, hopefully by the OEMs that they want to get from a tier 1 jurisdiction like Ontario, Canada, with clean power, checking all the rate boxes for their ESG funds that are out there. So we're hopeful that there will be a premium to Ontario critical metals or Canadian critical metals versus what's happening as Minister Pirie said in Indonesia where there's dumping the tailings right into the ocean or the Norel Squidge is a huge environmental disaster there and going to probably get worse over the timing. So just to add on to that original question from the chat room. For us, generation time permits, we still have 3 permits left. 2 of them are not with Minister Piri's department with the Minister of Energy and Conservation and Parks, permit to take water and a permit, sorry, an ECA water. And then we have our lakes improvement, which is the earlier permit, which is done through MNRF.
41:23 And we're aiming to get all those permits and hopeful that we'll get them in the next couple of months. So call it by the end of fall, beginning of winter, we'll be fully permitted. We've already received our 2 permits, our 2 final permits from the federal government, our DFO fisheries offset, which is a huge obstacle to get, and even more important is we got our schedule 2 approval from the federal government as well. So now we're dealing with the province on that, and I think that we should be getting them in the next couple of months. I'm looking forward to having that fully permitted project. I'm looking to get the final project financing arranged so we could begin construction soon thereafter. I've got to be careful here with providing new guidance. The minister mentioned a strategic investment in key infrastructure to bridge into Treaty 5 region of Northwestern Ontario.
42:16 In the heart of that region lies the packed Lithium project. So I failed to mention about 4 months ago, really critical power has been also brought into the region, funded both by the provincial and federal government. So you know these are the first steps of bringing infrastructure into the region. So we're seeing just massive government support for not only our Indigenous partners, but obviously creating those opportunities for the project. I've got to be careful. What's important here right now is bringing lithium chemicals in tier 1 jurisdiction from a tier 1 project to market by the end of this decade.
43:21 So that's very clear on what we need to get accomplished. I alluded earlier to the beginning steps of the permitting process. And with that goes hand in hand on closure plans and working towards collaboration agreements to cover construction and operations with Indigenous communities. So we have a lot to do. We have a lot going on. We've got a tier 1 management team and leadership with great support again from the government on these steps that we have to take. But by the end of the decade, we've got to deliver chemicals. It's very clear to us. So leave it at that. Thank you, Trevor.
44:07 The next question I'm going to direct towards you, Minister Peary. It's actually Bud's question in the chat. I'm just going to read it verbatim here. With both levels of government investing in these projects, will they realize profits when these companies become profitable other than taxes? So the question is, what is the economic benefit of putting an emphasis on these critical mineral projects? I'm sorry, Kyle, I was trying to get myself unmuted. I want to expand first on a point that Jamie mentioned about copper. He's right, it is a critical mineral. And you know, I travel over on trail, I go to every place there's a mine, obviously including Kid Creek.
44:56 Every time that I bring a minister into Timmins, I bring him into Kid Creek. Right now it's 10,200 feet deep. It's still fantastic. If anybody checks my site, my social media site, you'll see me standing in front of the face in Kid Creek. It's the whole, the Orlands at that particular, we came back and put to 9800 feet. Look, it's 40 meters wide and it's 120 meters long. It's a tremendously complex technically, technical project and it's incredibly rich. I mean it's already produced 150 million tons of polymeric material so it's truly a world-class deposit.
45:46 They're still mining about a million tons a year, 3,000 tons a day. It's life because of the technical challenges, not because it's run out of ore. We'll probably be over by the end of 2026 and that pains me. But it's certainly when Jamie talks about copper being a critical mineral that they'll lose that production. You know, that's, I wish we could say we could, that Glencore could develop that project or exploit that project to 12,000 feet. And let's hope they can, but to Jamie's point about copper, yeah, copper is a very scarce resource. A number of world-class deposits over the years have been depleted. So yeah, we don't wanna lose sight of copper for sure. And Mark, what was your question as I was struggling with the mute button.
46:41 I was asking Bud's question from the chat regarding critical minerals, the economic importance of it, besides taxes, how does the government benefit from it? Well, you know, obviously the benefit is to, we talk about benefit to the governments, well in fact, every time a community benefits from the development of critical minerals or any minerals, there's an incredible benefit for the government, municipal, provincially and federally, and indigenous communities. The employment, the service, I think there's 77,000 employees right now in the mining sector.
47:30 I think there's 40,000 employees that are employed in the service sector. So all of those individuals, of course, they contribute to the economy. They support all of the needs, whether it's housing and schools and hospitals. Housing and schools and hospitals and they obviously like to enjoy the lifestyle that employment in these industries provides and That can be boats and motors or skidoos or recreational lifestyle that everybody enjoys in Northern Ontario. The benefits are also there from the point of view of the balance of payments. Obviously, the extraction of minerals supports the Canadian currency and all metals, obviously in gold as well.
48:34 There's benefits from the financial sector as I said about the point of view that the supporting the currency right down to the indigenous communities that see the benefit of building their own homes. So it's right from A to Z, the benefits of the development of these projects in Ontario and especially Northern Ontario. Thank you, sir. And thank you gentlemen for the discussion. I know we have a, everyone has a busy schedule. So I'm gonna just give the last few minutes here for you an opportunity to talk about the upcoming catalyst what people should look forward to for your company in the last quarter of 2024 and the years ahead.
49:26 Mark perhaps we'll start with you. Sure, in the next few weeks here we'll start filing our environmental impact statement which will allow us to complete the second phase of the federal programming process by the end of October. We are working with Scotia and Deutsche Bank to put together the balance of the project financing that we need on the equity side. We continue to work and again make great strides the last few weeks in terms of the overall debt financing package. As Minister Pirri alluded to, we've got 7 drill rigs turning right now thanks to investment backed by Agnico Eagle. And, you know, over the next, by next spring we expect to publish 6 additional resources to the 2 that we have. And by that point, you know, we should have an in situ resource that will be, you know, make us, make Timmins the world's largest nickel sulfide district. So it's going to be a pretty exciting 8 months here for us coming up.
50:26 Thank you. And for you, Trevor, what can people look forward to? When you're just on mute, just a heads up. Thanks, sorry about that. A few screens going on here. Really exciting times here at Frontier. We are nearing in the final months of definitive feasibility work on stage 1 mine and mill on the packed lithium project. We are running a process and very close to award on commencement of DFS fees too.
51:14 And that's for lithium refinery that we look to construct and build in Northern Ontario. We alluded earlier on the beginning steps here of the permitting process. We expect lots of activity with regards to that over the next 18 to 24 months. We've talked lots about government support for various R&D projects that are starting to take place here. All of this, you know, really at a time when we've just recently brought in a strategic investor and joint venture partner with Mitsubishi Corp out of Japan.
52:05 They've come in with a tranche 1 investment and that's really to progress and finalize the definitive feasibility work on the project. They've got the ability to come in for 25% of the project with a tranche 2. So we would expect to be into final investment decisions over the course of 2025 on the project. So lots of excitement and lots to roll out for shareholders and all stakeholders here in the coming months. Thank you. And Jamie, for the last quarter of 2024 and beyond.
52:54 Again, you're on mute too. My apologies. Thanks. I apologize. My stupidity. Just to go back about Minister Peria there, about other than the tax revenue for the government, there's a lot of jobs that are created. And, you know, we all spend a lot of time in the north right now. A lot of the pulp and paper mills, or most of them, are shutting down, obviously, because of no need for newsprint anymore. And it's great to go to these communities and see full employment. And what we would be bringing to these communities from the First Nations direct or indirect payments to the multiplier effect, I think during construction we're having 1,200 jobs, during operations we're 4,500 jobs. Multiplier effect is 3.5, 3.75 or 4 to 1 depending on what you look at. It's a lot of job creation that is needed for the North. And I'm more than happy to actually have those jobs because these jobs are needed in the north. Some of these towns would run away or disappear if it wasn't for mining in the north. So mining is extremely important to the northern Ontario economy. So, you know, glad all of us on this project are supporting our local communities which are needed of these minds to get going. Milestones for us, actually just one more thing. I just wanted to thank Minister Peary, Premier Ford, He's been very supportive of this project.
54:17 Funny story, he gives out his phone number all the time. He actually got back to me once within 3 hours. From Minister Peary to Minister Kanjian to Minister Pichini, Minister Fidelity, Minister Rickford, they're all there. And they're there to listen to us, you know, not just us as the mining executives, but the communities, they go to all these openings, openings, commercial productions, whatever it might be, they are supportive of the communities and they're supportive of the mining business. So I just want to thank you, Minister Pirie, and the rest of the people in the Ontario government. They're really making this a priority, and I'd like to just want to say thank you. I'm very appreciative of it. For us, I mentioned to you before, we have 3 permits left in the province, fully permanent in the federal government. This project is a go once we get those projects and the final project financing. We're working with the federal government and the provincial government of hopefully getting that funding so we'd be, as Trevor said, the financial investment decision ready to go once we get those permits.
55:15 Got to do a little bit more detailed engineering. We're doing some optimization work, but you know, not worried about the palladium price today or the copper price today. I know they're going higher. Hopefully, they're going higher just because of natural supply demand deficits that are happening in these commodities. So it's going to be great for Generation to be the next critical metal project getting built in Ontario. And, you know, stay tuned for when we're ready to make that financial investment decision. Thank you for having me. Thank you, Jamie. And I should let Minister Pirie have some closing remarks here as well. I just want to remind anyone in the audience that this is being recorded. If you came late, we should have it up in the next couple of hours on our YouTube channel. So just look out for that. But thank you, gentlemen, for your time. Minister Pirie, if you have any closing remarks, The floor is yours. Well, thank you very much for the opportunity and to participate in the panel.
56:07 Obviously a great deal of respect for the individuals on the panel. I know them all extremely well and they're driving their projects forward in this space. As I say, the critical minerals strategy was devised to move us off of the fossil fuels into the battery revolution. It's been enhanced by the US's view that, of course, this is more than just moving off fossil fuels and it's imperative from a national security point of view.
56:55 It's obviously very important for national security for Canada as well because we really are joined at the hip in relation to our mutual efforts in that space. So I think quite frankly we've got a great strategy. I think we've set the table. We're doing what we should be, but we didn't mention we're doing what we have to do from an energy point of view. We recently announced the new transformer from Hydro 1 into the Gold Center transmission facility. I think that's about $78 million. The power in northeastern Ontario is associated with the Moose River Basin and the Albany River Basin.
57:44 There's about 3,250 megawatts of potential there. There's 78 megawatts in the Jackfish project. And it's all designed to ensure that places like Jamie's and Trevor's have the power when required. So it is a fully integrated solution that we're looking at, including ensuring that we've got the trades that will provide the workers and labor that's required to develop these projects. Anecdotally, by 2035, we're expecting a requirement of 50,000 new jobs in this sector in Northern Ontario.
58:31 These are dynamic times. They're tremendously important times for Northern Shireland, Shireland, certainly the whole Canadian economy. There's an urgency to what we've got to do and quite frankly, I think there's an obligation that we've got to get this done and get this done properly to ensure our future and actually to achieve our destiny as a country to achieve our destiny that in fact sits in front of us because they're so well endowed with the resources, with the workforce that's well trained and skilled, and with the infrastructure that's there to support all aspects of our civilization.
59:16 So incredibly important topic to be discussing today. And look, nothing but incredible optimism for the future for this sector and the province as a whole. Well said, sir. Gentlemen, thank you so much for your time and the great discussion here today. Really appreciate it. Thank you very much, everybody. Thanks very much. Thank you for your kind words. Thank you
