Power Metallic Live: Recent Results & Q&A

0:04 Hello everyone and thank you for joining us for another live Power Metallic update. We're pleased to have the Power Metallic team with us here today and there's been quite a bit of exciting news since we last spoke with the team. Recent highlights include holes 49 and 43, which return intercepts of 16.55 meters at 15.11% copper equivalent, and 7.6 meters at 7.2% copper equivalent. A quick note before we begin, this event is being recorded. Following a brief presentation, we'll open the floor to questions, which you can submit at any time through the chat. With

0:35 that, welcome, gentlemen. Terry, the floor is yours. Great, Kyle. Thanks for having us here. It's always good to bring everyone up to speed. We've had some exciting news over the last, really, since the new year, And I think it's sort of a good time to sort of summarize where we're at and where we're going. And what I think we'll do this morning is just quickly go through the presentation I'm giving when I'm out on the road talking to investors. So you can sort of see how we're presenting the case. We'll do it in brief form because many of you are already quite familiar with the story and we'll probably get to the stuff you really want to hear is more on the expiration and the current progress we're making there. So without further ado, let's dive in. So yeah, I mean, just a quick snapshot. We've got $33M in the bank as of last quarter.

1:23 That was a result of having raised $50M last February. We've been blessed by being able to get financing from some of the smartest people in mining. Obviously, Robert Friedland led the last 2 rounds. Rob McEwen has been in all 3. Gina drove us forward in the market. So we've been blessed. What brought them in, of course, was the phenomenal nature of the Lion Discovery, which is obviously high-grade Copper and PGEs. Quite unusual, you know, when you're getting 16 and a half meters at 15%, most people think that's a typo. You know, it's, I think one of our challenges communicating is, you know, high-grade, you know, discoveries are so rare, people just can't really grasp how much metal that is in the ground. But obviously, we're going to do some things to sort that out.

2:11 Business-wise, we're in the process of drilling 100,000m with that capital. We're about 35,000m in by Christmas. We've pretty much reported on all that, just a couple of holes standing. And then we're obviously hard at it again in January. 6 rigs rolling now, somewhere between 300m to 400m a day, depending on the day. So you can imagine, we're accumulating a bunch of more assays and whatnot that will be coming. So we reported last week or just a couple days ago, probably every 3 or 4 weeks now we'll be getting new assay results out. And of course, we're in Quebec. Next slide. You know, I think everyone is on to this. Obviously, you know, with commodities, we've had a nice rip.

2:58 The equity markets and the commodities haven't really taken off yet. I mean, obviously, the producing golds and silvers have had a good run, but still this is very early days. And I think this is one of the classic mistakes that newbies to the sector will make is that they think they missed it. And trust me, you missed the did cat bounce from minus 1 to 0. That's what you missed. What this industry is going to do over the next 5 years is going to be mind-blowing. Right now, less than 1% of financial assets are in mining. Back in the heydays, it was more than 10%. So you can imagine what capital is going to come in because they're desperate for it. We need these critical minerals to survive as a species and move forward. And of course, the governments are going to continue to print money so that precious metals are going to continue to be needed to keep that at balance. So anyway, I think commodities are going to be raising all boats and that's a good thing. Cap structure wise, nothing really changed there.

3:54 Obviously we're, you know, some of the warrant exercises and options are coming in. So we've got about, I think, 17 million of that coming in this year. So that will continue to buoy the cap structure. I guess the good news is the top 8 holders own almost 50% and they're continuing to buy. Personally, in the last 90 days, I bought 700,000 shares out of the market, but another 100,000 just a couple of days ago. I continue to see great value in Power Metallic at the moment and most of our shareholders that know the deal that have continued to invest are continuing to buy. So I think that's always a good sign when the people that know the deal best are writing checks. Next slide. So where we're located in this world, of course, most of you would know we're located in Quebec, middle of the province, effectively, just a little bit South and East of James Bay. Why do we love Quebec?

4:45 We think it's the best place in the world to look for critical minerals. 3 big reasons. One is infrastructure. In mining, if you don't have the infrastructure, you've got to build it yourself and you've got to pay for it out of the profits of your mine. That's often a daunting task. So we're lucky we can drive off a route north, right to the site, right to the rigs. There's power on the site already. It's Hydro-Quebec substation right across the road. We're 8 kilometers outside the town of Namaska. Namaska's got a regional airport. It's a village of about 1,500 people. It has accommodation and food for our team. It's also home of the James Bay Cree. The James Bay Cree, you know, Quebec has done an amazing job working with the First Nations. They've really made them partners in mineral development. They cut them in on the Royalty streams. So there's generally a predisposition to be positive towards mining. And certainly we've had a great relationship with the James Ray Cree, and you'll see later on how much they've helped us get the land, what we call the hydro land. So we'll talk more about that later.

5:39 The other aspect about Quebec that we love is the fiscal terms. So when we raised that 50M, Of course, 40 of it was flow through and investors paid $1.45 and stock was in firm hands, but the company got $2.83 a share. So that, almost 2 for 1, we've had cases where it's more than 2 for 1 on the exploration side, really helps to reduce dilution for existing shareholders. It also helps attract new shareholders because they can see their money being further leveraged going forward. So that's one of the great aspects on the exploration side in Quebec. It's equally good on the development side. Basically we've got almost 30% tax credit you get from the federal government in developing this project, and a 25% tax payment from the province. So it's pretty spectacular that way.

6:26 Next slide, please.

6:30 So the original discovery was basically a Nickel project, you know, with NISC Maine, and we grown that from 3.1 million tons to MRE of 7.1. Probably there was 8 and a half there now, you know, we'll be updating that as we've discussed a little bit further. And looking for more Nickel, we stepped out and of course, we had the great fortune of discovering the Line Zone.

6:55 The Line Zone, as noted by that most recent release, pretty spectacular grades and pretty consistent. I saw a note from Red Cloud this morning where out of the 95 holes we reported, the Lion Zone 78th hit intercepts of more than 11m at more than 4.5%, I think Copper equivalent. That's just an amazing stat. This has been an exceptionally interesting body to work on and it continues to show growth and results. I think what the market has missed is just how valuable that is. We're going to talk more about that in a sec.

7:33 When we reported the initial results online, we were using 80% recoveries, which was a reasonable estimation at the time. Some people questioned was that aggressive. But then when we did the actual lock cycle tests with SGS, the world leader in metallurgical examinations, I would say, we received the results you see on the screen, which was unheard of, really. When we first discovered it, I asked Joe what the results were, and he wouldn't tell me because he wasn't sure that it could possibly be as good. So they checked it 3 times and eventually, yeah, it's just as good. This section of the mother earth has sort of refined almost for us. And what the importance of this, you know, can't be overemphasized.

8:21 It's just dropped straight to the bottom line. So that's like we like we increase the resources by 20% for nothing by getting this done. So and you know, The stock should have ripped on this news. It didn't, and that meant something to us.

8:39 We have analysts out there saying there's 8Mt to 13Mt of this material in the line zone, and we've got obviously much higher stock targets to deliver the assays. Then we deliver this And yet the market still hasn't responded. So the message we took is we need to get more concrete evidence. So one of the things we decided to do is we'll be stepping up and delivering a PEA this fall. There will be a technical report out before that, but generally we'd be targeting the fall and hopefully before Beaver Creek. But these things will come out when they come out, but generally that's the movement. We have been working toward it, thinking that we would do it for Q1 of 2027. So the cutoff date on this PEA will be end of April. So we'll continue to drill. As I said, we're drilling right now 6 rigs, 300 to 400m a day. So lots of drilling to be left to be done, but that's what we'll do to, I believe, raise the ceiling, raise the floor of the project. So people can see just how valuable that this is gonna be a mine if we don't find another stone minerals, we've got enough to go forward. I believe the team believes so, but we need evidence. And so that's what we'll do. Next slide, please.

9:53 Interestingly enough, since we raised the money in February of last year, this has been the underground, underneath performance of the commodities. So commodities are up almost over 60% across the board.

10:05 So that's pretty staggering when you can consider that we're finding more resources, commodities are up 60% across the board. We've improved the recoveries by 18% and the stock's down 20 cents. The math just doesn't work. So we obviously have to do a better job of communicating that. Next message, please. When we raise the money, these next 2 slides were sort of why people wrote checks. This one is sort of showing, you know, the credible value proposition we offer right now. Probably the best example, we're just basically looking at what analysts say we have on the ground in our own 43-101 compared to other people's 43-101s and their market caps at the time. 4N is an excellent example. I give amazing props to the 4N management team. They've done an exceptional job of creating value for their shareholders.

10:53 They basically merged with, or are in the process of merging with El Dorado for US$3.8Bn. Interestingly enough, as you look at the math, 25.7Mt, 2.5%, roughly 650,000-700,000 metal contained units. I believe our PEA will show that we're there already, you know, and yet we're trading at 1.12 of their value. So what did they do that manufactured such great value? Well, they did the PEA, so they could provide evidence to the market that it's there. So I think that's one thing they did at PFS and the feasibility study, and they eventually got permanent and they got a project in Canada status. They also got Agnico Eagle in for 10% as a strategic investor. So all these steps, you know, the PFS, the FS, the strategic investor, all steps we can follow. What you can't make up is metal in the ground. So I would say, with due respect to the foreign deposit, if you're a Martian, you were coming into earth and you're looking at these 2 deposits, you pick our deposit.

11:51 Not just because it's higher grade, less tonnage and got even more upside. So there you go. I think we're trading so cheap right now. That's why I continue to buy the stock. But that's my point on this slide. Let's go to see how big we might be. Next slide. So this is Steve's work, basically, where he looks at the orthomagmatic deposits. So when we made the copper precious metals discovery on top of the nickel or 5 kilometers away from the nickel, it changed our understanding of what we had. So we realized we didn't have an ordinary nickel sulfide. We had one of these special beasts called orthomagmatic.

12:31 And one of the things that we realized with that is that these are very rare. And that's one of the reasons why I reached out to Steve, because he has such expertise in it. And the interesting thing about these mines is that they're literally the world's richest. Oktoberursky is the heart of Norilsk. It's got, I think, a square kilometre of over 1 trillion dollars worth of value in the ground. Amazing. Yet, in terms of grade-wise, we're actually above them. Obviously, we don't have the tonnage at the moment, and nor the likelihood, because that's probably a once in a lifetime situation, but these are all big mines. Every single one of them is more than 1 million tonnes of pertain metals, several more than 5 and several more than 10. So, you know, there's a considerable upside in our discovery, we think in terms of growth, we're going to be the runt of the litter. Next slide, please.

13:19 So the tenure of the project, there's really only 2 other projects that you could compare us to in terms of grade, and that would be Oktoberiski and the Morrison football deposit. So Both of them are more than 10 million tons. So pretty heady company. So we're, you know, we're believing that the macro historical potential of this thing is quite large.

13:40 And you were very bullish that in addition to what we've already found, which is as you have already sort of evidenced, trading at a great discount to market, we're also going to find a lot more. Let's get into that story. Next slide. Oh, so the duck-billed platypus. So this is this is sort of interesting. When I got Robert Freeland to invest, I met him in the Carlisle in New York. And I don't know if you've met Robert, but he's a pretty intense guy when you meet him. And he's pretty dynamic. And we did a little chat and then he

14:12 said, hey, Terry, you know, copper and precious metals don't come like this. And he said, so either you did 1 of 2 things. Either you assaulted the core or you have a duck-billed platypus. So I started laughing and luckily he started laughing too. He said, we know he didn't assault the core so you got a duck-billed platypus. I said, what do you mean by that? And he said, well, have you seen a duck-billed platypus? And I said, no. I said, I mean, obviously, naturally, for geographic pictures and stuff. But he said, yeah, they're super unusual. And you wouldn't think they could be there in nature. And he said, I've been lucky a couple of times in my life to have these discoveries where it shouldn't have really happened, but it did. And so I look at this and say, it shouldn't really happen, but it did. And in those cases, it's usually quite big. So that's why I'm in. So what we think has happened here is really 2 systems, a nickel system and a copper system, collided. And they have folded over on each other and made this magnificent high-grade zone-like line, we think there's going to be others. And there's also somewhere underneath there, there's the parent of this thing. As Steve says, if you envision the palm of your hand, the palm is the nickel sulfide parent and the fingers are the, in this case, the lion's own and these other pipes that get supercharged.

15:20 And, you know, you sort of have that's the key to successful polymetallic exploration is finding these pipes and drilling down to the parent. So, you know, that's what we're in the process of doing. So next slide, please.

15:32 When we raised the 50 million dollars, the market was one thing and then a week later it was another. Basically, at that point, President Trump dropped the Freedom Days initiative with the duties and whatnot. So, destabilized the market for a while. So we sort of thought, you know, we're not going to get re-rated, which we had hoped to do after the financing last year, but we sort of felt that, you know, what are we going to do now to create value in this period of time? And so our thoughts were, observationally, we realised we didn't have enough land. We believe this is gonna be a district 19 times of a 20, the orthomagmatics are in a district, i.e. There's multiple lines. So we felt that, you know, while we had 46 square kilometers, we didn't have enough land. We looked and we identified sort of 8 line-like structures in the region. We now own 7 of them. So we went out and acquired it in a couple of transactions.

16:24 Next slide. The lift transaction added a considerable package and then one more. Go. And then we obviously added these lands for staking. The staking was unusual in that the ground was open, not because it was undesirable, but because there was a Quebec hydro restriction. So if you, if you look at the, at the map, you can see that the Mauve line on the top right-ish corner there was very close to our historic border, but the deposit

16:59 or the discovery did move in toward our property line, which was good, but we always felt that the second half of the line was out on the hydro lands, that this, you know, this ultramafic structure falls back out there. It's highly likely that that would be where the second half is and possibly even the deeper and better parts. We've been after this for some time. We realised at the time we were at Power Nickel, we thought if we go in and ask Quebec Hydro as a micro-miner to change their restrictions, it may be a very slow process. And we thought, hey, let's, we went and I talked to Chief Jolly at the James Bay Cree, explained the situation to him, how we had a really great initial discovery in line, thought that could become a mine, but if we wanted to make it world-class, we really needed to get this Hydro lands in our control.

17:53 He understood that and we struck a deal basically to,

17:58 when we had found the original package, We had paid a finder's fee on the number of hectares we got. We gave them the same deal and shook hands. It was as easy as that. They're very honourable people to work with and they helped us. We went to Quebec Hydro, took us 18-months, but we eventually got this land. We finally got permits and we started drilling on it about a week or 10 days ago. The initial drilling is like an exploratory program because it's got a fair bit more coverage there than above the bedrock. We're doing some test rigs down there to the bedrock to sample and identify where we're going to go with this. Probably get into the meat of the drilling on this toward the end of sometime in April, perhaps, but also in the summer. So this is going to be a super exciting spot to talk about.

18:47 Now I'm going to turn it over to Joe and Steve to talk more about the expiration process and the expiration areas that we're looking at. And then we'll go through some of the results and then go for some Q&A. I'll wrap it up and then we'll go for Q&A. Joe? OK, well, on this drawing, we just have some spots and stars on the map showing the target areas that we've been shooting for right now. Most of the work, obviously, has been concentrated along in the lion's own itself. And that work is actually going to be, get more of a focus in the next few months as we prepare for the PEA. We still have a fair amount of work to do on the deposit itself.

19:34 As an example of that, hole 49, which just reported the 16.5m of 15% Copper, that's a relatively shallow hole. And what we realised is in our race to the bottom with Lion, with a lot of the recent drilling, we had ignored or had to make a choice not to be drilling some of the shallow holes. And recently we've focused more on the shallow holes in 49 and 47 were examples of

20:13 that drilling. And we've developed a structural target that gives us a shallow, easterly plunging trend that is going to contain some of the higher-grade Copper mineralization. And 49 is an example of that. So what we've done there is we're starting to build a lot more metal close to surface, which in the future would be amenable to some starter pits on Lion, which is going to be very helpful to bring the project forward. In terms of outboard of Lion, as I said, we have these shallow plunging zones that we're starting to chase now.

21:01 We've put about a half dozen holes into those now. All of them have hit mineralization. So the structural trend appears to be working. Drilling on Lion West so far, we haven't sort of hit the mother load over there, but all of the holes that we've drilled, 2 of them have been reported, have had metre wide intersections of line style mineralization. So we know it's there. It's just a matter of where are we going to find the next finger, as Steve would put it? And we believe that the Lion West area

21:38 is one of our best bets. In addition, on the Tiger area, because we've increased our land position, we've pushed ourselves out to the West, or to the East, I'm sorry. And we've got 1 hole completed in that area now. It did hit mineralization line style. So it's going to be interesting to get the assays back from that. As Terry said, over the next couple of months we will be having assay results come out every 2 to 3 weeks.

22:15 Another target that we have kind of ignored is NISC, the NISC deposit itself. When we go to do the PEA in the fall, we need to redo the MRE on NISC because we've done a fair amount of drilling since the last one. And in addition, we want to look at the parameters that were used for that deposit. My belief is that we can enhance the metal content per tonne on NISQ to make it more attractive for development. If you look at this drawing here, this is underlaying by the magnetics.

23:01 The other area that has not had any work on it of any amount is to the east or west of the NIST deposit. So you can see the red stripe inside of that magnetic high, that's the areas that we've drilled to date. And we have a very large target to the west of that, of an equal strike length, that really we don't know anything about at all, other than we know that the Altermafic is there. And we'll be coming into that area this spring to start to put some drill holes into that to develop that target. And much further to the west, which we call the far west, just so we can confuse everybody, there's a large Copper anomaly.

23:57 We're in the process now of getting a drill mobilised into that area. That drill will actually be an overburden drill. We have the Copper anomaly that's there is in the soil. And so we want to do a till survey to better define where that Copper is coming from. We have

24:18 a pretty good idea of where it is based on the magnetics. Unfortunately, that far West area has a very high tension hydro line over the top of it. So we've been restricted in doing any EM on it, which is why we're going to take a crack at it with the overburden drill to give us a train of mineralization through the till to help develop that target. So these are all things that are coming forward. Terry already mentioned the fold hinge area. We're just getting a start on that. The 4 holes that we've drilled are over several kilometers of strike length. So it's not like we've done any kind of grid drilling in here, it's a developing play.

25:11 The drill holes we have today show ultramafics. There's some interesting

25:18 arsenic and tungsten anomalies in the Mafic to Ultra-Mafic rocks, which in Sudbury is a pathfinder signature. So we think we're in the right area. And then just to complicate our lives even more, we actually, on one of our drill holes, we hit a metre and a half of 35g of Gold in an intermediate volcanic and it was visible Gold actually. So, we're not sure if that's related to the mineralization that's with the polymetallic or whether it's an Archean signature, but certainly a metre and a half of an ounce plus of Gold is something that people should have taken notice of.

26:10 And we'll be going back into those areas, both to look at the gold potential and also to see whether that ties in with

26:20 the polymetallic signatures. So this drawing basically shows the flatline, easterly plunging structures that were pulled out. We had a gentleman come up to the site that used to work with Inco up in the Thompson Belt and they developed a technique of looking for flow direction in the mineralization. So you can actually accumulate a population of orientation of class inside of your

27:05 mineralization. And based on that, you can sort of point to the direction that it probably came from. And what came out of that study were these dotted lines that you see on the map, where we have these shallow plunging that is normal to the long axes of the deposit.

27:26 So on that basis, we began to push out from the edges of line to see whether they had any merit. The images that you see there are the first 2 holes that we drilled. So both of them hit good Copper mineralization. And in support of that, we had drilled a hole quite a while ago that was about 350m to the east of Lyon and that hit mineralization also. So there's a lot of support now for this mineralization. And as I've said earlier, we've put about a half a dozen holes into this target now and every hole has hit mineralization. So we're quite confident that these shallow plunging zones have some merit.

28:16 And what's interesting to me is all of these trends seem to be pointing towards what we would call the Tiger Deep target. And so that still remains as a high potential area for the big one, the Copper-Nickel deposit that we're still searching for. All right. I'll just wrap it up and then we'll take some questions. So team-wise, nothing's really changed there. I guess probably Seamus O'Regan is our most recent addition. Obviously, he came on in the fall and obviously, as former Federal minister of natural resources and federal minister of indigenous affairs can bring a lot of insights and help to us as we move towards, you know, getting a national project status and to ultimately move to developing this mine.

29:12 So I think we're looking forward to his input in those areas. Next slide. So let's just wrap up the catalyst that you should be looking for. So obviously with 6 rigs turning, you know, as Joe mentioned, every 3 or 4 rigs we'll be getting more assays out. You know, What we've consistently said is that we're continuing to grow the line zone and we haven't found the second line yet, but we're feeling optimistic about our process. I think the other thing that is obviously continuing to happen for us is the commodity prices have been buoyant. And I think, if I was to bet on a metal this year, Copper looks like 1 that you would be interested in.

29:57 It's got, I think, entering a very bullish cycle. So, having hits of 10% Copper has got to be good for us. I think we've realised the importance of getting the PEA out to show the true economics of this project. People have failed to grasp how much metal we've got in the ground in such a small area. You know, back of the envelope, we think this might be sort of a 4 to $600 million to build a, you know, 1500 to 3000 ton a day plant. And it'll have amazing economics, but let's evidence it this fall. But I think, you know, the math is there for people to sort of put it together themselves, but let's get the pros to do it so it's an impeachable, unimpeachable sort of estimate. On the math study, obviously we had the excellent results.

30:44 We're doing some additional work in a couple of ways for us. One is to evaluate if there's any REEs that we can use to boost economics. There is obviously some on the PGE side, some rhodium and stuff like that, that could come in. We don't know if there's enough to be economic. It would be maybe a 10% kicker if it did happen, but we'll see. And then ultimately, SGS said, we think this project has the potential. They've got another process, hydro-metallurgical process that would take a direct amount. So in other words, we wouldn't make a concentrate, we'd go direct to a Copper sheet at Ingot. So we're evaluating that with SGS, that's the plan. On the land package, obviously we grew it by 600% in 2025.

31:30 We're open to looking at additional acquisitions in 2026. And then on the exchange side of things, obviously, we had talked last fall about moving to New York, sort of got delayed a bit by the US government shutdown. And then the economic situation changed in terms of our stock price and we sort of delayed things. We sort of thought, honestly, that the MET study would have made the stock re-rate and given us a cleaner pathway to New York. It didn't happen. So we're still evaluating that. But along the pathway to the New York exchange, we got approached by NASDAQ about possibly listing there. So we're evaluating that as well because they have just since January developed a new thing called the ADR, where you wouldn't have to consolidate. You could just go direct and maybe you would trade for 5 shares or 10 shares for 1, but no consolidation. So that may be of interest. We're certainly going to examine that.

32:23 We did successfully spin off Chilean. It's publicly traded now. The plan is to do a probably effectively like a rights offering there to our shareholders to fund its plans going forward for the first phase. And we'll look for more news on that shortly. And then the final thing we'll talk about is we just came back. I was in Saudi Arabia for FMF and then we went to our project there, Jebel Badin. And honestly, we're super stoked about this. I mean, I say to people comparatively, 4 years ago NISK was a seedling and now it's an oak and we think soon a mighty forest. I see the same potential in Saudi. This project is 100 kilometers by 100 kilometers, in native copper on the ground. I couldn't believe that we were walking around. We just pulled up on some random part of the project and just finding this at surface. And what was interesting is Jebel Said, which is the modern Barak project that's 30 clicks, you know, east of us in this VMS belt, it's a VMS deposit.

33:30 They drilled 96,000 meters and have got a $5 billion project. So, I mean, I'm like thinking that's the numbers are off there. It was usually would be 3,000m or 400,000m to get something that rosy. But you know what's interesting in Saudi is that basically drilling expenses are half the price of Quebec, which is already cheap in a global scale, but there's almost no overburden. So that mine in Jebel Saeed is from surface to 200m. When you look at maybe Nisq, where maybe an average depth is 400m or something like that, to get this 20m of sweetness, the Same thing over there, but maybe it's in 100m. So you've got half the drilling costs, but you eliminate the overburden. So now you understand how they're able to drill so effectively. So effectively, on the first million in exploration in Saudi, Saudis will match you. So you get, I would say for 1 million in expenditure, you get almost a $10 million worth of exploration value. So we're pretty stoked about what we can do there later in the year. Again, people will invest in this company because of NISQ and because of the Lion Zone. That's the number 1 reason. It's such a compelling opportunity relative to our peers and relative to its growth potential. But there'll be some nice kickers, I think, with the Chilean metals and with the Saudi that'll come, that'll be, I think, favorable for our stockholders as well.

34:49 So, Kyle, with that, we'll wrap it up from the official presentation update and take questions as they come. Yeah, great. We have quite a few questions. Great presentation, gentlemen. Just on that Saudi matching thing, was that 1 million US that you'd matched? Yeah. Yes. So, OK, we'll get into the chat here. We've got quite a few questions. Some of them have been covered already. An individual is wondering, You expressed PEA in the fall. He's just wondering if you can confirm, did you mention a resource estimate by end of April or would that go alongside the PEA in the fall? What we're doing is the resource estimate that we put together will be based on a cut-off on the drilling by the end of April.

35:35 Any drilling post-April will not be part of this resource estimate or the PEA. The technical report on the resource estimate will come out before the PEA, but not much before, probably just 2, 3, 4-weeks, I don't know, something in that range. Gotcha. Thank you for that. You already addressed Oran's question regarding the NSE and Chilean metals. GR has a good question here. With the new focus on delivering the PEA by fall affect the amount of exploration drilling completed during the winter drill program due to getting the necessary drilling done at Lyon? I mean, I'll let Joe chime in too, but basically, obviously we've found this new sort of surface area that is obviously productive and we're in the business of growing the resource.

36:26 So we're certainly going to take advantage of that as long as we can. And then there are certain exploration targets that are best dealt with, you know, in the winter situation where the lakes are frozen and we can target and answer some questions like the stuff Joe talked about on Tiger Deep. So some of the work we're doing over there. So I would say, yeah, the emphasis will be on, you know, making sure the PEA has as much resource as possible that we can low lying fruit that we will pick up. But we've also got some, you know, longer term exploration objectives that still will be addressed. And we've got 6 rigs turning, so there are certain questions that we'll answer this winter with that. Joe, I don't know if you want to add on? I'll just add in that if anyone sort of looked at the long section with the drill holes in it, you can see that up until very recently, we had no drilling between surface and about 60m depth.

37:25 And between 60m depth and 120m, we didn't have very many holes at all. And that was what led to drilling hole 49 and 47, which were the 2 that were released in the recent press release. So there's more drilling to be done there. The pictures that were shown also, they're from that same shallow depth. And it's just very important for us to get that filled in to do a proper MRE for designing open pits and underground workings. The great thing about it is that all of a sudden a whole bunch more Copper showed up than we expected to see.

38:12 I mentioned to Terry that the original drill hole we put in, which was 2331A, never had any Copper of that extent in it. It was mostly carried by the precious metals. And now we have a high-grade trend that is really showing some great Copper close to surface that's going to make the economics of this deposit much more favourable. So we will be doing more of that work rather than some of the deep holes to concentrate on building that resource and making sure that we have a proper PEA done. Thank you, gentlemen.

39:00 Individual here is wondering, we want to see Gold in the Elephant core that was sent off for assay. Can you confirm if you sent something off for assay? So maybe take the opportunity to talk about the Elephant zone and about the Gold. So The drill hole that you're speaking of, we had a hole that was drilled, hole 21, and it actually did have some Gold in it also, up to about 2.8g of Gold in that hole 21. The extension of that hole 21X was the targeting into the elephant target. And we don't have any assays back from that yet.

39:48 So as you can appreciate, it was a 1600 meter hole. So there's several hundred meters of assay and that has to come back through that. I don't expect to see those results probably for another 2 to 3-weeks before those results come in. The samples were only shipped to the lab about a week ago for that haul. So We're waiting on that because we know we hit the right stratigraphy to host Lion, and we also hit the stratigraphy that contained the high-grade Gold that was released from PMX16. And that hole is 6,700m above 21X.

40:37 So hitting that same stratigraphy that contained the Gold is obviously builds a significant target there, but we just have to wait on the assays. Definitely. And Joe, I believe you touched on this already. I just want to make sure we address everyone's questions here. Anthony's wondering, are you planning any work on the 2 new claims to the east and south of NISC, in brackets, new hydro claims? Well, the new hydro claims are south of line and east of NISC. And yes, we are planning to do some more work on those. I think Terry mentioned earlier that we probably are going to get in there sometime in April. But what's being done right now, similar to what we're doing over on the far West target, we've actually got a drill in there right now doing overburden drilling and that overburden drill actually is able to take 4 to 6m of core when it gets to the rock.

41:44 And then this is again trying to better define where the hinge zone is that we believe has the best potential to host the larger Nickel deposit. So that work is being carried out right now. I think we're up to about hole 15 on that program. And that drill is getting near the completion of that program so it can move over to the far west. So the logic there is that we can't just jump straight through the diamond drilling. So We're doing this step in order to generate the higher quality targets before we get into the diamond drilling that you're used to. The overburden is being professionally looked at by Overburden Drilling Management, which is a group based out of Ottawa here.

42:37 They are well known in Canada as the company that you give your till to tell you what you're seeing in your overburden. And that will result in assay results, but more importantly, it will result in actually physical identification of minerals within that till. And so based on that, we're quite hopeful that it's going to nail down the horizon that we're actually looking for. Of the new ground acquired beside the lift ground, how much is owned 100% by Power Metallic? How much, if any, is shared with critical elements? And where do the current exploration targets fall in relation to the shared and or 100% owned ground?

43:26 So, you know, the original land package is 46 square kilometers, and then we're now at 330. So if you, on the fold hinge area, there was some old extensions of the land claim. So it's probably gone to maybe 50 or 52 square kilometers that we're 80, 20 with, and the balance is 100%. Most of the action has been, probably 70% of it has been on that land, because that's where we have the discovery. But, you know, elephant, for example, is in 100% land, you know, where that rig is. The stuff that we work to the west of Tiger West is 100%.

44:13 So, you know, we expect over time, we'll get more and more action in those areas. But that's sort of the current state of the nation. And I'll just add to that, Terry, that the Tiger Deep target is also on to the 100% ground. Can you please explain your understanding of elephant given the recent assay results for that area? I'll let Joe handle it, but we don't have the assay results and that's part of the mystery. I mean, what we can say, or, you know, what we obviously can observe was we didn't hit the mass of sulfide because we know what that looks like. And, and by now, pretty much everyone on the call would know that with the pictures. But you know, what, what, if anything else that contains, we still have to wait, You know, we still, you know, believe that there is massive sulfides down there that we haven't found and we're still searching for them. But anyway, I'll let Joe speak to it.

45:15 Yeah, well, and certainly in Hull 21X, we did hit semi-massive to massive sulphides, but they were not of the type that we think is indicative of the Nickel-Copper deposit we're looking for. And we're going to wait for the assays on that to see what comes out of it. Obviously, we can't see the precious metals and there may be precious metals in that sulphide. But at this point, based on the logging that was done, we felt that those sulfides had to come from somewhere, but it wasn't giving us the signature that we would expect to see from an ultramafic source. Can you speak more on the uncertainty of BHEM?

46:06 It sounds like a relatively perfect tool, but the results this past year seem to suggest that targets keep moving once drilled. Any commentary on that? I'm gonna throw it to Steve. I'm not sure I quite understand the question, but let me have a go. So it is a great tool and it has been super successful. I think Maybe the question is alluding to the fact that some of the things are right at the limit of the use of the tool and we're using it to refine targets. So I don't think we've ever missed. I still think we're being incredibly successful. So I would still call it a perfect tool, but the reality is that, especially in around Tiger, I guess that's probably what we're alluding to is that the Tiger system has proved quite frustrating to chase.

46:59 I think every one of us would agree that it's quite a potty system. And at every time we see an off-hull conductor, it's getting further and further refined. I guess that's probably what the person was intending. Have you got anything better, Joe? Well, I guess I can just speak directly to the Tiger Deep. We punched a hole into that target at the beginning, just based on a blind faith that, hey, there must be something down there. And We did the borehole EM and we got an off-hole conductor and then we drilled towards that off-hole conductor and we hit a little bit of mineralization, not a lot, but we hit some. And then when we tried to align the borehole from the original hole with the new hole, we ended up with 2 anomalies.

47:55 Our simplistic logic was, let's drill between them. And of course, we did that, borehole that mineralization and then the target to the West, came out as a stronger plate. And so We have yet to drill that plate that came out of the third hole. In defence of our geophysicist, Matt, he told us right from the very beginning, look guys, it might be 3 to 5 holes before we actually nail this thing down. We know there's something there because there's a conductor and it's lighting up on every hole.

48:42 But as Steve said, it's been frustrating. We just haven't banged into it yet. It's a bit more of an iterative process than I think maybe some of the earlier results suggest. So we're using, borehole EM is still very much the weapon of choice, very much the frontline tool that we're relying on and driving most of our work. Nothing's changed. Yeah, and I think we got a little spoiled, as Steve said. At the beginning, when we had an off-haul anomaly, we'd drill it, and wham, there it is. So it was sort of like you get kind of jaded, you think, oh, wow, this is easy. And now it's not. Yeah, so this is part of the reason we keep developing new ideas and stuff is that we've been, remember, blessed with the concept of not having any false positives, whereas now we're starting to see a few.

49:34 So we've been unbelievably successful so far. So just for reference, relative to any other nickel copper PG project, this is extraordinary. You just don't get projects For those inside Quebec, you know, the Raglan Belt, way to the north, that is considerably more false positives. I'm used to way more challenging environments than this. So we're only just starting to have frustration now. And as you said, Matt, Matt's been very, very clear that this process is iterative and that's the way it's going to work at this depth in particular. So yeah, I think, you know, part of the, you know, challenge, you know, in communication is, when I'm out, the number 1 point I'm trying to drive home to investors is that we're a very asymmetric bet.

50:27 And what do I mean by asymmetric? It means you're, of course there's risk, but the upside to this risk is mammoth. Okay. So my point would be, if you look at our, at us, I believe we're trading at a fraction of what we've already currently found. Okay. And we think over time that'll be re-rated by the market. Perhaps when we go to the US exchanges, perhaps when we put out the PEA at some process on the way through. And that itself will be a significant return. You know, if you look at the math on, on, on foreign, as an example, we're under 300 million, they got 3.8 billion. So that's the type of where we could move to over the next couple of years, in my mind, okay, just where we're at. But, you know, these projects, these orthomagmatic projects generally are much bigger than we currently are.

51:17 Our science has got us here thus far. These guys, Joe and Steve and the team are fantastic. They're using the best tools. They know what they're doing. It's not easy as we've shown. We've had some early, obviously fantastic success at the land zone, and now it's proving to look more difficult. But that's exploration. You're going to go through hot cycles and slower cycles. But we have lost none of the faith in thinking that this is going to be a much bigger animal than we currently have. And the good news is that's all free. You're getting that tremendous upside for free. So we go from where we're at today, let's say we have X resources in the ground, and we make it 2X or 3X or 4X, Imagine when we get re-rated and then multiply by that.

52:03 So that's why this thing is so ridiculous. And I get frustrated when people are upset that we haven't found a second line zone. Hey, I'm upset. I'd like to get a second line zone too. The boys would as well. You know, we want it desperately for everyone just because it'd be a ton of fun. But you know, Mother Earth's the tricky rascal. You know, she's been kind and she's been cruel. You know, so this is, we have to, you know, work with her and find ways to do it. And Steve continues to bring great new techniques to the table. We've got a new project that we're just rolling out now with Muon that will be another interesting attempt to unearth the prizes in a more effective way. But yeah, we're super stoked, I think, about the exploration upside.

52:54 But we're also, you know, super stoked about what we've already found, and making sure that we get valued properly on that. Go ahead, Steve. So just on that, you know, the reason we, you just got to keep iterating in this business and you listen to your shareholders and the shareholders want better results from the ball hole EM. So we've added new technologies. That's the way it works. We'll just keep chipping away and trying to improve that probability of success. If we, you know, the majority of companies would just rely straight on the ball hole EM and that's all they'd ever do. We're trying harder than that. We really are. We think we're listening. That's what we think we're doing. We have time for a couple more questions here. Sticking on what you already know and extracting value from what you already know, how deep Are you planning to drill at Lyon to include in the PEA?

53:54 At this stage, we're doing an artificial cut-off of about a kilometer deep. At this point in the project, there's not really a lot of benefit to go below that distance on this particular chute. As Steve and I have talked about before, that's year 5, that's year 10 in any kind of a mine development. So, that's kind of the depth that we're shooting for at this stage. Obviously, if we get a vector to a large Nickel-Copper deposit, well, we're going to poke some holes into that.

54:45 But for Lion itself, the current deposit, there's not a lot of upside for us to go below a kilometre. As Terry said, there's lots of metal from surface down to that level and there's no reason to go any deeper. Last question here, and I'll pass it to you, Terry, for closing remarks after this one. You talked about Foron taken on a partner for a 10% position. Is there a point at which you would consider doing the same? Yeah, I think that's, we're discussing this as a management team right now and we'll probably go through a process to evaluate that, set up a data room and talk. We've had lots of outreaches from people that would be very keen to do that. And we think probably the way to do it is to conduct a process on it. And obviously, we want to get our PEA out because we think that's going to be an important part of the evidence theory, proof of what this thing is worth. We're in no rush to get that until after that's done. But we certainly think that would be a prudent thing to do. And then we'll evaluate to see if that's the right step.

56:04 But I think something like that's coming down the line because I think what it says when you get a significant investor writing a nine-figure check or something in that order of magnitude, then it sort of says something, right? What's your worth? And also says it's probably gonna become a mine because these guys don't make big bets like that that are wrong. And I think that that would be right. I think that this will become a mine and that would be one of the steps and parts of de-risking. Just like I think we want to become a project of, you know, a national project in Canada. I think that's a step we can get to. I think again for that we probably have to get the PEA done. But I mean there's, you know, This is a sensational project and it certainly deserves that, I believe, relative to others that are being considered.

56:52 So yeah, we think we've got some key steps we can take to de-risk this in the minds of the investor. And we're going to take those steps over the next few months. Excellent. Great way to wrap it up. Gentlemen, thank you