Power Metallic Provides Live Market Update

0:04 Thank you everyone for your patience here. We are expecting the whole team to join us today including Terry Lynch, President and CEO, Joe Cambo, VP of Exploration, I'll get on right away here, Dr. Steve Beresford, director and technical advisor and Duncan Roy, VP of investor relations. Now we know there have been many developments including today's press release. So I'm just gonna keep it brief with the housekeeping items. This event is being recorded and will be made available shortly after we conclude. And if time permits, we will address as many questions as possible. So please start asking them in the chat. But yeah, I'll hand things over to you,

0:35 Terry, and get you on the line. Okay, great, sounds good. Hi, everyone, good to be back. It's been a while since we've had a major update. So, some mic is on in the background, that's a little bit annoying.

0:53 Duncan, is that you possibly? I don't know who's moving around there, it's gotta be stopped. So yeah, so what we're gonna do is, I thought a good opportunity just to go through the current pitch deck. This is what I've been updating. I did a non-deal roadshow the last 2 days in New York and updated our Aussie investors last week using the same deck. I think it'd be good for everyone to see how we're presenting and what we're telling the market and why we're so excited about what we've got. We'll do that and then of course at the end We'll flip over to a more detailed update on the exploration that's well underway. Something like 6,000m already drilled this summer, so we're cranking it out. I'll let Joe and Steve dive deep on how we're doing now, what the plans are and where we're going with this thing. So without further ado, let's get into the show.

1:50 As always, we're not going to tell you anything we don't believe is true, but it's always a standard disclaimer, do your own due diligence. So we usually start with just positioning a little summary of where we're at. And so obviously we've been blessed by having really attractive Rolodex of investors, that have a high profile in the mining community. Obviously, Mr. Friedman, Mr. McEwen and Mrs. Reinhardt are as both sides it gets. So getting them on board has been great. And why did they come? Well, fundamentally they came because of the discovery, which is we've got a very high grade copper, PGE, nickel, gold and silver project called NISQ. Most of the excitement has been on the Lion area but we'll talk about that in full detail.

2:36 We're fully funded, obviously we raised that 50 million in late February so we're well primed to drill about 100,000 metres from April to December of 2026 And it's obviously in a great location in Quebec, Canada. Little snapshot of the current deck. So our evaluation is sort of in around 240 or so Canadian. And the key takeaway here is that about half the company's owned by the key sort of big 8, big 7, and that generally speaking, Everyone there has been writing checks for over the last couple of years. So it's always good, I think, to see the big shareholders continuing to buy. That's really a vote of confidence on the company moving forward. I think that's very well maintained.

3:29 Where we're at locationally, I think everyone knows we're in Quebec and it's been an amazing spot to be for us. Arguably the best critical mineral location in the world. What makes it so is really sort of 3 key points. First is infrastructure. Generally in mining, your mines are in some offbeat spot and you have to build roads and power to it. And that's gotta come into the profits of the project. So that's not the case here. There's a route North is literally on our doorstep. We drive right to the site, right to the rigs. The Hydro Quebec substation is across the street. There's hydro lines on the property. We're about 8 kilometers outside of the town of Damascus, which has got a regional airport, combinations and food for our work crews.

4:15 And it's also the home of the James Bay Cree. So they're our First Nations partner on the project. GWEC's done a really great job of working with the First Nations and making them partners. So they get a slice of the royalty stream on this. And they've done a good job of showing them how mining projects can really, you know, help the community, help the community grow and be sustainable. And so they're, you know, big supporters. Community risk is sort of, I think, the second biggest risk other than, you know, the actual deposit risk. So, you know, having them as partners is really sort of fantastic for us. I'm actually heading up there on Sunday for 3 days on site meeting with the chief and the council and obviously reviewing operations up there while I'm there. The other big thing, of course, in Quebec is the fiscal terms are the best in the world really. So we've got basically, you've seen it time and again where we get for every dollar we get in hard investment dollars, we get generally around, on average, probably around $2 of expiration and So that's just sensational. It just means we can de-risk the project with less dilution than almost anywhere else in the world. So that's fantastic.

5:22 It also works on the development stage. So if, as, and when we build this thing, let's say it costs $490 US to build the first wave, literally 30% of that will come as tax credit from the feds and 25% from the province. And you can turn those tax credits to cash. So nowhere else in the world you're getting that type of benefit. So it's really a great place to discover a great project. It's a great place to build a great project. So let's talk about the discovery process. So obviously we made the first discovery was really the Nickel zone, the NISK name, when we acquired that from Critical Elements, who maintains a 20% interest in that section of the property. And We bought 80% earned in and it's fully earned in and we've basically expanded that quite a bit. We had 3.1 million tons of historic resource, 1.5% nickel equivalent at the time.

6:16 MRE was posted for about 7.1, I believe. Probably, you know, arm waving, it's probably, you know, closer to 8 1⁄2 or so now, as our guess. We didn't stop finding nickel, we just found something better. So what happened? Of course, the legend has it that there was 200m left in the drill budget. Standard hole at Nisk was 400m and we didn't want to add any more cash that way at that time. So we looked for a 200m drill target and we went up North and we found the line zone. We drilled it thinking we're going to find Nickel and instead we hit the mother load of Copper Sulfides. There are 5 of our best holes. You can see 21m almost of thickness.

7:04 Look at those it's, that was 8% copper equivalent. That's using 950 PGEs, which obviously the PGEs have taken off lately. And look at the PGE numbers, 6.7 of Palladium and 4.7 of Platinum. So almost more than a third of an ounce of PGEs in this thing in certain areas. So we're probably averaging over north of 6 in the overall thing. So my internal calculation might be is that we're probably close to 1.5Moz to 2Moz of that. Forget everything else. You just think about 4% Copper in that. It's crazy. Plus you've got Gold and Silver. It's really been a jewelry box. I don't think people appreciate that and probably haven't focused on it enough. We certainly will be emphasizing that particular aspect of our mineralized area as we go forward.

7:59 When we went out and basically raised the money, it's still a very tough mining market, even though the commodities have run, the capital markets have still been tight. So we were able to raise the money against a lot of other worthy projects, generally because we're so cheap. So why are we cheap? Well, we'll get to that in a second. But if you look at it on a comparable basis, these are some of our comparables that we would look at and say, hey, here's sort of where we're at. Here's where our comparisons are at. Clearly, there's a re-rating coming for Power Metallic. When will that happen? I'm not sure, but we think sort of sometime soon, certainly this fall we think. And a really good comparable is look what happened to Adriatic. Adriatic, I think it's just been acquired or the agreement is to acquire them for about a billion and a half.

8:50 So we're trading at, you know, sort of 1-8th of that at the moment. It's very similar. Obviously, it's a different type of deposit, but it's polymetallic and it's about $500 a ton in terms of value. That's about the same as what we would think ours would be on the line zone. So we think we're going to get there very quickly on the tonnage side, in addition to having the nickel stuff that's there as growth. So it's like at some point in time, there's going to be a re-rating here. So I think that people saw that sort of said, well, you know, they're really trading at a deep discount for what they've already sort of found. And that's sort of the point. Plus the big sort of I think the clencher was, hey, they're very likely to find a lot more. And so why do we believe that? Well, we believe it for this reason. So it's an orthomagmatic deposit, right? Nickel, copper, PG.

9:39 And there's not a lot of these. They're very sort of rare, maybe 20 or so in the history of the world. And generally speaking, every single one of them has become either a major or a super major. So that means either a million tons of contained metal or 10 million tons of contained metal or somewhere in between. So right now, analysts will tell you we're sort of somewhere between 350 and 500,000 or somewhere arm waving out there. So that means that the project got at least double or triple to get to be a major. And what are the odds of that happening? Well, 20 have done it before. So if we don't do it, it would be 20 to 1, right? So highly likely we're going to grow. And it's the question of how much are we going to grow. And one of the numbers that you should keep in your mind, this is the point that we make with our investors, and I think that's one of the reasons why we got funded, is that on average, when you find a ton of copper sulfide on these projects, you find an average around 5 times of nickel sulfide. So while right now it's probably 1 and a half or 2 to 1 copper to nickel, the copper side is growing because that's what we're looking for. That's the high grade rock at the moment. But at some point, we're gonna also add a bunch of nickel.

10:49 And the nickel sulfide that we find is likely to be a lot higher grade than the current grade at NISC main. So you can look at that grade range here. Oktoberiski of course is a legendary core of Norelsk, which is the granddaddy of all these types of deposits. And it has this particular section here has over a trillion dollars worth of metal in the ground in a square kilometer. It's an absolutely mind blowing number. Grade wise, we're actually, you know, comparative grade wise to that. Of course, we don't have the thickness that they have. We're hoping we're spread over a few more things, but at the end of the day, it's highly likely that we're gonna grow, okay? And so that's one of the asymmetric upsides to investing in power metallic. You're buying it at a deep discount and it's highly likely to grow. OK, and we've got the resources to make that growth happen. What do we see happening? I would say, you know, we'd be very, very disappointed if we didn't get to at least the 40 million ton range, which is what Ciccati is or was back in 2006 before they've gone a different route to sort of grow their resource by lowering their cutoff and whatnot and expanding that way. So I think it's now tending toward 100 million tons.

12:03 But, you know, and the probably the upside is can we get to Voisey's base that size? Who knows, you know, only the drill bit will ultimately determine, but isn't that terrific as an investor if you're buying something at a deep discount that's almost for sure gonna double or triple, you know, from the resource growth perspective, and then still has significant upside beyond that. So ultimately, you know, that's what led us to be able to raise the money. That and I think the fact that people recognize, you know, that there's a definitely a, you know, gonna be a swing to commodities. The discrepancy between equities and commodities has never been greater than right now. Yet you're now starting to see, you know, presidents and, you know, putting 50% surcharges on copper. Why? Because they're very concerned that they're wanting to, you know, encourage mineral growth in their areas. You know, so all these things are basically going to drive focus on commodities and supply chains. And you're seeing U.S. Governments investing directly into rare earth projects.

13:02 And, you know, I believe there's going to be a lot of this, like they've done it with lithium. They're going to do it with a number of other projects, I believe, because there's a desperate hunt for critical minerals. We're right in that hunt. And so this chart is going to change and float a lot of boats. And if you have a great deposit like we do, it's going to help you a lot. So that's at the end of the day why we're able to raise the money. And remember, we raised the money at basically a buck 45 a share is what the investors paid. So right now, obviously, it's trading at a discount. Why does that happen? Well, there's a number of reasons. We got this done and then the whole tariff shenanigans started to happen that sort of destabilized the overall market and led to a lot of people start holding on to cash and just being risk off. So there was that. And then obviously, generally speaking, it seems after financing, at least for us, we tend to sort of fall back a little bit. And then we started forward, like last year at this time, we had just done our 66 cent financing.

14:02 Stock had gotten, I think, 75, 80 cents. We did the finance at 66, you know, as a net number, I think we ended up getting a buck 25 or so. But at the end, the stock came down to 50. And then of course it roared back to a buck 95 based on good news. Like in these companies, you can't be promoting 24 7,365, there's a natural sort of news cycle. So we're about to head back into this news cycle now where, hey, we've had the money for a while, we're spending it wisely, We'll soon see how we're doing that. And we're starting to generate drilling results. And soon that will generate assays. And these are the things that really sort of drive us as we go forward. So the team really hasn't changed much in the last while. It's the same group that are highly motivated to make this thing work.

14:51 Probably, you know, the most significant players, you know, from our side of things is the science, because obviously from our perspective, My job and the job of the board is to make sure that we deliver the capital to the scientific team so they can execute on a strategy we've approved, okay? So we've done that and Joe and Steve were on the call. They're gonna get into the strategy they're executing on our behalf right now. And we couldn't be happier to have these guys. And we're super lucky to have them, just to refresh you on their CVs. Joe runs a company called GeoVector. They're one of the top 2 or 3 geological consulting firms in the country. And it was really awesome for us to be able to work with these guys because it gives us tremendous depth and talent that we could never have otherwise attracted to a nano cap explorer at the time when we started this project. Yet we've been able to scale from 1 rig to 2 rigs to 4 rigs and soon to be 6 rigs, and with qualified personnel always available to sort of do this in a professional way, just like any big company would do it. You know, Joe was trained at Western Mining and obviously went on to a very successful private career and now he's running the consulting family, but he's also our VP of exploration.

16:03 We're thrilled to have him. And then Steve, of course, also trained at Western Mining, although the guys didn't know each other, but they knew of each other, I think. But they approached deposits and exploration in a very similar style. I remember Steve telling me when he first came to the site, he says it's the first time he'd been to see a junior that actually did things the right way, you know, and actually had the data stored the way he wanted them to have it. He says usually his first couple months is just rearranging how the data is stored. So, you know, Joe and Adam and Eric and the team at GeoVector has done a great job of obviously managing the drilling program and storing the data and putting the pieces of the puzzle together and that allows Steve to add his special sauce. So we've been super lucky with respect to that.

16:50 So what are we doing? I'll just give you a light touch on the exploration because we're gonna get more in depth with Joe and Steve. So generally what we did is we started to pull together a lot of bigger picture stuff. So gravity surveys, EM surveys now across the whole, this was our current panel, the outline here that you see in the blue perimeter. Underneath here is the Hydro-Quebec land. And then of course, as you no doubt noticed, we've announced and even in the update, we expect, I believe it's gonna close tomorrow. I think I've signed all the paperwork. Far as I know, we'll close tomorrow and we'll acquire the lift package. So generally speaking right now, what the summer program is focusing on is a couple of rigs around Lion on extending Lion, 1 rig around Tiger.

17:40 Tiger has had some very interesting sort of shallow, not shallow, but thinner intersections, but very high grade. We haven't found the resource there yet, but the borehole EM, which has been our key tool, still identifies a lot of targets there for us, so we got to sort of flush that out. And then we're also working this ground between NISQ East and Lion. And The whole idea is we believe NISK East or NISK Main, as we call it over here, are connected to Lion subsurface, whether it's a continuous connection or there are pockets. That much we don't know. That's what this ongoing program over the summer and into the winter will determine. We'll be drilling a span of 300-metre holes across this patch of ground and then doing borehole EM there to identify.

18:29 The borehole EM, just to refresh your memory, is a technique. It basically uses just electromagnetic energy to send a pulse. It reacts to sulfides that are in the zone, which is about 150 meters or so. And then what we identify is a spatial spot where this blob is, and may take a couple of holes to target it, but we've been 50% on our borehole yams and no false positives. So it's been a very effective technique to continue to grow the resource. And then of course, as a result of knowing what the resource looks like from a geophysical level, from a geochemical level, from a geological level, it allowed us to get an understanding of the geological potential of the region. So we believe that ultimately, this will not just be a Lion Mine and probably a NISQ mine.

19:22 There'll be, we think, several mines in this area, and this will be a district. And so this is why we were able to, you know, went out and negotiated and, you know, but, you know, manage to acquire this package from Lyft. And people will say, well, why would Lyft sell? And the answer is, well, it's pretty simple. You know, it's, it's, it takes a lot of exploration, expertise and dollars to unlock this. And so I think they, you know, were smart and realized, Hey, look, they've got a very good lithium company that's focused on some core lithium stuff.

19:53 They still kept some stuff that they think there's a, like up in here that their, their perspective on, on gold, that they want it to keep. And we said, okay, that's fine. But I think they realized, look, this is gonna take expertise that they would have had a hard time replicating at a reasonable cost in this marketplace. So this is a smart thing. We tried to buy it for cash, but they said, no, we gotta have stock. So, okay, so they're getting to be a part of the Power Metallic team and we welcome that. It's a good move for both sides. When you make a trade, it's got to work for both sides and we feel that was a really great trade for us and a great trade for Lyft and ultimately will create value for both companies. So, this ground is, we're just, as I say, we're closing on it tomorrow, I think. And then, you know, immediately we'll be doing a full exploration workup on it. There's a lot of stuff that's already there that Lyft had done on the geochemical side that we'll be able to take advantage of, but Joe and Steve will go into that in more detail, but certainly we're feeling very bullish about that.

20:52 We'll talk about the MET update, which we expect to maybe get out towards the end of next week or first of the following week. And generally, the MET studies are a three-part process. I'd say we're both halfway through. Ultimately, it'll end up in a full metallurgical study that we could get it done as early as the end of the year, but it could also bleed over into early Q1 of 2026. And what our objective is here is to actually, while we're not doing a 43-101 on the line zone rate yet, and the reason why we're not is that generally on these fast growing deposits like Great Bear, if you recall the legendary gold story there, Great Bear, or Philo, the copper story that has captured the imagination of the world. Those projects did not do the 43-101 until, I don't think Great Bear ever did. But our plan would be probably end of next year to update this. Let's let this thing run. We post all of our drill callers, all of our assignments, all of the assays, so people can model it up so they can get a sense of how big this thing is based upon their own internal views, whether you're an analyst, you know, working for an investment bank, an analyst working for a major, or just a desktop analyst, you know, somebody who's got the skill set to use leapfrog or whatever, you've got all the data you need to model it up and come up with your own numbers. The one thing we will give you ultimately is the metallurgical recoveries which will help you really sort of crystallize

22:22 your model. The big takeaway here I think that the concern would be like one of the companies that was in our comparable list was Chalice which was a big story down under in Australia. In our last round, in that 50 million, 25, 50% of it was from Australian investors. Their number 1 concern was they didn't want another Chalice, just because Chalice had got to be a couple billion in value, and then it shrunk back because of disappointment on metallurgy. And I mean, they're working on it. Charles is a smart company. They're trying to work their way through it, but it's a different beast. It's a low-grade PGM.

22:57 They call them PGMs in Australia, and they call them PGEs over here, but generally speaking, it's a platinum group elements. And so that is a lower grade 1, and that's more challenging to process. So that led to a lot less recovery and much higher capex. Ours is a completely different beast. Ours is very high grade and the work we've done to date, we'll obviously have an update on it next week. We suspect almost all of the goodies, all the minerals are going to report to the copper concentrate. That means it's going to lead to very high recoveries. Right now we're running at an 80% recovery. And I remember when we first got Robert Friedland to invest and I asked him what he thought about metallurgical and whatnot. And he has a company called, in his Ivanhoe mines, he has Platte Reef in South Africa, which is a polymetallic.

23:45 And he said, look, I'm getting high 80s, low 90s there. He says, I have no reason to believe you won't be able to get the same. So I think that's what we're expecting. But again, we'll have an update on that probably in a week or 10 days. So let's talk just quickly about the milestones. And then we're gonna turn it over to the boys to get more in-depth on the exploration. So we're ramping up exploration. Obviously, we started with 1 rig, then we went to 2, we're at 3, the fourth was being scaled up. There was a bit of a delay on one of the parts I guess. I thought it was actually up, to be honest with you, but it'll be up shortly. And then we'll run the 4 rigs up until September 15th.

24:22 We'll pause for the moose break and then October 15th we'll start back up with 6 rigs. So we'll be ramping a pretty aggressive program. Size-wise, we're certainly going to drill between 20,000 to 25,000 meters between now and September 15. Probably something similar from September 15 to December 15. And then the balance of the 100,000 meters will be drilled in 2026.

24:49 So we've got a lot of targets, OK? And ultimately, what drives valuation is resource expansion. So we think there'll be a re-rating of us because we're fundamentally super undervalued relative to our peers. What will trigger the re-rating? Well, we think there's a couple of things that could do it, like more, obviously more positive assays. I think as people become clear that, hey, this is super high grade, this is a mine already, it's going to happen, then it should trade at a much, much higher level. You know, one of the things that could be a catalyst to that could be a move to a bigger exchange and we're certainly exploring that opportunity. I think we'll have some news on that in the not too distant future. Obviously we've increased our land package, we're continuing to try and increase it further. We're a big believer in this being a district and we're going to be the player in the district because we've got control of the football.

25:39 We'll have the study out, you know, update sort of in the next week to 10 days and a full package on that end of the year or early Q1. We think that'll be a very positive news for the company. And then a couple of the other opportunities that are not as impactful as NISQ, but still will be beneficial, will be, we're just in the final stages of listing Chilean metals on the TSX-V. That'll unlock some value for us. We think there's some pretty interesting opportunities there. We certainly were getting no value for it inside of Power Metallic. This will be a way to sort of monetize that for our shareholders and ourselves. We'll own 50% of our current shareholders pretty much from in mid-February on the other 50%. We've been working on a feasibility study on developing a nickel powder facility using the NISQ nickel concentrate.

26:30 When we were primarily the nickel company, Power Nickel at the time, CVMR had approached us. CVMR basically is one of the world's leading nickel refiners, certainly the largest private one. And they make nickel powder. Nickel powder is basically a very valuable commodity and it's maintained its price even while nickel's had its own challenges. Nickel might be, I don't know, 16,000, 17,000 a ton right now, you know, nickel powders are getting between 40 and 60,000 a ton and probably cost you an extra $4,000 to process. So if you can get in that business, if you have the technical capacity and know-how,

27:06 it can be very lucrative. So we're evaluating that and we're working our way through those studies right now and expect to have something in H2 on that. And The final thing to talk about is we announced a couple of weeks back that we had won a concession in the Kingdom of Saudi Arabia, Shebaob, and we looked at half a dozen spots down there and bid on 1 and got it. Question we get is why are you looking at that when you've got NISQ? And the answer is simply, it was

27:37 such an interesting package, we couldn't pass it up. What was 2 reasons why it was exciting? Or 3, really. One was the Kingdom of Saudi Arabia actually actively asked us to go and do it. And they said, look, we can't guarantee you're going to win, but we love what you guys are doing exploration-wise. We want people that are real explorers to come down here and do this. The exploration packages in Saudi are impressive. You're looking at, you know, I've had really smart geologists say it's like going to the Abitibi in 1940 with new technology, with the current technology suite you've got. Imagine if you could go prospecting in the Abitibi and have your pick of land. So that's super attractive geologically.

28:16 So we think it's very underexplored, probably one of the most underexplored places on earth. So there's that. 2, the Saudis are pouring enormous money in there. So they're putting in a lot of benefits to explorers. So we're probably looking at, you know, if you were to spend $4 million on a package to get a first wave of expiration, 2 million is coming back from the Saudis. So that's impressive. The other thing they said they would do and they have done, they said, look, you guys come down here and we'll introduce you to the top 5 family offices in Saudi.

28:46 They have a personal family offices between 50 billion and 110 billion. So we've actually done, met the family that runs them, met directly with the brothers and we're having ongoing discussions. So the idea is that PowerMetallic Arabia, which is our subsidiary down there, will eventually become a joint venture with these guys. So that'll be most of the early capital needs will be coming from them. We'll be providing the expertise on the exploration. And then our eventual hope is that at some point we'll go public there. There's a Saudi stock exchange where companies that are trading for a billion and a half dollars that probably would trade for 10% of that over here. So there's really sort of significant longer term vision opportunities there. We basically think that in terms of manpower, it's pretty much a business development manpower at this point. None of our expertise team is focused on that at the moment. We're focusing on NISQ. We're doing some long range geophysical, geological surveys down there. That's what we'll be doing over the next 9 to 12 months.

29:46 Lot with Fleet, one of our current partners that we've worked with a lot in the past. And so that'll generate a data set

29:52 for us 9 to 12 months from now. 9 to 12 months, we're gonna know a lot about NISQ. And so like all companies, you gotta have seedlings that are gonna grow for you down the road, And that's what we sort of see in the Saudi experience. So that's the reason why we did what we did there. So that's sort of a good wrap for sort of where we're at as a company and what we're doing and how we're going to create value. So we're going to basically have a really significant series of news flows, starting with really this update, and then there'll be the NIST closing, and then the Met Study update, there'll be some

30:23 more corporate stuff that I think will be exciting, and then we'll get into the assays, and then there'll be probably a new major exchange coming. So this is gonna be an action-packed fall, and sort of what happened last year where were the stocks sort of staggered a little bit in the summer and that came roaring back. I'm expecting history to repeat itself. But let's talk about the really what will always drive valuation and that's the exploration. So I'm gonna turn it over to Joe and Steve now to have them walk us through their thoughts on what we're doing on the exploration side, how it's going and what the future holds for us. So Joe, why don't you take it over from here. Joey, you're just on mute.

31:20 Sorry about that. Terry, can you go back to that slide that shows the 4 boxes that we're working on right now? Okay. Sure. Yeah. Let me do that. It's something good to talk to. Okay.

31:44 Yeah, that's good. So as it stands right now, I just had to skip there. That's not what now. Yep. Yes, good. Our main activity is obviously on the deposits that we already know are in place. And as Terry said, we've got 2 drills running on Lion. We're moving a drill into the Tiger area, actually the drill that dropped off yesterday and it's lining up today.

32:16 And we have another drill that's down in the NISC East area. So that's the 4 drills right now. We want to move into that on-test potential area, but right now we just have some bigger fish to fry by going down the plunge on Lion. And we need to put some infill holes, as Terry said, the resource is shown to be substantial in size and grade, but we've got some pretty wide gaps between some of the holes and we're starting to fill those in as well as go for the extension on the line deposit. So the ultimate goal is we believe there's a much larger Nickel Copper deposit associated with this system.

33:08 And so we've gone back into the NISC area to drill on zones that we have already seen indications of changes in mineralization and we're following up on those in the NISC East area in particular. And then we're drilling on some borehole EM plates that we identified in late 2024 and early 2025 around NISC to try to see if that's going to vector us towards this larger deposit. As all of this is going on, and remember that because this is summertime, we have a mix right now of helicopter-borne drills and skid-mounted drills.

33:54 The program

33:57 started up relatively slowly at the beginning because we were trying to go through some discussions with the Environment Department in Quebec about what we could do on the skid side in the summertime. And we've resolved those issues and we now have 2 skid drills operating along with the 2 helicopter drills. So in our camp, we have a large technical group. We have helicopter pilots and engineers. We have enough drillers there to run 4 drills. And then on top Of that,

34:31 we're gearing up for expansive LIDAR surveys and airborne EM. With the airborne EM going to be used to help us vector into areas that we know are already perspective from the geology side. So we're focusing in on the ultramafic sills that are associated with the mineralization. So from a geology point of view, we have field crews out doing detailed mapping throughout the property package to

35:11 make sure that the geophysical anomalies that we see are backed up by the right type of rocks. And then the airborne EM survey, hopefully will start to light up some conductors. This airborne survey will have incredibly accurate GPS location. So there's a very good potential that we're going to be able to actually develop drill targets straight off the airborne without going back in and doing ground geophysics. And so that's kind of the goal right now is identify the good geology, get some airborne EM over it and then build targets.

35:57 And once we build up the drill targets, the next step, just so people understand that there's a timeline involved with this, we have to go in and start to permit those locations for drilling. In anticipation of that, we've already initiated some broad permitting exercises that are pretty much through the sort of bureaucratic hoops right now. So we'll have lots of areas that we'll be able to go into immediately once we identify the targets more accurately of where we'd like to put a drill. But basically, as we've said in a previous release about the lift ground, what we're trying to cover off is the edges of this basin.

36:46 We see that as the most perspective and easiest for discovery

36:54 for these, what we anticipate are going to be multiple deposits that are going to show up on this package of ground. Then you might want to expand on that, Steve, just to give people an idea of what our overall strategy is for these deposit types. Yeah, so thanks, Joe. So one of the key things to understand is that is the difference between an or shoot and a deposit. So deposit is made up of many individual lenses or shoots. A good analogy would be an Abitibi VMS system which is made up of many individual lenses. We've been following Lion down Plunge. We obviously have the NISQ system and we have Tiger, even though Tiger so far has been a little skinny, a little thin.

37:46 There's no reason to write that off. In fact, there's a great deal of good reasons because it's dominantly nickel sulphide.

37:54 We know that it's gonna be part of the larger system. Because this deposit is very strongly remobilised, much like the Thompson Belt in Manitoba, very, very similar structural styles. We expect to find many, many chutes. So the number 1 job at the moment is to follow line. That's the logical thing to do, but you can hear from Joe that we're prepared to follow other chutes as well as expand towards perhaps the use of a more like camp or district term, in other words, multiple deposits. We believe Both are likely and the very structural, the nature of the structure means we just got to keep following these things down there, their structural control, which is the fold plunge that controls both Tiger and Lion itself. So we'll keep doing that and then we'll find new examples. The big thing that we've done in the last few months is change towards this EM dominant strategy. It's been remarkably successful.

38:57 I don't think I've ever seen anything as successful as this in the world. Usually you have large false positives. So most nickel sulfides require a sulfide or graphite as part of their ore genesis. In this particular case we've got no examples of that as of today and therefore every sulfide, every EM response at the moment is nickel or copper sulfides. And that's a wonderful place to be, and long may that continue. So I think the other interesting thing, you know, that, you know, when we, when we talked about, you know, you know, Sudbury is obviously not a direct geological analogy, but, you know, a couple of things there, both the size of Sudbury, which has 33 mines and, and the, you know, the, you know, the footwall deposit similarities where you have the high copper and the PGE's and you know, the integrate sort of You know metallurgical recoveries there. Maybe just talk a little bit about that, Steve.

40:07 Yeah, so I've been very aggressive with the use of the term polymetallic and discriminating it from nickel sulfides. Obviously, in this case, polymetallic just means multiple metals, but really the economics of nickel at the moment are very squarely controlled by nickel pig iron and or the RKF laterite systems of Indonesia. And that makes people feel a little pessimistic about nickel, but actually there's a very clear message, which is the upper quartile, in fact the upper 10% are all polymetallic systems and they're all high in nickel, copper and PGs. And the way you get all 3 metals it's not something that's a given, not every deposit can be turned into a polymetallic system, not every nickel system can be turned into that and in particular the very high copper and PG and gold and silver That's a characteristic feature of what we call technically sulphide fractionation.

41:06 And so that high copper zone is characteristic of all the big deposits of the world. So the examples would obviously, as Terry's alluded to, Oktoberiski is the granddaddy. That's the big example in the Roos camp, but the one that's nearby is the Sudbury system and even though Sudbury is a different or genetic model, from the purposes of talking about metallurgy and zonation it's the best example. So there are 30 or 40 deposits inside the Sudbury camp. Each one of those deposits is around the lion size. Some of them are a couple of it a little bit bigger, most of them are smaller than lion. So that gives you an idea that it's not a ridiculous comment to make that Sudbury is a good analogy. So I'll give you a specific example.

41:53 If you go to the Levac and Morrison systems, you'll find Levac is a nickel sulfide system, what we call an MSS component, cumulant component, and Morrison is the Copper PG component. And that's that typical zonation that we see at Sudbury. At Sokati and in Octobrisky, it's zoned the other way. Copper at the top, PG's at the top and nickel at the bottom. That's the, obviously that's the better way to do it. Sudbury is a 120,130 year old camp and the copper systems are relatively deep. If I was gonna be picky and choose, I would choose to have the copper and PG's at the top like off to Brisky and Saccardi and like Lion is just from the purpose of having the higher grade dirt at the top, faster capital payback and everything.

42:42 We know from the zonation of these systems that there's going to be a larger nickel component. We don't know where that nickel component is, although we have started to intersect it. Again, I've been clear on that from the start. There is going to be, this is going to turn into a more nickel sulfide play. But obviously, one of the things that we want to do is find all of Lion, all of the copper PG part while we can, and even more other shoots that are copper and PG rich, just because that's the real special character of lion. So Terry's alluded to the metallurgy, it's really worth expanding on that. So we talked about the Julemar system and not to put too much emphasis on Julemar, but Julemar, the plat Reef, these are low-grade systems. Low-grade, small volumes of sulphide, disseminated sulphides, large amounts of gas.

43:42 What does that mean? Just means more complex metallurgically. So when people see these polymetallic grades, they think that means complex. That's not true. Sudbury has been mining these systems, as we've already mentioned, for 120,130 years. So I've encouraged everyone to look at the metallurgical characteristics of Sudbury, have a look at something like Morrison, any number of the football deposits. We've put this 3 phase program together for metallurgy. It looks a little academic and cumbersome, but let me take you through why. It's really important when you've got a zone system to understand what PGEs and what noble metals are hosted in which phases, in particular in the copper sulfide. So our deposit is chalcopyrite and cubanite. Those are the 2 sulfides at the top, that's where the copper is. It's really important to find out which PG is where.

44:36 What we've done is been through the first phase, we're halfway through that second phase and the results so far have been very pleasing. And to be honest, really logically so. So those who are experienced from either Sudbury or Narelska or Sucati will know that a high-grade copper PG system is going to have high PG recoveries. Our job is to take those words which are conceptual and turn them into reality. And obviously, as Terry has already pointed out, we will be releasing some preliminary results just to show you there's no fatal flaws. And then we'll be working towards later this year, hopefully later this year, if not Q1 next year for a full metallurgical study with full recoveries.

45:22 But we just want to, in the meantime, let people know that, you know, jump across to the province next to you in Ontario and you'll see a good analogue. Steve, you know, and Joe, I get questions a lot. They're saying, well, you know, just where are you at and how many meters have you drilled and, you know, what's your pace of drilling? Maybe you could comment on that because I think people would be surprised at how we're getting at it. I sort of alluded to the beginning of the program and said that we started up a little bit slow and we were trying to get 2 skid drills on site, which we do have now. I didn't want to leave the impression that we were sitting on our hands. In the first 3 weeks of the program, we drilled 6,000m.

46:09 So we are getting very good productivity and that productivity includes the downtime that we need to do to do these borehole surveys, the borehole EM. So for us to pull off 6,000 metres in 3 weeks is just an indicator of First, the quality of the driller that we have, and I just put a shout out to RJ Allen Al, who's the drilling company that we have working for us, and for the efficiency of the technical group that's making sure the collars are in place. We got the permits and we've got the environmental okay to go ahead and do these things. So the estimate that Terry gave you is not sort of blowing smoke.

46:59 I Really, I would expect that we're probably going to get more meters drilled this year than what Terry has indicated. But we'll stick with Terry's number for now, and hopefully, it will over-deliver as the year goes on. And just a comment on that, Joe. One of the ways at the EM, a Boho EM approach works is it just makes things a little slower, but only a touch slower. But we want everybody to appreciate that the EM has been so successful that we don't wanna change a winning formula. And there's a question in the chat, which I'll ask now, what do we attribute the low false positives? That's a really, really good question and a tough question to answer. At the moment, I usually qualify that by answering that as of today, the 10th of July, there are no false positives. It will be my expectation at some stage that there will be false positives. But for now, we're running at 100%, which is unheard of.

48:09 In my career, I've only seen this once before. Most nickel sulphide camps, most polymetallic camps have closer to 90% false positives. So completely the opposite scenario. And you can imagine with a high false positive rate, it slows the whole process down a lot. So between Joe's team's efficiency and the false positive rate, we're doing well. You know, Steve, that's probably a good segue to Kyle to maybe go to some questions. You know, with the presentation up, I can't really see the questions. So maybe Kyle, why don't you nip in there and sort of see what we've got and questions that we should maybe try and answer some folks. So we can sort of spend some time on that and have a discussion.

48:57 Yep, no problem. We have a few here. So I'll start from the top and work my way down. Klaus is asking when the next drill results will be published, regards. So yeah, we dropped off assays, I think about a couple of weeks ago. So generally I've been saying to people mid August to the third or fourth week in August, somewhere in there. Generally, that's historically what we'd expect in terms of response times. So that's probably a pretty good estimation. And for perhaps Joe here from Sean, To what do you attribute the low false positive Borho EM indicators? Structure slash grade, people, new tech, luck? First off, the area that we've done the drilling in is a very small part of the whole package that we're looking at. And in that particular area, the rock is what we call clean rock.

49:57 It doesn't have the graphitic responses that you would get from an EM survey. So your slatey iron formation style rocks are not in this area. But as Steve pointed out, We're gradually expanding the area of our look. And even based on our geology surveying that we've done, we're expecting that eventually we're going to start to see those types of rocks occur. And they're the ones that will slow the process down as we get those false positives. But right now, the geology that's around Lyon is clean. It just does not have anything that's going to give you an anomaly unless it's sulfides.

50:47 One of the things that I observed sort of firsthand, which is why it's so, you know, one of our greatest moves as a company was getting Steve on as an advisor and ultimately as a director. You know, when we were doing this particular EM survey in this top corner, we did a ground EM in there and initially it wasn't working because these are power lines here, you can see where my cursor is, and it influences the EM success, and it was obstructing us getting a clean read. So, you know, we went back to Steve and said, hey, you know, this is not working, you know, any tricks up your sleeve, what can we do? And so Steve reached out to a colleague that he'd worked with in Finland, because they had a similar situation. And they said, well, how did you guys work it? And they say, well, you know, the new ground EM approach doesn't work, but the old one, if you lay out the coils a certain way, it will work. At least it has worked for us. And we tried it that way and it worked.

51:49 And those types of insights that we get by having people like Joe and Steve on board, that just saves companies like Power Metallic millions and millions of dollars of exploration waste. Because you're only as good as your data. You got to get the data somehow. And you got and what's cool about, you know, Steve has got like a a case of tricks up his sleeve, you know, and he he rolls them out as we need them. Because obviously, as you get deeper, it gets harder because Mother Earth is ever a crafty person. And she hides her minerals well. So you have to continue to be ready to bring out new tools. So right now, borehole AM is working, but we're already planning for when we'll have to move to the next tool in the cupboard to unlock what we think will be the plentiful riches here of the limestone. But it's it's comforting to see it in action that, you know, we're able to adjust in real time. And, you know, that speaks to the, you know, the experience of the exploration team, because, well, you can't You can't beat that.

53:02 I think just to expand on what Terry is saying, through Steve, we got a line on a gentleman who has experience in this deposit type, Matt Penny with Hard Rock Geophysics, And he's been dedicated now to this project. And the changes that Matt has made in how we lay out loops and how we carry out the downhole, the borehole and how we interpret those results has been a night and day in our ability to generate plates that come up with successful intersections. And Terry, if you could share whatever you're allowed to disclose, but an individual's wondering if there's any positive visual results from the 4 rigs this summer so far?

53:49 You know, we we've shared some little teasers today, you know, we're very bullish about what we've we've got, you know, we're keeping some some stuff back, you know, and we'll have more, more interesting stories to tell as we go forward. Let's just leave it at that. Definitely. Sullivan is wondering when will the lift property be drilled this year or 2026? Yes, I mean, I'll defer to the guys, but generally speaking, I would think it would be after October 15th after the loose break, you know, we and it'll ramp up over time. Certainly the, we'd expect to probably get some holes into it in the, in that October 15th to December 15th, and probably, you know, the near stuff that's near, near the current, you know, discoveries.

54:52 And then, we're, we're waiting on the, obviously the airborne EM surveys and the ground surveys that we'll do or whatever to really sort of upgrade them to direct drill targets. I'll turn that over to Joe more directly, but that's my understanding. I think that's a fair timeline, Terry. Again, The baseline work that we need to do is the mapping and prospecting. We're actually collecting a lot of surface samples. Those will give us a really good indication of where we should be putting our effort. But once the EM comes through, and the other survey that we are carrying out is LIDAR.

55:40 This is an area, obviously we were in Northern Quebec, there's a lot of water bodies and swamps and everything else. And so the LIDAR is critical for highlighting where outcrop is. And along with the LIDAR will come 10 centimeter pixel airborne photos. So we'll actually be able to, in some areas, we'll be able to actually identify what rock types we see in those photos and get the crews in to do detailed mapping on them. So all of those things just take some time. So it'll be certainly after moose break before we're ready to plunk a drill down. Another individual has a question here. On the back of listing on a larger stock exchange, what is a realistic share price that investors should look for from your experience?

56:35 And in brackets, they say range wise. You know what I mean? That's always the toughest question for any public company to answer. You know, and we really technically can't even answer that. I mean, we always you know, I think, you know, we showed you our comparables, we showed you what, you know, for example, Adriatic sold for a billion and a half, you know, for 13, 14 million tons of $500 rock. Do I think we're going to get to 13, 14 million tons of $500 rock? Hell yes. I think we're going to get more than that. So, and do I think a deposit like that would sell for more than the Serbian deposit? Yeah, because we're in Quebec and it's just going to be a whole lot easier. It's closer to the surface just for a variety of reasons, Fortress America, etc.

57:23 So, you know, those those would be the things that I would say to you is that fundamentally, we're very undervalued on a comparable to our peers based on the metal that's been discovered in the ground and what we believe will be discovered at the ground. And that's what ultimately drives value. So I don't want to cap it. You know, I think, you know, I think this is going to be a very big deal at the end of the day. But I've always said that. And of course, I'm the largest shareholder. So I'm talking with my heart as much as anything else. But, you know, I think the facts back is up that it's highly likely that this is going to be a world class project and world class projects will get paid. Brandon asks, based on all the scans you've done, do you see any other lion style targets that are immediate targets this summer or fall?

58:15 I guess I can go for that. We have some EM conductors already that we would like to go after. In particular, There is 1 in the Tiger area that has been worked up by Matt and we're pretty bullish on it. It's a target that we have to wait for winter to drill to be able to get the drills in. So that's sort of 1 where just pins and needles, we're waiting, we want to go and drill this target, but it'll be after freeze up. And then there's anomalies along the Lion NISQ connector.

59:06 Those were identified using a low-powered system a few years ago, and we're reflying those areas with the new AEM survey so that we can better define the amplitude and the location of those targets. So once that's done, and we're getting, just so people understand we don't have to wait till the whole AEM survey is completed, We're actually getting daily draft results so we can start working up anomalies almost as soon as the aircraft lands. We want those areas flown to give us better resolution on those anomalies before we go in and drill them. But I suspect that we'll be drilling those anomalies this summer.

59:58 Thank you. We are at the top of the hour. We have one final question here and then we can wrap things up from Kyle. Any timeline for JV and Saudi Arabia in negotiations now? You know what we're going down, I think Conor and I are going down mid-August or it could possibly slide to 1st of September. We're going to try and wrap up an Australian update trip at the same time. So we're going to have ongoing discussions. Internally, I'm sort of thinking by the end of the year we'll wrap something up and it could happen sooner. There's a lot of interest and this is somebody we're going to be in business with for a very long time so They want to get to know us, we want to get to know them.

1:00:47 Obviously, there's no shortage of capital there, there's no shortage of interest. Both sides need each other to move forward. We obviously want to generally use their capital to go forward. We'll obviously be putting some money in, but generally speaking, we want to, you know, access the capital pools that are out there for that particular area, which are, you know, amazing. So that would be the timeline I think is sort of, you know, by the end of the year, it's probably a good, good, good guess. Excellent. Gentlemen, thank you so much for your time and thank you everyone that attended today. If you came in a little late, this is being recorded and will be available within the next couple of hours or so for my team, both on YouTube and on Six.com.

1:01:33 But gentlemen, thank you so much for this update and until next time. ♪