Power Metallic Provides Market Update

0:04 Hello everyone and thank you for joining us today for another live Power Metallic update with the team. Today we're going to be going over the latest high-grade assay results and summer update from the NISQ project and as always we encourage your participation. So if you have any questions please do use the chat box in the bottom right corner of your screen. And we're trying to address all of your questions after a brief presentation here. As always, this event is being recorded and will be made available shortly after we conclude. With the housekeeping out of the way, I hand things over to Terry to kick things off.

0:31 Thanks very much, Kyle. Always great to be here. Good to be back after a bit of a hiatus of news and updates. So we're not going to go through a full pitch deck today. There's lots of presentations of me given the overall presentation on Power Metallic online. I'm sure most people are familiar with the general thesis and the story. So we'll just do like a real quick catch up and then cut to the chase, which is what we did in the summer, what we're doing in the winter, why that's important and why it's gonna be another great fall winter season for us. So just a quick summary, obviously we're well capitalized. We have over, at the end of the last quarter, over 40 million in the bank, another 15 million in warrants and options that will come in between here and the end of 2026, well in the money, owned mostly by the principals of the top 50% of owners of the company. So that's all good.

1:28 So it's great to be fully funded. So we're not in any urgency to take any out of the capital. We're just out there executing. What we're executing on is a drill program of about 100,000m. We're about 17,000m into that now. We're going to talk about that 17,000m shortly and what the plans are for the balance of the drilling. And obviously, we're in Quebec, in a great jurisdiction. We think it's the best jurisdiction in the world for critical minerals for 3 key reasons. One is infrastructure is there. We're literally off the road of, you know, route north. You can drive right to the rigs, right to the site. We're 8 kilometers outside of the town of Damascus, which has got a regional airport and accommodations and food for our team.

2:15 And it's also the home of the James Bay Cree, who are wonderful First Nations to work with. They're probably the biggest and most sophisticated First Nations in the country that through the Hydro-Quebec learning and partnership, they've accumulated a lot of expertise and they've been great people to work with in terms of moving the project forward. And the HydroLens, which we recently acquired, were a direct result of working closely together with James Bay Creek. So we're super happy about that. So that's sort of the quick, very, very 30,000 foot summary of the story. But the reason we wanted to get together with you today was to sort of lay out sort of our vision a bit about, you know, what we've accomplished this summer, what we hope to accomplish in the winter, and to give you some perspective on that.

3:04 And this is the story I've been taking. I started on the road last week in Europe, came here, flew 24 hours yesterday. It was an ugly day, but the blue jays won, So there is that. And we got here in Los Angeles on the West Coast for the week. You know, again, just supporting what we're doing in the ground. So generally I would say, you know, just a quick reminder, we raised, I don't know, $50 million into February of last year. And, you know, I think we raised that fundamentally for 2 reasons. The markets still were choppy and tough at that time. And we got the investment of, you know, pretty much the top mining individuals and funds, as you recall, obviously, Robert Freeland, Rob McEwen, Gina Reinhart, all these people that have invested with us over the years, and then a number of major mining funds.

3:59 We got that investment, I would say, for 2 reasons. 1, they felt we were fundamentally undervalued relative to our peers, and that still remains. So today we're trading, I would say, I don't know, pick a number, 20, 30% of what we believe we should be valued at today based on what we've already found. And then the other thing that I think they saw, that we see, was they felt that there was a lot of asymmetric upside on the exploration. So, you know, I think they felt that we could discover a lot more. And I think they gave us this 50 million just to figure out how big, you know, NIST can be as a discovery. And so that's really what this is all about. We're really in the business of proving how big this can be and just seeing how big a discovery this is. And so one of our observations after we did that round, Of course, you recall that we literally closed it and almost a week later they had all the duty, the process and all the upheaval that caused the market. And that sort of took a bit of the wind of the sail of a number of stocks, including ours.

5:04 And then, of course, we, you know, as things come in deposits, we had a series of spectacular releases leading up to the financing. And then afterwards, we had some very good releases, but not as spectacular and so relatively speaking, that was not, the market wanted more as it always does. So the stock calmed down and basically, similarly to what happened the previous summer when we had done the financing at 66 cents, it went down to 50. And then of course, you know, as we brought out the fall news, it ripped back to close to $2 and, you know, did the financing. So same thing happened this year, stock went down to close to a dollar and now it's back above deal price. So it's back, you know, because of the, this story that we're now bringing to the market.

5:49 And the story is this generally, you know, we've got a, you know, a really once in a lifetime discovery in NISC, which we're now going to see how big it is. It's likely that this is not just going to be the story about NISK and Lion. It's going to be the story about a district. Sudbury, for people that don't know, has 33 mines. So it's not just 1 mine in Sudbury. There's a number of them. So we'd expect this to happen here. I'm not saying we're going to have 33 mines in this area, but I believe there will be multiples. And so one of our observations, as we saw the market softening last winter, we thought, we don't own nearly enough ground up here and we really need to acquire more if it's possible. We had done a lot of regional work and we identified 8 primary targets.

6:37 And what we did was we basically found that there was a recipe for lion and nisk, geologically, geophysically, geochemically. And so we were looking for those overlays on a regional basis and we identified another 7, 8 targets. And so we went out to acquire them and we were very fortunate in that we were able to acquire 7 of the 8. And that's all part of this envelope between the lift grounds and the hydro grounds, which we'll talk a bit more in a second. So you can see, that was really critical for us. And that sort of objective, sort of structured somewhat a bit of our drill program. So our drilling this summer was designed obviously to expand the line zone and to test some other targets that we're very interested in and all good stuff that we had to do in any event. But I would say in full disclosure that we definitely didn't drill our primary targets.

7:39 And the reason for that is just common sense. Our primary targets were very close to the land we ultimately ended up acquiring. And it probably had we drilled it and been successful, would have had to disclose it and that would have probably materially impacted price and maybe even ability to do the deal at all. So we just chose tactically to let's leave those primary targets to this coming season to now effectively and to roll forward with that. So that's sort of the general thesis of what we've been saying to people. Now I'm gonna walk you through a bit more specifically on some of the acquisitions and what it means. And then I'm gonna have Joe Campbell come in and give us some perspective on the geological side because that's really what we're here to listen to. So one more slide.

8:27 Yeah, okay. So just to frame everyone's reference here, The black shaded area is the original, you know, power metallic ground that we acquired from Critical Elements. So we own 80 percent, they own 20 percent. And that's been obviously very prolific for us. We've ramped up, I mean, analysts say we're somewhere between 8 to 13 million tons of somewhere between 5 to 7% copper equivalent on that particular section of the ground. We've also got the other part of the asset, which is the NISQ deposit, which is the nickel sulfide, traditional nickel sulfide, which is about, like the MRA was about 7.1 million tons, and probably up to 8 and a half or so, probably around 1 and a quarter percent nickel equivalent.

9:14 Think of it as the land ground is sort of north of $500 rock and this is $200 rock. So obviously we've been focusing on the $500 rock as opposed to the $200 rock, not that that $200 rock won't be valuable at the end of the day. So now the ground we acquired in the blue

9:33 boxes that you see, that's effectively the lift ground. Okay, so it was about a 360% increase in land package. And Lift had done a great job of doing a lot of, you know, geochemical work, you know, on it that sort of fit right in with what we were working on. And so we were able to take that ground and add our geophysical and geological structures to it and get right to it. So we've actually started to drill on that. And we're looking forward to explore that as we go forward. One more slide. So the other piece of ground that we picked up and at this point, we're just showing the ground we have for sure. So you'll see effectively, you see those little rectangular shapes, that is the extensions of our original claim blocks on the hydrolands.

10:31 So we noticed, or we observed, you know, when we made the lion discovery that we were very close to the hydra lands and we felt that, you know, in all likelihood the lion discovery goes out onto this ground. So from an early stage we started to, you know, really desire to get this ground. And we thought, okay, well, we went to the James Bay Cree and explained to the chief that, you know, this would be a really key part of making this a viable project is getting this ground. And would he help us, you know, in going to Hydro-Quebec who had a historic restriction on the ground. It was theoretically open ground, but it had a Hydro-Quebec restriction so nobody could claim it. The restriction had been, you know, from, you know, 50 years ago when, you know, maybe way back in the day that might've been part of another flood project or something way down the road for Hydro-Quebec. But at this point in time, obviously it was no longer of use.

11:28 Nonetheless, the bureaucratic infringement was still there. And so in order to get it removed, we knew that we needed to, you know, get the support of the, of the, of our partner, James Bay Cree, and then go to Hydro-Quebec and, you know, explain the rationale, which we were able to do. And they, they saw, you know, that this was a good practical thing for them to do. They agreed to release the restriction, and then going back into the Quebec government, they had to go through their process. So all this thing took, let's just say, a lot longer than we thought, but eventually it got done. And they did post this in August and we eventually bid on it some weeks back. We got immediately some ground from it just because this was ground that had previously been part of this claim package. So we got that, that's what you see in these little oblong pieces that have been added. And that was really critical ground because it really gives us the ability to test a number of the structures that we had stopped testing because we needed that ground, that piece. And then we also filed on, and we'll see over the next, I guess it could be as long as 60 to 90 days, but as early as 30 days. If we got the balance of it, we filed on a number of claims just underneath there, it looks to us like we were first to file, but we'll find out that in the fullness of time. But we really got the core ground, we got through the extensions, and hopefully we'll get this other ground. But, so that,

13:00 if you, it's hard to sort of see, maybe we can blow that up a bit, if you blow it up a bit, as I'm doing, yeah, great, you'll see that the original pink star is the lion, initial, you know, that's where the line is, yeah, right there. And then if you look at that white star, to just to the right, and the green star to the to the further right. So both of these holes were drilled. And in both cases, we we got intelligence that suggested that there is some promised land close by. And we didn't follow up on that because had we followed up on it and been successful, then of course we would have to disclose it. And of course, at that point we had no deal, either on the hydrolands or on the lift grounds.

13:52 So we did not do that. So, but now this will be a big part of us going forward. So I'm gonna ask Joe Campbell to give us a little bit of more flavor on this and a bit more of a understanding of, you know, what the line deposit is, why we think the hydro lines are so important, why this other structure on the green and on the white are important. And just to give us a sense of what we've accomplished this summer and what the plans are going forward. So Joe, if you wouldn't mind stepping in now, that'd be great.

14:23 Okay, sure. And maybe you could go back to slide 13 and we'll talk about the big picture first. Yep. So basically what Terry was saying about this being a district, that's our firm belief and it's based on the type of deposit that we're looking at, these polymetallic systems. So We recognised pretty quickly that there was a basin here and that's sort of the pale-coloured rocks in the middle, and that the edges of those basins were going to be the best areas for us to target, that it has the best potential for finding ore closer to surface. And again, this is early days and it doesn't mean there's not going to be deep ore here.

15:10 It's almost certainly there is going to be deep ore here, but we've got lots of shallow targets to follow up first. So acquiring

15:20 a good portion of the basin, in particular along the edges of the basin, was a very important strategy for us to move forward. And what we did over the summer was this entire land package was flown by an airborne EM, Magnetics. So that has given us very detailed anomalies, both for conductors and for magnetics, which both of those are critical to understanding where your target areas are. The airborne EM has come up with dozens and dozens of anomalies. So we're starting to work our way through those. The first thing we did was a lot of surface mapping. So we had a large crew up there this summer, just pouring over all of these areas that were popping up in the airborne survey to try to prioritise which ones we should chase first.

16:21 And we actually then, as the end of the summer program was approaching, we were able to move one of our drills onto these exploratory targets.

16:34 We designated the holes PMX. So when any results come out, you'll know that a PMX hole is an exploration hole outside of the area that we were drilling before. So just jump into the next slide there. So just moving in a little bit closer, again, as Terry said, we've now got tens of kilometres of strike length on this very favourable geology. The previous boundary that you can see that's angled, which is on the upper right-hand side of this drawing, that was this hydro ground that Terry was talking about. And we had, as Terry pointed out, we had some really good indications from evidence that's in the public record that these were good places for us to go.

17:27 So we were really keen to get onto that area just because it's a good place to be based on the geology and the regional magnetics that were available in the public record. And now we've supplemented that with our own information. So if you can go to the next slide, Kyle. So what is important about the ground that we picked up by these claims extending from the previous claims that we had. If you look at where the line is and where NISC is, there's a trend of geology in there, sort of proximal to the pink line that's now covered by our ground.

18:17 And we were right on the boundary of that favourable geology. And as Terry said, we had no intention of drilling in those areas until we could solidify our property position in that area. And that's why we spent over a year chasing down the minister to open this ground up for us. The dip on the geology here actually dips onto our ground. So we could have gone in there and begun drilling. My recommendation again to Terry was, let's just wait until we have a little bit more window there so that we're not going to end up with something that's sitting on a boundary line. And so this, just the ground that we've picked up with the extensions has given us a much better coverage across the NISC Lion extension, where it's our primary target. So that's where we're going to find more of these deposits in the near term.

19:25 And so now I'm opening up the drills to go to the west of Lyon. And we've already got airborne anomalies in those areas that we can chase. In addition to the east of Tiger, So you can see Tiger sort of up in the corner there. The ground that's ours now was acquired from the lift deal. We had another anomaly that was on our original ground, but it was right at the lift power metallic boundary. So again, we have not drilled that target yet because it was just too close to the boundary line.

20:15 We were fortunate to make the deal with Lyft that now has opened that target up for us. And there's a possibility we'll be able to get in there in the fall to drill that target. More likely we're going to wait till the winter. There's a small water body there that we have to work around and it's a lot easier to do that in the winter than trying to float something on a barge. So, it's likely we wouldn't get to that target until the winter. The other regional target that Terry's put a green star on, there's actually a trend in there that, again, We had a little square of property previously, which made it difficult for us to look at having sufficient strike length to drill it off as a potential target.

21:13 Again, we had good evidence from previous regional work that it was the right type of rocks to be in. Now, that target is wide open for us. We're hoping that when we start up again, and our crews are moving in there as of today and the drills will be turning by Wednesday. So that's one of the primary areas that we're going to go into now is we've we're comfortable now that we have the strike length extended through that property. It's dipping back onto our ground. So it's an area that we now know if we find something there, we have the area to encompass a deposit that if a deposit is there.

22:06 So those targets are prime areas that we've wanted to look at for a long time. And this gives us the ability to go in and we'll by the second week in October, we'll have 4 drills running and be able to chase all of these targets in parallel.

22:36 And Joe, we had talked earlier this morning, you know, the importance of getting the hydro lands, you know, we have obviously got the current line, you know, discovery zone and the thinking that, you know, there's a bit of a fold here and the other half is, is sort of possibly on these other adjacent properties. Maybe you just take us through the theory on that. Yeah. Okay. So what, how this basin is, has developed over geological time is obviously it was, it was like any rocks. They were laid out pretty flat. Since that time, there's been a lot of deformation here. So now if you can imagine, almost like an accordion, the geology moving up and down, folded over.

23:30 And where we want to really look for a thickening in these zones is getting into the keel of these falls. That's where we're going to see the thicker mineralization. And some of our recent drilling, again, we do some drilling specifically to put borehole EM down. And some of those borehole conductors are now pointing to potentially are now pointing to potentially large

24:06 conductors that are in these projected areas of folding. So those 2 things, the thickening that would occur in a fold and the fact that we have a conductor within where we project this fold to be is pretty exciting. We have a little bit more work to do ahead of us to verify the location of those conductors along that trend. But once we do, it's an area that we actually have pretty good access into to get drills turning. So over the next, through the fall and into the winter, we should be able to put several holes into that fold structure that we think is going to have the potential for a thickening of this styles of mineralization that we see at Lion.

25:11 Find the fold hinge, right Joe? Find the fold hinge, that's it. FTFH, that's been our internal mantra, you know, So we know that in these deposits, that the full hinges will carry the deepest intersections with the most material theoretically. So, you know, we've been, let's just say, we've been lusting after this ground for some time just to pursue that. So we're super stoked about that and anxious to get to it. So Joe, I wanted to talk, when I've been out on the road, obviously one of the questions I get from investors, they say, great work on the infill drilling, obviously that those couple of those infill holes were seriously charged and thicker than maybe even you thought, which was great.

25:58 But the line extension, which had still hit this disseminated zone, but obviously missed the semi-massive and the massive zone. And so is that the end of lion? That's just the question I'm getting. And of course, my response was that, no, I mean, we don't think so. We think that, Again, these zones sort of, they come and they go, they pinch and they swell. And the fact that the Seminate was there, is very encouraging. And one of the things that I suggest to people is that we made some learnings as you do in exploring any of these mineralized areas, you know, that we were drilling obviously with the helicopter rigs and up to 500 meters, we were getting where we wanted to go to directionally, you know, pretty accurately, but what we found, you know, below 500 meters, as we got into doing more of these holes, we were losing, you know, we were not getting to where we wanted to from a design targeted objective

26:53 because we were losing direction control of the drill bit. Just because the, you know, the, initially we thought maybe it was just difficult ground and we tried different angles of attack. And then ultimately we realised maybe we just didn't have enough torque on the heli rigs and stuff. And so we missed it. But I wonder if you could comment on your thoughts on the line zone and is it gone or where are we at with that? Well, first off, it's definitely not gone. We recognise the structure. We see the mineralisation within it. But these deposits traditionally are highly variable. And we've seen that even with our infill drilling, where we've just had some zinger holes where we expect at lower grade and we've had lower grade where we expect at higher grade.

27:43 And the zones themselves are going to pinch and swell because they're all structurally controlled. It's remobilised mineralisation off a larger body.

27:54 We have good, solid evidence that that larger body is below us. For probably a year and a half, we sort of wrung our hands because we didn't know whether we were on an overturned system that the big stuff was gone. But we've now done enough geochemistry on the pathfinder mineralogy to know that

28:21 the deeper we go, the closer we're going to get to the big deposit. That's why we wanted to chase deep. In terms of being able to drill the extension holes, as an analogy, I would say if you go to a car lot and they tell you, yeah, this car will go really fast and gets great mileage. And when you get out on the road, it doesn't quite meet up to expectations. That's what happened to us. We had these fly drills that we thought we could get down to about 700,800 meters, and they just weren't up to the task. So we had to reposition those drills to get other things done, including the expiration holes. And we did some very effective drilling in the lion to tiger area that has identified some great targets for us.

29:11 But what we had to do is get skid mounted drills in there. And that was a process in itself because we had to lay out a rigmat road through wet ground to get those drills in, but we did. And they are in the process now of drilling those deeper holes.

29:34 When the guys fire up the drill on Wednesday, it's going to continue a drill hole that we lost earlier in the summer. We got so close to the zone and then

29:49 the drill lost the hole and we had to abandon it. So we're going back to that same site to drill and we should have the results of that within the first week of drilling. The zone is still there. We now have the equipment in place to get the extension drilling done and we're still going to be doing our infill drilling. As I mentioned earlier, more excitingly, we will have the ability to move skid drills into the areas where we are starting to see these larger EM conductors. And That's going to be a lot of fun come the wintertime.

30:36 Great, Joe. Thanks so much for that. That's very helpful. So that's, I mean, a big part of sort of why we're so excited, you know, about the program we got going forward. We've got the ground we wanted, now we've got the rigs we want. Obviously you wanna throw a perfect game every time you're on the mound, but the reality of life is there's always challenges and of course you live and you learn, right? So we've made some learnings, we've made some adaptions and now we're back in the game and you know, we'll keep on going. So we're pretty keen about what we see coming forward. We also have, you know, just from a recollection, we drilled 34 holes this summer. We laid out a pretty detailed description of those holes in the press release that we released on Monday. We've got another 29 holes to come. So we're gonna have some more, you know, more good news. We think on the assays that we already have drilled, so we'll have, I think similar stuff to what we produced on Monday.

31:39 But I think the message should be that while we have more good news coming, we've also got some, I've said to people that, and remember, we've had some spectacular holes, 32 meters of 7%, 40 meters of 6%, this type of stuff. I don't believe we've had our best holes. I really don't believe. I think we're gonna, the best for Lion is yet to come. And we'll see about that over the fall season and the coming winter season. And the good news is we're fully funded. You know, we've got ample amount of cash to execute. We've got the rigs lined up. We've got the teams working well together. We've got the technology's been working for us. We've been able to take advantage of some great technologies and we're continuing to explore and look at different technologies that can help us going forward. So I feel like

32:32 we're playing our best game with the best tools, the best team. So we're really stoked about what we've done and about what we got coming. Kyle flashed up on the screen. You can go to that now, Kyle. A slide that I wanted to sort of, you know, just, you know, before we open up for questions, I wanted to just sort of show them that slide on the commodity prices. Probably wanna put, yeah. So, you know, so, and copper's in there. If you can shrink that, I don't know, it's probably blown up, at least on my screen it's a bit, oh there it is, okay. So you can see that since we announced this deal last February, that commodity prices are up significantly. Just so you know, the land zone is 45% copper, 55% precious metals.

33:21 Okay, that's a message that I don't think a lot of people get or understand. And you can see, you know, the 55% of the zone has gone up a lot, you know?

33:33 So, you know, I would think that, and honestly, if you were to tell me, you know, what was the commodity you think is gonna rip the most going forward? I think, you know, copper's definitely gonna be one of the big ones. Like I think copper is gonna, hasn't really had its time because of course copper is Dr. Economy. There's been concerns about the overall economy and that. And I think what people are failing to catch on copper is that yeah, historically it is Dr. Economy. So if the economy is going well, then copper will do well. If economy is going bad, the copper will suffer. Is that we're in a bit of a generational change in copper and it's all got to do with electrification and urbanization. So, and also the aging of the copper deposits. We saw, you know, we've seen a lot of, there hasn't been a lot of positive news on the copper operation side over the last year. It's mostly been, you know, Panama shutting down, you know, you know, quantum's, you know, Cobra mine. It's been, you know, unfortunately we had this, you know, horrific accident over at Freeport MacMoran's, you know, operations in Indonesia that, you know, have shut down, I think that's the second or third biggest copper mine in the world for some period of time.

34:48 So these negative supply shocks are going to even make a very tight copper market, even more tight. And then on top of that, what's driving copper more than anything else has been AI. So AI, 6 years ago, nobody's talking about it, and now it's like 10% of our energy consumption, and it's gonna increase rapidly. You know, people are putting 3 Mile Island back in production because they gotta have a secure energy source. So if you need energy, you need copper. Copper is the distributor of energy. So I expect, when you look at these commodity prices, Most likely the precious metals are going to continue to go up for the reasons why we well know that, you know, generally platinum plating were at historic lows and we're definitely going to rebound because people forgot that, you know, a there they are precious metals.

35:44 And, you know, the catalytic converter isn't going away anytime soon. We're still going to need, you know, gas for many, many years. And these mines were basically on the platinum palladium side were being the last 3 years. There's been more demand for the materials than there's been supply. So they've been drawing down the supply of platinum playing for over 3 years. And now it's starting to swing back. You know it's like still not even close to where they need to be to have you know platinum playing minds that are you know that can stand alone and get get financed today. So the fact that we've got this enormous grade of platinum, palladium in our discovery at the line zone is super powerful for us. And I think there's a ton of leverage and many of our copper equivalency numbers were done at far lower prices.

36:33 So I would say there's a lot of commodity price growth in the value of our deposit has not been impacted in the share price. So, I wanted to bring that to everyone's attention because I don't think there's enough focus on that. The other thing that I wanted to say is, we've talked about it publicly before, we've applied to the New York Stock Exchange for a listing. We expect that to be approved shortly, normal course, and probably by the end of October, we could be trading there. So we think that's gonna be very helpful because obviously the Canadian exchanges have struggled in recent years. It's obviously starting to show some life finally, But we think that by going to a more senior exchange, that we can benefit from a lot more institutional interest. We're definitely seeing that. I was on a non-deal roadshow in August in New York.

37:28 And I met 10 generalist funds, many cases. I was literally the first mining guy that I'd seen in several years. And the investment bank that had brought us out, got 10 orders, and I said, guys, of course, I told you before we went out that we're not doing the financing, we're good for cash. But it's good to see. And we were in Beaver Creek a few weeks back and saw a bunch more generalist funds. So right now on New York, there's less than 1% of New York is mining. Back in the heyday, it was 10%. You can imagine what, you know, going to 2 or 3% would do to our markets. It would be transformative in terms of raising the tide that raises all boats, but the really exciting companies that have great discoveries will be a benefit, I think, far more.

38:17 So I think if you look at the macro picture and the commodity, obviously, the commodities are looking super bullish for us. If you look at the macro picture in terms of, you know, general investor sentiment to get into commodity investments and get into mining investments. It's probably never looked better for the mining sector. Presidents and prime ministers are talking about critical minerals and about protecting supply chains and investing in supply chains. So we think that's going to be super bullish. And then you look at the micro of what the company is doing to grow the discovery in the ground, and both by increasing our land package and by our exploration and drilling techniques. I mean, I think this thing is just ready to start to fire in all cylinders. So yeah, I mean, I think you're starting to see that the stock is rebounded off its, you know, summer lows that seems to happen for us. And I'm thinking we're going to have another spectacular fall, but probably a good time for us to switch to questions, Kyle, and see if we've got some questions from the audience and maybe Joe and I could help answer that. Certainly, sounds good. I'm gonna start with the questions that people submitted upon registration.

39:25 The first one you already addressed just now, will the New York listing of PNP involve a share consolidation to reach listing share price requirements? That will depend upon the share price at the time. You know, so New York has a $2 US minimum. So you know, that that would be the answer on that. Our view on consolidation, if it did happen, is that, you know, and we've seen examples of this, Dolly Varden just went through it, you know, it dipped a little bit and now it's back 55% or 60% higher than it was at the time of launch. You're not doing it because we have to do it, because It's something we need to do financially to stay alive or whatever. We're doing it because we're getting access to maybe the greatest financial market in the world and better access for our shareholders and better access for institutional investors. So it's a strength move, not a weakness move. So we wouldn't be worried about that.

40:16 Thank you. There's a couple more questions about capital structure and the projects. Chilean metals trade date. Yeah, you know what? The last piece that we're working on is basically, I've obviously been a public officer for multiple public companies for a number of years. Because I moved to the Bahamas, they have to do another investigation, just like this routine police check, blah, blah, blah. This came out at the 11th hour, 59 minutes. So we're in the midst of doing that right now. It's just a bit of a fee grab really, but anyway, that's being done. And that's like the last piece of the puzzle, I think. And then we expect that we'll see us listed on the TSX fee in October.

41:04 And one more here, Power Metallic exploration license in Saudi Arabia. Will current PNPN shareholders be part of any company that is established in Saudi? Yes. Yep. Yep. 100 percent. Power Metallic Arabia has been set up. We're literally down there right now. We literally just this morning finally got our GM, his residency, which was a huge milestone. There's a lot of bureaucracy, trust me to get that sorted out, but it's been done and now we can open up the bank account and then we can get the license received into our subsidiary and start operations. So we'll have some exciting updates on Saudi Arabia, but it's 100% owned by Power Metallic.

41:51 And our thinking down there, just on the, you know what I mean, 4 years ago, NISQ was, we acquired, you know, the land package. And now 4 years later, here we are with a, you know, a really phenomenal once in a lifetime opportunity. We sort of see the same upside in Saudi, honestly. It's really tremendous ground, hasn't been explored, and we've got some great packages, and there's other packages being offered to us. And one of the other really great things the kingdom did for us is they said, look, if you come down and bid and win it, win a concession, then we'll introduce you to the top 5 family offices in the KSA and we'll encourage them to co-invest with you. And so they've done that. We've met the top 5 family offices. We're very close to with one of them to do a deal that would basically, they would co-invest with us on the initial package we've got. And our thinking ultimately down there is that Power Metallic Arabia will eventually become a listed company in the Saudi exchange.

42:55 And why that sort of key is that the Saudi exchange is like it's one of the like I believe the seventh biggest exchange in the world, sounds like a big number, but it's because obviously, Saudi Aramco, I think is co-listed there. It's a monster exchange and there's very little there in the way of mining, but some of the mining companies that are there are trading at, I would say, 10 times the valuation that we would see in Canada. So obviously a lucrative and somewhat captive capital market so getting listed there could be really, you know, super advantageous for us from a capital perspective to grow that region. And we think that's gonna be an exciting leverage tool. But it's early days, it's a seedling, but it's definitely in power metallic.

43:41 Last question from the registration questions, and I'll jump to the live Q&A here. How many targets are on the lift land package? Joe? That's a good question and I can't answer it. There's literally hundreds of EM targets that we picked up. People who are familiar with EM will understand that many of those are probably going to be formational. So we have to go in and test to see those. The ones that we're most interested in are shorter strike length ones that show some thickness. And those are going to be the priority ones that we'll chase after.

44:30 And we Currently right now we have a dozen targets in front of us as priority, but that's only a small percentage of the ones that we need to go into. And at the end of the day, all of these will have to have at least 1 hole poked into them for us to understand what they are. And we've only put, we've only completed 6 holes so far into 3 different targets. So a lot out in front of us, but there's dozens of EM anomalies that we have to check. I'll stay with you, Joe, and continue on with Lift here from an individual in the chat. How far behind are the lift holes in the results pipeline?

45:15 Is any of the lift holes already in iteration after borehole EM? Okay, I'm not too sure I understand the question, but obviously, with 4 drills running, we have a treadmill going off, core coming in, we log it, we sample it, that material is then shipped to our lab. We use ACT labs out of Val d'Or. Because of the overload they've had this summer, some of those samples get shipped to some of their other labs like Ancaster in Ontario. The long and the short is our turnover time a year ago was around 3 weeks from the time that we would send assays.

46:03 And right now we're dealing with 6 to 8 weeks as a turnaround. We're just, and again, that's one part of the process that we don't control. They get through those assays as quickly as they can. But we're expecting that over the next, say 2 weeks, we'll have a lot of holes that are gonna start coming in because they've been sitting in the lab for a while now. And I would say based upon my experience is that the 3 weeks is sort of, that's the processing time at AST, but we have to obviously get the core in, cut it, we have to ship it, you know, and then we got to get the results back and QA, QC them, whatever. So I sort of, the number I've been, you know, with Adam and Joe was probably, back in the day it was 5 to 7 weeks, and now it's, you know, like 10 to 12 weeks.

46:50 Yeah, and the other thing that everybody needs to understand is in particular because we've changed some of our methodology for doing the borehole EM. As we get deeper and and by deeper I mean holes that are say 500 plus metres long, the borehole surveys themselves can sometimes take several days to complete. So As we're completing those, the drill sits there. It's because the drill is being used to lower the instruments up and down the hole. It does delay that turnaround time again, before we start seeing core coming out of the core barrel again. But don't get me wrong, the borehole EM is what's going to get us our next discovery.

47:40 So it's very, very important for us to take the time to do those. Thank you for that, Joe and Terry. The individual that asked that question had some follow-up questions. I'm just breaking it up here. You mentioned hidden sulphide-bearing structures but no core pictures. No massive sulphide hits, nickel sulphides, copper sulphides? Maybe if you could elaborate on that? Again, we're dealing with multiple different targets. We could send you a lot of pretty pictures out of the infill holes that we've drilled at Lyon. We've hit some great holes, But I guess we've seen it all before type of thing for the core of the deposit. The mineralization that we're hitting on the PMX holes to date have been massive sulphide to net textured.

48:34 No, we haven't released any holes on those. It's not because we're hiding them. It's just that in the process of trying to run 4 drills, we haven't put out a press release specifically about the NPX holes, but we've had some pretty broad intersections of puritite mineralisation, which is not sort of what we're looking at primarily. We want to see nickel sulphides, but puritite is the companion mineralisation that comes along with the nickel. So we know that we're in a good neighbourhood when we start picking up the puritite. So far, all of the PMX holes that we've drilled as conductors have not been formational.

49:22 They're all sulphide. So they're either net textured, disseminated or massive sulphides. So from the point of view of hitting sulphides, we're batting 100%. From the point of view of hitting another lion, we're not there yet. We haven't intersected high-grade copper mineralization. Thank you. Terry, I'm gonna ask you a question here from the chat. If the hydro claims come to fruition, will Power Metallic own 100% of them? Some, we will. 100%. The extensions would be just part of the original deal with the critical elements. Thank you. Yeah.

50:09 Okay. A lot of questions in the chat. Love to see it. I'm just trying to pick out some here. Any visual on that hypothesis of folds, etc.? Well, we won't pull up the deck right now. Just curious, the presence of Copper is very often associated with Silver. However, there doesn't seem to be much Silver. Not a geologist, but does this have to do with the polymetallic nature of the deposit? Okay, I guess that's for me, Terry. I think so. Yeah. I mean, typically we're about on the deposit overall. We're about 5% Silver at the moment. But I'll let Joe speak to it.

50:57 Yeah. So basically, kind of in order of the importance of the mineralization that we have is Copper, obviously, as Terry mentioned, it's a Brown, close to half of the value of the deposit. The next most important mineral is Palladium. So Palladium, Silver and Gold all seem to be directly associated with the Copper mineralization. Platinum tends to jump around a little bit more and we get some of our better Platinum numbers when we start to see some Nickel coming into the system. But based on the mineralogical work that we've done, and we put out a press release there a couple of weeks ago, just showing a picture from a slab, we know that the vast majority of the PGEs are associated with the Copper. So if you've got massive Copper, that's where you're going to see your best PGE numbers.

51:54 The Silver, in these types of systems, as you get more distal from the source material, the source deposit that we're all looking for, you start to see a predominance of Copper, Silver, Gold and a drop-off in the PGEs. Some of our higher holes in the line deposit closer to surface are more Copper, Silver, Gold rather than the Platinum, Palladium dominant, which we see as we get deeper into the deposit. So It's a complicated system. It's not like a porphyry where you can have a ratio of Copper to Silver.

52:41 This deposit has 6 metal elements that we're chasing and the relationship between all of them is much more complicated. Question here, would wedge drilling maybe be an option to discover the edges of the lion's own faster? Yes, that is an option And we've actually done a bit of wedging. Mostly we've done wedging when we run into bad ground and we back up and we wedge to go around the bad ground. But as we get deeper into the system, what we'd like to do is do more wedging. Once you get down below about 500,600 meters, it's more efficient to put in a wedge than to redrill from the top.

53:34 If you're shallower than that, you're actually quicker to just redrill the hole or drill the next hole. So with these extension holes, as we get more of them in, we'll be putting wedges off those holes to, as the question said, to try to find the edges of the zone. And we can do multiple wedges. It's not a one-off. We can get wedges that will be set directionally so that we can get some strike length or up-dip component to it. So yes, that's a very viable thing that we can do and it'll become more regular in our drilling programs as we get some of these deeper holes put in.

54:22 And a good follow-up question to this is, how deep do you think the lion's own goes? Well, that is a Very good question. Again, I can't give you an answer with my hand on my heart. We have some pretty good evidence. We've done some 3D magnetics on the line deposit. And that 3D magnetics shows that the mineralizing structure goes down at least 1.2 kilometers, so 1200 meters. But that's the limit of our ability to read the magnetics. It's not necessarily the bottom of the deposit. So I'm quite comfortable that that line structure will have about 1200m of dip length.

55:12 With the types of drills that we have on site, we're definitely reaching kind of that depth would be kind of the maximum that we will be using the drills that we have at site now. Once we get below that level, we're going to have to up our game and put in some larger machinery. I don't think we covered it in this presentation, but definitely in previous ones. How many drill rigs will be running and how many are running at the moment? Just talk about the rigs you guys have going on and how much you're going to wrap up. Right now we're on what's traditionally the moose break for the Cree. And basically, in the past they've asked that all operations cease.

55:57 And so we've shut down the drills about a week ago, but we did petition them this year to allow us to go back during the moose break. And we got permission from the tally man and the chiefs and the people that ran trap lines in the area that they were fine for us to continue drilling. And that's why the crews are going back in as we speak and we'll have the drill, the first drill fired up on Wednesday. So this will be the first time that we've actually drilled through the moose break. And once we get to about the middle of October, we'll have 4 drills running. We've got plans to get up to 6 drills, but as I've said to many people, including Terry, The issue isn't how many drills we can get there. I could have 12 drills show up if I want to. It's who's running those drills. What kind of crews do you have? And so right now we're comfortable that we have sort of your A-team drill crews for 4 drills right now.

57:05 And we're gonna hope to move that up to 6 drills by Christmas time. And the facilities that we put into place are there that will allow that many drills to run. We've upgraded the facility in the spring. Terry, I'm going to get you back into the conversation here with Peter Epstein's question, what is the main pushback from investors that you hear? And thank you, great story. You know what? I mean, I think generally, you know, they were, you know, because they didn't understand the land acquisition story. They were like, you're, you know, all hot and bothered when we, when you're raising the money and we got tons of news and it was a rock and roll show. And then all of a sudden you went really quiet, you know, pretty quiet for you guys anyway.

58:00 And so, you know, the answer is, yeah, we did go quiet for a couple of reasons. 1, you know, when the the whole, you know, duty and, you know, tariff situation came out, it destabilized the entire market. So, you know, it wasn't a likely time for us to advance our cause of the re-rating for Power Metallic. So it didn't make a ton of sense to try and push water uphill from an IR side of things. So that was one thing. Second, we obviously realized we had a broader objective here of getting these land packages. And we thought, hey, we can use sort of this downturn in a way to, to make it easier for us to make a deal commercially, on terms that would be best for us long term. So we sort of went with the flow. And of course you can't explain that strategy when you're doing it because that would give away the cards. Right.

58:56 So so I think you know that's why I'm out on the road right now is to explain people you know here's where we're at. You know yeah we were quiet. We were quiet for good reason. One was common sense of the overall broader market thing. And the second is because of this land thing. And now we're going to start to see a much more new soil from us. And even it's going to accelerate going forward. So I think that's why we're seeing a bit of a bounce back now as we're getting the message back out. But that's generally been the concern of the investors is, you know, why did you go quiet all of a sudden? And so I think now they're understanding why we did. And I think, you know, we'll be obviously more prolific going forward with the news releases. I mean, I would think, you know, as we're in the sequence of assays, every 3 or 4 weeks we'll have new assays out and obviously we'll be shortly drilling again and generating even more pipeline of materials. So it'll be pretty newsy and then obviously we'll have updates on, you know, listing of the Chilean, we'll have updates on Saudi Arabia, we'll have updates on the New York listings, we'll have updates on the metallurgical studies and that sort of thing. So lots of very positive, constructive announcements to come, I think.

1:00:16 That's a good way to wrap it up as we are at the top of the hour. I apologize, I didn't ask in advance if you guys are able to do a little more. We actually, Joe's got to get over to the metallurgical group right now that we're engaging. So he's got to go and I've got to go I'm running late so it's okay we'd love to stay in chat forever but I will say that we're planning a major geological geophysical update end of October we expect by then hopefully we'll have the hydro lands the the broader piece you know understood and put away And then we'll be able to show people not only the exploration, some additional, hopefully, exploration results, but also our geophysical work and what we what we're seeing there and why we're so stoked about that. So we thought we'd be able to do that, you know, probably by the end of October.

1:01:10 And I think that'll be the next major update for the for the shareholders and the interested people in Power Metallic. So we look forward to seeing you then. And until then, go Blue Jays. All right. Gentlemen, thank you