Power Nickel Announces Latest Assay Results

0:04 Good morning everyone and thank you for joining this live Power Nickel session with CEO Terry Lynch and VP Exploration Mr. Joe Campbell. Just a couple of housekeeping items. This event is being recorded and will be made available shortly after we conclude. If you'd like to make this a more interactive session, I highly encourage you to submit your questions using the chat feature, which can be found in the bottom right corner of your screen. Gentlemen, I'd like to congratulate you, as I believe Power Nickel was the best performing stock yesterday in the entire sector. Later this week, your team shared some additional

0:34 assays. And this morning, the company provided an update on the spin out of the Golden Ivan property in Chilean assets. So a lot to talk about today. Terry, I'll pass it over to you to kick things off. Great, Kyle, thanks. Great to be here. It's always good to get back on 6 and get back to communicating with our stakeholders about what we're doing, why we're doing it. And it's been obviously an exciting 2024 and we think it's going to be an even more exciting 2025. So we're off to a good start, but lots to cover. So let's dive in. We can probably just go back to the start again. We've been out on the road the last couple of weeks talking to institutional investors in the United States, in Europe, and in Canada, and next week I'm in Australia and Asia doing the same thing.

1:31 And of course, you know, when you have companies like Power Nickel as a growing, you're obviously trying to communicate your story to the investors, both retail and institutional. So they understand what you're doing and why you're doing it and then also understand your value proposition. So I think our value proposition has transformed, you know, over the year. And obviously we started off as Power Nickel on Nickel Company, Nickel focused asset. And This will be our last week as Power Nickel. By Friday next week, we'll be Power Metallic. Recognizing the transformative discovery we've made at NISQ and its polymetallic nature. We talk about becoming the Canadian Norelsk.

2:23 The first question I ask for some people is, what is a Norelsk? And Norelsk is literally the greatest mine in the history of the world. The only one that's got a trillion dollars worth of metals in the ground and it's a polymetallic mine. So that's probably most well famous, it's in Russia, for being the world's largest nickel mine, but it's also the world's largest palladium mine. It's also the fourth largest copper mine. It's produced 20 million ounces of gold and has 15 paying minerals. It's an absolute beast and it's a spectacular project. And it's obviously a bold claim to say that we're anything resembling that, but it does from a mineralogy look have a lot of similarities to NISQ and Norelsk.

3:09 And we've got grades that match them. One of the most amazing features I learned about Norelsk was that, I learned this only a couple months ago, is that 90% of that mineral, you know, 1.4 trillion in the ground, is in 1 square kilometer. I mean, you think about that, it's just mind blowing. You know, I know in exploration, you know, missing a square kilometer would not be hard. So you think about, you know, that discovery, I mean, those scientists over there must have been just gleeful to say the least. So, but obviously crazy high grades. Now, we've got grades approaching them, but just not a kilometer deep. You know, we're getting, you know, 15, 20, 30 meters, 40 meters, but anyway, but we stretch over a long area.

3:56 So that's, we'll see just how big this is gonna be. And that's really what the quest of 2025 is, is how big will NISC be? So let's, without further ado, and that preamble, let's move along. We're not going to tell you anything we don't believe is true, but it's junior mining and investing in general. It's always good to do your own due diligence. Generally speaking, this is a fairly standard cap structure page. It's probably, probably have to update it, I guess, because we've had a bunch of warrants get exercised and, you know, so that's been good. The big difference, I would say, with Power Nickel relative to a lot of Canadian juniors is the stakeholders, the key stakeholders have almost a 50% stake. They've been writing checks literally from the last 3 years since we've acquired NISQ.

4:49 For ourselves, my own family, we were under 10% when we started. Now we're, we got up to 20, now we're down to 18 or whatever, but we keep, we believe very much in this project and it's all the stakeholders have been writing checks. And that's often a good sign in an investment is that the people that know it best are buying it the most, so that's a good sign. Next slide. This has been part of the story in terms of transforming it in institutional investor hands and we hired JC Evanson, a really sharp, young, institutional focused man with a lot of experience in that area at a young age, but he had us sort of rethink what our peer group was and why. And this analogy has been really, I think, revealing to a number of institutional investors why I think the stock is moving and why it's going to continue to move.

5:44 And again, this is us looking at, aspirationally, at other really fine polymetallic discoveries on the planet that we think we're comparable to. And as you know, obviously we're at the bottom of the tray and our ambition this year would be to get to number 2, number 1 still a long ways out there. But, you know, and again, not throwing rocks at any of these other great companies. They're all great. But if you go to the next slide, you'll start to see that, you know, that, for example, you know, things we talk about with institutions, we say, hey, look, You know, for and is worth a billion 7 with, you know, 25 or 26 million tons of, you know, 2 and a half percent copper, that's phenomenal. I mean, you know, right now we don't have a 43-101 on the line zone.

6:30 Analysts, you know, range from, you know, sort of, I guess, 7 to 10 million tons of, you of plus 5% copper equivalent. You pick a number. It doesn't take into account our already existing 8 million tons of 1.25 plus percent of nickel equivalent. Very quickly, we see ourselves getting to this contained metal in the ground number of any of our peers, probably by the end of April. And it's like, you know, so we, you know, we don't think they're necessarily coming down in value. We think there's a good reason for us to go up in value. And that's sort of the value proposition. I think that's driving the institutional interest that's in the name at the moment. And that's why we're going out and communicating this message to the market. Next slide, please.

7:17 Obviously, when you make the discoveries that we've had with the grade that we have had associated within the WITS, you get smart money. And we've been blessed to have really amazing thought leaders in the mining space joined the investment with Power Nickel. Obviously Robert Friedland led the last round, you know, a 20 million dollar round at a buck 25 at the time. And they were, Luckily, because of the powers of Quebec and flow through financing, they only had to invest 66 cents. Yet, the company got a buck 25, yet the stock went into permanent investor hands. We've repeatedly used that tactic to minimize dilution at the company and make sure we were cashed up. So we got obviously Robert Friedland, we got Rob McEwen in for a second round who's sort of an inspirational leader and such a thought leader in the space,

8:15 and several mining funds. And they followed, I mean, we were lucky enough to get, you know, people like Gina Reinhart in early that she saw it and she bought in the market and move the stock. So we've been blessed with really great investors and continue to sort of seek them out. Next slide, please.

8:35 Yeah, let's move on from that. We'll get to that through the body. Obviously, we'll start to get into the exploration story. We are really big believers in Quebec being the best jurisdiction in the world to look for critical minerals. You know, obviously, you know, easy for us to say we're in Quebec and it's sort of like self-serving to make that statement, but hard to argue with the math. You know, the 3 things that set Quebec out relative to the rest of the world, is the infrastructure development is phenomenal there. So in our case, we literally drive off the road, right to the site, right to the rigs. Across the road is a Hydro-Quebec substation. We have power lines on the property. We're 8 kilometers outside of the town of Namaska, which has got a regional airport as accommodation and food for our guys. It's also the home of the James Bay Creek, which is the other number 2 thing the Quebec government's done an amazing job of is working with the First Nations and making them partners in these projects, so they actually see it as a way to fundamentally improve their communities and we've been able to work with the James Bay Cree and they're a phenomenal group to work with.

9:37 We've been blessed in that respect. Because of their Hydro-Quebec heritage, they've been operating as a very sophisticated, almost a family office really for their nation. And, you know, these guys are sharp and they've done a great job and they're very pro-mining and they see it as something that can, you know, build great jobs for their community members and yet still respect and protect their traditional approach to life. So we certainly buy into that. We've had a great relationship with them and the Quebec government has done a lot of good work working with the First Nations and making it possible for companies to follow up on that work and work with them. So that's been fantastic. The third thing, of course, is the fiscal terms in Quebec. We gave you an example on the exploration side where we got money at $1.25 and the stock was 66 cents at the time, or the investors came in at that level.

10:29 We've got it as high as, you know, that was 1.9, we've done it as high as 3, averages sort of in the 2-ish range, and that's just less dilution for our shareholders, so it's a phenomenal tool. It's not just on exploration, it's also on development, so, you know, as we move forward to the inevitable, in our view, development of this project. You know, we're gonna be able to get literally, you know, half of our, if it costs 400 million to build, literally we'll get half of that, we believe, from the Fed and provincial governments. So that's just not available anywhere else in the world. So it's just a tremendous place to work. Next slide, please. You know, obviously attracting money to the deal so that you continue to grow on the exploration is so critical, but how you spend your money and why you spend your money, you really need to have great scientists.

11:17 And we've been blessed with a great scientific team on the way through this. Today, Joe Campbell's in his first seat at the table as the VP of X, but he's been with the project since the start as head of GeoVector. GeoVector is one of the top, I would say, 2 or 3 geological consulting firms in the country. And when you're a nano-cap junior miner like Power Nickel, it's exceptionally hard to attract permanent VP access. So we've always retained, Ken was a great one and he was a consultant too. And, you know, they always have to keep their, you know, ability to pivot because, you know, many junior minds don't make it. And so that's why it's tough to attract the talent. So one of our thoughts was always to pay up for the best talent we can get. And so we had been working with Gia Perfecto for I guess close to 3 years now.

12:12 And so they've done a great job with us and Joe's in the chair now and we're really happy with him. Along the path, we ran into Steve Beresford. The origin story there is my son watched a video of his where he's talking about finding the next Norelsk. He says, dad, we gotta get this guy. He's talking about NISC but doesn't know it. And so we reached out through LinkedIn and you know we're able to attract Steve to the team and Steve, his heritage was Western mining change like Joe and he also you know was Chief Geo at First Quantum, then at MMG and then at IGO as chief scientific officer. So 3 major polymetallic successes over the last 25 years. And probably spent more money exploring for polymetallics than almost any man alive. And if he's not the best guy in the polymetallic space, he's certainly in that conversation. He brought a lot of thought leadership to the team and he hit the ground running. I remember when he came over first as a technical advisor to our team.

13:13 He went to the site, He phoned me up from the site and said, Terry, you didn't tell me about the Kamatiite boulders. I'm like, what's a Kamatiite boulder? But as it turns out, the Kamatiite boulders are the oldest form of lava on Earth. Usually it was washed out by the previous ice age, but when you find it, it's generally a very good sign for a giant nickel sulfide. So he was certainly stoked. And we recognized there was a lot of things we didn't know about polymetallic exploration, and we quickly made a deal to get Steve on the team as a thought leader and as a technical advisor to the team. So it's been great working with them. So next slide, please. So we'll get into, I'll give you a bit of the overview on the exploration success, and then I'm gonna pass it off to Joe. So Obviously, we started to hit these zones.

14:05 The one thing I would say to people that some companies can get lucky, get 2 or 3 good holes. It's a whole other thing to string 20 or 30 or 40 of these holes together, and that's where we're at now with Lion. So the grade and thickness is really the best stuff in the last 30, 40 years. So anywhere, and it's exciting to work with, and it's been a bit of a curiosity to have such success, and it keeps on going, so we just pinch ourselves. But yeah, the draw results has been outstanding. Next slide. So this is a sort of a good look of where we're at today. So the line zone is about 550 meters wide by about 600 meters deep.

14:50 You know, the the the pictures in the middle there, the yellow boxes are our 2 deepest holes. And we announced those around Christmas that they had hit, and we'll be reporting assays on those fairly soon, I think, we're waiting on 1 more, but they're coming in. And

15:12 it's been amazing, if you look at these intersections, at the bottom, I mean, 32 meters of 7%, I mean, at 110 meters of depth, I mean, that's just a ridiculous intersection. And we've got many of these. So that's what's really sort of made everyone so excited about the line Zone. And the great news is really it's open to the West, it's open to the East, and it's open at depth. And as it turns out, you know, we're going to shortly learn that there's a lot of open faces here. Next slide, please. So, you know, one of the great things about our success is that we've got a lot of different, you know, open faces where we've had success. And then our key exploration technique, and Joel will get into it more, is downhole EM or borehole EM and it basically takes a 6 inch hole and turns into a 150 meter hole in the sense that you're able to sort of see out 150 meters where it resonates with other magnetic material, which would probably indicate that this river of sulfides continues to go and that we can step out again. So we've got a number of these conditions And obviously we'll be following them up with multiple rigs. I'll let Joe explain that to you in more deep detail, but that's sort of what this means to us is that we've got a lot of places to grow the resource and continue to expand the zone. Next slide,

16:42 please. This is probably the most exciting news this week. And it's really exciting news. And it's funny when we announced that the stock did nothing and I'm thinking, man, you know, it's like when we announced the 32 meters at 7%, stock did nothing. I'm thinking as if it was easy to pull that hole out, you know, that people are routinely doing that. And this type of stuff is like when you step out 700 meters and you bang it, and we say we've had a pretty good track record of when we, you know, drop a core pitcher, it's pretty much money in the bank, that's going to be a great assay. So when we step out 700 meters and hit it, you know, our thought would have been, wow, that should have had more impact. But I guess it maybe took some time and we have to get out and explain what this means.

17:30 And Joe will get into it. In fact, this is a great time to pass the ball over to Joe and say, hey Joe, how did we find this thing? Because I think that's gonna be very instructive. So why don't you drive it from here, my friend? Okay, and this is a good slide to start on. Just to back up how I've been involved in the project, as Terry said, GeoVector began on this project for Power Nickel early on. We were happily drilling away on the NISK nickel deposit and expanding that. We began at that point to look at borehole EM as a good tool. It's a traditional tool for exploring for massive sulfides.

18:17 You look for a conductor and then you drill towards the conductor. We began to do that around Nisk. At the end of 2023, we had a couple of 100m left in the budget. Budget-wise, we were being a lot more careful in those days. We had a target out to the east and between Terry and the technical group, it was decided to spend the last hole punching into that a couple of hundred metres. The hole was actually exactly 200m long and that was the discovery on Lion. We had expected to, well, we've got a weak anomaly over here. We might have a small Nickel play and here it was. It was a totally different mineralogy.

19:13 It kind of threw us for a loop for a bit as to what we had our hands on. We recognized that we were in a polymetallic camp. And so we began to research that. And as Terry said, it was great when Steve came along because this is what he's cut his teeth on. And so he came into the project, gave us a real good step up in our understanding of what we were looking at. Lion is an end member of a Nickel-Copper camp. This is a high Copper PGE deposit and NISK is on the other end of the spectrum as a Nickel-dominant

19:59 deposit. We expect to see hybrids in between of all of those types along the trend of where the mineralization is occurring. And we had a pretty good understanding from the geophysics we had in place. Mostly magnetics was the best tool for us to use to interpret geology. And we knew these deposits were related in terms of the geology. And NISK occurs inside of a unit called Ultramafic, near the base of the ultramafic rock type called Dunite. So NIST sits happily in there. The copper deposit is not so happy in the Dunite. So it actually sits in the foot wall to that in the rocks that are hosting this ultramafic sill.

20:49 And so proximal in terms of the stratigraphy, they're quite close together and they're definitely related. So geologists like shiny rock And Lion had lots of it. So we, to some extent, abandoned NISC and put all of our eggs into the Lion basket for 2024

21:11 with much success. So it definitely wasn't a bad strategy. And we began to pull some pretty fantastic holes, which was reinforcing Steve's belief that we are in potentially a very large camp. And as Terry said, we're, as a geologist, I'm not prepared to sort of sit us up beside Nurelsk, but we're definitely in the same kind of mineralising plumbing system as in Nurelsk. So, When we were obviously looking for more targets, we had another anomaly off to the east that had all similar characteristics to Lion.

21:59 So Obviously, it's a good idea to go over and drill that. We did that near the end of the campaign in 2024. The first 2 holes we put into it would be described by some people as misses. We didn't describe them as misses. We could see the structure. We didn't have spectacular mineralization, but we did have visible mineralization. And on this slide in the upper right side, you can see some splashy looking Copper in the core there. So when we saw that, we realised, okay, we hit the structure. For some reason, we didn't hit the anomaly. So let's do borehole on this drill hole. And at the time we had a group dedicated to going in and doing these borehole surveys.

22:53 Essentially, you need to leave the drill on site because it's what makes the instrument go up and down the hole.

23:02 As we were at that site already, we did a borehole EM on it. It takes a week or so to sort of integrate all that information and lo and behold, we had an off hole anomaly. And what an off hole anomaly is, is when you have a hole that's clean and doesn't have its own mineralization in it, the hole can look out, as Terry had said, you can look out 150 or even 200m from the hole. And if there's something out there, the EM will pick up that signal. And not only that, if the survey is done correctly, it will tell you, hey, that signal is in this direction and it's up and down from the hole. So you actually get a vector towards where you need to go.

23:51 And so we had multiple plates from the survey and we drilled hole 94 and we went through multiple zones of mineralization, with the most spectacular one being massive Puritye Pentlandite Chalcopyrite on the lowest plate. This was exciting for another reason because typically your nickel dominant mineralization occurs in the ultramafic, and this nickel mineralization is occurring up in the same rocks that line is occurring in. So it's another hybrid type of deposit, again, reinforcing that we're in a polymetallic camp that has lots of potential.

24:46 And obviously, the second drill that's coming on within a few days, we're going to go over there. We'll follow up on this, what's now a one-hole wonder at this point, but we'll begin to flesh that out.

25:04 As Terry said, very exciting, a real game changer for the project to hit this different style of mineralization. Back at Lion, we obviously are going to follow our nose. We understand the structure. It's geometrically relatively simple. It's a plate sitting up against the ultramethic. We have a target horizon that we know we have to go through. So the high percentage success is going to be following that trend down and lateral from that deposit. But we want to start stretching out beyond Lion. We think there's probably more Lions and probably more hybrid style deposits out there on that map. On the left-hand side, you can see a white arrow.

25:58 We're 5.5km from Nisk. We know the geology trend extends between the 2 of them. There's no holes along that trend beyond what you see in the picture right here. So lots of room

26:15 to explore and find new deposits. We have anomalies out there that have similar characteristics to Lion. So we have targets to go after. And in addition, on the left-hand side of that diagram, on the left, I've circled a couple of drill holes that we drilled in the fall or in the end of the last program. Those were specifically drilled out away from the line deposit. Obviously, hopefully, we were hoping that we were going to hit something, but more importantly, we wanted to use these holes for borehole EM. These holes will give us an extra 100 to 200 metres of look to the

27:07 west from their collar locations to determine whether we have more mineralization within that radius. So again, after we do our work at around hole 94, we're going to go over there and do borehole EM on those. And the borehole, the geophysical crew is going to be coming in, in about a week from now. So the drill will come in first, get set up, and then the geophysical crew would come in. In addition to that, generally when you get geophysics done, the group that actually does the geophysics will give you a product, an interpretation.

27:54 That interpretation is usually pretty basic. So We realized for many reasons that we needed to have somebody much more expert to look at our data. We have ground EM, we have gravity, we have ant surveys, we have the magnetics, we have the borehole. So we brought on a dedicated geophysicist to look at all this data, see if we can sort of filter out some of the noise that we have. As Terry mentioned earlier, we have the great fortune of having a high tension power line right over the top of the property.

28:41 The downside of that is it plays havoc with magnetics and EM. So It's great for later on, but right now we have to filter out that effect of a 20,000 volt power line. That's what our geophysicist is starting to look at. Even in a few days of looking at the data, He's starting to pull out some very interesting targets for us to go after. And not only around lime, we've got some things, as I mentioned earlier, we did some EM around NISQ and there's some very interesting things coming out of that work at NISC that we have to follow up on. And I've been pushing Terry that we're going to have 3 drills up there by the middle of the month. We've got to go back to NISC. It's wide open.

29:31 Generally these polymetallic camps

29:36 have bigger Nickel deposits than the Copper ones, although the Copper ones are value-wise are usually higher. NISC is going to grow just as Lion will grow. And we might be just on the top of a large Nickel deposit that we have to continue to drill. And borehole EM is going to be a big part of telling us where we should go on the NISQ as well as on the Lion. The great thing about the Nickel ones is they come up with really nice big, strong anomalies. The Copper mineralization does come up with anomalies, but they're more subtle and they need that extra expert touch to help us determine what the anomalies are telling us.

30:29 So moving forward, and the first drill, we just finished the first hole yesterday. They're collaring up on our second hole. That drill is sitting right on line and it's going down the plunge. We know we can build this deposit the quickest by just following down that long axis of the deposit. And the first hole is done. We don't have it released obviously, so I can't really tell you too much about it other than we're drilling underneath it, so it's not like it was a miss. And the second drill, as I said, we'll go over to hole 94 first, and then we'll do a lot of borehole to generate more targets and then it'll be drilling those targets. And when the third drill comes in, we've got that 5km between Lyon and Nisk to explore. Plus we need to go back to NISK and continue.

31:33 And to emphasise that, some of the deeper holes that we drilled in 2023 and early 2024 at NISK were some of our best holes. NISK, sort of like the ugly sister today compared to the lion, but it could be the big one. And so we're not gonna ignore it for sure. And we've got the cash to do the expiration, so now's the time to get it done. OK, Joe, thanks. You know, the the you know, I think, you know, as an investor, as I'm when I'm talking to the investment community, the 1 point I think really rings home is, you know, how asymmetric the opportunity is at NISQ in that we've made a pretty convincing case that what we've already found, we're trading at a significant discount to our peers.

32:33 And that's great and that obviously helps people to make the entry point. But what's cool is that, you know, from a discovery perspective, there's really 2 big ways to win here in my mind. One is we're gonna, we've got the lion's zone and it's got, it's open in 3 directions. And these chutes in the Abitibi can run for kilometers. So there's a lot of potential resource growth just by continuing along the line zone. And then there's likely to be multiple line zones. And this was always Steve's philosophy is that these polymetallic explorations, he fundamentally believes. In fact, if you slip ahead a couple slides, I wanna see which words, one more.

33:23 Yeah, okay, that's a good one. So I remember when we were talking with Steve early about this, we were talking, trying to understand his thinking on how this formed and where it came. And he generally believes that in the polymetallic orthomagmatic deposit, which is what this is and what his specialty is, it's always formed out of a nickel sulfide underbelly. So there's the nickel sulfide beast, you know, is the oven effectively. And then what happens in the polymetallics in the rare times it does happen, there's been some hydrothermal action that they don't quite understand, but something that caused the copper sulfides to be picked up and brought up to surface, and they all precipitate at different temperatures, and so that sometimes when they get trapped in the faults, this leads to these very intensely mineralized high-grade zones.

34:20 And Steve says generally, in his study, and we'll go back to slide in 1 second, he basically has found that, you know, the, you don't get onesies in this space, you get, you know, 3 or 4 or 5 of these. And he predicted we'd have a copper-rich one, we'll have a copper-nickel one, we'll have a PGE 1, probably a precious metals one, possibly even a zinc one. And he says the key to successful polymetallic exploration is finding these chutes and then following them to depth, where eventually he thinks this is, assuming it's still there, you'll find that the big nickel sulfide underbelly, the Boise's Bay beast down there. And so that's sort of the exciting part. So he thinks there's really sort of 2 possible theories here. I guess there's, you know, a third.

35:06 The first one is that NISQ and Lion are connected subsurface. At some point, we'll prove this as our exploration grows. And that NISQ is like probably on the fringe of the deposit, on the west, southwest. And that it'll get bigger and richer as we move east. That's 1 theory. A second theory is that NISC is just a satellite deposit and that there's actually a yet to be discovered nickel sulfide somewhere underneath, closer to the line that made it. And Steve, he does some reverse math when he, like he, and we'll go back, in fact, pop back to the next, the slide previous to this. So this is Steve's own generation of the matrix, he calls it like the nickel, copper, PGE, and he expands the PGEs to noble metals by adding the gold and silver in here. And all these orthomagmatic deposits will be more, will have elements of all 3.

36:10 And depending upon, Voices Bay obviously more nickel-y, Sukhov is more copper-y, and then you get projects like Oktoberursky, which is like the giant, super rich part of Norilsk, which is almost equal parts. And he feels most likely we resemble Oktoberursky and Sakati in Finland in terms of a look. And what was interesting, you know, his observation was a couple of things. 1, if you look at all these deposits, you can actually look at the high grade shoots and do some math to understand the nickel sulfide deposit and there's always a ratio there and he says you know if you look at that math and he says and again in in science and in mother earth she's always inventing new things so you can never completely rule out the anomaly but historically speaking the nisk grade you know that and the nisk main mathematically would not have made a lion in these types of deposits. So there's something probably richer that made it, and as Steve said, now is it still there? Possibly eroded away, we don't know.

37:20 That's the quest on the exploration side. But the interesting observation I guess we would make is that these deposits, again, in the history of time, that's pretty much all the orthomagmatics in the history of the earth. You know, you're looking at, you know, if you find 1 ton of copper sulfide, historically you'll find between 2 to 7 tons of nickel sulfide. So that nickel sulfide is nickel as a dominant one, but also healthy amounts of copper. So you probably have, Steve, it feels like theoretically, the back of the math envelopes would be that this line zone was probably made by a nickel sulfide body that was very rich, 2% plus nickel, 2% plus copper, and some PGMs and cobalt, et cetera, more traditional nickel sulfide, which is sort of what NISQ is, as opposed to these crazy high Copper numbers that we've got and on average we might expect to find you know 5 and it could range 2 to 7. So right now, today, we're probably 1 to 1.

38:19 Copper discovered versus nickel discovered. It will soon be 1 and a half copper to 1 nickel. At some point, most likely, we're gonna find a bunch more of this nickel copper beast underneath there. And that's the other asymmetric upside, is that, yeah, we can grow just by expanding the lion zone and by expanding into more lion zones and whether we call it tiger or elephant or moose or whatever we call this thing and other ones we might find. They're probably all coming from some plumbing. I was talking with some institutional shareholders yesterday, a geologist, and he says it's sort of like your hand. You've got these fingers and then there's the palm. So we've found the fingers. We haven't necessarily found the palm. Interesting sort of visualization when you think of it that way. So it's sort of, I think there's asymmetric upside in that. And I guess as an investor, and which is why when we're out talking to institutions and investors of all sorts, we try and make that point is that, hey, you're not paying for it, but you got that great upside and we're cashed up to go and get it with literally the best team on the planet to find it.

39:28 So it's really sort of a great position to be in. And we're certainly, we pinch ourselves every day on this project and the team has never been more excited than they are right now. And go ahead, a couple of slides there. I wanna show one more thing. Yeah, so stop here for a second, Joe can chime back in. Nothing happens quickly. You have to put in your time. We do a lot of brain work with the team. We try and give them the best tools we can. We're really big on data and science. And of course we want to drill, because ultimately that's how you prove it, but you measure twice and cut once when it comes to drilling. Because we obviously got the capital to drill, and we were going to be drilling, and we're going to be drilling aggressively, but we want to drill smart too.

40:19 And so this summer when Steve came on, he said, look, let's do some systematic things that will really start to set the table for us. So we did this giant gravity survey, we did this EM survey, and Joe alluded to the problems of the power lines and you know it was a struggle for us to get good ground EM and you know one of the great things about you know the you know getting Steve Beresford on side is he comes with you know this 25-30 years of exploring for polymetallics in all sorts of environments. And he's run into a bunch of these problems before. So in this case, he had this really amazing Finnish geophysical group that he knew could sort this out. So we went to them with the problem and they said, okay, yeah, we've seen this before. So we actually go old school. So we went from like sort of the modern approach to ground EM to the old school way of doing it. And based on that, we were able to generate some good data.

41:19 And then, as Joe alluded, we've hired this really sharp geophysicist, that guy comes from Steve's camp as well. So, the great, learning in any business is expensive, and learning in mining is super expensive. So that's why you paid the big bucks to get the really smart guys because they can save you so much money by cutting your learning curve and expediting your discovery curve, which is what it's all about. And so we feel like we've put together a lot of great intelligence. And I think Joe would tell you that we've probably assimilated 80% of it. And we're gonna scale towards, maybe you never get to 100% of this stuff, but we're definitely still learning and still gathering this data. And still, the geophysicist just on, we see some phenomenal targets that he's developed. And I don't know, Joe, maybe you can talk about that, but we're just getting there with the data, right?

42:09 Yeah. And I'd probably go a little lower percentage on what we understand than Terry just said, but it's good to be bullish. This is still early expiration, but we've learned so much, particularly in the last 6-months, that it's given us the direction forward of how we're going to approach the expiration on this. And again, it is expiration, so everybody can't expect that the next hole is going to be as good or better than the last one. Expiration is taking chances. But our success ratio already has been very high and we anticipate that it'll continue to remain high given the tools that we've been given, some by Steve and some by our own research on how we should be carrying this exploration forward.

43:09 As Terry said, it's exciting. Geologists get attracted to shiny things And this is exciting to be on site, to watch Drill Corps come out of the tube when it has these wonderful high-grade zones in it. And everyone on the site is really motivated to move this project forward. And as Terry said, we're expecting 2025 to be another successful year. Hopefully by the end of that year with some background studies, we're doing some mineralogical studies that will lead to metallurgical studies for Lion.

43:57 Lion and NISC metallurgically are quite different, So we have to suss that out. And all of that will lead us to an initial mineral resource estimate on Lion at some point, perhaps near the end of the year or in the first quarter or so of 2026. It's not like I couldn't cobble together a model right now. I could, but slow and steady in terms of understanding how this deposit is, the metal is distributed in it and understanding how we're going to recover that metal is more important to do at this stage that will lead to a much better initial mineral resource estimate.

44:50 We've got a lot of questions about that. As you know, we post all of our drill collars and asbestos so people can independently model the thing with leapfrog or whatever methodology they want to use to come up with a resource, you know, a guideline. The metallurgy, you know, it's a process and, you know, we've started working on that. Expect to get something out metallurgically in H2 and that'll help further guide the independent analysts. It's become a bit of a strategy in a way when you have a fast growing discovery like we have at NISC and what we think we'll continue to have for the balance of 2025 is to just let your drills roll and don't look to constrain a resource.

45:41 Because as long as you're ramping this thing up in a big way, let's just keep on doing that. I mean, and people will do the math and, you know, we'll get the, we'll get, well, eventually, of course, we'll get a resource estimate done. And that'll be important in the course of time. But it's not what drives the boat right now. What drives the boat right now is exploration growth and adding more rigs and stepping out aggressively and then using all these tools we have to understand. The good news is, as Steve says, a miss is just now we've got another great borehole to look at that gives us a great look back. So we've got ability to step out 150,200 meters at a crack and start to add some serious tonnage and then also push the envelope in a number of different ways.

46:32 So we're pretty stoked with that and think it's a great position to be in as a company. We've got sort of slotted, I've got a tight day today and Joe does too. Basically have put aside an hour to bring everyone up to speed. I see there's a bunch of questions out there. I think we've pretty much covered what we're doing, but just a quick wrap on it. We've got 14 holes to come from the fall campaign. We think, you know, as we say, we don't think any of them are misses, but maybe, you know, half of them are, you know, are in that order are actual hits, you know, in terms of the one would be perceived, the others were educational tools.

47:19 And those will start to come out, we expect next week and the coming weeks, probably the next 4 weeks, it'll all be out. And then we've got 15,000 meters of drilling that has already started. We'll get that done between now and the end of April. And we think that'll obviously push us in a big step forward on the resource side. And then we'd expect to drill at least another 25,000 meters starting in June and going the rest of the year. So it's going to be a super active year on the drill bed, and it'll probably get even more aggressive as we move through time. So that's sort of the next sort of slate of news things is expect more assay results. And obviously, we'll finish off the spin-off next week on February 3rd and the name change will happen on I think on February 4th so lots of stuff to talk about. I've got some questions I'm just gonna dive in and answer a few of them as we can.

48:18 They're asking, Minto is asking, will we look to upgrade on the Toronto Exchange or US Exchange? And the answer to that is yes. We'll upgrade first in Toronto and then we'll definitely get a US listing and we expect to get the US listing in H2. Asked about the name change, we'll expect more information that, that'll literally be out next week, you know, end of the week, we think. Let's see, there's some, I guess, see, perhaps there's an error in our slide and that shows that we're, I guess, PS on our slide as opposed to OTC. In the US we're listing OTCQB, not pink sheets. So that's just to clarify that.

49:08 Question, has there been any large institutions asking to buy 10% or more as of late? We've got a lot of large institutions, a lot of large industry very excited about Power Nickel and wanting to get involved. So all that is very much on the table. And a question on critical elements, how is your relationship with critical elements and what do you think about Lamar? Hey, listen, critical elements are great, great friends of ours, they're partners in our project. JS and I are, you know, that's how we got involved is because we've helped each other over the years. And we continue to have great relationship with Critical. And who knows, there may be some things we can do with them going forward. We certainly hope so.

49:58 So there is that. Is the tickle slimmer going to remain the same? Yes, it is. Let's see what else we got here. Kyle, jump in there if you see some stuff that I'm missing. Sure, problem. I actually wanted to bring Joe into this conversation because I'm not mistaken, you've worked with Dr. Steve Beresford in previous work, right? I think that'd be beneficial for the audience to hear about your history with Steve. OK, So I began working for Western Mining Corporation back in the late 80s. I know that's aging the year, but Steve came in a few years after that.

50:44 We didn't work directly, but obviously we were both involved on the exploration side. I was involved in some Nickel plays and Steve was too. Both of us did some work actually on Nickel laterites. I've worked in Cuba and Guatemala on laterites, but most of Steve's work was concentrated on the sulfide side, and we did several exploration plays in Canada at the time. My career with WMC was in project evaluation. So I was flying around the planet, looking at projects and evaluating whether WMC should buy them.

51:30 And Steve was involved in some of that work also out of Australia. So we had this sort of casual relationship in our WMC days, but the most important thing that came out of it was All of the standard operating procedures we use in terms of doing a drill program or any geophysics is, the birth of it was from the WMC days. And so when Steve came on and he asked for our data and we presented it to him, it was seamless. He looked at it and said, oh my God, this is exactly how I set up my data. Because we came from that same, along that same journey of the WMC way of doing things.

52:17 And from that point on, it's been really very easy to work with Steve and to understand how he's trying to direct us and how he can use our data to educate his knowledge about the project. So that early relationship was very important for how we're heading forward. Okay. A question with Robert Friedland as an investor, and he talked about using Ivanhoe's Typhoon technology. And yeah, we've talked to Robert about that, and he's talked to us about that. And, you know, certainly it's a conversation that we'll continue to sort of discuss over time. We've been, people may or may not know, but generally speaking it's an in-house technology.

53:06 He only does it on deals he's partnering in so and you know that's his obviously privilege when you're owning technology and you know at some point in time, you know never ruin anything at this stage on the technology. But we've been able to come a long way. And the technology, honestly, has come a long way in other respects. Like the ANT surveys definitely are another way to get a lot of the same information, maybe at less expense. But yeah, it's an impressive technology. And the new Typhoon technology is even more impressive. So who knows what will happen there, but yeah, we'll definitely talk to them on that. Let's see, what else?

53:57 How many anomalies similar to the lion have you identified in the whole land package? Obviously there's several, Joe, I don't know that we have a number, but what are your thoughts on the question like that? Well, yes, again, first off, we haven't covered the entire property to the level of certainly ground geophysics as we'd like to, and that's something that we'll be carrying forward. But right now between Lion and NISQ, we've got 3 definite targets that we want to drill into. And one of the reasons we brought the geophysicist on is because we see multiple more subtle anomalies. As I said earlier, Chalcopyrite is not a great conductor.

54:44 It's good enough to give you an anomaly. And he's going to be working through that data to try to define those anomalies better so I suspect that we're going to have more than the 3 targets that we already have as we move forward. Do you want to continue on here? I know you guys have a... We'll go through a couple more. There was a comment in the file, I don't know if I can find it now, but talking about Platte Reef and about Ivanhoe's amazing projects in Africa, which of course are polymetallic as well, and Kamoa Kukula and stuff like that. It was interesting when we were on the road, there's actually, you know, Kamoa Kukula is in the Congo and it's just an amazingly rich copper discovery.

55:38 It was sort of like NISC in a way in that what happened is they discovered Kamoa, which was a nice deposit. Sort of like NISC is a nice deposit, but not like groundbreaking, earth shattering, but a nice deposit you can make money on. So in looking forward to move that along, they were moving, They put on a decline curve, decline to start to develop that. And then they discovered the Kukula, which was a earth-shattering discovery and like a rock and roll show. And it kept getting better and the Kukula West, et cetera. So sort of like when we discovered Lion, we, people say, Hey, you know, why did you leave NISQ? Well, it's like we left $250 rock to move to a $500 plus rock to look for. And that's when you're, you know, you've got only limited capital to work with, it's like a no-brainer, right? You gotta go to where the higher returns are because that's ultimately where you'll get rewarded in the market.

56:38 So we did that and that's really basically what Robert Freeland did so smartly with the Kamoa Kukula. But The interesting part about that is that, that's definitely being moved into being a mine now, and a producing mine. The neat part about high-grade polymetallics, and Steve has made this point several times, is that high-grade polymetallics get developed very quickly in 4 or 5 years, which is like rocket speed times for mines because it's such profit. The IRRs in this thing are through the roof because the grades are so high and the concentration of the rock you're moving is relatively low. So the rates of return is gonna be, we think, very high, and that's what justifies the build decision. And the neat part about once you've got a mine up and running is it opens up the entire spectrum.

57:32 So NISQ, which is, we think we always felt NISQ would have been a mine, but you know, it obviously in a hotter nickel market, it would have been easier, whatever. But once you've got a producing, you know, situation with mine, and we know, and we hope that, you know, we'll be producing, you know, the copper sulfides for many, many years. So we want lots of big discovery in copper because that's where the massive economics are. But at some point in time, because of the success of Lion and the fact that we really fully believe that 100% will become a mine. That will open up this nickel sulfide for very profitable development because they won't have to pay, it'll already be built. And then it's like just incremental dollars. It doesn't have to change the processing that much as we understand. So it's interesting how these camps develop, right? And maybe Joe can speak on that, but I think that's one of the observations we've made just on the project. And I think people lose sight of that. They sort of think, oh, you're only at 8 to 10 million tons, you gotta get to be 20 or whatever.

58:35 I'm saying, yeah, yeah, we're 8 to 10 with a lot of upside coming in. By the way, we already have 8 at NISC and we didn't stop exploring there because we ran out of targets. We just had more expensive rock, you know. So anyway, Joey, thoughts on that? Well, yeah, I think just to touch on 1 thing you said is the valuation of the rock itself. So obviously with copper, people think porphyry, okay? And I've done a ton of work on Porphyry. A large part of my career was chasing Porphyry. You're right. If you've got 1,000m of 0.3, 0.4 Copper, that's great And we'll make a mine out of that. But a lot of my career has also been in open pit and underground mining.

59:26 And as soon as somebody says to me, I got to move 1000m of rock, I'm already thinking, this is a big problem. Like you, you know, This is going to be seen from outer space in a few years, the size of the holes. We're talking about values of Copper that are comparable in a very small volume. So the treatment of that material is way, way cheaper. The footprint of the mine is much easier to manage. That's the value of high-grade. And that's what, you know, one of the things that gets me excited every day when I wake up is geez if we can keep this high-grade going we're gonna collect a lot of copper in a very small volume of rock and yeah while you with that is tremendous yeah hundred percent and the PGEs as well you know yeah yeah so I mean it's yeah that's probably a good thought to leave it on, is that we've just been blessed with this crazy high grade that's certainly got an exciting amount of material already and we think that we're going to add a bunch more of it and that'll make progress a lot faster and a lot more lucrative. So anyway, exciting days here at Power Nickel, soon to be Power Metallic.

1:00:47 We'll have a lot more news over the next 4-6 weeks. As you know, we're drilling, so it's going to be a busy news cycle here for us. We'll continue to update you as we have more to discuss and more to share. As always, we look forward to your feedback. You can reach out to us. There are multiple ways to get a hold of us. We're always pretty transparent and engaging with our investors and we'll continue to do so in the future. Without further ado, and letting everyone get back to their day, thanks so much for for listening to our presentation and hope you