Power Nickel Year In Review & Latest Developments at Nisk

0:08 Hello everyone and thank you for joining us for another live PowerNickel update with the PowerNickel team. Just hours ago PowerNickel released some core pictures that I'm sure they are excited to share with you today. Just a couple of housekeeping items. As always, we will address your questions at the end. To participate in the Q&A, please submit your questions in the chat box in the bottom right corner of your screen. This event is being recorded and will be available shortly after we conclude.

0:33 Power Nickel is wrapping up quite a transformational year for the company, but I'll let Terry take it from here. So Terry, the stage is yours. Great, thanks Kyle, appreciate it. Great to be here. Obviously another big day for us today. We'll talk more about that as we get into it, but it's just a day for a bit of reflection on the year we had and then also a little bit of anticipation about what, if we think this year was good, how great next year is going to be. So we thought we'd just start you off with what the current positioning is, and then we'll just take you from the top of how we found Lion and the steps we took along the way. And that'll help to recap the Lion story in more detail, and we'll touch on other aspects of the power nickel story as we go through the end.

1:21 But without further ado, let's talk about how we see ourselves. When we started the year, I think we were looking to become Canada's next nickel project, But by the end of the year, maybe we're going to become the next NIRILSK, which is a bold claim. And we obviously have lots to do to get there. But we've made some interesting starts to it. And I think as we'll go through time, we'll find just how far we can go along that path. But it's a remarkable opportunity when you think of it. Nerelsk is the only trillion dollar deposit in the history of the world, 1.4 trillion in the ground. And amazingly enough, we learned about a month ago that 90% of that was in 1 square kilometer. It's just an unbelievable project. To get anywhere close to that would be a stupendous accomplishment.

2:08 We're thrilled that you can even say that without being completely insane. We're stepping on that mighty path. Let's talk about how we got going. Ken, if you're driving the ship here, let's take it through. The first step was we had the Nickel deposit down there on the left-hand corner. That's what we call NISC Main. That's a fine Nickel deposit. We thought we'd be commercializing that. That was really what we were trying to do.

2:39 We had almost been through our budget. The average holes were about 400m at NISQ at the time and we had about 200m left. The guy said, do you want to go over budget? Or we've got this idea up in the northeast corner called the Wildcat, where we like this sort of outcropping surface. It's got a nice little EM anomaly. And we think we've got to drill at some point, why don't we do it now? I said, 200 meter hole, I'm in. So we drilled it, maybe hoping we're gonna be hit nickel sulfide, like we were having the 1 and a half percent nickel and stuff at NISC. Lo and behold, we hit this crazy copper sulfide zone at 60 meters. And that was the beginning of the line zone. So obviously that was an amazing initial hole, almost an ounce of PGMs and 1.5% copper.

3:33 And then that was the start of it. So then we went to the next slide, Ken. We basically started to drill and Ken, Ken has, because of his experience at Goldcorp and his thoughts, he said, look, we've got to start to build a resource here. And so he said, got to get 3 holes that are connected. And so that was what we did. We started to do a bit of a fan drilling program and stepping out, and we kept hitting. And we could tell, if you go to the next slide, just how good this was going to be almost off the get-go. And we felt compelled in February of last year to put this release out to say, hey, we made a material discovery just because we're looking at these rocks and these rocks were unbelievably fantastic. So, but of course, as Duncan said, we put out the release to 1 armed applause.

4:30 I think the Russians were doing something crazy at the time. I don't remember exactly, but the stock was stuck and we ended up, it sort of bottomed out there. But then the next slide we started to get the obviously the assays came out And then you could start to see just how amazing this project was. Look at some of these assays, 15 meters of almost 10% copper. We've had 25% copper equivalent. It was just crazy stuff, stuff that really obviously woke us up to the real possibilities of what we might have discovered here and we started to sort of scratch our heads. Next slide. And then ultimately all the slides that we had talked about proved out. And that's been something we're proud of. When we put out, just as we did today, when we put out core pitchers, we backed them up. We're 16 for 16 of core pitchers to great results.

5:33 So we're not, you know, but we put them out because we think they're material and you as an investor should know about them. So that's why we put them out. That's what, you know, that's the way you see it. When we put out a core pitcher, you know, we're doing it to be communicative with our investors to make sure they know what we think is material and why we're putting it out. So those pictures are indeed worth a thousand words. And then Part of the story was to get some external validation, that get some analyst coverage, get people that cover other major base metal stories and to see what they thought. So we started out with Henan Partners and they've written us up several times in the course of the year. And they were as impressed as we were with these assay grades that are there, and they've got some pretty interesting numbers of what they believe we have already as a resource.

6:27 And we certainly think that's certainly in the realm of the reasonable, and we think we can ultimately grow that. But that's a great start. Next slide.

6:38 When you have great results, you generally get there because you've got great people. We've been blessed. Ken's here. He's the representative of the exploration team that's done an amazing job of putting this together. GeoVector, with Eric and the team that brought the initial prospect to us and had us drill it. And then GeoVector has been executing on the drill bed, managing the cores, doing an amazing job of, of, of delivering tremendous value for us and our shareholders. And, you know, we certainly wouldn't be here without those guys. And, and, you know, as great as, you know, Canon GeoVector are, you know, the one thing we recognized, you know, as management and the board was that we had this polymetallic deposit, yet none of us had any experience with polymetallics.

7:28 So we just thought, How do we sort of cover that off? So I'm blessed, happy father of 4, and one of my sons is a analyst, and he, ex-energy analyst, so he became a mining speculator investor, and he's done very well for himself, and he's in this Mintwits, on X I guess now, not Twitter anymore. And you get invited in there if you're really good at what you do. And he had seen this video from Dr. Steve Beresford on polymetallics. And I remember him sending me this video and he said, dad, you really gotta watch this. This is a guy we need to get on the team. He said, he's definitely the guy that's gonna help us get to the promised land with NIST. Cause he said, it seems like he's talking about NIST, but of course he doesn't know us. So I reached out to Steve And sure enough, I was able to intrigue him to begin, after a couple months of work, eventually we started to hit it in the land zone, and I kept sending him the updates. He said, yeah, you've definitely hit 1. So I got him to come over, just as a technical advisor initially, to advise the team, Ken and Adam and Joe and the team at GeoVector, just tricks of the trade on polymetallic exploration, because it's a very specific subset.

8:44 Once he came over and he actually met the team and he got to the site and at the site we had some giant commodity boulders which didn't mean anything to me at the time, but to Ken was like nirvana that he saw those. He thought, well, that's really a great sign Because when you see those giant commodity boulders, that's often a sign that there's a massive nickel sulfide discovery, which is his whole thesis on this. So if we go next slide. So When you have the great team and you have great results, then you can get great money. So we were very fortunate in end of June of last year to get 20 million or so, a little bit more, Canadian, 15 million US.

9:35 With some legendary investors, obviously Robert Freeland took half the round, Rob McEwen took 20% and then we had 3 mining firms take the balance. So what we would call smart money And that really set us up well for the future. So we were well cashed up with smart money that publicly we're happy to be exposed as investing in Power Nickel, which is really fantastic. We've made us very proud. And then it led us to be able to invest in a way that a lot of juniors don't have the opportunity these days. And so we were able to sort of invest for today, but also for tomorrow. So next slide, please.

10:14 So Ken's thesis on these deposits, he really looks the world over for what he calls orthomagmetic nickel copper PG deposits. And they basically, he has this triangle, nickel on the left, copper on the right, and PG's on the top. And he broadly calls PG's with gold and silver noble metals. So all these, you know, various big discoveries, Voisey's Bay, Marensky, Saccati, and Sukhoff, there are various types of polymetallic deposits that have been discovered in the history of time. And you can see on that chart, there's not a lot of them. Maybe there's 20. In the history of time, there's only been a handful of polymetallic discoveries. It's quite rare and they're quite big. And literally they're the best mines in the world. They're better than gold mines, better than diamond mines, better than uranium mines.

11:03 The polymetallic mines are literally the world's most valuable mines. So, you know, Oktoberursky, which is Norelsk, is in the middle and and it's a caddy is just underneath it. That's probably the ones that we most closely resemble in terms of makeup. So we would expect that we'd probably be sort of a third nickel, a third copper and a third PGEs. And so that's sort of Steve's visioning of things. Next slide, please. So this is just another way to imagine the triangle. So in the middle is the, on the corners, you're having more nickel-y discoveries like Boise Bay with credit metals. And then on the right-hand side, you got copper with credit metals and on the top, PGEs with credit metals. In the middle, you have the polymetallics, which just simply means that you've got no 1 metal is dominant. So just like we expect, we expect nickel probably be a third of a revenue, probably copper is a third. And then you've got

12:03 the noble metals, the PGs and gold and silver being a third. So it's a nice mix. It's going to help you go through good and bad times and commodities. And we sort of think that's what's going to happen here. Next slide, please. So Ken's general thesis is that for these polymetallics to happen, you basically have a nickel sulfide base level. This is the oven, effectively. And that somewhere, either these 2 deposits, like the NISC main and the lion zone are connected, that 5 and 1 1 kilometers is somehow connected subsurface. Or the second possible scenario is that you've got another nickel sulfide discovery that we've yet to make that's underneath the lion's own and somehow feeding it. So generally what happens with these polymetallics is the nickel sulfide sort of, you know, is the incubator. And then somehow there's been some sort of hydrothermal action that picks up the copper sulfides and brings it up to surface and precipitates it often in very high grade chutes. So the lion's zone is one of those chutes. And Steve's philosophy is that successful polymetallic exploration is all about finding those chutes, finding their extensions and finding the next ones. Because he believes, we have reason to believe that they don't just come as onesies, there'll be multiple shoots here that we'll ultimately find on this project.

13:26 Next slide, please. So How do we get there? How do you find it? This is part of using that $20M in a productive way. We did a massive gravity survey over pretty much the entire project. We did a significant ground EM survey over big chunks of the line zone. Then we've been doing downhole EM as sort of our technique of choice to advance the zone and that's been going really, really well. So that's what we've been doing and it's working great. Next slide.

14:00 So when I say it's working great, what happens is, we'll go into, like if you look up here in the hole 70, around my cursor, I don't know if you guys can see my cursor, Ken's cursor is better, yeah, there it is. So hole 70 was an amazing hole, 32 meters of basically 6.97% copper equivalent. I don't know if there's a better hole anywhere in the last several years than that. I mean, it's just a ridiculous hole. So when we drilled it, We knew on the right-hand side, again, it was another great set of core. When we drilled it, we instantly put down the downhole EM machine, and we took a flash, and we knew that 200 meters to the west looks very promising as well. And so we've drilled that, and we obviously announced that a couple of weeks back, that, you know, hole 80, we've had a hit. And we expect to probably get early assays back on that in January.

15:01 And that's, again, just the type of exploration we're doing. So we've had a success. You drill it. And then you take the downhole EM. You do the flash. Then you know that, hey, it looks good to the west. There's some things the scientists have to do to make sure that it's a valid result. And then we go ahead and drill it. After the presentation, Kim will walk through some of the science behind all this. It's going to lead to us, I think, being we've had super effective drilling up to now, but I think as we go forward, we can expect to be even more effective with all the science we're pulling together and our understandings now of the deposits, both structurally and via the downhole EM. Next slide, please.

15:45 So this is the big question. This is the $64,000 question. Just how big and how rich can this thing be? So one of the things we wanted to sort of, you know, pound home to people was just how amazingly consistent this project has been. You know, this is very unusual. You generally, you'll have maybe a couple of good hits, and then things will thin out. You can still try and put together an ore body. But we're now, at this point, as of this morning, I think 550 meters across the top to the west, and then we're 600 meters in depth. And we're hitting hits, major hits, all along the line there. And so with great consistency, we're getting there. That's why we publicized that amazing piece of core, which Ken's going to show you now.

16:46 Look at that thing. I mean, When you see that, for those that don't know, that one in the middle, that's about as sexy as rocks will ever get. That's the calcopi right there, massive. That's just one of the boxes. We got, I think, 3 of that hole. And, you know, you get that that was in 95 in the plunge, you know, Ken forecast that, you know, 100% in terms of what he thought would be there. It's been really amazing to be able to now, between using the downhole EM and the structural understanding we're getting with the project, to really have an effective target program for drilling.

17:41 Ultimately, right now, we've done 2 rigs up to now And we've gathered a lot of science. Some of it we're still compiling. Like a lot of the downhole EM data, we're still compiling and correlating with our understanding of the deposit or the mineralized zone. And that'll really help us, I think, in the winter portion of this process to really start to scale and get more rigs on this. The interesting part about my understanding of polymetallics, from talking to Steve and just understanding history. And the thing with mining is that you understand each deposit is quite unique and it may be a part of history. So, but I would say in the general rule of thumb in polymetallic minings, and a good one for you to remember as an investor, is that in the history of time, generally, if you find 1 ton of copper sulfide in a polymetallic deposit, you'll find between 2 to 7 tons of nickel sulfide. So nickel, copper, and small amount of PGMs, like the initial NISK discovery.

18:48 Now in this case, because this line zone is so rich, we'd expect the underlying nickel sulfide, if it's still there, to be much richer than NISK main. So that's what's exciting. So if now, analysts, I guess they range between 5 to 9 million tons of copper sulfide, pick a number. That's sort of where we got with the first 10,000 meters of drilling. We're drilling 30,000 meters of drilling. By the end of April, can we triple that number, you know, get to 15 plus? If I was a betting man, I would bet we could. And then it's like, okay, well, if you find that much copper, what, how much nickel are we gonna find? I mean, the cool part about the lion's own, the thing we've tried to pound home to investors is how asymmetric this bet is.

19:38 So I believe right now, for lots of reasons, that we're trading at a fraction of our real value of what we've already discovered, what we've already proven with the drill bit. And I think as an investor, you're able to buy, even though our stock has gone up 4 times and that's been tremendous, it's still super cheap, you know, and relative to all of our comparables that we can and will be compared with, you'll see that we're trading pennies on the dollar. And that's for what we've already found. Well, imagine what we could find. And then you start to understand just how powerful an investment opportunity PowerNickel is at the moment. So that's a thought to consider. Next slide.

20:29 When, you know, as we, you know, As the story matured in terms of the exploration side of things, it obviously changed. When we did our deal with CVMR, we were a Nickel Sulfide story and looking to get the most out of our Nickel. Well, of course, Nickel is still a big part of what we are, and we're still looking to get the most out of our Nickel. We had been working very hard on a feasibility study with CVMR and we have a draft of that. We're working with it. I expect we'll probably get something out in Q1. There's been some reasons why we've delayed on that. Some of them are commercial and I won't go into it on the broadcast, but needless to say, we believe very much in the nickel powder business and the opportunities that it could provide the company. We've invested in it, CVR has invested in it. They're the world's largest private Nickel refiner.

21:21 They have 4,000 employees. They have 3 joint ventures, the Department of Defense, the US $100 bill is printed in their Nickel nanopowder technology. These guys

21:31 are clientless reads like the Fortune 100. They're really solid partners. So we've done a lot of work. It's been slower, but a lot of that's just because of the success of the lime zone and also changing commercial opportunities for us on this particular aspect of the business development. But we expect to have more news on that early in the new year, and we'll update you on that. But I do get questions on that, and it's not, it's still developing in a good way for us. We'll have more in that in Q1. We always, you know, it's been a point of pride for us that we believe we can become the world's first carbon neutral polymetallic mine.

22:20 And how we get there is largely got to do with planning and just actual luck. The planning part is when we drill, for example, we use Carbon Next to offset our drilling things. Well, that's planning. We do that because that's the right thing to do. Then on the luck side of things, we happen to be in Quebec, beside Hydro-Quebec substation. I mean, can't make that stuff up. So we got power to the site, which is often like a big number to do for mining companies. It's right there. You can literally drive off the road to our site. I mean, if you were to, you know, logistically, it's phenomenal. I mean, It's just a great spot to go to. We have ultramafic tailings, they naturally sequester CO2.

23:10 There are 3 ways to make Nickel concentrate, hydro metallurgy, smelting and chemical metal vapour process, which is the Sievermer process. It's the most environmentally friendly. That will be something we can bring to the table. And ultimately, we think this will improve the economics of the project and certainly improve the desirability of our offtake partners to partner with Power Nickel, which is going to help us shape the investment on the deal. Some other technology that we've used, obviously we've used the downhole AM has been, I would say the critical one going, you know, right now going forward. What helped shape that from the outset was the ambient noise, giving us a really good lithographic control. So we knew in the line zone where the faults were, and We knew how the mineralized body behaved next to the faults. So this is the fleet space technology.

24:07 So, and the interesting thing about their technology, it's iterative. So all the data that we've been gathering is actually gonna be run back through fleet and regenerate some new intel for us that we expect to use going forward in 2025 to help us even further in more drilling.

24:27 As you recall, the key thing with the fleet technology is it develops a bit of a signature. So we're hoping that as we begin looking for the nickel sulfides, this could come back into play and really help us again to find that more cost effectively. Next slide. Last couple of things to talk about. We approved the spin out at the shareholder meeting in December and we announced it'll close into January. Between Christmas and New Year's, we'll put out a press release notice to our shareholders to advise them of our perception that we have based on the research we've done that

25:11 effectively suggesting to our shareholders that they should request DRSs and certificates from their brokers, because we feel there's a massive naked short position, if you would, in Power Nickel. And the reason why that's important, what that implies is that on a spin out, you know, if you don't get your request in, maybe you're not going to get your share of the stock. So this is something we're going to do. We're just going through some legal process on that now, but we'll have that out between Christmas and New Year's, and it'll be a full-on advisory to our shareholders to protect them and make sure that they get what's rightfully theirs. But we'll expect to have this all wrapped up and going by the end of January.

25:57 Next slide.

26:01 Obviously the guys that are on the call here have been a big part of what we've been doing today, Duncan and Ken. We're a very lean team. That's one of the reasons why I survived. If you had fat in junior mining in Canada, you were dead. We've been very lean.

26:21 It's been just great teamwork that's kept us together. But all these guys like my board members, Peter Kent, Greg McKenzie, Steve Beresford, Les Mallard have been amazingly supportive of individuals doing the proper governance duties that they have to do to make sure that things are going in the right way. But they've also been supporters and stockholders and cheerleaders.

26:45 There's no I in team and It's been a real team effort every step of the way here at Power Nickel, between the GeoVectors of the world and all the people that work for them, all our drillers. Everyone's really just pulled together. I was up at the site maybe 2 weeks ago and it was amazing. I've been up there before, of course, but I was up meeting with the chief of the James Bay Cree, who was a phenomenal guy. They're just super supportive people. We were chatting about just how amazing it is the technology of science and mining that enables us to, you know, I went on the helicopter up to where our rigs were working and I saw them take that core out, you know, and comes back to our facilities in Damascus, gets dropped off in a very cool way. I think I covered that in one of my X-blasts and the helicopter dropping the core and how efficiently they can do that. And then you see the GeoVector guys come out and they manage the core, they document the science behind each particular part of the rock.

27:58 Then that ultimately comes back to Ken, who's the modeler and structurally understands things. And that's how they sleuth and put this stuff together. And that whole system allows, ultimately, at some point in time, probably a few hundred million dollars to be invested into mines that will create, hopefully, billions of dollars worth of revenue, jobs and taxes. And that's capitalism when it's working. And it's a wonderful thing. And it's a team. And it's a whole infrastructure. And it's really, when you see it sort of in that way up close and personal, it's really, it's sort of a super impressive and it's certainly, it's been phenomenal just to watch it. So it's been a great, been a great run. Next slide. So just to recap, you know, the, you know, obviously we're well capitalized, you know, We're not raising money right now.

28:51 We've got none of these prices. We've got adequate capital to finish off our 30,000 meter program. We could go to the end at 25, if we had to. We're obviously getting people that are exercising their warrants, that's coming in too. So we're well cashed up. You know, we've been blessed to, you know, with some significant shareholders. I think that's what has differentiated Power Nickel from others, about, you know, half the company's owned by, you know, maybe 70 people, and they've all written big checks over the last couple of years. So the people that know the deal the best have been buying the most of it. That should make you comfortable as a shareholder because for me, I always say, have you got skin in the game? If you've got skin in the game, then OK, I'm inclined to listen to you because at least you're risking something. And I think that's an important thing for you as investors to sort of, when you're looking at deals, is to make sure you ask that question and see just how committed are people.

29:47 So I think we've got a really great commitment from all of our key staff and key shareholders. And they're in it. These guys are not in it for a, you know, obviously the stock's gone up, you know, from 20 cents to 90 cents or whatever it's at today. Hopefully we break through a buck here soon. They're not selling because they know what's happening here. When you get a world-class discovery, which I believe is what we have here, you have to continue to execute and show it to be working. When you get a world-class discovery, you're going to have double digits. That's the potential of this thing. And that's why these guys invested. And that's why we're there.

30:30 So next slide. So just wrapping up, obviously we feel we've found a super giant polymetallic deposit. We're fully funded. Obviously, we've got key smart money on board in the major mining guys like Robert Freeland, Rob McKeown, Gina Reinhart, others. The getting smart people like Dr. Beresford, who I literally reached out through LinkedIn, sent him assays through LinkedIn, and that's what hooked him. So don't know the guy from Adam now, of course, he's a friend and a phenomenal guy and a great hockey fan, who knew, for an Aussie. But yeah, so he's there because of the rocks and the rocks are sensational.

31:16 And then Quebec, you know, just literally the best place in the world to have a critical mineral deposit. We're super lucky in that we're not only there from a funding perspective where we're, we're, we're getting 2 for 1 funding and exploration. Like remember that last round we did with the Freeland and McEwen and it was a stock price of 66 cents. We did it at a buck 25. So that's a 1.9. We'd probably average more than 2 times our money and the markets come back. So we'll probably get 2 times the money the next time we raise money. So that's killer, right? It's a lot less dilution for you shareholders, which means we can get farther with less shareholder dilution.

31:51 And then of course, we've been blessed with the infrastructure. We've got hydropower, we've got roads, we've got hotels, we've got airports. So at the end, we're fully funded, we've got 30,000m drilling. We're just, we started to, obviously we're showing you some of the results today. We hope to get one more assay out before the end of the year. It's not in yet, so the assay gods are always in control there, but we're planning wise, we should hopefully get something out early next week. We think it'll be a great one. And then they'll be out in early January and in through January there's going to be what we think is a steady stream of really great assay results that we'll continue to deliver on this project. Next slide. I think we're done. Is that it? Okay.

32:38 Yeah. So that was the wrap. I just wanted to sort of, you know, I don't know if you noticed it was interesting about that slide. I actually went back through my PowerPoints from January of last year to now, and I basically just took out slides along the way. And as the story transitioned, and I put them into this sequence, just so this is exactly how the year unfolded, you know. So, you know, it was an amazing year and, you know, I thought it would be worthwhile for us just to refresh our memories of where we started, you know, how humbly we started and, you know, just how amazing it looks at the moment and what the interesting pathway along the way through. And, you know, so now we're happy to answer some questions that might be in the chat. And, you know, Kyle, if you've got some questions, we're happy to fire away.

33:34 Yeah, no, excellent. Thank you. And they're already piling in. So if you did come in late, this is a Q&A session. Before we begin, just so I know, do we have a hard stop on the hour? We do have a lot here, and we have a lot of time. I just want to know. Yeah, we're good. I've got time. Ken, did you want to go into a couple of things first before we got any more questions? We could do questions and then if I have an opportunity, maybe we would wrap things up with a 3D live session. So I'll just start from the top and go down. Please provide an update for the Predatory Naked short selling. And also, is it still possible for receiving the spin out shares?

34:28 So yeah, so it will be possible to receive spin out shares probably, we think, around January 20th or so is gonna be the date. We're still just finalizing that with the lawyers, but it's gonna be sort of in around the 20th, I think, maybe 20th, 22nd. So as long as you're sure by that date, you'll get them. So that that'll be that. But that'll be in the notice that we put out between Christmas and New Year's. That'll definitely be covered in there. And then, you know, the naked short selling, you saw there was a big piece on Bloomberg today on it. You know, so I mean, it's become, you know, when I started the Safe Canadian Mining thing, it was a bit of a crusade and people thought I had forks in my head. And now I think people are less inclined. They now know, wow, there's a serious problem in this area, in the country and in North America.

35:24 And we've done a lot of our own work internally. As Safe Canadian mining, we're trying to do something for the entire space, the whole sector and ultimately for equities in Canada. We'll talk more about that maybe in a safe mining session, but we've made some progress. We've learned a lot. And what we've learned is bad, but better to know what's out there. And then at least you can start to plan around it and do the things like we did at Power Nickel. So we've got evidence, collected evidence, done things so that we can document things so that we can protect our shareholders. So part of the spin out was, it was done for 2 reasons. 1, we're not getting any value for our exploration plays in Chile or in BC and they're valuable and they could be super valuable but they need to be under their own guidance and leadership and plan and be funded independently. But I was like, well, obviously we're providing a little bit of funding to start. We're a big investor, we may participate going forward But we like the bones of those things and our shareholders are not getting any benefit from that now. So that's the number 1 reason why we're spinning it out. Second reason is, as we talked about in the presentation, is that our theory is that if you believe the data as we do, that there is a massive short position on Power Nickel, that these guys have

36:55 sole shares that they don't own and they haven't borrowed. And so when it comes to actually delivering the paper for to get the spin out shares, they won't be able to deliver the paper and they're gonna be caught up. So that's why we're doing it, that's the theory. It's worked before not with private shares per se, but with a similar thing called a non-fungible token that Overstock did, Patrick Byrne, who I've been on a podcast with and stuff. And so our thinking is it's definitely worth a shot. I mean, I say to people always in presentations, I get asked this, don't buy Power Nickel because of the short squeeze. That may happen, God willing, but just to punish these guys for the malfeasance they've caused to us and to many others in the space.

37:44 But You buy this thing because it's an unbelievable discovery, and it's gonna be big. That's why you buy it. But yeah, so that's my piece on the short selling. Thank you. Dash 2727 is wondering when are assays coming out? Can you expect any before the new year? Yeah, we're hopeful, you know, based upon our history of returns on the assays, we'd expect we're getting it back, you know, today or tomorrow or Monday, you know, for I think it's hole 78. I'm not sure if there's some other holes in there, but that would be the ones we'd hope to get out before Christmas. And then we would expect probably second week in January, there should be another batch back by then. So we'll get those out then. So we're hopeful maybe that that would be the timeline for those next set of assays. And then probably towards the fourth week of January for the next set.

38:47 Thank you. Robin is wondering what the downhole EM has shown you. Are there any more potential shoots or extensions to the present ones? Yes. We're still gathering the data, but what we've seen so far, we think we've got some amazing targets. We're bullish in what we've seen. As we drill a hole, for example, 9395, that was core drilled 2 days ago. So that core was in the ground 2 days ago, and then you saw it this morning. So we did the downhole EM, but of course, we don't have the data on that. It takes time. But We're very much using the downhole EM as the guide within a subset of understanding the structures and where we think the zone is fault wise and stuff.

39:41 Perhaps you could pull up on the screen, Ken, Robin's follow-up here. The core pictures you published in today's announcement, are they from the most recent holes or are they from historical holes? You might as well just put them on screen while we're doing the Q&A here. Yeah. The PowerPoint in there. One word. Problems again. Yeah. So, yeah, that's good. That's fine. So that's, that's, those are, those are the 2 holes that we finished. Those are the last 2 holes of the program. So, we literally finished them, I think we're just wrapping up today. And that's how quickly that stuff is out. So there's, it's not that we, you know, people may be wondering, well, what happened to Hull's, I don't know, what's the last Hull report, 73 or 74?

40:35 Maybe 75? So like 76 to 93. They're in for assays as well. We're expecting, I think our success rate has been more than 50%. I expect to maintain that success rate in those holes. So, you know, we didn't cherry pick here. This just happens to be illustrated because they were the deepest holes we've ever done. And that 95, that's a, I mean, the core there was ridiculous. It was so beautiful. Robin's wondering if the drilling crew's gonna take a break over the holidays, are they working overtime Or are they doing a 2 week break? Yeah, no, everyone takes a break because it's not just the drilling crews that need to take a break, but the exploration team needs to take a break too.

41:28 And it's just also cost effective because they work through the holidays, it's maybe 2 or 3 times more expensive. And, you know, you know, it's waited how many million years, Kent, for us to find it? It could it can it can wait another few weeks. Right. Oh, yeah. It's been sitting there for 2800000000.0 years. We're not stressed out that much, but we want to discover it as ASEP anyways. Definitely. Tobias, I'm wondering if Robert Friedland advises you on exploration or anything, even including development of a mind? You know what, I mean, he texts, you know, we text, you know, I would say some weeks it can be multiple times and, you know, but generally several times a month.

42:16 So he keeps track and, you know, he's aware of how well we're doing. He sends me lots of insightful articles and stuff to read and stuff he thinks I should be aware of. He's been super helpful. As we develop and mature, he's there to provide some thought leadership, just like Rob McEwen. And it's great to have guys like that that are invested and so knowledgeable. And one of the things we talked about before he invested was about the metallurgy, which is a question we get quite a bit about. Polymetallics, I guess that's one of the risk profiles is often metallurgy can be a problem for polymetallics.

43:04 The nature of this one I suspect is we're probably gonna be in good shape, from what we're seeing, but we're gonna get the, we're getting the network done and probably in H2 we'll get that out And that'll help to guide people. Because we have put, as you know, all of our drill collars and assays and esmeths out there. So people can independently model this thing, as they did for Great Bear, and hopefully they'll do for us. And then ultimately, they'll ultimately need to have, in order to come to economic values, they'll ultimately need to get met numbers. But I did go through this with Robert and we talked about it when he invested and he said, look, there's processes and technologies. He says, I'm sure the network will be fine here. He looked at the rock, he talked to Steve, and so he felt comfortable with it. And I mean, there's a guy who's got several successful polymetallic mines, so it was good enough for him to write a big check. I guess it's good enough for me.

44:04 Let's talk endgame here and timeline roughly. An individual in the chat is wondering, at what point do you expect majors to start making offers? How much more drilling do you anticipate being needed? Lots of majors interested right now. No offers. And I guess they already know because we've already told them how our philosophy is on that. Somebody asked me on a podcast, somebody offers you 500 million, what are you gonna say? I said, no, no, hell no. You know, so, you know, I think we're gonna get there, you know, in short order, like in months. And, you know, I think we're all about, you know, again, asymmetric investing. So is there a price tag that would sell the thing at tomorrow? Yes, if somebody comes in and offers us a few billion dollars tomorrow, we'll sell. But it doesn't mean I don't think it's going to get to a few billion dollars anyway. You know what I mean? It's just that if they gave it to me now and took away my risk, of course I'd be an idiot not to do that and I would be bad manager for my shareholders not to do that. But it doesn't mean that we don't think we're gonna get there. And our plan is to get there by the drill of it. So We believe that really the next 24 months will define what we need to know at Lion and at NISQ and just see how big this thing can be. And we think it could be mammoth. So we think we'll be, you know, there's no problems with money. We've got gobs of money in the bank and we've got more gobs being offered to us.

45:35 But again, it's all about pricing. We've got tons of great news to come. We think we're savagely underpriced. We're getting our message out. You can see the stocks, nothing goes straight up. It goes up and then it comes back and then it goes up again. So if you continue to deliver the goods, we're going to continue to deliver the goods. We expect that ultimately, as you increase the value in the ground and you do a good job of translating that message to the market, you'll eventually find a fair price. So we expect that will translate into enhanced value for our shareholders. So as long as we do our job, which is, you know, find more minerals in the ground, prove they can be mined, you know, profitably, that's what we're committed to doing. Thank you. This individual has a follow-up question regarding, is the Austin mine something that could still materialize?

46:25 If so, when or what's the timeline? The Austin mine. Yeah. Yeah. He might be thinking about Texas because we said Amarillo, you know, for the CVMR. So maybe that's what he's thinking about. It's not a mine. It would be a refinery opportunity for a nickel powder business. And that's still on the discussion boards between CVMR and ourselves and our commercial potential partners. So obviously we'll have a clear visibility on that in Q1 and we'll update everyone when that happens. Thank you. Joe's wondering if you could provide guidance on the next 43-101, and at what stage you start doing a feasibility study.

47:11 So 43-101, probably not until, if at all next year, it'll be towards the end of next year. You know, in these types of projects, what you do, the way forward now seems to be, you post the information publicly, transparently, so analysts and industry can assess what you've got. And we're going to do the network so we can actually give them the actual numbers that they can put in to manufacture their own economics. So people will start to do their own, you know, sort of 43-101s, even though they're not QPs or whatever, but they'll start to get a sense for the economic value of things. So as long as you're growing this thing so rapidly, it would be crazy to do, you know, stop it at one point in time.

48:04 We think at this point, not imminent. Maybe towards the end of the year, could be as much as 18 months out there. Eric's wondering, How recent have you considered that NISQ could be a polymetallic mine? When we made the initial discovery, it was a bit of a head-scratcher. We were looking for Nickel and we find this Copper Sulfide and it was like, well, that was one of the possibilities we discussed, but we didn't see it honestly becoming this. I mean, this would be full on your fantasy hockey team where you get to draft, you know, Wayne Gretzky and Bobby Orr and Giegel Fleur all at the same time, and they're in the perfect health and they're playing for you. So that's what happened here on the mining side that these results have been way beyond anything we thought.

49:00 You know, we did all the right science to get to this stage. Our scientists have done an unbelievable job of following the science and doing things in an appropriate de-risk way to minimize the risk. Exploration is incredibly risky, as you know. Mostly when you drill, you miss. Because Mother Earth, she's crafty. She hides things very, very well. It's a difficult job to find them. We have been super fortunate, super lucky to get a deposit that actually responds well with technology. So the technology suite that you can employ on this type of exploration is way better than Gold or Uranium. It's much more detectable with the suite of technologies we can bring to the table, especially with the experts we've got in the room.

49:52 So we got lucky in A, finding the deposit, lucky in finding this type of deposit, and then being lucky to be able to have such great scientists to work with to execute the program going forward. May I compliment that answer? It's been since a year now that we have a polymetallic type of sulphide deposit. I guess that question is an excellent question but it is one of the few questions that we had to find an answer quick and for those questions Steve Beresford has been a key player for me to confirm hypotheses that I thought could be happening or this or that, but as I'd never seen deposits like that, I couldn't know.

50:47 So, the first question was, what kind of deposit that is? Well, to conclude that it's a polymetallic system is huge, because it has lots of implications. As Terry, I'm not going to repeat the whole speech that Terry just did. But at the same time, me, when I was looking at the geology more specifically, and I was wondering, well, what type of deposit that is in the sense that it's sulfur, it's sulfide's deposit, but it behaves or it looks like a vein system, like a gold system. So what the hell is happening here? You know, it's kind of a mix of geometries versus the type of material that we see. First discussion I had with Dr Beresford was that question. Is this possible that sulphide material like this behave as Gold system?

51:40 And his answer was yes, absolutely, especially when you're a polymetallic system because there is lots of remobilization that's going to happen to enrich those zones the way they are so rich. So yeah, absolutely. And then, you know, it's been the light bulb opening for me at least. I guess Mr. Beresford had clued in on that before, but it's been a year since then that we've been cluing in and got so excited by it. Thank you, Ken. We have 2 more questions in the chat here. 1, have you done oriented drilling or is it planned for future drilling?

52:28 No, we haven't. We're measuring core angle axis and things like that. Rather than oriented core, I would prefer myself using Televiewer, which is a camera that we sink down the hole and it's taking like a circular picture all the way down, from which you get very, very precise azimuth and dip measurements. The problem with Televiewer is it's gathering too much data. Like it's a continuous picture down the core. So you got to sit down and take the time to filter out what's good from what's bad. But definitely if there's a need for that we will not hesitate using such a technology, but right now I think we're fortunate enough that with the drilling we do and the geometry of the whole system, it's fairly easy to connect the dots without using oriented core at the moment.

53:31 So we're good. Thank you. Tobias is wondering, in your maps you show a fairly vertical zone called the high grade chute. Can you please explain why you call it this way and how you treat it? Yes, absolutely. So you guys can still see my image? Yep. Yep. All right. So in that view, it is a vertical long view. That means that we're looking at the the lion's zone from the front side of it, I guess. So the screen that we see, you got a picture in your mind that it's dipping within the screen at about 70 degrees, and that high-grade chute is that ore chute that we see contained within that planar zone.

54:25 So the angle that we see on the screen, which is about, I would guess, 60-ish degrees as a rake from the horizontal going down that way. That's what I believe is controlling the thicker part of the mineralized zone. As we approach the sides of it, I do believe that we're entering into deformation corridors that are controlling the size of the zone. One could say it's a bad thing, but to me it's a really good thing because it's really easy to demonstrate now I believe, that those couple shear zones on both sides are not necessarily limiting the size, but they are responsible of creating the dilatant zone or dilational jog that we needed to accumulate all of them sulfides there. So that's how structural geology will come into play complementary to Steve's Belasford description of the entire deposit, I think we're now at the stage where we understand both, and it's now time to combine all of that good science together, and come up with, me, come up with a 3D model that would support Steve's geochemistry that he wants to do in there.

55:55 So in a nutshell, those plunges that we see, controlled by structural geology, grade and nature of the mineralization, controlled by geochemistry. That's Steve's domain. My domain being the structural stuff. The 2 together, I think we can't be a better team. We have 4 minutes here for 2 more questions. Anon is wondering, just as a recap, what's the dimensions that the line zone has been drilled so far, intercepted, and what's the specific gravity of the mineralized rock? Me or you, Terry? I mean, we both give the same answer.

56:41 It's like 550 by 600 and the density, I think it's ranges between 4 and 5, depending where you're at. Around 4. Around 4. Well, 3.8 to 4.2-ish as a result. So let's average that at 4. And the only missing number we need to fully define the geometry here would be the average thickness. So it ranges from the side here, you can look at the color codes and the legend on the side here. So in the greenish periphery, it's more in the range of 5-ish meters thick. And when we come to the yellow-orange, it's more 7.5-10 meters thick. And in the core portion, it's well over 15 to 20 meters thickness there. So obviously the 2 yellow stars, we're ending the program where it started, so to speak, closing the loop this fall by drilling directly the core, the very thick part of the lion core zone now.

57:57 On that figure also you will see those little squares. They are conceptual squares I guess, but I'm using those to guesstimate or predict the footprint of any new drill hole we're drilling there. So the 2 stars as a principle that that square is 75 by 75 meter square there. So what I'm thinking is okay in terms of resource I have a Pierce Point here so I can expand the zone by 75 meters 75 meters but the cool thing with those squares is you can get the surface which is about 5 and a half thousand square meter And then if you impose a thickness, you can easily get the volume and density and stuff. So to me, it's like my guideline on where can we define holes and their priorities.

58:59 What do we want to do here? So, As we were mentioning and as Terry described, at the beginning of the program we were in this area here drilling hole 65, 64, etc. And then we came up in this area here drilling 70, 71, 80, 81, etc. And then we're down to 93, 95 back in the core here. So as you can see, we kind of circled back in the zone there to better understand its geometry, better define its lateral limits, and for me, better understanding what is the controlling parameters in terms of geometry and how can we predict that ivory chute, where is it going, And how can we predict other chutes like that to happen in this area around the zone that we know now?

59:57 Thank you, Ken. And Terry, I'm gonna pass it back to you for the final question and closing remarks here. Everyone, thank you for the great questions and joining us for this year-end wrap-up with Power Nickel. The replay should be available before market close today. That said, the last question, Terry, I feel it's fitting for this year-end presentation. Do you plan to rename the company because you found more metals than just Nickel? Yes. That's something we've talked about a lot and we expect to do early in the new year is to re-brand the company to Poly Metallic Mines. We're just finishing off a video launch around that. That'll be out early in the new year and we'll get that out. We think that'll be more reflective of the unique combination of metals we've got.

1:00:50 We're still a big believer in Nickel. People ask me about Nickel and the Indonesian Nickel, and I say, look, our lifting costs are going to be less than theirs. So it doesn't matter. As long as people are using nickel, I'm assuming that miners will actually get paid more than the cost of production. So we'll be doing fine with that. So yeah, but that's probably what happens. Before we go, I want Ken, Ken's gonna razzle dazzle you for just a couple of his unique insights on the 3D. I think it might be interesting to have a look at it before we go, if you've got time. Oh, sure. Can I cut me off guard there a bit? But That was my project as of this morning, what I'm working on, so I'll just clean stuff up here. Give me a sec.

1:01:43 Not this guy, this guy. Okay, so that's the view that we've looked at. My screen's still shared, Yes, yep. I know, I don't want to speak for nothing here. So that's the starter of the image we produced for the press release. So you can see all of the reported assays in there. What I'm displaying right now are the length intercepted down the core. Those are the values that were used to generate that color grade, that thickness map, call it that way. So now that being said, we have the opportunity here to display other things, like for instance, I can quickly swap to Copper equivalent that we're calculating as well.

1:02:37 And by the way, it's Copper equivalent recovered, so we're slashing 20% of waste out of this. It's a back of the napkin kind of calculation, but very, very consistent to our peers, the way they do that. So we're feeling good with that. So as you can see, this map here shows a combination of the thickness and the copper equivalent grade so I could display perhaps the the legend that you will see here so in magenta it's above 15% copper equivalent material so it's crazy stuff it's crazy material and with the thickness as a reminder this is well over 15 to 20 meters intercept so when grades their thickness there At one point I was saying when grade's there, thickness doesn't have to be there. And it's still true. You can see in those thinner fringes, the grade's still very, very impressive.

1:03:47 And when I say thin fringes, it's like 5 meters. So, it's not that thin at all, but relatively speaking, it is. So, that's that. Another thing that I've been working on, as I was mentioning, is to define the plunges, or the plunge that we see. How do we do that? Well, my technique has been to be using a bunch of dikes that we can see, and I'm just trying to... Do I need to save that? Yes I'm Just trying to hear Jesus, okay clean stuff up and I'm just going to show you guys a bunch of objects that I created.

1:04:40 So in the drill core, GeoVictor is doing a wonderful job at very precisely logging everything we have. And then from that, we can try to understand a little bit better the geology. And I'm sorry, I'm cleaning stuff up as I'm speaking. It probably shows a bit. All right, so what I have displayed on screen, I have left open the copper equivalent values. We can turn that off. It's kind of in the way now, and we'll just simply keep the LionZone volumes. And then what you can see on screen are all of the dykes that were logged.

1:05:30 Where there is no color should be pink with the Atonalite unit in there. And then what you would see is I tried to regroup them dykes by their orientation. So I could spin the thing around and give you guys an eddic. Let's not do that and let's simplify the whole thing by presenting some of the dikes that I came up modeling here. So there are many, many of them. Looks like a tiny bit of a dog's breakfast here. We're looking down view now, a plan view. Now I'm just simply going to rotate and have a look at the whole thing and the way it looks. So what are we doing with that?

1:06:22 Well, all of them structures were used to define which are the ones that seem to be controlling the shape of the body here. And I could identify 2 of them that, combined with the shape of the zone, seems to give us that sigmoidal geometry. So how can I do that live? Without screwing myself up, I'll just cut a plan view here. I'm just going to select all, and I'll do from scene. Sorry, I'm talking to myself so it's less boring for you.

1:07:11 And then we'll cut a plan view at whichever elevation here. It doesn't really matter. We're looking at a 25 meter slice corridor, I'm going to thin down to 5 meters, so it almost looks like a geological map now. And what we'll see very clearly here is the few orientations of dykes that we can recognize out of that. There are some felsic dykes that are hosted within the ultramafic unit, some mafic dykes that are hosted within I don't know what, because everything got re-injected by tunnelite intrusives after. And here you have the lion's zone and where it sits with comparison to the ultramafic unit that is here, I'll put that slightly less transparent.

1:08:07 And what we have discovered is when we see little variation in the contact orientation, and it fits especially well with those dikes that are gabbros with high magnesium values in terms of geochemistry. So when we do that and we look at the those little kinks, call them that way, systematically they do fit with some dikes that seem to be cutting across the ultramafic unit. So without a doubt now, I can probably reassure everyone that the zone being located here with the slight angle it has with the ultramafic body definitely shares a geometry of a simple dilational jog.

1:09:00 It's probably way more complicated than that, but why would we get things complex if we don't have to at this point? So I'm looking at this basically as a lozangical or parallelogram shape, or body there that is caught in between those structures and bounded by the ultramafic contact here. So here you have the whole recipe on the geochemistry side, polymetallic deposits. From Steve Beresford, we learned that we need ultramafic rocks, we need sediments as a sulphide source. The sediments are a little bit further south.

1:09:48 Big, big, huge sedimentary package there. We got the Ultramafics. We have polymetallic mineralization. That's the geochemistry, like, academic side of things. Me, same story, same data, but what I'm telling you is I don't really care really if it's gold or polymetallic or whatever it is in there could be a barren quartz vein. The idea is still the explanation for why would there be a barren quartz vein there, comes from structural interpretation and what I just told you with the sigmoidal opening and da da da, I'm not going to get too much into the deep detail there, but that would explain formation of a quartz vein with gold in it, as well as it explaining formation of a sulfide vein with lots of PGs in it.

1:10:46 So it's the same structural complex or context and principle and mechanisms, plus or minus a few differences. And complementary to all this, we will know for sure how to use geochemistry and geophysics coming from Steve's Beresford Academic Studies that are more than valuable at this stage. So in a nutshell, what I'm saying here to recap is we have that model that's for Lion, but at the same time I could throw in in there super quickly, I gotta do this quickly, the entire model that we are playing with, which is something like this here. So it's huge scale.

1:11:37 That would be the NISQ deposit. That here is Lion, just showing the contacts, but we have volumes that show different things in there. So the idea for me is to use, and please let me have a view looking south now. I'll just get rid of that guy. It's sad looking. So we'll look at this here, and we'll realize that NISQ main is somewhere in this area, 5 kilometers away, 5 and a half kilometers away, that's Lion. I'm working right now on that scale of a 3D model. I already did the NISQ main model over there. We're in the position now where we will combine the 2 together and we end up with a third model which will be the property scale model, into which I hope that Steve's gonna be able to insert all of his geochemistry knowledge and things like that, not only in concepts, but in a spatial location.

1:12:43 So we'll be able to use, for instance, IO gas in combination with LeapFrog to query the data spatially, query the data in a data way, et cetera. So it's gonna be a vis versa. And in terms of, last word, in terms of collaboration, we've struggled a bit, I guess, because it's individual leapfrog projects. We've struggled with many modelers, what project and which model is the current one. We fixed that by implementing Sequence Central recently. And you guys wait and see for 2025, because we'll have a lot more goodies to play with in terms of the possibilities that Central give us in terms of preparing little 3D scenes and for people to be able to spin around themselves.

1:13:46 So totally looking forward to this fantastic coming new year. Sorry, that was a freaking long answer for... Thank you so much for that. It's always entertaining to see your work and it's been, like I said, going up to the site and then actually seeing the results by actually seeing the driller drill the core, the helicopter pick it up, and they bring it back in the room, and then you see the rock on the screen like we saw, which was a mind-blowingly exciting core picture in real life. So that's when science works well, it's an amazing thing. So we're thankful that we've got the team that can make that happen for us and the capital to make it all work together. So for that, we thank our shareholders and wish you guys the best of holiday season. So if you have a Merry Christmas or Happy Holiday, whatever is in your realm and you and your families have some, you know, a good peaceful time. Everyone gets together and recharges for the new year. And again, thank you all for your support and look forward to as exciting as 2024 was.

1:15:00 We all think here at Power Nickel that 2025 is going to be an even more exciting year. So we'll look forward to bringing that to you and seeing you somewhere in the early in Q1 with the initial update on the success that will then be Power Metallic. Until then, happy new year and talk to you soon. Cheers for now. Thank you. Thank you, Derek. Thank you, everyone. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.