Prairie Creek: Transformational Silver Acquisition

0:03 Good morning, good afternoon, or good evening, depending on where in the world you're signing in from. So a bunch of time zones represented today, so thanks for joining us all around the world. I've got with me today Chad Williams, CEO of Honeybadger Silver, to talk both about the project, but also answer a couple of questions just based on his presentation. But Chad, how are you today? I'm doing great, thank you, Romeo. Awesome. So here's how today's going to work, just for the folks in the room. Especially, I know there's a couple people who are new to 6, so I'll just give you a really quick background on what's going to happen today. So Chad's going to go through a presentation and I'm going to ask a couple of questions and we're going to get to

0:34 questions that were submitted in advance over email, but then I'd love to get to some of the questions that come in live during the event. There's a chat button at the bottom of your screen, it'll glow yellow when a new comment has been made. You can press that at any point during today's event and submit questions. I'll try to get to as many as we can. We're sticking to 45 minutes for today's event, so if I do run out of time or we don't get to your question, I'm gonna make sure the honey badger silver still gets those questions, so don't feel too bad if I don't get to it today. I'll still make sure that you guys get heard. Other piece of housekeeping is today's event is being recorded and available for replay. You'll probably see it at

1:05 about 4 p.m. Eastern. It will pop up right in your inbox for those in the room, but it will also be on Six's YouTube channel. I'll also say that there will be some forward-looking statements during today's call, so please be aware of that as an investor. And one last thing, there is a button at the bottom of your screen called request meeting. You can hit that at any point during today's event and I'll make sure to pass that along to Chad and the team at Honey Badger afterwards. You can press it any time during the event and I will make sure that they get in touch with you. But enough out of me, Chad, I'm going to throw it to you for the meat and potatoes of today's event. I will bring up your presentation, otherwise you can get started. Okay, thank you very much, Romeo. That was quite a mouthful and you managed to get that done very quickly. So that's quite impressive. Good afternoon, good morning, good evening wherever you happen to be and thank you very much to 6 for hosting this. It's our first event with them

2:01 And we're very happy to be joining forces with 6. And we've got a lot to say, a lot of good news. And we're very excited about Honeybadger. So the time is right to get out there and tell our story. And obviously, hello to all the existing Honey Badger investors. And obviously, all the potential investors, people that are interested. So thank you for joining us today. My presentation is not a long one. It'll last probably around 15, 20 minutes. And then as Romeo said, we'll open it up to questions.

2:43 The bottom line is that Honey Badger is a very, very compelling story. And we'll tell you why that is in a moment.

2:59 There are many interesting aspects of it, but at the end of the day Honey Badger was created about 5 well the company's been around for a lot longer than 5 years but I joined 5 years ago with the thesis that silver was going to reach $100 an ounce and It seemed like a crazy idea at the time. Silver was about $16 an ounce. But what we've done in the last 5 years, culminating in the Prairie Creek acquisition, which I'll talk about shortly, is we've created a vehicle for those investors that have a deep appreciation for silver. In other words, if you like silver, then you'll love Honey Badger. We're all about silver, we love it. We think silver is going much higher and we're exceedingly well poised to benefit from that.

3:49 So Romeo, let's go to the next slide. I believe it's the, yeah, 3 reasons to buy. As Romeo said, of course, I will be saying some forward-looking statements. And one of the most important things as a word of caution is, I talked about Prairie Creek. Prairie Creek will be the focus of this presentation. We have not yet closed on the Prairie Creek Prairie Creek acquisition. We hope to close within the let's let's say, certainly by the end of this month. There's a few things that we need to do, but at the end of the day, investors and listeners need to know that they're still subject to closing on Prairie Creek. So 3 reasons to buy Honey Badger today.

4:37 Number 1 is we have a basket or a suite of high-quality silver assets, all of them located in northern Canada. There are no it's cold up there for sure, exploration is expensive for sure, but there are no coups and we don't have to deal with cartels and all kinds of other nefarious elements which are unfortunately part of the mining world elsewhere. Number 2, Prairie Creek is by far our core asset. It's the largest, highest quality, most advanced, and it is absolutely a company maker. Number 3, we're undervalued. You'll see that it's pretty shocking how undervalued we are relative to peers.

5:27 You don't even have to believe me. I will show you very clear evidence of that fact momentarily. Let's go to the next one.

5:37 Okay so Prairie Creek. We're calling it PC for now, because we will be changing the name in concert in cooperation with the local Indigenous governments. We will be looking for input from them on a new name, so stay tuned. But for the sake of this presentation, I'll be calling it Prairie Creek or PC for short. So we're acquiring essentially 400 million ounces of silver equivalent for a cost of about 12 million Canadian dollars, 10 million of cash and 2 million in Honey Badger shares. So it's a very attractive price. The vendor is a private equity group called RCF.

6:27 And I get asked a lot, why are they selling? They're selling because they're closing their fund. It's fund number 6. These funds have a finite life. It's the last asset in the fund. And it's important for them to sell it. Now, keep in mind that they are taking stock back in Honeybadger. They will end up owning 9.9% of us. They are very optimistic about not just Prairie Creek, but the other assets that are in Honeybadger currently. Okay, Let's keep going.

7:03 So Prairie Creek is not just a moose pasture, okay?

7:09 This is a very advanced project. Let me give you some highlights. First of all, again, the picture is worth 1000 words. You can see that there are some substantial buildings there. There's about 3 kilometers of underground developments. This is an underground deposit, will be an underground mine. This was 95% built in 1982. The reason it didn't go into commercial production is because the silver price fell from $30 to $2 an ounce. The Hunt Brothers owned this project, which is, to me, incredibly significant. But when their attempt to corner the silver market failed, the silver price cratered, and they mothballed this project.

8:02 But the key is it's very advanced. Let's keep going.

8:11 All right, so there's a lot of writing on these slides here. I'm not going to go through everything, but the key aspects of it are that it is the highest grade and therefore the highest quality polymetallic deposit that is not developed

8:34 that is not yet developed anywhere in the world. That's based on our research and perhaps I'm wrong here, but so far we haven't found another polymetallic deposit of this grade, in other words of this quality, anywhere else on the planet that is not yet in production. Now, the reasons that it's not yet in production, I'll talk about that in a bit, but it's very remote, there's no doubt about that. But it's about 15 million tons of measured and indicated reserves plus inferred resources. The silver equivalent grade is about 800 grams per ton. Or if you want to look at it as a zinc project, it's 23% zinc.

9:22 So I think you'll all agree that it's a very high grade project. There have been 60% of the population is now in the hospital. By many people over a very long period of time.

9:55 Okay, am I back online? It looks like I was off for a little bit. Romeo, I don't know if you can hear me. Hey Chad, yep, you're back online. All good? Okay, good. I'll jump right back in the presentation, 1 second. Sounds good. So, keep going. Okay, so I was just saying that it's a very high quality project, and it's the highest grade project that isn't developed yet anywhere in the world. Let's keep going, Romeo, please. Alright, So one of the reasons it hasn't been developed is it's remote. You can see that. It is in the Northwest Territories, of course, and, There is a winter road to the site.

10:47 But what would be very advantageous for us is an all season road. This road has been permitted. It has been engineered, but it is not yet built. All right. There is an airstrip on site. You saw the infrastructure. There's some, fuel storage tanks, that kind of thing. So it's very, very advanced. We say that it's fully permitted. We can if we had the capital to build it, we would be able to start construction immediately. Okay, now there will be other permits needed once we start construction, which is normal for this kind of a project. But all of the projects, excuse me, All of the permits to start construction are in place.

11:35 And also importantly, there are 3 independent. Impact benefit agreements with the local indigenous governments. These took quite a long time to secure, to obtain. And so obviously these are incredibly important agreements to have in place. And the companies that are predecessor companies to us spent many years, lots of money getting those agreements in place. And so we can benefit, our investors can benefit from those agreements. Let's keep going. So at this point, people ask, okay, fine, you bought it for an attractive price, it's an attractive asset, it's de-risked, it's ready to go, what are you going to do? All right, so our plans are the following.

12:30 Number 1, we think that there is tremendous exploration potential. You can see this is a longitudinal section of the ore body. It is our opinion that we can double the size of this resource fairly easily. Okay, I don't know how long it will take. We don't know how long, how much it will cost. But we think that with very few holes, we can demonstrate to investors, to the market, that we can double the size of this reserve and or resource. This is absolutely, it's arguably world class in its current size, But if we are indeed able to double the size of it, it will definitely become a world-class company-making deposit.

13:25 There is a thesis that it actually widens as it gets deeper. As it gets deeper. There is a possibility as well that we are able to find other interesting metals.

13:45 We don't know, let me rewind a little bit. In the past, when this deposit, when this mine was developed, no one had cell phones, no one had the technology that we currently have. And so they did not test for some esoteric metals, some of the strategic metals and minerals that we need today for our technological world. There is a thesis that this kind of a deposit could host some very unusual metals and minerals. Stay tuned on that, But if we are indeed able to find other metals, then that could change the economics. So speaking of metals and perhaps because I'm so familiar, I glossed over it. But the metals in this deposit are silver, zinc, and lead that we know so far.

14:38 The breakdown in terms of the current revenue expectation, if we were to mine this today, about 55% of the revenue would be silver, 35% of it would be zinc and the rest would be lead. And again, there is no element of revenue from any other metals at the current time. Stay tuned on that, alright? Because quite frankly, quite commonly, VMS deposits can contain unusual or other metals. Okay? So let's keep going in terms of the upside. Yeah, we have a large land position. We control 20,000 acres of land.

15:27 And there's just another way to see the ore body there. Let's keep going.

15:35 I talked about the past, no sense rehashing this too much, but as I mentioned, it was 95% built back in 1982. And so lots of work. We estimate that 200 at least 200 million dollars were spent and that's probably not even in today's dollars that's probably just money since the 60s that were spent by other people on this project. If you gross that up to today's dollars, that's multiples of that. So lots of people have focused on this project. What's different this time? Why now? Okay. First of all, the silver price is much, much higher than it's ever been. It's never been over $100 Canadian.

16:28 In addition, There's a tremendous focus globally on securing critical metals from North American sources. The Canadian and US governments are very eager to invest in projects That will secure local supplies of these metals. Okay And the third point, which I'm very

16:57 confident about, and it's hard to quantify is, I think this is the best team. We have the best team ever to develop this project. So it's the right time with the right people and therefore this project has the best chance of going into production than it's ever had. Let's keep going, Romeo, please.

17:20 So I talked about the size of the resource, the grade of the resource. Let's keep going to the next one. I talked about government funding. If you are at all familiar with mining, you know that the governments are, you know, the reality is we've been fighting governments globally for the last 50 years. They didn't want mining. Now

17:46 the situation has flipped 180 degrees, they are very much supportive of responsible mining and we are committed to responsible mining. And so with that mindset and doing things properly, I am very confident that we'll be able to secure non-dilutive sources of government funding to advance this project. Let's keep going.

18:18 Yeah, let's keep going. I just talked about that. You know, I talked about our 8 projects. Here's a map of where they are. I don't really have the time and perhaps we'll go, we'll do it another time in terms of talking about our other projects. Today, I really wanted to focus on Prairie Creek. Let's keep going, please, Romeo.

18:41 All right, this is the key slide. If you're just tuning in, you've picked a really good time to tune in because this is the most important and most valuable slide there is in the entire deck. If you go at the extreme left, you can see that we're trading at less than 10 cents per ounce of silver equivalent ounces

19:08 per share in the ground. We have a mineral inventory. Now, To be fair, we've thrown everything in, all of the resources on our projects. They total about 550 million ounces of silver equivalent. Our internal target is to get, and by the way, that was our target, my target, when I started HoneyBadger 5 years ago. It seemed like a bold objective, but I actually think it's quite realistic now. This target is to get to 1 billion ounces of silver equivalent.

19:51 I honestly don't think we need to buy anything else, I think we just need to be a little bit lucky, a little bit successful in adding inventory, mineral inventory to our existing asset base. Okay, so obviously the challenge is with us, we need to demonstrate that, but I really do think that 1 billion ounces of silver equivalent is realistic with the 8 projects that we currently have. Now,

20:23 we're very undervalued relative to peers. How are we going to get less undervalued? It Will not happen overnight. As I said right off the outset. We need to close our financing, which we hope to close on Wednesday. We need to close the acquisition, which we hope to close by the end of the month. And we need to demonstrate that we can. Add to the mineral inventory at Prairie Creek. We also need to demonstrate with credibility that we can go into production quickly. And we can chat about that in the question and answer period if you want, but my personal goal is to produce what I call an MVP, a minimum viable product, much like they do in the technology world, produce

21:14 concentrate that contains silver within a year from now and ship that out in the Winter Road. Now a lot of things have to happen for this and this will not be commercial production, this won't even be free cash flow, it'll be a tiny amount of let's call it production, Let's call it really a bulk sample more than anything else, but just to demonstrate to investors that we can produce silver metal. Okay. So that is another objective for us near term.

21:49 And the third objective is to demonstrate to investors that we're able to secure financing in a non-dilutive method. And I talked about the government, there could be other sources. Let's keep going and by the way if we're able to do all that we will get re-rated. Alright so here is a very obvious comparable to us nothing wrong with BMC Minerals at all. In fact we really like what they have They've got a project called Kudzukaya in the Yukon. The big difference is they're in the Yukon, we're in the Northwest Territories. But if you look at the size and quality of their resource and reserve, it's very similar to ours.

22:36 All right. And their market cap is more than 10 times our market cap. The big difference, and I underline in bold the word big. Again, nothing against them. I wish them luck and I think what they're doing is amazing, but they are not yet permitted.

22:56 We are, and that's a big deal. So not only are they trading at over 10 times our market value, we have the permit to start construction. They don't yet have that. They probably will, I guess. I don't know. I hope they do. But the point being is if you want to compare or if you want to look at a direct comparable to us take a look at BMC Minerals. Let's keep going please, Romeo, and wrap it up. Okay, so I mentioned the near-term

23:37 value adding activities. Obviously, as we. Advance. Market talk more about Prairie Creek. We hope to get a re rating.

23:46 There is a possibility that we could release an updated mineral resource at Prairie Creek. Fairly soon. And again the marketing and 6 is a great example. What we're doing today is just getting the story out there because. It's not sufficient in mining to do good things.

24:08 By the way, I've been doing this for a long time. The way to be successful in mining is to add NAV per share, number 1, which is a hard thing to do. And I think with the Prairie Creek acquisition, it's a very clear creative NAV per share activity, but it's not sufficient to do that. 1 needs to market as well and make sure everybody is aware of what we're doing. And so we haven't done a lot of marketing because we knew we were going to do this acquisition. And so we've been a little bit quiet over the last 2, 3 months. But we are not going to be shy. We are not going to be meek, we will market much, much more aggressively. So let's finish up, please, Romeo.

24:58 Yeah, let's, like, We can talk about Sunrise Lake, we could talk about other deposits. Let's keep going in the interest of time and not confuse the story too much. This is an important slide for investors. You will see that

25:17 I own a big chunk of it, which I think investors like to see. I just put a big order in on this last financing. I put an order in on the last financing. I've been buying all the way along. Mr. Eric Sprott is our second largest shareholder. I just spoke to Eric recently. He's very excited about what we're doing.

25:39 You know, he's Eric is, you know, the secret to Eric's success, in my opinion, is he's an accountant by training, and he's outrageously quick and sharp in terms of calculating numbers. And I told him, I said, you know, the value per ton for each ton coming out of the ground at Prairie Creek is $1,000

26:03 per ton, and our mining costs will probably be 15 to, at worst, 20% of that. In other words, we'll have a very high margin. And he turned around and said, actually, Chad, you're conservative. The value is a lot higher per ton and he's right. I was being conservative. And so he likes what we're doing. He sees what, you know, he understands his project and he obviously loves silver. And that's his main reason for being an investor in this company. And he's been an investor from the moment we joined Honey Badger 5

26:35 years ago, so only have the utmost respect for Eric and what he's done and how he's helped us and quite frankly 1000 other little junior mining companies. But we've had a good run. I think my personal view is as people become more and more aware of what we have, that run will continue. Next slide, please.

27:01 We have a very strong, you know, I mentioned that we have the best team ever on this asset. I will leave it to investors to agree or disagree with me. But if you look at the people on our board, our advisors,

27:20 I, you know, I challenge anyone to compare who we have on our team with any other junior mining team anywhere in the world. So proud of the team that we have very, very talented board, very talented advisors. Let's keep going, please. So this was the first slide and is the last slide.

27:47 The reasons to buy now is we have a basket. Of high quality assets. Prairie Creek is a core assets and number 3 were very undervalued and there's ample re rating opportunity a lot of meat on the bone if you will for investors even to get in at the current price. You have not missed anything. Okay, even at 30 cents or whatever we're trading at today there's lots of room for a re-rating. You're not too late. That's the end of the presentation. Romeo, I'll open it up or let's open it up to questions, please. Awesome. Now, I see there are quite a few people in the room, so thanks for joining us. For those who popped in a bit late, there's a chat button at the bottom of the screen. You can feel free to ask questions at any point during the rest of the event. We're going to try to wrap it up in 15 minutes and I got some questions myself first, so we'll run through those. They shouldn't take too long, I promise.

28:38 So Chad, one thing, when you look at Prairie Creek compared to other silver projects globally, and I know you're touching this, but I think it's always worth reiterating, What makes it stand out in terms of both quality and long-term potential compared to the other silver projects globally that I'm sure people have seen? I mean the first thing and people who are familiar with this asset, everyone agrees it's a quality deposit. Number 1 is grade, right?

29:06 You know, the thesis, you know, Warren Buffett's very famous for saying he'll invest in companies that even idiots can run. And then if you actually put smart people in a company that EVs can run, then you'll do something amazing. So you know, grade in the mining business, grade is, it's the equivalent in real estate, you know, location, location, location. In mining, it's grade, grade, grade. You can afford to mess things up a little bit. Not that we want to do that obviously, but you know at 800 grams per tonne silver equivalent, that puts it amongst the very top. Next is the size of it. It's a large deposit and it can grow as I keep saying. And we really liked the location. The NWT is very supportive.

29:55 Obviously the First Nations are also very supportive. They're business oriented. Obviously, you know, we're gonna respect the multi-thousand year legacy. They were there at least 5,000 years before I was, if you know what I mean. The point being is that there are, you know, challenges in the NWT. Some of the diamond mines are either shutting down or are suffering some economic challenges. So they're very supportive of what we're doing.

30:29 We have them on our side. We look at them as part of our team, you know, and you put all those things together. That's why Prairie Creek is a very good opportunity today. Awesome. I appreciate that very much. And in that same vein, it's pretty rare for me. I mean, I've done 1000 of these webinars, to see a project at the stage you're at right now with kind of all those permits in place, and agreements with local First Nations communities. Just for your perspective, how important is that in today's mining environment? It's, It's critical. It's, I mean, at the full stop, it's necessary, it's critical, it's, and I respect the work done by our predecessors.

31:16 It was an incredible amount of work. I'm sure it was very time consuming. I'm sure it was very costly. I'm sure it was frustrating for both sides, the Indigenous governments and the people that were involved with it. So we are standing on their shoulders and we want to, and I said this, we want to do things right. We want to respect their work. We want to respect obviously their culture and their needs. They've got needs too. They've got needs for economic development. We've met with them and we get it. What they need and want and expect, quite frankly, are very reasonable things that we would all expect. They want their families to do better.

32:12 They don't want us to leave a mess. These are all rational, normal expectations. I appreciate that very much. One question, I know you already touched on it, but it came up in the chat, it came up on email, so I'll just throw it at you. I was looking at the rest of the year, what are key milestones or catalysts folks should be watching for? And somebody also asked, I might as well loop it in. What's production timeline for Prairie Creek? Okay, so yeah, I mentioned it a little bit, but let's let's do a recap, because I did cover lots of ground. So in terms of news flow, closing the financing, closing the acquisition, and then we will announce our plans with more concrete terms, timelines, costs, expectations. But I said, I covered 3 different aspects.

33:02 Number 1, exploration. Number 2, advancing to production. And number 3, funding this in the least dilutive manner possible, which means we're going to have to be clever. Excuse me, which trust me or trust us, we've got lots of good ideas on that front. Okay. And sorry, Romeo, was that was the second question. Somebody who's really specifically wanted to know what the timeline to production. Oh, yeah, timeline to production. So I did talk about the MVP concept which is a technology concept. Rather than you know developing your app fully baked in, you get a something that looks and feels like a product that will work. We hope to get that within a year.

33:52 That is, you know, some tote bags of lead concentrate which will contain some silver that we could ship out and show to the world that we're able to do this. As again, this will not be commercial production, this will not be free cash flow, this will be more in the mining business, we call it a bulk sample, something of that nature. Okay, great. Now there's a couple questions in a row about the the winter road, so I'm just going to throw them at you kind of 1 at a time, but we'll try and get through all them. We got about 10 minutes left, so I think we can get through all the questions in the chat. But someone wanted to know how many months a year is the current winter road viable? It obviously depends on the winter, depends on ice in the local area.

34:44 And with climate change it really has changed a lot. And so we, let's just say for planning purposes, we'll budget 6 months, It could be plus or minus 2 months from that. If you do decide to build the all-season road, how much is it going to cost and how long would that take? We don't know how much it's going to cost. We think it'll take probably about 18 months, something like that. We think that the reason we don't know how much it'll cost is because there hasn't been a near-term estimate for it.

35:35 And costs, there has been an escalation of costs, but on the other hand, there has been a, you know, I keep saying it over and over, a tremendous potential for governments to fund exactly these kinds of things. And so, yeah, costs may be higher than they were in terms of the last pre-feasibility study, which was done in 2021, But on a net basis, the costs are probably a lot lower because we'll get grants, hopefully, possibly, maybe from the government agencies. So I don't know on a net basis what it will mean or what the costs are net to Honey Badger. The next question was actually, could we apply for government assistance on the construction of the road? So glad we got through that. John McConnell wanted to know what percentage will RCF own post-closing and do they have any other rights?

36:26 So hello to Mr. McConnell, who's an expert in building these kinds of things in the North. The RCF will own 9.9% pro forma, meaning after we close the acquisition. They do own a 1% royalty in NSR, 1% as well. And those are the only rights that they have. Great. John also asked if you could just summarize the current terms of the First Nations Agreement that you have. Yeah, I mean, they're, they're complex. And they took as john would would know these things, he would know intimately how these things go. They are with 3 different governments and they took, there are many of them, but generally they are quite standard in the sense that we need to consult with them of course, but also provide training and employment opportunities on a favorable basis to them. Again, these are things that to me make a ton of sense. They're very logical.

37:36 They are local, they are knowledgeable, they are capable. One of the First Nations has something like 18 different companies that they run or are involved in. So these are very, you know, pro, I'm not gonna say pro business because that doesn't portray it, but they are looking forward to developing a business relationship with us. They are open to that. Okay? Right? Again, I'm repeating myself, but they only want what we all want, which is a better life, a better life, you know, for their family and their children.

38:28 And quite frankly, if we're able to provide or when we're able to provide jobs, bring some of the, you know, a lot of the people from the community, left the community to do jobs elsewhere, for example, in the diamond mines that are now shutting down. And so if we provide an opportunity for them to have their family come back, why wouldn't we do that? Makes total sense. I would want that. You know, bringing the families back together. That makes sense. Tom from the chat asks, how did Rick Rule get involved with the project? So Rick is, you know, I've known Rick for a long time and we presented the story to him as part of the financing and he thought that it was a compelling story and that's how he became involved.

39:14 He was not involved until we bought Prairie Creek. He was fairly knowledgeable in the story. He was aware of what we were doing with our 7 previous assets. But it's really Prairie Creek that was a tipping point for him investing. That makes sense. Somebody from the chat asks, is Plata for sale to fund Prairie Creek? You know, it's a great question. We love Plata. And Plata, I mean, honestly, Plata, our market cap should be just on Plata alone. We are adjacent to Snowline, Snowline's multi-billion. Plata was there before. Most people don't realize this, okay?

40:02 We have the only airstrip, the road goes to our property. Now it's called the Canal Road, it's not a very good road. Romeo, I don't think you'd wanna take your Ferrari on that road, but nevertheless, there is a road into it. And we have, believe it or not, 32 drill-ready targets on Plata. We love Plata. Would we entertain some sort of a deal on Plata and take back a royalty, a silver royalty, the answer is yes. It will not be for a dollar, and I don't think it will get 1 billion dollars, but it'll be somewhere in between that. Great, I appreciate that. I got time for 2 more questions before we hit today. Enio from the chat asks, are there any royalty holders on the Prairie Creek property right now?

40:49 Yeah, so there are 2. Versamet with a 1.2% NSR and RCF with a 1% NSR. Okay, thank you. And to wrap us up today, Peter asks, are there currently sufficient funds to finance drilling on Prairie Creek and Sunrise this summer? The answer is yes, subject to final budgeting. We are going to, we're in the process of refining that, and we're, because we have a good infrastructure realistic to other exploration projects up north, well, we have an airstrip, for example, and we have accommodation, the cost isn't as high as we thought it would have been so we're pleased by that.

41:42 But the truth is, we're trying to figure out how many holes how deep, to generate the most NAV per share return for our shareholders, our investors. And so that is taking a little bit of time. As I said, once we close on this acquisition, assuming that goes ahead, of course, Then we'll be releasing the budgets, the timeline, the plans in detail, which will generate some news and will backfill the details. Awesome. That people need to know. Okay, I will remind everybody in the room while we're all still here, there is a request meeting button right at the bottom, I know a few of you have already clicked it. But if you want to meet with Chad or the team at Honeybadger, please do hit that request meeting button. I'll be sure to connect you guys afterwards. But as we are at time, Chad, thanks so much for both going through a presentation, also letting us all grill you a little bit. I'm excited by your excitement and everybody in the room, thanks so much for submitting questions. I'll throw it to you, Chad, for a last word before we jump for the day. Okay, really quickly, thank you, Romeo, and again, the folks at 6, really appreciate working together.

42:47 This is the beginning of us doing lots of things and for all the folks on the line, you know, we're a very open and transparent company. We welcome questions. Quite frankly, the more questions, the more you, you know, Honey Badger is a bit of an acquired taste in the sense that the more you find out about us, the more you will love us. And speaking about love, as I said at the very beginning, if you like silver, then you will love Honey Badger. Go to honeybadgersilver.com, You'll get a lot more information there. And stay tuned. We look forward to our next talk like this. Awesome, Chad. I agree. Look forward to you being sick of my ugly mug pretty soon. Everybody in the room, thanks so much for joining us. I hope everybody has a great end of their Monday.