Standard Uranium: A Year in Review

0:08 Well, hello, everyone, and welcome to Standard Uranium Summit today, a year in review hosted by 6. I'm joined today by President, CEO and Director John Bay, who will be taking us through a summary of the past year since going public. So to those tuning in, you can submit your questions on the Q&A panel on the right-hand side of your screen at any time, and we'll get to them after the presentation. So congratulations, John. I look forward to hearing about all the things that have happened this past year and what is to come for Standard Uranium in the future. So I'll pass

0:38 it off to you to get things started. All right. Well, thanks, Dasha. And thank you, 6, for hosting this event for us. It is great to be able to share our story with our shareholders and new audience members and anyone that wants to hear about Standard Uranium. So yeah, 12 years or 12 months to the day a couple of days ago was our one-year anniversary of going public. So I look back at what we've done over the past 12 months and it seems like a great deal of things, but I wanted to sort of make it known that we've been running this company now for 4 years, so all those things we've done in the past 12 months were actually an accumulation of hard work for the previous 3 years. But today, I'm gonna take the audience through what we've done in the past 12 months, and then also look forward to the next 12 months and why that's exciting for us right now, and for our shareholders and for future shareholders. So let's get started. And today, you're getting a sneak peek at our new presentation, our new design style brought to us by one of our new vendors, Visual Capitalist. And I'll be talking about who our vendors are and why we use them and why we like them and of course, 6 being one of those.

1:40 So as we get rolling here, here is our legal disclaimer. Well, we'll probably be making some forward looking statements as I talk about the next 12 months so keep that in mind. So one of the things we started this last year was talking about you know the new future of energy and uranium and nuclear being a big part of that and for us we are an early stage exploration company So our goal is to find the fuel to power a clean energy future. Now, this slide here gives you a snapshot of the Athabasca Basin and it gives you a look at where our projects are. We've got 5 projects currently and our flagship being the Davidson River. And we're going to talk a lot about that today because that's the one we're about to start drilling again. So here we go. One of the things I want to talk about today is the 4 real important things, the themes that we look at for Standard Uranium. Number 1 is people. So having the right people on our team is crucial. We built this company around making another high-grade Uranium discovery in this region, so we focused on adding people to the team who've had experience doing that. And we'll talk about that when we get into our actual team. On top of our own internal team, we have our external team, and that's all the vendors we use, all the relationships we've been working on for the past number of years with our First Nations partners, all our geological partners, all our helicopter camp people, the capital markets partners, the bankers, the brokers, those are all crucial. So We'll be getting into a bit of that as well.

3:02 The next thing is the right project. So if you don't have a good project, your company is not going to go very far. You've got to have something that gets people excited. And we'll talk a lot about Davidson River today and about a couple of our other projects on the site. The other thing is the right area. So It's great to have a good project, but you've got to be in a good jurisdiction. We believe that Athabasca Basin, there's no place better in the entire earth to find high-grade Uranium than the Athabasca Basin. Saskatchewan, as a province, is a fantastic place to operate. It's always ranked in the top 2 or 3 globally as a place to operate an exploration and mining company. The third thing is all about timing. So when we started this company 4 years ago, we knew we were early, we knew where the uranium and the nuclear energy space was going, and right now we're starting to see that come to fruition. So going public 12 months ago was an ideal time to go public. We're now getting into this phase now where you can't go a single day without hearing incredible news about uranium companies or nuclear energy. So we're going to talk a bit about that as well. So this slide is sort of a company snapshot. It sort of talks about, you know, things that investors want to know right away. Number 1, let's talk about going public. So 12 months ago, we took this company public. At the time, we were a private company, a market cap of $5M.

4:14 We went public, share price was $0.15 at the time. And at that point, you know, we had a lot of great things we wanted to do within the year. The first thing we wanted to do was drill our Davidson River project, but we needed to get funding for that. So we started with the capital raised right away and we raised up 4.5 million. That was led by Red Cloud Securities and 8 Capital was part of the syndicate. That one had some nice 25 cent warrants attached to them as well. And then fast forward, we go ahead into the summer and we started phase 1 drilling. So we drilled the Davidson River project and I'm not going to get too much into that because we'll cover a few slides on that later. And then we followed it up with a follow-up capital raise in the fall. We raised another $3.4M once again on the same terms. Those were done at $0.20 with $0.30 warrants, and that was fantastic. It really funded us for the rest of the year and to get us excited for drilling our winter program. And we did that. We went right into a winter program, which I'll talk a bit more about, but we did 3000 meters and another 7 holes. And that takes us, and that one just finished up in March. So we're now getting ready for our next phase. We'll get into that in a few slides. The catalyst we're looking for right now is moving forward, drilling our Davidson River project and then getting up to our Sun Dog project and getting drilling that in the winter of 2022.

5:28 Let me take you to the next slide here and I'll talk to you about our team. So I mentioned earlier how important it is to have a great team. The top 5 people on the slide, those are our board of directors.

5:38 Outside of myself, the next 2 guys, Garrett and Neil McCallum, those are both geologists, extremely well known in the Athabasca Basin for incredible success. Garrett, as you may have heard, you may not have heard, going back in time to 2012, there was not a lot of exploration done in the Athabasca Basin because people thought the Uranium was either on the Eastern side of the basin or far up North, but there were a few companies poking around and Garrett was the geologist who made the discovery of radioactive boulders. This led to his company Alpha being taken out by Fission Uranium and that was their triple R project. And they're still still one of the best projects in the globe right now yet to become a mine. So that one's a future a future project. So what did Garrett do? He left Fission and went and joined NextGen and he helped develop their Arrow projects. We spent many years as their VP of exploration and when that Arrow discovery, they moved it all the way along to where they are today. Garrett joined us the day after he left NextGen and he's part of our strategic technical advisors, and he's part of one of our board members, and he's awesome to have on our team. I mentioned Neil McCallum, our VP of Exploration. Neil works with Daruz Geological and consults with us, and he leads our team. He's been in this region for 15 plus years and is a remarkable geologist and adds a lot of technical capabilities and insight and leadership to our geological team. The other 2 directors we have are Ken Judge, who was a corporate lawyer, specializes in M&A Securities Law. He's based in Europe, in Monaco actually. Ken and I worked together for 15 plus years on many companies.

7:06 So he joined our team last year and Blair Jordan was one of our founding directors. Blair comes from the banking side and the lawyer side. He's actually got his law degree, but he practices pretty much on the capital market side right now. Now, if you look at our bottom level there, we have Galen McNamara and Sean Hilliker. Both came to us last year in 2020 from NextGen Energy. Galen is now the CEO of Summit Silver, and he is part of our technical team. He was with Garrett and worked quite closely on the Arrow deposit. So he's a fantastic another set of eyes to be able to explain to us and talk with our technical team about what we're seeing at our Davidson River project. And then of course, we brought on Sean Hilliker. He came on last summer and Sean leads our team at the David Tumirver Project. So Sean just left NextGen as well and joined our team this past summer and he spent his last 5 years working on the Aero Project doing his master's degree, which was just published actually just recently in the last few weeks. So great to have Sean leading our team there.

8:03 And you can see Martin Bajic, our CFO. He's a very capable CFO, works with many junior companies in the TSX venture and CSE and a very strong CFO. And in November, December last year, we added Lori Thomas as our VP of Investor Relations. Anyone who's been in the Uranium space knows Laurie. She's been working in this space for I think 12, 13 years, 10 years with Cameco, a few years with UEX, and now she's been with our team since November, December. So a wonderful team focused on Uranium discoveries in the Southwest Athabasca Basin and couldn't be prouder of the team we're adding. And I will say, heads up, there's going to be a few new additions as we begin to plan our next few weeks before we get into our drill program. Now I also mentioned on top of having the right people, you want to have, you want to be in the right area. So we talked about the Athabasca Basin. Some people call it the Saudi Arabia of the Uranium space because this is the best place in the world to find high-grade basement-hosted Uranium. If you look at this slide, you can sort of see where all those deposits are around the Athabasca Basin, the high-grade ones.

9:06 It's a very mining-friendly jurisdiction. It's got a huge skilled labor force, infrastructure is there. The government is fully behind it. First Nations are really behind mining in this region and it's got high, high-grade uranium and scales much higher than any other place in the world. So if you make a discovery in this region that's economic, it's remarkable. So that's why we're working in this region. Right. John, I understand things are changing in Saskatchewan in regards to the First Nations. Could you speak a bit about that and tell us why it's so important? Oh, sure. So, yeah, that is true. So, you know, going back in time, you know, to get yourself working in this region, you basically had to get permits from the government and the government would consult with the First Nations and then they would give you approval to go do your work. Now it's becoming in the past you know 6 to 12 months we're seeing a lot more First Nations group want to have personal consultations with the companies. There's a group that looks after the entire North called the Yapanini Group, and they basically represent all the far North First Nations groups. So that's been going on for some time. So when we work in our Eastern Basin projects or our Sun Dog projects, we'd work directly with the Yapanini Group, and that's going wonderful for us. We've got all our permits for our Sun Dog project but we're not going to start drilling until we have a proper engagement process and signing of agreements with them and that's in the process right now so we're really happy about that. Now on the southwest corner we work with the Clearwater River Dene Nation. Chief Clark has been a wonderful person to work with. We have a strong relationship. There's some videos of us talking about our relationship on some of our social media

10:37 stuff, but working with the Clearwater Denny Nation has been great. And we stay at their Big Bear Camp. We employ a lot of their people for all the things we do at the camp and some of the fuels we buy, the equipment we use, laborers. So it's something that just keeps getting stronger and stronger. So we're really happy to be working with them. So not all companies have got the same relationships. So it's really important to watch for what's going on. Are companies building strong relationships with their First Nations partners? Are they getting their permits? Are they getting work done? Or are they sort of stuck in limbo? Those are things to sort of keep an eye on with other projects. Thank you. I'm also looking at some of the questions rolling in from around the world here, and I want to take time to say hi to all those investors whose names I see popping up on the side there. Thanks for joining in today and everyone for asking questions if you have some later on.

11:26 So let's talk a bit about the timing and talk about the Uranium macro story as a whole. I think investors who are following the Uranium space probably haven't been in a happier space for a long time. The amount of information that is rolling out now every day from the nuclear side and from the Uranium side is just remarkable. So we're now starting to see the other side of the COVID-19. We're starting to see it really starting to slow down and operations around the globe are opening up again. Cameco put their Cigar Lake and mine back in action and they have their news releases today on their conference call talking about how things are safe and looking to move forward. I think we're seeing the same thing at Kazatomprom over in Kazakhstan. So for us, we're going to be operating another summer drill program in northern Saskatchewan and we believe things are getting safer and safer.

12:11 Saskatchewan is actually going to have a wonderful roadmap to when they can open everything back up and it looks like by July they have no restrictions in place, which is actually remarkable. One of the things we're seeing right now, I think a lot of people have heard that there are uranium companies who are actually going into the spot market and buying physical uranium. I've never seen that ever. So that is a huge sign that people are bullish as to where Uranium is going. We also had, you may have heard, UPC was just taken over by Sprott recently. So Sprott stepping into the Uranium space and going to be taking over that fund says It's remarkable. I can't wait to see that play out. It already had an increase on the spot price when that started coming out. We're also seeing things like small modular reactors coming in the future. There's a lot of talk around that.

12:57 And that's actually going to be really instrumental in Canada and potentially even in Northern Saskatchewan. You know, currently a lot of these far North regions are, you know, they run off diesel or those kinds of things and small modular reactors and micro reactors potentially could be operating in these regions and powering huge communities and mining projects. So the opportunities for uranium and nuclear in the future are just incredible and we can't wait to see those progress. And we're in the middle of many discussions which we'll get to down the road on those type of things. So let's talk about our Davidson River project and what's going on there. It's really important for us to let people know what's happening there. So in the last 12 months, this is sort of a 12-month summary here. We started off the first ever exploration program, drilling program, that is our phase 1 program on the Davidson RIP project.

13:45 This slide here shows you a few things. Number 1, you can see those green and yellow lines. Those are actually the ZETEM and VETEM. So ZETEM and VETEM is geophysics

13:55 that allows us to look under the ground and sort of see where there are graphitic and sulfidic conductors. Now you may be wondering why that's important. If you're going to find Uranium in Saskatchewan, it's going to be hosted in these graphitic conductors. So we use geophysics to look underground and find these conductors. That's our first step. And then we go and try to drill these, drill these conductors. But As you can see that one major 1, the Warrior Tread, that's like 12 kilometers long. So trying to poke a drill hole in something 12 kilometers long is very difficult to find discovery. So we use a lot of other tools as well. We look at things that are signatures of other discoveries in the region. So we can look at what's been done at RRR and what's been done at NextGen. And because we've got a lot of the same geological staff who've been there and done that, it's very easy for us to take that technology and use it on our project. So we were looking for things like offsets and breaks on these conductors. We were looking for bright spots. We were looking for cross-cutting structures. We were looking for changes in dip direction and we plot all those into our software, our 3D models and that identifies drill targets. So we started our phase 1 drill program and we did 5,600m last summer and that gave us 13 holes and really got us started on the exploration on the Davidson River project.

15:04 This next slide sort of shows you where those holes were in the Warrior trend. So to date, we've done 20 drill holes on this Davidson River project and 19 of those have been done on the Warrior trend. 13 last summer and 6 this winter, sorry, 7 this winter, yeah, on the Warrior trend. And what's exciting about that is we're still getting the assays back from the Saskatchewan government, sorry, SRC. So we expect to have those

15:28 assays back towards the second half of May. They're very busy, so we anticipate it'll be just a few weeks away, but we're not waiting for those to get started on our summer drill program. We're actually going to get started on June 1st, maybe a couple of days earlier, and we're going to start drilling on our St. Trent. Let me take you through to what that's going to look like. Last summer we did almost 5,600m, this winter we did just over 3,000m. You can see on this slide here where we were drilling at. Those blue holes are the ones we did most recently. Now, what is exciting is this warrior, sorry, the Saint trend up here in the Northeast. That is the one that our geologists believe looks the most like the Arrow deposit, just on the geophysics from that reason. So we're going to be hitting that trend first. We're going to be putting our first 4 or 5 holes into this this summer, and that's going to be exciting for our shareholders to see how those drill holes come out.

16:20 And as I go ahead to this map here, this is sort of talking about what's going to happen this summer. So we have got 4 major trends on our project. We have our Saint trend, a Warrior, a Bronco and a Thunderbird. We've done 19 of our 21st holes on the Warrior trend. We're gonna be doing another, you know, 5 or 6, 7 or more holes on that Warrior trend. But we're actually starting with 5 or 6 holes on the Saint trend. And then we're gonna get in the second half of the program, we're gonna get over and test the Bronco trend and the Thunderbird trend, who haven't had a single drill hole on them yet. So this is pretty exciting for our Geos to be able to go and go to new zones we've never been before and sort of see what's in these drill programs. So that's something to look forward to. And of course, our shareholders can look forward to all kinds of great social media, all kinds of videos and all kinds of news over the summer. We're going to be there for 4-months, all of June, July, August and into September.

17:08 So there's going to be a lot of content coming from our company, as Sean and I are doing the John and Sean show, giving our videos of what's happening at each drill program, of what's happening with our drillers at in-camp and on the helicopters. And there's so many exciting things happening over the summer here. So things

17:24 our shareholders can look forward to. I don't wanna get into SunDog yet just yet. So I'll stay on this slide for a bit. If there's any questions from the audience about our drill programs and what's happening this summer, I'm sure this might be a good time to get into those, or we can wait until the end of the presentation and I can really open it up to more questions. One of the things I did want to talk about was this summer we announced that we were switching drill companies. In the past, we've used aggressive drilling right up until our last program, but aggressive drilling was just taken out by a company called Team. Team and aggressive have merged and they don't have enough people to drill. And that's something that's gonna be very common this summer across country, maybe across North America. There are not enough drill companies and enough capable drillers to go ahead and do all the drill programs that people have planned. So

18:14 if you are a shareholder of many other companies, you may want to find out if your company has got drill companies locked up and secured to do their drill programs. We are really excited that we're going to be bringing Geotech Drilling, a BC company, into this program. They specialize in overburden drilling, which is what we have with this region. It's going to be really interesting to see them get into our first few holes and look at the technology they're using and working with our geologists to see how that plays out. So welcome to Geotech Drilling. They actually are really excited to get started. We're starting, we mentioned earlier that we were starting at the end of June, we're actually speeding that up. We're going to start June 1st and we're going to be drilling all of June, all of July, all of August and in September, depending on how long it takes us to get to those 10,000m. So exciting times ahead.

19:00 Let's take it to the next few slides and then we can get some questions after the presentation. So one of the things I mentioned was we have our Sun Dog project up in the North. So our Sun Dog is a project that's up near Uranium City. This was Canada's first real strong Uranium mine and they mine these projects for many, many years now. These were lower grade, but right near surface. What we're looking for in our project is actually basement hosted down near the bottom, a couple of hundred metres down with high, high grades, similar to what they have on the eastern side of the basin. We have gone up there last summer and we did exploration work and we

19:36 came across some samples that had radioactive Uranium at 3.5%, which is pretty incredible. Globally, those are remarkable numbers, But we know for this to be a region to turn into a mine, we have to have much more, much deeper levels. So we're going to actually be drilling this program come, we're aiming for March of 2022. We're going to be going up there in January and doing ground gravity and getting our drill targets set and then fingers crossed everything goes smoothly and we'll be drilling in March of 2022. So that is exciting times ahead. On top of our Sun Dog project, we also have our Eastern Basin project. So we have our Ascent and our Canary and our Atlantic projects. They're on the Eastern side of the basin where close to ISO Energy's hurricane project, which is getting a lot of excitement recently, probably one of the best exploration discoveries in the past few years. And this is the side of the basin where you have Kamiko Hazard, Cigar Lake and MacArthur River. So there's a lot of exciting projects over on the eastern side and we haven't even had a chance to get to these ones yet.

20:37 So watch for us exploring these ones in

20:39 2022 and 2023 as well. And now as I take you to our next slide you can sort of see some more corporate information. Our share price today, I think we had a pretty strong day today. We went up to about 24, 25, 24.5 cents, which is pretty nice to see. A nice steady movement upwards in the past few weeks. We are trading, you know, people may look at our volumes and see we're trading, you know, 500,000 shares a day if you include all the exchanges together. So there's great liquidity in our company. Our market cap is just, you know, somewhere in the 22, 23M range, which is still quite small. And it's because we're pre-discovery, we haven't made that discovery yet. But we're super excited about the drill programs we're doing and what can happen to a share like ours. And if we make a discovery, it can be remarkable for our shareholders.

21:26 A couple of things to notice. Also in 2020, actually it was Just in the 2021, we announced our OTC listing and we are now trading in the US. One of our big pushes for next year is to do more marketing, get more exposure in the US and really tap into the retail market in the US and our OTC listing will help with that. On the slide, you can see some of our strategic shareholders. So if you look at that, you can see, you know, Sation Cove and L2 Capital and Tribeca Investment Partners. For a company of our size, you know, sub 25M, to have those 3 Uranium funds and including Azarius as well, You know, these are funds that are specialists in uranium and they're globally known as the top uranium funds. So to have those groups investing with us and knowing our projects and our team says a lot about the quality of our company and the quality of our project. So really proud to have those investors with us.

22:16 So before I take any questions, I'll say, you know, why invest in Standard Uranium? Why is the time? Well, right now, we've got a remarkable management team who've made discoveries in this region before. There's a huge rising demand for Uranium and nuclear energy. The location we're in, in northern Saskatchewan, is one of the best locations globally for finding Uranium and taking that into production. We've got 5 great projects, which I just recently talked about, and we're pre-discovery. So the timing to invest with us right now is remarkable. So I'm really happy where we are and that we're having the opportunity to share our story with your audience right now, Dasha from 6. It's really great to be able to now take some questions and walk our investors through any questions they might have yet. That'd be great. Thank you so much, John. It's been such a busy year for Standard Uranium.

23:02 We have lots of questions from our attendees who are coming from all over the world. So thank you for joining us today.

23:09 So there's a few questions on the timeline of drill results. Chris is asking, can we expect winter drill results in the next couple of weeks? Yes. So that is, we have been told, and we've been putting out this guidance since we finished the drill program. We've been told from the start, mid to late May. So here we are today on May 7th. So it could be any time in the next 2 to 3 weeks. The Saskatchewan Resource Council, where they do the assays and they are extremely swamped. There's been so many programs, not just Uranium, but all the types of metals are being run through there. Once we get that data, we'll get it out to the audience. We're looking forward to getting it out and sharing it with our investors as well. So stay tuned. It's coming very soon. I'm looking forward to it. Paul is asking, after you locate a compelling high-quality, low-cost mining project, what is next? Do you produce it yourself or sell rights?

24:00 So that is a great question. So the way we see what's happening in our Davidson River project, we would like to follow in the same footsteps of what NextGen Energy has done. So they made their discovery and then they kept drilling and drilling, improving out that to see how big the deposit could get. And then they are moving that right into production, building a mine and building a mill in this region. Now, for us, we're going to have the luxury, hopefully by the time we get there, of already having a mill and mine built just a few kilometres down the road, which next gen will have. Now, will we turn it into a mine ourselves or get taken out? I'm not sure. We'll see how

24:32 that plays out. That's several years down the road, but either way, it'll be a huge win for our shareholders. Right. Terry's asking, are you looking at staking more property around the Davidson River project or anywhere else in the Athabasca basin? Well, the answer is always yes. We're always looking at new opportunities and new projects, not just in Saskatchewan and the out of excavation, but other parts of the world as well. And not just staking, we're also looking at M&A opportunities for ourselves, taking on projects and also JVing some of our current projects. So those things are always ongoing. We do love the projects we have right now. You know, we are a small team. We do wanna keep focused primarily on our highest priority, which is our Davidson River and not spread our bandwidth too much. We wanna make sure we can stay focused and do the quality work we need to do on the projects, which we are really excited about.

25:20 Great. Yeah. Max is actually asking about your team. You're saying that you're expanding and adding more staff. He's asking, are you worried about spending too much money on that compared to drill money at a point where we don't have a deposit yet?

25:33 No, actually. I can tell you why. Because it's actually cheaper for us to hire these geologists internally than it is to actually have to go out and hire them from consultants and bring them on. So we're now at a point where we really strongly believe we've got a world-class opportunity in front of us. And now we're expanding our team and we're building out the size of our drill programs and going that way. So actually bringing these geologists in-house is remarkable for us to be able to do that. And it's actually going to save the company some money. Yeah. Great. Absolutely. So Graham is asking, in terms of upcoming drill results, how would you define success?

26:09 Oh, great question. So for us, success, first of all, what we're looking for is a high-grade Uranium discovery for our shareholders. What does that look like? Well, if we can get into something, you know, 1% even with some of our early drill holes, that will be a big success. Now, hopefully that will be over many, many meters. And what happens typically is you have 1 successful drill hole and then you drill all around it and see how big that can get. So that's our goal, make a high-grade basement hosted discovery at our Davidson River project and then expand that out and see how big the deposit can get. Yeah, perfect. Adrian is wondering, after uranium comes out of the ground, what are the stages that turn it into a fuel rod and how long does it take And who owns the uranium at each stage?

26:51 So that's a very good question. And I could probably spend 40 minutes answering that. So I'll try to give you the quick version. So when you get that uranium out of the ground to when it's actually in a nuclear reactor, it can be 18 to 24 months. So it's quite a process. Now, being an early stage exploration company, we're on the very front end of the nuclear fuel cycle and putting that fuel rod into the nuclear reactor is the very back end of the fuel cycle. So what happens? It comes out of the ground. It goes into a mill and they take that uranium and they turn it into like a yellow cake and that yellow cake that gets sent off to a next place where it's, you know, they turn it into a gas and then they send it to a centrifuge or another place and they spin it and they turn it to high grade and they enrich it. And then from that, they turn it to another facility where it goes from that facility and it gets turned into little pellets, which get put into fuel rods, which get put into fuel assemblies, which go into a nuclear reactor. Now, that's a very fast explanation of a very long answer, but basically there's many steps along the way and who owns it. There are different companies and different countries where it has

27:53 to go for that to happen. There aren't many places where 1 company or 1 country does it all. So it moves around throughout the fuel cycle and you'll notice there are fuel buyers out there that can buy it. You can't just buy like utilities don't just buy an assembled fuel rod. They can buy stuff all along that whole process. So you hear them buying U3O8, you hear them buying UF6, you hear them buying, you know, enriched Uranium, all those stages. So you can actually, you know, you can watch the spot price for ETH08. You can watch the SWU price. You can watch UF6 prices. Those are all really good places to watch what's happening in the uranium space and the nuclear fuel cycle. And those are all getting more and more expensive, which is great to see. Wow. Yeah, sounds like a complex process. Maybe we'll have a whole other summit about every step. We might have to do that. We'll bring in a couple other experts in different stages. Sounds great.

28:42 Terry is wondering, are you more excited about the SAINT or the Warrior trend, which shows most promise? Nice question, Terry. I think we talked about that the other day on the phone as well. So the St. Trend is 1 we've only put 1 drill hole into. And we're really excited about that one because That's the one our geologists believe looks the most like the Arrow deposit. Now, there's a lot of work to be done. So we're starting off on this program, going right into the same trend and putting 4 or 5 holes in. The Warrior trend, we believe is extremely incredible as well. We put 19 holes in and each drill hole gets better and better. We're going to continue to get the results back from our last drill program and

29:20 continue to plot out holes and work our way through our next program. Basically, looking for Uranium in this type of region is extremely difficult, but we're like detectives. We take all the data that we have from previous drill programs, we put it through our models and we can sort of pinpoint where our next drill holes are going and each drill program, each piece of core gives you another clue as to you know which direction to go and how to really hone in on that discovery. So it's exciting, as I said the Saint only has 1 drill hole in it and we don't have those assays back yet. We are really excited to keep drilling there and we'll see what turns up. Yeah, great. There's a bunch of other questions from Terry. Now that I know you talked to him on the phone, this probably is why he's asking who is your favorite shareholder?

30:05 Pretty good, pretty good question, Terri. Well, we've got so many that we love on the retail side, but we break down as shareholders in many ways. We've got our institutional shareholders. I talked about some of those ones, the fund managers that are really supportive of us and are known globally. It's really important for us to be able to point to institutional shareholders because they take a really deep dive into our project and our people and They get really intense on everything you're looking at. So when they come back and they invest with us, it says a lot and it gives retail shareholders a lot of comfort to be investing alongside with those. Now on the retail side, it's really important to continue to expand our retail network and to get our message in front of the retail audience and have those shareholders coming back. I mean, we have almost 93 million shares out and we're trading between 500,000 to 1 million shares a day. So that's a lot of churn. And a lot of that is the retail shareholders because institutions typically don't sell their more longer term positions.

31:02 So for us, our marketing program to get our story in front of as many new eyeballs in Canada, in the US, in Europe, in Asia, trying to find new shareholders to continually find out about our story and invest with us helps drive that share price higher. So yeah, we really support that. We love the support we get from some of our key shareholders who are following us and sharing our story and being on social media and doing the things kind of stuff that Terry does. And one of the introductions Terry made to us was a guy named Jake Ducey. So some of you may know who Jake is he runs He's a youtuber and he has a great program that he does and he's doing a lot of interviews right now with with Justin Hue and the uranium insider and we've become a sponsor of that I'm gonna be doing a monthly interviews with Jake and giving my take on what's happening from the exploration side What's happening at you know macro level and why that's important to our shareholders. So I'm looking forward to that.

31:52 And every time our shareholders share our story, it leads to better relationships with new people. So thanks, Terry. Appreciate it. And of course, We love to send out our hats and ball caps and T-shirts to our shareholders and love seeing them posting pictures of themselves wearing those on social media as well. So nice. So fun. So Adrian is asking, how long will your cash last before you need another fundraising? Oh, great question. So we've got about 3 million right now in the bank. The upcoming drill program is going to be somewhere between $3M and $4M, so we will be going back to the market sometime in the future to look for more capital. There's no rush. We've got several months. To be honest, I get phoned every day by bankers and fund managers and investors wanting to put money into the company. So we're waiting, we're waiting for the terms to get the way we want them. They'll be, you know, we're pretty much in a position of strength right now. We've got cash, we've got a great program, we've got a team, we've got lots of people offering us money.

32:49 We're looking for our next capital raise to be on terms that are great for our current shareholders and new shareholders coming in. Thanks for that question. Max is asking, how much money do you need to prove your thesis? Well, it's a good question. I mean, we could prove our thesis on the next drill hole. So we've got that money. It could take us, you know, 2 or 3 years. We don't know. The thing about drill programs and exploration work, you never know what that drill is going to turn up. What we do know is that we've got an incredible team who've done this before. And the drill program we're doing are remarkable. So every drill hole could be the next one. So it's like I've mentioned before, when the drill core starts rolling in during an exploration program, it's like Christmas morning for our geologists because every drill piece could be the one that we're really excited about. So it's fun. It's really exciting when that's going on.

33:37 Thanks for that question. Sounds exciting. Mitchell is asking, if Standard Uranium begins mining Uranium at Davison River, what price of Uranium does Standard Uranium need to contract for it in order to be profitable? Well, that is a good question, but that's a question that I won't be able to answer for several years. I mean, if you're looking at what's, I guess a good thing to do is have a look at what's going on with NextGen. They haven't got their project into a mine yet. That'll be coming in the immediate future, in the next few years, and watch what their cost of production is. We're hoping that our project, if we make a discovery, the deposit will be very similar. We're looking for the same type of discovery and the same type of rocks, basement-hosted high-grain Uranium. And we're actually in a great position because we're actually not under a lake or under any major structures. So it'll be an underground type mine. All of these are forward-looking statements, of course, but yeah, So hopefully our metrics will be very similar to what Next Gen will have.

34:36 Yoann is asking in the best case scenario, when can you get David's River project into production? Well, once again, that's extremely difficult question to answer. We haven't made a discovery yet. Once you make a discovery, then you have to take a long time proving out how big that discovery is. Once again, I'll just point to NexGen. If you look at their trajectory, you go back in time to when they made their discovery back in 2014-2015, that region. Here we are now in 2021, and they're getting close to putting that mine in a production. Some say it could be in the next 2 to 3 years. So it's a long process, but it's exciting to be a shareholder in this process because where we are right now, pre-discovery, that is one of the most important times for a shareholder to make big returns. So if you look back to Fission and NextGen, when they were pre-discovery, their share prices were 15, 10, 20, 25 cents. They made that discovery and their share price shot up to $2, $3, $4, $5. So the opportunity for a shareholder to get invested with the company pre-discovery and then watch that develop over the next couple of years is remarkable.

35:40 So really excited to have that opportunity for our shareholders right now. Great. Jeff is saying these trends seem to be outside of the basin proper. Would this make the mining operation more or less complex and or expensive? Good question. The answer is it will be easier to mine because we're not under sandstone. If you look at what's happening on the eastern side of the basin where these massive mines are, Cigar Lake and MacArthur River, they have issues with having to freeze that standstone and then go under and deal. And that can lead to many technical things have to happen to do that. So if you look at where our project is, all we have is some overburden rock and then we're right into the basement. And we're going from the surface to our basement rock and sometimes 50m and as deep as 200m. So that is not that technically difficult to mine. So watch for, once again, look at next year and they're in the same situation, but we're actually a little further out. So less overburden and it'll be an underground type mining scenario should we get there.

36:40 All right, great. Thank you. I'm just going to wrap up with a few last questions. Does Clearwater hold an equity position in the company? Ah, so I think the question is Clearwater River Denny Nation. And the answer at this point, they do not. But that is something we are working towards. The chief of the Clearwater Denny Nation, Chief Clark, is very entrepreneurial. And we are working together on many things right now and bringing investments and other key investors from this region into our project are on the table and something that we're working towards right now. So stay tuned for information on that coming. Perfect. Thank you. Adrian's asking when the power companies start significant contracting again, might Kazatomprom keep a lid on prices by ramping up production?

37:26 Good question. So let me think. So what will Kazatomprom do when utilities start contracting? So first of all, one of the things that's really key for the Uranium space as a whole is when will we start to see long-term contracting starting by the utilities? So rumours are those contract negotiations are happening right now. I know Tim Gitzel at Cameco is talking about those things happening right now behind the scenes and those are all classified, but we anticipate we'll start to see those long-term contracts coming out in the next 0.25 or 0.5. And that will be huge for the Uranium space. Because we all know those have to be much higher than where prices are today. Tim Gitzel said they won't be interested in signing any long-term contracts below the price of US$50 or even US$60. And those are for tier 1 global mining projects. For other projects around the world, they're going to need that price to be higher upwards in the US$60s and US$70 for long-term pricing. So what will happen with Kazada Prompt?

38:20 I can't answer that. I mean, currently they had some issues with COVID this year. They've kept to their guidance of keeping their production capped to a certain level. They're saying that's gonna stay that way for the next year, but after that, I don't know where they're going to go. And we'll see. I mean, it's exciting to see if those prices take off what they will do. So sorry, that's about as good of an answer I can give you. Okay. Well, thank you so much, John, for taking us through this past year and all the Q&A. I also was admiring that your background, what is that a picture of? So that is actually our Davidson River project and that is our geologist Sean Hilliker there and myself walking down our access trail road to our warrior trend. That picture was taken I believe in around February or March of this past year and it was probably about minus 40 minus 45 that day so it is cold.

39:10 You know one of the good things about the winter there's no bugs but it's so cold there's no bugs can survive but as we're going into the summer season, it'll get much warmer up there and a lot more bugs and we'll be wearing a lot less clothes Shorts and t-shirts and bug nets all over us, right? All right, well, thank you so much and thank you to everyone who joined us today and submitted questions. If you think of another question after the summit, we will be sending out a short survey and we can put you in touch directly with John. And obviously there is more information on their website at standarduranium.ca. And stay tuned for more summits about future updates. I'll pass it back to you, John, just for the final word. Thank you once again, Dasher, for your help today and to 6 for hosting this summit. Thank you to all the investors who tuned in. I can see a lot of the names on the screen there and some of those who I know are already shareholders. So thank you for staying shareholders and sharing the message. And for all you who are new to Standard Uranium, I really encourage you to reach out to us, go through our social media, look at our website, learn more about the company. I think you