The Golden Age of Electrification

0:08 Good afternoon. My name is Anthony Morrow. I'm the CEO of American Eagle Gold. I want to welcome you to the summit. With me, I have James Sykes. He is an expert in uranium. He's a very intelligent individual who has lots of stories, lots of experiences, and a track record of success. He's a CEO of Metal Energy, has traded as MERG on the TSX Venture. He's also CEO of Baseload Energy, traded as FIND, FIND, on the TSX Venture. So Jay, if I can jump right into it, thanks a lot for jumping on the summit. Oh, pleasure. Always a pleasure to talk with you, Tony, and thank you very much for the intro. So I'm gonna jump at the very beginning. You went to Waterloo, took a science degree, then you went to Dow, jumped into geology, another two-year program. Why did you go from science to geology and what brought you into this career path?

0:59 Funny enough, I didn't even know geology in high school, so when it was time to go to university, I put the 2 things that I loved out of high school, and that was biology and chemistry. So I went into biochemistry, found out I didn't like it, flunked out my first year, floated around in Waterloo and discovered geology there. The professor was passionate, got me hooked. It was a combination of all the sciences, which I love.

1:22 Graduated out of there with just the BSc and figured, hey, I got to do something with my life. That's when I decided to go to DALF for geology. Loved every minute of it. It was the right choice then. I was in an investor meeting and they didn't want to talk about American Eagle Gold. They wanted to talk EU and baseload. And someone once described you as the Elon Musk of Uranium. So I know you've made or been part of many different discoveries. Tell us about one of them and how it came to be. I guess let's talk about Arrow. Arrow was the one that, I'd been on a couple of discoveries before that, but Arrow was the one where myself and the group, we led the charge and we made the discovery from grassroots exploration, looking at geophysics and just putting the drill holes right where we needed to be. To be honest, it was pretty simplistic. There wasn't really much to it.

2:12 We had the geophysical coverage already. We knew what we wanted to do. We knew what we were looking for. It was just a matter of having a firm commitment on how to drill. I think that was the difference between what we did and what a lot of our peers were doing at the time. We had this idea that we had to drill 200m of basement rocks And as we did, we made a discovery. And then once we hit mineralization, we said, okay, let's go 200m more. And we hit more. And then we said, okay, let's go 200m more. And we hit more. We just kept doing that. And we hit 4 or 5 different zones in our discovery drill hole at Arrow. So mining's pretty difficult for most people to understand. I think uranium's even more. Can you explain to us just a bit of the fundamentals behind uranium, where the most of the world's uranium's produced, and also kind of touch on basement host with rocks versus typical basin discoveries.

3:06 Sure for the longest time Athabasca Basin, northern Saskatchewan, used to be the preeminent jurisdiction for mining Uranium. But since Kazakhstan came on, especially with the ISL operations or ISR, as some people know it, they've really taken over the forefront of being the major producers. Otherwise, there are great jurisdictions out in Africa. I think there's been a lot of mining out of there. Even Australia has had a lot of significant operations, Olympic Dam being the biggest deposit in the world. It's one of the largest uranium producers and it's a byproduct for them. So it's kind of cool to see that. But as far as Athabasca goes, I do think that it has the legs to become one of the most important and if not the provider of Uranium in the future. It's just a change in strategy is needed and that's what Baseload has adopted.

4:00 So what I guess this change in strategy really leads into the difference between basement hosted mineralization and unconformity style of mineralization. So to understand the Athabasca, it's the Basin itself is a bowl of sandstone. It measures 400 kilometres across by 200 kilometres wide. So it's a huge feature. But underneath all of that sandstone are basement rocks. And I simplify everything for people just to say, think of a granite. Most people have walked on a granite, you know what it is, hard rock. You can't hit it with your, you can't break it. That's what the basement rocks are. So when Uranium formed, most, I guess most of the deposits within the Athabasca Basin area are unconformity style of mineralization. So that takes place. What unconformity is, it's that paper-thin area between the sandstone and the basement rocks. So right where they meet, That's your unconformity.

5:02 And that's where most of the mineralization, most deposits have been discovered within the Athabasca Basin. And they are typically the higher-grade deposits. However, the problem is that there are, there's a lot of water infiltration issues. And this has been tried, tested, proven with some of the bigger companies, Cameco, Arano, who used to be Ariva and Koshima before that, that you can't mine with over 100 metres of sandstone cover. You cannot do an open pit with more than 100 meter sandstone thickness because the water infiltration rates are too much. Being a sandstone basin, there's still water that is moving and circulating within there. The only way to mine underneath in the sandstone or at that unconformity within the sandstone or beneath it is to have a monster deposit. So these are these deposits that are over 300 million pounds, over 20% uranium grades. There's only 2 of them. That's Cigar Lake, MacArthur River.

6:02 They're the monsters, they're the unicorns, everybody's chasing. So unless you have a monster, then you need to make a discovery that that is near surface, with less than 100-metre sandstone cover, or be

6:15 outside of the sandstone in itself, like the Eagle Point mine and Collins Bay, Rabbit Lake, deposits like that, Uranium City, Clough Lake. It's very good mines that have produced a lot of Uranium. The idea though behind that, and especially what we've adopted, is the concept that we all know that the basin, when it formed, or what we see now is something like this. However, it formed about 1.7 billion years ago And it's gone through a lot of erosion. And so when it originally formed, there's a lot of people, a lot of academic and industry experts that believe that basin was a lot larger. So if you need that unconformity level, but it's simply been removed, then you can step outside the current day basin, such as Baseload, and just, you can make discoveries out here.

7:07 So there's been 2 billion pounds of high-grade uranium discovered in the basin, but what you're saying is that most of that 2 billion pounds are smaller discoveries that aren't economic to be mining. Absolutely, that's it. So, bringing us to Baseload, how'd you join the company, why'd you join the company, And tell us about your projects and what the most interesting one you're working on right now is. How did I join? Stephen. Stephen Stewart. He got in touch with me. I guess he and Charles Baudry had been talking. They had the foresight to know that Uranium was going to pop, that they wanted to get into Uranium and they were just looking for the right guy to run it. They reached out to me. We met at PDAC in 2020 and hit it off. I looked into the ore group, I looked into his companies and thought that everything looked great. The vehicle that they had proposed behind baseload sounded great. They said, here, you've got the experience, tell us what your plans are. So we sat down, we talked about it. Charles and I hit it off right away. Charles is a phenomenal geologist, man. Got a lot of respect for him.

8:13 And yeah, so we just really meshed and I knew it was the right decision. So I signed on and said, let's do this. And that's when we really brought out the basket 2.0. It was something that I had been working on originally, but we just coined it a little bit more in an

8:29 easier concept to grasp. Are other companies doing the 2.0? Yeah, yeah. Yeah, there are. And that's the thing. It's not something new. It's just not really talked about in that fashion. Efficient Uranium with their triple R deposit, That's considered an Athabasca 2.0. You could even say next-gen Xeros 2.0. The original concept, Uranium City, Clough Lake, those are all 2.0 style of deposits. So it's not a new concept, but I think a lot of people just have become pigeonholed and have horse blinders on saying we got to hit that unconformity. But if you believe that the unconformity has been eroded and was near where you are, that makes a big difference. I guess the other thing is, when we staked a couple of our projects, we heard from industry professionals saying, you guys are too far out of the basin.

9:22 That's because if you think what the basin is, a lot of people think that it keeps going up like this and keeps going up and up and up. So if you erode here, and let's say our deposits, well, if you erode here at this level, then our deposits would be deep. However, if you look at a lot of other basin symmetries and geometries across the world, they plateau. So now you're a lot closer to surface and now there's a lot better potential for having a near-surface basement hosted deposit. Just little tweaks to the models and that's what we put forward for a baseload and that's why we picked the projects that we did. I love structure. I look at everything through a fractal viewpoint and that's very key to me. You know, I can find analogies to almost anything and just looking at everyday things. I look at space and I apply that to geology.

10:15 Everything's fractal in this universe. Very cool. But that was one of the things that led us to these projects. Seeing what I've seen in drill core, seeing what I've seen in thin sections, so microscope work. And then just knowing the structures and how the fluids will move within those structures. And I just looked at the northern Saskatchewan looking for those same types of features and that's shadow. Shadow is named shadow because it is on the shadow of a stress regime, of a rotated block. And as you rotate blocks, you're gonna create these little strange shadows, which is where you get a lot of alteration and a lot of fluid movement. So shadow is appropriately named for that structural reason.

11:02 And then Catharsis is basically a mini-shadow in itself as well.

11:08 So James, I'm the CEO of American Eagle Gold. We're from the same group, the Ore Group. I think we have a lot of similarities. We both are exploring for minerals that we think are going to be, have strong-term bullish fundamentals that we think are going to be higher in price next year and the year after than they are right now. But we're also in safe jurisdictions. I go to Saskatchewan, I'm in Nevada and BC, and We have great geologists behind our programs. I have Mark Bradley, who found Discovery Next Door. Obviously, you have Cam and yourself, and you've made multiple discoveries. Now, we're in the middle of our first drill program right now in Nevada. Just sent off assays, waiting for them. But during your first drill program, you made a discovery. Tell us about that at Accio. Very exciting. That was absolutely exciting.

11:54 We had the GeoFizz there. It was a gravity target. We were kind of hesitant on where it was situated. It lined up with one of the structures that we had originally talked about, and this even goes back to Charles and myself discussing right off the bat, because Charles loved the whole hook area because of the S zone. He had worked on the S zone back in the 70s. So we both liked the area. We both liked its potential. I liked the North-South striking feature that you can see in the magnetics. It goes right up to MacArthur River. It looked like a good plumbing system. We had a gravity low along there. And then as we were drilling another area that we thought

12:34 looked very promising as well, Beckett Lake, our neighbours to the north, 92 Energy, they drilled a conductor just north of this target that we've got on the project and they hit mineralization. So right away we said, okay, let's finish off Beckett. Let's not go to the out targets. Let's go up there and see what's there. What's the future plans? The next drill program and how do you plan to grow this discovery? You mean this drill program? We're drilling right now. We just put out a news release yesterday, 10,000m, 2 drills. It's going to be exciting. We really want to hit this hard and being helicopter supported, we can really do this. We don't have to worry about spring thaw. Everything's going to be airborne based, so we're not going to impact the ground. We don't have to worry about rutting or anything. So it's absolutely perfect. These 10,000m that we're doing this winter will give us the geometries, give us the idea. Hopefully, we'll be hitting more grades, larger intersections that we can really put some numbers to and start doing some internal crunches, but also learn the structure and figure out which way we're going to see mineralization grow. Is it going to go up, down, left, right? We're still only 4 holes in 1,600m as of last year. We've got to figure

13:50 all this out. Depending on what we see this winter, then we'll be looking at a 10,000m to 30,000m program in the summertime. We've got to hit it hard. You just scratched the surface really. This is just one of your 3 projects. Exactly. All of these projects that we staked were based on structural merits and we think each of them have the same potential for mineralization. When we look at catharsis, Cameron and I, we're both looking at catharsis, and we see the same type of gravity lows that we see on hook. We want to get out there and we want to put some drill holes in the ground. If we can make a discovery out there too, it's phenomenal, not only for us as the company, but it's a game changer for the whole at the basket. It just opens up the doors that you don't have to be within the

14:37 sandstone anymore. Well, it's great. You're well funded and you're able to drill. So congratulations on that success. Before we jump onto metal energy, Let's jump into that uranium a bit. It gets a bad name in the public domain because of Fukushima, because of Chernobyl. Just tell us what's going on with uranium. What kills me about uranium, just to jump in really quick, is that you've got the world looking to be net 0 in terms of carbon emissions. And the key to that is actually uranium production, because it has 0 carbon emissions. So why is everyone against uranium? And why aren't more reactors getting built right now?

15:21 More reactors are being built. Very honestly, China's leading the charge, India's leading the charge. There, even Russia. Russia's building far more reactors. Maybe not in North America, just because of it's that. It's a viewpoint. It's people don't understand. You know, common phrase, people fear what they can't understand. Don't understand nuclear energy. You know, you named 2 disasters. You named Fukushima. You named Chernobyl. What else has there been? I don't know. Silence. Yeah. Some people say 3 Mile Island, but what really happened there? Nothing. Nobody was displaced. Things didn't go critical. You know, there was no huge explosion. So it's, that's 2 accidents out of how many years? How many years of safe, continuous baseload production from nuclear energy?

16:09 60 years. Marcela Lopez from L2 Capital, I think, summarized it the best I've ever heard. It's like comparing mosquito deaths to shark deaths. There's what, 10 shark deaths a year? But you hear about them. They're always in the news. And then you close down the beaches and everyone's away from the beach for a couple weeks and people go out maybe they hunt the sharks maybe they try to try to get it away but it's big news mosquitoes are the largest killing insects animals on this entire planet You don't hear about it every day. You don't hear big news about it. Some places maybe you do, but mosquitoes, it's just, it's almost taken for granted.

16:57 So it's kind of this whole mentality that we have about the scale and size of things. Yeah, Chernobyl happened. Chernobyl was a flawed design. Hasn't happened since. Things have improved since then. It's absolutely unfortunate that it happened. But it has left the stigma in people's minds that any nuclear plant that will happen to. And it's not the case. Fukushima.

17:25 Fukushima is a special situation. It's built on Japan. It was built right along the coastline. And apparently it was built before plate tectonics was ever established and identified. So they knew tsunamis happened, but they didn't know what caused tsunamis. Once you understand what tsunamis are, I don't think you start building on the coast after that. What if that was an oil refinery?

17:50 Would that have been affected? Of course it would. It would have been a huge disaster. Anything that would have been there would have been a natural disaster. It would have been big. Unfortunately, again, it was a nuclear plant. But people are now coming back. It's not as disastrous as a lot of people think, but that can easily be solved by putting nuclear plants in more stable environments, that they're not gonna be wrought with natural disasters like tsunamis or tornadoes or earthquakes or things like that. So there's a lot of benefits to nuclear energy. And it's just unfortunate that it gets the stigma that it does, really is. It's the best power source out there. You know, some of the less deaths.

18:37 When I joined this industry, I worked with, after a couple of years, I worked with Forum Energy, Forum Uranium. And their VP, Ken Wheatley, by far one of the greatest geologists I've ever come across. He's my sage. He's a great guy, just all-around great guy. And he told me this very interesting stat. Throughout the nuclear industry's entire history, Since its inception, there have been more deaths related to vending machine accidents within the United States in 1 year alone than there has been in the nuclear industry. What? Come on. What do we do? Do we ban vending machines? No. We still use them every day without any concept.

19:25 It's funny you come up with that vending machine. You described, you compared uranium to sharks because I also heard something similar that more people are killed by vending machines every year than killed by sharks. So I'm kind of going for that. That's amazing. That is absolutely amazing. And then, yeah, just the best power source in the world just gets dumped on because I don't think people really understand how safe it really is. So bottom line, uranium is the future if you want to get to net 0. You want to reduce your carbon emissions. And Baseload Energy, it doesn't just have 1 property that had a discovery. It has 2 other potential ones. It's a great junior company that's full up with cash, with a great person and team behind it, and Cam and James Sykes, and there's a lot of potential. So that's Baseload, trades, TSX Venture, FIND.

20:14 We'll jump back to Baseload at the end, But I want to kind of switch gears right now, James, and talk about Metal Energy.

20:19 Metal Energy is another publicly traded company under the Orr Group. James is also the CEO there. And there are some synergies. And nickel is the future to electrifying the world, carbon reduction, emission reduction, like Uranium. So James, just tell us, you know, how did you get involved in metal energy and why do you like Nickel so much? Basically the same reason. So metal energy was looking at becoming listed. Originally when we were at Dblock Metals, Stephen was looking for the right guy to really, really pitch the story. We had just run off the success at baseload and he thought that I was the right guy. He brought it to my attention. I thought seriously about it. I looked at the assets, strange, which I really like the concept behind it. Me being a guy who loves exploration, I thought it was wonderful. And then Mana Bridge itself, well, Mana Bridge is a beauty.

21:09 That is a phenomenal deposit that I think

21:12 has a lot of merits going to it. I'm also, I love structural geology And when I look at Mana Bridge, I see nothing but structure there. And I think it's, to me, it's a puzzle. It's a puzzle that needs to be completed. And I think that we will hit that hard and we'll hit it well, and we will put that puzzle together that we can turn this into something else. Why nickel? Same reason I love uranium. Nickel is energy. It's power for the future. We need it. What I love about your company is perfectly structured as a junior exploration company, because you've got the Safer asset in Mana Bridge that was previously mined by Falcon Bridge, higher grade nickel.

21:52 And you're doing to Mana Bridge what people did to Osisko. You're going to reimagine it, take that older mine, and build a resource out of it, and hopefully a mine. And there will be news results out of that, because we know we're going to hit mineralization on the drilling. Not quite as high of an upside, but still, it could be potential for a very big mine. Now, what's very interesting about your other asset, Strange, is that you've got that big lottery ticket there. That's not just a mine, that's a potential new district. Then how I heard about it is you're comparing that to Boise's Bay because you will find a whole new suburb basin, a whole new Boise's Bay there at Strange. Can you tell us a bit more about that upside? Because I know that's how the company was really created. Yeah, correct.

22:38 Strange is exactly that. It's more than just the discovery. It is the regional potential that is there.

22:46 And the magnetics really indicate that there is something large, not just some thing, but some things. There's quite a lot of supporting evidence from a geophysical perspective that there's something unique down there. The whole theory behind it in this mid-continental rift, you've had your rift opening within the continent, your sediments came in, your ultramafic volcanics came up and then they spread out along the sediments and then sedimentation continued, continued, continued. There's deposits on the American side. Eagle, Lundin's Eagle Mine, same type of idea. If they're mining this thing, what are the potentials on the Canadian side? So If we can define the right rock types there, that's huge. That's step number 1, because nobody has drilled this to the proper depths. Previous operators stopped at 250m.

23:40 We went into a drill program, which we are doing right now, and we'll be releasing results as soon as the drilling is done, which we went into it saying, okay, they were definitely far too shallow. We've got to go a lot deeper than that. We've got to look about 750m. We've got to see this entire situation through from top to bottom and see what's down there. We hit the right rock types again. That's technical success. That builds up exploration on strains for the remaining years. And it becomes a whole area play. If we make a discovery there, then yeah, that's The idea is that there are just more of these things. Pearl's on a string. Well very, very exciting. Now can you explain to me, you're running 2 companies, I'm sure a lot of investors ask, how are you able to run 2 different companies concurrently?

24:33 I'll take a guess and I'll let you add on afterwards. I kind of see it similar to how you have a COO of a company that's called Anglo and he's managing 12 different operations. So as long as you have trusted, skillful geologists at your different companies, then you're in good shape. So what's your take on it and how much is my guest similar to B-Bang on? Oh, your guest is spot on, but even a little bit more so. So on the baseload side, Cameron, our VP, He's phenomenal. He's a superior geologist. You know, as far as geology goes, I would say Cameron's a much better geologist than I am. I just come up with crazy ideas. But Cameron and I, we mesh so well together and he's been a force. The guy's a workhorse. He really pounds it hard and he takes care of a lot of things on just what I can't accomplish. But it's really great to have him. And on the metal energy side, we've got Mike Sweeney, who we just hired last month. Mike's got 30 years' experience in Nickel industry. He's made discoveries and he's seen those discoveries go into production. That's a hard thing to find in this industry, to see, to go to run the full gamut and see how things are done and what type of grades, what type of logistics, the situation, the whole economics behind it. And Mike brings that. But Mike's also a phenomenal geologist. He's teaching me a lot about Nickel and itself and just the mineralization there, where he admits to be a little bit lacking on, especially the structural side. I compliment him on that. And again, similar situation. We

26:05 just merged together. Mike's got a lot of experience running things. So he takes care of a lot of the logistics and just getting the day-to-days done. And then between the 2 of us, we come up with a lot of ideas and even looking for new projects that we want to bring into the Metal Energy umbrella as well. And then on the upside of things, we've got the ore group. Between yourself, Stephen, Charles, there's a wealth of knowledge who are very supportive. Just as you know, we communicate between all of us quite a bit. We help each other out and it's been great. It's not a one-off show. It's exactly like you said. It's a great team, not just beneath me but also above me. Yeah, that's a good point, James. And just let everyone know, we're part of the ore group.

26:54 We have cost sharing, so our G&A is lower than a lot of other companies. Also, like James said, We could talk to the different geologists across the different companies. There might be someone focused on nickel, but they previously had experience in gold. And the same thing, we're looking for a driller right now for our NAC project in BC that we see as potentially be a high-grade underground copper gold porphyry. And we're looking for drillers. And James jumped right in there, and he recommended some drillers. So there's a good wealth of knowledge within our group that really kind of helps us and allows James to run 2 different companies and help the other ones as well. So thanks for adding that part about the ore group. Now, Nickel's at a nine-year high. What catalyst do we have moving forward for metal energy? How can we get more people to start realizing this company is out there?

27:42 Because the potential there is unbelievable. Yeah, exactly. The Nickel catalyst itself is more electric vehicles, more battery applications. This world's gone crazy. Everything is being electrified. I remember people used to brush their teeth manually. We used to roll down windows in cars manually, but now everything's being electrified. So it's, and As you electrify more, you need more nickel, you need more lithium, you need more metals, metals, metals. It's 1 trillion dollar industry that's going to boom. I don't think people really realize that The amount of metals that are going to be required to electrify the world is phenomenal. I think the key, James, you got Tesla, you got Musk, and he's banging the, he wants more nickel. Well, where's all this nickel coming from? Well, guess what?

28:30 Do you know who produces more nickel than the US? Cuba. China's fifth. The number 1 producer of nickel in the world is Indonesia. So you're trying to save the world by creating these electric vehicles and these batteries. But they're all coming from all the nickels coming from Indonesia. And that's very dirty mining. They're putting back into the rivers, into the rainforest. And I think the future really is finding these nickel deposits that are in North America, Australia, jurisdictions where they can have oversight and make sure that they're mined responsibly. Because what these big companies do, they turn a blind eye, they want to create the battery metals and create all this news, but in reality they're getting this really dirty metal, and it's kind of counterintuitive to what they're trying to do. So the future is companies like Metal Energy, they're able to find these world-class deposits, they're actually in safe jurisdictions. So that's one of the reasons why I'm really excited.

29:22 And I'm excited to see Tesla hopefully say, we want to start sourcing our metal from North America. And then we can start seeing a different price for Class A nickel deposits in places like Australia and Canada. I think that's where we really do see the difference in terms of the price. Now in terms of catalyst, where are the near-terms catalysts at Metal Energy? Drilling. So we do have Strange. Strange is drilling, like I mentioned, 2 drill holes, testing that theory. Hopefully we hit, hopefully it's a technical success. Even better, it'd be great if we hit mineralization right off the bat. That would just be a complete game changer and blow everything wide open. But our flagship being Mana Bridge, that, the past producing mine, 1.3Mt, very high-grade Nickel, 2.5% Nickel. Now, It's hard to find grades like that of any commodity in the world. That's extremely high-grade, 2.5% nickel plus 0.3% copper.

30:13 Absolutely astounding. High sulfide, tender nickel, So that's the type of Nickel you want. A lot of what you mentioned coming out of Indonesia is not the battery grade stuff. That's a laterite Nickel, a little bit different. You can't get 4 nines out of laterite. Maybe some of the Chinese companies can, but you can't do that in North America. Sulfide Nickel, 4 nines, quite possible. Very well, definite. So, but anyway, Mana Bridge, we plan to get there drilling into February, early March, 3,000m, 7 drill holes. We're going to test basically a kilometre strike length of the old mine workings and beneath it. Really trying to focus on doing a quick stab at the geology, bringing some new information into the works because right now we're working with a lot of historic data and they don't really capture everything. Oriented Core has been a game changer in the industry and that's something that I rely on religiously.

31:09 When we were talking about Arrow earlier, I came up with the geological model after the first drill hole based on Oriented Core and it proved right every step of the way. I'd like to see that being done with Manor Bridge. I know Manor Bridge is a little bit more complicated on the structural side of things, but with the oriented core, we're gonna be able to do that. Finish that off, we'll get the information. I'm sure we'll be very happy. And then we'll continue to fly an airborne survey in the springtime. We'll fly an airborne MT survey. So it's a form of electromagnetics resistivity type of type of survey. And that will provide us with some some greenfield exploration targets as well as within the old mine workings. So it'll give us a broad spectrum of where we really want to go in the future. And then hitting up the summertime, we're looking at 10,000m planned as is. That may change depending on what we see from this winter drilling, which we really want to hit this thing hard. Again, we need Nickel in the world, Musk's banging on the table.

32:12 We want Mana Bridge to stand out as being, hey guys, come look at this. How do we do this? Results, results, results, but also with more marketing that we are planning to do and just really get that name out there. We want people to think, when they go to bed at night, we want them to think metal energy, baseload, ore group, American Eagle Gold. Hey James, backing up a bit, I thought we were going to go, but I have a couple more questions from that little spiel you just had. You talked about oriented core. We're going to be doing the same thing in NACC. Right now, we're permitting that copper gold exploration project of ours in Interior BC. We're looking at oriented core. Can you tell the audience what that is, just really quickly? Yep. So oriented core is just a tool that you put on the drill string and it allows you to know which way is the bottom of the core. So As you're drilling, you're drilling an angled hole.

33:04 It will allow you to know whether the hole is oriented like this or where the top of the hole is or the bottom of the hole. Otherwise, if you don't have that, that could be spun any which way around and you can't piece it back together. We're looking at 2 of those during our program, hopefully in the summer. Now you said a couple of numbers there that kind of boggled my mind. You kept on speaking, but I want to jump back at them. Did you say 2.5% nickel? Because I'm just doing the calculations in my head. I'm thinking nickel's 4.5 times, 5 times the price of copper. And copper deposits are profitable when it's just even less than 1%. You're at 2.5% nickel, which comes to over 10 times as economic than some of these deposits you see, how is that possible that someone actually walked away from that?

33:55 Because the nickel prices were down. Nickel prices were down, and they've been depressed for a very long time. It's only since the electrification of things that Nickel has started booming again. It's found new use. It's found new applications. So the Nickel price continues to boom. And I think that's just testimony to a lot of people are more driven based on the current price of things without foreshadowing what's going to happen in the future. You aim for a certain amount of tons that a deposit has to be in order to be attractive for a mid-tier or even a major base metal producer? It would be nice to see at least 30 million tons, 20 million tons, somewhere around that number. Obviously, if we could see more, that would be absolutely fantastic.

34:41 Great. Now, let's jump into a couple of, I know You have some crazy theories out there, a bit of a conspiracy theorist. Tell us a bit about Fusion. Let's jump on that. Fusion, Fusion's, the idea is great. You know, just like renewables, the idea is great. It would put me out of a job, which is unfortunate. But if it works, that's the energy source of the future. However, it's a little bit problematic. You're trying to recreate the power of the Sun here on the Earth. A lot of people who are anti-nuclear, they're anti-nuclear because of the bomb. They all think, oh, uranium goes into the bomb, blah, blah, blah. All right. So yeah, let's jump on the fusion bandwagon. What's that? It's hydrogen.

35:29 Oh, well, guys, If you didn't know, hydrogen bombs are far more intensive and devastating than a nuclear bomb could ever be. So let's do it. Let's harness the power of the sun here on Earth with no chance of it going wrong, because nuclear had no chance of it going wrong. Great idea. I think if it works, I really hope it does because this world is overpopulating fast and the more we overpopulate, We need more industries, we need more cars, we need more electricity, we need more power. As we get into the electrification of things, we're drawing more on the grid every single day. We need more power. We need more power. What you're saying here is people like the little shiny objects. Even though uranium is closer to us, we know it's economic and we know it's out there, instead of people focusing on that, they're focusing on fusion, which at this point doesn't really make sense. Focus on the nuclear.

36:28 Now, James, bring me something else. Yeah. Hundreds of billions of dollars have gone into a concept that has never proven to work. Whereas you could have spent that money and built a number of reactors that we know work, and we could have provided a lot of efficient energy that is base load power, which is 90% efficient 24-7,365 days a year. What is it, Bruce Power just took off one of the reactors just for maintenance after 560 days of uninterrupted service? You're not going to get that from solar. You're not going to get that from wind. You're not going to get that from solar. You're not going to get that from wind. You're not going to get that from gas or coal. It's nuclear energy is the source of the future. It is the greenest energy. It's phenomenal.

37:18 So the more electric vehicles we need that need nickel and electrification to power that, you need nuclear energy. It's the only way forward. Last topic really quickly. Modular reactors. Why are those the future? Why are those the future? Because they can be streamlined, and it's already proving to be true. You can basically mass manufacture them. They are supposed to be a lot safer, especially when you consider that a lot of these are going to be designed to be used with accident-tolerant fuels, which will again further limit the possibility for any of these reactors to ever go critical. But they're smaller. They can be incorporated into a lot of areas near residential hubs.

38:04 And they're so small that the risk of anything really happening is quite minimal. But I think the biggest thing, again, is the fact that they are streamlined through a production scale. And This is how solar has become far more efficient and cost-effective to go forward. Same with wind. Because you start mass-producing these things, your economy of scales start to drop. This used to be the way back in the 70s when everybody was doing nuclear. That economy is a scale, we're dropping, but then politics got in the way of things and everyone just stopped. We go back to that with SMRs in mind, we can make these happen. The Russians are doing it on tugs, they're doing it on platforms that are floating across the sea. And they go to different hubs and say, OK, well, we'll put energy in here. We'll put energy in here.

38:52 And it's great. It works brilliantly. You know, the original SMR are all in submarines. Submarines are run by nuclear energy. Not a lot of people probably know this, but there are 12 cities in Canada that all have micro-reactors within them. They're called Slowpokes. I think there's only 3 in existence now, but if people would have ever probably found out these, they would have been outside picketing, get this reactor out of my hub. It's nobody ever knew. They're safe. So Uranium, Nickel, it's the future. You're the CEO of both companies, Base Load and Metal Energy. They're looking for world-class, well, possibly multiple world-class discoveries.

39:46 Why stop at 1? It's like Pringles. Why stop at 1? I think it's Lays, but yeah. Look, our company is similar in terms of American Eagle Gold. We have a project down in Nevada. We have to drill deeper holes, so similar to strains. People never really drill deep there. We think we can hit a whole new giant gold mine like we saw at Gold Rush. But at the same time, we need a safer asset. And they give us news flow that we're pretty sure we can hit a mineralization. And that's why we added NAC in BC. It's a copper gold porphyry. It's got a noncompliant resource there already, near surface open pit. But people never drill deep. They drill an average of 169 meters. If you look at El Palo, Tataga, those deposits start at 500 meters, and those porphyries actually get higher grade the lower down you go.

40:32 Like your company, we employ really talented people. Mark Bradley helped discover Gold Rush, another person on our staff helped discover Freeport, Freeport's Grasberg mine, another person that just joined our staff was involved in GT Gold's discovery. So we have really great geologists behind it. And that's really the key. Like I always tell people, you can have a Lamborghini, but if you can't see, you're not gonna drive it. It's the same thing with exploration companies. The foundation are your geologists. And between all of them, we have about over 100 years of experience. So that goes a long way. And that's why we're so excited about American Eagle Gold. So there's a lot of overlap between not just Orgr, but our theories at our companies between metal energy, baseload, and American Eagle Gold. So that's kind of the synopsis from that. I don't know if people have any questions for James that are in the audience. Dasha?

41:27 Yeah, there's 1 in the chat and then the Q&A. Sean's asking how is drilling at Nevada going? Drilling's going. You know, our assay's gone out. There's no information as of yet, but as soon as we receive some assay results, we'll provide that to the public. We're looking for a carbon type deposit. So the same reason why 200,000 Mormons walked over it and couldn't pan it is the same reason. We can't eye the core, so you can't see if there's visible gold. So if we're drilling in, for example, the Apatibbe, if you pull out the core, you can see if there's possibly gold there. We can't see that in American Eagle. So we can't really see, say how we're doing, but the assays are out and crossing our fingers for success. Great. Another question from Eric. He says, James recently, very positive test drill samples in the Athabasca Basin.

42:17 You were waiting on more test results. Did you get them? And if not, when do you predict to get the results? We've issued all of our results from Accio. They have all been issued, all 4 drill holes. The news release, news has been issued since early January. We've still going through the Beckett Lake samples, which is what we drilled before Accio, which those will be out imminently. A follow-up question from Sean for you, Anthony. He's asking, is that on the first drill hole or has that started on the second? Yeah, it's gone down the first drill hole not the second. Great. Those are all the questions so far. If you have any other questions feel free to submit them. NAC sounds awesome That's all I got to say. That's a beauty.

43:07 Yeah, we're excited. The thing about NAC that's really interesting is that it's in an area where you go anywhere and there's copper and gold, but they have a maybe huge low-grade deposit there, open pit, but we're looking for something that's economic, underground copper, gold, porphyry. But people did a lot of work there. It was 18,500m of drilling, 104 historical holes, but every single owner that was there only looked at their own interpretation of whatever work they put in. So there's IP there, there's magnetics, there's geochem, they did drilling, but nobody digitized all the data. So everyone was just working off their own data because you couldn't go to someone's house and then go through the folders wherever the office was holding the work. So for the very first time the individuals we bought the option from what they did is they put a year in and they digitized all their data and they analyzed all of it And then you add the fact that now the copper price is $5 versus $2 when people were working on it before. People were working on this deposit when copper was at $0.40.

44:09 And what they saw with these different data sets, which was amazing, is that it all showed the same coincidental anomalies, that there's a big deposit potentially underneath, underground, that they want to target. And when we saw that information, all of our decisions are data-driven. So while we want to focus on Nevada, we're not going to say no to something that we think has a high probability of success, of generating news, potentially being a big deposit. We're going to jump into action. And whether we're in Nevada or Canada, we see that as the same jurisdiction. We're in a safe jurisdiction, and we're focused on being in North America. I think there's 3 places you want to be in the world to mine. It's Australia, it's Canada, and it's the US. And we're in Canada and the US. So yeah, we're very, very excited about it. I know you've seen a bit of information about it as well, being part of the ore group. Yeah, it's fantastic.

45:01 I got a lot of faith going for you guys going forward. I know you guys will hit it out of the park. Well, Sean, a lot of questions here. How's the infrastructure near LAC and the locals? There's a lot of infrastructure there. You can get there. It has road access. You actually get there via barge, but it's road access. There's a logging camp on site. The area where we are actually, we don't take down any trees. It's already been perfectly logged, so we have access to where we actually want to target. And I believe the locals are supportive of us. I'm in talks right now with the local First Nations communities and we're very, very excited. This whole area of BC, they have a lot of history of copper production. Smithers right now, Smithers which is 50 kilometers away, has 7 different drilling outfits in the town alone. It just kind of shows you what infrastructure is there. So, you know, similar to Nevada where you're in the Cortez, Tran, Carlin, Tran area, you got all these access to workers. It's the same thing in Smithers, BC.

45:59 You got smart people, geologists, drillers, etc. So, I don't think there's many places better in the world to be looking for a copper gold porphyry deposit than where we are for NAC. Does anyone else have any questions, particularly about the company, about the properties, our takes on any of the metals, any stories you want to hear, et cetera. I know James has a lot of time. So just let us know if you have anything. If not, we're going to let everyone go. I really appreciate everyone's time. Again, James Sykes, CEO of Metal Energy, traded MERG on the TSX Venture. Also, CEO of Baselwood Energy, traded FIND on the TSX Venture. And again, I'm Anthony Moro, CEO of Merit People Gold. Trade at AE on the TSX Venture. You can get our contacts through the emails, through contacting 6 or going to our website.

46:48 I know James you're the exact same, always happy to speak with investors or potential investors. We love this industry, we wouldn't work for it unless we love the industry, wouldn't work for the company unless we really did believe in the property. So always happy to talk about them. So if you don't have any questions now, feel free to reach out at any time. Thank you.