Cupani Summer Exploration Program Update

0:04 Welcome everyone and thank you for joining us for today's live event. We're pleased to have Brian Boss, CEO of Capani Meadows with us to share an update on the company's summer exploration program. Capani released news on the program yesterday, So I'll hand it over to Brian to walk us through the details and share his perspective. Afterward, we'll open the floor to your questions. Brian, I can see your screen is shared. So the floor is yours.

0:26 Thank you, Kyle. Thanks very much, everybody, for joining us. Kyle says people are coming in hot. It is, it's the 8th of July. There's been a heat wave for about a week now and everybody's hot. I get it. We're in mid summer. You can see that in the markets. You can see that in the prices. You can see that in a lot of different things about resources. So I'm grateful I get a chance to tell our story. It's a compelling one and give everybody an update and answer some questions. So as I always do with these Kyle, I'll just, I'll do a few minutes of the deck because we often get people coming to the webinar who just, it's their first webinar or they've not been to the website or they haven't heard us before, so they don't know what metals we have or where we are. So let me just spend a few minutes on that and then we'll start the talk in greater depth.

1:15 Sure. Okay. So the company is called Coupani.

1:22 The name comes from the fact that I've been a shareholder of Agnico for 20 odd years. And when Douglas Macquarie and I were naming this company, he wanted something that ends in a vowel, and I wanted something that uses the same naming convention that Agnico did, and Agnico is A-G-N-I-C-O. So they went to the elemental table and they built a word out of the elemental coding for what they had in their first mind. And so that's what we've done. CU, PA and I. And projects in Quebec, best jurisdiction in the world. We're listed in Canada, the ticker is CUPA. We're listed in the US, the ticker is CUPIF. And between the Macquarie family and myself and the directors, we have 37% insider ownership.

2:13 So there's an immense overlap between what the officers and directors want and what the shareholders want, which is money to be spent wisely, to build an asset in value over time and then figure out how to monetize it. So that's my opener. Let's go to what do we have? How far away are we from things that we need to be close to? So, we're in Shefferville and I'll show you a map in a minute. Shefferville is the nearest town at 65km away. And Shefferville was built by iron ore mining in the 1940s and the iron ore mining is still going on today. There's railway that takes the iron ore down to a deep Atlantic port, a deepwater port on the St. Lawrence River called Satele.

3:02 And so anything coming out of our mine site production someday, whenever that might be, would travel at 65km to the railhead and then go down the rail. There is work that's been done on our claim package on and off since the 1940s. It was first seen in the 1940s as surface outcrop. And at the end of the 1980s, a company did a drilling campaign on a portion of what is now our land. And they came up with 4.3Mt

3:39 of Copper equivalent expression, 2.2Mt, but there's no recovery in that number. So just keep that with a grain of salt. It's not 43-101 compliant yet. And they have 161 drill holes into mineralization and it's all near surface and it's in lenses. So it's not 1 giant blob, it's several flat lying, I'll use pancake shape for now, but I know that's not an accurate word in the geological sense. And they're all stretched out along a corridor and we'll explain the corridor later on. Okay, so then we have the team, that's very important. Jacques Gauthier is our VP of Exploration.

4:25 He has a long career in exploration with much success. He's found 4 economic discoveries. He gets to choose which projects he's going to be involved in. And he's chosen this one because he sees the upside here of making another economic discovery. Danielle Giovannazzo, PhD, is an independent director of the company, has worked with Jacques over the past several years and her expertise is in exactly the kind of geology that we have, you know, flowing magmatic systems and she has learned that very well and is guiding us quite nicely, thank you. And myself, I'm a finance background. This project came to me because 2 other people who are now passed on, Ned Goodman and Douglas McCorry saw the opportunity here. They spent 15-years accumulating the claims package and that accumulation finished in 2023.

5:26 And we've been working on exploration since 2024. So, Very fresh. Okay. Best jurisdiction in the world, I've told you that. Global market access by the railway. We've raised money and we're spending it now. We're drilling in 2026. So, we've done a winter campaign and we'll get into the results of that. And we're about to start our summer campaign. And here's the map I mentioned. So our claim package is this area up here. Okay, this blue outline, and we call it the Blue Lake Project because there is a lake there called Blue Lake and some of these pods are situated around Blue Lake. So we've named it after the center item at the moment.

6:14 So 65 kilometers going this way. And of course this black line is the border between Labrador, which is in here, and Quebec, which is on our side of the line. And it's a pretty crazy line, this provincial border. And it's because the provincial border rests on the line that separates watersheds. So the water that's, the items that are inside the Labrador line, those are all rivers that are going to go out to the Atlantic coast. And the ones that are on our side of the line, the Quebec side of the line, those rivers for us are going to go north to the Arctic coast. And here's the railway coming from Shefferville down to the port at Sétille. All right.

7:01 So this slide is showing our claims block. And first of all, like I said, Shefferville is 65 kilometers away. So just off the map this way, and the historical tonnage that I've talked about, those 9 lenses, that 4.3 million tons, that is represented by just these 3 red stars on the map. And as you can see, that's a small proportion, maybe it's only 1% of the total claim package. And the reason why we have such a large claim package is because Douglas Macquarie and more importantly after him, Jacques Gauthier, figured out that the metals, the copper, the nickel, the platinum, palladium, were delivered in a almost a flowing river of magma that had come up from the center of the earth and flowed across the land or just under the surface of the land.

8:00 And in places those metals have distilled out of the column of lava as it's moving and made puddles or sandbars, we call them lenses, along the bottom of that magmatic riverbed. So the color pink here on the map, which is a Quebec government map of different rock types at surface, the color pink here refers to ultramafic intrusive. And so that's the rock type that denotes the kind of magmatic river that we're talking about underlying this system. So when we claimed our exploration rights, we picked up everything in the region that has that ultra-mafic rock in it. Okay, and that's why you have such a large land package. And as we're going to see over the next few slides, the work we're doing this year and in the next couple of years will be from these 3 red dots down this way, to the southeast, we're about 16km.

9:04 And we think the drilling we've done so far in March of 2026 has proven that there are fertile conduits with metals in them. And we're going to spend our time working on this. Whenever that's finished, we've got another direction to go, see all of these stars, these are all things people have found in the past, but in an unsystematic way and without the benefit of the theories that we're using now. So we've got one, we're calling our high priority corridor from the red stars down in this direction, but the same magmatic event probably has created lenses all the way along here. It's just too early to tell yet. And There might be others all the way up through here. No one knows, it's too early.

9:49 But when we were staking the claims, Douglas and I had a long conversation about, if we're right, and this becomes an important find, we wanted to have all of it as a monopoly claim block. And so we did that. This slide is a zoom in. So I've been talking about the high priority corridor that starts at the historical tonnage and heads down to the Southeast. So here it is outlined in red. We change the outline every time we get a new piece of information. So sometimes it shifts a couple hundred meters one way or another, but here it is right now. So what we're showing here are some of that historical smoke, all these showings, surface rock samples, bleb textures, net textures on surface.

10:42 But this historical, sorry, the high priority corridor, 16 kilometers from here down to here. And on average, it's 1 and a half kilometers wide. So that's an immense amount of land for us to explore. And we have just released the drill results for the first 4 holes we put into this. And we hit mineralization, I think in 3 out of 4 holes, which is great. We'll come back to that later. Project is in Quebec, best jurisdiction in the world. If you don't agree, give me a call. We can debate. I'm sure you'll suggest Arizona, but let's go back. 2 First Nations in the region. This is a history of exploration going back to the 1940s.

11:30 And this is a listing of those lenses that were drilled in the 1980s. So we'll probably talk today about Blue Lake II because it's the nearest lens to where we're doing our drilling. So that one just for everyone to know is 1 million metric tons, It's 0.8 of copper, 4.1 of nickel, 0.80 grams per ton combined platinum palladium. And remember, this is a pre-43.101. All right, there's the team. I'll probably come back to this one in the questions. Suffice it to say this just proves it's part of a much, much larger system. I'll probably come back to this one as well, unless anyone's interested in Raglan.

12:18 We have the same general vicinity of copper, PGE and nickel as shown here, where we're showing all the different measurements of geochemistry. For me this is probably the most important slide for people who don't know what we have. And this is government data turned into maps. So on the left-hand side, this is all about nickel. On the right-hand side, it's all about copper. And the government took 30,000 lake bottom sediment assays over many, many, many years. They collected those samples and sent them to the lab to test for metals. And then 2015, they released all the results and Glencore's Raglan mine complex, because there's more than 1 operation, there's more than 1 lens being mined there, and the Canadian royalties site are represented by this red hotspot here.

13:18 And collectively, if you were to try and buy those from their owners right now, you'd probably have to pay 3, 4, $5 billion. They're in operation. They're in the case of Glencore's Raglan, They're finding more material faster than they can mine what they have. So their reserves are growing, not shrinking, which is super important. And so now, if that hotspot is worth, pick a number, $4Bn, what's this hotspot worth? I don't know, maybe it's half the size, so US$2Bn. But we have all the claim blocked for this hot spot and our market cap is US$20Bn. We have a long way to go. We have to prove

14:03 mineralization, we have to prove reserves, we have to prove economics but the point to take here is that Mother Nature has already done a lot of the work for us and our job is to catch up. So that's what we're going to do. And on the copper side, we actually are even better. So that's great for me. As I said about Raglan, they're finding material faster than they can make it. We'll get to that later. There are more Raglan shots. To me, this is probably where I want to spend some time when I'm describing what we're going to talk about and I'm sure Kyle's going to have questions for me today. These 3 cartoons, they nest. So the one on the bottom is a zoom in of the one in the middle and the one in the middle is a zoom in of the one on the top. Okay and what we're trying to show here is as the magma or the lava was moving horizontally either across the surface or just beneath the surface 1.9 billion years ago, that lava is really hot, it's got a lot of volatiles and gases in it, and it's essentially plowing its way across the land.

15:12 So in this image, the purple is the lava, and the way to look at this is it's coming out of the screen at you. Okay. So you're standing in front of the plow and you're watching it come towards you. And as we zoom into the bottom of the plow, you'll see that it's plowing away pre-existing rock here shown in the shades of beige. And at the same time that it's plowing that rock away, the sulfur in that rock is causing a reaction. And the reaction draws the copper, nickel, platinum, palladium, and other metals out of the flowing magma, and it creates this lens or sandbar on the bottom. Now obviously this is a cartoon drawn to explain the idea. This is not any particular mapping of what we have but it's the system as described.

16:05 So now down in the bottom panel here, you'll see the red, which is the mass of sulphide is liquid. Of course, it's not liquid anymore. It's now solid rock.

16:17 And other pieces of that, which are holding the Copper, Nickel, Platinum, Palladium are stuck or floating above. Some of them are off to the sides. And it's a complex situation where the underlying rock sometimes pokes up into the mass of Sulfide liquid. And it's also complex in the sense that it's got a rounded bottom, almost a cup-shaped bottom. So it's also very long. Remember, it's coming off the screen at you. So it could be a kilometre long, like Blue Lake lens number 2 is a kilometre long. And the width here from left to right can be 200m. I think that's the average width of the Blue Lake number 2 lens. And then height, you can see at some points it's 0 and other points it could be 10 meters.

17:07 You know, so we'll have to understand what we're doing on average. And the historical documents talk about these lenses being on average, I think 8 meters. Okay, So let's move on. That's Douglas Macquarie and I standing in front of an open hole. This hole was made in the 1980s by a prior company and they had done metallurgy and taken a big bulk sample and brought the project to mining lease status in Quebec. So that's good. This is a photo from one of our press releases. I haven't pinched it, I've just rotated it and you can see visual mineralization. And so here's where you can go find that. And then this table is from our most recent release and we're showing everything's drilled at 90 degrees.

17:53 So when we're cutting into something, we're cutting in straight vertical. So this is something you have to get your mind around. If you're looking at other projects to compare to ours. You have to compare us to other projects that are lying almost flat. Because if you compare us to a project that's maybe tilted like this and they drill down, they're gonna get tens of meters. And you'll think, oh my Lord, they have much more vertical length than Coupani does. But that's not particularly helpful because we know ours is lying flat. So it's much longer and much wider than it is, I'll use the word tall, but deep is another way to say it. That's very good for us to see these grades. We're using a conservative number. We're using 80% assumed recoveries, but I'm confident that number will grow as we get our own data. We're just starting with safe numbers.

18:46 These are really good grades.

18:54 As a concept, the drill holes we've done, I'm going to guess, and this is just my guess, I'm not speaking for anyone geologically, but when I look at the the fact that we did 2.3 meters and And then there's a barren section and come back into something, you know It's probably out here somewhere on the edge or on the tail Whatever that might turn out to be and later on down. This will do electromagnetics that send a circular pulse wave of magnetism that is looking in this area as it goes down and so it will pick up something that is lying nearby. So that's really important for us. Okay, I've zoomed in here. So here's that lens I was talking about, Blue Lake number 2.

19:40 It's a kilometer this way. This is from our press release if you want to look it up. A kilometer this way from tip to tail, it's 200m on average wide and its height or tall or depth, whatever you want to talk about it, will be in several metres on average. It will probably be nil at the end of the course and thicker in the middle. So where did we drill? 06 and 05, these are here and they are about 1.3km away from the Southern tip of that. So notice these colourings that connect them all. That's the magnetic response, when geophysics was done years ago. Our team, thank you Jacques, is correct in figuring out that the magnetic response is likely to be showing the conduits, the channels, where that river was pushing the magma through.

20:40 And that's also the place where you're going to find the sulfide lenses. So 1.3 kilometers away. And remember, this has already been drilled at the end there. So this is probably something entirely new. Perhaps it's an extension. And if it is, well, that's also important too. But we'll have to see. We're doing more work this summer, downhole electromagnetics, and then we'll be drilling. We'll find out a lot more. And then I've zoomed out again. This is the shot that's actually in the press release. So here's all the historicals shown in red, our 4 new drill holes here, And then this high potential corridor, which is that old magmatic flow goes off to the Southeast for 16km.

21:26 All of this is where we now expect to find great things. There's a lot of wind there, we'll come to that later. We have 174 million shares out, the insiders own 37%, I myself am the largest shareholder with 23% and we'll probably stop now to go back to Kyle. And then I've got some points I want to make later on in review. Okay, Kyle, can you hear me? Yep, sounds good. Yeah, we can touch on a nice recap when we conclude here. There have been a few questions submitted. So let's jump into them. Let's start with Simon's here cause I'm interested in this as well. Scandium Canada has put out a news release about a proposed road from Shefferville to their property. Do you think the proposed road will run close to Kapani's property?

22:19 Yes, if I had known he was going to ask that question, I would have prepared myself and gotten a map up if I had 1 to share. So let me go back, I guess, to the overall regional map. Can you still see what I've got up? Okay, so the town of Sheffield is right here under my cursor, can you see the cursor? Yep. Okay, and the Scandium project is, if I'm eyeballing it, right out here where the cursor is now. And of the 2 First Nations, 1, the Nisgapi Nation, has already bought 5% of the equity of Scandium. And they have taken the lead in contacting the other First Nations and the governments and the companies in the region saying they, the Nisgapi want to get conversation underway for a road to be built. And that's what Simon's talking about.

23:11 And so here's what we love. There's no way to get from Shefferville to Scandium that doesn't go through or through the Kupani claim block. So, you know, when I look ahead, I think our infrastructure is going to take care of itself. Great. The road will be there. Yeah. And that's super fantastic. Think about if you could have 1 road that connects, there's some projects up here, by the way, 1 road that connects 1234 projects, and it's vouched for by the communities, right? You're gonna need everyone to agree. Then the road building becomes simple. In fact, it may be done before we're ready, which is even better.

24:00 Great, exciting stuff. Daniel has questions regarding the Treasury. How much cash will be left after this drill program and what is the corporate burn rate for either month or year? Money in the bank now is $2.4M. We're under the way. Obviously, We've got a drill program kicking back up again in August. We've got camp open right now at the end. I'll probably be under US$1M by the time we're done that. And so look, it's exploration. We're either raising money or planning the next one. It's just the way it is until you get bought out or taken out. What's the burn? We run pretty tight. We don't have a lot of staff. We probably would characterize We probably would characterize that as 80 grand a month of non in the field work. Right. Right.

24:59 And you know what, in the past we've run at 30 grand. So we can, it was Dan that was asking, so We can turn up and down based on how things are going. When you're in the field in any particular year, your expenses are going to be higher for G&A outside of what you're actually spending on the drilling. But in the years where you're doing studies and you're not in the field as much, you can turn that right down. Yeah, No, that's fair. And I guess I'll finish the point by saying as 37% insiders we want the money to go on the ground Yeah Yeah, you have money for a reason you have to use it. Yes, sir Simon has a follow-up question here Brian Do you have plans and I know you touched on this in the past, but there's new listeners on my call I'm sure Brian. Do you have plans to make the historical deposit 43-101 compliant?

25:58 Yes, over the long run you're going to have to do that. Whether we start it at the end of this drilling campaign or start it at the end of the next drilling campaign, that's an open question right now. There comes a moment where you look at the math for that, right? What data have we got available to make the report with? What data do we need to continue to collect to make the report? Whether we begin it at the end of this calendar year or begin it sometime in next calendar year, one of those 2 is currently how I look at it. The Summer program is multi-phased with mapping crews out now and drilling planned for August, as you said. What are geologists looking for on surface and how does that field work feed into where you're actually going to put the drill.

26:48 Sure. So let me run back to how the whole system was created by mother nature. Okay. So let's go back to our bottom panel here. See these honeycomb shapes, right? So that's, that's a, a sulfide blob, a accumulation of sulfide that comes from that reaction 1.9 billion years ago when the lava or the magma was pushing across the landscape. And in the case of these empty holes here, it didn't, that blob of sulfur didn't attach to a metal and instead of sinking to the bottom because it's heavy with a metal it's now lighter than the magnet and it can float to surface so when we send people out this summer we are having them look for this we are having them look for that fishing net texture or those blebs of Chalcopyrite on surface, because that's an indicator that the system created something below your feet.

27:54 So on this here, we've got bleb and net right here. So this is where a geologist has seen those things on surface. And this open space between here and there is because nobody's ever gone to look. So we're going to be in this open space here and we're going to be systematically looking for signs that the reaction that made the deposits are visible on surface, which gives you a strong indication that there's something underneath you. So there'll be a lot more work than that going on in the mapping, right? You have to measure the existing structures of rock and what angles are they at to each other. And there's also geophysics to be done. There's lots to be done, but in terms of surface looking, that's what we're gonna be doing. Looking for surface indications that the lens creation would have happened underneath.

28:51 Lots to be done on surface, but lots to be done underground as well. You're also running downhole EM surveys in both historical holes and new winter holes. In plain terms, what can those surveys tell you that drilling alone can't and why are they such a useful tool for a system like this? Right, so let me go back to that arrow I drew. Just to get everybody, okay. So again, Let's go back to this bottom cartoon here, and I've just done a vertical down, okay Let's imagine that we are remember all the red here is going to be Rock type that includes copper nickel platinum palladium all of which are conductive and all of which hold an electric charge and are magnetic Right, or at least when you put them all together in that rock type that statement is true so if you were to put a a magnet down the hole that you've drilled and measure the magnetic field or better yet put a charge down and then measure the magnetic field from above as it goes down you will create a magnetic field that is affecting all of these bodies.

30:04 And as you, if you put a magnetic field here, you might pick that up on a bleak angle from above. And if you put the same charge down here, you would pick up this one blob from below. So using trigonometry, you can figure out where to go look for your next drill spot, right based on finding magnetic and electromagnetic responses, and the the radius around the hole, anywhere from 200 to 300 meters, depending on the situation per site. So there you go. Did I... And look, putting that in layman's terms is hard to do. Yeah. So that's my attempt. No, I get it. Is there any risk of false positives with the surrounding rock from the EM responses or Would we know that and will we not know that yet until you conduct the EM survey.

31:04 It's geology, right? Mother Nature makes it hard. If you interpret the question to be can you be wrong, of course you can be wrong. But Downhole EM has been growing in success and sophistication since the 1980s 1990s The process is pretty well understood and refined now we know what kind of signature are our lenses make when you do these down holes. Let me see if I have the right slide for that here. Gotcha. Okay let's use this for example. So remember the dark circles here are old drill holes. Okay, the red shapes are the ore bodies, the mineralized lenses.

31:53 So let's say for example, there's a drill hole that was made by somebody in 1987. This one right here, I don't know the number of it. I don't know how deep it is. But we know that it's just outside the current delineated border for lens Blue Lake number 2. Now the hole is still there, or if the hole is still there, and if you can put that downhole electromagnetic probe down it and get it back up again. So probes are expensive, you don't wanna lose them. So you put a dummy down first and then. You might find that there's something giving you a response right over here, or maybe over here. And that had never been known before because they weren't using this technology in the 1980s. But more importantly, and I think this question is really about calibration, whose question was it, Simon's?

32:40 It was mine. Mine, okay. So we're gonna start with this hole here. You know exactly what's over to your north and so as you're going down you'll see the electromagnetic shadow or reflection whatever you want to call it of the known lens so now when you step over to somewhere that you're not certain what's nearby, cause it's not near the known lens, or you're coming over here to do it in 06 or 05 of this year's drilling, you're already calibrated for what your lenses are going to be. Said another way, yeah, there's, There's other things around that are magnetic. This area up here has got a lot of iron ore in it. And the iron ore can or cannot be magnetic depending on the intensity or the grade of it. But yes, there's always backgrounds that you have to back out in order to understand your result. That's a great example or explanation.

33:36 I thank you. Dale has a question here and given your finance background and being one of the largest shareholders, I'm sure you're in the same boat. Dale is wondering how do you avoid the billion share graveyard and eventual rollback that crushes shareholder equity? Wow, grim day for Dale. So look, I guess the best way to say this is nobody flies first class. We don't raise money to spend it on things that don't go in the ground. We do a lot of thinking and consensus building in our team before we undertake a project of work. We don't spend money on drilling unless we're pretty sure we're gonna hit what we're gonna hit, right? There's no speculative drilling.

34:29 And I guess that's probably the first answer, Dale. The second would be we use things like the tax credit system. So in Quebec, again, this is why it's the best one in the world. If I were to take a dollar from Dale and spend it on drilling, subject to Quebec regulation that I've drilled correctly and done the right things, I get 45 cents back from the Quebec government in cash after filing taxes the next year. So we reduce the amount of dollars we need to raise from share issuance by instead getting that as a refund back from the Quebec government. And that $0.45 in some circumstances is entirely ours to use however we like.

35:18 In other circumstances, it's tied to more drilling. It depends on how you raise the money. The billion share graveyard, I guess I'll finish with, we're in the right jurisdiction, Dale. We have the right tax credit system. We don't waste the dollars on management. We don't waste it on frivolous expenses. And yeah, that's probably as good as you're going to get. Yeah. No, fair enough. And the share count has gone up, right? Every time you raise money, you're going to issue new shares. But you're raising money at the moment where you see the the multiple value creation to the shareholder is 4 or 5, 6 times greater than the share issuance to the existing shareholder dilution. And that's kind of how we look at it.

36:08 If it was going to be raise 1 million bucks in equity to achieve 1 million bucks in market capital, there's no point to that because you're not going to get ahead. But if you raise 1 million bucks and that's because you think you're going to drill something that proves a system like this and that the system is large and it sets you on the road to proving out an immense system, well that can have a 30x return. That's worth doing. That's how we look at it. That's a good way to end it. There are no more questions in the chat, Ryan. I do recall you mentioning you'd like to summarize the Summer Exploration Program before you wrap up here. So now's your opportunity. Lay it out in nice, clear terms. Why people should be paying attention to Kupani? What have you guys discovered and how much conviction you have?

36:59 Yes, thank you, Kyle. Thanks to everybody who gave questions. I've got 7 bullet points I want to make, And I'm doing this because we are running the company well. The company's never been in a better position in terms of what we've learned, what we know, and what the positive implications of that are. And we're a little unique, right? Flat-lying is rare. Most people don't have that. So, I need to keep educating the benefits of that. So, let me make my 7 points and we'll see where we go after that. So point number 1, Kyle, the winter drilling proved this magmatic flow theory is correct. It's right. And we know that because, we'll get into that later, But what that means for me is the valuation corollary, the exploration methodology corollary that I'm using is, and no 2 deposits are the same, Glencore's Raglan mine. And as you saw on that first chart I showed, that's that big red blob at the north end of Quebec that's many billions of dollars.

38:04 That's what I think we have. We have to get from here to there proving it and there we go. Number 2, the theory that we've just proven makes me think that there are these flat lying or flat-ish lying lenses, right? They're tilted, they're cupped. And they're going to be found all along that 16 kilometer high priority corridor. I think they're there. I think we're going to find them. And the 16 kilometres high priority corridor is just the area of our land package where we expect it to be flat line. There's another 16 kilometres going the other direction where we think it's tilted. So we're just starting with the high priority corridor. Okay. So it's an immense system in our exploration permits. So, when you're investing in juniors, you want that exploration leverage, and I think we're going to have a lot of that.

38:58 Point number 3, in the high priority corridor up here on the screen, and we drilled 4 holes. I think we hit mineralization in 3 of them. If you're hitting 3 out of 4 in your very first campaign in the corridor, that tells you that we've learned how to learn, right? The magnetics, the geophysics, following the conduits, surface textures. You know, it's not like we drilled 4 holes and found 0. We drilled 4 holes, we hit mineralization in 3 of them. And not only that, but the mineralization we got is the one we expected. Right. And it's in the orientation we expected. It's at the depth we expected. So those are all super important. OK. Number point number 4 the drill interceptions themselves are a great result because like I just said they have the same grade and orientation as the 9 known historical lenses.

39:50 So that tells you the whole thing is 1 immense system, which is the main point here. If you're expecting and Dale or anyone else asking questions, you know, is this going to get on the radar screen of a large company? Yeah, the larger the project, the more likely it's going to be meaningful to a large company. And if we can show that we've got 10 miles or 16 kilometres to explore, When we're done there, we'll go the other direction, the same distance. And when we're done there, we'll probably find other things on the land package. That really turns people on at the big companies. Number 5, This is a guess on my part, but it's a semi-educated one. I think the vertical intercepts that we got out of the holes that we drilled is probably going to be a new lens because it's 1.3km away from Blue Lake 2.

40:46 It's possible that Blue Lake 2 extends that far, but perhaps, perhaps not. So it's probably something new and the downhole EM will give us our first looks at what else might be around. And remember Blue Lake 2, as I got it up on the screen here, it's a kilometer long, it's 200 meters wide. Those are big. Okay, point number 6, we've probably just clipped the edge of something with our drill holes. The edge or the tail of one of those lenses, We'll know more once we know more. We just really have to do the work to find out. And the down-hole geophysics and the drilling underway right this summer get us on the road to learning more. So I think we've got something fantastic by the tail and I want everyone else to understand why I think that and those are my points Great. Thank you for sharing. Thank you for taking the time out of your day Brian for any individuals that came in a little late This is gonna be recorded. The replay will be available within a few hours here, so look out on our YouTube channel.

41:51 When we close off here, there will be a request meeting button. If you want to talk to Brian more, feel free to hit that request meeting button and I'll share all that information with Brian. But Brian, everyone that's on the call, thank you for tuning in. Look forward to the next update.