Update on Track 2: The NEW Large-Scale Nickel Zone at CarLang

0:07 Hello everyone, welcome to EVNickel's live summit today. I'm pleased to introduce their president and CEO, Sean Samson, as well as their VP of exploration, Paul Davis. Sean and Paul are going to take us through our company presentation and after we're going to be accepting questions. As a reminder, you can submit your questions using the Q&A tab found on the right-hand side of your screen at any time during today's presentation. And as always, today's event is being recorded and will be available online on demand on Six.com in the coming days. Without further ado, Sean, I want to pass things over to you to get us kicked off for the day.

0:37 Thanks, Cam, and thanks everybody for joining both live and on the recording. So these slides will be taken from slides on our website and of course on our website as well as the forward-looking statements comment which everyone should take a look at. So today's big discussion topic is our new results for the CAR LANG, the large-scale deposit that we've identified in the north. We'll quickly zip through some material to set the table for people who may be new to the story. Our thing at EV Nickel is that we're going after the increasing demand for nickel coming from the electric vehicles. And they specifically need the cleanest metals. And that's what we're trying to set up with our clean nickel, our trademarked term.

1:23 We have an enormous land package, which we'll talk about. On that land package, we have a historical resource for our high grade at 1%. And to sum it up, what we are is we are in Ontario, we're critical metals, and we're funded to drill and do our work. So important things for us are, we have a wonderful location. We're in Northern Ontario, an hour's flight north from Toronto, just south of the town of Timmins, which itself is up in the area of Sudbury, Ontario, which is one of the world's biggest nickel camps. So we love our location. We love the grade that we have. We have high grade deposits, the type of grade that gets turned into mines. That's our track 1, our high-grade mineralization. And then also we have a huge potential.

2:09 We have enormous land package and we're going to talk today about the Karlang zone. And we're just getting started up there, which you'll hear. So 3 things that the company is doing. We have track 1, which is our high-grade mineralization, track 2, which is going after these large-scale targets. And then the third thing is we're pulling it all together under the umbrella of clean nickel. So presenting today, I'm Sean. I'm joined by Paul, who's my VP of exploration. We're going to be quickly going through clean nickel and what we think is going on in the nickel world, introduce our project, and then We're going to run you through the rounds of drilling that we've done and specifically focus in on the results that came out yesterday, which are the first assays back on phase 3 and this really exciting car laying a zone.

2:57 Then we'll talk through catalysts and we'll get into some Q&A.

3:03 So to quickly start with the macro case for Nickel, I don't spend a huge amount of time on this, but top right, forecasting out, there is anticipated to be a gap between forecast demand and supply. So today, nickel is really a stainless steel story. But with the forecast for the electric vehicle rollout, it adds a whole new demand category on, which frankly the market doesn't have the supply in place for, which is very interesting for someone who's looking to develop a nickel supply business like we are. Being a nickel junior, we of course have to have a slide with Elon Musk on it. He made a tremendous call a while ago saying, begging for miners to start mining more nickel. But also the Tesla guys, and we hear this when we talk to electric vehicle companies, they're very confused about the complexity of the supply chain that has evolved to this point in the nickel space.

3:57 And we're trying to come in with clean nickel, cleaner, tighter supply chain as well, where we've got some very interesting stuff. We'll talk about that today. Also on the macro, on the emissions front, you know, the carbon footprint of electric vehicles is first and foremost for these companies that are making them. So unlike general industry, where they're gradually wrapping their heads around getting serious about what the footprints are, because of the media focus on the car companies, and also the regulation that's coming in, for example, the European regulation, it's very real and it's happening very soon. So when you talk to these car companies, they're not just trying to put their hands on critical minerals, which is enough of a challenge, they're also trying to do it with the lowest possible carbon footprint.

4:45 And that's where we're trying to set up our business to supply. So I've spent a lot of time recently with car companies, especially in Europe. And there's a lot of things that are challenging them and sort of bringing in the guardrails for what supply they can go after. So starting off on the left, with the crisis in the Ukraine and the war has taken Russia off the board for Western car companies to secure their nickel. Russia was the third largest global nickel producer. And Now, and I've heard this said out loud at conferences, with the increasing concern about Taiwan, buyers are thinking differently now about Indonesia because of the Chinese money behind it, but also as well in the Philippines. And that's number 1 and number 2 largest nickel producers in the world. So that's a complication for car buyers. In addition, you've got general protectionism coming across.

5:40 We as a Canadian-based company with Canadian assets really like the new legislation out of the US. But what that does is by designating Canada and Australia, the 6th and 5th largest producer in the world, as domestic for American car companies to take advantage of tax incentives, it potentially takes them that supply off the board, especially for the non-US automakers. So it makes the world even smaller for these automakers. And then you have the overriding non-carbon ESG concerns. So general environmental concerns, whether it's oceans tailings, which is a big no-no, especially for the European car makers, the labor conditions, ensuring that there's no child labor or forced labor that goes into production of nickel.

6:33 And then also I say here, ambiguously objectives, but the concern about who actually owns the assets. All of this sort of added complexity is driving car companies back to looking at supply assets like we have in Canada with good Western both location but also our reporting. And they're getting more creative, as we say here, about going up the supply chain and dealing directly with the suppliers. That's sort of the geopolitical. Get into what we've got. What we have is an enormous land package just southeast of Timmins, Ontario. It's a part of the world where you can draw up hydropower. So our land is the blue, the red and the yellow. The blue and the red we brought in with an acquisition in April earlier this year.

7:23 There's historic production across the Shaw Dome, which we love, but it's never been consistently explored. What we have is our starter resource down at the W4. That's our track 1, our high-grade business, and then we're gonna spend a bunch of time today talking about the Northeast, which is our large-scale production potential. Just quickly going through what we inherited. So when we started the company, we have an historic resource. So last year, EV Nickel got up and running. This is the W4. So it comes to surface. It's a little under 700,000 tonnes at 1%. It's very interesting grade, the type of grade that usually gets turned into mines. So that's the W4. When we bought it last year we immediately got drilling on the asset. We put some holes in last year up and down trend.

8:14 We successfully confirmed that the mineralization extends up and down trend. We refer to that as our phase 1 and that was the drilling that we had last year. Had some great hits on that. We had 1 hole with grading over 8.6% nickel and it was the first time that our team had been in and seen new core from this deposit. So that was last year. Phase 2 in the first half of this year, we drilled over 5000 meters into W4 and we successfully confirmed that the mineralization continues down from that historic resource and we started talking about what we refer to as the W4 extension. So phase 2, looking at W4 here, the top of this slide is the mineralization in that 2010 historical resource.

9:03 That's down to about 200 meters. On our work earlier this year, we popped holes on the other side of the river, you see on this slide, and we went below. And we had wonderful hits and we confirmed the W4 extension. So again, that's the W4, our track 1, that's our track 1 high grade business. And now we're talking today about track 2, which is the large scale targets and the results of what we did this summer. Just setting up what we mean by large scale target. It's also known as low grade. And what we have in mind is trying to see if we have the type of deposit that Canada Nickel, another publicly traded Canadian company, has had great success marketing their Crawford zone. And when you look at what Crawford main is, that's their initial main zone resource.

9:55 We talk about it here on this slide and we'll come back to it as well as Paul begins to show you how that matches up against our deposit. But when you distill it down, what it really is, is they drilled 15,000 meters to identify something that was 1.8 kilometers long, 360 meters wide, and at 0.25% nickel grade, and they had 1 billion tons in their resource. So that, they refer to it, and we have it here, as the world's largest nickel

10:23 sulfide discovery since the 1970s. And this is really what we've been targeting as we've been going after trying to find a large-scale deposit on the top of our land. So Paul, I'll hand off to you about the 2 targets we were looking at and where we saw a similar looking mineralization as we've seen CNC having success with. Sure, thanks, Sean. We'll start with this slide, which is a 2007 VTEM survey, and it's the total magnetic field for that area. The slide on the right is our Carlang project area. And the takeaway from this slide really is that we're able to identify our targeted horizons based upon the colors. And really we're focusing on the deep purples and the bright reds are our dynetic chromatids within the car land property.

11:15 Here's a government geology map transposed with surface samples taken in the 1990s by the University of Alabama while I was working with Otokopu and directing that program. And you can see that they've been able to map out these dynetic bodies and those are the light purple shade. You can see within our property package, we have an excess of 10 kilometers of these favorable dendritic trends. And that little gray square in the middle is where we started. The University of Alabama samples, they did 40 samples of outcrop in the area and it averaged over 0.3 nickel grade. So we're going after now with phase 3 of the work we did this summer, that's in that dotted box. Correct. And here is the dotted box expanded and each one of the yellow dots and black dots represents a diamond drill hole that we completed as part of phase 3. It was a total of 28 holes for a little over 8,500 meters of diamond drilling.

12:12 The red

12:14 diamonds, Those are surface samples that we took back in the summer. You can see these grades are coming in at above 0.25 some of them up to about 0.28 directly from surface. The light gray shaded areas are actually outcrop exposures and really our press release that we put out just yesterday morning which is very encouraging was only for the first 4 holes that we managed to log and submit for assay analysis. You can see that in hole 23, we hit close to 300 meters of 0.25% nickel. That really is actually the entire hole. We had 3 meters of casing at the top, a 300 meter deep hole, 297

12:51 meters of donate and it all graded about 0.25. You can see the other holes, they all have varying amounts, but these are shoulder holes. So we're actually defining the boundaries of the donate to be able to get an estimate of the width. And we're finding that it's very consistent in terms of being between 400 to 500 meters of width on surface from our drilling and from the previous mapping by the government. And you can see that the shorter distances really just reflect that we intersected andesites and desites marking the edges of the ultramafic intrusion.

13:25 So Paul, these are, we did 28 holes, we have 4 back now.

13:30 What do we anticipate the timing to be for the rest of the assays? We should be submitting the last of the holes for analysis here by the end of the month. It takes about 4 to 6 weeks to get the assays back, so we'll be continually putting out information probably from this point forward until Christmas. Great, okay. So that's the timing. So we have 28 holes, or we're talking about just the first 4 assays back. A couple of those, as you see, went into the shoulders. We'd like to think that 23 will be more representative of what we'll see up and down the heart of this deposit. But it's, I anticipate, continuous sort of boring drill results as we get these assets back and better understand the potential of the large scale target. Yeah, well, we identified Dunite from the top section down to the bottom section and every section in between.

14:19 Plus this is going to be used to come out with our resource estimate early in 2023. So Paul how do you how do you think about this versus other large-scale targets?

14:30 Well I've worked in nickel exploration in the Timmins area for over 30 years and drilled a lot of these type of targets. And I think they're fairly common occurrences. And I think there's going to be really a number of different variables that are going to really decide which projects get advanced and which projects don't. And the first of course is proximity and accessibility. So we're close to Tim, it's about 30 kilometers away to services, to the employment, people that you'll need to work at your mines and all of the equipment that you'll require. Secondly, you can drive right up to our drill locations. So with recent forestry over the past 5 years, they've opened it up, they've put in some nice gravel roads and we can drive to it and it's year-round accessibility versus a lot of the other areas and Timans are quite swampy and wet and require helicopter support or drilling in the winter.

15:23 Second thing to consider is the overburden thickness. We have about 15 to 20% outcrop on our property based upon the drilling that we've done on the Dunite, it averages less than 5m. The deepest hole I think we hit was 8m of drill depth, which represents about 6m of true thickness of overburden. That's a huge consideration when you're looking at the upfront CAPEX to develop one of these projects. Then the third thing is the depth of mineralization and the grade. As a comparison to Crawford, they drilled it down to about 650 meters, so their pit depth is estimated to be 690. We limited our drill program down to about 250 meters vertical depth because I don't see the benefit of spending a large amount of money drilling deeper when we can potentially expand the mineralized zone just by drilling a long trend on that 10 kilometers of milled dunnites.

16:15 Yeah, so having the 10 kilometers, we made the decision not to blow our brains out going deeper and deeper. And instead, the natural thing would just be to continue up the trend, especially considering from a mining perspective, when you start talking about a 700 meter deep pit, that becomes pretty excessive in terms of what your setbacks have to be. That's, yeah, that's true.

16:39 Super, so we're really excited about that. Like the car laying A zone, we've been talking about the potential of the 2 tracks, but we are fired up to have data back and we'll continue to have that coming down the pipe as we better understand what this Carlang A zone looks like. And again, the A zone is really just the starter of the 10 kilometers that we think the trend is up there. And we drilled 1.4 of those 10 kilometers. So if I think about catalysts from here, it includes these assays coming back between now and mid-December. So we'll continue to have those results. Then this winter, we're looking at, well, we'll have back our metallurgical analysis from SGS on W4.

17:24 And then we're looking at going back in for some further drilling on W4. And that's all gonna feed into resources next year. So ones that we'll be working on include the new Maiden resource on this Carlang A-Zone. And then we're also gonna be working on an updated W4 resource, which will be coming out, we anticipate a little after that initial car lang. So we've got a huge amount of work to do over the next bit as we come out with those resources for next year and we have continuous news flow between now and the end of this year similar to what we talked about this week around the Carlang results, in addition to the Met results coming, we hope, before the end of the year as well. So these are the things that we'll be out talking about.

18:13 And this week is just an example of the great progress and momentum we have now as we're trying to build a nickel business off of the Shaw Dome going down these 2 tracks with the high grade and with the large-scale targets.

18:29 Cam?

18:31 Yeah, absolutely. I just want to remind everyone in the audience that if you have any questions, feel free to ask them in the Q&A tab found on the right hand side of the screen. But Sean, how big do we think this large scale could be?

18:43 Well, you know, the way we do it in our business is we methodically talk about data when we have the data. In terms of estimating with imperfect information, we stay in our lane and we continue along the 42-101 process. So it's premature at this point to be talking about size of resource. But what we can talk about is what we know. We know that the mineralization based on that VTEM extends for more than 10 kilometers. We've drilled off just a small piece of that. Paul talked about the depth. So we limited ourselves to 250 meters vertical depth. We expect that we could have gone much deeper, but we didn't because it seemed more prudent and from an operations perspective would obviously make more sense to continue down the trend.

19:38 So we will continue to release these assay results as we get them over the next 2 to 3 months. And then we'll pull together and come out with a proper resource based on all that data next year. But between now and then, the best thing to do would be to sort of use the numbers that we've provided you and allow investors to think through how large this could be for themselves. We're very excited about the potential for it and I am very keen to see what these assays look like over the next few months and then what the math could get us to a resource we'd be talking about next year. But that's sort of a wait and see response to that question. Absolutely. We have another question that's come in. What's happening with the bioleaching analysis, and do we think it's working?

20:26 Yes, it is working. Paul, let's, yeah. So Paul, do you want to just, so bioleaching is one of the parts, one of the pieces of work we're doing under our umbrella of the trademarked clean nickel. Paul, we're working with the RPC, the group out in Eastern Canada. Do you want to talk a bit about sort of what we have in mind for the potential of bioleaching?

20:50 Sure, the potential of bioleaching is to be able to use the local indigenous bacteria that are already eating the nickel sulfides within the area and growing that up and forming a big enough inoculum of bacteria that we could start to process some of the ores. And we're looking at both, let's say using it as a heap leach or as a vat leach type of system. Like you know, it's a low cost, low intensity type of way to recover metals out of

21:20 a sulfide deposit. And from our deposit at W4, we've already run the amenability test and it's showing that this is very well handled by the bacteria and that we're seeing very good recoveries from that particular bio-leaching.

21:36 So, Paul, we're analyzing now with the guys at RPC doing the potential VAT leaching. So this would mean if there was a processing plant which had a concentrate coming out of it, we are testing in conjunction with the SGS network, right, where we're going to have an output from that metallurgical work and take that concentrate and RPC is analyzing what it could then potentially look like to go through VAT leach at that point? Yeah, they will test like different variables, length of time it takes to get recovery, how much acid is required for the process or if it's going to be acid generating because if you get a certain amount of sulfide in your concentrates, it's actually a self-perpetuating type of process where it generates its own acid.

22:27 So we're going to reduce cost and then the different ways of managing your different precipitates, like your nickel, nickel, cobalt hydroxides, your MG, which is another focus we're going to look on for capturing carbon using this process of freeing up MG and then also iron removal. Right. Okay. And so far, Paul, as you mentioned, and to respond to the question, we have seen that the ore is amenable to bioleaching and, and, and now they're working on the VAT, the VAT testing, right? Yep. That's correct. They're waiting for SGS to come up with concentrates from our metalithic test program. And as soon as we get enough of that material together,

23:08 we're going to ship that off to RPC. And they will start the bench scale VAT testing, which you can see in the picture on the left there is are the VATs that they put the material in and then measure the recoveries over time. Right. So that's a mini version lab test. Obviously, there'd be a series of rounds of analysis subsequent to that. But if successful, what this looks like is a series of two-story tanks constructed, ideally co-located with the concentrator plant. And from that, we would potentially be producing nickel sulfate, which you've heard me say before to investors that that's very interesting both from the provincial perspective, where you can have a processing plant that is producing in Ontario a finished product, but also to the car companies and the battery companies who are themselves building these plants that require nickel sulfate as an input. So if successful, this would be very interesting to have an even tighter supply chain where a usable product would be leaving our broad site and it would go straight to the battery companies and it wouldn't have us or it would, we wouldn't have to deal with the smelters as another step.

24:30 So this is very exciting. It's early days, but Cam, in response to the question, so far the amenability tests have been positive and we're moving on to the next step once we get concentrate samples from SGS. No, absolutely. Thank you for the great in-depth question. Next question though, we received, what's happening with the price of the stock?

24:56 That's the golden question. Yeah, so this week, great news. And stocks not really, there I've got our stock chart. So yeah, we confirmed a whole new zone, track 2 this week and the stock is still sort of stuck down at 15 sets. What's happening with the stock?

25:19 It's hard to tell. I know there's a lot of interest in our story and we've certainly spent a lot of time promoting and telling our story far and wide. So we're concentrated as investors will have heard me say before, on 2 things. The things we control, how we spend the company's money and moving our assets forward towards, you know, along our business plan. And then The second thing is I tell as broadly as we can this story about what we're doing. So those are the 2 things I control. The thing I don't control so well is the bid-ask, is what's happening with our price. So for a new investor who may be new to our story, obviously this represents a tremendous valuation and opportunity for our, me included, long-suffering investors who have ridden this stock chart down.

26:15 It's been a rough ride. So we have executed and continued to do the things that we said we were going to do. And I'm very confident that the actual value of the company that Paul and I are currently running is radically advanced from where it was at the end of last year when we went public, yet our stock chart doesn't reflect that at all. So to answer the question, what's going on with the stock price? I don't know the answer. I'm focused as much as I can on doing everything we can within the company, telling the story as broadly as we can, expecting that folks will come back into the stock at some point. In the meantime, it represents a deep, deep valuation, deep value play.

27:04 We have the cash in the bank to do the technical work that we need to do. So it's not as though anyone is putting their boot on our throat, pushing us into a low financing. I know that's always the talk as well, and I suspect there are some traders who potentially do that. But the way I'm running my company is we are funded to do what we say we're going to do. We're going to do it. And we are attracting new investors into the story. And those new investors are certainly getting a great deal. If I think about our comparable valuation, this is updated as of today, we are still trading less than a third of the value of Class 1, also based in Timmins.

27:52 They have high grade, Paul discovered a big part of their mineralization. But I am very comfortable with where we're at with our Track 1, our high grade, versus what that company has. Then if I flip over to the low grade or large scale targets, I genuinely think we compare very favorably to Canada Nickel and also FPX, another one of the companies that is promoting a very low-grade deposit. So we have the 2 tracks. I think we have excellent optionality. I continue to think of Talon as a competitor. Talon has a wonderful valuation, But they have now basically admitted that they're not going to get permitted for processing at their site. And they're trying to bolt together something where they ship their ore 800 kilometers away. So where we are in Northern Ontario, I'm quite confident that we have a better permitting regime.

28:52 And I'd like to think that Paul and his team will find mineralization somewhere on our enormous property that begins to look like what they have at talent. So this may seem like a naive junior minor promoter, but I'm a guy that runs a company which is funded, which has an enormous land package, has a two-track strategy, and I think we are going places, and I think we represent a deep, deep valuation play at this stage. All right, great. We still have a handful of more questions. First from Mike, would you not want to test 1 hole at depth for grade? Yeah, well, we could look at that. I don't know necessarily what that gets us, but that's potentially.

29:39 Paul, what do you think about that idea? Well, we could. Back in my days at Orkopu, I actually drilled a hole up north of the Karlang A zone, where I drilled it down to about 600 meters depth. And the final 300 meters of that hole ended in Dunite. So I'm pretty confident it heads down to depth. And We didn't assay the whole entire hole, but we did get an idea of what was in it. Yeah. So that's actually a great point. So yeah, I think of it would just be a trade-off, like the value of being able to say what Paul just said with new EVNI core, I'd have to think about whether that's worth the $250 a meter it may cost us to get that much deeper. But right now, interesting question, we can think about that one.

30:29 For sure. Ron wants to know if there's been any institutional interest at this time. Yes. So it's tough with a 7 million equity value company, which trades relatively thinly to attract institutional interest. But I would, I would peg institutional interest to groups with whom they take multiple meetings and they understand well the story. That has increased over the past 6 months. And I think that with what we have, especially considering now with the Kar-Lang A-Zone and the large-scale target, with what we have is the sort of asset base that attracts institutional interest. But we're kind of at that pivot point where we need the valuation, if you will, to get us to a point where an institution could come and take a material position.

31:21 So, yes, there has been interest. I don't think we see it yet reflected on the bid, but there's definitely been an increase of interest and even more so with us getting these assays in and beginning to put meat on the bones for the large-scale targets. Right, for sure. Tim wants to know what is the likely production rate for the bioleaching that you were speaking about and does it impact the northern environment, if any? Well, production rate, so we're in the lab and then we would be testing it up to get it up to a full-scale run rate. And this bioleaching technology is run at much larger operations than we would have in mind for our high grade. So it's not as though the bio leaching would be a sort of limiting factor on what type of run rate we would want to design for any potential high grade business we would have in the shot dome.

32:18 So again, I mentioned it before to investors, if I think about, for example, the currently permitted and operating concentrated, which is 7 kilometers away, that's permitted for 2000 tons per day. And with that sort of throughput, we do not anticipate the bioleaching would be a limiting factor on that throughput. So there you go. Sorry, what was the second part of the question, Cam? Let me pull it up for a second. Here we go. If there's any environmental impact. Yeah, OK. So, well, no, we would not. So we would eventually be doing this hand in hand with the regulators. Both systems that we've analyzed already, the heap leach plus the VAT leach, are closed loop systems.

33:08 So it's not as though there will be any greater risk than any other mining operation. And frankly, if you're doing it with VAT leaching, it will be even more contained than the heat bleach out in the open. So it's a closed circuit is the thing. In addition, for it being even climactic, so folks think sometimes about bio-leaching having an issue in the very deep cold. For example, when I used to be in the gold business, we had very high Neandys and then up in Alaska, heap leaches, where it was a preliminary concern that the climate would not aid it along. But that actually was not the case with the climate that we had for that gold heap leaching. For this, with the bioleaching and base metals, it's done in Finland.

34:00 And also it's exothermic. So the fact that there's cold winters sort of doesn't really impact the process itself. So, environmentally, we think this will be consistent with our ESG goals and the ensuring that, you know, we're in one of the most tightly regulated environments in the world. So we would live to all those rules and we're comfortable with what we're thinking about with bioleaching. That's sort of on the environmental side. Climatically, There's no consideration about it being too cold of a winter to potentially pull off bioleaching. It's done in Finland, and actually the process itself is exothermic. So we anticipate that it would be able to sustain itself in the Timmins type weather. Right, absolutely.

34:47 Mike wants to know if there is more drilling planned in the Carlin. Not right now. So phase 4, the next drilling we'll do, it'll be back down at the W4, back on track 1 in the high grade. And then we'll decide, we'll decide where we go to next year, 2023. So we have not yet decided where we go to for phase 5, for example, but obviously once we are able to potentially put up a resource on Carlang with the A zone next year, we'll decide our next steps. And continuing down the trend would be an obvious one, but we'd have to figure out if having, you know, 2 of what we're talking about here puts us further ahead. So no plans right now, but potentially on the books with our plans for 2023.

35:37 Absolutely. And Joe's just wondering if you could reiterate or review capitalization, cash on hand, burn rate and any possible plans for future funding. Yeah, plans for future funding. There will be plans for future funding, but they're not right away. That's first and foremost. I've heard a lot about that over the past 48 hours, that there may be pressure on our stock because people anticipate a financing. So there's no immediate need for us to finance. So I'll pull this slide back up. We are going to be announcing our cash position for June at the end of this week. So I'm not gonna front run our financials, but I'm now comfortable in saying we've got a little under 2 million, or we have less than $2 million in the bank. But again, we are funded to do the work, the technical work we're talking about here through to the end of the year.

36:28 And we're a small operation, we're a small company. It's not as though we have a very high burn rate if we choose to not be doing the technical work. So no immediate needs for a raise. We have cash in the bank. I want to be crystal clear on that. So we are funded where we are. And back to sort of what would move the stock, we have a very tight share structure. So we have a little under 44 million shares outstanding. As soon as much interest at all, back to that question about whether institutions are looking at the stock, As soon as we get some interest on the bid, we're positioned to really have a nice move and a potential re-rating. So to answer that question, I reiterate that we've got cash in the bank And we have a tight share structure.

37:18 And I think we're well positioned right now to get that re-rating that we're looking for. All right, well, I have one more question here and it's Have any majors reached out on either project? Yes, we're always talking to, so majors, I would define that as major minors, large companies, including downstream buyers, and then major institutions. So yes, we've had multiple conversations with groups from each of those areas, but I'm not gonna be talking about M&A, especially incoming. We're focused on building up the company and figure out where we go from here.

38:03 Absolutely. All right, Sean, that looks like all the questions we've received for today. So I want to thank you and everyone who's attended, especially those who have asked questions. But before we close, I'd like to hand things back to you for some closing remarks. Yeah, thanks a lot. Again, very excited to see the interest in the company and all this is available on our website and we're also accessible through our website, so if there's follow-up questions we're always here to talk to you about your company. So I appreciate your time today and look forward to coming back with even more news as we learn more and more about our asset base.