CUPANI Exploration Update & Welcoming New Vice President of Exploration

0:04 I'll say good morning, good afternoon or good evening, depending on where in the world you're signing in from. I did see some interesting time zones. I really appreciate everybody's time today. I've got with me Brian Boss, CEO of Kupani and Jacques Gauthier, the company's vice president of exploration, coming to us live from camp, as you can see from his background. Jacques, Brian, how are you both today? Never better, I'm fantastic. Yeah, fantastic too, beautiful day today here. Awesome, so here's how today's gonna work, just for the folks in the room. First I'm gonna show a quick video from the Kupani camp then I'm gonna throw it to Brian for a quick update but then I've got some questions for both gentlemen on today's call but I will say this is absolutely an interactive event so please use the chat button on the bottom right of your screen at any point during today's event to ask questions. If we don't get to it for whatever reason, it just doesn't quite fit, we run out of time, I'll still make sure that the Kapani team gets the entire transcript so they'll be able to get back to you via email if we don't, for whatever reason, don't get to it today, but I will try to get to as many questions as we can. The only other piece of housekeeping before we get into the good stuff is that today's event is being recorded and will be available for replay.

1:07 It'll probably be about 2 p.m. Eastern. It'll pop right in your inbox. It'll also be available on Six's YouTube channel. But enough out of me. I'm gonna go ahead and play a quick promotional video that was taken at the Kupani camp. Give me 1 second.

2:39 And with that done, Brian, I'll throw it to you for a quick update before I get into some questions. Wonderful. So hello, everybody. I've Got a few notes I've written down. I want to use this moment where everybody's listening to put some information across. So as Romeo said, this is going to be recorded. There'll be a link. And I ask you to send it to your friends, send it to your fellow investors, send it to your broker. The word of mouth that this story is gonna generate is very worthwhile. Next, we've got our annual general meeting on the 31st of October at 1 p.m. It'll be an online event but if you do happen to be in Montreal it'll be in the Macmillan law offices. So first of all that's the news about the AGM and second I want everyone to get into the practice of voting because every vote counts and someday we might have a vote about whether to sell or not sell or who knows what and I want everyone to be practiced by that point on getting your vote in. So that means that the vote paperwork will either come to your house if you own your shares directly or they'll probably go to your brokerage firm if you don't get them. Talk to your broker, figure out how to go.

3:55 The next point is I've been doing conferences to tell the larger world, the people who are not on this webinar, about the company and what we're doing. I was at a conference for value investing last week in Cyprus, I was well received there. I'm in Munich next week, That's a mining conference. Jacques and I will be in Montreal in October.

4:25 There's a conference for vendors about mining in the last week of October. We'll also try and do some meetings with investors there, followed by the AGM. And then for the 3 days later, I'm in Calgary on November 4th. So if you're in Calgary, you want to meet up, please let me know. We're still running a very lean ship with minimal head count. Nobody flies, our staff doesn't fly business class and every share is precious. So we're treating your money well. And over time, over the next year, our kind of our relationship will change. They've been bought out and they're going to get reorganized. So we'll start using our own trucks and saws instead of theirs. Related to that we're going to spend the next couple of years testing a theory about whether trucks can compete with helicopters in terms of moving people back and forth and around the camp.

5:17 So we have bought a Ford F-350 and we're going to have it modified. It'll be ready by January 1st and just write this down, go look at it online. We're going to turn it into an AT44 from Arctic Trucks. So these are people that take 4 to 350s, they turn them into the trucks that are used for the science teams in Antarctica. So they're on 44 inch tires, and they'll be able to move everywhere we want in the winter and in the summer because they carry 456 people. You can start to see how they compete with helicopters in capacity, but they're a lot less expensive to run. We'll probably touch on drilling, so I'll leave my comments on drilling to come.

6:05 And I'll say the copper price is good for us. It keeps going up nice and slow, which is what we want. The platinum and the palladium prices are taking off to catch up with gold, which is great. I have it on information that Nickel will start to move in a couple of years, which is also good for us. And the tariff situation is perfect because the Chinese supply into the US and the rest of the world will have tariffs, but something coming out of Canada will not, which is great. Our 2024 Quebec Provincial Exploration Spend Rebate application is in. So this is last year we spent money in the field. Quebec rebates in cash. Last year's rebate rate was 38.75%, which I think means $610,000 coming into us soon on a rebate check.

6:56 And of course, they will do that again for the 2025 year work, which is underway right now, but will be significantly higher than that. Our rebate check will go up as well as the rate is going to go up from 38.75% to 45%, which is fantastic.

7:15 Other pieces of note, we've figured out where old core is stored. We're starting to look at the mineralized core from drillings in 2014. We might actually be able to pick up information from 1980s drilling. We'll learn about that more and we'll update you when we can. Finally, but most importantly, I want to introduce Jacques Gauthier, who is very, very capable, very experienced at this kind of work, these kinds of environments.

7:42 We could not have found anyone better for what this project needs, for what this company needs, and I want to thank our board member, Danielle, for introducing us. So with that, I'm going to hand the microphone back to Romeo. Awesome. And Jacques, I know I just met you, but I'm going to grill you with a couple of questions if you don't mind. I've got some just based on recent news. So I know you've had the preliminary data from the Heliborne Magnetic Electromagnet in hand for a few weeks now. What I always like to ask is what stood out most to you from those, I guess, 5,300-some-odd-line kilometers of coverage. First of all, welcome everybody. I'm glad to have this opportunity to give you a bit more information about our project.

8:30 To answer your question, Romeo,

8:32 what we got, the survey we've done, you saw in the video, the chopper, the helicopter, starting with the big loops, and it's one of the most powerful and one of the most precise you can have in Canada for exploration. The data that we got up to now is very preliminary data. There's a lot of computing to be done. There's a lot of single picking, the geophysicists looking at all the profiles and all

9:05 the data to pick up the best anomaly here and there, not necessarily the strongest anomaly, but you have to pick up what could be the best response for the type of mineralization we're looking for. So it's very preliminary, basically it's a computer-generated anomaly, but even with that preliminary data, we see some anomalies that were not picked up during previous surveys. And our young geologists during the summer found some interesting mineralization very close to those new geophysical anomaly. So that's good news but we'll have the final result that we could publish a result maybe somewhere in December before the

9:54 winter trading program.

9:56 Great. Let's kind of watch this space. I like that. Brian, I've got one for you. I always like to ask what are the aha moments? So I know you and Jacques were walking the property together this August. What was that aha moment for you? And Jacques, you can jump into afterwards, where the opportunity just became visible right away to you. Jacques Morel Well, I mean, when we were walking the ground together,

10:24 it was not my first time, but it was Jacques' first time. And We were showing him around, we showed him the adit, and the aha moment for me was actually not looking at the rock, it was looking at him. Over the course of 3 days hopping on and off the helicopter, I think he went from, I'll characterize it as, yeah, okay, something was found in the 80s.

10:52 Yeah, I could really see the bones of something interesting I can sink my teeth into and this is worth my time. I could see that happening in his mind and for me that was the moment that first of all, told me that he was the right guy for us, amongst other things. And second, it was yet another form of validation that the company's on the right track with this project. Awesome, Jacques, I'll let you give a final thought. I could add some comment on that. The big aha moment, you know, after spending 3 days in the field with Brian and Dr. Giovanazzo, Daniel Giovanazzo,

11:31 After 3 days looking at the rock and everything, me and Daniel realized that there was very little deformation. It looks like there was no big fall, there was no big stretching of anything, any mineral, any type of rock. So very surprisingly, it looks like apparently it's almost undeformed, almost, okay, I'm just to be precise. So we realized after 3 days in the field and the third night in the evening we were looking at all the data, reviewing all the data, geophysical data, historical drilling, historical, I say, and what our geologists, our team have found, okay? And realizing it was no deformation, we realized that, wow,

12:20 the long axis of the mineralized zone is actually, you know, the shape of the mineralized zone is actually the original form, the original shape. And then, okay, that means it works precisely at the bottom of the ultramefic

12:38 intrusive. So that means that we realize we have some conduit with different conduits with mineralization at the bottom of it, with a special signature, geophysical signature and geological signature on surface. And we're able to trace a high priority corridor extending some 12 kilometers to the southeast of the known mineralization that are barely unexplored.

13:09 Just a couple, up to now, what I found, just a couple of holes that were too short, 2 holes that were too short to reach the bottom of the Eutromafic where the mineral reserve could be. So that opened up, that's what I mentioned in the press release, it's a game changer.

13:33 It's a huge property, but once you look at it, you say, where are we gonna start? Where are we gonna, you know what? And it's very difficult to figure it out in such a large property in such a remote area. But finding that very special corridor that includes all the known mineralization, and then you realize there's the same type, the same geophysical signature and geological signature, extend over 1km large, over 12km long to the Southeast, and it's basically unexplored. Well, that's something. It's like, you know, we found at least the sweet spot.

14:14 Okay. Well, now I haven't checked the entire property, only piece of it, maybe from Cancun, I've saw with the chopper, with the helicopter, I checked maybe 20, 25 spot here and there, spending 2, 3 hours at every spot, and over maybe 20, 30 kilometer

14:38 stretching from southeast to northwest approximately. So I didn't have time to check the rest of the property. But that's a real good start like Brian said. At first I was a bit skeptical. It was a kind of an interview for me and Brian. I was interviewing the property to see if I like it and Brian was interviewing me to see if I could be a good fit in his team. So it went well. I like that description. Sorry, Brian, I threw you on mute just because there was some background noise. So you're on mute right now, actually. Oh, Brian, sorry, you're still on mute. I had to mute you for some background noise. Both the property and the person passed the interview. And don't kid yourself, he was interviewing me at the same time. Yeah, yeah. Let's move forward. Yeah, I like that.

15:28 Jacques, I got another one for you. You mentioned you sent rock samples for assaying. Can you give us a sense of just how many samples are in the pipeline right now? And what's the timeline for investors to see all those results? Yeah, this summer, we're still working on it. It's still a week of work before the big snow. It was freezing this morning and the last few days it was 1 day out of 2 it was snowing. So winter is very close here, very nearby. But we sample, our team samples some

16:01 450,500 pieces of rock. Some are real outcrop, some are feldsamir. Feldsamir is just a broken block that didn't move at all, a very, very small distance from the original outcrop. Felsimere are blocks that are created by the cycle of freezing and thawing over the last 10,000 years. So we break the rock in pieces, But those pieces, those blocks are representative of what's under. Okay, those blocks

16:37 were outcropped in the past, and now they're just blocked because they were broken by the freezing and thawing process here. So we have a lot of exposure, we see a lot of rock on surface, either outcrop or feldsamir block. And our geologists sample everything that looks, that could be interesting. A bit of rusty, a bit of mineral, a bit of this and that. And we were expecting the entire result in a month, in a month and a half, approximately. Most likely we received maybe a bit more than half of the result actually from the summer. Okay, Great. And I know, and I've asked other geologists at Capone before, but you're now overseeing, like you said, a very large property, like 682 square kilometers.

17:27 Eva, gun to your head, what zone of interest at the project, Which 1 makes you most excited and why? Which one keeps you up at night with excitement? I just mentioned it moments ago. It's the high priority corridor that we talked about in the yesterday press release. I can show you, share my screen and show you a picture, I guess, if you don't mind. Yeah, go for it. Yeah, share entire screen.

18:00 It's coming. Turn this off. Yeah, that's a picture that shows the entire property. I'll come back to those later, but here it's the right one. OK, look at the scale here. That scale is 4 kilometers at the left bottom. You see this area is the known deposit, those 3 red stars, that's Pogo Centre and Blue Lake, there are 4 small deposits here. You don't see it clearly, but we walk this land, me and Daniel and Brian and our geologists and The geological signature and the geophysical signature, you see, that corridor extends 12 kilometers to the south.

18:53 And as I mentioned, there's 1 very short hole here. We didn't reach the Euclid mythic. And there's another one in this area, I remember well, sorry, there's a little bit small on this picture but it's a it's a large-scale picture so in red this is the high priority corridor I draw it it's still open to the north we're not 100% sure but we I start to believe that this high priority corridor is extending to the north where we see other showing here and there and We have another one the brand new one is in this area just north of Northwestern Retty Lake. So Obviously Romeo. This is my This is the sweet spot. I was talking about sure And we have 12 kilometer of high priority area defined by geophysics, the geophysical signature, the geology, and that's basically unexplored.

19:53 Except again, just to be precise, 2 very short holes that didn't reach the bottom of the Eutromafic, and that's where the mineralization is hiding at the bottom of the Euclid Prometheus. Oh, neat. I appreciate that. I like the phrase, sweet spot always appeals to me. Now, when you look at the Blue Lakes historical resource, that 4.37 million tons, This is a geo question for you. What mineralization theory are you most excited to test with the drill bit? That it's Daniel Giovanetzo clearly at right at the beginning, I figured out it's a It's a Copper, Nickel, precious metal, magmatic type of deposit. The same type of deposit you see in Raglan, the Raglan Mining Camp, where Danielle spent a lot of time working there. She's an expert of that camp.

20:48 The Nunavut Mining Camp just south of Raglan, that's owned, actually it's worked by Canadian Royalty. And elsewhere, the most obvious is the Kambalda, a large Nickel Copper, PG mining camp in Australia. They are very similar. The geological environment, the geophysical signature, very similar to our property, our high potential corridor, but there's always

21:22 no money can be seen is exactly the same. So there's lots of similarity and we're working on that geological model actually. And I can show you some example sure some slides some cartoon that I have here yeah to explain how those deposits are formed okay

21:48 Just move that I guess, remove this one, this one here. You tell me when you see it. It's a bit slow on my laptop. Sorry. The joys of camp. Not till I get it. Just a couple of seconds.

22:09 Yep, we can see it. Okay. Yeah, it's a cartoon I prepared, I guess, 3 years ago. We are working on another very similar project in Northern Quebec, in Abitibi, the Western part of Quebec. It shows you, it's a cartoon, obviously, and it's based on what's happening in Australia, in the Campbellda camp. In Campbellda, it's lava flow, okay, very, very hot lava flow, ultramagnific lava flow. Our situation is a bit different, okay. The magma coming up was not perfectly

22:48 at the bottom of the sea. It was a little bit deeper than the bottom of the sea. It was not underwater. It was a bit under the mud and under maybe some sediment. So it was not open to the sea water. Our magma was under some mud or some other sediment, but very, very close to the surface. We saw obvious evidence in the field, you know, for example, columnar jointing that indicate that the magma, if it was not under the water, it was very close to the water at the bottom of the sea. So very turbulent, very hot magma flowing

23:31 at the bottom in channel, obviously. So this cartoon here, it's an enlargement of this one. And what happened is the magma is flowing and digging within some sediment at the bottom of the of the of the magma okay and

23:50 it melt some of the sediment some of the sediment here and there are very rich in sulphide and the sediment are melt by the magma and some of the sulfide and sulfur are absorbed by the magma, are integrated with the magma. Now at the bottom it's an enlargement of this area here and what you can see, there is assimilation of sulfur after melting of the sediment. The sulfur within the magma

24:25 is trapped with nickel, copper, PGA to form some sulfide mineral rich in sulfur obviously nickel copper cobalt and precious metal those global those blebs spot of massive sulfide rich in nickel copper and and and and precious metal are heavier than the magma. So they settle down at the bottom of the ultramefic chamber or the ultramefic conduit. And that's where they form accumulating there. They form massive sulfide.

25:04 That's exactly the type of massive Sulphide we already have on the property. The Pogo deposit, the two-centre deposit, the 5 Blue Lake deposit totalling 4.4Mt. That's exactly that. Except the only problem with those deposits is that the grade is sub-economic, not really rich enough to be mined at the actual metal price. So

25:33 the idea is to try to find something better along the conduit, along the high potential corridor. So just to give you very briefly, that's a different type of ultramafic magnetic Nickel Copper PGA deposit. But the one we have is basically very similar to the one in Kambalda. Okay, not flow but very sub intrusive, very shallow intrusive with pretty much the same shape of a flow, very close to surface, with the, in red, you see the massive sulfide at the bottom of the flow.

26:14 The Campbella example in Cometeak, those are lava flow in Australia. And you see, those are

26:22 kind of high potential corridor with the small conduit, the small lava flow in purple. Some lava flow, some conduit are barren. Some conduit have 123, maybe 4 economic deposits. This example is from Campbellda in Australia, and we don't have the exact situation, but it's very similar.

26:48 This is our own property now with the mag that was done in 2010 and 2011. You have all the drilling that was done on the property here, lots of drilling where we have the small deposit, Pogo Center, Blue Lake deposit are here and here is the mag in the color is the mag okay, and the the dashed line are the interpret

27:15 Em electromagnetic conductor, So that's exactly what is our high priority corridor. So an example from Raglan, that's 1 conduit, it's a vertical section, okay. Here in blue It's the sky and this is the surface and this is a section vertical The the black line shows the trace of the drilling that was done. Okay, and What you see in kind of pinkish

27:45 Skin color. It's your terrific The volcanic barren volcanic on top of the eutromafic and gabbro at the bottom. Similarity with Raglan, okay. This is 1 conduit like the one we have in our high-priority corridor.

28:05 The actual deposits that were discovered in the 60s and were pretty well defined in the 80s, most likely are those small deposits here, close to the surface. This is the conduit with lots of drilling, lots of geophysics.

28:22 In Raglan, they found a very nice economic deposit, farther away along the conduit from those small non-economic deposits, for example. So that's the situation we have. Small non-economic deposits, sub-economic, close. It's a bit bigger, a bit better grade, and it could be economic, but not for now, not with the actual metal price. But along that type of conduit, you can find

28:53 other bigger deposits that could be economic. But I want to stress this point. There's no guarantee. It's not because you have that type of environment, the rest of the conduit could be dry. But

29:08 that's the job of the exploration geologist, to be optimistic and to dream that those big deposits are hiding somewhere along the conduit. Just a picture from Raglan. Okay. Me and Daniel Giovanetzo in the field, we see the exact type of situation. Ultramafic intrusive here with some area with sulfide bearing. Okay. We saw that some with disseminated some blebs, some net texture with columnar jointing at the top of the eutromafic. We saw a very similar type of outcrop and feldsamir On our property during the 3 days and during the last few days. I spent in the field recently and look this outcrop This picture was taken here at Raglan Something like 500 600 meters from the mine site Just to give you an idea of the type of potential we could have.

30:13 Okay, that's my natural... That's exciting And certainly appreciate those insights. I was loving, I feel like I've learned a bunch on the webinar. So I really appreciate that, Jacques. That's great. I got one more question. And Brian, you can jump in too on this one after Jacques gives a shout out. I know winter drilling in Quebec, There's some challenges, but there's also some opportunities. And I'm curious for Kupanyi, what makes winter the kind of sweet spot for this program?

30:37 And what specific targets are you planning to test? I've kind of already gone over it, but it's good to put a fine point on it, I think.

30:49 Brian, you're on mute, unfortunately, if you're on chat. Yes, well, that's a great question. We'll do it in 2 parts. I'll give a brief answer and then Jacques can take over. But if you drill in the summer, your first problem is logistics because we're 70 kilometers from Shefferville, which has an airport and a railway and everything else. But that 70 kilometers, there's only a road for 12. So getting something heavy

31:19 means you're going to use helicopters and drills are heavy and helicopters are limited to 2000 pounds slinging a weight underneath. So Drilling in the summertime is going to use a lot more helicopter than drilling in the wintertime. Helicopters are very expensive by the hour and the fuel they use.

31:42 They don't fly every day and everything that comes with that. So Winter drilling gives a possibility for moving things over land, over frozen lakes from Shefferville all the way to the camp. Maybe use a little bit of helicopter. The flip side to that is drilling requires flowing water, so you're going to spend

32:07 money on melting water for the drills. But I'll stop speaking and I'll let Jacques actually answer the question better. The big advantage in everywhere, in Northern Canada, Northern Quebec specifically, is that during the winter you can go everywhere with heavy machinery, drill rigs, whatever. Everything is frozen solid.

32:30 When the so there's a series large lake between Shefferville and in our camp very large lake and swampy area that With proper equipment we can you know in some area there is a bit of current on those lakes. So when the ice is thick enough, you need at least 3 feet of ice to have some heavy equipment.

32:57 So we'll have some expert in ice road that gonna thicken the ice where it's too thin before we can carry any heavy equipment. So after a couple of weeks of work on the ice road we're pretty confident we can bring all the heavy machinery, all the drill rig to close to the camp to start drilling. We figured out the first week of February.

33:25 Awesome. And maybe no helicopter at all. Great. Brian, I got one for you, just for the investors in the room, for people watching Kupani. Looking beyond the winter drilling program, what's the sequence of value creation catalysts investors should be watching, let's say over the next year, year and a half?

33:45 At the last AGM, I told people that as CEO, what I want to do for value creation is every AGM, I want to be able to tally up what we know and what we think we know about tonnage. So last year we started with the 437 if you're using metric or 48 if you're using imperial tons in the grade and we didn't know much else.

34:10 This year we certainly haven't drilled to know anything else but boy do we have a lot of smoke. So the way I look at it in the AGM is I'll talk about how much we spent since the last AGM, and that was the price of learning about what number of tons. And so, the approach is it's an investment like anything else.

34:32 It's a higher risk investment than buying T-bills for the company for sure, but we think we've got spend the dollar, get rewarded with 8. That's where we're trying to get to. And if someone wants to talk deeper about that, because it's a philosophy, really, give me a call, email me and I'm happy to talk longer about it. Great. No, appreciate that. Now, there's one question that came in over email just before I get to the questions in the chat, And that's how effective or limited has the new geophysical survey been? And has it been, in your opinion, a value for dollar investment? The new geophysical airborne survey?

35:16 Yeah, it looks like it's going to be very useful, okay? With just as I mentioned very preliminary data It will help obviously detect new potential high potential area But for example on our high priority corridor, okay We will need, there's limitation for airborne survey, okay? Because there come a certain height in the air and we're gonna do some ground geophysical survey, high power, deep penetration

35:49 geophysical survey before the drilling. We're going to do that in January, weather permitting, and that would help to investigate a lot deeper than what the airborne survey could achieve. And that's standard procedure in that type of environment. But we're quite happy up to now with the preliminary result, we're quite happy with the airborne survey. Let me try it another way. Is it value for money to fly the Airborne? Absolutely because it's much less expensive than sending a boot on the ground to every tenth of a square kilometer and looking at it with human eyes. So that's 1. 2, it looks like this, the press release talks about something called the Northwest Ready Lake.

36:40 I think it's a zone right now. I'm not sure we ever would have gone there if not for the geophysical survey. So, what is the price you want to pay to possibly find another deposit? I guess the answer is just about anything equal to half the price of the deposit on the marketplace. And in that sense, this is a huge bargain for us, this flight we've just done. I appreciate the comparison. One question from the chat from Wesley, This was right almost at the midpoint of the presentation. So I'd love to hear about Jacques' past experience and how past work compares to Kapani's project. So Jacques, I'll throw it to you to speak to your own bona fides as awkward as that is.

37:29 Well, my past experience, Well, in that type of environment, it's been nice to start working in that type of environment 3 years ago, on a very similar situation in EBTB, just southwest of Metagami. And Daniel at that time was helping me. And me and Daniel, we figure a drilling plan, a furthering plan. And the third hole, we reach a new zone. We discover a new zone. It's 400 meters from the previous discovery. So, well, we're... Danielle had spent most of her career in that type of environment.

38:16 And myself, well, it's been 3 years now that I'm working in that type of environment. Myself, I'm a mind hunter, hunting for mind. And in any type of environment, I just learn what type of environment, wow, where is the beast, where is it hiding, and what type of clues, what type of information I need to find it. And Daniel helped me a lot doing that on a regular basis, still helping every day. To touch more about your bona fides by asking an open-ended question, where's the coldest place you've ever drilled? Northeast Russia, within the Arctic Circle.

39:02 Tell me what you found there. Gold, there's lots of gold there. That lots of gold in the Russian, don't call it Siberia. It's farther than Siberia. It's, they call it the, the, the, the far East where we were. So yeah, very cold. Minus scientific thermometer, 1 day was minus 60. We're not gonna have that type of temperature here. We're safe, yeah. But like I said, the opening bullet points, Romeo, he's the right guy for the job and he's even better when you pair him with Danielle and then pair them with the rest of the company. It's just going to be fantastic. It's a great team. Awesome. I appreciate that. And I got one more Geo question and then $2.00 and cents questions. So I'll do the Geo 1 first.

39:53 Any plans for downhole EM from the historical drill holes? That's a very good question. Downhole EM in historical drill hole is when we can do it, it could be very useful. Unfortunately, all the drill hole that we saw, it just removed the casing and now it's filled with dirt and you don't risk a very expensive geophysical device down a hole that could be blocking or you could lose your device. And downhole survey are limited in the area around the hole that you could explore, you know, it's maybe 100 meter, 200 meter, no more than that. It's, we certainly we're going to do it if we hit anything else, okay, and in a brand new hole, a clean hole, we will certainly do downhole EM.

40:48 Thanks for the question. Oh great, then I got 2, Looks like I'll start with you on these ones, Brian. Graha asks from the chat, are you funded through to the end of the year? End of the year, yeah. We raised $4.5 million in the summer. There'll be debates as the more data comes in about how many meters, but that's a 2026 thing. But yeah, at the end of the year, for sure. Great, I appreciate that. And Simon from the chat asks, how much money in total are you getting in rebates and grants from the Quebec government? Love Quebec. And when do you expect to receive them? Okay, Simon, let me get out my fingers and count. So, like I said, 610,000 is our expectation on the rebate, which will come first, which would be the one that's already applied for, it's for the year 2024 exploration work, 610,000.

41:42 Then the next thing we're doing is we've done a GST, HST rebate. So that'll bring in maybe a hundred change. And that's for the 2024 period. The 2025 period for which we cannot claim our rebates until we're into 2026, the 2025 spend is going to be, I'll pick a number, $4M, $5M. And like I said, Quebec's rebate rate on that exploration money is $0.45 on the dollar. So if you spend $5M, you're looking at almost $2.5M coming back to you and you spend that a second time. Actually, when I was in Cyprus presenting the story, I wasn't a geology audience, so I really focused on the investment part of it.

42:37 When you add up all these back ends from the governments who are encouraging work up there, $1 gets spent 2.5 times. What that does is it keeps the share count down over the long run. You're issuing fewer shares. And so we're finding, you know, if you're going to find, let's say you find, let's pick a number, you find 30Mt, but you've got 600Mt shares out. That's a very different thing than if you find 30Mt and you've got 180M shares. And so as the largest shareholder myself, that's a key driver for me. We're in the right place, we're in the right jurisdiction, we've got the right rock, we've got the right team.

43:23 All we need to do now is let the machine do its work. That's certainly a reason why people love working in Quebec. So that's a question from the chat for now. I know, Brian, you had a couple more while you're going through those. For those who came in late, especially, the chat button's at the bottom right of your screen. Please feel free to ask any additional questions. Brian, I know you had a couple more I think you wanted to go through, Jacques, so I will throw it to you. Yeah, I think I'll do 1 because we talked about fels and mirrors already. We talked about a couple of other things. But the additional ground electromagnetic survey work that you want to do, Jacques, it's got a cool name. What is that name and why is it good for us in this environment?

44:09 Sorry, would you repeat the question? Sorry. Okay. Squid, which is the- Oh, yeah. Right. So what does SQUID mean? Because it's an acronym for something. And why is it the right EM tool for our environment on this high priority corridor? Now SQUID is just a very precise instrument, okay? To measure the electromagnetic signal that comes from the ground after you induce a high-power electromagnetic current down the ground. You stop, and then there's some electromagnetic signal coming back. And squid or flux gate are pretty similar apparatus, instrument.

45:00 They are more precise, a lot more expensive, but they have a better noise ratio to noise, noise to ratio signal. So you can detect very small conductor, medium conductor, close to a big, big one. Okay. The big formational graphitic conductor, they have a very strong response on, in an electromagnetic survey. And the squared of the flux gate receptor instrument help discriminate, okay? The small one could be the shadow of the big, big signal. That just, that is that. That's just very helpful for that.

45:49 Yeah, no, that's super important because the the dimensions of our war bodies at the moment and presumably the dimensions of what you might find in the future are, you know, 150 meters by 200 meters by 10 meters thick, right? And so if their signature is right beside something much, much larger, but is barren of mineralization. It's difficult to see in the shadow, in the shadow of the big one. So squid, flux gate, receptor, instrument, Those are pretty recent, 5, 6, Daniel knows better than me, 567 years that they were developed.

46:37 And it's a lot better tool than what we had before. And that's exactly the type of device that they use in Nangava and Nunavut to discriminate between the big barren conductor and the smaller rich conductor. One of the comments I made when I last presented this story to people who are not geologists or not regular geology investors, it's not an exploration story that's run in the middle. It's more of a time warp story. You get to take 2025's technology and 2025's theory and take it all the way back to 1985 because nothing's been done really since.

47:28 And take today's technology, the 40 years that we've gained in knowledge and equipment and go back and re-look. And I think that's really what shareholders are looking or want us to do because that's what I want us to do and that's what we're doing. Yeah, that's a sure fact. We have a lot better tool now than 20, 40 years ago to try to find those deposits. But it's still a challenge. Modern nature makes it, if it was easy, nickel, copper, easy. If it was easy, you know, nickel, copper, gold would be cheap. But, well, you need a better than average George Cullen environment. That's what we have.

48:17 A better than average team, that's we're gonna have pretty soon. And a better than average budget, then Brian is the right guy to provide that. So we have what I call the 3 ingredients for success. That's the recipe for success. There you go. One question that snuck in, and then I'll ask you both what you're most excited about for the rest of the year. Quick 1 from NWCC in the chat. How many feet of drilling is planned for this next campaign? We could go for 20 minutes on that to say we're just not finished that decision. We don't have enough data for that, but I think it's somewhere between 2,000 and 5,000 meters. Jacques, what do you think? Well, 4,000 plus minus, that's the objective actually, yeah.

49:04 And we accept, you never know in that type of remote area, except for a very big unforeseen problem, we should have the budget now to do at least 4,000 meters next winter. Awesome. And then I'll ask you both. Jacques, I'll start with you, and then we'll conclude with you, Brian. Jacques, what are you most excited about for the rest of this year? What generally are you plumb pleased about for the rest of the year? Well, I'm really busy planning the winter program. I'm really busy looking at all the data that we collect during the summer. And I'm in discussion with contractors, geophysical contractor, the heading contractor.

49:52 And we have, that's a lot of logistics to make sure we come up with all the material and every machinery by train, by truck, by train, by ice road, you know, that's something. And I'm excited at planning the next few holes. Yeah, that's the fun part, okay? Planning the hole and the excitement waiting for the result. That's, I can tell you, that's another than rush, watching the drill going to the target you find and see the result. Yeah. And that's what I like to do in life. I always tell people geologists are adrenaline junkies. You wouldn't know it, but they actually are 100%.

50:39 Brian, I'll throw it to you for what you're most excited about for the rest of the year. You know, usually you phrase this question as, Brian, what keeps you up at night? So I'm gonna answer that one. To be honest, I own 27% of the company and I like awake at night thinking, oh my God, I don't have enough shares. Because the opportunity set in front of us just keeps getting bigger and bigger and bigger. So yeah, that's my first answer. My second answer, probably my more serious answer is, yeah, I wish I could close my eyes and wake up 8 months from now and see the drill results. But, you know, we've got to do all planning, do all the work, make the drill holes, get the results. So, yes, it's my impatience that would be the only thing that keeps me up at night now.

51:28 Yeah, some nights I'm impatient. Oh, my God, how's it going to turn out? And other nights it's, oh my God, it's the best opportunity I've seen as an investor. You know, I don't have enough, but we'll worry about that. Yeah, there you go. Well, Brian, Jacques, thank you so much. I think this is great and I really appreciate you letting me grill you on a lot of these details. And thanks everybody in the chat, obviously, for asking questions and for joining us today. If you do think of the perfect question to ask right after today's event, as I often do, please do still send it through. I'll make sure the Kupani team gets it. But Brian Jock, this was great. Thank you so much. Hope you have a great end of your day.