ION Energy: A Diversified, Global Lithium Story

0:08 Hi everyone, and welcome to Ion Energy's live summit today, hosted by 6. I'm pleased to introduce their CEO, Ali Haji, who's going to be reviewing a presentation and then starting up a Q&A session that if you'd like to participate in, you can feel free to submit your questions in the Q&A panel found on the right-hand side of your screen at any time today. And if you'd like to get in touch with the ION team, feel free to fill out the survey that's linked at the top of the chat. As always, the summit is being recorded and it's gonna be available to watch afterwards on six.com so take a look at that if you want to refresh. Without further ado Ali I want to pass things over to you so we can get started. Thank you Cam and thank you to everybody that's taken the time to join us here today. I am of course in Toronto, it's quite blistery here, it does not feel like summer but hopefully some warm weather coming up this weekend. For those of you that are existing shareholders, you will be hearing some repetition, of course, but for those of you that are new or interested in our story, I will be covering it in quite some detail.

0:58 For those of you that are familiar with our story, you would have recalled that our motto or sort of our tagline was Mongolia's 1st lithium brine developer and explorer. As of the last 2 weeks, we've now acquired an asset here in Canada in the Northwest Territories and thus we've changed our tagline to building a diversified global lithium portfolio. And I'll touch on why that was important and why we did so in the subsequent slides. I will be making forward-looking statements. And today Ion Energy consists of 3 licenses, 1 brine asset by the name of Urgak Naran, 1 pseudo brine slash clay asset by the name of Baba Ayool that requires a bit more work. And of course, the new acquisition in the Northwest Territories are Bliss Lake Project, 5,700 hectares in a very significant Pegmatite District.

1:46 We started exploration in Mongolia ever since we went public in August 2020. And we will be starting exploration on our asset in the Northwest Territories here quite shortly. So we talked about a global lithium portfolio. This is not a segue for Ion energy to step away from the great work and great jurisdiction on Mongolia. The reason we went after Mongolia in the first place was to ensure that you had localized supply of a very critical battery element, and that is, of course, lithium, whereas historically it has been imported from LATAM and Australia all the way to China. Now that North America is sort of building its own supply chain and its own manufacturing hubs, it's just prudent that we are in this local jurisdiction in Canada and be in a position to supply the needs for the electrification of our planet.

2:33 So in 2017, when we started the company, we were at the tail end of the last lithium cycle. We recognized it would be cyclical in nature, much like every element or mineral is. And of course, now we have a state in which it's no longer cyclical, but very much so a requirement for the clean green energy transition. So, you know, started the company when lithium was 2000 a ton. We haven't been born in the last sort of 18 to 24 months like a number of others that are of course chasing what we've seen as a very high price that's now, of course, recovering from its bottom. A bit about the team. My background in asset management, spent about 13 years at Invesco in various capacities. I'm also on the board of a number of different mining companies. Beyond that, I also have a father that's been in the mining space for the last 4 decades. You could say it runs in the blood.

3:22 Matthew Wood is our chairman. He's also the chairman of StepGold, a gold producer in Mongolia today. He's a serial mining entrepreneur and a Rio Tinto Gold Scholar, so a very rare breed that brings together a geologist as well as an entrepreneur. He's had a number of exits around the world, including the sale of Ivanko resources to Oz Minerals in March 2018 for about $440 million. Wendy Li joined the team about 16 months ago with the sole purpose of ensuring that we have presence in China where we would be, where she would be facilitating conversations with various strategics as we advance our assets in Mongolia. She used to be at Noble Groups, a very skilled individual in her own right. 0.5 our board is Mongolian, that consists of Batatu Maroche, who is the chief executive of Step Gold and an advisor to the Ministry of Mining.

4:11 He was with the prior government, reappointed with the new government, so we are politically agnostic in country. And Neil Viraj is our investment banking professional, ex-Dundee Goodman, played a pivotal role in financing a lot of the lithium companies in the last cycle, including the Damascus. And then Enkhtushan Kisikzuren, one of our other Mongolian nationals, is an exploration geologist with a specific team and equipment in country that allows us to ultimately get our exploration underway in country. In terms of our lithium experience, that's at the bottom row there. So you'll find that Paul Fornazzari came on board way back in 2019 before we went public. He's been an advisor and a great advisor of that for us as an organization. He was the original chairman of Lithium Americas, founding director at Neo Lithium that sold to Zijin about 15 months ago for 1 billion dollars. He's also on the board of Idaho Champion and is a senior partner at Baskin, where he facilitated that sale of NIO to Zijin.

5:11 Don Haines joined us shortly there after Paul joined the team. And Don is an individual that has traversed the planet looking for lithium, understands it in all its mediums, but importantly wrote the guideline document for lithium companies to follow when they submitted 43-101 to the TSX for going public. So essentially, the grandfather of 43-101s in the lithium space, he's been to Mongolia now 3 times on behalf of Ion Energy and, of course, helped drive our exploration programs in-country and has spent a fair bit of time advising Lift power that's also in the Northwest territories where we've acquired our new asset today. So a good sort of knowledge based on both jurisdictions that of course we will continue to leverage. Dr. Hashrat Dashdat Serin is a local in-country hydrogeologist and he ensures that Don's instructions are carried out, but he also scouts the country for additional licenses for us for acquisition.

6:08 And then Dr. Mark King, a hydrogeologist that wrote the final 43-101 for neolithium before it sailed to the Djinn. He's also been on site once and continues to advise us on the hydrogeological sampling methodologies that we use in Mongolia. And then last but not least, Dr. David Deke, very much a supply chain professional that worked at Lithium Americas for quite some time as CTO, until which time that he went to Tesla to help build Gigafactory 1 in Nevada. So very skilled sort of lithium expertise, or team, if you will. Our advantage in Mongolia, a country that most people don't quite understand, but one that we've been operating in since 2009. So we've been there about 14 years in total. We have had a significant exit in the past, and that was with Hunu Coal, where Matt Wood, my chairman, went into the country looking for gold, ended up being there during the coal boom, ultimately acquired a number of coal-bearing assets, brought them to Inferred Resource Indication, and then exited to Banpu of Thailand for 500 million dollars in cash.

7:11 At the time of his exit, 350 employees and 3 expats. We then sort of went into Mongolia in 2016 to help acquire an asset from Sentara Gold. That that company today is Step Gold. It is public. It is producing and it came to production using 100 percent Mongolian staff. And then Ion Energy is a story that could very well be a hybrid of these 2 approaches. So consolidation of assets leading to exit or consolidation of assets leading to a JV that ultimately brings online a beneficiated product that is sold in country or beyond for a higher margin and of course paying more taxes, employing more people. And a bit to touch on the Mongolian government, which I think is important for our audience to listen to. You know, Emmanuel Macron, the president of France, was in Ulaanbaatar as recently as 2 days ago, expanding relationships there for critical metals.

8:05 We've also met with all members of government at various levels on various occasions that we've been going to country. I myself have been there just over 12 times now. As recently as PDAC this year, the Minister of Mining was in Toronto alongside his delegation and the opposition leader of Parliament. Why is that important? Consider if you're in the US, if anybody here is joining us from the US, having the Republicans and Democrats in the same room saying the same thing, or if you're in Canada, the Conservatives and the Labour Party in the same room saying the same thing, which is the country's open for investment, transparency is paramount, and we want to ensure that a lot of organizations are able to come into that country and execute. That's been evidenced now by Rio Tinto consolidating Turquoise Hill shares in the amount of, you know, just about an $8 billion investment by a global major into Mongolia. So it is, in our view, a fantastic jurisdiction with great government, and of course they've been very supportive with everything that we've been doing thus far.

9:06 Our primary asset we went public on is Bava Ayyul. It is 81,000 hectares, 60 kilometers wide by about 20 kilometers tall, located 23 kilometers from the Chinese border. Each of those green sort of spots that you see on the map there represent a gigafactory. So essentially what Tesla has in Nevada, and of course they've built 1 just outside of Shanghai today. But the demand for electric vehicles and battery materials in China far outpaces the rest of the world. And of course, our proximity to that market makes ION a competitive – gives us a competitive advantage over our peers. Historical work on Baobai Oat showed grades of up to 8-11 ppm. The chemistry is quite favorable. You are in the Gobi desert, so it is an arid environment that would lend itself very well to other regions of the world that have lithium, such as Nevada or the lithium triangle in LATAM.

10:01 We went public in August 2020, a time at which we could not send the likes of Don and Mark over the country to help advise an exploration program as first movers in lithium to be successful in the same way that it would be in perhaps a more established jurisdiction. But we were still able to drill 222 holes across the asset. We found grades of up to 1,502 ppm, which is almost twice as high as the historical 811. But we will spend more time on this asset perhaps later this year or early next to better identify its value proposition. 2 years ago, we acquired Urgak Naran. This is the asset that of course is very close to an inferred resource announcement. But this is an asset that checked all the boxes from a geological perspective. It's a typical closed basin environment with salt basins and salt flats on surface. It's double fault bound and looks very much like you would expect a salar to look in latam.

10:56 So when we were there in April last year we collected our very first brine sample on surface and grades there about 918 milligrams per liter, highest grade ever assayed in Mongolia, and high grade whichever way you slice it, looking anywhere in the world. This of course then encouraged the team to build an exploration camp on site and that's Mark, Don, myself and Enki in country in April last year. Some commentary from Mark there just showing some of the parallels that he's drawing from between Nevada and South America to what he's seen in Mongolia. But we set out on a path of doing a geophysical program. And the geophysical program is fairly typical for anybody in the lithium space looking for brines that are paleocellars. We've seen, based on the geophysical survey conducted and completed, that at 0.5 an ohm cutoff, we have 9.9 billion cubic meters of brine.

11:48 At 6 1⁄2 ohm cutoff, we have 22.7 billion cubic meters of brine. So that's a significant volume beneath surface in this closed basin that of course will allow us to determine an inferred resource. We drilled 3 lithological holes on the assets, and that's primarily to determine whether the host rock was impregnated with lithium. And what we found is that on average, we have 100 meter intercepts across 3 holes at 320 PPM average grade. That number 320 PPM, I think should be highlighted because if you look at Albemarle Silver Peak in Nevada, that is the only operating brine asset in North America today. And when they conducted similar diamond holes, they had an average weight of 121.

12:33 So at 320, ion is almost 3 times greater than that. That's some of the equipment that we had on site, so water wells as well as diamond cores. And about a month ago, we deployed our team to conduct hydrogeological sampling in the Irrgaknaran asset. We've conducted some airlift testing, some pump tests, and that data is now being compiled and reviewed. And in about 7 to 10 days time, the team will go out for the final Baylor sample analysis, and that includes collecting brine samples from various steps now that we've allowed these holes to refresh, add those assayed, and you can multiply the average grade of those assayed results times the volume that we've indicated in the TEM geophysical survey, and that would allow us to move towards an inferred resource calculation. So exciting times for Gagnarang, and that inferred resource calculation is due in this quarter, so well before the end of June.

13:25 We have a strategic alliance with a copper explorer in country as a result of some copper nickel found on Babayul, and that of course allows Ion to monetize these other base metals that are required for battery metals as we continue to progress Babayul. And of course this information will be shared to market when Arangin starts to drill on our project. Now let's talk about Canada. I think this is really new for existing shareholders. And for those that are new to the story, you'll find that we've now pivoted. I wouldn't say pivoted. We've now grown our asset base to include 2 very specific geographies and jurisdictions. The Yellowknife Pegmatite District or Pegmatite Province is 1 that's been known as far back as the 70s. Canadian Superior, as well as the government of Northwest Territories, have spent a fair bit of time there looking for lithium in the past.

14:14 Grades of up to 1.4% with 49 million tons of lithium oxide have been identified in the region. And of course, we had been presented with this asset about 4 weeks ago. And as a result of some of the neighboring companies that exist there, it was one that was too difficult to pass up, especially at the valuations, which I'll discuss in just a second here. So we have 5 congruent or attached and adjoined assets in the Northwest Territories today that amounts to about 5,700 hectares on Crown land. And those are the sort of images that you see there. Apologies for the quality of the images but as I'm sure you're aware this is a very recent acquisition and we're just building up our digital assets. At 5,700 hectares it's about twice as much land as Lift Power holds in the region today.

15:03 Lift Power has had some great success with identifying pegmatite outcrops, and of course, they will start to drill in June of this year. Their market cap is about $360 million in this very proven pegmatite field. Of course, you have the likes of PEMET that are there. PEMET also has assets in Quebec, with a market cap of about 1 billion dollars. So this is a region and a jurisdiction that I think is going to be sort of very, very relevant as far as it comes, as far as it, as far as supplying North America with the necessary lithium for this electrification that we're undergoing today. We've already obtained high-res satellite imagery that we purchased from a vendor down to about 20 centimeters in resolution. We've rolled up our sleeves as a team and we're currently identifying outcrops that we will be visiting in short order here to begin exploration, including rock chip sampling.

15:54 And we expect that to happen, you know, in the coming sort of a month or so, whereby we'll go out there. My intention is to get out there in the first week of June to meet with the local communities, help develop our social license, and help educate the local community with respect to what we're looking to achieve in this region. Of course, we will be working with our peers, the likes of Lyft and Pima, where possible to better understand the jurisdiction and advance things accordingly. So today, after the acquisition of Bliss Lake, we're about 62 million shares out. And for those that are curious, the acquisition of Bliss Lake was a $500,000 share transaction, so it's all in equity, and that's of immediate consideration. Considering the valuation of the assets around us, as well as the quality of that district, I think we've done a great job as a management team and board to ensure minimal dilution for a very significant asset acquisition in a proven jurisdiction and district.

16:53 Our management and insiders still continue to hold just sub 25% of the company. As we've stated time and time again, we continue to buy on market, we participated in every round, and we've never sold a share. So we're owners alongside the vast majority of you that are here on the call today. We've got a number of funds that are in the company that have come in at various stages, either at the placement at 50 cents, which was over 2 years ago, or that have come in on the IPO at 30 cents, which is around where we're trading here today. So we haven't raised any money in over 2 years. We've advanced 1 asset to almost inferred resource. We've acquired an additional asset And we have sufficient catalysts upcoming to help us re-rate from an equity perspective. And now that we have a Canadian asset in the portfolio of assets that the company holds, we will have access to flow-through funding.

17:43 So the intent of the management team and board is that we raise some capital on a flow-through basis, probably up to $2 million. And we'll also do an equity raise alongside that for up to $3 million. And $3 million, of course, will be very much focused on Mongolia. And the $2 million through the flow-through would have to be dedicated to our asset in the Northwest Territories. In terms of catalysts and apologies, there's a couple of things missing from this slide purely because like I said this transaction has been quite recent but ultimately what we can touch on here is the fact that inferred resource indication is still due in Q2. That has not changed. We continue to advance conversations with our strategic partners, and a lot of them are waiting on a number of these testing results to come through before they, of course, convert.

18:28 But as an organization, I think it's prudent that we look to do the flow through raise alongside the equity raise so that we can advance assets and ultimately bring in a strategic at a higher valuation when we proved out some of these very critical catalysts that are yet to come for Urgat Nern and of course as we start to explore at Bava Yul and ultimately at Bliss Lake, things will change quite significantly. As far as our comp tables concerned, not taking into account our recent acquisition in Northwest territories, we're still at the bottom of every comp table out there. The ranges in terms of where we're priced, anywhere between a buck 18 and a buck 45. Some of the numbers that I've mentioned in terms of volume indications on Urgak Nurin, you can compare some of these other organizations such as Alpha lithium and draw your own sort of comps as a result of it. But there is a significant way for us to go in terms of a re-rate once we do hit these catalysts.

19:25 And, of course, we remain one of the most undervalued, if not the most undervalued, lithium exploration company out there. In terms of our summary, the inferred resource is imminent. Now that we have this asset in Bliss Lake, as well as of course our assets in Mongolia, we're in very strategic locations. Hopefully we've shown you the team's experience. Lithium prices, yes, they did hit bottom, but they are recovering now. And of course, equities will chase that in due course. They had come down rather rapidly, but they also went up rather rapidly. And we now see that the bottom is behind us. We know that Mongolia is a jurisdiction in which you can operate with very low cost production profiles. And of course, in Northwest territories, it is an infrastructure rich region that we're not too far from roads or the electrical grid, which means our margins would be rather competitive in that region as well.

20:13 And beyond that, we believe we're well positioned to create shareholder value. So with that, I'll open the floor to questions. Thank you. Thanks, Eli. Yeah, that was a great presentation. And just as a reminder to everyone in the audience, if you do have questions, please feel free to submit them in the Q&A panel found on the right-hand side of your screen at any time. First question, Eli, what's the current target lithium amount for the Mongolia project? It'd be tough to give you a target amount. What I would say as a comparison, it depends on what you're trying to do with the project. In our view, we're trying to prove out the resource. If you look at Arena Minerals, for instance, they had 560,000 ton that was ultimately acquired by LAC for $270 million as a consolidation play in that basin in that region. If you look at alpha lithium with 1.9 billion cubic meters, I beg your pardon, at a grade of just over 200 milligrams per liter, giving them an inferred resource of 2.1 million ton LCE, trading at 165 million market cap. If you looked at our volume with 9.9 billion cubic meters and 0.5 an ohm, if we had 100 milligrams per liter as our grade, which is the work that will be done over the next 7 to 10 days, that's about 10 million tons. So we don't have a target in mind, but we do know based on volume that it will be a significant find.

21:36 Okay, great. Question is, is there a definite date for a release on that inferred resource? And there's a follow-up question, It may be about the exact same thing, but just about an inferred resource estimate for the Bliss Lake prospect and when you could expect it. So for Urgak Naran, I'll answer that first. That's our asset in Mongolia. Inferred resource is due in June. I'm not going to speculate on the date and not be able to meet it or if I beat it that's probably a better thing, but it will be out in June. As I said in the next 7 to 10 days the team will redeploy to deploy the Baylor sampling equipment and then ultimately have that assay. We've completed the airlift testing and so in June you will have inferred resource on Urgaknaran. As far as Bliss Lake is concerned, this is a very greenfield project with some historical work done by the government. We've identified some outcrops from satellite imagery that we think we're going to pay a bit of attention to in terms of rock chip sampling and then ultimately channel sampling if they are of significance.

22:37 We're also rolling up our sleeves and looking at high res 20 centimeter satellite imagery to help identify additional outcrops. Before you can have an inferred resource on Bliss Lake, you would need to drill. And of course, that would involve permitting as well. So the first step at Bliss Lake is let's go out there, let's make sure we've identified the outcrops, let's understand that they have value, do the necessary channel sampling, and then ultimately move to get permitting in place so that we can drill. Thankfully, our neighbor, Lift Power, as I mentioned, is starting to drill as soon as next month. And so given the fact that we're very close to them geologically and geographically, a good indication of their results would help reflect perhaps what we may find when we start to drill at Bliss Lake as well.

23:25 Okay great. This next question is just in respect to the purchase of the North American property. Do you think that it was, you know, do you think your decision to purchase it before potentially waiting for a reprice on the company's stock based on the back of the release of the inferred resource? Just could you walk through the thought and the plan with that? I can tell you that, you know, when an opportunity comes your way at a valuation that it was valued at, it's prudent for management to move quickly. If we had waited, somebody else may have scooped this up and priced us out of that region. Of course, as you can see from this map, land is rather scarce. And so it is being swallowed up very quickly. And as a result of, you know, I mentioned what the acquisition terms were, it's 500,000 dollars in shares for immediate consideration, which is a very small amount of our market cap today with the ultimate possibility for the organization to reach up to 4.9% of ownership based on certain milestones that are exploration driven.

24:27 So at that price for a land package that's twice as large as lift power that's in that region trading at a 360 million dollar market cap. I believe it was prudent for management to move as quickly as they did. Okay, fair enough. This next question is, does Ion Energy need collaboration with mining companies abroad? Are there any raw materials that you require? Well, no, we would need sort of collaborations and partnerships with processors perhaps. So depending on what the chemical makeup ends up being at Urgat Naren, you may require some very specific sort of partners to bring in their technology for the ultimate extraction. And that's evidenced by the DLE technology that we're seeing sort of deployed around the world today, Lilac Solutions being 1 such company, as well as various others that are currently building DLE operations around the world. So no, we don't require any specific sort of, it's not sort of a 1 size fits all methodology. It would be very dependent on the strategic partner that we opt to partner with that has the potential to bring an asset of that nature to production.

25:40 Okay, fair enough. What challenges do you face, if any, in pursuing both brine and hard rock lithium projects? It's a good question. And I think the challenge would be that it would be a sort of a more technical or intellectual barrier. But I think we've resolved or solved for that very early on with the likes of Don, who's worked on various hard rock projects around the world. He's worked on clays. He's also worked on brine projects. So, you know, having written the very first 43-101 for lithium, he's a wealth of knowledge that, of course, helps drive everything that we do from in every medium, but including hard rock. And he is an advisor, as I mentioned, to lift power, our neighbor in the Northwest Territories. He's advising them on their exploration as well.

26:27 And then we have Dr. Mark King, who was the QP on neolithium before it sold to Zijin for 1 billion dollars 15 months ago. Very much considered a pioneer in the hydrogeologist sort of segment or sector. He's an individual that knows Brian better than most. And so We've got Hard Rock covered, we've got Bryant covered. And so I don't see it as a challenge with respect to our technical expertise or know-how. Okay, great. There's another question. What's the timetable for issuing the shares in the 2 equity tranches? The first of approximately 428,000 shares and the second of approximately 1 million shares. That's somebody who's done their homework. So the first tranche gets issued immediately upon acceptance of the Form 5B by the TSX. Of course, that needs to be completed.

27:16 That's being submitted this week. We'll issue those shares as soon as we have approval from the TSX. And then the second tranche comes out 4 months thereafter. Right. What stones are you looking for in Canada? Lepidolite or spodumene? Spodumene and pegmatite. OK, great. Another question. Will you wait until the inferred resource is published before the capital raise? Ideally, you know, in an ideal world, I'd say yes. But I think you've got to strike when the iron's hot. And the fact that we're getting a fair bit of interest today, it would help to put us in a stronger position to execute if we were able to close that financing before then. Should that inferred resource come out, you know, If we think the timing is very close between inferred resource and the potential for us to raise capital, we may opt to wait.

28:07 But ultimately, we'll let market dynamics dictate the order of events there. Right. Jason says, you know, 12 months ago, you indicated that you wouldn't sell an asset, but sell the whole company if that opportunity presented itself. Has that changed now? Would you be more interested in a JV with Mongolia Brine, or would you potentially spin out another company or et cetera, or anything? Thank you for remembering that, Jason. And yes, I think, you know, the structure of our organization and the way that we have our subsidiaries set up, we've got the holding co here in Canada, we've got our Mongolian subsidiary that controls the 2 Mongolian assets in Mongolia, And we'll have a third subsidiary that manages sort of Canadian assets exclusively. So asset sales, when you have 2 assets in the same jurisdiction, are company breakers.

28:56 Asset sales, when you now have assets in 2 separate jurisdictions, is a completely different volume. So, yes, we would at the right price, spin out the Mongolian assets and keep the Canadian asset or vice versa. Right. Could you talk about what makes you the most excited about this new asset in the Northwest territories? Yeah, absolutely. I think it's, you know, being able to get a significant land package at a very low valuation in a proven district that has shown historical results with neighbors of, you know, multi hundred million dollar market caps is an exciting prospect. I can't wait to get out there and start to meet with the local community and government officials to look at how we can advance things now that it's practically on our doorstep here from Toronto, 2 flights in and you're there in a matter of 6 to 8 hours as opposed to going to Mongolia, which is a good 12 to 24 hours.

29:51 It's a great jurisdiction to be in. We think there could be a lot of potential there. And should it be one that shows promise, I think it would be a significant rebate for the ion energy shareholders, let alone the rebates that we can expect from the Urgak-Narin inferred resource calculation. Great. This next question is, have you ever heard from an end user? An end user, An end user of lithium? Is that what we're talking about here? If you wouldn't mind, audience member, elaborating, that'd be great. And then we'll happily continue to ask the question. Stephanie, though, is wanting to know, are you looking for more projects to add outside of Mongolia? You know, in much the same remit that we moved very quickly on on Bliss Lake, I think if something were to show up that has a compelling valuation for the shareholders of Ion Energy and has potential based on the review of our technical team, yes, we would consider it. But I think the focus is very much around being close to those consumption centers. So, am I keen to go out there and buy something in Chile or in Argentina?

31:06 Perhaps not, because the ethos of the company was always based around finding supply close to where the demand exists. And that's why Mongolia was chosen to serve Asia and Canada was chosen to serve North America. Right. Just a question from an audience member. Could you confirm what price you'll be doing credit rises at and you indicated that it wouldn't be below the line or wouldn't be below previous raises. Yeah, yeah, I mean, listen, that's a tough pill to swallow as an owner and as a shareholder. You know, management insiders hold 25% of the company. So of course, we do not want to dilute as much as any one of our other shareholders would expect us to. But the market dynamics today are significantly different than perhaps they were a year ago. And so in our view, that price has not been set. It is something that we're working on alongside the bankers and the various flow through funds that are out there. So we are having those conversations today.

32:03 And when we do announce it, of course, it will be announced to the public markets. But at this point, I don't want to speculate on that pricing. No, fair enough. I do have that extra context regarding the previous question about if you've ever heard from an end user and an end user being a person in need of lithium? Yes, yes, absolutely. We've been in various conversations with various end users with respect to the advancement of our assets in Mongolia. You know, it's given the fact that we're a mere number of kilometers from the Chinese border, as opposed to halfway across the world, there is significant interest in the region. I will say that 2 companies that have market caps in excess of 5 or $6 billion that are Chinese in nature have invested in Mongolia already for the lithium front. Sinowine publicly announced an investment in lithium century, not to be confused with century lithium, but lithium century in Mongolia.

33:01 And another group privately has invested again as of about 4 weeks ago. So they've approached us, they are looking at our data and we will continue to work with them and at the right price we would opt to give them a toehold in the organization with the ultimate path to a roofer on development as well as a roofer on offtake. Right. Is the plan for the Canadian asset the same as for Mongolia? You know, for instance, define the asset and sell it or do a JV for development? It all depends. I think, you know, you look at our land package, it's rather significant. Of course, there are majors there that have very healthy balance sheets, so they may be looking for consolidation opportunities. And if that's the case, then if it makes sense for our shareholders, it's something we would contemplate.

33:47 But on the flip side, it also gives Ion Energy the opportunity to acquire assets in that region and ultimately grow our not only footprint, but our market cap so that we are providing shareholder value. So it could go both ways. Right. Jason, just wondering, are you still looking at having a strategic come in at a higher price? Always. Always. We've never deviated from that plan. We continue down that path. I think a number of them are waiting for this inferred resource calculation in June before they do so. And that's sort of why it's going to come out in June 1 way or the other, because we do want to provide the necessary data for these strategics to take additional interest and ultimately come on at a premium as we've always promised our shareholders. Okay, well Ali, look, that looks like all the questions that we received for today. It's been a great presentation, very fast-paced Q&A. Really appreciate you coming online and of course I appreciate everyone that's joined us today, especially those who've asked questions. But before we wrap up, Ali, I want to pass things over to you for any closing remarks that you might have. Thank you, Cam, and thank you for everybody that's taken the time today, and thank you for the very insightful questions as well.

34:52 It's always nice to have shareholders that remember the details of what was said a year ago or so. But I think it's an exciting time for us. I think the Bliss Lake acquisition is going to pay dividends here as a result of the jurisdiction being established. But of course, the upside that we can see based on our peers in the neighborhood, Urgak-Narren with the various volume indications that we have to date, as well as the completion of the water wells, the catalyst there is an inferred resource calculation in short order. So an exciting sort of summer, if not year and year and 0.5 to go for Ion Energy. And thank you all for your support. There's my contact details for anybody that wants to get in touch. And again, thank you for your time.