Meet the Team: Power Nickels New Strategic Leaders

0:08 Hello everyone and welcome to the Power of Nickel live summit hosted by 6. I'm pleased to introduce the speakers for today, Terry Lynch, the CEO, Duncan Roy, the VP IR, and Ken Williamson, the VP Exploration. Terry will introduce both of his new team members, provide some company updates, and after that we will be accepting questions. As a reminder, you can submit your questions in the chat at any point during the presentation. As always, the summit is being recorded and will be available to watch on six.com afterwards. Without further ado, I'd like to hand things

0:39 over to you, Terry, so that we can get started. Great. Thanks, Max. Thanks for having us on again today. I want to have a big welcome and introduce my friends and now compatriots in arms, Ken and Duncan to the Power Nickel shareholder base and interested investors. I've known both these guys for a couple of years now and I've had the privilege of working with them on power nickel issues over that period of time and Really have enjoyed working with them just on a professional and personal level Which is important when you're building a team, you know, because at the end of the day, you know When you when you're in junior mining space got to be super frugal with the capital You got you got to put the capital in the ground first to see if you've got a chance of having a mind. And so we did that and now we've got more than a chance of having a mind, we've got a really great opportunity to have a mind. But once you get to that stage, you gotta build the team.

1:45 And A couple of the cornerstones in my mind are, obviously, gotta find the ore, because without that, you don't have anything.

1:55 Ken came from a really dynamic background. He's been a very successful geologist, and came into the gold sector initially and then he got his own company 3DGEO which we hired and they actually did the first modeling for power nickel and basically cracked the code at NISC and our first campaign

2:16 we hit on 7 of 8 holes. And we really sort of continue to have tremendous success going forward, but based on the geological modeling and theory that Ken put together and then now working with GeoVector, we've been able to advance it. But So we've worked with Ken for some time and feel like he's a top-tier professional in the space. And we have a good personal relationship with him and he's a good team member. And I'm really pleased to bring Ken to the Power Nickel family and looking forward to working with them and

2:50 finding a lot more ore at NISQ and hopefully beyond. So Ken, welcome to the team and I can't wait to work with you now on a sort of in-the-house basis.

3:08 I look forward to having some fun together as well. So welcome to Power Nickel. Thanks, Terry. It's a great pleasure to finally join officially the team. As you've mentioned,

3:25 my background is more in gold, some may say, but to just correct the wording here, I would say my background is more structural geology, pure and simple, mineralized or not at one point. Initially, it doesn't really matter to me. What's interesting is the geology,

3:48 and for sure NISC has the geology to be hosting good potential there and you know I think with such a vision adding a lot more geology and trying to unravel what's happening surrounding that little pod that well that we've discovered makes total sense for for us moving forward. Yeah, well thanks for getting to you in a little bit more detail but I also want to take this opportunity to welcome Duncan Roy to the Power Nickel team. So Duncan is a longtime financial industry veteran. He was a very successful broker and for the last several years, he's been running his own, I would say, advisory firm, helping issuers like Power Nickel get out to

4:42 top tier brokers and family offices across the country. And in order to do that, it's not an easy job to A, get time with these people who are very busy, they've got big books and they don't suffer fools or liars. And so If you have the respect of that audience, it's because you've earned it. It's because you brought them deals or brought them information in a credible way and they believe, okay, this guy's a credible source and I may not invest in every deal he brings me, but he doesn't bring me crap deals and he brings me stuff that's well thought out and I learned something from him. And that's what's most important. So your reputation gets you in the door and you're working with that reputation every day. So 1 bad deal destroys

5:37 25, 30 years of great work. So that's why you have to be a real professional to be able to go through this and be able to be there time and time again. And So I noticed that about you, Duncan, and working together with you when you were introducing Power Nickel and meeting several of your contacts that you've met and developed over the years, and that they obviously have a keen level of respect for you and that's coolest for you as an industry professional. And I'm really thrilled to have you join the team and help me start sharing this wonderful story to the investment community. So welcome to Power Nickel. Yeah, very excited to be here. This is a standout story and I think it's got so much potential. I think we're just getting started really on this, I think, significant discovery.

6:29 We're going to make history here, I think. So that's kind of fun. And you're right, like, you know, the brokers are really busy people, whether they're institutional or retail, and they get bombarded by people all the time, especially people who just don't know what they're talking about. So

6:48 I get guys on the phone because we've got a history and people trust me. At the end of the day, Terry, we've talked about this. It makes so much... It's so important to be honest with people, tell people here's the world, here's the risk reward situation and let them make their decisions based on their style, format and comfort. And I think we got a very strong response to this from people, which is exciting. So can you both talk a little bit about

7:24 why you decided to join PowerDecko and what's exciting for you? I guess we'll start with Ken. Yeah, sure. Actually when I first got approached by Terry to evaluate, I guess, the first past potential of the deposit, I have to tell you that It was like a new news for me in the sense that my specialization is gold, really.

7:54 And off the bat, I got instantaneously excited to work on something new and trying to see, well, if I evaluate that my way, what would happen kind of thing. And that really was the idea to just put a layer of geology and structural geology on top of that little deposit, see what we got. And after that first very small mandate,

8:20 the excitation grew in me and obviously wanted to stay with Terry as a service provider at that time. And the more we drilled that thing and the more we saw that growing, the excitement just grew at the same time. And now given the opportunity to work on that internally, I think already I was providing good services for Power Nickel, but to be able to do that internally

8:54 and have my own vision transpiring into the exploration work that we'll do at the project is something that is driving me, I guess. It's the essence of the work we do as geologists. So, very, very excited to be part of that new discovery, literally. So. Guys, I don't know, the Russian's jamming me or something. But,

9:28 you know, so I jumped on my cell phone. So my apologies. They were just talking about why they're excited to work with Kardex. Good. Well, I've obviously heard that answer as I was recruiting them. And it's sort of a special time for us right now because we think it's a really unbelievable opportunity geologically. And obviously it still has to be proven out, but we've made some tremendous progress last year with the drilling.

10:09 We've got some exciting new events happening right now. From what's going on right this very second, the team is up on the site and they're deploying the ambient noise tomography which Ken was part of the whole vetting of that technology and some exciting new technology that we came across from understanding that Talon Metals, a pure nickel company, was using it in their, you know, Tamarack discovery in the Michigan-Minnesota border. And they've subsequently made a discovery as a result of that. So we sort of identified that it would be a great, potentially, technology to review, and Ken and the GeoVector team reviewed it, and after 2 or 3 sessions decided that it would be a great, you know, sort of tool for us to add to our quiver of geological tools, whether it be gravity or airborne EM or, you know, there's a number of them out there that we're using. But right now, the ambient noise is being deployed and we're getting some great

11:12 results and we expect to have an update to, you know, our investors probably sometime in mid-August on how the progress on that is going and what we're learning. And that will ultimately impact our drilling program, which is going to start after the long weekend. So I think August 7th or 8th we'll start drilling and you know we've identified some additional targets around the NISQ main and then obviously we're going to be looking for other pods because the whole you know thesis behind NISQ is that you know we've got this one great ore body right now called NISC Main and of course we want that to be as big as possible and we're continuing to grow that with drilling. But there may be other pods and where might those pods be? They could be underneath NISC main, they could be immediately to the left or right of it, or they may be, you know, we did that step out hole that was 5.5 kilometers out, then we hit that, you know, that bonanza hole of almost 8 meters of 1 ounce PGM. So it looks like there's a wholly large area there that is charged.

12:24 And now we're just trying to find out where the pods are. And that's why having professionals like Ken in-house to help us work with the GeoVector team, it makes so much sense. Ken, why don't you give the audience a bit of your thoughts on the ambient noise tomography and our technology-driven

12:43 approach to finding in the solar body and showing how big it can be. Absolutely and that will give me an opportunity at the same time to answer an on-the-side question which was about you know ambient noise technology is brand new, what is my vision, Would it be very new as well? Like, with that, well, to combine both the ambient noise technology, just to recap, if people don't know really what it is, In a nutshell, really, when you have an earthquake, the earth is shaking. We can measure that with seismographs and stuff like that. The earth naturally is vibrating with some sort of a background noise and that technology is capable of measuring that and identifying anomalies in that kind of signature that we're receiving at a large scale on the project on the property.

13:45 So that technology once fully processed and once we understand what it means, that will be the first pass. It's geophysics, we got to make a link between the geology, the response we get from such a signal and after that we believe we'll be able to pinpoint

14:09 more precisely the areas where the good rocks or potential oasting, mineralization oasting rocks will be located on the property. And the thing is, is with the current mapping we have and the current data, mostly magnetic data, we can recognize targets and trends along the property but we hope that with the Ant technology

14:39 we'll be able to combine both knowledge there and be able to identify okay to have a nickel deposit we got to have A plus B. 1 technology identifies A, the other one identifies B, so by combining the 2 we hope that we'll be able to very precisely pinpoint where we should be drilling first in order to spend better that money that we'll put in the ground. So it's a fairly new approach. Well, not new in terms of looking at different layers of information, but brand new in terms of the source of information that will be used is not very common. Yeah, it seems like it's about, I guess they've been actively using it in West Australia for 2 or 3 years now and certainly they've had some good discoveries with it you know fleet

15:37 and and they they they they just recently raised another 50 million dollars on their series B round and you know they're they're continuing to add a bunch of new clients. So I think that the world has identified that this is another valuable tool. I mean, Mother Earth, she's as crafty as she gets, right Ken? Yep. Yeah, she's a very sharp lady. Yeah, doesn't give up her prizes very easily. All these tools, none of them is nirvana. It's not going to work all the time on everything, nor do we expect it to. It's all about when you're in the mining business, it's like you're in a giant poker game, you know what I mean? And somewhat it depends upon the cards you get dealt. You know, a lot of times in mining, you know, you have a theory and then you do the drilling and whatever and other techniques

16:28 and the cards you get dealt are just crap because it's awfully tough to find an ore body and a lot of theories, most of them don't work. So when you get an ore body that's actually cooperating like this one has been since Ken first decoded it and we started drilling it and confirmed it, you know, this approach, you know, it's really, you know, it's fantastic. It's the first time it's ever happened to me in my career where I've had such a cooperating work body. I've been at it for a while and we've tried lots of different things.

16:58 You don't want to curse yourself by the good fortune because if anything you just you want that to continue but but you know these techniques are really helpful and and they're you know what they they do is they probably eliminate a lot of obvious you know things that you can sort of strike out and say, hey, you know, it's definitely turned there. There's, you know, where we thought maybe there was an oar extension there, we realized, no, that's definitely not going to be there, so let's not throw a hole there. Instead, it looks like maybe it's folded and it's back up in here. This looks more likely. So that's the type of stuff that I think we're going to learn from it. And so I think it's basically going to enhance our drilling odds. Will we hit 100%? No. And I don't think you ever want to when you're drilling because you know you're always wanting to push the envelope of what your ore body could be but I think it's going to basically speed up our ability to make decisions to target certain areas and also to have success in those areas and ultimately reduce dry hole expense. And that's how we'll justify it by getting to the ore body quicker and by having less dry holes. That's sort of my take on it. Kim, what do you think?

18:13 Absolutely, absolutely. And I think one of the strategies that we'll have to have, and that will be allowed with the Ant survey that we're running, and with other things that we'll eventually do in the near future, I think the idea here is to better define what the container is. We know what the content is and we're studying even better with metallurgical studies and things like that to exactly define what do we have in our hands in terms of mineralization. But I think that ant technology, my own contribution, the whole thing together, I think what we'll need to focus on is to define exactly what kind of container do we have and by this what I mean is by using that technology putting a good regional compilation geological compilation together identifying potential faults perhaps you you talked about folds yeah that could impact the deposit.

19:23 What about faults that maybe are offsetting that deposit a little further away, such that we can't see it from surface, but we need a way to identify where those areas are such that we can drill them. So with the 3D modeling approach, integrating all the data that we have so far, and if need be doing inversion work to have a clearer view in 3 dimensions

19:50 and things like that I think we'll definitely screen the entire property that way and identify pods that are related to the main zone that we already know and perhaps that wildcat targets a few kilometers away is related to that or not and if it's not well it's related to something new that we have also to discover so one way or the other better defining that container at the property scale is something key I would say

20:23 to expand not only on the main zone but on the property itself. I agree. Duncan, how do you feel about when you're talking to investors about this technology and the approach we're doing? How are you finding it with investors? What's the response? Oh, it's, people are totally fascinated. And the guys who've been in the business for, you know, who are seasoned brokers who understand mining, they look at this and say, Jesus, this is a fantastic tool you have. And, you know, right away, they, they, you know, They recognize the potential efficiencies with this. It's novel.

21:09 It's gonna cut down on expenses. It's gonna make things way more accurate. It importantly is going to change timeframe for developing this property. So, you know, a common complaint is, geez, it takes like a decade to get a discovery into a mine. But when you utilize technologies like this, that's gonna potentially take off a couple of years to the process.

21:35 And as I said before, like it really cut down on on your expenses for this. So totally fascinating. Very, very strong reaction from guys there. They're quite fascinated. And the common question is, you know, is this company public? Can I go buy Fleet? Right? Everyone wants to buy it. So there you go. Maybe we're selling the wrong company sometimes. Yeah, I've definitely had that response too. It's funny your comment on commercialization and I mean we've been hinting at our ongoing conversations with industry about their perception of NISC being a commercial opportunity even now. And that's one of the things we, you know, when you ask Max, you know, what's coming down the road, you know, Power Nickel, you know, that's something that's coming down the road. There'll be some announcement very soon on that, you know, commercial step and, you know, another step on that pathway and that road.

22:38 And certainly one of the things that was attractive to our future commercial partner was the fact that we were employing advanced techniques to advance the project quicker and to really get after it. So these things can, technology can help you in many ways. It hopefully helps you for sure execute better and spend your dollars wiser and deliver more ore quicker

23:06 to your investors. But it also attracts a different type of investor in the industry who are looking for, as Duncan said, the industry wants to put mines in production, that's how they make money. Power Nickel makes money by finding deposits, other people make money by ultimately putting them into play. And the interesting part about the whole supply chain dynamics now is that for the first time in history, small companies like Power Nickel are going to have an opportunity to really go the rest of the way. So it'll be quite interesting, I think. So we'll see how it all goes. It makes Power Nickel really stand out. I mean, it's fairly well known in the industry that, you know, mining in general is fairly conservative and guys are using techniques that they've used for decades to do stuff. So where's the novelty aside from imagination?

24:04 Well, Howard Nichols showing innovation here with this technology and approach and it will make a difference and it makes us stand out. As you said before, like Talon had a nice step out discovery that's truly applicable to the success of utilizing fleet. So, you know, I expect to see us do the same thing and that's going to be neat. And so we'll get the attention of people in the industry for sure. And as you said, investors will look at this and say, geez, these guys are different, you know? And that makes people wanna go and be an owner. Yeah, I was on a podcast the other day with Dennis LaViette and we were talking about other things. One of the things we were talking about was one of his pet peeves was mining companies that get money and don't spend it on what they said they were going to do on their exploration program saying, well, it's a bad market, We should keep our money and wait for a better market.

25:08 Well, who knows when we'll get a better market in mining? It could be tomorrow. It could be in 3 years. But ultimately, If you find a really good ore body, you're going to get paid. It doesn't matter what mining market is. And I believe, and the reason why this team is coming together, is that we all collectively believe we've found a really good ore body. So we're going to get paid. I mean, we think that pay is going to start to happen soon with all the news that we've got coming, the things we're doing, but you know we're convinced it's going to happen and we're doing the right things to make that happen by, you know, doing the, you know, I remember talking to Ken and the GeoVector team about the ambient noise And they were, you know, because I think in a lot of cases, it's either or. You know, you spend some money on this, but you don't spend money on some other technology. And I'm like, I'm a big technology guy.

26:01 The last thing I want to do is drill honestly You know the first thing I want to do is get really smart guys like Ken to sort of you know Figure things out because I have no idea. I'm not a geologist I would first bloody thing about fighting a rock, but you get these really bright geologists, geophysicists who are, you know, I joke to people, I say, yeah, they're scientists, but they're artists. This is like there's certain feel these guys have about the rocks that it's just not something you can just, you know, pick out of a textbook. They're like a little bit savantish, you know, why they like some things and not other things. And it's only from decades of hard work and experience that they probably can't even tell you 100% themselves why they see it a certain way. But I know when we were talking with Ken about ambient noise, he was like, yeah, it's pretty cool. But he said, you can't disrespect downhole EM, or airborne EM, or gravity, or IP. These are all really valuable tools. And The fact that some of them are old doesn't make them bad.

27:04 And I said, guys, this is not an either or. Like we should use whatever tools we can to de-risk this thing as much as possible because that's the least expensive stuff we can do. Drilling's the most, right Ken? Oh, absolutely, absolutely. At first, to tell you the truth, the technology I was a little bit reluctant just because I have I had not heard about that before and then all of a sudden after a few readings in quantum mechanics, no, not really. I didn't go that far. But no, it's complicated stuff, but it's been demonstrated that it works. So, you know, it reminded me somewhat at the very early start of my career, Mr. Rob McEwen, who founded GoldCorp, he had the brilliant idea to install a VR lab facility at the mine site. Well, at that time, only in Sudbury you could see stuff with VR glasses and things like that.

28:07 Well, we installed that on site. At first, what is the utility or the usefulness of doing that? Well, it didn't take long that because we had that new technology available to us, that we made good use of it. So that old story with the ant thing, applying that to our deposit and things like that, kind of reminded me this, in the sense that, you know, there's nothing wrong at trying something new. And if it works, then it works. And if it doesn't work for the purpose that we initially thought it would be helpful with, perhaps it will be helpful for something else that we're not even aware of, and that could lead to something brand new as well.

28:56 So I'm kind of that type of person who thinks outside the box all the time. And Terry, the way you look at that, you're giving us and me the opportunity at trying stuff out like that. So It's really the way I think to succeed in here. Yeah, you know, it's a tough business, mining business, and these days even more tough, but I think the technology is there, and again, Mother Earth, thank God, has given us a really great ore body to work with you know thank you Mother Earth we appreciate that and you know and of course you know she'll have some curveballs for us as she always does but I feel like we've got a really good technical approach and I think it's up to Duncan and I to make sure that we get valuation appropriately in the market and that we keep our coffers, you know, in a healthy state so that we can continue to advance this project, you know, forward and hopefully show the world it's going to become Canada's next carbon neutral nickel mine. In fact, the first one, the first one in the world. So exciting stuff.

30:22 So I don't know, Max, if you've got any questions from the audience now, probably be a great time to get to them. Absolutely. We've got a couple of questions here. I believe one of them was already answered. But PJ Harris here is asking, what will be your key strategies and implementations you'll be making in your new role? Will it be status quo or will you be trying something new? I guess I'll ask that broadly to both Ken and Duncan. Please go ahead, Duncan. Well, tough question to sort of answer. I think it's more on how you do mining. But bottom line for me was working with Terry and getting out to institutional players, family offices, retail guys who are truly qualified and interested in in the company. So a lot of guys will do big broadcasts out to a ton of people that really have no interest. And it's a complete waste of time, energy, money.

31:38 It just has no value. So in my world, what I think works is you go to very specific individuals and explain the story. So McNamara's first law, understand the big picture, parts make sense. So you explain the big picture, And then as you go through, here's the development, here's an action happening, they'll understand, because they understand the business plan, the big idea. And that creates buyers at the end of the day into the company. And they'll not get thrown off the road when there's little hiccups or glitches out there that are immaterial, but some people make a big deal out of them. So, like it's fun, Terry and I have a mutual friend who is a bit of a nervous nelly on stuff. The stock was down 2 cents and he craps his pants, right? And it's like, I tell him the same thing every single time.

32:43 The only factor to consider here is time. It's going to take a little bit of time to get stuff done, but we're looking at what we think is an inevitable success story and off we go from there. So those are sort of my thoughts on that. So just a different approach going after the right people. It just makes a huge difference. And Ken, before you answer on your part, Duncan, just a quick follow up question I see here on that. Do you expect to grow both retail and institutional investors, or do you have a primary focus on institutionals? Well, both. You know, to make things work, it's wonderful that they have management having a significant stake, which is the case.

33:30 You want a number of institutions on board. In a sense, they're good housekeeping seal of approval, which is positive for other investors. You know, the resources of a group like Fidelity, for instance, is massive. So if a company like that has said, hey, we like this story, you know they've done their research. The average retail broker, or even the better ones, they don't necessarily have all those resources. So you do want that core. And generally, they're fairly stable investors. You know, they're looking for a pretty significant runs. So that's key. But to get the stock going on a day by day basis, it's very helpful to have a solid retail base.

34:22 And you have to have that to make things go. And the more, there's sort of a critical mass of retail guys that can come in. And you need those guys in the marketplace. So they're all important. They all have different approaches. They all have different timelines. But put together well, you end up with a stock with a solid investor base, it develops momentum, and you see appreciation for the success of the company as they bring results out. Awesome. And Ken, I'd like to tie 2 questions together here for you. So the first question is obviously about the key strategies, implementations that you'll be making in your role.

35:12 And then also, what are your short and long term goals for Power to Go right now? That kind of goes together, those 2 questions. I guess for now, as I'm brand new as of this week, officially in that role, not that I know nothing about the project. I've been following that pretty much every day since a couple of years, but I need to digest a few things first. And I think what's gonna happen in the near future, this week and next week, is GeoVector and me being in touch together, making sure that we're all on the same page on what's happened in the past few months, what's coming up next. We already have a pretty well-defined drilling program coming up for the fall.

36:10 So, in the meantime, we could say for the next few months, that's status quo or something like that, in the sense that we already had planned what's coming up in those next few months but everything will do in terms of drilling well for the most part will be focused on the resource work that we want to do. And it's essentially my primary focus here is to put everything together that needs to be put together to support that upcoming mineral resource estimate that is due for fall. So after that, longer term strategy will be probably twofolds, depending on the results we get from that MRE will definitely stay in proximity of that deposit, trying to enlarge it and to expand on what we know we have.

37:08 And in the meantime, obviously, as we will be exploring the surroundings, especially with the ant tomography results coming back at one point, we will then initiate probably a more regional approach there. But all of this remains to be defined, I would say, and The 1 thing that I want to make sure of is the people that we work with, that are doing an excellent job with GeoVector, the drilling companies and things like that. I just want to make sure that good work keeps on going and pretty much being supportive of that work rather than drastically change the way this is my way or the highway. No, no, no, it's not gonna be like that. We already have a really good system in place the car is moving fast and we'll keep that momentum.

38:15 How long will this August drilling campaign last? Will the results be added to the NI43-101 as they come in? And how confident do you feel in the new drilling to hit something, anything on this drill? What's your goal and tonnage for it? So there's a number of questions in there so maybe let's break it down one by one here. So how long will it last? We'll be drilling, you know, certainly through to Christmas is our view and we think beyond but I mean that's the current program is, you know, I think we committed to, you know, 5,000 meters with the contractor but we've got a degree that we can extend to Christmas and that's the plan is basically like that. We bring a second rig in late September to be able to drill the, what we call the wildcat, the bonanza hole that we have, the 8 meters of the, or the remotes of the one-ounce PGNs that was out there and it's a bit of a difficult spot to get to in the summer because it's a bit marshy.

39:24 And so we'll be drilling that in late September with basically that a helicopter is going to drop a rig off to a platform we'll have made there and then we'll drill a few holes there and then by then it'll have frozen up and we can take it out conventionally. So That's the drilling programs. And again, as Ken said, we'll have to react to the real-time return of the rock and how it's going, and we'll Make adjustments on the fly. The good news is that we have permitted a lot of drilling pads up there so we have a lot of flexibility on You know where we drill and you know, the grid grids been well laid out so we can we can get to whatever targets we can identify through our technology approach as to should we be drilling deeper underneath the core deposit, maybe there's something at 500 or 600 meters that we haven't tested before, or do we, you know, just, you know, you know, half a kilometer to the west, there's a, you know, the ENT and the, and the downhole EM and the airborne EM and the gravity IP all come together in concentric circles and say, hey, that looks like a great target, let's drill it. I think we've got the flexibility to adapt to new Intel as it's coming in, and that's why we have the team to be able

40:54 to process that. And a follow up on that from the same question here, Will the results be added to the NI 43-101 as they come in? Well, we'll try to add as much of the new results we can get. Obviously, that will be up to the QP who's going to do that work. We'll have to select 1 1st and then decide with that new person what is the deadline, where we'll be cutting off the database. What I mean by this is, at one point we'll need to say okay this it stops here we'll continue to receive results but all of those results need to be like stopped in time so to speak so a QP can stamp proof it and validate everything and things like that So we'll see how it goes in the next few weeks, I guess, depending who is that QP person, their availability, et cetera, et cetera, will adapt then, but definitely, the one thing we need to remember here is currently whatever money we spend on the ground at NISC is to enlarge that resource that we know we already have.

42:17 So there was an historical resource done. The mineralization has been demonstrated to be there. The grade is fairly consistent. We've identified ore chutes within the main pod that we are looking at in the tabular view so to speak and Terry has a nice image that he brings up all the time he's talking about a river of nickel well it's not necessarily a real river of nickel, but the analogy is quite fascinating in the sense that what we believe we have in here is either a sill of ultramafic rocks or perhaps a flow. It remains to be defined.

43:02 But in either case, the nickel and minerals that are associated with that nickel are so heavy that they constantly and naturally sink by gravity at the bottom of either a sill or a flow layer in those lavas. So, with that, it makes the whole system there everywhere at the same time. And the river analogy is where you would have little channels forming at the bottom of such a flow, nickel will tend to accumulate into those channels. So it's really, it can create little pods, But it could create a vast sea of nickel as well. And and right now I think we're Drilling the river.

43:58 I'm looking for the lake You know, so So I I really love that analogy, but we're downstream still. We got to move upstream and find that leak. Awesome, great answer. What we've given guidance-wise, Max, is we've said, to the most part, we've done our drilling up to the end of April, all those assays are in. And so right now we're expecting to get the metallurgical work back sort of first week in September or so and then the QP would take the existing drilling information you know all of our all of our work and and the metallurgical that and go with that you know We're obviously going to be drilling more, and maybe we can add a little bit, but probably for the most part it's what we've already drilled. We'll get that out as quick as we can after the metallurgical studies have been received and in early Q4.

45:09 These things are always at a moment in time you know ultimately you know we're gonna you know after spending another you know drilling another you know 10 or 15,000 meters over the next you know 6 months you know that will again require an update you know so it's an ongoing process as Ken said as we're trying to you know move from having a river nickel to having that river run into hopefully Lake Superior. Awesome, awesome and last question from that bundle of questions what's your goal in tonnage for the choking gate? That's a tough question I've been QP before and I will kind of be hesitant to answer on that one. I'll just talk in terms of ratios, I guess. We have a certain volume that remains to be you know define exactly with a ni 43 101 but based on the historical results that we have We have a really good idea on kind of what tonnage was there historically And the thing is to me we need to at least double this up What we had we need to add to the bottom to the side make it a Significant really nice attractive.

46:36 It's already is, but more attractive little pot there. So in terms of tonnage grade numbers, I'd say, well, look at the historical numbers and hopefully a lot more than that. I'm very hesitant to speak through that. Fair enough, we're not going to hold anyone to that. That's ultimately what the 43-101 will be out. But needless to say, we'll see shortly that industry believes we're on to something and they're going to be investing, we think, significant dollars on that basis.

47:22 And that will be comforting to our shareholders to know that that's the case. And the neat thing about one of the things we've done differently at Power Nickel is we actually post all of our drill callers and assays and we post our model and people can actually, you know, there's a lot of, sometimes there's a lot of really sharp people that are, you know, ex-analysts or ex, you know, geologists that know how to, you know, manipulate leapfrog and these things and they can play around with it and identify what they think is the Model and what they're gonna find, you know, we we we We certainly think we're gonna get this thing to be commercial. I would say that, you know, minimum commercial viability is 50,000 contained tons.

48:09 And I think you really need 100,000 to be sort of perceived to be, again, we're gonna pause it. I think we're gonna get there real soon. If we don't get there now, we're going to get there very quickly. And then there's a lot more to be had beyond that. And I think one of the things that always gave me comfort in looking at this, when I first acquired it, they had only drilled about, I think, 13 or 14,000 meters, and they proved up 3 million 0.1. So now we're, I think, drilled a total of over 15,000 meters in sand, and I think we've made more success drilling than historical guys have so we feel bullish about that and we feel that you know the you know every nickel sulfide discovery that I'm aware of in the history of the world has always been multiple pod. It's never just been one single giant pit. You know, that's not how these nickel sulfide deposits come out.

49:10 So there are always multiple pods. So, you know, we've got NIST main, which is basically 1 sort of, you know, you know, sort of collection, 1 pod, you know, are there other pods to be out there? And if there are 3 or 4 pods here, what are the odds that NIST Maine is the best one? Well, 3 or 4 to 1. So I think I know from talking to some of the leading industry geologists, that hole up west, or east, that Bonanza hole, was really a very exciting thing for a lot of reasons. Obviously, it's exciting because it's not every day you get almost 8 meters of 1-ounce PGMs. I mean, that could make us a PGM play if we weren't already a great nickel play. But it's so unusual for that to happen.

50:06 And it means maybe something very big happened in this area. And there might be a really, you know, giant, you know, massive, you know, metal movement here. And then we're just on the verge of uncovering it. So super exciting times and thankfully now we got a couple more, you know, people on the boat rowing with Terry. We're all on there. Yeah, you know, work in the oars hard. And yeah, we're looking forward to having a great drilling season and to reporting the news as we get it and continue to develop the story of Power Nickel as a great investment opportunity and hopefully soon the world's first carbon-neutral nickel mine.

50:52 Awesome, and what are the chances to see a deal or partnership with a large mining company that can support the company activity and move the program much faster? I've said, you know publicly that I think the next investment that we make or that gets made in Power Nickel will be a strategic investment so so we'll keep with that comment. Okay and then there's a little bit of a follow-up. If yes, are you looking for a 50-50 partnership or sell the company a right? So this would not be like that. It's difficult to do that. I mean, we don't even know what we have ourselves. We certainly, it's not a good time to trade that. You know, We're just getting the team together. There's a lot of work to be done here to create a lot of value. We didn't get in this to double our money here.

51:39 We don't make 10 times our money. This is, again, just me. I'd be super depressed. I think it could be a lot better. But I've not, you know, done what I've done the last couple of years. This is not the time to sell. So the next investment will be under 10% equity position. It will advance us forward in a big way and help us a lot. But we will maintain our free agency status. And we'll still be, and that's key to max valuation for our shareholders and how we might approach this thing. Because you know when when I initially got into this business I was like you know thinking of course we'll prove up your body and then we'll auction it out to the highest bidder and that's that. And that could still happen.

52:30 But you know what's interesting in nickel, especially with the funding opportunities that are being provided by the government, federally in Canada and provincially in Quebec, you know, to support mine development, you know, up to 55% of a mine now could be advanced by tax credits from the feds and provincial government. That's unbelievable. So, if you think of a $400 million high-end nickel mine that's going to produce powders and wires and anodes, you know, that's, you know, essentially half of that's covered. So now, you know, so what happens is, I think small miners like, you know, Power Nickel, who ordinarily wouldn't be invited to the refinery table of getting in that business, you know, possibly through partnership could do that in a way where we wouldn't have to bring the skill set, our partner would bring that skill set. So I think that being able to think that it's possible that we could take this to completion that we end up with a with a you know a very significant operating interest in a in a in a producing mine that's been fully financed that could be exciting for our shareholders so that that's that's you know that's what we think could possibly be there awesome and we got some agreement agreement here in the chat about wanting a 10X to 50X. I'm not a quick trade.

53:53 I like that comment. That was a good one. And Terry, what is the total property acreage on NISQ? Has drilling been core oriented? And the River of Nickel has natural and well added complexity. Are there many evidences of folding? Yeah well, sounds like a Ken question. Oh well in terms of the the size of the property well well I kind of feel strange a bit. I can't recall. It's what? 45 square kilometers. There you go. Thanks, Terry. So within that 45 square kilometer, kilometer square, the geology is frankly relatively simple at larger scale. So it's a layered sequence of different types of rocks from mafic to ultramafic to some metacidiments and stuff like that.

54:55 Internally within the deposit though there is evidences of deformation. We have seen evidences for folding. I'm kind of thinking that it may be just localized folding or related to a broader deformation episode perhaps. But we do not see like large-scale folds where you you would say say on the mag map it's very clear that this same unit pinches and turns around it's it's not like that it's more tabular but when we zoom in at the scale of the deposit, we would anticipate, yeah, to have a little bit of folding, faulting, deformation, stretching, whatever it is. It's Archean rocks, So that deposit got formed like 2.8 billion years ago. So many, many things have happened since then.

55:55 In terms of drilling success and success rate, Frankly, I was totally impressed. Probably because I'm coming from a gold environment where success rate is very good when you hit 6 out of 10 or something like that. At NISQ, honestly, it's been pretty much 100% success rate. All time we do hit the target. What remains to be defined at the target location is its thickness and the grade, which we can't really control. But Based on the understanding we have, we are capable of pinpointing where the ore chute seems to be going. We are never really disappointed about that.

56:43 In terms of the stability of the drilling, it is very stable in the sense that we define targets, we drill a hole and usually it's kind of what we were expecting to be there is there. The grade needs to be defined by the lab. Pretty much. And what was the third component of that question? Yeah, so the core-oriented. Oh, core-oriented. In the past, I believe they attempted to do that. Would be very, very useful to have oriented core data, of course. However, I have to say that with my own experience, I'm not a big, big fan of oriented core, unless it's being done by purpose and very, very meticulously.

57:35 The problem with oriented core is if you do a mistake and it happens, such a mistake would propagate all down the hole and things like that. So you got to be very very meticulous at what you're looking at and classifying that with degrees of confidence on the data and things like that. Perhaps what we may be looking at doing eventually would be to sync a televiewer in a few holes instead. And the televiewer is a camera that will actually take a three-dimensional picture down the hole so you can unfold the tube on a 2D image. And you can actually measure angles, real angles there without the chance of the core being rotated. So you're actually taking a picture of the o-stroke that is left behind outside of the hole.

58:33 So you can't make mistakes when you do that. The danger is you can accumulate way too much data, so you can blur your vision with too much data. But with good work with that televiewer, definitely that could be another tool that would help us to pinpoint exactly what geometries we're looking like and things like that. This is basically what my own speciality is, building things in 3D. So definitely this is something we'll have a good look at. Thanks for that. Max, I think we're going to have to cut it off here pretty quick.

59:18 I see there was another question, you know, what happens after the 43-101 in the fall? Well, after that is drill results. So we'll be, you know, basically, you know, we'll be starting to drill next week. And of course, it takes about, and it works, you know, 10 to 12 weeks, you know, sometimes you get an 8, but generally we've been given guidance, say, 10 to 12 weeks to get those out. So we'd expect that probably sometime in early October we'll start to have general results like we had over the last 8 months from September to April. And we're every 3 or 4 weeks we're putting out, you know, significant news. And so, you know, that's one of the things that's attractive about Power Nickel now is that, you know, it is a bit of a news junkie, right? There's significant news coming almost every week or 2 weeks now, and it's not makeup stuff. It's actually hard-hitting, value-creating, intelligent investor information that will help to de-risk the investment for a lot of people.

1:00:17 So yeah, it's going to be a busy fall beyond the 43-101. There'll be the full metallurgical study out, the strategic moves that we're making, and then the drill results. And yeah, it should be an exciting fall. And we'll have to continue to, I think, I have to add to our team, but we needed the core guys to start, which was finding the rock and financing the rock. So we got 2 of those guys, 2 per app, and Duncan and looking forward to working with them and building something really terrific for our shareholders. Awesome, yeah, so that's all the time we have for today. So thank you all for taking us through the updates and the introductions.

1:01:04 I also want to thank everyone who submitted questions. And as always, today's recording will be available to watch on demand in the coming days. So feel free to look out for that. And before we wrap up, just passing things over back to you, Terry, for some final remarks. Yeah, I think we just sort of summed it up there. I think it's a great time to be looking at Power Nickel. If you're already in, God bless. It's going to make you happy. And if you're not already in, you should definitely check it out. You know it's a I think you know people get fixated on you know the money market sucks and you know the TSX fees at 600 yeah it is you know and that's the reality but you know what's cool about it if you're if you're not in already is that we're much closer to this turn because $60 billion has been committed and shovels are turning to build these new battery manufacturing plants in the Eastern United States and Quebec and Ontario.

1:01:59 Those guys are gonna need high grade class 1 nickel, that NISC cast. So things are gonna change and when the TSX-V does move, it's gonna be a ripper up to 1200 and then it could ultimately it'll bounce up to 24. So it's gonna be 3 or 4 full move for everyone, but within that, companies that have really done their thing right and created value are gonna appreciate by multiples of that. So I say to people, hey, maybe you don't take your full position now, you want to layer some things in, you think there might be some other further, you know, I don't know, sort of drops in the market, but if you look at the market, like this is as low as it pretty much gets. And I'm telling you folks, If not Power Nickel, find other ones you like, because investing in junior mining will change your life.

1:02:51 And it's going to happen, and it's going to happen soon. So that's my last thoughts. Awesome. Thanks again, everyone, for participating, and I hope you all Have a great day.