Nevada Lithium Discusses Critical Minerals At Bonnie Claire

0:03 Good morning, good afternoon, and good evening, depending on where in the world you're signing in from. I know there's at least a few time zones, so I really appreciate everybody's time today on a Friday. I'm joined today by Steve Rentschler, CEO of Nevada Lithium, and Jeff Wilson, the company's VP of Exploration. Gentlemen, how are you today? Okay, super. How are you doing, Romeo? Good, good, good. Good to have you. So, for the folks in the room, here's how today's going to work. I've got some questions for Steve and Jeff but today is an interactive event so there's a chat button on the bottom right of your screen. Please feel free to ask questions at any time during today's event. I'll be eager to answer them. If for whatever reason we don't get to your question today, I'll still make sure the entire transcript of the chat gets to the Nevada Lithium team. So they'll be able to get back to you as soon as possible. Also, you can request a meeting with the team. You can do it on registration, but you can also do it on the landing page for this webinar. But let me jump right into the protein of today's events. Steve, this rubidium and cesium discovery does seem like a pretty significant development for Nevada Lithium. Curious for your perspective as CEO, how would you characterize the importance of this news for the company and what it means for Bonnie Clare?

1:00 Well, I tell you, Romeo, it's a very exciting development, I think. The quantification of it, as I'll walk you through in a little bit, is sort of a little bit... There's a little bit too much blue sky to go into detail, but people will be able to do their own math. But the way I look at this is that, as we've often talked about at Bonnie Clare, there's a lot of optionality in this property. And if you'll recall, we first started with the lithium, then with the discovery of the high-grade lithium, we had the boron coming along. To refresh everybody's memory, the resource that we have is arguably, I don't think arguably, but it's the second largest in the US after Thacker. But we're sitting there open in 3 directions. We have the PEA that we released a little over a month ago that shows tremendous economics.

1:46 And then as we went back and looked at these assays to see sort of might we have something with these critical minerals that would be worth examining, then we understood that even though when you look at these types of numbers at first blush, The relationship that we have with high-grade lithium and boron and these critical minerals, specifically right now the cesium and the rubidium, it's really eye-popping. When you look at this, you'll see that the grades are in comparison to what we're throwing through the PEA, say 4,000 plus ppm lithium. Again, Juan E. Clare is, we think, the highest grade lithium deposit in Nevada.

2:30 We're throwing through material we could potentially throw through cesium and rubidium that's Say a couple hundred ppms Something like that and this is just to start off And to be able to frame this for people in terms of what the value might be there So there's we think there's going to be economic value that's predicated on the fact that Bonnie Clare is so huge. And there's a whole sort of, I think, a whole sort of value there that you can't really quantify right now. And it's predicated upon the interest that the US government is taking in these critical minerals. Now to refresh everybody's memory, right? Cesium, rubidium, these are not rare earths. You'll see them, you know, the neodymium and the dysprosium, all this kind of stuff that you see in the rare earth magnets and everything. The critical minerals list that is, it's still a draft list for 2025 that came out from the U.S. Government is essentially the way I look at it, it's materials that there is no U.S. Supply line for, right? Basically the U.S. Is totally dependent upon friendly countries or frankly unfriendly countries for these supplies.

3:33 For cesium rubidium not a whole lot is known about global production, global supply. I'll talk about a little bit more after we get Jeff in here because I wanted to talk about the geology. But there are clearly valuable attributes to these materials. And we're not looking to become a critical mineral company. But we are looking to add value however we can. And we think that there's real opportunities with this. So I'll go into that in a little bit. Probably do a little arm waving. But right now I'd like Jeff to take you through sort of what we've found. All of this you'll see basically on the news release that we put out the other day, there's scatter plot charts and everything. We didn't try to put them up here because I don't think people can really see them well enough but it's all there under the news releases up on the website.

4:23 So Jeff, I'd like to hand it to you for a couple of minutes to take people through what you're seeing, what you think the geology, all of this kind of stuff. And then I'll come back with some sort of closing thoughts and then we'll have Q&A. Sure. OK, so for those of you who followed us over the over the weeks and months, you'll know that Bonny Clare is sitting in a sedimentary basin in Nevada next to an old 10 million year old caldera. And you've got layers of this volcanic sediment, which has lithium and boron. You've got an upper zone between surface and 110 meters, 120 meters. And then you've got this deeper, higher grade lithium zone between, you know, 1500 and 2500 feet.

5:10 So where we have the cesium and rubidium is in the lower part of this lower deep zone between 600 to 750 meters, 2000 to 2500 feet. And you're seeing 200 to 250 ppm cesium and 275 to 315 ppm rubidium over the lower part of this lower zone So it's 90 to 120 meters thick 300 to 400 meters thick and that sort of coincides With again the lower part of this high-grade lithium-boron zone. So you're talking about 39 to 5300 ppm lithium and 15 to 18,000 ppm boron in that same package.

5:59 And So they physically coexist. The cesium normally traditionally exists as polysate, which you find in lithium pigmatites. We don't know if we have that here. Rubidium, It has no naturally forming minerals that you typically find, but it normally substitutes for potassium in case bar, micas and maybe in clays. And that's where we may find the rubidium in clays. What is interesting is that

6:34 when we looked at these composites, we went back to Fluor and Cameco and asked them if they could run what was left of the pregnant leach solution and see if they could find it. And indeed, they did find it. I won't go into the numbers because they're very preliminary. But it does mean, to my way of thinking, that having gone through the process to extract the lithium and the boron, we also at the end of that process have a significant amount of cesium and rubidium. So we wouldn't have to do in our mind a significant amount of alteration of the existing circuit to pull out the cesium and rubidium. So in that way, it's additive for a very modest change.

7:25 And it's something that I think we'd like to, because these numbers are so preliminary, I think we'd like to go back and spend a bit more time looking at

7:37 the metallurgy of the cesium and rubidium. Super. And Jeff really just keyed on, I think, one of the most important points is that we're seeing that cesium and rubinium is making it through the flow sheet, basically right before we start upgrading the lithium and the boron. So we know we have it in the ground. We know it's not being destroyed at the very beginning, so we think that that probably puts us sort of in better standing than perhaps some other people who've only identified it in the ground. And that's not to cast dispersion or anything like that, it's just saying that this gives us a greater level of confidence that we can do something with it. I just want to take a minute to you know talk a little bit about cesium and rubidium because you don't hear a whole lot about it.

8:26 Again you hear about the rare earths and you hear about the magnets and everything and all of this you know the information that I'm giving you is no great secret. I mean, you can go on the line and you can find it, frankly, for yourself if you look at it. And a lot of it's coming from the U.S. Geological Society. But it clearly seems to have some uses in semiconductors, and it has certain optical properties. It's got medical properties, things like that. But my guess is this is really fundamentally where things are going to be driving it. And when I think of night vision, you think of missiles, you think of all this sort of stuff. It seems to me that this is really going to be the crux of what we're talking about. There's not much known about global supplies. It's not commercially traded, right? Neither one of these elements is commercially traded. And there are all sorts of sort of different isotopes is the wrong word, but oxides, carbonates, all this sort of thing. So pricing is for very small amounts that you can find essentially online, give you an idea of what the very, very, very best prices would be, but you can sort of work your way backwards.

9:33 To my mind, at an 8,000 ton a day type of a processing rate, if we're even just throwing 100 ppm material, right? Cesium or rubidium through here, and then you can start picking your recoveries, we will get a sizable stream of material to come through. God bless you. And then you can sort of start deducing what you think the value is. Now, I will tell you, it's going to get pretty big pretty quick. And what it tells me is that we've got a lot of flexibility to pretty much pursue it. If I'm looking at something that basically there's a couple thousand tons a year that are being used, and I think Bonnie Clare arguably might put out a couple hundred tons a year. You know, you're talking about a significant part of global supply. So prices will come down, and there's no doubt about it. And again, this is arm-waving on my part, but again, I just pointed out to show you the optionality of what we have going on here.

10:33 This material, some of this material sells, and let's call it at the retail level, right? So very top of the market, call it $100 a gram, this kind of thing, right? That's the kind of thing that's $100,000 a kilogram. So for a ton, it's worth over $220 million for a metric ton of this stuff. Start going backwards and say, do you think you could get 80, 70, 60% of this kind of a thing? If you look basically at what annually we could get through, if we're putting 100, basically PPM material through, you'll see basically that the value every year is worth more than the project itself. And now I'm not gonna go any farther because it really gets blue sky, but it's easy math to do. And my point in saying this to you is then you start applying any sort of a recovery factor that you want. I don't care frankly if it's 2%, 5%.

11:26 You'll see that these kinds of numbers are really, really incredible. Again, we don't want to become a critical minerals company. This is all just additive to what we have. As Jeff just pointed out very succinctly, we don't think that there's going to be a huge trick to what needs to be done to the flow sheet to try to recover this. So my point is there's a lot of comfort here, that we can get value out of it. And we don't know how much the costs are going to be. All I will tell you is that, again, when I look at the potential for the revenue and scale it down however much I want, there's a lot of room to work with. So I'm pretty confident that we're going to be able to work something out that's going to bring in sort of along the lines of what Bork Acid did, right? Though potentially, I think, to a greater, to have a greater impact. And that is just me and this is Steve's guessing, but I think the math sort of bears it out.

12:20 I think that these types of markets, again, very similar, let's just say to lithium, all the uses frankly aren't known because the material's never been available. If you look at the USGS material and you see sort of what they think the resources are for cesium rubidium, it's associated with basically what you mean. And again, the hard rock, you know, the way I look at it, was never really needed until the EVs came along. So you don't really know how much is out there. But the idea is again that your starting point now is that well there's not a whole lot out there. The prices are very high and how far down can we drive prices and still make a very good, you know, basically contribution to the net present value of the project.

13:05 And I think that the chances are very good. That's sort of on the quantifiable stage. Now, the unquantifiable stage, there's clearly a lot of interest in the critical minerals. This all plays into Bonnie Clare's location, right? To those of you who are new again, we're in Nevada, 2 and a half hours Northwest of Las Vegas. We got area 51 to our East, 10 or 15 miles. We got Death Valley to our west, you know, 20 miles. We have this huge basin all to ourselves. We sit there with arguably the second largest resource of lithium in Nevada with a huge boron resource as well. This is indicated and inferred in a lower zone that's the highest grade that's out there.

13:51 I think we stack up very well, if not better than any of the other projects in Nevada. And frankly, I think that our economics are right up there with some of these DLE projects that you're seeing coming out of the smack over. I would take our project, and yeah I know I'm biased, over some of the economics that I've recently seen coming out. You know, up a representative project in the smack over. And Again, everybody remember, we're at the PEA stage. Some of these other projects are at the definitive feasibility stage, but I would argue that the DLE, I've not yet seen anything done commercially. I'm still waiting for the salt and sea to come. That was a discussion 4 years ago I was having with car companies. So, you know, where are we? You wanna risk us a little bit more? Certainly that's you know that's what investors do risk us accordingly. But when you look at all the metrics from payback to net present value over initial cap X to our operating cost which arguably is not going to hit a Salar type of an operating cost down in South America, where all you're arguably doing is pumping the brine out, letting it evaporate, and then processing it. We're still right there in the second quartile, in very good shape, And now we have the potential for these critical minerals to make a contribution.

15:06 So as it stands right now in terms of optionality, again, we have the lithium, we have boron. Now we're looking at cesium, rubidium, which were on the critical minerals list. We have elevate levels of potassium. Potash is on the critical materials list. We never got a chance a couple of years ago to basically develop a flow sheet for potash. Now arguably our mineralization has changed with a high grade but obviously I also want people to understand that we think that that is another potential revenue for the project. All of this needs to be borne out. We need to do additional work, but I want you to see our starting point. This is all predicated on the geology. That we have a Bonnie Clare as

15:49 he said we're already second largest in Nevada in terms of lithium. But remember. This high grade zone is open in 3 directions. We've not yet hit basically the bottom of the- of the basin where the guys think that this would be where the highest grades and the thickest intercepts are. Remember, this is about tonnages. At Bonnyclare, we're talking about hundreds of meters of intercepts that are 2,000, 3,000 ppm on up. We're throwing 4,000, 4,500 ppm material through a 61 year mine life. And other people can't do that. That's why the economics are coming out so nicely. So we're very excited about this. I don't want people to think all of a sudden we're a critical minerals company, we're a lithium company, but boy oh boy this is very exciting as to what it could potentially do for Bonnie Clare. And we will start evaluating this, already have frankly, and we will stay in touch with the market about what we're finding.

16:47 So I think that's pretty much the end of my spiel right now. Romeo, if you want to bring in a Q&A, it's things that I missed.

16:55 I got a couple of questions myself, but there are some good questions that came into the chat. A couple of Really specific comments, so I'll try and tackle them all one at a time. One thing, I know you touched on it, but I just want to be clear for the investors in the room. What timeline should folks expect for incorporating our rubidium and cesium into your economic models? Look, we're still holding on to, can we get this into production 2031, 2032? And this is all based on financing, right? And there is a normal, again, right, a normal progression to what you would do. We're at PEA, we just completed that, we would like to get the feasibility going, then you would have definitive feasibility study, etc. If the value of this project is what it is, you never know if potential investors, potential partners, whomever, might want to come in and basically do things concurrently. This has been done before.

17:47 However, if we are able to maintain that kind of a timeline for the overall project, this would be part of the project. If this turns out sort of went away, I'm looking at things on the back of the envelope, you would incorporate this at the very beginning. You wouldn't wait to do it. Arguably, this could be the kind of thing that helps us get the financing. The way I look at it is all these additional revenue streams,

18:13 they give you the potential for royalties, for streaming agreements, for off-take agreements, all this kind of thing. It's sort of the more the merrier, which could actually help accelerate the production. However, this is not the kind of thing, to simply answer the question, this is not the kind of thing that we would wait to do. I would anticipate this would be happening on day 1. And if I can speak to that as well. In terms of logistics right now, we've just published the EA. And so

18:43 if we get the financing to move forward towards pre-fees, you know, You're talking about 1 to 2 years worth of work. You would incorporate the cesium and rubidium in the next stage of network. And so maybe you might, and then assuming that it goes well, you would see that in the economic model for the pre-feasibility study in 1 to 2 years. Right. I appreciate that. One question I had, you mentioned the minerals have advanced through the initial lithium borne recovery stages and are present in pregnant leach solution. What does it mean practically for processing approach? And how complex is it to extract these additional minerals without disrupting the lithium operation? The short answer is we don't know. Sure. But the way I look at it is that we know that we haven't essentially thrown them away at the very beginning, or they haven't been locked up in some way. And I'm not saying that we're getting the full value. Did we put 10 parts per million in? Are we getting 10 parts per million out? The pregnant leech solution's been concentrated.

19:44 But be that as it may, the reality is if it's there, if it's not locked up in some crazy sort of a mineralization, and I'm clearly not a metallurgist to everybody, as long as that's not the case, we should, we think, be able to basically pull it out of that pregnant leach solution, right? And it should not affect the lithium or the boron that's there. So that's one of the things that we're starting to piece together right now, scoping out the work as to what's going to be necessary. As everybody knows, Floor, right, has done our lithium and boron flow sheet. They've done a lot of the other big projects in Nevada. We're going to be asking them, obviously, about this. We have other interested parties, frankly, who've asked us about this and looking to see what people can pull out. This is a very interesting thing, and I may as well broach this topic, because I don't know if people are really thinking about it this way.

20:41 You know, HERO4, it's sort of like DLE, right? Direct Lithium Extraction, and let's just call it a black box because it is. Every one of these DLEs is going to be specific to the chemistry of basically every one of these different projects, right? But it's always been thought about the DLE is if there's a brine, right, you would immediately pump the brine out and you put it into the box and you get whatever you want, hydroxide, carbonate, maybe it's a technical grade, you've got to upgrade it. Okay, that's fine. That's in its most simple form. I'd argue it's probably it's also got the best economics because you're just pulling it right out of the ground. But DLE can also be applied to basically

21:23 secondary stages of recovery. So let's just call it that's where the pregnant leach solution is, right? In our particular case, it's after we hit it with sulfuric acid, right, to unlock it. And this is all in our flow sheet. And by the way, the PEA has been put to CDAR. And so you can find it on our website. You can download it from there. It's a pretty big file, but please, you can read about it yourself. But right now the recovery method starts

21:48 with basically the acid. And so the point is DLE may very well become a part of the flow sheet as we go into PFS or feasibility study. And so since these DLEs have got all different things that they're using, whether it's ion exchange or different membranes or electrical currents or, I don't know, chocolate pudding, whatever the deal is, there are ways that these people are finding to pull specific elements out of there. And I think it's a very, very interesting sort of evolution that DLE has made over the last number of years and the way people are thinking about it. And I think from the perspective of Nevada Lithium, it's just an additional thing to look at. Like we're very confident again in our existing flow sheet.

22:35 A lot a lot of confidence in what floor is put together, our recovery factors, 85 plus, you know all these kinds of things. Very very similar to what you see with you know basically the other Nevada projects. It gives us comfort, but maybe there's potential to do something else in there or something in addition. And again, this is the optionality that I would argue that has got a lot of value at Bonnie Clare. Yeah, and I'll just second that. We do know that it is there. We know it's in the rock. We know it's, we've put the rock through the existing circuit. Fluor have demonstrated that. And we know that It's there at the end, the cesium and rubidium. And certainly from my informal discussions with Fleur and Cameco, they're certainly very interested in looking at this further. They certainly don't preclude that you can get it out.

23:28 And I think that'll be a significant part of our next metallurgical program. Great, appreciate that, Jeff. Now, I had to look this up, but rubidium and cesium seem to have specialized, valuable applications in atomic clocks, cancer therapy, high-tech uses, et cetera. My 2 questions there are, how's the market pricing both of these minerals and who are potential offtake partners?

23:53 I would say you need to be really careful about the pricing. That's why I tried to frame my outlook in broad brush strokes and not start giving numbers because when you start, if you look at the in-situ value, this is just do the math, take an Excel spreadsheet, take 1.7 billion tons of ore and put 100 ppm of something in there and price it at $100 a gram, okay? This kind of stuff, it's ridiculous. The national debt is smaller, that kind of stuff, the US national debt. So, but the point is, the value I think, again, that the US government, there are things that US government could say, hey, there's no US domestic supply, but there's no potential use for it. We don't really care. Atomic clocks, I don't know if that's going to be the largest thing or cancer therapy.

24:41 I've tried to read, obviously, as much as I can about this. To me, it just seems like a lot of it's about photo optics, solar cells, super computing, all this kind of stuff, seizing and rebidding, interchangeable to a certain extent. Could be like a copper aluminum kind of thing where you get substitutability at certain prices, I don't know. But the point is where we thought boron was pretty opaque in terms of what the markets look like, this gets even worse. It gets even more opaque. You're not talking about millions of tons of supply and demand for this year. You know, you're talking, I don't know, arguably,

25:20 you know, tens of thousands of tons. I mean, the USGS will say we really don't know. And again, I would just argue that the way to look at these sort of nascent industries is you can't look at demand as sort of what it's based on for existing products because people don't incorporate something into products that's arguably worth $100 a gram because you're talking about hundreds of thousands of dollars for, I don't know, arguably a very small product, just based on the cesium. So as the numbers come down in terms of prices, okay,

25:54 you're gonna get more and more application. My point in just giving you these very, very large numbers is that start knocking the numbers down. And I would argue you could knock the numbers down by 95%. You could knock the recovery down by a great amount. And then plug in what you think a reasonable cost might be, all of which we're going to find out. But you'll see that I think in the end that the chances, and there is still chances, but the chances for additional value are very, very high. And that's exactly where you wanna be when you start. So I wish I could give people more data, but this stuff is not freely traded. All it is, US government wants it, and we're sitting there in the middle of Nevada with arguably, you know, more than the rest of the world combined for at least a couple of years, again, just do the math. People will look at it as if there's inherent value here. And that's the way I'm looking at it right now. Great, I appreciate that, Steve.

26:49 Now, we'll get into questions that came in over email and in the chat now. 1 that came in over email is basically broadly,

26:56 and take this where you want, what's the project timeline over the next 5 years? I would still like to get this into production in 2031, 2032. And arguably, you know, it's getting tighter to do that. But that is really what the goal is. And I'll tell you, a lot of that is because we're looking into sort of how we can evaluate what the impacts of the big beautiful bill, the US tax bill that was just passed. And that's because we sort of already know predicated on the PEA what the kind of impact would be. You know, when you do the PEAs, we obviously broadcast or publish, I should say, a post tax NPV

27:37 predicated on a certain discount rate. I happen to know what the end bracket is on a pre-tax basis and it's very, very high. Arguably, if you could expense everything instead of capitalize the cost, I would say to you that that's basically what a pre-tax type of NPV is. Even if I split the difference, it's a very, very large positive impact to the NPV.

28:01 Now, the big beautiful bill is not totally worked out. Last time the US Inflation Reduction Act was passed, it took every bit of 6 to 9 months for the government to figure out how they were gonna administer it. So, we're having people start to tell us what they think it would cost to get an opinion about what this is. But I'm just taking the government at its word right now is that it's gotta be in somewhere in 2031, 2032, that's what we wanna target. And that's why I also brought up, I understand the conventional way of doing this, you know, again, PEA, pre-fees, feasibility study, you know, one thing sequentially. If you're in a rush to do stuff and you're willing to take some additional, to say it, chances, increase the risk, you can shorten these timelines. Now, permitting is still going to be permitting, though it is interesting the US government is putting additional emphasis on streamlining the permitting.

28:55 Ours, again, Bonnie Clare's on federal ground. The Bureau of Land Management is gonna be a part of this. It's a large project. We'll have to have an Environmental Policy Act, a whole NEPA process that we'll go through.

29:08 But the point is, you know, if we can get basically the financing in place, I mean, this is really the reality. You can get started on these things early. You know, background environmental studies need to be put in place on and on and on and have things done concurrently. So that's the timeframe that we're trying to do. Is there the potential for slippage? Sure, But at this point in time, we're trying very hard to hit that time frame. Great.

29:35 Julia from the chat asked, does this impact Bonnie Clare's likelihood for federal and state funding? I think personally it's a positive. And I don't wish to paint this in there's anything that's been definitive. But I will tell you that previous to this announcement, we've been in talks with the government about other aspects of the project. I don't really want to talk about it right now because frankly, nothing may come of it. However, I am a little bit optimistic because it's stuff that we haven't talked with them about previously.

30:06 I do know critical minerals are clearly a focus for the government. And I think the fact that, you know, I'm not saying that we're the only ones in Nevada who have critical minerals in our geology because we're not. I mean you can find other press releases of our peers out there who have it. However, I'm not certain other people have found it at the basically in their pregnant leach solution which to me would give anybody who's interested in critical minerals an additional level of comfort and a reason to look at Nevada lithium

30:38 preferentially than looking at other projects. And that's just me. And I know I'm talking my own book, but that's the way I think about it. I know. Appreciate that. Michael Stamatakis, who I believe is probably an industry person based on this question, he says similar rubidium and cesium enrichments occur in the so-called paper shale located in West Samos Island in Greece, where upper myosine saline alkaline deposits occur. He's curious if Bonnie Clare's deposits are also enriched in gallium, gadolinium and hafnium as he's detected some samples where he's at. Jeff, Steve, either of you have an answer for that? Jeff, go ahead.

31:14 I'm not Sure, but I'd certainly welcome him to give me a shout directly and I can follow up with him about that. Perfect, great. Michael, I'll make sure that you get the contact info following this event. Lithium Investor from the chat asks, are you planning on having another Bonnie Clare tour next spring?

31:32 We would love to. We would love to. Nothing definitively has been set in place. I will tell you doing it in the middle of the summer is not a fun experience for anyone. But yeah, and again, reach out to IR if you're interested. When I say IR, it's the contact IR. It's Nevada Lithium. And we'll certainly keep you apprised of what the plans are. Great. Appreciate it. Aaron's from the chat asked, do you believe you've identified all the useful elements of BonnieClaire? Interesting question.

32:04 I think we have but not not entirely certain. I know I mentioned outright the potassium because that is something that it interested us before and again here we're talking about very very elevated levels of potassium. Now again doesn't guarantee we're gonna be able to extract everything you know out in 1 form or another. I mean, Jeff, maybe in broad strokes, if you wouldn't mind just sort of talking about the types of, you know, PPMs we're seeing in potassium. We have some other things that we are still looking at, but I'm comfortable just talking about the potassium in addition to the caesium and rubidium at this point in time. And I would say we don't know yet. I mean the standard, so for example with rare earths, okay, rare earths are not part of the typical analytical suite for example, but I do see in the scientific literature discussions around rare earths, you know, so that's something that we might look at later on.

33:10 And we do have elevated, a variety of elevated elements. And I think that will again, that will form part of our of our next phase of metallurgy. So I'd say watch this space. You know, there might be more And that's probably a better way to say it Yeah, then I'm just being obviously more cautious than that. I am about it. But yeah, we there may potential be potential for other things Great. Well Steve Jeff that comes to the end of the questions we've got in the chat. I know we've gone past the half hour that I said we would certainly be under, so it does happen. But Steve, I'll throw it to you for final words for today's event. OK, super. Well, thanks, everybody. Look, I know lithium prices are still down in the doghouse. We thought we might get a little bit of a respite coming out of that Chinese mine, closing it down. I don't think that we've taken basically every dollar back or given it back, I should say.

34:01 But, you know, again, I go back to the fundamentals of this space and you know to me if you believe in EVs you need to believe in lithium. I still see all these same demand profiles you know needing anywhere from 2 and a half to 3 and a half million tons of carbon equivalent a year in the next 5 years. And if we're somewhere around 1.4, I would argue we're going to need all of these projects to come on. I don't think they could all come on, frankly, in time. You have a bifurcated world. It's clearly China versus non-China. And the tariffs are in place to basically incent US consumers, producers, all this stuff to take advantage of US produced materials. Now, we're sitting here, obviously, Nevada.

34:47 I've mentioned a number of times we have tremendous economics on our PEA, 61-year mine life, generating over 60,000 tons of lithium carbonate equivalent a year with a $2,000 a ton ballpark Boric acid credit, it gives us over a 30% IRR payback of, you know, a couple of years, under 3 years, and a very nice NPV to initial capital ratio. And those to me have always been the most reliable metrics to look at the value. Sentiment stinks. If you're a contrarian, if you believe in EVs, I would argue that this is a stock that you want to look at. Our market cap is there at 30, 40 million dollars Canadian.

35:36 I understand people say, oh, you know, how could you possibly build this and that? Look, dilution is part of the junior developers game. The idea is how much can you minimize the dilution to get to the point where you either have a big brother who can help you along or an offtake or whatever the deal is. Take whatever number you want for diluted number of shares by the time we're done and look at the net present value of what we have now. What I think is very reasonable economic incentive pricing for lithium. We did ours at $24,000 a ton and take 40% of $6, $7 billion, take 30%, whatever it is, you see that I would argue if you're in the junior mining space, you're not playing for 10% a year. You want the potential to hit things out of the ballpark. I think that obviously Nevada Lithium

36:24 and Bonnie Clare represents that potential. And I think the addition potentially of these critical minerals is something that that just makes the story even better. So Please we'd love to have you shareholders. We'll keep you abreast of what's going on and hope to talk to you soon Awesome. Well Steve Jeff. Thank you so much everybody in the chat. Thank you This event will be available for replay probably in just 2 hours. It'll pop up on the exact same page but also on Six's YouTube channel. But thanks everybody for joining us. Steve, Jeff, have a wonderful end of your day. You