Nevada Lithium Market Update

0:04 Hello everyone and welcome to today's Nevada Lithium Market Update. We're very pleased to have Stephen Renschler, CEO of Nevada Lithium with us today to share his insights following his return from the PDAC convention. Stephen just returned from PDAC and mentioned that this year's convention was particularly interesting. He's eager to share his observations with all of us today. He will also be providing us with his insights on the current state of the lithium market, key takeaways gathered from industry leaders at PDAC, and the latest developments at Nevada Lithium. Following his presentation, we'll open the floor to a live Q&A

0:35 session where he can engage directly with Steve on any questions you might have. Please note that this event is being recorded and will be available for viewing shortly after we conclude on 6.com or on our YouTube channel. With that said, Steve, the floor is yours. Thanks a lot, Kyle. Thanks everybody for taking a few minutes here to spend with me. I think I did this last year following PDAC, but I just wanted to take the opportunity and give an update, not only just on what we're doing at Nevada Lithium, but also sort of what's going on in the world as best we can see it. I know not everybody gets a chance to go to PDAC, but if you're involved with natural resources and you get the opportunity in your career to go, I would certainly advise you to try to take a stab at it. I think I probably my first one was 20 plus years ago. And of course, now we've been going for a couple of years in a row. And the reason that I like to talk about it is even though it's one of definitely a few or more than a few conferences that go on in natural resource industry over the course of a year, PDAC or PDAC is generally I think regarded as sort of like the bellwether, sort of the, you know, the big mama in the room just because of the people that you'll get. If you're going to have, if you've got a budget to go to 1 during the year, one of these conventions, you go to, you go to PDAC.

1:55 So it was up in Toronto again, it was last week, it was ridiculously volatile weather over the course of the weekend. If you haven't been there again, just imagine a massive convention center, you know, the size probably of a couple of soccer pitches, football fields, whatever you wanna say, full of booths. And then over the course of 4 or 5 days, 25, 30,000 people walking by, all types, everything from prospectors to developers to senior producers etc And you will meet people from all across the world people you never thought That you would meet and in fact that's happened to us a couple of times in a row I always like to say going going to PDAC or one of these big conferences, it's sort of the unplanned benefits that you get that can mean the most. Generally sentiment is something that they always talk about, and I would say that this year obviously things are dominated by US driven geopolitics.

2:48 And I think has to be expected. I'm always identified, obviously, as one of the Americans in the room. And you know, people want to know what's going on. And I'll say, Well, I'll get back to you when Donald Trump tells me what he's doing. But in general, I think, you know, what I like to go back to is that when Donald Trump was first elected back in November, we reached out to consultants in Washington to get an idea of sort of, you know, what's the normal carryover? What's the normal time frame when a new regime comes in until things settle down. And they told us to expect every bit of 5 or 6 months. So we're still in that time window. So I bring that up just to tell you it's not like anything has been extended at this point in time. Obviously, there's a lot of stuff that's up in the air. There was some immediate impact on the Inflation Reduction Act and cessation of US EV tax credits. But there's also a lot that's still unknown at this point in time, in particular with regards to lithium, the status of loans that were made to Thacker Pass and to Ioneer, though both companies are saying that there is no issue.

3:52 So I don't want people to think that everything that's going on in Washington is leading to the immediate or near-term death of the lithium industry. As I like to say, the lithium is not dead. And in fact, while we're waiting for the resurrection or the apparent resurrection, we're busy in the matter of lithium, continuing to ply a way to make sure that we're in the best position possible when all the dust settles. While we were there, we saw a number of people. I took advantage of the fact to go there to get number one-on-one meetings with people sort of in pre-planned conferences that you can sign up for, spend a little bit of money on that I thought was very cost-effective. We also had some very good outside of the convention meetings to see industry suppliers, specifically engineering firms, who we think are going to be very beneficial to know in the next phase of development.

4:46 And we had people come by also again with professional interest about what's going on in Bonnyclare. Now since this time last year remember we have had a massive resource update. We're now not only one of the biggest, we're one of the biggest and arguably the highest grade lithium deposits that's anywhere to be found. And I think I mentioned last year, Jeff was with me, Jeff Wilson, our VPX. You know, Jeff would be sitting at the booth, I would be out many times at the 101s, would come back and I would find Jeff holding court there with essentially a bunch of professional geologists, people from other companies, etc. And the interest was there, but it was just sort of starting in these types of deposits. Remembering we have a massive sediment hosted lithium deposit in Nevada, none of which of these are in production.

5:37 We're looking at Thakrapass, we're looking at Rhyolite Ridge, but previously it's all been about South American salars and about Australian hard rock. Australian hard rock. Now we have this third generation of lithium projects that I can tell you is becoming more and more obvious to players, to industry players, to strategics, everybody. People are really starting to hear about these kinds of deposits and they were starting to hear about Bonnie Clare. You know being the biggest or one of the biggest and the highest grade is a very very powerful combination and I think we should all take heart in that and this course is just the way the geology is turned out. The fact that we kept drilling you know to depth in mineralization.

6:23 But we have when I and I say this you know you I know you hear this for me but this is not- hyperbole we have a beast on our hands she is big she is high grade. We know there's more there we don't think that we need to find any more or want to find any more right now, but we're pretty sure that there's more there if we were to need it. All that's being said is that the appreciation for Bonnie Clare is continuing And we want to have this professional interest as we continue because as a junior, I know this is something that's maybe it's a little bit outside of the box for most people, but it's sometimes it's hard to be taken seriously. And, you know, there can be a lot of arm waving blue sky, that kind of a thing. But we've taken our time, we've done everything we've done very methodically, you know, checking all the boxes. And I will tell you that people take us very seriously. And the people that we want to take us seriously will help us get to the next step.

7:18 Specifically, as we launch into preliminary feasibility study, and I'll tell you a little bit more about that in a bit. But so to wrap up sort of at the company level, There's a great amount of interest. We had people come by who we are always in contact with on a habitual basis, but they stopped by, which is always good just for additional reaffirmation or just to press the flesh, et cetera, because these relationships are not built over weeks. These relationships are built over years and are very comfortable with the types of relationships that we've been building. I think they're going to pay off. I would say from my standpoint, I did not notice as many visitors from Asia this year. Certainly met some of our friends from Japan, not too many newcomers.

8:06 We did not see as many Korean contingent as we had previously. I don't know if we just didn't happen to see them or whatever. However, we did see participants coming from different areas of the world that we hadn't seen before. So all in all, I think my perspective probably mirrors pretty closely as to what they were saying, just from the conference's standpoint, is that it was successful. There were, I believe, more attendees than ever. I think it was another record, but certainly very strong and well represented by different components from around the world. As I said, I think the fact that we are being increasingly recognized is certainly a good thing and is going to help us as we move forward. The context sort of natural resources in general, the overhang is, even of course, I think gold is the most obvious in terms of its price movement.

8:58 Copper is up considerably over fears of, I say not only tariffs, but just also the needs. Supply is not keeping up with demand. We've seen that trend. However, I've talked to copper and gold developers, and financing is not easy for them. And the reason I bring that up is just to say, I don't think that we've missed anything, you know, with regards to lithium. It's not like there've been open doors, you know, hey, come get this money, it's easy to be gotten, et cetera. While All of this is going on, you know, even though electric vehicle car sales were up globally, almost 25% last year, I think they were up 30% in China, they were even up 7% or 8% in the US. And even though these are, again, incredibly distorted markets, This is a tailwind.

9:48 You know, we saw different types of things happening in the lithium industry at the end of the year, or I should say actually, over the course last month or so, you know, which were, I'd say, diametrically opposed at first glance, one of them was, of course, that Sabani Stillwater pulled out of the Ioneers, the JV that they had with Ioneer, that's for Iolite Ridge. And they cited low lithium prices. I'm a little bit pessimistic about that reasoning. Obviously, Stillwater, Sabani has been having trouble with PGM prices. That's really what they're involved with palladium platinum. And those prices have come down tremendously in part because of EV growth, because they're mostly used in auto catalyst to reduce emissions. But be that as it may, it's been clear that they've been having financial problems for a while. So they pulled out with that, but by the same token, GM got another, I think it was $250 million slug of capital from Orion Resource Partners.

10:45 Essentially it was the last of the capital they needed for Thacker Pass. Pretty sure that's correct. So, you know, lithium is continuing to go ahead. Again, while all the dust is going to settle, we're going to continue to do what we're going to do. I always come back to this in very simplistic terms. If you believe in EVs, you're going to need the lithium, whether it's, you know, lithium hydroxide, lithium carbonate. It's going to be there in 1 form or another. So all I can say again is take heart with regards to sort of the global, the macro. I think this is all going to settle down relatively soon and I've begun to look at sort of the steps going forward in a different way because of what is going on. And I think it's all going to work out very well for us.

11:34 So while that's all going on at the big level, what are we doing at Nevada Lithium? Well, remember the context. Over the past 18 months, we basically have remade Bonnie Clare as a consequence of these very, very high grades of lithium and now boron that we found at depth. That culminated in the increased resource report a few months ago that at the time took us to be the largest, certainly in North America, to then subsequently be outdone by Thacker Pass again, but certainly the largest and the highest grade. I mentioned the benefits of having that and certainly the professional curiosity that has increased as a consequence of that. Because the mineralization changed with that high-grade material and the boron, we went to FLOR. FLOR is internationally recognized for its metallurgical work as well as its other engineering work, but specifically we went to them because they had undone basically the flow sheet at Rhyolite Ridge, which is very similar to ours in that it has the lithium and boron components, different but similar.

12:38 And they very quickly made progress to give us the flow sheet that we think we're going to advance in our updated PEA. The updated PEA, and I'm still thinking that we're going to come very close to the end of April, it'll be somewhere in there for us to release it, is going to take into account all the updated resources that we have. So from a few months earlier, where you will have a higher tonnage and a higher grade of material to work with to bring that all together, coupled with Fluor's new metallurgical processes. We announced very recently, maybe 2 weeks ago, right before PDAC, that we were using an acid recovery method. And the reason I bring this up is that we got that news release out quickly so we could talk to strategics about that method.

13:32 You'll see in the headline that it says, you know, 95, 97, whatever it is, you know, percent recovery rates. I do want to make sure everybody understands those are initial recovery rates. As you continue to optimize basically the lithium recovery and finish things out, etc. Those rates will actually come down as you basically clean up the lithium. You know, you're going to lose a little bit more as you get the purity up. It looks very, very clear to us that we're going to come in right in sort of the industry averages around 85% lithium recovery. I just don't want people to sort of be shocked to say, hey, you guys were saying 98%. No, those are initial when people to understand that clearly, the sulfuric acid was definitely going to be a viable route at the beginning. Because if you've gotten low recoveries at that point in time, then you'd have to go to something else.

14:22 I will tell you that my impressions are that people are more comfortable with sulfuric acid rather than the calcination approach, which we were originally going to do, with the material that we had previously, which was of a lower grade lithium. Remember, it was essentially closer to surface. But again, this was before we knew about sort of these much higher grades of lithium and the boron that came in as we got down closer to the basement at Bonny Clare. So I think that's going to be another thing that actually acts to our advantage going forward is just sort of the familiarity with that recovery route versus the calcination. So we hope that this is all going to be wrapped up as I said by the end of April.

15:08 As we're going through that what we are now starting to do is look for who we want to lead our preliminary feasibility study. Now this is not something that is going to be done immediately. We still have, as I said, whatever, 6 weeks until the end of April, but I would like, as soon as we get that PEA out to relatively shortly after that, have it figured out who is going to be doing our PFS. The reason that we're going to take a little bit longer right now is you've heard us talk about the borehole mining method, which is still in place. And again, Bonnie Clare is going to be too deep for an open pit. The question is, how do you get the material out from the 2,800 feet, 2,900 feet, whatever our mean average depth is going to be?

15:57 And again, remembering for those of you who are relatively new, that this is not an in-situ leach. We're not trying to release the lithium by dumping anything down in a hole and bringing it up. It's not a brine. We're literally excavating the material, which is just like mud, from those depths using a high pressure water jet. And you can go to our website and you'll see a very nice little video on that, a three-minute video, which I think explains it pretty clearly. But what we want to do is see whether or not we can find professionals, independent professionals, who have enough experience with the borehole mining, to basically sign off on a mining reserve for us at the PFS level, and potentially give us the ability to wait till after PFS to basically do a test in the ground.

16:49 I will tell you that this is one of these very interesting things where having folks on your team who have a great amount of experience in a lot of different parts of the world really comes into play. And we have been finding more and more people who have experience with this kind of mining who worked on the projects. And these are the types of projects that you've heard me talk about as analogs, whether it's Cameco, Cigar Lake, or Denison with their Sabre technology, even other ones up in Saskatchewan, we're finding that there are people out there. But the point is is we're going to want another world-class engineering outfit to basically become involved with us as we go into PFS because the stature of Bonnie Clare, the size and the grade, we're pretty sure, you know, we have, we have basically a tier 1 global asset in this. And so we want to make sure that we have ticked all the boxes with regards to our engineering partners as we go along, because this is going to help our ability to basically partner with a strategic, bring somebody along as a minority shareholder, whatever it is, just any of those potential outcomes, it's going to clearly facilitate that because the quality of the people we have working with us.

18:04 So stay tuned for that. We have not made any decisions but recall what I was saying about 10 minutes ago and the level of curiosity there is and curiosity I should say slash interest in this project not only in Nevada but specifically in this project and I think we're gonna see all this come together very nicely as we go forward. So in terms of milestones, over the course of the next couple of months, As I said, PEA comes out. Then the PEA will have work recommendations for the PFS. We know what some of those components will be. Specifically, there will be a drilling component. I feel fairly certain that we will have a drill into the ground at some point in the year. I just don't know yet when. Obviously, we don't want to go raising money. We don't have to right now.

18:54 Depending upon the size of the work program, we will want to, but we also don't want to do things necessarily at the market bottom when they're the most dilutive. So it's obviously going to be something that needs to be figured out. But the point of my telling you this is that the ultimate work program and the path towards PFS right now is not entirely known. I think we're going to know it though probably over the course of let's just call it 8 to 12 weeks, something like that. And then we'll really be able to tell everybody, okay, these are definitively the next steps. Frankly, at this point in time, we're not being held up by the federal government in any way. So any sort of a hiatus is going on with the Bureau of Land Management, you know, the Forestry Service, anything like that, none of that is problematic for us.

19:39 We can just continue to work on relationships, and basically get as many of the ducks in a row that we can now, while sort of activity on site is a little bit low. My best guess is still that in a world where we don't have the borehole mining test, we could get that done in, say, from right now, I bet we could get that done in, say, 18 months, Again, without any financing constraint. That is going to be the thing that I think dictates what's going on going forward. But in the context of everything that's going on, just sort of remember this. You know, lithium prices right now are very low in my opinion. They're unsustainably low They're nowhere near incentive prices need to be to bring a new Bring in new Projects I would argue that many of the long-term price forecasts that you see at 20 22,000 dollars they're marginally incentive to bring in the tonnages that are needed.

20:38 From the numbers I'm seeing, it looks like, say, over the course of the past 2 years, lithium supply has gone up by around 200,000 tons each of those 2 years to last year. So I'm looking at somewhere around 1.2 million tons lithium carbon equivalent. And each of the last 2 years, looking from what the analysts say, oh, maybe 100,000 to 150,000 tons of surplus, And this is what's been weighing on the lithium markets. They're saying this year, talking about basically flat to maybe 10,000 tons of a surplus. So you see that really being eroded. My point in saying all this is going to be tremendously volatile. But put it into context, again, the longer term demand that everybody's talking about, and when we started sort of talking about this 3 years ago, we were talking about 2030. So now we're still talking about 2030, 2 and a half million to 3 million tons of lithium carbon equivalent needed. And here we are again, sitting at, you know, maybe 1.2, something like that. Tremendous compounded annual growth rate that would be needed to get there in a world full of uncertainty and I would say increased difficulty to get that done.

21:54 I firmly believe that lithium prices will need to start to rise. In the context of demand, clearly the Chinese car market is what's been driving this. And I know it's not a fair comparison because EV adoption over in China is driven by social engineering, other sorts of things, but in reality, it is what it is. And in the US, at the very least, we don't have the availability of all these different types of EVs to really get a firm grip, I think, on what an unfettered demand profile would look like. However, it looks like the technology is getting better. And I always come back to in a world where the technology is getting better for the end product, it should mean that the demand is going to be there. And we know that that's got to trickle down to the lithium markets where we are now.

22:40 So again, in my typical way, sort of long-winded way of saying, OK, look, things I know right now still don't look terribly good. Things are up in the air. I would say, yeah, they're going to be for a little bit. But you're talking about ownership in an asset that is absolutely tier 1 and is making tremendous strides in what it's doing. And we will be ready for the upswing in lithium prices. I'm convinced of it. And we will fit very nicely into a niche that very few people are going to be able to when the time comes. So take heart in it. Everything is going very well. We're not in any dire need of anything right now. And I will continue to keep you updated on what's going on. So probably a good chance for me to take a sip and see Kyle, did you want to say anything?

23:28 No, no, thank you, Stephen. Appreciate that. And for everyone in attendance, this is a live Q&A session. So please feel free to submit your questions. Now when the lithium market comes back Steve you see the resolution to the lithium pricing issue a bit different than others right? What are your thoughts on that?

23:45 Yeah so look I see the lithium prices meaning lithium prices going higher in 1 of 2 ways. The first one in the short term is, you know, I'm talking about a black swan event which is the Chinese restricting lithium exports or lithium technology exports. So that's the upgrading, you know, basically the technology that goes into CATL batteries, those kinds of things. You know, basically China controls either through source or through the conversion into the batteries about 80% of the world's lithium. They have steadily been progressing with restricting exports on germanium, gallium, or cinnium, the antimony graphite, I don't think we're right there. So I mean, this is a consequence, again, of basically, the chip war that started with regards to the, you know, the AI and everything, military applications, chips, the US China trade war and everything. But the point is, I don't think anybody's really taken that into account, right, then everything, everything changes, the China non China world is instantly in the in the EV firmly ensconced in the EV world.

24:55 And then you know, anything could happen. But one thing I do think is going to happen is at that point in time, cutting off 80% of the world's lithium supply is clearly going to turn into higher lithium prices. Obviously, that manifests itself in higher NPVs for projects like ours. I think the other way that this could turn out is, and I've been thinking about this since the IRA went away, and it was always like, well, you know what, we'll never have Chinese participation in any of these domestic lithium projects because there's no incentive with the EV tax credit for domestic sourcing, you know, that $7,500 sourcing credit. Well, that's gone. I think sort of what nobody might expect is that we end up actually with, in the case of the US, US car companies that are effectively partnering with Chinese car companies, but doing it in the US. And the reason I think is this. First of all, many of the partnerships that the legacy, let's call them the legacy automakers, tried in China have clearly not worked.

26:03 There's no doubt in my mind that the technology that the Chinese have employed in terms of auto manufacturing is 5-10 years ahead of the US counterparts. And that's been admitted to by basically CEOs, GM and Ford. The technology is there, Tesla uses it as an example. I think Honda just last year installed some of these sort of Tesla presses that can get, you know, manufacturing costs down. So the way I sort of look at it is, clearly, you know, Donald Trump, he wants jobs to come into the US, he does not want to have majority ownership being held by by an entity like China, but minority ownership, I'm not sure that there would necessarily be a problem.

26:49 If it relates to jobs, I think that a normal progression would be, hey, you know, BYD, why don't you come produce cars in the US, sell them in the market, and at the same time develop these domestic lithium sources?

27:02 You know, lithium is already on the critical minerals list for the US. Boron, there's been considerable talk about putting it on. But I see it as a very elegant way for the US in particular to solve a number of these problems at once. So that's what I'm thinking. And so I may have mentioned at the beginning, I'm actually starting to outreach to potential partners, participants or whomever, who I really didn't think would have been available 3 years ago. And I'm just starting. And I'm not saying that, you know, well, you know, I'm necessarily even getting through. But I see that as a viable alternative in a new world, because clearly, you know, these EVs have come through in leaps and bounds.

27:45 And I'm just look, I'm an old guy, and I'm always like a last advocate or whatever they call it, last adopter. But if you look at these S curves with technology adoption, remember that the supply demand, or just let's talk about the demand, it's not really in a straight line. You know, you get to an inflection point and just think about sort of making an S from the bottom left up to the top right. And you'll go through these maximum periods of adoption, right, so that your adoption rate is much higher than the overall average. Even though the demand has been distorted, you know, again, China, it's been social engineering in the US has been like, hey, we can't get anything that's really, you know, viable. I think that we're we're past that, you know, that early adopter rate, and we're starting to accelerate into that into the S curve. And that is going to mean increased demand, and supply is still going to struggle to come on. And I do believe that they're going to continue to be restrictions on supply, whether or not they're, they're, you know, basically mandated by China, or let's just say financially induced by the US government to make sure that these domestic supplies are coming in from areas the US can count on.

28:57 So that I think what is going to take longer if that's the way it all resolves. But either way, I just do not think that lithium prices at these levels are anywhere near sustainable to keep the lithium industry where it's at, let alone grow it at what's needed. And that all is going to harken very well for us when we look at the valuation of this project as we go forward.

29:19 So hope that helps Kyle. No, that's an interesting take. Thank you so much Steven. We'll transition to the Q&A session now with a technical question here from Michael. Working on late-Miocene 7 million years old continental evaporates of Somos Island Greece. I have detected boron barren K feldspar and culminate as boron minerals some 340 ppm lithium and clay stone and carbonates, and celestite and clino, pipe delight, sorry, strontium carriers. Is there any strontium, rather, strontium mineral present in bonny-clare deposits?

30:03 The answer is I don't know. I have heard I've heard Floor talk about wanting to look at cesium and I don't know if that's considered to be part of a strontium carrier. I don't know. If you get that question though just email that to me and I'll ask Jeff to take a look at respond about that as the World knows I'm not a geologist I thought I might have been able to bluff a little bit when I a feldspar, but then it fell apart I was dreading even reading it No, don't worry we'll make sure you get the information and that Jeff can provide an answer as well, Michael. Another question here regarding tariffs. Due to tariffs, will Nevada Lithium switch from Canada to US Incorporated Incorporation?

30:51 I'm sorry, is the question, is it due to tariffs? Will we switch from Canada to US? Exactly, yes. Oh, no, I don't see a need for that. Again, this is all very early sort of in this whole tariff thing. Look, I'm a firm believer that everything will work out and it will work out in a way that's beneficial for everybody. And I know it doesn't look like that right now and I'm not gonna pretend to try to apologize for anything that's going on south of the Canadian border. I just all I can tell you is every time I bet on the end of the world, it ends up being the wrong bet. So I think there'll be a resolution. I don't think that our incorporation in the US versus Canada is going to make any sort of a difference. I do think that one of the longer, perhaps longer term types of things that we may look into would be a US listing on the NASDAQ rather than the OTC.

31:46 There's no immediate intent to do that. But sort of along those lines, it would be just to make things easier, perhaps for US institutions to invest actually, as well as, as even for, you know, foreign individuals, it's easier with an Aztec thing. But there's increased money, there's increased, you know, just complexity, all sorts of things. But you know, that's really the only thing is sort of a US versus a Canada kind of a thing that I can think of right now that that really would be a differentiating factor. Right. Frank, or perhaps Frank is asking if lithium prices start showing an upward trend by year's end, is there a chance of partnerships last slash investment prior to PFS? I think so. Yeah, I do think so.

32:35 You know, it's very interesting. This is what I always tell people to, you know, when you see a deal that's announced on on Wednesday, it's not like everybody just got together on Tuesday night and said, Oh, let's do this, right? I mean, these things take a long time. And some of the deals that you saw, I mean, you saw what not long ago, what Rio and, and out was an outcome, I forget what the what the last it turned into Arcadium, or whatever. These deals were being done, you know, as lithium prices were falling off the cliff, etc. I will tell you that I and I know I've said this before to everybody, it's a constant state of instruction, I always advocate to all of the end users of lithium, you know, take a portfolio approach, It does not take massive infusions of capital to keep all the companies like us going at any given point in time. So you know, you can do deals that would be fair to everybody, etc.

33:28 But the sentiment definitely outweighs them. And I've had the people who are essentially responsible for demand, meaning the car companies tell me, well, we don't know what demand is going to be. And that's not to throw a rock at them. I mean, it's the craziness, the world who knows, but the point is, is just, there's that uncertainty. And it's also sort of the herd mentality. In places when they start to rise, everybody's gonna follow, right? Everybody's gonna start to feel better and then the deals are gonna be, in my opinion, more prevalent. And I think that before pre-feasibility is certainly a possibility, But my gut tells me still having the pre-feasibility study done first would be a more logical time to have that done and be easier to do that. But that's just my feeling. You just simply don't know. All right.

34:20 Next question is from Rock here. Does Novato Lithium have any touch points with future battery development? Are you involved in battery R&D? We're not, no we're not involved with with battery R&D sort of like you know solid-state this that or the other thing. One of the things that I've always taken a large amount of solace in is that the lithium is essentially throughout, whether or not it's the nickel stuff or it's the iron phosphate stuff. Anything new that comes on, that would be, I don't even know how many years out. I know we hear about sodium and stuff like that. And by that point in time, lithium is already going to be so well established, I can't imagine what the barriers to entry would be for yet an even new type of a battery with some sort of a different configuration.

35:12 So for a company particularly like us, you know, it's lithium is going to go into sort of an element, you know, and then whether or not they need to transformed into carbonate or hydroxide, I'd say that would be the extent that we would be involved with as sort of the battery makers. At that point in time, it's not as if we would have a Bonnie Clare lithium mixture that would give them an advantage, but certainly not how I would look at it.