Nisk Mains Treasure Hunt: Unearthing High-Grade Nickel Deposits

0:08 Hello everyone and thank you for tuning in to PowerNico's live event. I'm pleased to introduce their CEO Terry Lynch and their VP of Exploration Kenneth Williamson as well as Duncan Roy, VP of Investor Relations. They will take us through the findings of the 2023 drill program. Following that, there will be a Q&A session, so I encourage you to ask your questions and you can do so in the bottom right-hand corner of your screen by clicking that chat icon. As always, the summit is being recorded and you can watch it later on at six.com.

0:41 So without further ado, I hand it over to you, Terry, to kick things off. Great. Thanks very much, Kyle. Great to be here again, as always, at 6. So today's going to be a little different. You know, we've done a lot of corporate updates and presentations and those types of things, and those are always fun too. But today we're going to dive into the heart of the matter, which is what makes any mining company fantastic is its ore body. And it's all about the process, about how you discover Mother Earth's treasures. So today we've got the captain of our good ship, Lollipop, in terms of the discovery process is our VP of exploration, Ken Williamson. Ken's going to take us through what we saw, and just from a history perspective, when we acquired the asset from Critical Elements, we hired Ken and his team, he was at his consulting company, 3DGO at the time, to model the deposit. It was the first time we'd ever modelled it, and obviously modelled it, and we did our first exploratory drill program and hit on 7 of the 8 holes and it's been a success ever since really.

1:50 So Ken's got a really great feel for

1:54 the project and the opportunity and eventually we talked him enough and he decided to come on board the power rocket. So I'm going to turn over to you Ken and walk us through the deposit and walk us through the NISQ opportunity and let's see what questions that people may have. Thanks Terry and thank you everyone joining up. Real pleasure for me to be presenting where we're at and kind of where all of this started off with. So on screen right now is the just general property outline that we have with that little block there to the far west, but the main NISQ project being situated about in the middle of our property right here.

2:48 So let's zoom in but just before let's just see here that there's a nice road that leads to our project so making it very very easy in a logistical standpoint to get access to there. I believe such an easy access actually is in part responsible for the great success we had and will continue to have. The NIST project in a nutshell is a nickel project associated with sulfides, pentandite mostly, hosted within an ultramafic lens or layer of rocks, itself hosted within some sort of a stratigraphy that we are knowing really, really well now.

3:52 At first, we saw it very, very simple in the sense that with the limited amount of drilling we had when we initiated that project, there was 1 lens there, and it was presented to be somewhat uniform, thickness varying a bit, but the grade also varying a bit, but somewhat being like a 1 panel easy thing to deal with. So the first approach that we had was to confirm that. So What we came up doing in the first phases of that drilling, that's a year ago, was to confirm the presence of mineralization in the first place.

4:45 And what we realistically did was to drill holes that were actually

4:56 infilling the historical resource that we had at the time. So after that was confirmed, a second phase of drilling got initiated. And that time, the idea was to expand

5:12 on that historical resource. So Just in terms of reference, in terms of depth, the historical resource that we uncovered basically was, let me just do this as I'm used to do in live sessions like this. So the initial resource that we have or that we wanted to basically confirm, was covering roughly this area here that we see on screen. After that, what we wanted to do and what we successfully realized in doing was to expand on that historical mineralization that got confirmed by drilling deeper along trends that, or orchards that we could identify from that historical plus new drilling that we came up with. So At that stage, that's last year, we came up with a new set of drill holes, highlighted in here deeper, in between some of the historical resource that was already there, but not demonstrating a solid, robust mineralization underneath.

6:38 So we drilled underneath the known pod and been able to actually

6:47 expand that known mineralization down to a depth of about here, which is if we look at the the scale here, would be roughly about 300 meters below surface.

7:02 So On this run, what we're doing is keep going on the expansion of that known mineralization that we confirmed. Specifically, if we look at our actual program in more detail, I'll highlight that in blue here, the proposed holes and the holes that we're currently drilling in sequence here are the ones that are bolded on the screen, those yellow lines. The little sphere that we see it near the bottom is essentially where the target lies in that longitudinal view. So hole number 1...

7:49 Is there a new slide there Ken that needs to be on for hole number 1? Yeah, I can do that actually. That's a really good idea. I'll just switch software here and Be presenting you it's essentially the same image, but a little bit better tweet so essentially Thanks for the reminder Terry

8:20 Yeah, I guess so So essentially the same image here. So prior to this current campaign, we can see those hot colours there highlighting where good mineralization is in terms of grade and thickness. What we see in the background there is a grade thickness iso-contouring

8:48 of the nickel grade times the meterage that we saw down the hole. So all of those purple and red blobs are considered to be high-grade nickel mineralization. And as you can see on screen,

9:09 those bubbles that I created there, or those circles represent target areas that we are shooting for at this current time. So as we speak, we've drilled 3 holes. They're labeled number 1, 2, and 3 here, highlighted in green. Oh, sorry for the little hiccup in the figure there, but hole number 1 we press-released recently. Not the asset results, but nice pictures of the mineralization that we hoped for, you know, every time we drill a hole. So very, very encouraging visually. And the reason why we kind of thought it was super important to present pictures of that intercept without necessarily having the final results to base any assumption on or whatsoever else is the fact that in our case

10:18 it's a little different than other deposits in the sense that visually, when we do see the particular sulphide mineralization, which is that pentandite, We're definitely convinced as geologists that there will be nickel there. Pentandide is a nickel sulfide in the first place, so pretty obvious.

10:46 But what we can't tell is what the final grade is going to be. Now there's a definite relation between the amount of sulfides we would then see and the equivalent grade, I guess, but we can't really comment on that. Can we have a look at that picture, Ken, just while you're talking about it? Yes, yes, absolutely. So, here's the shot of the, It's a compilation of a bunch of pictures that were taken by the field crew, but it shows the the 4 boxes that do contain really good sulfide and semi-massive sulfide mineralization. And when we say it's easy to visually identify, well, all of those golden bands that we see on the picture in that black background, those golden bands are essentially what the massive sulfide looks like in the core. And when we say semi-massive sulfide, it's because it's a little less continuous.

11:57 It may be seen as little bands of massive sulfides that are not necessarily continuous but very close together, so we call this semi-massive in that case. So for us the ore zone starts where we start to see those particular sulfides and would end where they disappear.

12:31 The correlation we can do from the core logging to what the acid results going to be is is pretty obvious but we just can't tell exactly what the number is going to be so we have to wait on the lab for that. So if we go back to that particular slide, the picture we saw essentially is right in the middle of that circle here and essentially what we believe it represents here is a trend that essentially would go following that way here and it would essentially be bridging so to speak those high-grade pods that We had near surface that were confirmed by some of our drilling last year. And then

13:39 the principal target for the beginning of this run was to actually demonstrate that this strand here would still keep going at depth from the near surface area so a little bit of the same is happening with actually the rational that geo vector and us came up with for this current drilling is we'll start from the core of the deposit within known identified ore chutes or trend if you want to call it trends and then we'll walk our way towards the west testing all of them trends that we've identified but deeper so that essentially is the first pass just you know drilling just right underneath the known resource.

14:38 That should allow us and will allow us to increase the volume of the known mineralization by doing that in a very unrisky way, relatively speaking, as we're not stepping out in that first phase of this current campaign. We're not stepping out too much,

15:04 but still fair distances away from the known pods. And so this one was like a 300 meter step out? Yes, exactly. 300 meters step out from that Bonanza hole that we intercepted last year, but a little closer to other holes surrounding the area. But still, 300 meters step out from the known very high-grade pods that we have surrounding this. Even on the eastern side, there was a little bit of a mineralization pod there showing up.

15:50 And with that new intercept there, given the grade that we'll get, chances are that we can now contemplate at merging together all of them good results that we'll get, that we should get. Now on the 2nd and 3rd hole that are also completed right now, A little bit of the same as hole number 1, we visually saw what we anticipated to see at target depth and all of them results really are very, very encouraging.

16:36 So We'll see what the lab has to say about the final numbers. From what we see, the pods that we see on screen definitely should be gaining volume in terms of interpreted mineralization footprint. And at the very, very least. Hey Ken, there's an interesting question here that just came up. Sorry. I'll read it for you. It says, what does a 300-meter step-out potential add to tonnage, assuming the same grade as the prior trench holes, and just a sense, if possible? Oh, that's a tough question to answer, but the width, the true width that we're looking at is probably ranging between 10 meters, 15 meters, sometimes a little less than that.

17:37 So let's say average 10 to 15 meter, then we say 300 by 300 square times 15 gives you a cubic meterage times I'd say 3.8 density will give you some sort of a tonnage. I didn't do as of yet that kind of calculation in terms of tons, potential tons and things like that. We're in the midst actually to get ourselves ready to update that officially with the next mineral resource estimate that we'll do very, very shortly.

18:26 However, I can comment probably in terms of percentage. Based in terms of percentage. Based on what we had before, which was close to 3-4Mt,

18:53 we see potentially Yeah, we can say that. About 4Mt that we not confirmed, but we see potentially being hosted there. With the current drilling that we're doing, the intent is to double up that superfacy or the area that is drilled. So the radius of them circles realistically represent the influence area of each drill holes. If I was to outline that as a resource geo, I'd probably use such a radius here to push the ore envelope a little bit wider than where it did intercept it. That's a really common thing to do. So if we look at what we have on screen, and if I do, for instance, the exercise real quick here, what we'll see is there is a potential very easily probably to I would say double up the actual footprint of the the mineralization we have. So what I'm drawing here is, and drawn obviously, and that's assuming all of them holes are hitting good, and thus be able to put in a resource at one point. So if you look at the area we're covering,

20:24 it resembles a lot the area covered initially. Well, if we add the top as well in the open pit area or potential open pit area here so if you look at the the footprints the campaign was designed to actually try to drill in the double space that we actually had covered before. So given that all of them holes return decent hits, and hopefully very good hits, we hope, then we can consider being very easy to increase the size of this.

21:17 So hopefully it answers the question. When I was talking to Ken, just to try and help visualize it in my own mind, the river of nickel and how it would look and what we're looking at now, as we sort of talked about, sort of like a, it's like an 8 or 900 meter type of extension, maybe 300 meters wide, maybe 10 to 20 meters thick, depending on where it's at. That's sort of where we're at now. I mean, obviously there's pockets that are not quite there, but generally that's sort of the envelope we're working in, you know? And then as we're pushing it deeper, then obviously you're extending that depth, you know? And that's where we can really start to bang out some tonnage.

22:13 And, you know, the cool part about what we're seeing at the moment, with all the technology we've worked with, and Ken will talk about that in a sec, we're seeing that it looks very open at depth. That's why we're taking these big step outs.

22:32 The whole goal here is to just rack up some you know some big tonnage to incorporate into the 43 Absolutely Yeah, and and the the sequence as I had Mentioned before is targeting to add volume and tonnage in the areas below the known really nice spots that we had identified. That initial sequence was supposed to be going from say the eastern middle eastern part of the deposit and walking our way towards the west and then come back deeper to do some sort of 0.5 circle in the drilling sequence.

23:25 As you can see, however, number 3, the 4th hole that we were supposed to be drilling has been replaced right now by this one here which is supposed to be number 10 in the in the proposed sequence. The reason being is because we're also in parallel to all that good work that GeoVector does for us in drilling and taking care of the core handling and things like that and taking care of the drilling campaign overall. We also have a fleet which is doing the ANT survey on our property.

24:18 What is the ANT survey? Is the, ANT stands for ambient noise tomography. So it's measuring somehow the vibrations in the earth, the natural vibration in the earth, and a little bit as seismographs would be measuring intensity of earthquakes,

24:42 those probes that are laid out on a grid, and I'll show you that in a sec, those probes are actually measuring the vibration intensity of that, those natural vibrations or intensity in the ground and that what they measure then is the speed at which those waves are traveling to the different rock masses and depending on the density of the rocks the speed is different. So for less dense rocks, the speeds will get very slow, and for very dense material, those velocities or those speeds of waves traveling through them rocks will be very fast.

25:37 So we are lucky here at NISC to have that nickel mineralization hosted within ultramafic rocks, and by default, and very naturally, ultramafic rocks are super dense. So, the idea there was to test, and we did very successfully, was to test if the Ant technology could actually distinguish between very high velocity rocks, which are the rocks we look for, which are hosting the nickel mineralization versus lower velocity rocks or less dense rocks hosting those ultramafic bodies. Was there a way to actually see that with the technology?

26:31 The answer is yes, and I'll show that to you in a sec, but when we do proceed with such a survey, because it's measuring vibrations in the ground, we can't have a drill going at the same time, because the drilling itself would induce too much noise, because it's inducing vibrations nearby the drill, and those probes are so sensitive that they would record that and it would blurry all of the recording or the survey that we would attempt doing. So for that reason, what we decided to do is to delay the sequence a bit or to change that sequence and be drilling west of that virtual wall that I created here on screen which is the area where we can't actually drill for now up until the that Ant survey is being completed in a few weeks from now.

27:42 One

27:45 of the things we had done is, This is the 2nd Ant survey over this area. Because obviously the first thing we did was survey our core deposit. And that's where we got this Intel that led somewhat to this drill program and us pushing south and east with this trend. But now that we sort of validated it, that it's working, the next, you know, the way the ambient noise technology works is the, depending on how you spread out the geodes, the items that send the solar pulses down in the Earth. That determines how deep the intel goes. So once we saw it was working, then we saw, hey, let's get deeper.

28:33 Because quite often in nickel deposits, if you get one, then it's not uncommon for there to be multiple layers of nickel in a deposit. So you'll have a top layer, and then there'll be a medium layer. And it can go on for a very long time. As if you look at any of the giant nickel deposits, like Narelsk or Sudbury or Valais or Voisey's Bay or whatever, they have multiple layers on these things. And so we were at this top layer, sort of in the really close to the surface to 300 meters or so. So now we're looking down in this next fleet ambient noise tomography survey. It's much bigger, So it's going to get us down to about 750 meters.

29:23 And it'll go about a kilometer west of the core deposit to where we had also picked up a pretty impressive airborne EM hit. That looks interesting. So that's why we, it's sort of like, if people are thinking, well, why wouldn't they have surveyed that already by now so they wouldn't be able to slow down the drilling. Well, in fact, we had done it, but now it's not as working. It's sort of like, OK, well, maybe that's, you know, obviously over the core area where you've had the most success, it makes sense to probably go deeper still. So now that we've sort of got, you know, concurrence of the technology is working for us at this point, Then that's why we expanded the fleet to do a much deeper probe, if you would, over this core and the other project prospect to the West. At least that's my understanding.

30:19 Ken, is that correct? Yeah, absolutely. In a nutshell, it's perfectly correct.

30:26 Actually, I can't, I had a glitch in my system, so I can't present live now the full fleet survey we received but I am capable of demonstrating how robust

30:44 I believe that is and what we can learn from that which is very very interesting. But just before we jump into the geology interpretation of the survey itself, just to comment on your own comment, this here is a an illustration of what one of those precise, let's call them precise, surveys would be looking like as data. So what I mean in here is the geodes or them probes were laid out in a grid within this covered area that we see covered with all of them points.

31:32 Now the size of the area that is covered and the number of probes inside will decide what is the distance between each of them probe and the the fleet people are trying to design a grid that is as homogeneous as possible in terms of where those probes are located in the field.

32:01 So once that is properly set up, there is a relation then between the size of the area that is covered, the spacing between the probes, and the depth at which

32:20 we have a reasonable confidence that the results are viable. So in a nutshell, and Fleet would disagree with me, but just for the sake of the audience here, in a nutshell you take the longest distance you see on a surface and then you divide that by 0.333 And that's pretty much the depth you will be covering.

32:51 And that's one of the 4 surveys we've done to cover the deposits.

32:59 The real deal is covering all of the NISQ main lands area. That was the main purpose of that. We've done another survey, no just before I get there, So we've covered this entire area. So as you can imagine,

33:22 when we do combine all of them surveys together, the area cover is going to get enlarged. And thus, the depth at which we can see things increases slightly

33:38 when we actually combine all of those models together. Now that being said, that was the precise portion of the NISK main survey. What we also decided to do is to do a more, let's call it, well it's not really regional but let's call it an enlarged survey that is covering a much wider area around centered still around the NISQ deposit. But the idea is done to be covering a much larger depth or increasing the level of confidence we have in the data that we can interpret at greater depths.

34:28 So, and we decided to do this because the first results that we got from the detailed survey

34:37 do show, actually I believe, do show what it needed to show. So now the idea with the the more bigger survey or the more regional survey is to be able to take the the fine detail we've gathered from the precise survey and expanding that at a much greater depth thus with a much greater level of confidence because we can use the very high confidence data in the core of the deposit to expand our way both laterally and at depth following the guidance that the bigger general survey is going to get us.

35:23 So that's very very interesting and we're very excited about that. We're yet to receive any data for the regional survey. It's being gathered now so and that's the reason we can't drill right now in this specific area. We need to stay out of the covered area here. So speaking about all this, leading to what did we learn actually from Fleet Survey, I'll just spin things around in 3D a bit here to show just visually what that product is looking like on a visual standpoint. So what I did do for helping us out, understanding what the heck we're looking at here, is subdividing the data into very, very contrasting colors, because as a reminder, what we're looking here is velocities, or what we're looking at are velocities, so it's speed in meters per second at which the waves are traveling through the different rock masses. So in very hot colors are those rocks where the velocity is very, very high.

36:53 And above 4000 here, so whatever is purple to the very dark purple in here, are those rocks that we are looking for. Those typically in that kind of range of velocity, those would be ultramafic rocks and that's exactly what we're looking for, because ultramafic rocks have the potential to be hosting those nickel-rich sulfide lenses. So now, as I was mentioning, there is a certain level of confidence in that data set. So what we've been advised to do is to not necessarily consider the deep deep portion of the model but rather looking at somewhere in the middle is a lot more robust in terms of what we see there.

37:56 So what I'll do right now is I'll just cut a section through about the middle or the upper first tier of the deposit. Tier of the deposit here. So essentially when we look from underneath what we see is the the deepest kind of pretty Certain Interpretation that we can get there. So what does it mean for us? So I'll just Change this a bit and we'll have a look at a 50 meter slice of what we've interpreted here. So what we can very clearly see is that, well, first of all, there are very very sharp contrasts that we can see in the velocities.

39:06 So blue against purple, as a reminder, is something that we look for. So we need to find velocity contrast to find the contact, literally, between ultramafic rocks and the rest of the country rocks that we have there. So what we can see is a few things actually and I'll try to make this very simple as much as I can but okay so here we are this is the NISQ main lens and generally speaking from the beginning of the project we are looking at that NISQ main lands being somewhat tabular and trending into a north-north-northeast direction.

40:05 So what the intent was with hole number 10, 8 and 9 that we have previously seen, which are to the east of the main lens, while we're essentially targeting this area here. So the continuity of that sharp contrast between very low velocity rocks and very high velocity rocks. That's where the ultramafic body lies in here and thus mineralization. So if we didn't have the fleet technology or the fleet survey going, our idea was to go that way.

40:53 So that was the initial idea. And why were we going that way? It's essentially because when we look at the overall picture here, we thought and we still think that something is going on and shoots off in that direction and literally almost following the boundary limit that we our property boundary that we have here up to a point that to the very far east Last year we've presented some results in this area that we've called the Wildcat, in the sense that it's a really Wildcat target area and that was solely based on geophysics and things like that so it was a like a hot ball we decided to drill this regardless and came up with very interesting PGE rich intercept.

42:04 What are PGEs? Platinum, Palladium and things like that. That's really, really interesting because those PGEs can be a very significant byproduct in such a Nickel environment. Environment. So the idea was then to, okay, we kind of know that something cool is happening in this part of the world, so we should probably keep going our way and drill up to where on our ground obviously but following that known trend that we knew which we thought at the time was the pure and simple kind of extension with a little bend here but the extension of the known main NISQ trend over here.

43:09 So now from the the fleet survey we can confirm that the actual trend that we had in mind was there is there so you can see that very sharp contrast in here that we have in the in the survey data suggesting that effectively there is a structure or a trend or a break of some sort that is going towards that wildcat area that is way over here. So we were very very pleased to see that but at the same time we came up with other observations that are very, very intriguing.

44:00 So I'll draw them in red here and if we're looking at velocity contrast one of the things that struck me when I first saw the initial data here was that we can actually somehow design another kind of trend where velocity contrast is very high but that trend kind of goes off trend as compared to the the blue initial trend that we had. So let's call this trend number 2 while this one here is trend number 1 going towards Wildcat. So how can we explain then that the ultramafic rocks can be doubled up?

44:48 Well there are several scenarios that are envisaged right now and I'm still in discussion with the GeoVector team to try to understanding this, but in the different scenarios we have, perhaps it could be some sort of a fold keel that is bending the whole thing over, and Maybe we are on one side of that fold, on 1 limb to the west and on the other limb to the east. That could be an option. Another option could be to faulting, post-mineralization faulting in the picture.

45:39 And to be honest at this point I'm more along that as a good scenario and will be testing both ideas anyway. But the default approach seems to be very elegant in the sense that when we look at the little irregularities that we've modeled when we modeled the the main Landsat NISQ, what we could see is several little breaks actually running subparallel 1 to the other, and I'm trying to design this the best I can here, with another trend going a little off-trend like this.

46:29 Somewhere it's seeable, we can see it, some other times it's more difficult, but then when we compare what we knew from the structural analysis done in the past, by me essentially, to the results that we got from Fleet, it's pretty intriguing and amazing that we can recognize the same kind of orientations that we had, oops, sorry, not that one, the same orientation that we had kind of seen in the past using a different approach, which is pure and simple structural data and designing a fault system in this area. So that's very, very intriguing and it led us to the interpretation that perhaps all of them faults are given a dextral apparent motion on in surface and that would coincide really well with the slight offsets that we were seeing in the NISQ main lens but the difference now would be that what we are intersecting here perhaps is a little bit of a major fault that is perhaps moving things and shifting things a lot more

47:59 than what we had seen before. And thus it's quite possible that that number 2 trend that we've identified very recently with that fleet survey that here is very very intriguing in the sense that it has become an option now to interpret that first trend here to be a controlling trend, yes. But perhaps it's a structural trend that is more tied with PGE mineralization that we had in the far, far east Wildcat area.

48:46 If my hypothesis is good, then perhaps by drilling this area here, we can maybe discover another something or the extension, so to speak, of what the NISQ main lens is. In a nutshell, what I'm thinking right now is there is some evidence supporting the fact that if the NISQ main mineralization is tied up with that ultramafic contact or unit that we have here, highlighted by that green and blue line, then it is quite possible that that old contact has been shifted towards the east, south of where we were anticipating the first trend to be. And then it would become a another brand new area to add in the in the mixture here and that would be a fantastic news for us so overall the that partial data set we see in here has not changed drastically with the final complete combined survey, which I'll have available to present

50:17 next time. But the idea here is that we can now interpret better and that's what we're currently doing actually. We are in the process to interpreting better what's going on in the NISQ portion, having the fleet survey available now in combination with brand new geophysics and stuff like that that we have on surface as well. That combined to some downhole geophysics that we've recently completed as well. So we're in the process of merging all of them data sources together to as precisely as we can and as good as we can interpret what really is going on there and testing ideas is is probably what's driving us right now we're very very excited about those new trends actually that literally we didn't have a clue about up until recently.

51:30 So, stay tuned, I guess, for the next run of drilling. So we're getting close to the end of the, because I think we got an hour, if I'm Correct, Kyle. There's a few questions I see in the chat box. Maybe what we should do is, I mean, I think that was a pretty great presentation, Ken, in terms of helping people understand sort of what we're doing, what we're seeing, how we're using technology to sort of move us forward and give us an edge and to see this thing for what it truly could be. The good news I say to people when I'm out there pitching the investment, I'm saying, you know, we're trading at such a crazy discount to what we've already discovered.

52:22 All this stuff is just a bonus, man. You're not paying for it. It's crazy. But I mean, at some point in time, you know, when we get our 43-101 out there and get all this together, I suspect there'll be a correction and the market will realize, you know, how amazing this project is. But in the interim, it's pretty free. So just touching on some of the questions that are in the commentary section. Somebody asked, what was the sentiment at Beaver Creek, especially for Nickel Juniors? Beaver Creek generally was a precious metal conference. There was only a handful of critical metal stocks and we were the only nickel junior there.

53:15 I guess Canada Nickel was there, so they're a different animal, a little bit bigger. And then there was the Tanzanian project that's on the New York Stock Exchange, again, much bigger, much more advanced project. So it'd be hard to sort of give you any guideline there. We did have great reception and I mean, our story is so solid in terms of the value proposition, what we've done, how we're going at things, how we're executing. This is not a fluffy story at all. I mean, the meat is very much evidence for people to see. You know, we'll have the new 43-101, you know, we're obviously trying to incorporate as much of the new resource we can to get the biggest number we can out there. And you can see it's gonna, in my mind, gonna keep on growing because we haven't struck the end of the NISP mean yet.

54:13 Looks like it's still open to the south and east in a big way from what we can see. And we'll keep on stepping these things out. And the good news is from a resource perspective, all these step outs, you were taking some big step outs, so you're adding a ton of resource. So that's great. So I would say the sentiment was good for power nickel. You know, I think the sentiment on nickel overall is muted because nickel has, you know, somewhat been depressed by the Chinese recession. Generally speaking, nickel is driven by stainless steel. It's 70% of the market right now. And stainless steel is about construction and generally in the Southeast Asia and India and China where people are moving from villages into, you know, from agrarian society into villages and cities and towns.

55:10 And the whole driver is they're buying pots and pans, fridges and stoves, that's stainless steel. You know, so that has grown at 6% compound annual growth rate for a number of years, but obviously the last year that slowed down. And so in China, there's a bit of an oversupply of stainless. And so that softened the overall nickel market. But you know, if you look at any of the forecasts for nickel, obviously, there's 60 kilograms of nickel in the average EV that uses nickel, one of the nickel batteries. So if you're going from, as you're adding from 10 million cars to 20 million cars, 30 million, so forth, they're expecting that nickel right now for EVs is about 10% of demand for overall nickel. And they're saying that within 3 or 4 years, that'll be 30%, and then within a couple years, 50%.

56:07 I don't know that we'll ever get there, just because I don't think we'll ever find that much nickel. But that nickel long-term looks fantastic. And Nickel is going to have its day. I think that Nickel juniors are a ridiculous buy across the board. And within that subset, I would say that no question that we're the best asymmetric bet in my view. Of course, I'm long and therefore recommend, so I'll put that out there. Nobody's gonna buy more stock in this deal than me. So it is what it is, but yeah, so that's the comment on the Nickel Juniors. Some of the other question, Somebody says, when you say regional data that you will get from ANT, how big an area does that include? So the one we're doing now is probably going to be about, I think it's about almost 2 square kilometers or so, something in that range, or 1 by 2 or something, Ken? Is that what your feeling is? Yeah, yeah, I'll just very, very quickly highlight here on screen what we've done.

57:15 Hold on, I need to do this. Okay, sorry about the little delay. New disk. So, okay, so that's one of the 4 survey that we've done for the main NISQ and when I say one of the 4 is because the all of the others are kind of overlapping in such way that we can reread the same data increasing the level of confidence and precision on the interpretation. So we've done that. We are currently interpreting this, well fleet is, not us, I haven't seen the data yet for that and the regional and I'll change color here what we call regional is to get a better depth view So essentially what we're covering here is more of an area, say like this, if my memory is correct.

58:24 I may be wrong, but the exact location... I think it goes a little deeper and a little wider, but generally speaking... Yeah, Generally speaking, the idea is to enlarge laterally, in both North and South direction, the distribution of those geodes. The spacing is a lot larger because we still have those 40 geodes to play with so that number isn't changing but because the area covered and the spacing is larger than in a long view let's say a long view like this, what we're anticipating is essentially something like that. So what I did mention earlier is, geez, I need to have slides pre-made.

59:23 So with the detailed survey, we're reaching a maximum depth of that, which is about 200 meters but we need to cut that say a little bit and in the center it's going to be a little bit more precise so we're essentially covering say a real depth of about there just relatively speaking and then with the regional the way the geodes are distributed what we will be achieving is to reaching some sort of a depth down to here But the resolution here will be a lot more blurry as compared to the upper part.

1:00:10 But what we know and what we will do is even if that contact is blurry and this one as well is blurry, and whatever, because we have precise knowledge of what's coming up from surface, we will be able to design appropriately the same contact shooting out at depth with the regional survey. So it's like if having a not so detailed big map and then you zoom in into a more detailed map and then more detailed map can approach there. Okay, a couple more questions just before we go because I think we got to wrap it up in a few minutes here.

1:00:58 So Adrian asks, How would you describe the advantage of Ant? Does it reduce overall exploration costs? Does it speed up knowledge discovery? Both or something else? So, you know, we would, at this point, you know, we're still verifying this. We're still obviously, you know, as we're drilling the holes and confirming that the leads that were given by Ant are good. That's obviously confirmation that the thing's working. So I'd say so far, we're pretty thrilled with it overall. And we would think it would reduce overall expiration costs because you're gonna have less dry holes. And the other thing it does do definitely, it does speed up the, so we're able to take the risk of this, because that step out hole was probably 150,000 bucks.

1:01:44 So you don't throw 150 grand around unless you're pretty convicted there's gonna be something good out of it. So that helps you as well, I think, in terms of taking the expiration steps sooner than you might have otherwise done. Question from D. Chipman. Are you ready to delay the 43-101? It's gonna be delayed a little bit from, we thought we'd have it out in sort of early October, mid-October, but now we're thinking like, maybe it's gonna be early November, but probably not much beyond that. We're going to definitely try and get it out then. So we'll try and incorporate some of the holes we've done. We won't incorporate all of them. But you know, because the plan is to keep on drilling here for some time and they'll obviously have to be more updates to the 4.3.1 as we go.

1:02:41 And Terry if I may, within 6 seconds, advantage of Ant On screen is a typical tilt geophysic image, and then what we can see highlighted by those magenta lines are power lines from the nearby Namaska substation. So you can see that very... Any type of electromagnetic geophysics will get screwed by those high power lines that are crossing our property, the Ant technology is not impacted by that. So that's another advantage of combining the NT with other technologies as well. And That's the one observation we would make is that no technology is like the end all be all. They all need to be, but this is a very, I think a very valuable, a new addition to the tool shed. You know, and when you put them together with the IP and gravity and the downhole EM, the airborne EM, you really start to get a much clearer picture much quicker.

1:03:55 And I think in exploration, that whole carpentry thing of measure twice and cut once, it's sort of like do the brain work. Do what Ken is doing, what the GeoVector guys are doing. Use all these technologies, get all the thoughts together and work that out really aggressively and debate and discussion as to how it could impact the drilling concepts and then go and drill. You know what I mean? Because drilling is expensive. And of course, ultimately you're going to miss. We've been hitting on, I guess we've probably hit between 50 and 60% of our holes have been successful holes, i.e. You've hit mineralization. That's ridiculous. You know, so that's just a tremendous number. I've never had that happen before in my life.

1:04:42 So, And you're never gonna hit 100 because you wouldn't be pushing the envelope enough because you're basically trying to prove you got the biggest ore body possible. So you gotta push the envelope, but and you gotta take shots. But obviously with these technologies, we can take the shots sooner on the more obvious ones and hopefully deliver the goods in terms of resources, which ultimately impacts, hopefully, share valuations and that's how you create value for shareholders. So, I don't know, Kyle, was there a 1 hour limit on this? If you are all free, I'm free for another 30 minutes feel free But I appreciate you guys going the whole time really your call the audience if they have any more questions But I believe you answered all of them.

1:05:33 Yeah, I think we've got most of them done. But Ken, any final thoughts on the PGM hole? Just because we talked about it, you and I, of course, know the PGM hole. It was a spectacular hole, but maybe some of the audience doesn't know and maybe it's a little refresher on where that was and if we have some extra 5 minutes here, we should go through that. Oh yeah, sure, absolutely. So the story behind that PGE hole is initially, when we first started off with the project, It was very, very clear that the lens of mineralization is associated very clearly with some electromagnetic signature or geophysics signature that we could see on surface. That was very, very obvious. And in the past, they had also tested that same idea.

1:06:39 All of them holes that we have to the west here, are historical holes that were showing little sniffs of nickel, but not as great as the main pod in here. So now when you look at the visual on this, it's very obvious, I'd say, that if you look at shooting across the power line here, shooting where that trend is going, that at one point you end up with a bifurcation here, like a Y shape in this area. And our interpretation always been because the intensity of the signature and other good reasons, I guess, geologically speaking, We always thought that the main trend was following this kind of trend and then all of a sudden would go back to its original trend here.

1:07:43 Can we show where that hole was? It's right there. So you see the 2 little lines there? Oh, yeah. OK. OK. The VG intercept is this one in here. So we had the impression that the whole thing was kind of bending and if I if you look at this this anomaly here linear anomaly and this one below and you want to keep the same distance in between then naturally our expectation was this guy here is probably equivalent to what we have here. So it became very very obvious to us to follow actually that magnetic anomaly and then be drilling in this part of the world where the orientation of that ultramafic band, well what we had interpreted at the time as an ultramafic band, was at approximately the same orientation of the NISQ main, then we thought that is a really good and nice wildcat target. So Terry accepted the idea And that's a good thing because we drilled there and ended up with Discovering a little bit of nickel, but the most interesting part was the PGE it

1:09:15 which fabulous intercepts I can't recall the exact numbers but very very impressive. Yeah 7.75 meters of basically 1 ounce is a PGE you know I rarely had seen that before. Yeah that's a bonanza hole for sure. It is, it is. And then, so we'll keep working on this area, that's the reason why we did the fleet or the ANT survey in this part of the world as well. That is to help us out understanding better the real geometry of this in 3D, so to speak, what's the dip of that because we have very very limited information and the the fleet survey in this part of the world was designed also to be as much as we could be testing this little anomaly that we have here that we're uncertain what it is and also to be testing another identified trend from the GeoVector crew which is following somehow that little anomaly here and is interpreted to shoot in somewhere in this area, in that little wedge of our property. So the fleet survey has been designed here to cover that.

1:10:48 So in the coming weeks, we should be able to better understand and better interpret what's going on there. And I'm totally convinced that this would be a target generating session as well to follow up on that really nice hit that we had. Yeah, yeah, okay. Ken, the other question I had that I was wondering is just east of the main or west of the main thing, We had that nice hit on the EM. And we've, you know, we've, and I guess the regional program will cover that again, right? Absolutely. Yeah. What are your thoughts on that area? Well, obviously the western part, when initially I had looked at it, it's a little bit disappointing in the sense that the very few holes that we have do not show necessarily very very exciting stuff going on.

1:11:53 Now the one thing we did learn though is when we look at the the long view and what's going on at depth, it's not necessarily always good mineralization near surface. There also seem to be other trends that are somehow in a secondary way perhaps controlling mineralization. And as you can see towards the west of the deposit, even on surface, it was not that nice looking. But a couple of tens of meters below, that's where we get really nice grade Starting to show up.

1:12:40 So one of the first idea we had was to take that plunge and going up word so in this area but from the the results we have from the historical programs and you can see there's quite a bit of a number of holes in this area already without necessarily too too much exciting things happening. So what the intention is with the regional survey, the fleet survey as well, is to better understand what's happening in here. As you can see we have no information but geophysics, EMs and stuff like that, triggering nice targets still in this area. So soon, I guess The intention overall is to, from the scale we see on screen, be capable of designing a very robust lithostructural model that will include all rock types, all dikes that we see, pegmatites in particular that could contain Lithium. Who knows?

1:13:57 We'll investigate that. But those dikes and faults and things like that, we definitely need and will be modeling this in 3D to support the upcoming MRE. That MRE will be very geologically as robust as we can. As robust as we can. So. The Constantine had a question on, are you, hi, are you, after all of this new official and more confident than this project can be much bigger than a 10 million ton nickel resource. And, you know, when I'm out talking about the project, I definitely think, you know, I compare this, the ultrametric deposits in Canada that were have been sizable would be Lynn Lake, which is 22 million tons and Voices Bay, which is plus 50.

1:14:56 And I fully believe that we'll end up somewhat north of Lynn Lake and towards Voices Bay. And who knows, this thing has got a ton of potential, as you can see, as Ken sort of walked you through it. Now, it's just at this point, we're arm waving because we don't have enough drill holes to say that. But I mean, every nickel sulfide mine in the history of the world was multiple pod So that means that there's been you know, you know, you know multiple pods contributed to the overall resource. Right now, you know, we're, we're have this one giant pod called NISC main, and it's, you know, 8, 10 million tons, who knows what it will be when we get the 40s, but it looks like it's still got tons of growth potential to grow that even beyond that and that's the one that's 1 pot So is this going to be the only?

1:15:54 Pod that we discover here doesn't look likely that that's the case looks like there's going to be multiple pods and You know, you know 1 or 2 to the northeast. Maybe there's going to be 1 to the west. And then it's like, is it all just at surface in the surface 300 meter range or is there something deeper? So then that's when you can get sort of like carried away about the what is, but that's why mining is such a crazy business and such a, you can, you know, go from, you know, you're just like pennies 1 day, and then all of a sudden you start to hit these things and your dollars, multiple dollars in short order. That's the magic of it. And in this case, you know, this does look like it could be a lot bigger than 10 million tons, but obviously we have our work out in front of us and yeah, but we're I think the geological team led by Canon the Geo vector crew are doing a great job of pulling the science together and and and given the drill God's a chance to go to work and we'll continue to put our money in the ground and get the holes open as quickly as we can as we're executing. So Ken, I don't know, just if you have any further thoughts and then we'll wrap this up.

1:17:22 I don't know. No, I think it's pretty much, it's a pretty good overview of where we're at. Next time I can maybe not make a promise, but next time for sure what I'd like to be presenting if I have the opportunity is what our final interpretation is what our final interpretation is in terms of structural geology that is superimposed on the deposit and what technically should be happening here is within the coming days or coming weeks the GeoVector team and myself will sit down take our time to thoroughly analyze all of the new data that we've gathered in a very, very short time.

1:18:20 We have tons of new information to work with now. And we'll just take time to making sure that we fully digest all of it and that we can come up with the best interpretation as possible. After that, I'm hoping that with such a structural framework, it will end up with 2 things. The first being that we can ourselves better understand what's going on and therefore better spend that money on the ground by better drilling that deposit based on very robust geology.

1:19:08 Secondly, I do believe that focusing on that will also end up with us delivering a really very robust 43-101 in the coming weeks, months from now. So it's all good. Very excited about what's happening now. Yes, it was good. I think it was an interesting, good engagement from the community out there. Mineral resource estimate, ORIC is what MRE stands for, just as a last question. Going forward, one of the things we're going to do as we get wrapped up with the fleet on NISQ, and fleet will always, it's a technology that's iterative, so as we get more drill-a-hole information, We correlate that to the data, reprocess it, we get better intelligence. That's the wonder about the whole thing is that it's very much an interactive model that keeps on getting better as you get more intelligence, more data sets. So we'll keep on doing that. But one of the things we hope to do, and I've talked to the fleet guys about this, is we'll have a separate session with, we'll bring some of the fleet guys on because they're anxious to do this too.

1:20:29 You know, we'll get in and we'll have like a just a fleet session and talk about what we've learned from fleet and how we're using it. And I think the audience might get a kick out of that. I'm sure it'll be a revelation to us all. So, But that'll probably be in sort of mid-October, I'm thinking. So when we get all that stuff together, but that'll be another good technical session to have and help everyone understand what we're working with here on the beast that is NISQ. So, all right, everyone, thanks for coming today. And we'll turn it back over to you, Kyle. I think we're ready to kick off. No, I'm just gonna thank you gentlemen for the engaging presentation and conversation.

1:21:17 Just a reminder, if you tuned in late, that there will be a recording available probably within the day so keep an eye on that. But other than that, gentlemen, thank you