North American Self-Sufficiency: E-Power Resources' Graphite Path

0:04 I will say as folks are coming into the room, good morning, good afternoon, or good evening, depending on where in the world you're signing in from today. Thanks so much as always for taking the time to join us for a live webinar today. I am joined today by James Cross, ePower Resources CEO. How are you today, James? Doing fine, thanks. Awesome. I'm good. It's a little warm, but I hate to complain about that. But I do want to let people know in the audience how today is going to work. First, as soon as I've done my housekeeping here, I'm just going to throw the reins over to James for a presentation on ePower resources, get you guys climatized with the company. Then I got a few questions for James, followed by a live Q&A with you guys here in the room. There's a chat button in the bottom right of your screen. I'd encourage you to use that at any time to ask questions during today's event. If for whatever reason we don't get to your question, I think we'll likely get to them, but in case we don't for time or in case it was repeated from the presentation, I'm gonna send it over to James in a transcript so it'll still get answered.

0:59 I'll just make sure He gets it right afterwards. One last piece of housekeeping for me, today's event is being recorded and will be available on replay later this afternoon, probably late afternoon Eastern time. It'll be available on both six.com, but also our YouTube channel. But enough out of me, I'll leave it to James to take on the protein of today's event. Hi everyone. Thanks for coming and thanks for your interest in ePower Resources. EPower Resources is a company listed on the Canadian Securities Exchange under the symbol EPR,

1:33 and it's also listed on the Frankfurt Stock Exchange under the symbol 8RO. A little bit about the company, we're a company focused on graphite exploration and development and we operate exclusively at the moment in Quebec. And the reason we chose Graphite goes back to when we started the company late in 2018. And what we were looking for was a way to in the resources space make money on the growth in electric vehicle battery manufacturing. And graphite, you may know, is the largest component of electric vehicle, largest material component of electric vehicle batteries.

2:22 And a single electric vehicle battery will typically contain somewhere between 50 and 100 kilos of graphite. And graphite comes a great deal of graphite production. Natural graphite production comes from China. And thereafter, the next largest supplier is East Africa, which is coming from Mozambique, Madagascar, and Tanzania. And if you take those 2, East Africa and China together, you've really got about 90% of production. China alone is more than 75%. At the time, graphite, at least the way we were seeing it was a lot of the graphite demand increase was expected because of the growth in electric vehicle battery manufacturing, but it's become much more than that.

3:19 It's also essential to the defense industry and really industrial self-sufficiency for any country with a manufacturing base that doesn't want to depend on other perhaps non-allied countries for really to keep industry going. If you're looking for some reasons to buy the shares of ePower, our market cap is currently a little over $3 million Canadian. And, you know, one reason is graphite itself, you know, we've, we have one of the of only about the 10 graphite properties in all North America that can make any type of impact on graphite, the graphite supply crisis looming, which I'll show you in just a moment.

4:15 It's, We've got one of those 10 and 2 of those 10 are already spoken for by some industrial players. And again, I'll show you that in a moment too. We operate in a very mining friendly jurisdiction in Quebec which has a long history of mining as well as a history of graphite production. In the early part of the 20th century there was a lot of graphite production from a lot of different small mines in Western Quebec. Another thing we have going for us is a pretty tight share structure. We have approximately 53 million shares outstanding. We've been public just a little over 2 years.

5:03 And again, we started the company in late 2019, as a private exploration and development company, didn't really raise the money until early 19. And operated for 4 years as a private company. So we have a small core of longtime shareholders. Sometimes we call them the originals, people who took a stand on graphite, thinking, all right, this is going to be the material that faces a supply crisis soonest, and took a stand on graphite in a private company and supported it for several years until we ultimately went public. And a lot of those original shareholders continue to provide the support for the company in private placements.

6:00 A little bit about flake graphite demand and supply. To give you an idea of where it's coming from, we mentioned China and East Africa being more than 90% of production. The US produces no graphite at all. Canada has 1 very small producing mine, producing roughly at the moment, something like 10,000 tons per year, which is on a market of about 1.5 million tons per year. So it produces really less than 1% of global supply. And North America, in order to be self-sufficient on graphite would need quite a lot more of similarly sized mines.

6:50 So North America basically has nothing and Europe is really in the same boat. There's a little bit of graphite mining in Ukraine, which is currently disrupted, mostly due to lack of power availability. And there is a small producing mine in Norway, and that's really about it for Western Europe. So At the same time, you have manufacturing economies and also massive growth in electric vehicle battery manufacturing in Western Europe and North America. But Where are they going to get their graphite from is the question. So what our business is all about is that question.

7:39 Imagine you're building a factory for 5 billion dollars and it's it's getting close to completion. And, you know, there are certain raw materials you need in order to enable that factory to produce anything. And one of those is graphite, especially as it's the largest material component of electric vehicle batteries. So when we first started the company, we looked at what, what, how can we make money on that by solving a problem for industry that industry either doesn't know about, or is unwilling to do something about. Back when we formed the company, I think the attitude was generally, you know, we're just going to get it from China.

8:31 And China produces quite a lot of it, but China's using all of their graphite. And they're also a net importer of graphite and have a lot of the downstream manufacturing capability that utilizes graphite. So we looked at it and thought, all right, how can we make money on this while deploying as little capital as possible to hopefully earn exponential returns on what we're investing? Now, mining projects can be very expensive, but that's only if you go into mining. So there are companies out there in not just graphite, but other materials, and their business plan is very often about, oh, we're going to discover and develop an amazing resource.

9:24 And then we're going to go in, you know, we're going to take that into production. So there's going to come a day where you're going to the marketplace for $500 million in capex. And we thought we don't really want to do that. What we want to do is deploy small amounts of capital to put together a land package around what is at least to us, quite obviously 1 or more globally significant graphite projects. And back in 2019 you could still do that. Today the land package we put together would be impossible to do. And then do enough exploration work on that property to really show the graphite world or the graphite consuming world that, all right, here is the solution to your problem. You're building a shiny new factory for $5 billion, and maybe you're building 10 of them at the same time. Because again, with graphite, everything, not just batteries, but everything requiring power requires graphite, like artificial intelligence or appliances or anything requiring power. So if you're building that shiny new factory, you need a source of graphite, and you need a politically reliable source of graphite. Like at the moment, China produces 75% of global graphite or more.

10:53 And what if Russia had been that producer, producing 75%? And now everything coming from Russia to the West at the moment is still politically unavailable. What would that do to industry in other parts of the world? It would literally destroy it. So Developing homegrown resources near manufacturing facilities requiring it is really the only way out of a problem like that. So we want to be able to deliver that to them by doing enough exploration work on a property, show them, look, this can be your solution. It's got the right characteristics and mineability.

11:43 And it's been de-risked enough so that you know this can be the solution you need for that big factory you're building. And then the way we intend to make money on that is ultimately monetizing the project while the graphite is still in the ground. So we're never gonna go to the marketplace for 500 million in CapEx. We're not trying to build a billion dollar company. We're trying to deploy as little as capital as possible here and exit here. And at the same time, provide the solution that industry needs. A little bit about where we work being an advantage, Quebec again has that long history of mining.

12:30 It has support in place for the exploration business. Whenever we deploy what they call non-flow-through capital into the ground, and non-flow-through would be money that always comes from outside Canada. If it comes from inside Canada, sometimes it is flow through, sometimes not. But non-flow through money deployed into the ground on qualifying exploration expenses gets us a 35% refund essentially. They call it a tax credit, but it's not. They send you the money. And we've never failed to claim a penny or never failed to receive a penny of what we've claimed. Quebec also has a infrastructure that reaches places with no people yet or very few people.

13:24 So you can really have a major highway in a place where there's nobody living for 100 kilometers or something like that. And our property is located in an area that happens to have that. We're located about a 3 hour 15 minute drive from Bay Como, Quebec, which is a port on the mouth of the St. Lawrence at the northeast of North America. And that port is an interchange point where barges that access the interior of North America through the river and into the Great Lakes carry things over to Bay Como and switch it at Bay Como into ocean-going vessel traffic.

14:10 So you've got that maritime access to the interior of North America. And at the same time, you've got access to other parts of the world like Europe which is only 1 week sailing time away from Hamburg, Germany. And you've also got ground transport links to the rest of North America. So it is perfectly positioned that way. And in a place where you can drive there in a little over 3 hours,

14:41 mostly on a major highway, the last 60 kilometers are on engineered logging roads called class 1 logging roads, which are not paved but they're designed to handle those large logging trucks because there's a lot of hydroelectric power in the area, a lot of forestry business in the area, and

15:04 so the infrastructure is already there to support things. But nobody really lives within, I'd say at least maybe 80 or 100 kilometers from the property. So you don't have to worry about waking up the neighbors with a drill or something like that. This is a map of our land package. The claims that are outlined in the darker boxes, the rectangles represent mineral claims, and you can see the scale of kilometers up in the upper left of the map. You can see it is a big property and we are the largest land package in the highest grade known graphite district in North America, known as the Tatepiska Graphite District.

15:52 Our claims are the ones in dark. And the colors you see here on the map represent conductivity in the ground as detected from the air. And one of the ways we find graphite is due to its somewhat magical properties. It's extremely heat resistant and extremely conductive of electricity. So that conductivity can be detected from the air. And then you can see what are conductive bodies represented by the colors on the map. You can see that from the air, map it with quite good precision, and then go to the ground and essentially walk on the ground and look for places where that graphitic body or that that conductive body protrudes the surface, Then you can take samples of the rock protruding the surface and see how much graphite you've got in there. And then begin to determine, yeah, this looks like a graphitic conductive structure beneath the ground, but really at or very close to surface because we're only looking for ground, really all our targets on the property are surface targets so they all begin at surface. So we walk these conductors with a device that will basically raise an alarm if we're detecting conductivity

17:24 within a meter of the surface of the ground. So it's and then you just scrape away the overburden, which is the dirt and bushes, and you get to the rock and you take samples of it. And where you're seeing sample grades, you can see the percentages here of graphite that are found in these kilometers long conductive bodies. And you can see some of the grades there, like 21% graphite, 19%, 12%, 29%. These are, if you compare those grades to the typical graphite mine globally, the typical graphite mine globally produces at a grade of somewhere between 2 and 7 percent graphite.

18:15 The average resource grade in this district is around 14% graphite. So this is quite a rich district. And you can see we're getting some quite good sample numbers. We'll go through this word by word, but you can see that's an example of the type of rock you can just pick up. That's in a trench, maybe 2 meters deep, and that is a highly graphitic rock, maybe something like, I can't remember the number exactly, but something like 30%. And a perfect example of what we're seeing here with surface targets. This is a zoom in of the southern part of the property. You can see again some very high grade numbers over kilometers long structures and again those colors represent the conductivity that say this is a good place to look for graphite.

19:09 And then you scrape away the surface and get those rich numbers. And also some drill holes you can see, like from surface, if we look at the Captain Cosmos area, these drill holes are all from surface. And they were only short holes because they were a man-portable drill. And you can see the grades 23, 16, 17% graphite. So again, you can see the richness here. This is a map of 4 areas from which we took some bulk sampling over the previous summer. We're waiting for the final results from there, but you can see the grades we've achieved from a one-ton bulk sample spread over 3 different target areas.

19:56 So, you can see, you know, 13, 30, 17, 16. This is a zoom in of the northern part of the property and these sampling numbers are grab sample grades and you can see over these conductive bodies we're getting these high grade numbers And the 2 little boxes at the bottom of the screen are insets of some places where we took quite a lot of samples. So you can see the strike length here on this one is 200 meters. And you can see the very high grades discovered there. That alone, if the grades hold, that alone could be a, essentially a world-class graphite deposit.

20:44 And the same goes for the other one to the right, which is a shorter strike length, but there's plenty more for us to test. I mentioned the share structure before and our origins as a private company. Those investors still own 56% of the company plus the 17% held by insiders. So you could probably fit the top 10 shareholders of the company in an airport shuttle van really because it's only a small group of people. And then there are some others who have a smaller amount of shares. So the insiders, meaning directors and officers, plus the early investors own, what is that, 73%

21:27 of the company and the rest is held by retail and a few small institutions. A lot of the capital raised for the company back in 2019

21:44 and beyond was raised in Europe, So we have a quite international and transatlantic board with representation from, I guess, Sweden, the US and Canada.

21:59 The, Yeah, work to come. What we're going to do on the property is, we're going to do an exploration plan this summer to follow up on some of the target areas generated by last year's work. You can see that there's a right here. We got some very good results, which I don't have a slide for yet. But very good results here. During the summer, we reported those in a press release a few weeks ago. And that alone, or that target alone is only 4 and a half kilometers from the proposed pit of the Uatenon project, which is held by Nouveau Monde Graphite, which, And Nouveau Monde holds 2 of the 10 biggest projects in North America.

22:53 And Nouveau Monde recently, about 13 months ago, announced major equity investments from Panasonic, Mitsui, and General Motors simultaneously. So New Vermont is essentially controlled by those industrial players. And one of their properties is immediately adjacent to ours. Theirs is right here. And it is the highest grade known graphite resource in all North America. So you can see our proximity to the proposed pit right there. It's only about 4 and a half kilometers And the geology is essentially the same. So I think that probably gives you a good overview of the company and we can open it up for questions now.

23:45 Awesome, James, Appreciate it very much. I think that was very thorough, so absolutely appreciate it. I got some questions for you if you don't mind before we jump into the questions that have come in from the live audience. For those who joined late, I did see a number that joined about halfway through. That chat button in the bottom right of your screen is where she'd ask questions if you got anything for James today's presentation. But let me jump right into it. I'm curious. I know you touched on it, but I'd love if you could elaborate on the preliminary metallurgical test work results from SGS. What grades and flake size distributions are you expecting?

24:15 And just for everybody in the room and myself, how does this compare to other North American graphite projects? Yeah. The results we're waiting on from SGS, we've already really reported the grades in previous press releases. That was the 30, 17, and 13 from those 4 different target areas where we took the graphitic rock from surface. And on our website, and I can also show some pictures, you can see where there's a crew just who's have scraped off the ground and they're, you know, they're cutting black rock. And that's, that's graphitic rock. So we got some very high grades over the summer. We're checking for flake size distribution.

25:02 And we happen to know, really, and you know just from the naked eye, looking at the rock. Now, I didn't really touch on flake size distribution, but in all graphite, unlike gold or silver, all graphite is not created equal. There are differences, it's a carbon-based material. So with like with coal or petroleum, you have different, you know, you could call it grades or types. And in graphite, you generally get more money for your graphite if it's at larger flakes rather than smaller flakes. And there are 2 types. One is amorphous graphite, which is a very powdery graphite, which is what you use in a pencil, you know, when you write with a pencil, that's amorphous graphite, not a highly profitable business to start in the Western world. But any graphite project, even a a mostly flake graphite project will have some amorphous mixed with it. So you can even call that a byproduct.

26:08 The flake graphite is the good stuff. And the battery industry typically uses minus 150 or minus 100 mesh graphite. So it would be what they call fine flake graphite. So maybe you call it the worst of the best. The battery industry uses a lot of that. When you get up to the much larger flake size, you get into more specialized applications. Like if you've ever seen the bottom of the space shuttle is black. So when it reenters, it can't get too hot or it'll disintegrate. That's, that's graphite used there. And that would be very large flake graphite used to make that underbelly there. So you want a deposit with a lot of mid-size, larger, and jumbo flake graphite. So we expect, you know, really just from the naked eye, we know this is, this is the right stuff. You can see flakes that might be 3 or 4, you know, millimeters in width and graphite looks like if you look at it closely, and it's got flake, it looks like a little pile of frisbees.

27:22 So yeah, you want a deposit, and that's what we're checking for. And as we're digging from surface, you know, we can determine, all right, target number 1 has better flake size than target number 4. So before we delineate a resource on target number 4, we would go to target number 1 and delineate a resource. So, and we're doing it from surface, so it's, you know, it's not as challenging as it might be to look for a few grams per ton, 80 meters beneath the surface, like in a gold deposit or something like that. Yeah, we're expecting typical flake size for the area, which is quite good. And, and we already know the grades are quite high.

28:08 Great. Now, I know you mentioned the N5 target is about 4.5 kilometers from the Wittmann resource pit. Yes, curious if you if you could discuss the geological similarities between your property and the Uatnam deposit, which I know you've described and I think others have described as like the best graphite deposit in North America. Right. Actually, The target area number 5 that we published is in a group of claims, yeah, just 4 and 1 1 1 meters from what is, in my view, the best graphite deposit in North America, the best known one, the Uatenon Project. Now, it is part, geologically, of the same folded domain of rock, I guess we could call it.

28:56 So if you imagine a piece of paper, the Ouatton deposit is at one end of it, and we're at the other end. So, and if you superimposed something the size of the proposed pit at Ouatton and moved it over to that very small group of claims that host that target area number 5, the pit actually fits there. So you could you know, I think that's like a 5 or 6 claim block there. That alone could host a world class graphite deposit. So it's part of the same, really the same folded domain as what the Uatenon deposit sits in. Yeah, great. No, appreciate that. Now, I know we've already touched on it, but I'd love if you could just, you know, in whatever language you've got, to discuss the market advantages of jumbo and large flakes versus smaller flake size, and how the results position Tenepisca in these markets.

29:58 Yeah, well, again, you know, you want that, you want that larger flake size, because that'll help, tremendously help the economics on your project. And it also widens your audience. Like if

30:11 all your, well, if all your graphite's amorphous and you're in the Western world, you probably walk away. But if and then you've got the fine flake graphite, you know, the worst of the best job, you know, which is mostly what the battery manufacturers are looking for. And if you've got almost all fines, you're a battery story, you know, and that's it. But when you have a wider flake size distribution into the larger flake sizes, you can become a defense story or specialty manufacturing story. And So it widens your potential audience of industrial players, which means potential owners, you know, who are industrial players and just enhances the marketability of the whole thing. No, it's great.

31:02 Now, I always like to ask about infrastructure and I got a sense of the region, but I'd love to know what advantages or challenges does Tadapisca face. As I understand it, you're what, 200 kilometers-ish north of Baycomo? Yeah, like 220 odd kilometers north of Baycomo. It's about a 3 hour, 15 minute drive to the edge of the property. And so, and Bay Como again is that major port. So you, for as far as access to transport, great, and also lack of population nearby who might object to the project, which has happened to at least one other large North American project. So, You know, those are, I guess you'd call them advantages.

31:49 The grade is certainly an advantage, but you know, you've got that infrastructure with no people. Oddly enough, there's even a hotel near the property where you can stay. Now, the only people living there, I think, are the crew running the hotel.

32:06 But, you know, and it's designed to accommodate the logging business and hydroelectric power, as well as, you know, mining, you know, the graphite companies there, and there are only a few. So you have all those advantages. There is hydroelectric power. So theoretically you could access hydroelectric power rather easily. There's a massive dam, maybe 50 kilometers from the property. And so, yeah, I think as far as infrastructure goes, you don't have the worst and you do have the best. Great. I appreciate that extra context. One thing I'm curious about before I get to the questions in the audience, I know there's a bunch of good ones and I will get absolutely to all of them, I believe. So give me 2 more seconds.

32:54 I'm curious, how do you view the competitive landscape for graphic projects in North America right now? I know all the geopolitical factors that we discussed, but what differentiates ePowers Tadapisca from the rest of the landscape in North America? Yeah, well, yeah, that's a good question because we don't really regard our, we call it our peer companies rather than our competitors. Sure You know, we're all given the same message and if you look at graphite demand forecast graphite demand benchmark mineral intelligence says by 2030 We're gonna need a hundred and 40 percent more graphite Then we produced in 2024. So, you know, if you produced 1 in 2024, you need 2.4 in 2030, you know, 4 years and a few months away.

33:49 And there are basically 10 projects in North America. You probably need 40. Wow. So we cheer our competition, if you call it that, on. We want them to be noticed, and they probably want us to be noticed. Because in my view, they're all going to go. They have to. There's just no other solution. So yeah, And we're making the same noise, you know, telling, you know, manufacturing the same thing. There is a solution here. All you have to do is walk over and pick it up. And so, yeah, we don't really regard them as competitors. Now, at the moment, the competition, you could say, is first Chinese graphite.

34:38 That's just been curtailed in the last 3 months. You need a special export license to have any graphite leave the country now. You know, they're talking about, I think there now is a tariff, you know, there are tariffs on tariffs out there. But I think China, they have one, I'm sorry, it's scheduled for January of 26. A 25% tariff on Chinese graphite. So, and the battery industry really lobbied for that extra year, they wanted to do it this year. And that's not a Trump policy, that was a Biden policy. So it might even get higher. And, you know, there's East Africa out there, you could call that lower cost competition. But right now Mozambique has, you know, a big project run by an Australian company.

35:28 In December, They claimed force majeure for loan payments because there's civil unrest, you know? So yeah, Mozambique, if it's actually working, it's cheaper, but can you get it, you know? So East Africa, you could say is competition, but it's competition that maybe doesn't really fix the problem, but fixes it today. Yeah, I'm sure. If you can get some of that. But East Africa sends a lot of its graphite to China. So there's not much to go around. And yeah, we, you know, and in North America, you know, we, you know, we're in that high grade graphite district.

36:14 There are only, there are 3 other companies there with us and the entire graphite space in North America is only maybe 6 or 7 companies something like that I can't remember it all now but it's yeah There are very few of us and there are 10 projects, 2 are already off the table. That's 8 left and you need 38. So yeah. I'll get good spots to be in for sure. I know there's a number of questions from the audience. I'm gonna run through some of theirs then I'll close with one of mine. But I'll go from the bottom up. So a fella says, I'm Ray McCormick from Capstone Partners. He's curious, who's the QP on your project? And is there a 43-101 available? Yeah, Jamie Levine is the QP on our project.

37:01 We are pre-resource. We've never actually delineated a graphite resource. And one of the reasons for that is our share price is pretty low. We don't want to dilute really to show the obvious, you know, because we're talking about a number of, you know, 10 or even a dozen surface targets here. So we know there's a resource there. It's just going to take 4 or 5 million dollars to show the rest of the world there is. Now we do have a 43-101 technical report, but that only covers a part of the property that we bought in the beginning. But Jamie Levine is our QP, and we'd be happy to share all the data with you as well. There's nothing to hide here and a lot of it is publicly available too. So, yeah, happy to share all that with you. And also I should note, if you didn't request a meeting with James when you registered for the event, you can always do so afterwards.

38:01 Just let me know and I'll try to get you guys connected afterwards. So C. Pellucci from the chat asks, do you have a signed offtake agreement with the Baycomo plant? No, there is a plant planned in Baycomo And that plan is to build a plant that would require 200,000 tons per year of battery, or sorry, that would produce 200,000 tons per year of battery anode material. And for that, you know, you probably need 200,000 tons of natural graphite. Now, the entire market is about 1.5 million right now. So that means in Bay Como, Quebec, you're going to need a big part of global production if that factory comes to fruition.

38:48 And there are lots of others like it around the continent. It likes like, you know, St. Thomas, Ontario, they say by 2028, a million batteries a year, times a hundred kilos per battery. And you can do the math on that one. But no, we don't. And we're avoiding offtake agreements that really bind us because, you know, we're trying to look attractive to, you know, a lot of industrial players. And if we get into bed with 1 too early that makes it less interesting for someone else. So unless they're going to throw a whole lot of capital at us for a offtake agreement we're avoiding such things for the moment. Romeo, I think we lost your audio there.

39:39 I was just on mute, my bad. There was a plane going over. Let's talk back on, here I am. There's a strategic question from Ryan in the chat. He asks, do we think a buyer is going to acquire the company without a full exploration program? Is the idea that they see possibilities and then fund that larger program? Just curious strategically where your head's up. Yeah, actually, both of those could happen, really. Now, when larger companies come in, and it might be an industrial player in partnership with a mining company, because at the moment, you don't see the miners alone, getting into graphite at all, like, you know, Rio Tinto and BHP, they're not doing graphite. But industrial players might bring in that mining partner. And what do they really do when a, like if you look at a gold project, What does a Ken Ross do if they buy out a project? They do all the work again, they don't care what you did.

40:39 So yeah, I think we can sell it without having done, We've done enough exploration and we inherited enough exploration by acquiring property that had already been explored. To show this is quite clearly the source of 1 or more serious globally significant graphite deposits. Now, it will cost money and time to delineate a resource or resources. And yeah, now, it would be better in the hands of a big player. They can get permits faster than we can. The money's always there. So it would make sense for them to, the other day I likened it to, you know, you want to buy a new car, but here's a new car that doesn't have a paint job. You know, you still have to paint the thing.

41:40 But you know, and then you can go drive it. And this is unpainted, but there are no other cars. So you know, you've only got 8 and you need 38 in North America. So, yeah, you know, it's not quite finished, but it can be. And, you know, if you're going to spend, and, you know, and these are serious numbers. If you're, you know, Imagine you're just buying 1 or building 1 factory that requires graphite, and it's going to cost you $5 billion. Would another $100 million for what's quite clearly 1 or more graphite deposits be a problem? Probably not. And, you know, and if you have to spend 4 or 5 million extra to delineate the resource and, you know, call it 9 months or a year.

42:31 Okay, no, you know, you know, make it, you know, plus 4 or 5 million. And so, yeah, I do think we can sell it. But that is another possible way to do it is someone says, all right, finish the exploration work. We'll give you some capital to do it and either take an option on the property to buy it when the work is over or equity in the company so that they could basically take over the rest when the time is right for them. Great. I appreciate that. TB from the chat asked if uplisting is part of the strategy and what would be the timeline on that if that is the way that you went? Sorry, could you say that again? He wants to know if uplisting is part of your strategy. So I imagine on a different exchange. No, not really. Because you know, we don't...

43:21 And that is a good question. We don't think retail is going to save us. Right, you know, what's going to happen, you know, the way we exit this, you know, assuming a positive type of exit is, we sell the company or Tetepisca to a major industrial player or somebody who wants to get into graphite and control a good piece of that market. Now, uplisting probably, yeah, maybe you get slightly more interest, but people don't necessarily shop for exchanges, they shop for companies. And so, yeah, right now, you look at the share price, it's 5 cents or 5 and a half. So market caps a little over 3 million.

44:09 When I was talking figures like 100 million and that seems like a major disconnect. And that is the play really is, you know, our exit, you know, isn't, you know, that 3 million going to 11. It's, you know, that, you know, that 3 million, you know, going to what, you know we could call it a you know a hundred but sure it's yeah which sounds sensational but what's a hundred if you're spending 5 billion sure that 5 billion is wasted if you don't have any graphite so that's our way out of this now what it also presents is an opportunity for a retail investor who sees that to front run that industrial player that he knows is coming.

44:59 And just wait. You know, we're not buying at 5, hoping to sell at 7. I don't think it really works, but buying it at 5 and putting it in the oven, I think is gonna work. And that's when I intend to sell all my shares, that day. You know? Awesome. Yeah. No, appreciate that insight into strategy. Wesley, the last question, I think from the audience before I get to my last one, I was curious, and actually don't know the answer to this is graphite covered by the North American critical mineral strategy and therefore exempt from American tariffs? Well, it is. I mean, the tariffs are so on and off. I'm not sure what's going on. Yeah. What you know, the it is a critical mineral for both Canada and the US. Yes.

45:48 And yeah, and the European Union as well. Awesome, okay, great. Last question I'll throw at you before we can wrap for the day. What milestones should investors be watching for for the rest of this year? Yeah, look for, well, you know, what's great now is the macro picture around graphite is providing a very nice tailwind. So, you know, look for additional exploration results this summer, you know, some more, first, and we're trying to draw attention to the graphite problem itself, you know, so yeah, look for more, you know, we're going to follow up on those surface target areas. So, you know, places where you're walking on the graphite and, you know, choosing which one.

46:38 If we go ahead and raise a lot of money this summer, if the share price is as it is now, we're gonna dilute a lot. And, you know, given our strategy, you know, does it really help us to spend that 4 or 5 million to develop a resource or to delineate a resource, a significant resource? You know, I don't think it changes our price in the marketplace. Now, if their shares are 25 cents, maybe that's a good idea. But if it stays where it is, we probably would only do enough exploration work to make an impact, show those target areas have potential. And if we get, you know, to drilling, you know, you go to one of those target areas and you know, if you have 100 meters by 100 meters, And you just put like 2 or 3 holes in 1, just to show that there is graphite going down to, you know, even if it's just 50 meters, that's a lot of tonnage right there.

47:42 And if it's beyond 100 meters, we don't really care about it. That'll be great in the year 2060. What gets this financed is 0 to 100. Awesome. Well, James, thank you so much. This is, I think, very informative, very helpful. I would focus on the room. Thanks so much, especially those who ask questions, participate in the chat. Really appreciate it. If you have any questions or you think of the perfect thing you want to ask, the second I hit the end call button, it happens more than you think. Please do still send it in. I'll make sure that James gets it and he can get back to you. I know many of you already requested meetings, so appreciate that. But if you didn't and would now like 1, please do feel free to change your registration status. I'll make sure that Jim gets in touch with you as soon as possible. But James, thank you