Northern Shield: Market Update & Next Steps

0:04 Good morning or good afternoon, depending on where in the world you're signing in from. I did see there were some Europeans in the audience. So if you're enjoying a lovely evening on Friday, thanks for joining us. As always, thanks for taking time out of your day to join us for a live webinar. I'm joined today by Ian Bliss, CEO at Northern Shield Resources. Ian, how are you today? I'm very well, and thank you very much for that introduction again, Romeo. Awesome. So here's how today's going to work. Ian's going to walk us through a quick presentation, look in about 15 minutes, and then following that, I've got some questions for Ian, but then we'd love to entertain questions from the live audience in the room today. So there's a chat button on the bottom right-hand of your screen. Please do feel free to pose a question at any time during today's event. We'll try to get to as many of those questions as we can today. If for whatever reason we don't get your question, but I reckon we probably will.

0:49 I will make sure that Ian gets your question afterwards, full transcript of the event so that he can respond individually.

0:56 Last piece of housekeeping before I throw it over to Ian for the protein. Today's event is being recorded And that recording will be available for replay in probably the mid-afternoon Eastern time. So you certainly get it before the end of your work day as long as you're in the Americas. But without further ado, Ian, I'll throw it to you for a presentation. Thank you very much, Romeo. And welcome to Northern Shield's presentation as part of their Promising Explorer series entitled Center to Center and Vectors to Goal and Why Root & Cellar Defining are Just the Tip of the Iceberg. This presentation is a meta summary of a methodical exploration and advancements that we've had at Root & Cellar to date and why we think we are on the verge of something very special at Root & Cellar. If you want greater detail, this is available on our previous presentations on our website for looking at statement of advisory as normal.

1:48 As some of you may know, Northern Seattle is well regarded as for thinking outside the box, and we are not followers. We initiated our own projects, either in conjunction with prospectors or on our own, in areas that are underexplored and that have the geological conditions to support the notion of a giant and high-grade ore deposit. While many view greenfield exploration as a risk, we see it as an opportunity, and that's an opportunity to discover a Tier 1 asset near surface and at relatively low cost. And we don't believe those opportunities come around very often. We implement a detailed model-driven approach to our exploration strategy to try to reduce that risk to ourselves, our shareholders and the environment. And that strategy has served us very well, because as you will see, it has led us to a very intriguing epithermal gold silver tellurium and related copper porphyry discovery at Rooten Cellar on the Beer and Peninsula mutual land. And as I say, I believe we're on the verge of a notable discovery.

2:47 The original mineralization at Rooten Cellar was discovered by a local prospector. But from day 1, the evidence of something significant was not lost on Northern Shield. Although the markets have been most unkind to the juniors, especially those exploring early stage projects, we believe tough times breed innovation. And we are, I say we believe we've now put all, diligently put all pieces of the puzzle together. And I'm going to start this presentation with the conclusion. We believe the finished puzzle will look something like this. And I'm going to summarize how we got here in today's presentation, but when it comes to Greenfield's exploration for large blind ore deposits, we don't believe either the evidence or the location gets much better than this.

3:36 So Root & Cellar is located in the Avalon terrain of Newfoundland, which is broadly similar to BC's Golden Triangle that as we all know hosts numerous Tier 1 gold and copper assets like Roost Jack, ASM and Goliath which we hear a lot about these days. But whereas BC's golden triangle has been explored for a better part of a century, and mine is not just explored, the Avalon has only seen 2 decades at best. And in the case of root and cellar, it has seen no exploration whatsoever until Mullen's Geoloction property from a local prospector.

4:10 As I said, we're looking for giant ore deposits, and geological conditions must support that notion. And extensional tectonics is part of that and really form the foundation of the potential of a giant ore system. The Riftinger extension provides a real opportunity for large scale epithermal gold systems to enhance magmatic activity. And if you're enhancing magmatic activity, you're also enhancing the likelihood of hydrothermal activity as well. But an extensional faulting also allows for very large low pressure windows with great depth extent. And it is this sudden drop in pressure that creates boiling and gold participation in epithermal systems. It's not the increase in temperature, it's the drop in pressure. So if you have an extensional environment, basically the popping of the crust, that creates large low pressure windows that extend from the top of the fault down to the bottom of the globe. And so just from some regional conditions, this very much has the evidence of a giant ore system.

5:10 And on top of that, what really sets Moonton Solar apart is their presence of tellurium. Tellurium is a critical metal, as a key component of solar panels. It's actually one of the rarest of the critical metals on the planet and 8 times more rare than gold. The primary source for Tellurium is as a byproduct of a handful of epithelium gold, silver and copper deposits, much like the model we have at Root & Cellar. Currently, 90% of the world's Tellurium is sourced in China, with the second biggest producer in the United States at only 5%. But the reason why I like Tellurium in this case, and why you should like Tellurium, is that it is often associated with very large and high-grade epitomal gold systems such as Cripple Creek in Colorado and Comstock. A quick overview of the project, to say gold was first discovered at Conquest by a local prospector in a handout transaction in 2012.

6:03 And Northern Shield is the first exploration company to conduct methodical exploration on a property. The property holds 5 gold showings over a 6 kilometer strike length and a very large copper bearing area in the southwest portion, which we actually pre-existed the gold minimization. 3 of these gold showings, Drop Zone, Wind Zone, and Braxton Bradley are characterized by very high silver to gold ratios and also very high grade to uranium. But in the center of this is a conquest zone, which has been our focus of our exploration to date. And as you'll see, we believe conquest has all the ingredients of a very large epithermal gold system. If we start zooming into the conquest zone, Gold mineralization on soil anomalies cover an area of about 4 square kilometers of the conquest zone.

6:51 These gold anomalies overlie deep-seated IEP chargeability anomalies as well as magnetic lows. These are controlled by 2 different structural sets, largely in the north-south direction and in the east-west. Critically, most of the gold we see in the conquest zone, other than in the center mound or discovery trench area, much of this gold is what we call leakage. It's not the primary mineralization for what we believe is the main ore body. It's a big leakage of contacts and faults subsequent to the formation of the main ore body. We also have numerous gold-bearing boulders with up to 111 grams per tonne. So we have not found a source of these to date, but they're within a few tens or perhaps a hundred meters, but very, very proximal. And we have significant visible hole that we'll see in the discovery trench area. So much of this presentation is gonna focus on just a portion of the conquest zone and specifically discovery trench area.

7:45 So if we zoom into the discovery trench area, we believe this is the tip of the iceberg. And in 2023, we went back and started expanding that trench that the original discovery was made by the prospector. And in that process, we discovered about 8 occurrences of visible gold. And also, more importantly, the identification of what we call crustiform coliform banded quartz veins. These are the classic quartz veins you get in epithermal systems. These veins also contain a mineral called adularia, a potassium bearing mineral, and this all tells us, again, we're getting closer to the heat source that's bringing up all these Gold-bearing fluids. This trenching program was followed up by a very small drill program, 5 to 600m, but 7 out of 8 drill holes intersected Gold mineralization. This image shows a combination of both surface sampling and drilling. And so you see an area about 100m by 40m wide. We have nearly continuous gold mineralization. Some of it is low grade or moderate grade at 0.6 over 34m with sporadic high grade. It's up to 78g per tonne in grab samples on surface with visible gold and 23 grams over half a metre in drill core. But as important as these gold values are, one of the other critical bits of evidence in this drill program and trenching was the identification of hydrothermal vent breaches, cinder material and what we call geyser sediments.

9:09 And here's an example of these critical pieces of evidence we've got in drill core. First of all, these hydrothermal vent breaches. Again, these occur, if you look at this diagram on the left, which is a classic epithermal model, those breaches occur at the very top of the system. You often hear me compare roots out to Waihi in New Zealand. They have a lot of these hydrothermal vent breaches at the top of the system, they actually sort of form an umbrella above the veins. Sometimes there's a gap between the breaches and the main veins, and other places they're contiguous. But more importantly, we have these hot spring sediments. So if you think of Yellowstone National Park and that geyser, that is essentially is an epithermal system. Probably down below there you'll get into an epithermal hole system. And so these muddy sediments that we see in drill core, the remnants of those pools of hot food and mud that would have formed around that geyser sediment. So that's at the very top of the same. You see these center fragments.

10:06 These are all very, very clear evidence that we're right at the top of an epithermal system. So first of all, the whole system is intact. Nothing has been eroded. But it's very much pinpointing where the main vein should be. Sometimes, as I say, there's a gap of maybe 300 metres when you look at some of the Mexico systems. You look at Pura Del Norte, the veins come right up underneath the centre mound. The other interesting thing at Root & Cellar is we're seeing a lot of gold here, including visible gold as I've said. You don't usually expect to see gold at these levels. You don't expect to see it until you get down into the boiling window. The fact that we're seeing it in the centre mound level at the paleo surface holds very well to what we think we're going to hit and drill for once we get into that boarding window. So why are these sensors so important? Well, if you take a look at the Norte example, which is an epithelial gold occurrence in Ecuador, this was a blind system. And it was first found by recognizing that there are certain gold anomalous silica horizons and based on the chemical signature they recognized that this was leakage from an underlying epithermal system.

11:11 They drilled 3 holes. The first one missed completely. The second hole intersects that center horizon and the geologists recognized that as a center horizon knowing that if the center horizon is there, the top of the epithelial veins are not far away. They steepen the hole, and the next hole hit nearly 240 metres of 4 grams per tonne gold. So similarly at Root & Sadler, the geology, geochemistry, and geophysics have identified that center terrace. You can see it on the IP here. Near surface, it's a flatline IP chargeability anomaly.

11:41 And that's why we now know we missed in 2021 when we drilled underneath it, because it wasn't a vertical target. It was a flatline body. But that vectors us back to what we think is a feeder zone, which is now where that discovery trench area is sitting. So again, these center terraces provide very good vectors and indications to the main vane systems. I won't spend too much time on this, but in addition to all that visual observations of evidence and textures in drill core, we now have some very innovative geochemical studies being undertaken at Root & Cellar as part of an MSc thesis project. And that thesis student went back to look at data from Wahi, New Zealand, where they came up with these chemical charts and discrimination plots that were simply plotting potassium versus sodium.

12:32 And in Wahi, New Zealand, when you're getting high potassium and low sodium represented by these red dots, you are right above the main things at Waihi.

12:40 So he used the same sort of plots using our data. And what does it do? It shows that at the discovery trench area, you're getting these very high capacity to sodium levels. So this was completely independent of our visual observations of drill core. But again, it just reinforces that this was the right area to be starting to look for the top of the main vein systems. And this is where it gets very, very intriguing and quite compelling. So with all the geological, geothermal, and mineralogical vectors that we have, this is all now supported by a very compelling geophysical target. This image shows a 3D shell model of a magnetic globe. And so you must remember that the fluids that form these epithelial gold deposits often destroy the magnetic signature of the host rocks. And so they are associated with magnetic globes. And so this is a plan view of that 3D magnetic shell model. So first of all, note the very close correlation

13:34 between the gold mineralization that we're seeing on surface represented by these red squares and this underlying magnetic shell model. We also have IP anomalies represented by these red hash marks that also correlate very closely to the edges, or sort of changes in the morphology of this magnetic globe.

13:53 And so if we actually look at that, that's a plan view. If we now look at that in cross-section, it gets even more compelling. So first of all, think back to that epithermal model that we just showed you with the cinder terrace. It almost looks like a tree-like structure. This magnetic lobe looks almost exactly the same. Significantly too, the modeling shows it goes down to about 800 meters depth. Now, Inversion modeling in magnetics is not always accurate. So this may not be 800, maybe 600, but it's a very considerable depth extent. But they say the morphology, the shape of this matches the classic epithelial model. More importantly, look where the discovery trench area is. And this is why we call it the tip of the iceberg. You can see this almost arm or offshoot coming off this main magnetic shell 3D model and that's where we're getting 78 gram per tonne gold on surface and those drill intersections and it matches exactly this sort of offshoot of this magnetic load.

14:48 The 2021 drilling sort of sits over here and we believe there's a fault clearly cutting up sort of almost along this armpit of this arch offshoot. And the goal that we, in the second 2021, almost certainly is this leakage of a fault zone from that.

15:03 Quite significantly, too, we see a change in the morphology of this magnetic low at a depth around 150 to 200 meters, where below that it gets quite sort of bulbous and actually quite large and a stronger magnetic low. And we believe that's because there's a series of such cap rocks in here that are trapping the fluids. As these fluids rise up this fault zone, they hit this cap rock

15:26 because it's impermeable and they begin to flood out below that. And so it's below that level that we see number 1, good IP start building. But it's in this sort of area that we expect to see some bonanza grades of gold and some very good widths once we get down to drilling. So it's a very classic model of an epithermal system. And I say, we really don't believe it gets much better than that. So that's looking as I say from east to west into that previous plan view. Very similar thing looking now north to south.

15:57 Again we see this cap rock layer that's trapping fluids below it and these are the areas we're going to be targeting in the upcoming build program. And again, to support that, here's a chargeability, IP chargeability section, and we have a flatline IP chargeability anomaly at about 180-meter depth before the IP, so that corresponds very, very well to this layer in here. So, you know, we know we have some fractures, particularly over in what we call the center vein where a fault has allowed some of this to leak up the surface

16:29 to where we see it in the discovery zone, but we believe much better minimization is going to be below this cap level. So, they're very much supported by a good correlation between the IP and the magnetics. And again, note the shape of this magnetic load, how well it mimics

16:48 that cross-section of a classic epithelium system. So going into the drill program, we plan a 3,000-metre drill program to test particularly the centre zone and the Otter's Pond, which has had very good IP anomaly corresponding to the magnetic low. Say, 18-15

17:06 drill holes, 3,000m, really focused on the conquest zone. 1 or 2 holes may test that we have a Copper 4 free target up here. We're in 2023, we actually hit a little bit of Copper mineralization. But the real focus is going to be on the center bank and the Potter's Pond fault. Again, very low exploration cost due to the ease of access to route and cellar. All in drilling costs are about US$200

17:31 a meter. Obviously, if you have low exploration costs early on, hopefully down the road, this will translate, or should translate into a very low development costs. But this is the plan to build program that we need for later this spring or perhaps early summer. But this 3D shell model has now provided a very good visualization of how we think this epithermal system is manifesting itself at depth.

17:58 So as I said Before, epithermal systems are very well known for their bonanza grades of gold and silver. And the grab samples up to 111 grams per tonne gold, nearly 1,400 grams per tonne silver, 700 ppm tellurium, and 10.5% copper, the high grades are very apparent. But a very select few of those solvation gold deposits are also associated with very large tonnages. And as you've seen, a very comprehensive

18:23 exploration model shows that Bruton Seller could host a very significant epitomal gold system. But large gold systems are not just based on their footprint, they're also based on their depth extent. And as you can see from this magnetic modelling, that would show that the system could extend to something on the order of 800 metres depth. And that system is intact, And we see it from the mineralogy and from the geochemistry profile that it's very, very well preserved. And to get to this stage, we've had multiple data sets, whether it's geochemistry, geophysics, mineralogy, physical observations, and geochemistry. All the data sets very clearly point to the top one of the systems. I mean, that's essentially what we're saying is the tip of the iceberg, and that would be the discovery trench area. But it certainly seems to link down to a much bigger body at depth. And all this is a very compelling evidence of a very large epithermal gold system at Root & Cellar. And to top that off, we know that she owns 100% interest in Root & Cellar. And this, you must remember, this is located in Newfoundland, minutes away from a paved highway and a deep water port.

19:35 And when it comes to greenfield exploration for guidewater deposits, we don't think the evidence or the location gets much better than what we're seeing now at Boonton Seller. So that really concludes my presentations. If you have any questions, I'll be happy to try to answer them. Awesome. There are some great questions in the chat, but I would like to run through a couple that I had for you first, if you don't mind, Dan. The first I'll ask is, you've previously drawn parallels between Root and Seller and the Fruta del Norte deposit in Ecuador. I'm curious about beyond the center terraces, what other geological similarities give you that confidence in making that comparison? And how are they different also? Yeah, I mean, no 2 deposits are ever the same, but we often use comparisons just to help guide exploration or remind us of how these things may work. So I mean, one of the key ingredients of Puta Dhammoti was the identification of that cinder terrace. Now, in the case of Puta Dung Morte, that cinder terrace is actually quite extensive.

20:37 That root cellar is not, probably because the different geographical environments that they were forming. We think root cellar was actually in a mountainous terrain. And so you don't get flat line area, very large flat line areas for these things to pull. So ours are a lot smaller, a little bit distorted, but we have these center terraces and they provide very good vectors to depth. The other thing is they also have leakage and they have these weird, dark rocks that they weren't really sure what they were. We had the same thing in the 2021 drilling. Christine, our chief geologist, was looking at this mineralized rock, wondering what they were and how they fitted into the geothermal system. But now we believe too they are leakage. One of the differences is they have a lot of manganese in Pudet Norti, which is closely tied to the very high-grade. So far, we don't see a lot of manganese in the conquest zone.

21:32 We do actually see stuff at Windfall. But I think one of the other similarities is just the way they found this. This was put in order as a giant, I think it's 10 to 16 million ounce deposit. And they had very little indication of the actual epithelial system on surface. It was buried by 200 meters of sediment. At root and cell, we actually see a little bit more, but it does show you, even if you have very little evidence, you know, good geology, they vectored into it very quickly, but these things can be varied. But the, you know, big discoveries do happen by just following a very methodical exploration of programs. I think that's one of the great examples of what it is, is geology, understanding the chemistry, you know, applying a model to it and following through.

22:25 But say all the deposits are different, some similarities as we've often said to Wahi in New Zealand as well. It's really just understanding the system and using what tools you have to factor into the modernization. Oh, great. One question I had, drilling costs $200 a meter. Obviously, that's remarkably economical. So I'll start the question there. But I'm curious, how has investor interest in Rutan Souther evolved as the mining sector just now starts to begin to turn positive? Are you getting increased attention from institutional investors, strategic partners, et cetera? Yeah, we're getting increased institutional, even retail. More recently, other mining corporations, especially those people that understand these systems I mean the Tolerium as well like you know like for those that understand epithermal system, that jumps out as a pretty key indicator of number 1, epithermal hole, but second, something very large.

23:26 You don't expect this in neutral land very often, so it's a surprise. Even the Fluorite, there's a Fluorite deposit just down the road from Root & Cellar. You go to Colorado Nevada, they have a lot of Fluorite associated with these big Gold deposits like Comstock and Triple Creek. It's just the data. It's the Taurium, it's the rifting, it's the fluorite, the alteration. I said earlier on that we keyed in on a lot of our ingredients at room cellar, other than just the Gold assays. It was the alteration. These rocks are actually butchered by alteration. Large deposits are grown, and so they don't come overnight.

24:13 They're grown, and that takes time. That's a lot of fluid pumping through the rocks and that changes the rocks and you know The thesis student even when he was trying to understand what rocks we had there You know, he's looking at the least altered rocks and even the least altered rocks were hard to recognize the original textures and mineralogy of these rocks. So these rocks are highly altered and that's not lost either on some of the institutions that understand these systems. But I think too, it's just, you know, you don't come across these very often And yes, greenfield exploration is a risk, but times have changed. And I mean, 10, 20 years ago, we read about discoveries often too late in the know of the miner or whatever. We did very rarely, you know, investors on a mass scale have the opportunity to see that develop. And through social media, including the 6 platform, investors have a chance to slowly get to grips with the prospect and try to de-risk it for themselves.

25:20 They have better access to management. And times too. Right now, other than having events, sort of sneak a peek at what could be a discovery, they have better access to management. And even their share prices, share prices right now are sort of unnaturally depressed for most of the juniors. They have a chance to get in sort of at a reset value and hopefully a sneak peek of that upturn in the Lausanne curve. So I think some people are beginning to recognize that, you know, it's like the top markets, maybe now's the time, you know, with better access to management, they see the data, they have time to digest it and get comfortable with it, it's still risky. But there is no reward without risk. And so from the retail point of view, even up to the institutions, we're getting a lot of are doing a lot more interest.

26:16 No, for sure. You know, keep on developing the story and obviously knocking on a lot of doors, but it's beginning to resonate right now at all levels from institution to intel. Great. And yeah, it's never been more transparent, both the risk and the opportunity for investors. So it's an exciting time to be looking at projects. I know the slide showing the magnetic low-shell model, it suggested a pretty significant depth potential at 800m. What depth are you planning to test in this drilling phase and what technical challenges do you start to get to at those depths? So we're, I mean we're going to see the holes be relatively shallow in and around the center like 100 meters, 200 meters, just to slowly track that down but really what we're going to do is to say just try to hit it you know below the 150 to 200 meter mark, which is where the sort of cap layer appears. So the vertical depth, depending on whether you believe the IP or the magnetics is roughly between 150 and 2 meters depth.

27:17 So we're not gonna go down 800 meters right away. No, it's going to be sort of in the 200 to 300 meter window which is ideally where you want to target. So some of these will be longer holes because we want to kind of test a variety of IP targets and magnetic lows as we go through them, particularly in this area here. You can see in the bottom right, we have the IP sort of on the flanks of this portion of the magnetic low. So should we be testing the IP? Should we be testing the center of the magnetic low? So some of these holes will be quite long, maybe 400 or 500 meters, but they're not necessarily going 400 or 500 meters deep. They're just the length of the hole, so we can kind of skewer right through this target. The challenge is, you know, hitting something 200,300 meters down, These are not super long holes. They don't deviate.

28:04 So we can try to reduce that by certain technology, like coarse stabilization barrels. But there's nothing overly challenging in these. These are relatively, you know, still short, modest holes at 2 to 300 meters vertical depth. I think one of the challenges actually is not getting phased. Like you can still, as it happened at Fuutebaanorte, you can be really close to these things and miss with not a lot of indication. And so you just got to be confident in your model and discipline that if you happen to miss on 1 hole, don't think, okay, it's not there and run 500 meters away. If you're confident in the model, change the orientation of the hole and try again.

28:52 I think that's sometimes the greatest challenge is not to deviate from what you're doing. You always got to adapt your model, but There's plenty of examples around the world where holes are dismissed and you're still just meters away from world-class order faults. So just stick to the principles and the confidence of your model. Drilling, there's no real technical challenges here. These things may veer off a little bit, but we think it's a big enough target that yields to hit something of it. Great, I appreciate that. Now, there are some comments in chat asking about details of the drill program. I believe your presentation covered a good number of them, so I won't delve too much into that. But just to reiterate, with the planned 8 to 15 drill holes covering 2,500 to 3,000 meters at $200 a meter, which is great What specific question are you looking to answer of this program and and what results would be good enough successful enough to expand the program?

29:45 Well, I mean we're aiming to get right. We want to see continuous good grades of Gold mineralization. It takes 1 good hole to get that. If you're lucky enough, you've done all the hard work and the evidence, sometimes you need a little bit of luck. We think we can get down to this. We want to find good widths and traceable mineralization with good goals of grade. If we had the same sort of values as 2023, but over a bigger drill program in these current markets, I think that would be okay. It fell on deaf ears back in 2023, but that's for the markets where their gold prices are a little bit lower. But I think we're going to be like, I think we can get into the heart of the system, this drill program, and get at least in 1 hole some good continuous gold utilization. And I think that that could change this thing overnight very, very quickly.

30:52 Great. And now one thing, and this was reflected also in the chat, but also in emails that came in advance. What is the timeline for this drilling program and just generally expected news flow for the rest of the year? Well, we hope to get in here drilling in May, could be in late as I think early June, but we're really focused on May. We're just going to again, wrap up the last bit of the financing to get us there. We actually hope to be on the ground sometime in the middle of April, just because there is 1 target that, based on some of the modelling and new evidence, we think we really pinpoint an area that if we go on the prospect, we can find another completely new zone of gold mineralization. This is an area where there's not a lot of outcrop, but based on the geophysics, we can pinpoint an area. So we'll try to get in there and see if we can find any bedrock gold mineralization.

31:47 But otherwise, the focus is to get to a drill program, ideally in May, if not very, very early June. Great. We think we're ready. We have the information to go and drill, and we think this can change in a hurry with this next drill program. Awesome. Drill baby drill. That's exciting. Wesley from the chat asked, I think I saw this question also on co.ca. What's the timeline for assays? I think it's still the order. I mean, if you look at big batches of samples going in, it's probably on the order of 2 months. Samples can be rushed of course, but you can't rush all the samples from a drill program like this. It's just too expensive. But we can rush samples. It's like 2023, we expect to hit some visible gold and if that's material, we'll of course announce that along the way once we get it confirmed as visible gold. But I think 2 to 3, probably 2 months for complete assays from the drill program, but we hope to release those in batches along the way Awesome, then I'll just wrap up today by asking what are you most excited about this area?

32:58 Well, it's a matter of doing this thing and I say, you know I don't think I've been on a project where so much information has come together and kind of pointing at the same model, pointing in the same sort of direction and, you know, I'm close to some of these systems in the past, but I believe this is the one and it's just a matter of getting to that local program and hitting it. And I see this as very pivotal. A lot of good evidence pointed in the same direction that we could be onto something very significant here. Awesome. Well, more news to come. Looking forward to it. I know there are a bunch of folks in the room today. Thank you so much, especially those who asked questions. If you got additional questions, please let me know. I can get you in touch with Ian as quickly as possible. And Ian, thank you so much. This was a great presentation. I appreciate it. Great. Thank you all.