Power Nickel Releases Significant Inaugural 43-101 Report on Nisk Nickel Project

0:07 Hello, everyone, and welcome to Power Nickels live investment summit today hosted by 6. Now, please introduce our speaker for today, CEO, President and Director Terry Lynch. Terry's going to walk us through a company presentation and after we'll be accepting questions live. I'd like to remind everyone in the audience that you can ask questions using the Q&A tab found on the right hand side of your screen at any time. As always, this event is being recorded and will be available to watch on Six.com in the coming days. But Terry, with that, I'd like to hand things over to you and get us started. Great. Thanks for having us here. And it's a great day for Power Nickel shareholders and

0:39 interested shareholders because we released a great initial inaugural 43-101 press release today on our NISQ project in James Bay, or just south of James Bay, Quebec. And I'm going to walk you through a quick presentation of why that's significant and why it should make you very interested in owning Power Nickel if you don't already own it, or owning more of it if you have some already. So let's go. That's the nickel slide on the front, just what the nickel grade looks like. We won't spend a lot of time on that now. Standard disclaimer, we're going to tell you the truth, but always do your own due diligence. So here are the results. So basically, you know, it's a combination of an open pit and underground approach to how we potentially mine this deposit.

1:26 It's indicated an inferred resource at this point. So roughly 2.6% indicated, about 1.4% inferred, around 1.2% to 1.3% nickel EQ. We use very conservative numbers. As you see below, we use basically $8 nickel. I'll go into why we use those numbers. Basically, we did that to match up against the Talimetal deposit, which is probably the only deposit that the market currently thinks is commercial in the Nickel Junior universe. And so we want to be compared with against that because we think we're about to get commercial and that's what we wanna be when we grow up. So just last week, another firm issued a PEA with using the 960 number. So if we did that, we'd immediately go from 4 million tons to 5 million tons. So that type of thing would really be helpful, but we did this way for that reason. But we think there's tons of upside on this resource and we'll walk you through that.

2:25 The assumptions are laid out in the press release. Obviously super small, you can't possibly read them here, but it just legally I had to put them in there and you can get them on the press release that's readily available on the internet. From an investment perspective, we did a quick crunch. We've always looked at these nickel sulfide juniors that have a resource. And we always sort of say, okay, what is everyone getting paid for a pound of nickel in the ground? So forget how many pounds they discovered, you can divide it all out and finally get back to a number saying, well, what are they getting paid pound nickel in the ground? So as of today, we're getting paid something, I've got my, Of course, my face is over the number. I think it's 6 cents. And Talon Metals is 98 cents.

3:18 And Class 1 Metals, 18 and 31.37. Bottom line, here we are. We've just released a great result and we're trading 3 to 5 times less than everyone else, 15 times less than Talon Nickels for just the Nickel that we discovered already in the ground. What does that mean for you as an investor? It means there's a massive undervaluation. In my view, it's going to change. And that's a great opportunity to take advantage of. So I wanted to dramatize that early in the show to make it easily understood. Why are we bullish on the future? Well, this is an isometric view of the deposit. So we have an open pit at the top and then it goes down. And if you look at the red corner, that red corner represents sort of A22 and 0.5 to 3% nickel EQ, 2 to 3. That is sort of exciting to us because that's high grade. Those were the best intercepts and it's open at that long strike. So we'll be testing that.

4:17 You'll note that in the middle of the deposit, we've hit on a couple of holes here that have grade and then there's nothing around them. So that's where the opportunity for the infill drilling is to add some easy tonnage to this thing is readily there. So we'll be doing that. We're modifying our drill programs that we had sort of scheduled to start in July. We'll start in mid-August. So we'll target those infill drilling opportunities to add those next couple of million tons very easily. While at the same time, testing the flanks to find hopefully the next pods and some higher grade resource. So we're pretty stoked about what we see. We see a very realistic approach here to getting to 8 to 10 million tons on this one pod. And around the world, these things don't come in 1 pot. We'll talk more about that in just a sec. So again, this is the nickel high grade that we sort of historically had. And you can see these intercepts were, you know, 18 and sort of 22 meters at 1.35 plus percent nickel plus the EQ. So that's why we're sort of stoked about those particular areas.

5:21 This is another isometric view of the indicated versus the inferred, with the indicated being in green and the inferred being in blue. And you can see, you know, that gap in the white in the middle there, yet there's a little island of blue in there, and then there's an island of blue, and then the blue picks up on the other side. Well, highly likely that's continuous. You know, I mean, it would be sort of a real mystery if it didn't do that, but we have to drill it. You know, that's how it works. You have to sort of infill that. But the same thing in the bottom left corner and the gaps in there. So we'll infill that as well. So that's where the easy tonnage will be added. And then of course, we're going to go off the flanks for the depth to add more of the high grade tonnage and hopefully discover the next pod in this series. The nature of Nickel Sulphate deposits around the world that are in production is basically they're not onesies. You don't find like 1 pod and not find anything else.

6:15 It's usually a congregation of small deposits and they range sort of, I guess, probably sort of 8 to 10 million to in excess of 50. Boise's Bay probably being the biggest one in excess of 50. And our geologists feel we've got something between like a Lynn Lake, which is 22 million tons and a Boise's Bay, which is 50. So We think that we're going to find that type of thing because it's open along depth and open along strike. We just feel that this is highly prospective ground. We've only drilled 20,000m of drilling here, even less actually, And we've already produced close to 4Mt of 40 through 101 resource. So that's super exciting. These topographical views of the area, we've drilled about 1% of our area and we've identified at least 3 other areas that look prospective to us geophysically that we haven't tested.

7:08 And of course, we've got the growth just along NISC at main. And we think that just on the wings, we think that perhaps on the next fault block over, we could find the next pod. So we're pretty stoked about the long-term exploration upside here.

7:25 This was the plan before the resource update. So it's being modified, but you can see that we've got a fairly extensive program planned, drilling up to 5,000m over the next couple of months. And 2,000m added almost 1 million tonnes to the old historical resource. And what will 5,000m do now that we know where we're drilling and looking at the targeted drilling opportunities. So needless to say, geologically speaking, we're super excited about what we've got going. And so let's talk quickly about the action plan. So we're going to start on this 5,000m program in mid-August. It's fully funded, ready to go. We'll expect to expand the resource and we'll also test some new pods. That would be super exciting if we could start to nail in some new pods that show potential for a lot more growth in resource.

8:17 We'll release those results through Q3. And at some point, we'll need to secure additional funding. And that can happen in the market. You know, if the market responds, you know, positively to this news and the fact that we're so undervalued relative to our peers in this hot nickel market. Like nickel's up 5% today. We've got great news and the stock should really be moving. But if it doesn't move, it's because probably the shorts are in there shorting. We'll see how that goes. Update on the expiration model. So we'll continue to refine that as we go forward. And then ultimately we think we'd probably kick into another 15,000 metre program later this fall to really drive this into through a commercial production view and for the market. This is what our share cap table looks like so about 91 million shares out and just a refresher again just to close on this one note and then we'll start to take some questions is that on a comparable basis If you look at things comparison wise, we are the cheapest junior with a resource, 43101 by a lot, by 3 to 5 times, by 15 times compared to Talon Metals. And if you think we're going to get commercial, you can see that gap is going to switch. So this is a significant investment opportunity.

9:34 Anyway, we'll find a way for you to learn more about it as we go through the next few weeks. But that's about it for the show for right now. What I want to do now is to dive into some questions and we'll go back and read the resource numbers up.

9:52 And there they are. And let's get into some questions again. Awesome. Well, thanks, Terry. First question, much like how the chat is letting you know, congrats. But can you talk to us about what's maybe the most exciting element of this resource update? I think the most exciting element for us is we sort of really see a deposit coming together. You know, it looks to us like that infill can be done to add more tons. And it looks like the deposit is open at depth and along strike, so we can add more times that way. So we can see this one pod, getting to 8 to 10 million tons and that would make it commercial. So all of a sudden our view is that, hey, this is going to be a commercial discovery. And when the market realizes we're commercial, we should start to get commercial numbers for our Nickel

10:39 discovered. And that would be a transformative event for our company. No, absolutely. And that leads into the next question, just talking about growth and what you can expect in the future. What are you hoping to? With this 5,000m program, we'll obviously look to tap into that, try and infill that drilling and add the tonnage, a couple of million tons there. And then we're hoping that on the flanks that we start to pick up on this higher grade, and add more tonnage there and increase the overall grade of the deposit. Grade is your friend, as you know, so it's important for us to continue to try and upgrade if we can. And typically around the world, these things come in 3 or 4 pearls. They call it the string of pearls formation. And so it was funny, I was talking with our exploration geologist and the guy who's guiding the show.

11:30 And he says, well, he said, the odds are simple math. You know, if you, if you've got 4 deposits, what are the odds that you got your best deposit first?

11:39 Well, it's 4 to 1, you know? So, so I mean, this is a great deposit. We love it. And we think it shows great, great opportunity. And we can probably get commercial on it, but the odds are maybe the best is yet to come. So that's why we're stoked and super excited. Awesome, okay. Alan wants to know what's it like with local infrastructure where you are? Can you elaborate on it and get into it? Yeah, you know, I mean, that's a great question. And thanks for asking that, Alan. Yeah, I mean, we're literally across the road from major hydro Quebec substation. So there's a major highway there, Obviously a lot of workers going there every day. So there's basically local infrastructure. The Namaska airport's about 10 clicks away. So we're in really great shape. This would be one of the easiest mines to develop in all the world. And it would probably be the greenest Nickel mine in history because obviously we've got Hydroco back across the road and that can power things.

12:36 So it's infrastructure wise, it's fantastic. And it's also a shallow deposit. So we start at 80m and right now we've got as deep as 250m. So again, that's really great. So, yeah, we're in super shape from a infrastructure perspective. Awesome, all right. Eric wants to know if you could provide some context on the historical elements, who discovered the deposit and what was the previous 43-101 resource estimate?

13:04 It was discovered by Monarch Resources, I would say. They were the principal. They were the guys who brought and created the first 43-101 back in 2006, 2008 range. And they did a good job. And it was funny, you know, one of the questions I had when we first acquired the project, usually if these projects, old projects are still around, there's some war, there's some fatal flaw, you know, otherwise somebody would have produced it. So I talked to Jean-Marc Lacoste, who is a really successful bright mining guy, so even more of a warning danger to say, hey, this bright, successful mining guy sold this deposit, danger sign. So I talked to him, I said, well, why would you do that? Because it looks pretty good to me. And he said, listen, you know, we had the gold discovery and the nickels every same time markets were good.

13:57 We kept them running. And then all of a sudden the GFC happened, markets crapped out. Nickel went into the dumper and, you know, we couldn't run with both projects. And we had an opportunity to trade the nickel deposit to critical elements who were looking for a major play for gold deposits that's around our gold thing. So it wasn't like we didn't like it was just like, you know, we felt more likely we could bring the gold project to fruition quicker. And he ultimately did. So he made a great trade. So it wasn't any vendetta on or didn't think that this was going to be. He said, I always thought it was going to be a month. So then it comes to back, you know, why

14:33 did Critical sell it? Well, Critical sold it because they got the Rose Lithium deposit. They happened to discover just sort of coincidentally at the same time that they made this trade. And obviously that became, lithium became red hot and they've got literally the best lithium deal on the planet. I think right now it's like, I don't know, their NPV of their final feasibility is like 1.8 billion at 81% IRR. It's unbelievable, great deal. So they're focused on that. And I was like an investor, a significant investor in Critical. And when, you know, a friend and shareholder of, or I was came to us and said, hey, Terry, what do you think about NISQ? And I said, NISQ, what? Like, I have no idea what you're talking about. He said, no, you know, like Curatical Elements, Project NISQ. I said, still don't have any idea. He says, well, check it out. He says, I think you should buy it. And I said, he says, yeah, it's gonna become a mine.

15:22 And I said, look, we're in copper gold. How does that fit? He says, oh, you got good exploration properties, but this is gonna become a mine, check it out. So I checked it out. Sure enough, it did look good. Then I went through our due diligence with this story I said. I came back to Critical and I said to Jean-Sebastien, I said, JS, I didn't even know this was on the books and I'm a big investor and I brought guys to the table and it's like, the best way to monetize is to put it into another vehicle. And I said, why don't we make a deal? And so we were able to construct a deal that was constructive for them and constructive for us. And that's how we got the deposit. So it's a pretty exciting and interesting story about how these things evolve, but these things happen in junior money.

16:03 All right, fair enough. Bernhard is wondering about specifically slide 12, which will take us to item 4. What are the risks for additional funding from the market or partners?

16:18 That's probably the biggest risk on the company is the financial risk. You know, at some point, mining companies need money, so we will need to raise money. Now, we've got enough money to move forward with our drilling. But, you know, you know, We've got sort of 3 avenues to finance, I would say. First avenue is if the market reacts and takes this 30 cents and above, which it should be, and then we could do something between the hard and flow through at those levels. Last financing we did was 25 cents and 40 cents. Nickel was less than 5 bucks a pound and we had only a historical resource and nothing had been proven on the geological model. So we've advanced, executed very well on the operating side, markets dumped crazy. So if that doesn't happen, if the market stays down here, then, you know, we would, you know, 2 options exist at that point in time.

17:11 So the first option is we're talking to strategic partners, that we might sell a piece of the deposit to, you know, for a lot more than we would get for our stock. So, you know, I'd rather do that later in the exchange. But that's an alternative for us and we'd look at that. The final option, if again, and our view is, you know, we have to do our job as management now get these good results, communicate to our investors, communicate to the funds

17:41 and whatnot. So it's going to be a 2 or 3 week exercise. Obviously, we would hope that the market would react today. But we recognize power nickels, a micro cap, a nano micro cap, super, super small. So hardly anybody knows about it. So the fact that the stock hasn't moved today doesn't mean it won't move in the next couple of days or whatever, as we get out there and communicate the story. So, you know, so we're going to get out there and communicate the story for the next 2 or 3 weeks, work our investor base hard, show like we've shown in our comparable tables why the relative value exists, and then we'll see where the stock is, and then we'll make our decision. But one of the fallbacks to this opportunity, I believe, is if we had to do a financing down here, we would be doing it, we would do a rights offering. Because if we're going to give the thing away, let's give it away to our own shareholders and let's have it backstopped, like management or management group would backstop it. Because we believe in it. We would invest more money here.

18:33 I mean, I have been able to buy a stock for the last many weeks because I was in a quiet period because, you know, the results were coming. And, you know, now that's off. But we'll see how it evolves here. And I'm 1 thing's for sure. We'll get the money to move forward and we're going to create great value for our shareholders from here. Great, thanks for that, Terry. Rich wants to know if you could please elaborate further on your comments regarding the shorts.

19:03 Yeah, I mean, people know me that I started Save Canadian Mining, so I identified that shorting is a major problem in mining, not just power nickel across the board. We actually did a study and we showed that historically before 2012, when the tick test was taken off, and that basically allowed the shorters to come in, that the entire TSX and TSXV metals and mining index, every mining stock out there, traded about 3 times higher than today. And basically what we did was we compared it to the commodity price indexes, both the base metals and the precious metals. Typically, the metals and mining index would trade at or slightly above that, which makes sense.

19:51 Like we're a commodity business, we're gonna trade in line with the commodities. Today we're trading at 35%. That's because the system is broken and we need to change it. The US is waking up this, like the shorts are in serious, they're scared down the states because the US, finally the SEC is getting some muscle together going after these guys. High time Canada does the same thing. We're trying to do something about that at the State of the United

20:13 Mines. That being said, with Power Nickel, we know from investigative work we've done that there's this, in our view, a significant short position in the company. Who in their right mind is selling the stock today when the best news we've ever had comes out, nickels up 5 cents? Who? You've been holding all this long and now you sell today? I mean, it doesn't make sense. So what's happening is the story is simple. If you are a shorter, you wanna force companies to take money from you down here. You've sold the stock at 25, 30 cents. You make, you buy it back at 10 cents. It's a hell of a trade. Okay, that's what's happening. So, but that's not gonna happen here because we're not gonna take that trade. We're not gonna take their money.

21:00 If we're gonna sell this thing cheap, it's to our own shareholders.

21:06 Absolutely, Alan's just wondering if you might explain the change in the uptick rule just to further go into this. So, yeah, so the uptick rule, basically what happened there is that up until and the stock exchanges around the world from the time the stock exchange was invented up until 2012, if you wanted to short a stock, stock had to be going up. Why did they do that? Well, generally speaking, why do stock exchanges exist? They exist for 2 fundamental reasons. They exist for companies to have access to broader pools of capital, and they exist for investors to have access to broader pools of investment. That's the fundamental reasons why stock exchanges exist. They don't exist to make hedge funds wanton money by raping and pillaging with short selling that is non-disclosed.

21:56 When they got rid of the uptake rule, they basically took that away. Why that ever was done I have no idea. But there's other problems in the system. But that's one of the biggest ones. And some of the biggest hedge fund managers in the U.S., legendary guys, have called it out and said, this is wrong. And that's like when you get into Wall Street bets and we started safety mining before Wall Street bets, but God bless those guys. They brought headlights to this thing and showed how corrupt the system can be. And it's too bad because it's hurt,

22:33 obviously mining communities because exploration dollars are not pouring in. We can't be growing these deposits and putting the work. Now we have to be scrambling to try and make something work financially. It's sad. But again, at the end of the day, one thing in mind, if you have a good deposit, we have a really good deposit, you'll find the money and you'll move it forward. And it's frustrating, it irritates me, makes me very angry, but hey, this is junior money, This is what I chose to do. And we'll find a way through it. We'll find a way to create value for our shareholders because we've got the goods at the end of the day. Speaking of the goods, Doug is wondering if anyone's knocking on the door to buy nickel or buy the nickel? Yeah, you know, we've had some very constructive investments with strategic partners.

23:21 You know, I said that's an option for us to look at in terms of how we might finance this in another way going forward is that would be you bring in either a strategic, you know, nickel industry group or a nickel buyer. And we're having conversations with both and we'll see where that goes. Certainly, as always in business, you wanna negotiate from strength, not weakness. Right now with the stock being down, we look weak. And so we'll have to do what we can with that. But yeah, there's these class 1 nickel deposits, especially in really good jurisdictions and Quebec is maybe the best.

24:00 Super hard to find. And the world's gonna need a ton more of them because class 1 nickel's in short supply. The electrification of everything is expected. Right now I think electrification is, you know, the battery sort of side of things is, I don't know, 4 to 6 percent, depending on who you read, of the nickel market. It's expected to rise to 50 percent. Well, I mean, that's a boatload of class 1 nickel that needs to come on side. And people don't want to be associated Like, you know, these are wrapping themselves up in, you know, in the green revolution. They don't want to be associated with, you know, the industrial, you know, laterite deposits in the Philippines and Indonesia that can be really dirty, you know, and have destroyed ecological systems. So not saying those things can't be produced in ecological way, but it's going to make them super expensive.

24:52 So, you know, so that's why these class 1 Nickel deposits that are, you know, relatively easy to produce, have a very small geological or ecological footprint. With us, we'd probably, as I said, we'd probably be the lowest carbon emitter in the planet, you know, for a nickel mine. And that would be very attractive, we expect for people. All right, Great. Eric is wondering what the average overburden depth is.

25:20 About, about 1 50, 1 60. So it goes from 80 to 2 50. So there, you know, just add them together, divide by 2. That would be, be my guess. Fair enough. And rock, you know, he's, your silver numbers are looking pretty good. Do you have any impetus there? Silver numbers?

25:40 No, no silver. I wish. It's got a little bit. I mean, I guess just a smidge, but you know, it's not really part of the equation at this point. We need for silver to work at those numbers, you need a lot of tons. I mean, at 50 million tons, maybe you would not even have 1 million tons of, 1 million ounces of Silver. So it's not a, it's not a material number. The Copper, the PGM is, is important. The Copper and Cobalt is, but the precious metals so far haven't been significant. And, you know, we're, we're, we're happy with, you know, if that, if we get a bonus in the future, we'll be happy to take it, but we're not expecting that to be material.

26:28 Hope that answers your question, Rock. Greg wants to know if you have an updated timeline for the consolidated spin-off, Terry. Yeah, you know, obviously with the severe downturn in the market, it sort of affected our timeline because we need to sort of fund this. So right now we're looking at Q4, but we're also, in fairness, looking at a couple of other solutions. What we want to do is monetize our existing assets, which I would say are worth more than our market cap right now. So it makes sense for us to try and monetize that in a way that's productive for our shareholders. So We're in negotiations with a couple other groups where we would look at spinning out the Chilean assets and looking at spinning out the Golden Ivan asset into other entities.

27:13 That may work out, It may not work out. The royalty may be sold. It may not be sold. So there's a variety of things that we're looking at as a way to either help us fund more development at NISC or to, you know, monetize the, these hidden value assets that are not getting any respect right now. Absolutely. The numbers you used on price and cutoff grades were very conservative. So could you dive into why you chose them? Yeah. Again, we, we basically, what we did was we looked at the PEA that Talametals had done in 2021 and we used their numbers because we just wanted to, as we go forward, we wanna get paid what they're getting paid for nickel on the ground. If they did, we get 15 times more than what we're getting right now. So it's a pretty obvious, hey, why would you do that? Well, I'd like to get paid 15 times more. Okay.

28:09 And so that's why we compare it again. They've discovered more nickel in the ground, and they're going to obviously be worth more than us because they've discovered more. You know, they got over 2% nickel EQ. We're at 1.25 or so. So they're going to get paid for more nickel pounds discovered, but we may find more pounds too. So, but the reason why we compare with them is that we think that we're very comparable. We think we're going to get commercial. We think the market sees them as being commercial. We think the market should start to see that we're going to get commercial. And we think this transition should happen. You know it can't happen soon enough for us. All right. That leads into the next question pretty nicely. I think might be repeating yourself a bit. But what makes Power Nickel such a buy on the market today? Basically, fundamentally, you got to believe in the Nickel forward story. So if you believe in Nickel and electrification, the green revolution is part of a future, then there's going to be a lot more Nickel needed, especially class 1 Nickel. So that means this whole price curve that underlines the mine is going to be strong. So Nickel pricing today is probably, over the next 10 years, it's much likelier to be north of this than south of this. Okay.

29:23 And across the curve. So that's a very good thing. So that fundamentally you start with market dynamics. It looks like a great market to be in. And then it's like, OK, what's it going to cost to produce something like this? Well, you know, this is probably going to cost a neighborhood of 200 million bucks. OK, now that's a lot of money for you or I. But in the overall scheme of things, probably 50 million of that is equity. Now, that sounds That's a lot right now when your market cap is 10, but when we should be 200 million, it's not a lot. So all of a sudden it's producible economically.

29:55 So that's exciting. And I think whenever I start when in investing, I always look and say, okay, who are the comparable companies? What do they look like? And I try and compare things on an apples to apples basis. So for us, we looked at what are we getting paid for pound of nickel in the ground? And that table that we put in our handout today is an accurate reflection of the pricing from last night with the 4 to 3 ones currently that are on the table. And that's what it is. So you can see right now, we're the cheapest nickel deal per pound or nickel in the ground of any of them by a lot, by 3 to 5 times of the juniors, by 15 times relative to telemetals. And then if you look and say, OK, but is there some fatal flaw? Are they located in Venezuela where it's going to be too dangerous, you're not going to be able to produce. No, we're in Quebec. We're off the highway, right beside a Hydro-Quebec substation. So you look at community risk. No, we don't have community risk. We have very limited community risk because Cree is very supportive. Lots of mines being developed in the neighborhood. Political risk, Canada very stable, Quebec very stable. They highly support mining, have a great tax incentive program that enables miners to finance very effectively. So that's good. Then it's like, okay, what about the deposit risk? Well, deposit's shaping up quite nice. It's got tonnages coming along, grades okay, it looks like it can improve.

31:21 It doesn't get much better than this really. And so we're super bullish. And obviously, we need to get this message out to our investors and to say, hey, guys, you're not coming into Power Nickel to make 10% or 20% or 30%. You're coming in here to make 10 times your money. That's my view. If you don't think this has got that potential, you know, and that's what you should be when you make this speculation, because this is a speculation. Junior mining is a speculation, but you hopefully do it. It's like playing poker. It's like you got 3 aces in your hand. That's going to win a lot of poker hands. OK, so we've got a we've got a good poker hand here, folks. And you know, that's that's my view. If you're going to speculate in this investor scene in, and where is value today, I'm telling you, in industrial metals, particularly the electronic ones are going to be great value. Maybe not so today, maybe not so in the next 2 weeks, but come back in 6 months, she'll be super happy. You know, and that's, and in a year, you know, who knows what you're gonna look at. So I'm bullish.

32:28 We're obviously being aggressive and saying to people, we love what we're doing. You should love it too. Get out there and if it fits in your portfolio, please consider buying us. If you don't believe in your cooking, then you should probably retire as a cook. But we believe in our cooking here, Kent. So we're still thinking at the other. All right, well, that sounds good to me. Another question, okay, you've already talked about this again, but maybe you can reiterate and go over the points just one more time. You know, what are the future plans for you now? Yeah, So basically, as a result of the resource update, we were refining our drill program to do 2 things. 1, tap into the infill drilling opportunity so we can add more tonnage so the next update will be even better.

33:14 And second, that we can test the flanks of the deposit, which look to us to have a lot of potential for higher grade intercepts and to even grow more tonnage that way. And then the third objective would be to try and find new pots, because we know this is a highly likely to be in the neighborhood and we just need to get more drilling done to do that and drill in the right areas and test the right theories. So, Mother Earth never gives it up very easily. She's very protective with her resources and so she'll no doubt be crafty, but we've got a pretty good look at this thing. We understand this particular pod very well and we can do good work here. And now we need to find some other pods. So that's what we're gonna focus on doing.

34:00 So the first 5,000 metres will be basically drill the infill drills, get the lower depth extensions and the high-grade intercepts tested, and then start to test the flanks. We'll get those results back. At some point, as our communication programs proceed and we keep on talking to new investors and people's appetite for investment come back, this thing will transform, we think investment wise, and that will enable us to add additional funding so that we can ultimately do probably a much bigger program in the late fall, probably in the 15, 20,000 meter program to really ramp this up and take it into well north of 10 million and start to head. You know, we think, as I said, our geologists feel that we've got somewhere between a Lynn Lake, which is 22 million tons and a Voices bay, which is in excess of 50. I think that's what we're gonna find here at NISC. And our job will be to get that done over the next 12 to 24 months.

34:54 All right, Terry, well, listen, that's all the questions we've received so far. I'd like to pass things back over to you just as we wrap up for some final remarks. I'd like to remind the audience before I do that, though, that you can download this handout in the handouts tab on the right hand side of your screen at any time. But Terry, with that, I'll pass it back to you for some closing remarks. Yeah, well, listen, I appreciate everyone attending and hopefully we've been able to give you some insight as to why we're excited about the work that's been done and the results that have been delivered and why we're really stoked about the future and why we think there's going to be a really bright future for power nickel shareholders and for the NIST deposit. So we hope you'll take a thorough look at our deck and our due diligence that's available online. And if you've got questions, you can always email me directly. I think that contact level is there. And we're pretty straightforward with our shareholders.

35:53 We don't kill the lily. We sort of say what we believe and we sort of lead with our heart. So anyway, it's a great time to, it's a great day and I hope you guys are enjoying your summer and that you're watching this and having a beer at the lake or at the beach or some nice spot where you're chilling. And have a great day folks and Thanks for attending.