Power Nickel's High-Grade PGM Discovery

0:07 Hello everyone and welcome to the PowerNickel live event hosted by 6. I'm pleased to introduce our speakers for today. Terry Lips is the CEO, Ken Williamson, VP Exploration and Duncan Roy, VP Investor Relations. They'll be discussing the PGM results, providing some company updates, and after that we'll be accepting questions. As a reminder, you can submit your questions in the chat at any point during the presentation.

0:30 As always, this event is being recorded and will be available to watch on Six.com afterwards. So without further ado, I'd like to hand things over to you, Terry, so that we can get started. Perfect. All right. So we'll go at things a little bit differently today. I'm going to take you through, As opposed to just a general deck, we're going to take you through the top 5 reasons to look at investing in power nickel, since it's sort of a timely topic to have. So the new headline is, Best Nickel PGM Investment on the Planet. So you can see where obviously things have come a long way on the PGM side of things and it's really become a gold copper PGM nickel combo asset, which is really pretty unusual to say the least. So anyway, let's dive right into it and we'll talk you through it. We're not going to tell you anything we don't believe to be true, but it's always good to do your own due diligence in this investment or any investment really.

1:28 So top 5 reasons to buy Power Nickel now. Number 1, exciting new exploration results on our PGM zone will act as an investor catalyst. I'm going to set the stage for us a little bit here. Obviously, we're just finishing off the financing. We'll get that closing today and we'll get that news out, you know, tomorrow I guess morning. And, and then, you know, we, we've got an assay result that's just come in. So we'll get that out too. And some other assays that'll be coming in, we believe for next week. The, It's fair to say in talking to Ken, our VP of exploration and GeoVector, our geological consulting team, a lot of experience there. And honestly,

2:15 Nobody's seen an ore body like this. It's really unusual. You don't usually get rich copper, gold, silver with rich PGM and even nickel as well. So it's a very unusual beast and it's a one of a kind. So that's exciting. Let's look at how we're exploring it. Can we go to the next slide?

2:44 So this is where we were at as of the last press release we did. Obviously, we've made advances since but until we get the public disclosure, we have to sort of stick with the facts that we've got out there. So you know, what we've we found, obviously, we had a great initial discovery hole with, you know, the, you know, gold, copper, palladium and platinum, and you know, over over an ounce of PGM equivalent. Yeah, that's an exciting hole. I mean, we thought it was a blockbuster hole. It's not a top 5 hole though. So in our view, we've got several other holes that are going to be better than that. And that's exciting. And what's interesting is, as we're advancing it, we're finding that we sort of are getting to understand the ore body or the the mineralized zone to be technically correct and And you know, there's a there's a sweet spot there of about but 100 meters Width or so and probably a halo on either side of it, about another 75, so maybe collectively 250 meter mineralized zone, and it's plunging.

3:55 And a good rule of thumb in the Abitibi-Archean Shield area is that if you have X as a width, 100 meters, and 10X depth would not be unusual. So it's obviously we have to drill it and prove it out, but it's really sort of been a very responsive for everybody at this point, and it's super exciting. So Ken will go into it in a bit more detail, show you some pictures. And Ken, in fact, without further ado, why don't you just give them a bit more perspective on that and show them some of the pictures and we'll talk about some other things, but why don't you jump into that for now. Sure enough, so just as a recap, if there are new listeners joining us today, The discovery hole that we had is located right there, very near surface, and that discovery hole gave us really, really interesting and intriguing results.

4:58 That was last year. So this year we've attacked that zone quite aggressively, I would say, and because of the nature of it, what we decided to do was to systematically, after confirmation obviously that the zone was there, to systematically drilling it in a gridded fashion, I would say, to incrementally

5:27 increase the size on that. So as we speak right now, what's available public to us to discuss about. We started with that discovery hole. The second hole we drilled on that target is hole 44, which we will

5:47 discuss a little further, live in 3D a little later in the presentation. And once we got the confirmation that the zone was actually there, we kind of systematically started to drill around it and progressively expanding on the size of it. Now, that being said, as you can see on that picture, it remains wide open in pretty much all direction, although, you know, we seem to be constrained a bit by a couple holes on each side, the thing is, as Thierry was just mentioning, the lateral extent that we have here near surface appears to be from the data we have now and the strength of mineralization from 1 hole to the other, I think it's fair to say that we can conclude that the plunge of this mineralized zone is going down very steeply actually on that long view.

6:55 So yeah, interesting visual observations. What we see on screen right now is the combination of the assays received so far, as well as the visual observations from the core loggers, our geologists up there. So we're Trying to use the live information, although we don't have the assay results from the lab yet, with what we had seen and the corresponding results or grade, I think it's fair to say that once we get a good visual It's fair to expect good acid results as well. So Highlighted here, especially are the the magenta red and orange bars or circles that you can see along those drill traces.

7:51 It starts from stringer zones to semi-massive to massive and the massive to semi-massive realistically is the zone itself. I believe that the the stringer zones and the disseminated portion of cores that we see are more related to a wider envelope of mineralization, which likely will be a lot lower grade, but still it's there. And as it's very near surface, the thicker that zone is going to be, the best it's going to be too, you know, in terms of mining perspectives and things like that. So

8:35 as the situation is now in terms of drilling, we've drilled, as compared to that image, we've drilled many more holes now. We're up to about probably 15 holes altogether punching through the zone. Can't speak about it too too much, but each of them holes did intersect the zone, so we're very very excited to show and present upcoming results as we will get them from the lab. Now in terms of visual, what have we seen? Again, What I was referring to earlier is the fact that, you know, we can really well draw a correspondence between when we see massive chalcopyrite as in this discovery hole here, We had seen massive chalcopyrite with some weird minerals from times to times in that package and the result of that came back when we got the assays back, came back with the results that we had announced, which is spectacular stuff.

9:50 And the massive sulfide actually do correspond really, really well with where the very high-grade material is located at. So based on that, we've also discussed about O44 in the last press release. As a reminder, here's what we have observed in that O44. So realistically, the mineralized zone starts up here in that hole and goes down to below that is about roughly 8 meters or 7 meters-ish of good mineralization and spectacular mineralization we would say observed as massive chalcopyrite bands as well.

10:40 The one thing to note here is the fact also that when we compare 31A, the discovery hole, and the amount of massive sulfides or massive chalcopyrite that was observed in that hole. When we compare that to O44, we'll very easily see that we've kind of tripled the amount of massive chalcopyrite in that given hole. So results are expected to follow that observation. Another hole that we had talked about was 47. As another example, we have lots of mineralization in that all as well. And this all was a little different than the others in terms of textures that we were observing in the massive sulfide component or parts of it, which from times to times, what is probably hydrothermal breccias or fragmental portions of this, but the matrix being all filled with that massive chalcopyrite, seems to be indicating that, you know, from 1 hole to the other, the intensity of mineralization is varying, And from 1 hole to the other, sometimes it's a little weaker, but some other times as this particular hole,

12:11 the mineralization, visually speaking, is pretty intense, to say the least. So, that's the visual. Unfortunately, I just can't speak about the grades as of yet, But just as a reminder, if we compare to what we had in that discovery hole, just a little amount of massive sulphide was observed, disseminated, and some stringers here and there, but we got, you know, a spectacular hit with those types of rocks, so I guess it's up to us to imagine what results will be in those other holes like 44 and 47, given the very larger amount of massive chalcopyrite observed in those couple of holes in particular.

13:12 Am I forgetting something, Terry? No, I think You covered it as much as we can legally cover it at the moment. You know, we have to be a bit circumspect until we get the assays back and can, you know, get more, obviously more information out there to the public and then obviously, you know, it could mean that next week we'll have another one of these where we can talk much more frankly once we have more details out there. But you can sense from the conversation and from our press releases that we consider this to be material news for us, that this is material positive news. And we're as anxious as you are to get the assays in and get this information out.

14:06 I mean, I've been around my stocks for 30 years and in this seat for closing on 10, I guess, plus years. And I've never seen anything like it. So it's a good time to be a power nickel shareholder, I would say. So anyway, let's jump back to the main show. We'll talk through a few of the other key things we're liking about things right now, and then we'll open it up for some questions. So if we can go back to the presentation, Ken, that'd be great. Already there, Terry. Okay, so next slide then. This slide here just showcases how big the project is. This is 46 square kilometers.

14:54 NISC, which is where we had the initial nickel discovery, which we're still working on and still growing. It's about 5 and a half kilometers south and west from where the Wildcat area where we're just discussing. And we're quite intrigued by the grounds in between and even further like another probably a kilometer and a half to the end of the property line that looks obviously more exciting today than it did when we when we discovered it. So it's a pretty impressive land package to say the least And there's a lot of good mineable real estate in there. And we're certainly excited to be exploring it. Next slide, please.

15:44 You know, It's a bit of a, we were chatting beforehand about how are we gonna position power nickel now? It's a great problem to be having. Obviously, we still have nickel, we still love nickel, and we're gonna talk about the nickel story right now. But obviously with the copper, gold and PGMs, becoming almost like a, another pillar or crown jewel, as Duncan said, you know, we'll, we'll, We'll have to integrate that. I mean, it's unusual to say the least to have a world-class potentially nickel plate and then something world-class in the copper gold PGM side of things, but that certainly appears to be what we're on the verge of. So super exciting times and yeah, we'll come up with a way to position this to communicate effectively.

16:46 But for the second, let's talk about the nickel, the next steps and what we're doing there to advance the project forward. So as you know, we signed a deal with CDMR some months back and they've invested, I guess, or cost to invest, I think a little over $5 million in the company, various rates, probably around, on average, around 70 cents or so, for them, for about 35 cents, I guess. So that's allowed us to move the project forward. We've done a lot of work. They're advancing a feasibility study forward. We had to drill and get more core for them to test and work with and we'll have some report out from them.

17:33 It's in review right now. So probably, it's probably another week or 10 days, because of the new information that's been added. And what's interesting, I guess, is we've had a lot of positive feedback working with CVMR. We see a lot of potential for our relationship to grow and for it to manifest into, you know, some excellent mutual business opportunities for us both. We'll talk more about that later, but it's certainly interesting. And just to refresh those who maybe aren't familiar with CVMR, the next slide, Ken, will help us explain that a bit. So CVMR is largely a refiner of nickel and other products, iron ore in particular, probably their biggest output is powders.

18:30 So of nickel powders and iron ore powders and stuff like other metal powders. The powder business is the business to be in, I can tell you, in nickel. Nickel obviously has taken it a bit on the chin this last year with the onslaught of the Indonesian nickel into the market that's devastated the nickel pricing, dropping it from $30,000 a ton to, I think it got as low as 15, and now it's bounced back up around 18 or so. And it's led to a bunch of the high cost nickel mines around the world closing. And there's been a fair bit of negativity, I would say in the nickel market. But, you know, that's, you know, it's really important as investors for us to understand the nuances of the business.

19:24 So in nickel, there's

19:27 Asian nickel, there's European nickel, and there's North American nickel. They're 3 very fundamentally different markets. North American nickel is definitely the best market to be in, that's the one we're in. The reason why it's best is that we have the IRA and the Canadian mineral approach as well. And both are focused on North American content for vehicles in order to receive maximum grants for your

20:01 vehicle. So if you wanna get a electric vehicle and have a, you know, a significant 7, 8, $10,000 rebate, it needs to have a North American content. You can't really get there without, you know, North American, you know, for sure, processing of the nickel, and in some cases, the actual nickel itself. And we can see what that means if we go to the next slide.

20:33 Recently, Ken, the next slide, if you could, the investment from Samsung into the Canada Nickel. And it was interesting in that, obviously they had, you know, and they do do business in indonesia And I believe they do buy north american nickel or not north america nickel, but nickel from indonesia But there's definitely an interest for the samsung's of the world to acquire nickel, you know, that is cleaner and greener. And, you know, the proof is in the next slide, actually. If you, it's just, this is an announcement where, you know, the Samsung invested in Decatur Nickel about almost $20 million US worth of stock.

21:23 They also have the option to invest another, I think 110 million into the joint venture to help build the mine and acquire about a billion dollars worth of nickel per year. And that represents about 20% of their needs. So obviously we believe they could have done that investment

21:47 in Asia if that was their desire, if that met their business plan, but it obviously doesn't. They need North American nickel to satisfy their clients and so that's why they've made this investment. So I think when you look at the power nickels of the world, which have much higher grade nickel, as we mount up our tonnage, becomes super attractive for battery makers to co-invest and do offtake agreements, et cetera, with people like us if we want to do it, because this is, again, gonna be high-grade nickel available in North America and processed here as well.

22:33 So I think that fundamentally is different

22:38 than what's happening if you're, unfortunately, if you're in Australia or with a high-grade mine or New Caledonia where Glencore shut down their high-grade, or not high-grade, but high-cost nickel mines there. That's just a difficult thing to fight with that Asian market with the Indonesians. But They're under a lot of pressure now, the Indonesians, to, you know, with their, you know, the nature of the nickel there is quite carbon intense. And, you know, there's been a lot of problems. It's not that Indonesia wants to create environmental issues. We spoke to the Indonesian people, the Indonesian nickel group, and they're fine people. They're doing the best they can. Unfortunately, it's just logistics of having laterite deposits in a tropical rainforest.

23:32 Laterites are at the top, and of course you have to mine the top, and it's a tropical rainforest, so it's not exactly easy to dry stack that stuff, so you're gonna have runoff, and that's causing acid rain, and killing fish, and wildlife, and et cetera, and it's villagers, it's just dark. So I don't know how long that whole process will be able to keep on going like that. So, and that will, that'll come back. So in the fullness of time, I think we're gonna find that clean nickel,

24:07 such as what can be made in the power nickel deposits of the world is gonna rise to the top and get a premium dollar and premium investment from the likes of the Samsung side of the world. And that'll be great for our shareholders. Next slide, please.

24:28 You know, commodity markets are turning, you know, the flip to the next graph, Ken, that would probably be good just to spend a little bit of time on that. I mean, I think there's a fair bit of chatter on it now. You see gold making its move, and I think it's just beginning. I mean, there may be, I mean, always with commodities, they surge forward and then they pause and then they often retract a bit and then they push again. But you can see, looking at these charts, and there's various forms of this floating around, but you can see on the far right, we're towards the bottom of the commodity cycle and the commodity versus say equities and it often has a big rip. I mean, you can look at, we trade on a TSXV.

25:17 TSXV last time I looked was around 550 or so. I haven't looked at it in the last couple of weeks, so I'm assuming it's moving up. But it got as high as 3,000 back in the last boom, So that's a six-fold increase across the board. So if you're in the right deals, it's gonna get a lot more than that. So I think

25:42 the frothy evaluations in the general market, It may be time to, in my view, it's time to take some profits out of that and find some great mining stocks you love and invest in them. And if you don't love the individual miners because you find them too volatile or the charts just struggle to invest in right now then I'd recommend you look at mining funds. You know, there's a lot of really great mining funds. We've got a couple that are in our deal,

26:15 Palace Capital and BT Global, but you know, CI has got a great mining fund. McKenzie's got a great mining fund. There's a number of great mining funds out there. And these are seasoned veteran managers that have been around. You know, they've gotten some existing core positions, probably well positioned. And if they have more capital, they'll make other great decisions. And I think that's another way to play this space. The one thing I would say to people, I was asked in Vancouver at the V-Rec show, what was my advice to people? I was saying, I think it's time for people to get off at least half their wallet. And the reason why I say that is that

26:52 the best move in any market is when you go from bad to less bad. And these things can double almost like overnight just by going from bad to less bad. So it's not moving to good or great, that's sort of later on down the path. But when you go from bad to less bad, these things are so unloved, the power nickels of the world, that just by us having less negativity, we could easily double. And then as people understand what we really got, there's a lot of real estate to go on the upside. And I think that the challenge I've had as an investor

27:30 is I often see management teams I like, companies I like, but I think I look at the charts and say, you know what, looks to me like it could go lower. I wanna, you know, I'm trying to be a smart guy and buy lower. And oftentimes I miss them. And then the thing will double in front of me and it may have a 10 or 20 bagger in it, but I just mentally, I can't get into it after I've missed the double when I thought

27:54 about buying it and getting in. I'm just emotionally a wreck and I can't do it. I think many investors have that. And so what I'm saying to folks is that if you've sort of been on the sidelines on commodities and wisely so, if you have been, and now it's time to maybe think about moving half your pile in. Because if the turnaround isn't right now, it's darn close to right now. And whether it's on individual stocks like Power Nickel or on a good fund, you'll get in and you're gonna get a piece of that upside when it bounces back. And the bounce back, as you can see in this space, can be really fast and really big.

28:43 And once you're in, then you can add

28:45 to it and move forward. And then you're gonna feel okay, and then you'll maybe catch the 10 bagger or the 20 bagger or the 100 bagger because there will be wins like that. And that's a game changer for a family, for a fund when you get those but you gotta get invested, right? So you have to sort of you know overcome this chart mentality and hold your nose a little bit and put half your stack in that's that's my own personal feel I think I feel like these things are turning and the time is now next chart please you know what one of the key things you know it's going to become I think even bigger in the future is be very careful about where you're investing, you know, jurisdiction wise. You know, we've seen unfortunately what happened with First Quantum in Panama.

29:36 There's been other examples. We hope that that will work out for those guys. But, man, it's so hard to make a discovery, to turn it into a mine, and then have some government intrigue basically take you out of your game. And so I think it's really critical that you look at where you're investing, what's the political stability like, is it a safe jurisdiction? And thankfully, next slide, please, if you could, Ken. We're located in Quebec, and It's a great jurisdiction. Arguably, I think it's the best jurisdiction in the world.

30:22 Reason why we say that is there's 3 big reasons to love it. First, is infrastructure. The extent that we don't have to invent the infrastructure, that means less money our shareholders don't have to spend, it means it's much easier to get your projects viable. So we're located off of route north, literally can drive off the highway to our site. It's about 8 kilometers outside the town of Namaska, which is a little bit, you know, north and east of James Bay. Namaska's got a regional airport, so our guys can fly in there. You know, it's also the seat of the Cree government, you know, and, you know, we'll talk about more of them in just a second. And it's also got a substation for Hydro-Quebec.

31:08 So, I mean, we've got power and roads and basically facilities. Damascus is a regional town. Our drillers, when they go home tonight, they stay at a really nice Cree-owned hotel. It has a great restaurant. You know, I mean, it's off, and obviously there's a town that has facilities, amenities, supplies, So that's fantastic. We don't have to invent that. It's already there. As I said, the James Bay Cree, this is their home base. This is where they have their regional government. And the Quebec government has done an amazing job working with the First Nations overall to help them benefit from mining, help them to understand how they can benefit, educating with them, partnering with them.

31:54 And we're very much part of that process. We're doing all we can to give as much business as we can to our First Nations partners, the James Bay Cree. And, you know, they're obviously, our accommodations are there. They're part of our drilling team, you know, so all that is working really well. Having community support for a mining project is imperative to success. So I think what the Quebec government has laid a really great footwork for us to follow up on and work with the First Nations in a productive way to create a value proposition that works for the local community and for the local people and allows us to extract the minerals that we might find in a productive way that enriches everyone, you know, the local community, province, the country, and of course our shareholders.

32:47 So it's a really symbiotic relationship and we look forward to continuing to work with that. The third and final reason why we love Quebec so much from a location perspective is of course the fiscal terms. We're just finishing a hard round which we haven't done for over a year. We basically have been using flow through financing. So financing at, you know, quite often we do our financing at 50 cents and as high as 90 cents, and the markets were 25 or not even, somewhere in that range. And so that's an amazing accomplishment to dilute at 50 or 90, because obviously that's great for our shareholders. That's possible because of the Canadian tax policies and the Quebec tax policies enable us to flow through the tax savings and tax credits to our front end investors.

33:43 And then we can flip that stock once they've received that in the same sort of like day to the actual permanent investor who is happy to see they're putting up, you know, $1 and $2 is going to work for them. So that's a really winning proposition. I don't think there's any place else like it in the world for that type of deal. And it really helps to de-risk these obviously exploration programs. So we've been able to take advantage of that. And so having a great jurisdiction like Quebec really is a leg up on many of our peers. Next slide, please. So there's lots of other reasons to like us. We think we're extremely undervalued compared to our peers.

34:32 If you look at, in this case, this was just on the nickel valuation, you know, on the nickel in the ground, you're trading probably, I don't know, 20 cents on the dollar relative to our peer group. And oh, by the way, we've just found this amazing copper gold PGM discovery that is not factored in here. So it's like if you thought we were cheap before, well, I got big news for you. It's a lot cheaper now. So anyway, so that's obviously it. If you're an investor, for me, I always like to buy a deep discounted value and then see it come to value. That's as opposed to chasing and hoping they'll find value because in this case, we've already found it and it's about to get, I believe, noticed by the world.

35:18 Next slide, please. We're using some cool technology. Obviously, the ambient noise has been, we talked about, we've had some podcasts about them. It's by Fleet Space Technologies. They have been able to help us, you know, identify really in a cool way, the velocity of the rock that we're dealing with, which is another geophysical technique we've been able to use to guide our exploration. And we're using it obviously to explore for the nickel. We're using it, we used it at Wildcat to help us understand where the faults might be as we're drilling. And so it's certainly been a productive tool. I think our use of technology is something we pride ourselves on and we'll continue to explore all technologies that we can because we're big believers in doing the tech work first and then drilling. Eventually, obviously you have to drill because the way I see the ambient noise tomographies of the world what they do is that if geophysics gave you 10 great targets to drill, or let's say 30, what happens is using the ambient noise you might eliminate 20 of those 30 and realize very low probability there's anything there. And then on the other 10, there's maybe 3 that contain the prize we're looking for. So we still have to drill those and there's gonna be successes and failures as there is in all drilling exploration because mother nature is a 1 or a 0.

36:50 So we have to still find it, but we eliminate a lot of, I would say bad holes. And so that saves us money and time. So that's what we've been able to do. And I think that's a plus for us. Next slide, please. You know, we touched on this in the difference in North American nickel. I, you know, we really believe because of our unique set of circumstances, the fact that we're in hydro, we're in Quebec, we've got Hydro Quebec across the street from us. We have an ultramarine deposit which naturally sequester CO2. We could with CDMR build a recycling facility into our facilities. We really think we could build the world's first carbon neutral nickel mine. And we think that's going to get us higher value. And, or at least that it'll get a flood of customers to the table that want to do business with us, which leads to investment and offtakes and things we need to finance the thing. So it's a very positive for us. And it's just by the nature of where we're at in the world and our type of deposit that we're able to get that. So that's been a big plus. Next slide, please.

37:59 Nothing happens without a great team, you know, and We've been blessed. We're very lean. We don't have a ton of staff. The 3 of us on the call today are 60% of the staff of Power Nickel. We put our money in the ground and obviously in some communications and stuff like that, because we feel we have to communicate what we're executing. But we hired a GeoVector, and GeoVector is a very accomplished scientific geological consulting firm. Joe Campbell and Adam Finlay and Eric, and just a whole craft of great professionals that have been around the world and done this many times before, give us a lot of leverage. We couldn't buy those guys because it's just not possible, but we can rent them cost effectively because of the tax system. And so we've been able to do that, and that's why we've been able to rapidly advance this exploration the way we had done.

39:01 Our board has also been providing great stewardship. You know, Peter Kent is our chairman, his ex-lawyer, provide a lot of good sound advice. Greg's an ex-financier from Haywood, now runs his own very nice silver company. Les has been a successful businessman and luckily the board owns about 4% of the company. So it's always good. And they've been investing on the way through and that's a great endorsement. Obviously Ken's on the call. You've seen him many times. You haven't met Jimena, but Jimena runs our Chilean operations and we'll be spinning those out, but she's done a great job for us down there. Next slide, please. On the spin out, it's been much promised and hasn't been delivered yet. Generally, it's just because we've been so busy with some of the exciting exploration benefits and we've got a lean team. So on the number side, we basically concluded that we needed to get through this annual audit, which is happening now, end of April, we'll have it out. And then that will enable us to have the right numbers for the spin out. And we expect to, we're just chatting about meetings, thinking sort of mid June will be the meeting to actually spin the project out. And what's cool is we've used Fleet down in Chile and it looks pretty exciting as well. So the fleets, they cut their teeth in deserts in West Australia. That's where they've had their most success.

40:25 And so in desert environments, when we were doing the due diligence on NISC, I saw that this was gonna be a pretty interesting question at some point if we went forward with them. And we did. And of course, we moved them down to Chile and we've got those reports now. We're pouring through those. So that's going to make for an exciting, ready to go exploration program in Chile in our spin out. So that'll make that spin out even more attractive to get. Last thing to talk about in terms of the bonuses of why to buy Power Nickel. It's our Royalty. You know, We've got a 3% royalty on a copper moly play that we sold to tech for $3 million some years back. We're in discussions with a couple of royalty companies right now and hopefully in H2 we can package that off and that'll lead to the injection of a few million dollars of non-diluted cash capital into the company that we can use for advancing our exploration place.

41:24 So I think that pretty much wraps it up. One more slide, I think, yeah. So let's move to the questions. I've seen them come in. So, and then, you know, we can get the right person at Power Nickel to answer them for you. So what do we have here, Max? Awesome. Yeah, great presentation. Thank you for that. So we've got a couple of questions here, so let's get started from the top. So When will we know more about the results? We're expecting to get, I would think, some news out tomorrow. So, and then more news out next week. And then subsequently, the assays are now, you know, through their 8 to 10 week process, they're coming in now. And once they start to come out, they'll start to come out every couple of weeks, I would say. So the wait is almost over.

42:14 Awesome, thank you. And any pyrotite in hole 47? Yes, actually to answer properly that question what I will say is the the mix of minerals that we have is very special, I'm choosing my words here, special in the sense that it has lots of chalcopyrite, some pyrite, some pyrite, some pentlandite as well, some gold, lots of silver, lots of palladium, lots of platinum. So we got it all, to tell you the truth. Now, why is this?

43:01 That is probably the billion-dollar question. We'll discuss more about the reasons behind all of this a little later, I guess, once we verify a few things and once the assays are back too, because right now we're really limited. But the mix that we have is, I'd say as a geologist I've rarely, if ever, seen that before. It's really, really juicy. At the very least. Great description there on that. Is there something about NISQ that lends itself to being refined by the CVMR method? Why don't more mines use this method and make nickel powder?

43:47 Yeah, I mean, I think CVMR, you know, is obviously they've got, I think, 18 or 19 refineries now around the world, and they're building another 2 or 3 in Africa, 1 in the United States right now. So they're growing and they're, you know, well north of in the billions in sales. So they're not a small company. We just have, most people haven't heard of them, but they're not Glencore, Valet, BHP. And I think what happens is that, you know, until the cycle changed on nickel, they were running along quite happily. But then when the IRA came in, they needed to source more supply in North America, which is why they reached out to us and why we've sort of moved our partnership forward. But I mean, I think they're obviously expanding and they've added some new deals since we've dealt with them in Africa. So they are growing.

44:49 It's, I think it's like, they can't do 10 things at once. They can do a couple of things at once because these are big projects. So, you know, I think we're happy to be one of those things they're working on right now, but they're growing and, you know, they told me that the powder business is growing at 29% per year. So just to give you a number, nickel today is around 18.5, I think powders are between 60,000 and 80,000. So, you know, when you think about, you know, the economic cost to go from the concentrate to the powders is probably I don't think it's more than $5,000 a ton, I think it could be less. So you can imagine the margins for the refiners are fantastic.

45:41 That's really the business you wanna be in. Okay, great point. I think this one's directed you Terry Can you give us an overview of where you think the Howard? It was share price might go in the next 6 months. It's definitely a tough question answer, but give that to you Jerry Yeah, you know, I mean, that's one of those things that you know what is the right answer? I mean, obviously, I keep buying stock, so I hope it's going up. And I believe, I've been on the record as saying, I believe we have a billion dollar deposit. Today, we're worth $30 million, so you do the math. So it has to go up a lot to hit there. So you know, obviously we have to continue to execute. The ore body's got to continue to deliver the goods. I think we're going to evidence that in a big way.

46:30 And you know, These things, when they move, they move very, very quickly. And if you're not in, you're not in. I don't think anybody can point to the Power Nickel team and say, well, nobody ever, Power Nickel ever said we should buy and invest in the stock. We've been hammering the table saying, this thing is real, it's gonna become a mine in our view, and it's gonna be worth a lot more. So, I mean, that's, you know, I'll leave it at that. Okay, thanks. And will A&T be useful for identifying targets on the high-grade multi-metal site? I'm guessing what Terry was about to say was we've run an ANT survey at Wildcat as well as part of the preliminary work that we've done with them.

47:29 As for NISQ, the Ant Survey does not point out directly to the mineralized zone. It's not billed for that, or the resolution that we're running the survey at is not good enough. It's a good compromise between surveying at depth, which was essentially what we're using the tool for, and then geology kicks in to discover where the targets are based on that. So ANT has been used at Wildcat for sure, and it's helping us a lot on the geology front to better determine what are the depths of them geology contacts that we see.

48:19 Little disruptions in the survey will indicate that there are potentially a fault there or something like that. So we're still using the Ant Survey the much as most as we can, everywhere to tell you the truth. And just to add a comment on that, Fleet is also, well, we are very, very aggressive in what we're doing. Fleet also is very aggressive in what they're doing. And very recently, we had discussions, you know, their group with our group, discussing about the good and bad of them surveys and stuff, trying to improve the way to, even more, the way at processing the data and things like that so there's a real good synergy between the 2 groups we're providing them what they need they come they get back to us with refined surveys and stuff like that. So it's really good. Perfect synergy there.

49:31 Awesome. Thanks Ken. What's the value of the royalty with tech, Terry? You know what, sort of on the low side, it would be 3 men, you know, on the upside, maybe 10. So somewhere in between there is sort of, you know, what it would be worth if you crunch the MPVs on these things and what they trade for. Okay, thanks. CVMR has been able to get 98% plus in their recovery rates at their nickel and cobalt refineries around the world. Do you think that would be possible at NISQ? Yeah, I mean, 98% is obviously fantastic. In our mind, 90% would be fantastic. That'd be a 30% improvement on our results of our 43-101, which would be, it manifests in many ways, right? It means you can probably lower your or grade so in terms, and add tonnage that way, because now you've got better processing.

50:38 But yeah, it certainly looks like that's gonna be doable for us. Yeah, okay, we got another investor here asking about the difference between whether this is kind of like a PGM play, if it's a nickel play, how to position that? Yeah, I mean, and obviously, you know, the, I mean, I've been an investor for a long time myself, and He was talking about focus on investment and stuff like that. And it's like, you know what? You're always looking to create value for your shareholders, right? And because we're in a non-cash flow business, we have to focus on things that drive our share value in the near term, because the reality is in the near term, we'll be raising more shares at some point in time.

51:27 And we want to do it at a higher price. That's how we make money for our shareholders. So, you know, right now, PGMs are a lot hotter or gold and copper are a lot hotter than nickel. So will we focus more of our exploration energy on that area versus nickel? 100%. You know, but it's not a 1 or 0, you know, we'll continue. You know, I have no doubt that we will, in my mind, this will be a big nickel mine and nickel will be a very big win for us. But are we super excited and blessed to have found gold and copper and PGMs in these grades and these quantities? Yeah, no doubt about it. And it's red hot. And obviously we'll be focusing on that in the short term. Okay, great answer. It seems like, oh yeah, seems like strong PGM concentration in the wildcat.

52:19 Have you ever assayed for rhodium? Go ahead, Ken. Rhodium and iridium and other PGEs, I'm not too sure we got them all in the package of assays we were running with the lab. However, given those results and given the situation, I've been talking with our geos and making sure that we'll get that covered Eventually so in the first hole we did, you know, we Didn't run it in the first. I remember we had a Senate the South Africa or something was it was a bit of a process But in subsequent holes, you know we'll definitely continue to sort of check for that because it's obviously an evolving ore body to say the least.

53:12 And we'll see if that as part of the mix. Okay, yeah. And Can you tell us a little bit more about drilling at NISK as well? I guess that's referring to the Nickel drilling? Yes, I think so. So that's ongoing. I mean, goose break I think is April 20th or something like that. So, and we have to be out of there for a month when the, from April 20th to May 20th, or thereabouts, spring break when the ground soft and conditions are just atrocious, You can't move stuff around. So we're finishing our last nickel hole right now. It's a very promising one. And it's been a good season for the nickel work.

54:02 Hasn't been a, it's fair to say that we've had more victories on the PGM front and the gold and copper than we've had on the nickel, but we've done okay with the nickel and we're drilling an exciting hole right now. So, you know, it's a process, you know, and, you know, right now we're super hot, you know, with the drill bit, like, you know, whether we drill 14 or 15 holes that, you know, Wildcat and I think maybe one of them has been a duster, everything else has been good. I mean, you just don't hit 14 and 15 too often in this life. And so, you go through cycles of super concentration where you know the ore body and you're banging it. And then you're going through the phase where you're looking for the next big win.

54:53 And so you, like the example I gave with Fleet where they've reduced our targets from 30 to 10, but we're looking for 3 spots in the 10. So you're gonna, 30% of the time, or 7% of the time, you're gonna miss. And then that's when you use a downhole EM and you basically try and vector in and say, okay, What did we learn? So a miss isn't a complete waste. You could gather intelligence, you learn why it didn't work, and maybe from there, how to vector in where it can work. And so that'll be the process at NISC on the nickel side, but we're still super pumped about our nickel exploration. It's just that at this point in time, for obvious capital market reasons, the major breakaway success at the Wildcat with the gold copper PGM You know great it hits You can't deny that you got to focus focus in on it Mm-hmm and I can't speaking of that. Can you tell us the strike length of the Copper PGM zone?

56:05 In terms of strike length, we're about 200m, with a core which is a lot more intense for about 100m in lateral extent. Right now we're following this, well both the mineralized envelope and the very high-grade core, we're following that down to about 300m down as we speak. We were limited with the pads we had permitted earlier in terms of depth we could reach from them pads, but all of this has been resolved and we have many, many new pads that are prepared right now and permitted for.

56:52 And as soon as we're back from that goose break, we have plenty of, well, plenty of really good targets that we're really excited to test again. Just a complimentary note perhaps on the NISQ main zone. Terry has been talking about exploring for Nickel in and around NISQ area, drilling at Wildcat because of that discovery, spectacular discovery. If we had a third drill, for instance, there is a third topic that we haven't discussed about but we must not forget. Recently we had released a mineral resource estimate for NISQ Main. After that study, a bunch of recommendations were being given to us by the different consultants that were working on that specific project.

57:50 And part of them recommendation is to, you know, follow some iGrade shoots that we've identified at NISQ and things like that. So eventually, we'll get back to the pure and simple following up that resource work that we've done. And at that point of time, we'll be adding to the resource by moving in and around it. No, perfect, thanks. The story is not over for him, it's just the, as Terry is mentioning, the timing, it just happened that way. That makes sense. 2 more questions here and then we'll wrap it up as we're out of time here. So Terry, did you say that BT Global was an investor? Yeah. Yeah. They're they're Paul B is one of the sharpest minds in the business. And he got in at the very early stages and he's been a very loyal and strong supporter.

58:47 Excellent. Are you close to bringing in a strategic investor? You know what? No. And it's not because we don't have lots of people that would like to be strategic investors. It's that, you know, honestly, there's a new elephant in the room. We need to get to know the elephant a bit better because it's gonna, it'll change a lot of things for Power Nickel. And that will, you know, bring a whole new set of strategic investors to the table, open us up to a lot of different possibilities. And so that's now, this news is imminent, it's gonna get out and we'll get that out there and then we'll see where that takes us. You know, so we'll, you know, but as of right now, there's nothing imminent.

59:38 All right, we got some rapid fire questions here coming in. So 2 more here. Ken, is the strike possibly more than 200 feet? Have you been restrained because of the pads? Sorry, what? Is the strike possibly more than 200 feet? Have you been restrained because of the pads? Sorry, what? Is the strike possibly more than 200 feet? Have you been restrained because of the pads? Oh, well, first, it's not in feet, it's in meters, so we'd be talking about 600 feet and yeah well on surface it seems to be maybe limited by the 2 paths that we had on the east and west but with the the drilling we we do now we have a much much better control on the geometry of that thing as compared to earlier where when we only had 2 pierce points so it was a purely educated guess that we were doing now from the the understanding we have on the geometry of the zone right now, the lateral extent, it's kind of limited.

1:00:44 Shit, I don't know how to phrase it. It's kind of limited by the 2 pads but there's no real good reasons why it would not expand at that or so to speak discovering equivalent pods on each side of the the main one that we have discovered. So, it is a structural control, I believe, and if there is an offset of that zone somewhere else, we'll find it with the numerous targets that we have, it's designed for that, and if we were to lock on on a second pod like this, well, it's doubling up the story. So we're really actively thinking about this, trying to crunch all the data as it comes in live at my desk every day.

1:01:34 And very soon, I guess we'll have cool announcements to make with an upcoming press release and stuff. We'll know more about that in a few days. All right, and then last 2 questions here, I'll tie them together for you, Duncan and Terry. How do we get retail to wake up and is naked short selling still a problem? Duncan, why don't you talk about that, I'll take the naked short selling, you take the retail. So I would say retail's waking up to the power nickel story. I mean, we've traded over a million 2 today. We're 35 million market cap, you know, from Terry's 30 million from a little while ago. That's pretty strong action. You know, guys like our story.

1:02:22 You know, Sometimes you have to talk to people more than once, get them enthusiastic and understanding what's going on. The macro picture is still a tough one. We see that with the TSX-V and down in the crapper, really, but it's coming alive. So you have all these things that are going the right way. You've got gold breaking out, Silver is in the process of breaking out, Copper is breaking out. You know, the people are awakening to the metals group. And we think we're just a significant story out there and one that presents an awful lot of value. And just sort of as an aside here, but it's gonna be interesting in the next 24, 48 hours. We've probably had a very difficult time doing this presentation today because we have an idea of what we're coming up with with our drone results here and We are stoked and I think when when investors see What we have coming down the pipes here.

1:03:30 They're just going to be amazed. And the value story, you know, as Terry said earlier, is even more ridiculous. So we're going to have some fun here. And that's the key. Yeah, on the naked short selling issue, Obviously, we filed our complaint. We don't feel that they've covered in any way, shape, or form, and that's gonna be serious bad news for those guys, is all I can say. Perfect. So everyone really appreciated the presentation here. I can see in the comments. So that's all the questions and time we have for today. So thank you all for taking us through the updates in the Q&A. I also want to thank everyone who submitted questions and chats in the comment section. So, and as always, the recording will be available to watch in the coming hours or day or so. So look out for that.

1:04:18 And before we wrap up, just passing things back over to you, Terry, ready closing remarks. Yeah, so always appreciate, you know, talking to our shareholders and stakeholders and bringing them up to speed as much as we can. Obviously we expect to, as Duncan alluded to, we're literally waiting, checking my emails to see if those assays come in. So it's imminent, We'll get that out as quick as we can. And probably once that happens, we'll have another one, because then we can have a bit more of a fulsome conversation about what we're seeing and what that might mean. So hopefully it won't be too long before we're back at another conversation with you and hopefully with some great news. So until then, have a great day and great weekend and we'll talk to you soon. Cheers. Awesome. Thanks again to everyone for participating and I hope you all have a great day.

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