 Today at PDAC 2022, we have a wonderful opportunity to discuss critical materials and how the supply chain process is evolving here in North America. So Claudia, we're going to start with you with Kodiak Copper because Byron King told us yesterday that copper is the place to be. Can you tell our audience one reason why everybody needs to have Kodiak Copper on their watchlist? Well, copper, there is a very big demand on horizon driven by the Green Revolution energy transition. All those technologies that underpin this transition are very copper intensive. Electric vehicles need three, four, five times more copper than a conventional vehicle. Story is very much the same for solar, for wind. So no question, lots of copper demand on the horizon. And on the other hand, not very much supply at all. At this time, the supply pipeline of copper projects actually being developed is at an all time low, not much coming on. So, yeah, you can see a big supply gap opening and more copper needs to be found. And that's what Kodiak's business is about. And on this particular panel, we have, of course, Nickel. Nickel? CBC was telling me yesterday that Nickel was the place to be. I had a professional from Manitoba telling me that Manitoba and Nickel are best friends. What do you think? Well, I think that politically, we have to discern where we want to explore. And I think Canada is great. I think Labrador is great, where we are, Quebec is great. I, traditionally, Manitoba has been great. I mean, we have Thompson Manitoba, a huge producer of Nickel, historically. Valley's there in a big way. But there's an issue. We certainly had an issue because we had tremendously good properties in the Thompson area, but we had a hard time getting a drilling permit. So, I believe that they have some work to do to really unlock the Nickel that they have. And they do have Nickel there. And, of course, that's Jamie. He's with Fjordland Exploration. Fjordland Exploration, yeah. Fjordland Exploration. So, I jump here now to Terry Lynch, who is power Nickel. And, of course, you can talk about Nickel, but you have to answer the same question. Manitoba and Nickel, what do you think? You know what? Honestly, I really don't know a ton of about Nickel. I hadn't done any work in the province, so I wouldn't be able to give a lot of insight. But you can give insight into why CBC was telling me yesterday that Nickel better be in my portfolio. Well, I mean... I mean, you are power Nickel. Yeah, no, I mean, that one I can answer very easily. I mean, basically what drives Nickel is two things, urbanization and electrification. So as, you know, the third world, the second world becomes more urbanized, they have more homes, more urban density, they're buying bridges and stones, cars, so stainless steel, so stainless steel is like 7% of the Nickel demand. So it's growing in like 6% of the year. So that's a big driver, really underpinning to the Nickel market. And then, of course, electrification, the green energy movement, you know, right now it's probably about 6%, 7%, but it's going to grow to 50%, so there's just not enough Nickel out there. So that's why everyone's saying, you know, Nickel, which we don't believe that, so it's quite a thing. And Karam, of course, I'd like to just say thank you for doing such an amazing job. Karam is with Metallam, and of course you're on the board for PDAC. Yes. And I'm going to put you on the same spot, I just put Laudium, which is why Metallam. Give us one good reason why I need to be watching Metallam on my watch list. Yeah, so Metallam is also focused on base metals, like all these other great companies with great projects. We have the zinc and copper mine that we're trying to open, so it's very close to production with all the infrastructure in place. But talking about, you know, electrification and how the base metals come into play, you know, copper obviously is very, very important. It's going to not only go into, you know, the infrastructure, but everything around it. Nickel, same way. Nickel and zinc are actually very similar in what they do in that sort of sense. Like solar panels, wind turbines are all coated with zinc. There's zinc air batteries coming into play that cheaply and effectively store energy with no permits required to transport them because they don't combust. So a lot is happening on the zinc space. We have the probably the highest grade zinc development projects in North America with, you know, goes back to what you mentioned, you know, tier one jurisdiction, the political de-risk with all the other projects in Canada, you know. So I think it's a great time for all these base metals, really, to be honest. So of course, I always love talking to companies and really putting them on the spot. So we've got high grade zinc. Is that not what you just said? That's right, yeah. Okay, high grade zinc. It's your turn, Jamie. What do you have that nobody else has? Well, I think we have the same thing, high grade nickel. I mean, at least that's what we're looking for. And, you know, the project in South Boise Bay, for example, it's sort of very similar to Boise Bay itself, to 2% plus nickel deposit, massive world class. The only thing they've done exploration for 25 years around, and the only similar deposit is the South Boise Bay area. And they did drill 12% nickel over a meter. Now, at the time, it was in the Abitibi area north of us. And so it's trying to figure out where else can we find that type of grade. But we're really looking for one and a half to 2% nickel. And our Renzi deposit in Quebec, similar, one and a half percent, was mined in the late 60s, these early 70s. And, you know, we want to see that kind of number, mass of sulfides, high grade nickel. And we'll find a home for that, for sure in Canada, if we can find that type of deposit. So, lately the news, we've got Ford, GM, 100% electric. Ontario government, of course, has made a commitment for a $4.9 billion investment in the critical materials supply chain with everyone saying we're going electric. But of course, in my survey, during PDAC 2022, very few CEOs in the critical materials sector have confessed to having a hybrid car and an EV car. So let's go to Terry Lidge with us. Terry, are they going to be able to achieve these goals? Jack Lipton tells me no bloody way. I don't think so. I mean, it will have to be a bit more practical. Even Elon Musk is saying, still going to need oil and gas for a while. So I think it's going to be a lot longer than people think. But I mean, it doesn't mean that we're not going to have rent put to demand for the EV industry and for all of our base metals. You know, it's one of those challenges, I think, is if Nickel goes ahead to $20 a pound, that's probably going to slow the market down. So we need increasing commodity prices to be able to produce these things. But we don't need them to get out of hand, because if they get out of hand, they'll actually destroy the market they're trying to create. So there's got to be a happy medium there. And I think that's when you see these forecasts for 11 times demand for Nickel, it's probably not going to be 11 times demand. But it could be three times demand, and that would be huge for the Nickel. We could be very happy with that as a Nickel producer. Well, we're trying to slow down expectations out there in the investment community. However, with this demand, it allows critical materials to be a great place for investors to hedge their bets during a corrective market. Claudia, do you want to comment about the need for copper in the EV market? Or do you feel that the demand is from other places? Do you want to comment, as a copper expert, what you see happening? And I know you're an investor as well. Talk to us. But copper is often called Dr. Copper, because it's very much of an indicator of economic health, economic growth, because it has so many different uses. And if you look at the energy transition, copper is in electric vehicles. It's not only in a battery, it's actually a lot in the motors, it's in all the wiring, it's in the charging infrastructure. So there are lots of different uses, very broad variety. And that's why there is, in my mind, no doubt that there will be huge demand. At this time, 80% of the world economy is on a net zero carbon target. So this is a real mega trend. And the last mega trend that had real impact on commodity markets and drove commodity demand was China in the 2000s. That was one economy, albeit a very big one. Whereas here we're really looking worldwide. So I think this is a massive mega trend, and we will see elevated commodities demand and prices for a long period of time. Well, we all have to love that mega trend. Jamie, I can feel you wanting to respond to that. Would you like to add anything? Well, I agree. The metals that we're talking about, copper, nickel, zinc, any of the base metals, anything that goes into what we need to fulfill this demand are going to do well. But as Terry says, we have to be cautious about prices getting ahead of the market. Right now, nickel at 12 bucks, copper at 420, great pricing. I think we should, if we have a deposit, that's an economic price. I mean, we shouldn't be wishing for, as you say, 20 bucks or something like that. Because it'll tear down what we're trying to build up. And we saw that, and we have rare earths as a great history lesson for this. We saw the prices explode to record levels. Everybody had a potentially economic deposit, and now we have nothing. And we saw demand erode with small magnets for car parts and everything. So we have to be, we're in a great shape right now. We have problems with worldwide economy right now. But we're in the right spot, right? Because we know that even in an inflationary market, these commodities are going to do well because we have to, because they're required for what the world is saying they want to do and where they want to go. So politically, it's going to push us in the right direction. Our job is obviously to be finding the minds and developing them. But with these type of prices that we have right now, it should be no issue. And of course, Karen, I'm absolutely certain when we start talking about geopolitical impact stocks. I mean, this is an interesting sector where a conflict between two nations, as we've all seen, can drive stocks. Northwood, would you like to comment on that? Absolutely. I mean, it goes back to being in tier one jurisdiction to feel the green economy with these critical minerals. So what Canada did, as well as the United States, coming up with this critical mineral strategy or the list, at least as a start, is a fantastic way to do that. We need to find more. The copper production is slowing down around the world. The mines are depleting. It's a depleting business. We have to find more. So that's where the exploration companies come in. Zinc, huge, huge, like depletion of assets around the world. So many mines are coming into closure by 2025 around the world. And on top of that, you put green economy, developing countries around the world, need a lot of infrastructure. Copper, nickel, zinc, predominantly going to that. Then green economy with all the stuff like wind turbines, for example. Inside copper, outside zinc, coated with zinc. And then where does it go? To a nickel battery, you know? Like so, any way you look at it, we need more. So, and the recent political situation around the world that we know now, separation of East and West, tells you how important it is to rely on something on our own turf in North America here. So that's where we come. We are not an exploration. We're more in the development stage at this right now. So where Canada's next zinc and copper mine in Ontario. So a great place to be with the strategy that the Ontario government. And of course, with the support of the Ontario government, you know. So, Terry, I have to, I'm almost going to make you the ESG favorite here. I understand you're doing something kind of interesting, moving power nickel for. Would you like to comment on that and the appeal to the ESG market with this group of critical materials? Because there's some big money out there and you're looking for a good place to invest, how about the exploration to near term production critical materials? Terry, would you like to add anything? Yeah, I mean, we were just chatting off screen before we get on. I was just saying that for our upcoming exploration program, we're going to do a carbon offset program. So, you know, we don't, at this stage, create a lot of carbon emission as an export, pretty limited. But it's all about the philosophy about what you're trying to do going forward and trying to be, you know, put a more friendly face on mining. Because we got a, we had a bad rap from a lot of people for, you know, being, you know, you know, anti-environmentalists, which is most ridiculous of the, you know, Canadian mining is the best. We really restore things exactly back to where they used to be. So I feel we have to be proactive as miners to show that we're part of the program. So we'll be buying an official carbon offset for our drilling. It wouldn't be much, it would be like, at this stage, probably in the $5,000 to $10,000 cost for us. But it'll be a, I think it's called Vera certified. It's sort of like the, it's like Intel inside. It's the brand that you've got to have if you're going to do it. And that'll offset our diesel that we use in our drilling program. And I think it's these small steps that we can all take as we're sort of growing our deposits and as we're sort of sort of moving forward to show that, hey, we're not only, you know, you know, walk on the walk, we're talking the talk. You know what I mean, we're demonstrating with, you know, how we're going to move forward as an industry. And, you know, when we're looking at developing, you know, as our deposit and moving it into a mine, we're lucky in that we're across the road from a major Hydro-CoVec substation. So we can see really getting to be a, you know, a very low carbon, maybe a no carbon impact mine. And that's what we want to shoot for. And I think that provides the vision. So just to wrap this up, because I know everybody here has a very demanding schedule, my favorite question that I like to ask is, what is the one point you want to make about your company that you wish people would ask you? Okay? There's one thing that you love about your company that's your favorite, and Karen, I suspect from talent research that you know exactly what that answer is. Yeah, we are very close to production. So, like, we're very, very excited to come in where the demand is growing and the production is slowing down, which is zinc and copper as well. So, great location. I love the local people. Like our chief of the traditional territory we're in is here with me, you know, supporting us as well as local communities. We're very, very excited about that. And Terry, what about you? What about Perinical? What is the one thing you wish people would let you talk more about? I think the big thing for us is we're actually a lot closer to being a commercial deposit than people think. I think we're going to shock people with our updated resource. And I think that's the message you want to get out. This is not just exploration. We're about to move into development. So, it's a real story. And of course, Jamie from Fjordland thinks exploration. What do you wish people would like about you? I think it's just our philosophy. Our philosophy is to look for base metals, nickel, copper. And because I think that those projects can get developed. I think when we're talking about mining, and we've been Terry's talking about ESG, we need to make sure that we're developing things that people need, that young people need. They have their cell phones. They need these metals. And it's just educating and letting people know that these are important metals. And there's a quid pro quo. We can get these things developed. We can do it in an environmentally friendly method. But you have to recognize that we need these metals to grow our economy and to be where we want to be in the future. And we have to get young people to get involved and invested in mining. And that's the message that we're trying to carry on. I think we can get things developed by looking at these types of metals, as opposed to, say, precious metals and other things. And what about you, Claudia, with Kodiak copper? Well, Kodiak has a high-grade copper discovery with real-size potential in a great accessible district in southern BC. But if I had to highlight one point, I would highlight the team. The company was founded and is chaired by Chris Taylor, whom many of your audience will know from our sister company, Great Bear, which he also founded and made into a great discovery success. And Chris is a very talented, very out-of-the-box thinking geologist, which was instrumental to Great Bear's success and is as instrumental to Kodiak's success. So an exploration company is always as good as the geological brain behind it. And I feel very fortunate to be working with Chris, who is really a fantastic geologist. And copper expert, actually. So everybody out there, thank you for joining us at PDAC 2022. This is the critical materials panel. Thank you, everybody. Thank you, Tracy. Great to be here. Thanks.