 Well, hello everybody. This is Byron King with Investor Intel. And we are today going to talk about the nickel market, as in the metal nickel, not so much the little nickel that you put in your pocket, but the nickel market. And we're going to talk with Terry Lynch, who has been in the mines and metals market for many, many years. Hello, Terry. Why don't you tell the viewers, who are you? Why do you know anything about nickel? How did you learn this? Hi, Byron. Good to be with you again. I've been in the metals mining space as an investor for maybe 30 plus years, dates me. And then I started running a actually a copper gold company about 10 plus years ago. And we moved into nickel about two and a half years ago. And thinking that it would be a really good commodity to get into with what we foresaw as the coming electrification movement. And as it turns out, we made an incredible deal on a great project and we're advancing that. And so, as a result of having a prospective nickel mine, we've got learned over all things nickel. So we're dangerous now. We know a little bit about nickel market. Well, I suspect you probably know more than you're letting on here. So people out there may have heard that there's a nickel boom going on or nickels looming shortages or what have you. When people reach into their pocket, at least if they still use normal cash, they find those nickels. But what's going on with nickel? What's going on with the nickel market? Yeah. So nickel, what's interesting about the nickel market is fundamentally what underpins it is the theme of urbanization. So as people are moving from villages to cities or towns, they're buying pots and pans, fridges and stoves and that's basically got stainless steel in it. And stainless steel has a coating of nickel. So the stainless steel market is really what drives the big drive of nickel. So about 70% of all nickel consumption is for stainless steel. So as urbanization continues on and that stainless steel market is growing at 6% common annual growth rate for a number of years. So that's a heady number as you would know as an economist. It's a big number and it's continuing on. It sort of rises with the population as India and Indonesia and China become more urbanized. You know, Africa and South America, it's basically just one of those things you can't stop. So that's interesting. When you say 6% a year, I mean anybody out there who I don't want to throw too much math at you, but there's that rule of 72 and divide it by 6%. So you're going to double your nickel demand in 12 years just by stainless steel. But now we've got another issue because a lot of people are going to use that nickel in these batteries that we're going to drive around in our cars. What's going on with that? So the second driver in the electric market or in the nickel market is electrification. So generally speaking, nickel is a very good store of electrons. So in the battery markets, it used to be sort of initially when they started with the batteries, it was like a third, it was like a nickel, manganese and cobalt and with the lithium underpinning. And so now it's probably, it's moving towards more like 50, 60% nickel. And potentially in some of these batteries it'll be more like 80% nickel. So in the market, there's going to be a number of ways to sort of consume nickel. And I think in the battery market itself, there's going to be, if you're just driving around town and you're not going to use a car a lot, you may use no nickel. You may have an iron phosphate battery that doesn't really require a ton of charging. But because you're not using it a lot, it may make sense for smaller light vehicles. But if you're in North America where you're driving long distances, or you're commuting on a regular basis, you need much more responsive and nickel's the battery of choice at that point. So generally speaking, the forecasts are to move in the nickel market from 10% to 50% over the next, in terms of its percentage of the actual battery market. So that would obviously have a huge impact on nickel demand. Obviously, I'm in the nickel business. I'm pro-nickel, and I believe it's got a bright future. I don't, however, believe it's ever going to get to 50% of the nickel market. I just think that all the things that would have to happen for that would not be good for humanity, because it just, but I do see it getting to 25, 30%, and that would still require a boatload of more nickel than we can visualize finding at this moment in time. Well, in terms of world production, there's the traditional sources. I mean, Russia, for example, we have a company called Norilsk, which is one of the great nickel producers of the world. But for various reasons that we don't have to explain, I mean, Russia's becoming more and more of an off-limits supplier. And then we've got Indonesia, we've got the Philippines. In North America, there was Voices Bay, which in Northern Canada. But I mean, clearly, we are going to need more nickel. Are there, to talk a little bit about the supply side looking forward for the next 10, 15, 20 years? Yeah, I mean, they say that we'll need like a 60-plus mines over the next several years. And if it was easy to find nickel, maybe a lot more nickel mines is bloody hard one to find, especially in high purity. Because, like for example, you mentioned touched on the Philippines and Indonesia, which have some of the biggest supplies of nickel out there. Generally, they're in ladder rights versus sulphides, like we're in the power nickels in the sulphide business. So the ladder rights generally have big tonnage, like, you know, may have a billion tons of nickel, but it might only be 0.2%. Yeah, let's dive it for people out there who don't get the technical drive. A ladder right is a heavily weathered rock that's mostly clay, but it has a lot of nickel in it. Whereas when we're talking about the sulphides, we're talking about actual, you know, nickel sulphide minerals with much higher grade and a whole different way of processing them in terms of the chemistry, the energy content, the whole logistics of the whole thing. I'm sorry, go ahead. Yeah, no, that's a good understanding. So the nickel ladder rights, they might be 0.2 to 0.3% nickel EQ. And, you know, we might be like in power nickel, we're at like 1.5 to 2% nickel EQ. So you're literally seven, eight times richer. So what does that mean? Well, it means you're processing seven or eight times less rock. So from an energy perspective that impacts you both in moving it and then the energy it takes to actually manufacture it. So generally speaking, you know, these ladder right rocks manufacturing are considered sort of dirty nickel, you know, and because it takes such amount of energy to process and such a lot of stripping to actually get the tonnage you need to make it work. So there's sensitivity. If you believe in the green economy and decarbonization, you don't want to be spending more energy to generate the nickel than the nickel can save for you in the future, generally speaking. So with nickel sulphides, it's actually net positive. We can actually do decarbonize in a big way, especially in our case, we'll be doing ours all with hydroelectric power. So it'll be the greenest nickel mine in history. But generally speaking, philosophically, you want to be favoring those projects and maybe not the others. So however, this is why when we talk about forecast to demand and how things can go, I just don't see it, it can't go to 50% because you'd have to be harvesting these laterites in a big way. And I just don't see how that is economic or beneficial to the environment. So I think at some point, common sense will take place. Okay. Well, we'll end it here because we like to keep a certain time limit on these investor intel talks because our viewers time is valuable. And to the viewers out there, we thank you very much for watching. This was Terry Nickel or Terry Lynch of a company called Power Nickel. And we'll have more with Terry in another broadcast. Thank you.