Canada Nickel (CNC) – Higher-Grade Drill Results Reinforce Large-Scale Value Proposition (Transcript)

Canada Nickel Co Inc.
  • TSX-V: CNC
  • Shares Outstanding: 57M
  • Share price C$0.92 (02.07.2020)
  • Market Cap: C$52M

Interview with Mark Selby, CEO of Canada Nickel (TSX-V: CNC).


Nickel expert, Mark Selby, has turned the Crawford Nickel-Cobalt-Palladium project into the 11th largest nickel sulphide resource globally in just 6-months.

That accelerated delivery looks to continue; he wants to hit this nickel cycle and sell. He’s now targeting the completion of a Scoping Study by year-end, a Feasibility Study by the end of 2021, and production-readiness by 2025. This is an accelerated monetisation event that nickel/EV investors should investigate further.

Recent drill results have thrown up some higher-grade at-surface results, including some high-grade by-products. The company has recently shored up its land position, aiming to increase the already impressive potential scale of this junior. The drill numbers are looking positive, an experienced team is in place, and the mining jurisdiction is favourable.

Now, Selby needs to bring some institutional names/funds into the story as he moves towards the financing of the FS. He’ll need C$10-20M and will raise it by the end of the year. He is confident that he can secure it, as recent nickel market M&A suggests that the nickel market is hotting up again.

What did you make of Mark Selby? Is nickel a commodity that excites you?

We Discuss:

  1. Company Overview
  2. Track Record and Lesson’s Learned from Dumont
  3. The Nickel Market: Never a Better Time to Invest in the Battery Space?
  4. Timing Time-Consuming Projects: Confidence in Predicting Cycles
  5. Location Location Location: Importance of Infrastructure, Timings for Permits and Licenses
  6. Large Scale; Why Pick Up Additional Optional Projects?
  7. A Look at Drill Results: What’s to be Excited About?
  8. Preparing for Success: Canada Nickel’s Approach to the Market and Cycles
  9. Talking Money: Cash Position, Burn Rate, and Further Financing
  10. Marketing the Story: Lessons Learned from the Time at RNC Minerals

CLICK HERE to watch the full interview.

Matthew Gordon: Hey Mark, how are you doing?

Mark Selby: Good. Good to see you again, Matthew.

Matthew Gordon: People may know that we caught up earlier this week and we were  going through some of the macro components to do with the Nickel cycles and super cycles and so forth, and we picked up a trick or 2, but today we’re going to talk about your new project, which is Canada Nickel.

Mark Selby: Sure. This is a brand-new company centred around a brand-new Nickel Sulphide discovery, which in just 6-months of drilling, we have already made it the 11th largest Nickel Sulphide resource globally, on less than 20% of the structure. The key thing, why I have most of my money in this company, is 1. You need to have the right project that is the right scale that is going to attract a major. 2. It needs to be in a location where you can develop it, build it and develop it in a rapid timeframe. And 3. You need to get the timing right.  A great project will allow an investor to get an excellent return in a relatively short period of time. When you have a great project, which we think we have with Crawford, and you’re able to hit the commodity cycle, the key part of a commodity cycle. We think we’re hitting another Nickel super-cycle by about the middle part of this decade. So, we think with the right project and the right place, with the right timing, it creates one of those once every decade investor opportunities. That’s why I’ve got most of my non-real estate capital in the company.

Matthew Gordon: Mark, so those are 3 key points. I want to talk about those, but first I want to talk about your track record. You’ve been in the Nickel game for some time now, so it might be worth having a romp through that. I’m interested in what you learnt during that time.

Mark Selby: I was outside mining for 10-years with private equity management consulting. I joined mining in 2001. I joined Inco as head of commodity research in 2001. I’ve been following Nickel now as a commodity for almost 20-years. I joined after Inco got taken out by Vale. I was head of strategy. We tried to merge Inco and Falconbridge together. It unfortunately didn’t work. I left and I joined RNC Minerals in 2010. And we took Dumont from an early-stage resource to a fully permitted construction-ready project. And this is a large, low-grade sulphide project. And our Crawford project is literally, it’s in a different province in Canada, but just 200kms away. And because there’s so many characteristics that are similar between the 2 projects, all of the time and investment that we made in Dumont, we can leverage that to be able to advance Crawford in a much more cost effective, much more timely manner. Which just means, better shareholder returns on the capital that we need to advance the project.

Matthew Gordon: I’m going to hit those points. We are going to hit those points, but I’m interested in the macro here for people who are thinking about Nickel, they are looking at the market and going, hey, this battery revolution, this EV revolution, it has probably taken a bit of a whack here because of COVID, is now the right time to be investing in battery metals?

Mark Selby: Yes, I think the key is to get the right battery metal. And the one thing about Nickel, it’s not just a battery metal. the thing that has created these super cycles in the past: late sixties, late eighties, mid two thousands, and why we think we’re going to see it again in the mid-2020s, is that Nickel is primarily using stainless steel, which has been a very high gross 5% or 6% a year material for many, many decades. And that is not going away anytime soon. Stainless steel is still just 3% of the carbon steel market. So that underlined demand force is going to continue going forward. On top of it, you now have this new use of Nickel in electric vehicles. And I think the key thing for looking at the commodity is, it is not just about demand, you have to also look at the structure of supply. So, the reality in the Lithium space is there are vast, dried-up oceans of salts in various, through the Andes and other places, that can provide a significant amount of Lithium to the market. Same thing with Cobalt, there’s a significant amount of Lithium Cobalt in places like Congo that can come to market at the right price and right time. With Nickel, we have a big source of supply in Indonesia, but the reality is, it is when you step back and look at how much Nickel do we need to meet continued growth for stainless steel? And then you layer in the forecast in terms of how much Nickel you need to make electric vehicle batteries. There is nowhere near enough projects in the pipeline, including, developing everything you could possibly develop in Indonesia.

And so the other key thing in terms of your battery metals, Lithium is always going to be on one side of the battery, but in terms of the mix and the cathode, Nickel is the element that gives the car the range, and it is cheaper than Cobalt. The industry has very rapidly shifted towards 80% to 90% Nickel batteries from, say, one-third Nickel batteries. That shift has happened much more quickly because of the spike in Cobalt prices. As an investor, you want to go to where the metal demand is going, not where it has been. And so, in terms of battery chemistries, demand is shifting to Nickel, and it is going to continue to shift to Nickel more and more.

Matthew Gordon: You think future demand will come entirely from the automotive industry? I know your views on steel, but what’s the ratio there in terms of what the future demand looks like?

Mark Selby: Oh yes, if you go out to 2025, we are going to need about a half million tons more Nickel, and there’s about 2.5Mt of Nickel produced today. So about 20% more than today. But when you get out to 2030, you’re looking at 1.2Mt, 1.3Mt from the auto for EVs. And then you’re going to need another 1.2Mt, 1.3Mt just to meet trend demand growth for all the other uses that Nickel is used for. So that’s double by 2030, what we actually produce today.

Matthew Gordon: If you look at the use of Nickel in batteries, obviously we’re reading about Tesla reducing, or trying to remove the need for Nickel. And I understand that different batteries have different functions, but you still think there will be a big need for Nickel going forward?

Mark Selby: Oh yes, definitely. There was a whole flurry of news around: Tesla using Lithium ion phosphate for one battery. I think I’ve said in some talking head things at one point or another over the last eight months is, the battery and battery system is the primary differentiator for an electric vehicle, just like the engine in a car. In the globe, there isn’t one single engine that’s used in every automobile. So, in the EV sector, you’re going to see, basically, a low-end short-range battery, that’s just as cheap as possible. And so that Lithium ion phosphate is perfect for that. And Tesla in China wanted to hit a specific price point, and range is not a big issue in that market.

You are going to have your mid-range battery, which will be more commonly used by 60% of cars. And then there’s going to be the, this is the absolute longest range, the absolute highest discharge that will allow you to go from 0 to 60 in 1.5 seconds, battery, and you’ll have different technologies there. Nickel will play a big role in both of those the midstream, and then the upscale battery chemistries going forward.

Matthew Gordon: People are still excited about Nickel. It has a part to play with battery metals. You think that the demand is there, is what you’re saying? So that’s one thing.

Timing. Cycles. You have talked to me in the past about these super cycles and being able to hit it right. If I’m quite candid, you started Dumont a long time ago, it’s still not in production, right? And I get that you have learned some lessons about the geology and technically and so forth, but why is your project not going to take as long to develop?

Mark Selby: Suffer the same fate? Yes, no, fundamentally for two reasons: one is Dumont was somewhat an evolution of a mining model. And we needed to prove that that evolution was robust economically, and it could be constructed and built and done in a very straightforward manner. We had to spend a bunch of time on engineering and a bunch of time educating investors and so forth. And we did that quite successfully. But that did take a bunch of time and cash to be able to do that. The second part is we were doing it during the time period, and we knew when I joined in 2010, I knew that Nickel pig iron was going to be 5 or 6-years of significant growth. And I can show you a presentation I made in 2008, just saying how big Nickel pig iron was going to be and what it was going to cost eventually, when someone built a plant in Indonesia, which is what did happen. And there was just, we were advancing a project in a metal that people really didn’t care about at that time.

 Today the tables have flipped 180 degrees. You’ve got BHP Billiton who spent that entire time we were advancing Dumont, they were busy trying to sell their Nickel business, and didn’t have any takers, and in the last 24 months, not only has BHP said, we will look at it, we’re committed to battery metals. We’re actually building a downstream processing plant in Australia. Their CEO was quoted as saying, ‘We need more Nickel. We need more future-facing metals. We need more Nickel, more Copper.’ And then, three months later they put their money where their mouth is and they acquired another large scale, low-grade Nickel project in Australia called Honeymoon Well, from Norilsk. They have done a complete 180 degree. You have the world’s leading mining company, committing capital, making acquisitions, in this space. And once one mining company goes, the herd usually follows. We saw Oz Minerals do a transaction to acquire the 30% of a project, Nebo-Babel. They acquired a company called Cassini resources, which put a USD$250 million value on that. We already have a multiple of contained Nickel and a resource bigger than that project. And we have a huge amount of exploration potential to go. I was very excited to see that transaction. I knew they were coming. I didn’t think they would come this quickly. So, as of right now, the three good, large scale, lower-grade Nickel deposits in Australia are all gone. Yakabindie – BHP is now advancing that to fill in for them as their Mount Keith mine is down. Honeymoon Wells has been acquired and Nebo- Babel has been acquired.

And so literally, in terms of large scale, low-grade Nickel projects in Australia, that’s it of any scale. I think it speaks in terms of what is to come for other low-grade, large-scale deposits, like what we have at Crawford.

Matthew Gordon: It sounds like it is exciting time for Nickel if you are in a position to be rolled up or absorbed into someone else’s business. And the demand is there. I just want to establish the ground rules for investing in this space. And then we have got to talk about location. Tell us where you are, why that’s so good, and why that’s working for you?

Mark Selby: Yes. There are basically three components to location that matters. One is, do you have all the infrastructure in place to be able to build the mine, or do you need to spend a billion dollars to get water, rail, power, electricity to your project before you can start building your project? We’re literally just outside the town of Timmins, which is a 100-year old mining camp. And all that infrastructure is already in place. Number two – is the community and the First Nations in your area, supportive of resource development in the broader area, in terms of getting your project permitted and being able to operate in the way you want to. If the community and First Nations are supportive, then you are able to do that in a much more, faster, much more efficient method. And this Timmins is an area where there’ve been a number of projects permitted over the past decade.

And then third – you don’t want the government, after you’ve done all your work, to confiscate either directly or effectively, financially through changes in taxes, royalties, ownership regimes, once you have spent a bunch of your shareholders’ money taking to the goal line. So, in Ontario, in Canada, it’s about as good a jurisdiction as you can get.

Matthew Gordon: It is good, but permitting, there’s something we keep coming across in Canada: the time it takes to get things permitted. What do you know?

Mark Selby: Yes. The key there, every country is different, for sure. Every province within a country is different, even within a province it can be very, very different. What is great about the Timmins and the broader activity area that’s spans both Ontario and Quebec, you have had a bunch of the largest mining operations in Canada permitted during the last 15-years in a timely fashion. You had, within a 150km to 200km radius of Crawford, you’ve had Cisco’s market project permitted. You had Detour Gold’s mine permitted, you’ve had Dumont permitted on the Quebec side. And then recently, IAM Gold had their Cote Gold project, which is just to the southwest of us, also got permitted.

The local community the provinces, both Ontario and Quebec, have very well-defined permitting processes. And when those things come together, you can get through, you have to spend time getting through it, but you can get through it in a very well-defined basis. There are other parts of the province where the ownership and relationship with First Nations has not been well established. And so, as a consequence, companies get tied up in those kinds of issues. You have other places where they’re pretty remote. And you need to build a lot of infrastructure across and through a lot of communities and a lot of First Nations groups that you need to get them all coordinated to be able to build that infrastructure before you can build your project. The fact that we will have a, it will be large, but a very compact and in a single location is very, very advantageous.

Matthew Gordon: So that’s great. But the question I was asking was timing: how quick is it? Are you waiting 10-years? We have talked to companies where they have been sitting around and 9 to 10-years later, it’s still not permitted.

Mark Selby: No, this is not, no. In Ontario, each of those projects got permitted within a three-year window. Part of the reason why we’re going to have a scoping study done, literally just a year after we have started drilling last fall, is because we want to have that information to be able to start that permitting process as quickly as possible. We can be in a position as early as possible to begin construction to be able to get what we think is going to be a good Nickel cycle.

Matthew Gordon: Let’s come back to the first point you made, which is around scale. Okay. You said that’s really, really important. What do you know about what you’ve got today? Because you are relatively new. You can’t have that much information. So how do you know you’ve got scale?

Mark Selby: Well, the benefit of, A – doing it for a similar deposit like Dumont, and then the type of deposit itself; being  a large disseminated ore body, has allowed us, we started drilling last September, and by the end of February, we had the 11th largest resource, two thirds of which was in a measured and indicated category. And we know because we have done the drilling and it’s already that large, and we know we have only drilled off 20% of it. And because the geophysics has been very helpful in terms of showing where the resource is, we are confident that we can make considerably larger, and the potential to be higher grade as well, as we continue drilling here.

Matthew Gordon: Given you’ve got this huge-scale resource, why bother with picking up these additional options?

Mark Selby: About a few weeks ago, we closed the transaction that we had announced earlier, where we picked up five other options on five other land packages that have, we think similar ore, and potential for more large-scale Nickel deposits. I’m not here to drill my brains out and build a large resource, but it’s really about, okay, is there a potential for multiple deposits in a large district that we wanted to make sure that we locked up what we thought were the best targets. The good thing for us is that the geophysics really does, in the area we’re in now, has been instrumental and really zeroing in on the highest-grade part. What I want to get from those other option properties is not necessarily just a bunch of, 0.25% Nickel tons, it is really, can we find more places to get more of this 0.35&, 0.4% material? That is all about front loading the mine plan and the PEA with as much high-grade and as much cashflow as possible.

Matthew Gordon: Okay. And you’ve done some drilling. And what do you know about the grade at the moment? Because I know we talked about a month or more ago. We were talking about some by-product upside for you here as well. Can you just talk about what you’ve learnt through the job?

Mark Selby: Sure. There are 3 things. What intrigued me about the project from the first four discovery holes that were made was there was this potential for a higher-grade core. And so that came through very nicely in the initial resource. We had 250Mt out of about 900Mt, which was about 15% higher grade than the average, and about 15% higher grade than Dumont. And then within that, we had higher grade shales: 96M tons of 0.34%. And within that, 28Mt of 0.38% that came right up to surface. So that would allow us to start mining.

It is so critical in a mine development that, particularly for larger scale deposits, if you can spend, take three years, five years, seven years of feed at grades that are 30% or 50% higher grade than your average, all of that incremental grade is free cashflow, right? It’s incremental free cashflow, which at the end of the day, that’s what makes, that’s what investors are investing in you for. So, the more free cashflow you can generate earlier in the mine life, it just helps the project economics immensely.

So, the things that have come out which have been nice added bonuses, were 1 – we found this separate PGM zone that runs parallel to the Nickel deposit. It is literally, if you think of a curtain, or wall of PGMs that’s 400m high, that’s bigger than most office towers in any major city. And so, we have defined it across several kilometres already, and it’s basically 3m to 5m wide, and it is just outside the Nickel mineralisation, so we would be mining where it sits anyways to push the pitfalls back. We will be mining this material, which will be a nice by-product. If you are mining in any ways, if you can generate a pile of cash out of it, it just helps the overall economics.

And then the 3rd piece has been, we have a substantial amount of Magnetite, which is an iron ore product, and in the flow sheet that is the standard for these types of deposits, you end up pulling out this material. We will have that as part of our base case, which should be a separate revenue stream which will create more free cash flow for the overall project. So that’s why I’m very excited to get to a Scoping Study, to be able to really demonstrate to the market, just how robust we think this project is going to be.

Matthew Gordon: And when is the next set of drilling happening?

Mark Selby: That’s a great thing. I wouldn’t wait too long because we have got a whole series of these infill drill results coming out over the next 2 or 3-months. We have got a whole series of metallurgy results that will be coming out over the next few months as we feed all that into the Scoping Study. Those will be, to some serious investors as they start to see that information, that’s the  stuff that will help de-risk it for them and start to want to get into the story at this stage.

Matthew Gordon: Talk to me about this: because I normally start conversations trying to understand the mindset of the management team, their business model, how they intend to play this out. We have gone through a process there from macro down to the project and the geology, which I think has helps me be very clear about what you are trying to build. What I need you to be clearer about now is what’s your approach to market? Because we have talked in the past about accelerated timeframes, hitting the cycle right, so how are you going to do that?

Mark Selby:  Yes. It comes through to key pieces. One is just in terms of approach. And the other piece is around having the right people with the right experience get involved in the project at the right point. So, in terms of approach, I could sit here and drill this thing off all day long, and I could probably end up with the largest Nickel Sulphide resource. A lot of juniors, that’s what they do; it is all about, you know, we just build, we just develop resources and we just keep drilling and drilling and drilling. We already have the 11th largest resource. We have enough resource there for a multi-decade. For me, it’s okay, we have enough on that front. We’re going to make it way better and it will get bigger as we continue to drill, but it’s okay. Now, let’s take what we have and advance it as quickly as possible.

So, Scoping Study at the end of this year, Feasibility Study at the end of 2021. We will get permits done as quickly as possible, which means, likely by 2023 we can start construction, and we will be in production by 2025, 6-years after we start drilling. Right. That’s it, for what will be one of the largest Nickel Sulphide mines in the world globally. Where the location is allows us to be able to move that quickly. So, A – it’s great to put boxes on a timeline, to say, this is what you’re going to do. Then you have to have the time, the people and the experience to be able to do it.

At Dumont, we did 2 Pre-Feasibility Studies and then we did 2 Feasibility Studies. We had to really establish how to get this type of deposit in place. All of that time and all of that money that we invested in that; we can leverage that experience to this project. I’ve got several key people who are involved in the key parts of Dumont, involved at Crawford. Asanko, who I think is one of the world’s leading engineering firms in terms of developing real projects. They not only just do studies; they actually build them. They come up with robust capital cost numbers and robust operating numbers that end up getting hit. And we have them involved in this Scoping Study, and what we have laid out with them is that they will be involved right through the Feasibility Study, to deliver that by the end of 2021. That’s our goal as we move forward here.

Matthew Gordon: So that’s quite an aggressive timeline, but like you say: it’s easy to say, harder to do. And I get that. Pre-Feasibility Study (PFS) is in production by 2025. Fantastic. But you’re going to need to raise capital along that path. I get that you’re saying to me, we are taking what we have learned at Dumont, and we’re going to avoid those mistakes, save that time and save that cost on what we have got in front of us. You are laying out a pathway, which for your current shareholders and potential shareholders go, here are the things I’m going to hit. And if I don’t hit them, you can judge me on that. But the other thing, unfortunately, you do have to bring this money into. So how much money have you got today? And where’s it going to get you through to? Then presumably you are going to need to raise the next chunk of change at some point.

Mark Selby: Oh, yes. We raised money back in April, in the midst of COVID. That will take us through to deliver the Scoping Study. By year end, we will need to raise between USD$10M and $20M to do the Feasibility Study. We will raise that sometime between now and year end. The key thing there is to get, A – either some strategic in there, or some larger mining funds. Because, right now our shareholder base is primarily with, the first round of financing was friends and family. The next round was friends and family and some bigger brokers, some of their clients. And there’s still a huge amount of upside because none of the major mining funds are in our story right now. In terms of taking the share price up to the next level, there’s a huge amount of room to be able to bring these guys into the story, to raise the money we need for the Feasibility Study (FS) and in terms of valuation from where we are now to where, I think, ultimately this project value will surface in the market.

Matthew Gordon: What did you learn at RNC about talking to the market? Because the share price at RNC stagnated for a long time, for lots of different reasons. But what learnings are you taking from that to apply to what you’re doing today with Canada Nickel?

Mark Selby: Yes, to be honest, we went public at the end of 2010. We hit a window, we raised USD$50M, but at the end of 2010, development stories were still, everybody was investing them, and we went out at about USD$2 a share price and the $120M valuation.  I was on the board of a junior company at that time that also had a USD$120M valuation and had an early-stage Copper exploration project. Valuations were very, very high and the entire sector, we traded down from USD$2 all the way down to USD$0.15c or USD$0.20c in 2014 or 2015, as we advanced the project through to Feasibility Study. So less than one is; you have to be in a market that is going to be accepting of your project.

I think we are in a window now that yes, Nickel is in favour, and people want to buy the project in the end.

Number 2 – when I joined RNC in 2010, it had been a private company for 3-years and they had done multiple rounds of financing. And to be honest, we inherited a relatively sloppy share structure and ownership structure. That was a real overhang on the story when you don’t have a tight group of shareholders who come in, who are there because they fundamentally believe that we have one of the great Nickel projects, that we’re going to see through either to construction or get taken out. And so that was a real overhang on the story for a number of years and was a deterrent for some of the new money coming in.

Part of this was a brand-new company, brand new set of shareholders, tightly controlled. As we go through these milestones, we will be able to have that value realised for our shareholders as we move forward.

And then the 3rd piece that made Dumont challenging is that it was a large project. We had to do a bunch of new work that we had to finance. And this project specifically, we don’t have to do that novel development work that Dumont didn’t have to do. We have raised the money. We need to take it through to a Scoping Study, and it’s a fraction of what we needed to do at Dumont. What we will need to do for the Feasibility Study is also a fraction of what we raised at Dumont. And so, that’s why this is, I believe, such a good story.

Matthew Gordon: Because I think that’s going to be a big part of this; is getting assurances. Well, not assurances, it’s hard to give assurances, but you know what – get a sense of the fact that the market is building for Nickel. I think we can safely tick that box. And more importantly, that your model, the way that you are going to deliver this is not heavily dilutive. You don’t need go and raise so much money that the share price just never gets a chance to get out of gear. And you think that this, because I think the interesting thing that you said there is like, we know it’s large. We don’t need to keep drilling it because it’s large enough, it’s the 11th largest in the world. We can tick the large box off, and it’s maybe 20% of the ore body. We can come back to that. But it’s large enough to get people interested. On that basis, I know you’ve been in the industry for 20 years, but have you had conversations? How do you know that the big guys are sniffing around? You’ve talked about BHP and Oz Minerals there, but who else is sniffing around these? Because it’s not just yours, there are other Nickel projects and why?

Mark Selby: Oh yes, I know they’re sniffing around because they have contacted us.

Matthew Gordon: Right.

Mark Selby: So, early stage, just with some of the drilling results and the fact that we could point to what the size and scope of it was, even last winter, there’s been several mid-tiers and several majors who’ve already been keep keeping an eye on things. And typically, where they like to get involved is around Scoping Study through to Feasibility Study. They want to see some economics around the project to make it an easier sell for them within their organisation. If they can point to a third-party report that says, oh, that says it’s worth USD$1Bn, or USD$2Bn, or USD$500M, or whatever the number is going to be in the Scoping Study. But no, that level of interest now that we have got our initial resource out, we will have a new resource out by the end of July. We will see more and more interest as we get through to having that scoping studies delivered by year end.

Matthew Gordon: Towards the end of year end. When is the moment you think people will take notice of you? Do you have to wait for the Scoping Study? Or do you think that you are telling the market the story and there has been interest because we have seen it; people are talking about you. They are talking to us about you. Do you think now, I know you are going to say yes, I know, but do you think now’s the time or should they wait for the Scoping Study? , you don’t need to push it too hard before the Scoping Study comes out, do you?

Mark Selby: No, I think it is much easier for investors and other companies to invest in something when there are 10 other things that look similar, and they can fit it in the box. Our challenge with Dumont was that there wasn’t much else that looked like Dumont that was visible to the market. Mount Keith was a wildly successful a mine for BHP Billiton for a long time. But it was buried two levels down and didn’t really get to, you didn’t see much detail on it for most of its life. Now that there’s all the data points around Dumont, there is BHP making these acquisitions, and some other projects have advanced. Because people can’t look at 10 other projects and say, oh, it’s just like this one. It will be, I think, very helpful for people to see that Scoping Study and say, ah, okay. I had no idea that this Nickel intersection could translate into this much total NPV, right? And that is really what we’re going for now.

In the meantime, I’m going to be pointing that out to people and pointing to that as much as possible. The mining funds get that, and they’ll hopefully be coming in between now and year end, and then we will get that strategic investor really picking up as the Scoping Study comes in and then as we move into the Feasibility Study (FS) process.

Matthew Gordon: I think it’s exciting times for you guys. You’ve got to deliver the Scoping Study at the end of the year. We will stay in touch. We think it is one of the better Nickel stories out there, and Nickel is definitely on the up. Stay in touch and keep us up to date with how things are progressing, please.

Mark Selby: Sure. No, that would be great.

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