Indicated resources account for 70% of total resources, implying a high level of confidence. The average grade of the new estimate is 1.12% NiEq, which is 6% lower than our estimate of 1.17%. We consider grades of >1% NiEq high. We believe the project has significant resource upside potential as the deposit remains open at depth. In addition, several targets remain untested. Strengthened balance sheet through equity financings totaling $7.6M in the past four months, including $1M from Rob McEwen. Management is focused on completing a Feasibility Study (FS) by Q3-2024. BHP (ASX: BHP), First Quantum Minerals (TSX: FM), and Wyloo Metals, are temporarily suspending production at some of their nickel mines in Australia due to a 44% YoY decline in prices, driven by slower global GDP growth, and rising supply. LME inventories are up 37% YoY. We foresee these production shutdowns exerting upward pressure on prices. We are anticipating nickel to average US$8.75/lb this year vs the current spot price of US$7.09/lb. We maintain a positive outlook on juniors focused on EV metals. Battery/EV manufacturers/miners are actively seeking stable/long-term supply sources for EV metals. Earlier this month, Sumitomo Metal Mining (TSE: 5713) acquired a 10% interest in nickel junior FPX Nickel Corp. (TSXV: FPX) for $14M, or $0.48/share, reflecting a 45% premium over FPX’s last closing price. PNPN is trading at $0.21/lb vs the sector average of $0.39/lb, a 46% discount. Upcoming catalysts include resource expansion drilling, FS, and positive sentiment towards juniors focused on EV metals. Portfolio Summary Source: FRC/ Company One nickel project, four copper-gold projects, and royalties in a development-stage copper project owned by Teck (TSX: TECK) Maiden Resources for the NISK Project (Quebec) The NISK property hosts a high-grade nickel sulphide deposit encompassing open-pit, and underground resources. NISK Location Map Source: Company One nickel project, four copper-gold projects,