AGORACOM Small-cap Investor Relations Blog

 

George Tsiolis:

Every once in a while in mining, you stumble onto something that doesn’t just become a mine — it becomes a district, sometimes even a giant.

The most famous example is Norilsk in Siberia, one of the largest and richest polymetallic deposits ever discovered, producing nickel, copper, platinum, palladium, and more for decades.

Now imagine the possibility that something with similar geological DNA might be emerging — not in Siberia, but in Quebec, Canada.

Power Metallic’s Nisk Project has already revealed high-grade nickel, copper, and platinum group metals, and with each new drill program, the footprint appears to be getting bigger. That’s why multiple billionaires have invested in Power Metallic, and some experts now believe this discovery could represent the early stages of a major polymetallic system.

Joining us today to talk about it is Terry Lynch, CEO of Power Metallic. Terry, welcome back, my friend.

Terry Lynch: Hey, great to see you again, George. It’s always a pleasure to be on your show.

George Tsiolis: It’s great to be talking to you because you’re doing so many things for the industry and for your shareholders.

Let’s talk about Nisk here. I opened the interview by mentioning Norilsk, one of the greatest polymetallic discoveries in history. Obviously you’re not there yet, but you are pretty far down the road. Your company says this on the front page: Nisk has the potential to be a polymetallic supergiant like Norilsk.

So tell us, what do you and your team see? You’re one of the most respected teams in the industry — you don’t say things lightly. What gives you the confidence to make that bold of a statement?

Terry Lynch: We basically looked at the scientific facts and compared our deposit — tenure, grade, concentration — with other deposits in the realm of orthomagmatic deposits.

There are really only two deposits in the world that have our concentration of copper and precious metals in this format. One is Oktyabrsky, which is the heart of Norilsk — that crazy one square kilometer at Norilsk that has a trillion dollars’ worth of metals. The other is the Sudbury Footwall deposits.

Both of those deposits are obviously in excess of 10 million tonnes of contained metal.

At Norilsk, grade-wise, we’re actually a little bit above them, but we don’t have a square kilometer. And if we’re being honest, it’s unlikely we’ll get to a square kilometer.

But the neat thing about mining discoveries like ours is you don’t know how big it is yet. The cool thing is that from what we’ve already found, we can say with certainty as a management team that we’ve already found a mine that’s going to be worth multiples of where we’re at right now. And we can give good peer evidence on that.

But we haven’t found nearly what we think we’ll ultimately be finding here.

The district commentary you mentioned is likely to happen. Nineteen out of twenty times in these orthomagmatic discoveries — which is what we’ve found, a super rare deposit type, but they are the world’s richest mines — there are multiple mines.

So Norilsk found Oktyabrsky several years into the Norilsk project, and you can imagine one square kilometer is very easy to miss. You think, holy cow, I missed a square kilometer and it has a trillion dollars’ worth of metals. It’s mind-blowing.

But it’s sort of like yesterday, when we released 16.5 meters of 15% copper equivalent. I mean, that’s $2,000 rock if you do the math on it. That’s crazy rock.

Red Cloud did an update today and said that on the 95 holes Power Metallic has released on the Lion Zone, 78 have intercepts of 11 meters or more with at least 4.5% copper equivalent.

George Tsiolis: For people at home, Terry, put that into a little bit of perspective. Seventy-eight of 95 holes have at least 11 meters of 4%-plus copper equivalent. What’s a typical good number for a copper project that would make people really happy?

Terry Lynch: The average grade of a copper-producing mine in the world today is 0.4%, so we’re talking about grades that are 10 times that, 11 times that.

That’s part of the challenge, George, if we’re being frank about our communication challenges. High grade is so unusual.

The last orthomagmatic deposit discovered was Sakatti by Anglo American 18 or 19 years ago. Before that was Voisey’s Bay. So it’s just so unusual. People see these crazy high grades — like 16.5 meters of 15.11% — and they probably think, “Did they miss a decimal point? Is it really 1.5%?” It just seems too good to be true.

I think there’s some of that in people’s minds.

Part of our challenge is that we were disappointed when we put out those metallurgical recovery numbers, because in mining you’ve got to find the rock, with enough tonnage and grade to become a mine. But then one of the big tests is: can you get the minerals out of the rock in an effective way? Is there a good recovery rate? Are there going to be good payables?

We had been using 80% recoveries, which we felt was a good, healthy recovery. Some people thought that was aggressive, but we felt it was justified based on the work we’d done on the high grades.

Then we ended up getting 95% across the board. Copper was 98.9%, almost 99%.

When we released that, it was mind-blowing. We thought that was the missing link, because we’d already put out the math on the assays and grades, so people should have been able to do the back-of-the-envelope math and say, “Here’s what this thing is worth,” which in our view is probably in the billions.

The stock went up to around $1.70 and change. We thought it was going to double or whatever. It didn’t. And it’s backed off since then, even on good exploration news.

So sometimes you have to listen to Mr. Market and take the message. The message we took was simple: they want more proof.

They don’t understand this deposit. We don’t know why they don’t understand it. We have to do a better job of communicating it.

I think there may be two things going on. One, the grade may just be mind-blowing for people. Two, when people think copper projects, they think multi-billion-dollar capex and a long way down the road to build. But this is going to be a $400 million to $600 million project to get through the first phase of 1,500 to 3,000 tonnes per day.

We believe it will pay for itself in year one, and the capex is very manageable, especially when you’ve got the tax credits in Canada, including the provincial abatements.

What will get this message through, we think, is getting the PEA out there. So we’ve expedited that. We’re planning to do it this fall rather than waiting much longer. There’s such a disparity between what we think is fair market value for our stock and where we’re trading that we think it’s important to shorten that gap by getting this information out sooner.

George Tsiolis: And it may be that that’s what the market is waiting for, right? They’re doing back-of-the-napkin math, but maybe it seems too good to be true, and they’re saying, “Let’s wait for the actual PEA — the Preliminary Economic Assessment.”

Terry Lynch: Yeah, exactly.

George Tsiolis: Right — the thing that tells everybody how viable this is.

I also think the scope of your press releases is part of it. They’re very technical, and they have to be. That’s the regulations and that’s the way the world works.

They’re so detailed because you’re trying to prove what you have and communicate it to the world. But you can’t do it in a press release the same way we can do it here, where we’re going to talk more in layman’s terms.

So I think it’s a challenge even for retail investors who are looking at each other saying, “I think this is great — what do you guys think?”

When do you think that PEA comes out, Terry? Ballpark — I’m not going to hold you to it.

Terry Lynch: We’re basically saying fall, and we’re targeting to get there before Beaver Creek if we can. I would expect we’ll get the technical report out hopefully by late August, and then the PEA shortly thereafter.

George Tsiolis: I remember we did an interview when you were still Power Nickel — not even Power Metallic — and the stock was trading at 20 or 25 cents.

You’d put out a bunch of good news, really solid news, like you’ve continued to do, and you gave a famous quote that we played everywhere for months. You said people one day will be embarrassed when they realize they could have bought Power Nickel for a quarter or less.

I don’t know if you want to make that kind of bold statement now, but are you feeling the same way now that you’ve gone to this next level?

Terry Lynch: I feel we’re a better deal now, from an asymmetric risk perspective, than we were at a quarter. Honest to God.

And not only do I feel it — I’ve shown I believe it with my checkbook. I bought 700,000 shares in the last 90 days, 100,000 shares in the last couple of days. And I’ve exercised my options. I’ve put about $1.3 million in over the last 90 days.

Why? Because I don’t know of a better investment opportunity anywhere.

Now of course, I’m the biggest investor here and I’m preaching in my own church. Maybe I’ve drunk the Kool-Aid. But I know this business, I know what we’re worth, and I know what we have.

We went one way with getting the exploration results out and all the facts out there, thinking people would follow the Great Bear and Foran approach to getting valued. But that wasn’t working for us.

Perhaps it’s a more complicated story because it’s Polymetallic. It’s not a gold story and it’s not a copper porphyry story. It’s a different animal.

So we realized: okay, let’s follow the Foran example. That team did an amazing job. They got acquired for roughly $3.8 billion.

How did they do that? Because metal in the ground — what we believe we’ll show — they got 25 million tonnes at 2.5%, which is roughly 650,000 tonnes of metal in the ground. They’ve got other prospects deeper, but we all have prospects.

We believe we have something similar in the ground right now at Lion. And we still have the nickel side as well, and our prospects.

If a Martian came to Earth and looked at those two deposits, I believe they would take ours all the time, because it’s smaller, near surface, off the road, more compact, more profitable in processing, and has a lot more upside.

That’s not to disparage Foran — they did an amazing job. Congratulations to them.

What did they do? They de-risked it in the investor’s mindset. That’s the lesson for us. They did a PEA, a PFS, a feasibility study. They got Agnico in as a strategic investor. They got designated as a project of merit in Canada. They got the Canadian Growth Fund to invest.

All of that de-risked it in investors’ minds and got them to the point where they were able to do that merger.

All those steps are repeatable for us, and those are the steps we’re going to go down now.

George Tsiolis: Follow the game plan, because you’ve got the goods.

Terry Lynch: Exactly. Either you have the goods or you don’t. Brother, we’ve got the goods.

That’s the point that shocks me. I’m not a trader — I’m an investor. I invest and I hold until I think my investment has reached value, and then I exit.

I look at this and think that in two years, worst case scenario, I believe we’re a Foran. We can go from where we are now to that $3.8 billion number based on where we are.

And I also believe that if history tells us anything about these orthomagmatic projects, there are going to be several times what we’ve already discovered found over the next few years.

George Tsiolis: And you’re talking about what you’ve got right now — not even what you might find later.

Terry Lynch: Exactly. It’s very asymmetric.

We’ve got the best scientists in the world on this type of deposit working for us — Steve Beresford, Joe Campbell. They’re using the best technology. We’re well-funded and we’re executing.

So why are people betting against these guys when it’s so cheap?

But we also have to accept the medicine and recognize that we’ve got to communicate better. We have to tell the story better. We have to recognize that people want more proof — so let’s give them more proof.

George Tsiolis: That’s very important, because I want to backtrack a little.

You talk about your geo team. You talk about putting your money where your mouth is. I call that third-party validation — it’s very important.

So let’s go back a few minutes to where you said you’ve bought hundreds of thousands of shares, over a million shares yourself.

But you’re not just the overly optimistic CEO drinking his own Kool-Aid. How many billionaires are in this deal with you? I’m not looking for names, but I remember you talking before about a dozen or so. How many billionaires are in this with you?

Terry Lynch: Fifteen.

George Tsiolis: Fifteen.

So for anyone new to Power Metallic, this isn’t Terry just betting all in because he’s the CEO. You’ve got 15 billionaires — pretty smart people, very well versed in the resource space — who understand all this and said, “Terry, we’re participating in your private placement.”

What should current investors, and maybe more importantly new investors around the world, take from the fact that you’ve got 15 billionaires in this who know their stuff and don’t want to lose money?

Terry Lynch: The one observation I’ve made, because I’ve met these guys over the years, one by one, face-to-face, is that they typically all come in small first and then in a bigger way.

These guys are not traders. They’ve got so much money they just can’t be bothered. They may be invested in some fund that trades, but they themselves aren’t traders.

So when they come into a deal like this, they come in with the mindset of, “I can buy at X and sell at 10X,” or whatever multiple they believe is valid.

They’ve got enough track record and experience that they’re prepared to be patient.

A lot of investors in our market get shaken out by volatility. Our stock in 2024 went from around 20 cents to a dollar, then in 2025 from about $1 to $2, then ended the year back at $1, and now it got up to $1.70 and is back around $1.15 or $1.20.

There is volatility. But the billionaires don’t let the volatility shake them out. They’re not trying to trade the swings.

They’re saying, “I believe this guy’s got a mine, and when he gets taken over or commercializes this, we’ll look at it then.”

Their first question is: do we think this is going to be a mine?

I think they bet early on that this was going to be a mine, and I think that’s a solid bet. I 100% believe this is going to be a mine, and that mine will be worth a lot of money.

You can see what the Foran project is worth. I believe we’ll be worth that. If we find more, which I believe we will, then it will be worth multiples of that.

That’s the wonderful thing about mining and about this project in particular — the upside is uncapped.

These orthomagmatic systems can be very, very big. I think that’s the mindset of the billionaires: they look at it and think, “I can leave this one alone, go to sleep on it, and just let it play out.”

George Tsiolis: Let Terry cook, as the kids say.

But last question before I move on from the billionaires: how have they been reacting to the continued news and developments since they made their investments?

Terry Lynch: It was funny — Rob McEwen has probably been one of our biggest supporters. He’s been in for three private placements.

I bumped into him at the BMO conference. He came over and hung out at the booth for 20 or 30 minutes. We were one of the 10 companies at BMO displaying our core, and our core was ridiculous — just beautiful.

I said, “Rob, what do you think about the stock price?” He said, “Yeah, you’re just not getting any love.”

One of the things he brainstormed was maybe we should start putting things out in gold-equivalent terms, because maybe copper-equivalent doesn’t resonate with people. Maybe if they saw gold-equivalent numbers it would help them understand.

He also suggested maybe doing a scatter diagram. He said when they were building Goldcorp, they had similar issues and one scatter diagram showing 1 gram holes, 5 gram holes, 10 gram holes, and 10-plus gram holes was a really powerful visual.

So maybe something like that.

It’s great to have billionaires brainstorming with you about how to communicate better. That’s one example of someone really leaning in and trying to help.

George Tsiolis: And on that point, I think he has a good one. Polymetallic is harder for retail. If they’re asking, “Is it nickel? Is it copper? Is it this?” maybe that advice helps.

Terry Lynch: Yeah. I sort of say to people: people buy chicken and people buy beef, but we’re the most protein per pound. How do you communicate that?

People are looking for chicken stories and beef stories, and we’re a protein story that may be better than both combined — but people aren’t looking for it that way.

We haven’t solved that yet, but we need to.

George Tsiolis: And maybe you don’t have to stick to one. You could say, “Here’s our copper equivalent, here’s our gold equivalent,” maybe give them three or four equivalents so everyone can latch onto what they understand.

Terry Lynch: Pretty easy equipment, for sure.

George Tsiolis: Let’s talk about capex, because one thing that often kills companies like yours is capital cost.

For people at home, that’s the amount of money required to get what you have out of the ground.

You don’t need the kind of massive capex some other projects do, because you’re near surface. I think you said earlier that Phase 1 might be ballpark $400 million or $500 million and you think the payback could be in a year.

Terry Lynch: Yeah. If you can pay back in eight years, you’re ecstatic. A one-year payback is incredible.

The PEA will show this, and we’ll get it out there.

I think one of the mistakes people make is they think of most copper stories as VMS or porphyry deposits, which tend to be more complicated and much more expensive — a couple billion dollars is not unusual.

That’s not going to be the case here. This is an at-surface deposit, which is great. Some parts of it will be open pit for sure, and much of the juice is right at the top.

So this thing will have a really speedy payback, we believe. And in Canada you’ve got the 30% federal tax credit you can turn into cash. There’s all sorts of money now to build these mines from a debt and subordinated debt perspective.

I don’t think financing the mine will be a problem if we want to build it ourselves, or with a contract miner, or with a strategic partner.

People often ask us whether we think we’ll sell out or be acquired.

George Tsiolis: That was going to be my question. Sell or build?

Terry Lynch: We’re going with the view that we’re going to build it, because that’s definitely the play here.

Now, if we get some outstanding offer that de-risks our shareholders and gives us a healthy piece of the upside, we’ll obviously look at it.

But our view is that this will be the first of many mines up there.

Now, we haven’t found the other mines yet, so maybe that’s all just a pipe dream in Terry’s head. But if we look at the other 20 orthomagmatic deposits in the history of the world, 19 of them had multiple mines.

So we’ve got 20-to-1 odds that we’re going to find multiple mines here.

George Tsiolis: I’d take those odds.

Terry Lynch: I’d take those odds too.

If you’ve been blessed enough to find one of these, which we have been, thank God for that blessing, do you really want to be out of it early?

There’s always a price where it makes overwhelming sense for shareholders and avoids a lot of risk, sure. We’d look at it. But there are also structures like a joint venture where we get paid, get carried, still own 50%, and stay in the game.

There are a lot of ways to skin the cat, and we don’t have to worry about that right now. We’ll do right by shareholders, because we’re all big shareholders ourselves and everyone wants to create value.

George Tsiolis: And you’re cashed up, right? You’re not the typical small cap that drills, goes back to market, gets diluted, drills again, and repeats the cycle.

Terry Lynch: We had $33 million in the bank at the end of last quarter, and we’ve got about $17 million of warrants and options that expire this year that are well in the money. We’ve already had a couple million come in.

So we’re good for cash.

And we think the strategic investor process that Foran and others have done is probably something we’ll explore. We won’t do it until after the PEA is out, because then hopefully we’ll have a big number on the table.

There’s a lot of interest from much bigger investors to write much bigger checks. So the idea is to make it a bit of a beauty contest and get the maximum price.

George Tsiolis: So if you wanted to raise $20 million right now, you probably could.

Terry Lynch: Oh yeah. In a heartbeat.

George Tsiolis: Let’s talk macro tailwinds before we sign off.

It seems like governments — finally including the Canadian federal government — want to help. We know the U.S. government is helping through the Department of Defense and other programs.

What do the political tailwinds behind you look like? They want less dependence on China, they’re willing to open up money, fast-track projects — how much better are those tailwinds than they were before?

Terry Lynch: There’s no question they’re better. Two years ago, nobody was really talking about critical minerals. Now it’s front-page news.

We’ve been working with the U.S. as well. We were down at Mar-a-Lago a couple of weeks ago getting to know the defense people looking for strategic supplies.

Whether they’re Canadian or American doesn’t really matter to them. That’s a process we’re involved in, and I think there are definitely opportunities there.

We’ve met with the PMO office in Ottawa. They’re supportive. We’ve met with the Canadian Growth Fund, Investissement Québec — all these groups are super supportive. They all want to get behind the project.

I think it’ll be easier to access that kind of capital once we have the PEA, because the PEA is the point where an independent third party says, “Under these assumptions, this project is worth X.”

It gives people something objective to rely on.

The real challenge when you’re talking to investors is that they don’t want to be fired. They don’t want to do something really stupid. So part of the de-risking process is making it easy for them to buy by laying out the evidence clearly.

The same thing applies to governments. They need paper. They need independent support. That’s just how the process works, and probably how it should work.

So yes, we’re definitely pursuing those routes, and that’s certainly positive for us.

George Tsiolis: And that also explains why you’re accelerating the PEA instead of waiting another year.

Terry Lynch: Exactly.

Back in 2024, we had visions that we could go the Great Bear and Foran route based purely on exploration results because the stock rocketed and it looked good.

But in 2025 and now, we’ve continued to execute. We’ve expanded our land package six-fold, improved recoveries from 80% to 95%, continued to grow the Lion Zone — all of that — but the market didn’t fully reward it.

So we have to learn from that. There are other pathways. Foran has given us a great example, as have others like Adriatic.

George Tsiolis: I think markets do go through lulls. You can lose momentum for a while, and people start chasing other stories.

Maybe while some investors are waiting for the PEA, they’re chasing little gold names that go from 15 cents to 50 cents in six months.

You almost can’t fault people for saying, “I’ll wait on Power Metallic and chase some of these penny stocks first.”

Terry Lynch: That’s a valid concern, and it’s been raised to us.

But we just changed strategy on this and publicly spoke about it at PDAC. The world is only now starting to learn that we’re going to do this PEA, and it’s not a year out — it’s in September. It’s imminent.

Our job is to communicate that to the market.

I believe the move starts before the PEA. The smart money should be doing the math themselves and buying the stock already.

And the other catalyst we haven’t talked about is the move to the U.S. markets.

George Tsiolis: Let’s talk about that. I didn’t know it was on the table.

Terry Lynch: It is.

Listen, you and I are both patriotic Canadians, but the Canadian capital markets are fraught with problems. We know that.

The Americans are now waking up to the fact that they need to shore up supply chains. They’re also waking up to the fact that they need exposure to precious metals and mining again.

So I think there’s going to be more and more interest in mining. Robert Friedland was at the White House the other day and mentioned that the S&P had only 1% in mining at one point versus something like 14% at its peak.

You can imagine what’s going to happen to the mining sector, especially high-quality companies like Power Metallic, when more money starts pouring in.

And it’s already starting.

I’ve done non-deal roadshows in New York recently, meeting with some of the biggest multi-strategy funds in the world. One fund manager told me that yes, we’re small for them, but if they want exposure to the sector, they have to come down the cap stack and buy names like ours because that’s where the growth is.

I think that’s going to happen.

To make that easier, it would be easier for us if we were listed on the NYSE or NASDAQ.

George Tsiolis: I’m sure they’ve told you that too.

Terry Lynch: They have.

We’ve applied to both. We were leaning toward New York, and that may still be the way we go, but NASDAQ approached us about their newer ADR route for Canadian companies, where we may not have to consolidate and could trade through an ADR structure.

That’s interesting. From what we understand of the technical requirements, we may qualify.

So we’re going through that process now and should know more in the next four weeks or so. Then we’ll decide.

I think a move to the U.S. makes a ton of sense, because it opens the stock up dramatically.

I was on a roadshow in South Florida through the Palm Beach Hedge Fund Association. We saw 90 investors in 3 days. Great response.

A lot of them said they’d buy the stock, but one issue was accessibility — they couldn’t buy it easily through Merrill Lynch and would need another broker.

When you’re listed on NYSE or NASDAQ, all of a sudden the world can buy it.

George Tsiolis: Exactly. Someone can just be on their phone and buy 50,000 or 100,000 shares through their existing broker. No friction.

Terry Lynch: Exactly. I think that will be a big catalyst when it happens.

So between messaging around the PEA, the eventual move to the U.S., and the fact that we’ve got six rigs turning every day, there’s a positive news cycle here.

We’re running 60 to 70 meters per rig per day, so 300 to 400 meters a day total. Every three or four weeks there should be more news, and we’re finding more stuff.

We never know when a true discovery hole on a new zone is going to happen — that happens when it happens — but we’re definitely growing resources, in our view.

Then you’ve got the move to U.S. markets, and then ultimately the PEA.

We’re also in a particularly heavy investor outreach cycle right now. I’m off to Zurich for Swiss Mining next week, then speaking at the Roth conference the following week. We’re in demand because people are very interested in the story.

Last time around, before we did that financing, we met an investor who didn’t want to wait for the financing and bought in the open market instead. That’s all it takes.

I was on with a huge fund yesterday that I know well and have spoken to for a year. I told them we’re not going to do a round below $1.45 — that’s where the last round was done.

If they want stock, now is a great time to buy. Do the math. This isn’t smoke — the evidence is there.

This thing is super undervalued, and we think we’re changing how we communicate that to the market. We think people will start to listen, do their due diligence, and make their own decisions.

George Tsiolis: And that’s why conversations like this matter so much.

Your press releases are highly technical because they have to be, but when we can speak like this — about near surface, location, government incentives, 15 billionaires, recoveries, grades that are 10 times the average copper mine around the world — that’s what investors need to hear.

Then they can go dig into the details if they want.

Terry Lynch: Exactly.

George Tsiolis: People should take those results and feed them into ChatGPT or Grok or whatever large language model they prefer and ask, “Is Terry blowing smoke, or how do these results compare globally?”

Terry Lynch: They should do that. I’ve done that. Grok loves us.

George Tsiolis: I’d encourage everybody to do that. I’m a shareholder, we’re all putting our money where our mouth is.

Terry, you’ve got the team, the project, the results, the third-party validation, and 15 billionaires behind you. You have it all. So now it’s just a case of—

Terry Lynch: Keep working, George.

That’s it. We’re going to keep working every day, get our message out, and eventually the market will weigh it properly.

One of our bigger investors sent me a Warren Buffett / Benjamin Graham-style quote recently — basically that in the short term, the market can be emotional, but in the long run it’s a weighing machine.

What’s really cool here is that this opportunity has been pretty thoroughly de-risked.

Before the met work came out, the stock got as low as around 80 cents last year. It’s obviously ripped back through that. So relatively speaking, the downside is pretty low compared to what we’ve accomplished in the last couple of years.

Yet the upside is uncapped.

So when you look at that risk-return curve, I think there’s a really compelling story there.

And I say to people: if you’re listening to this and you think, “It’s still a small cap, maybe too volatile for me,” then invest in a good mining fund.

What you don’t want to do is miss mining entirely right now.

Take money out of tech and put it into mining — or into a good cross-section of mining vehicles. There are lots of good funds out there. This sector is going to rip, in my opinion.

If you miss this, you’re going to regret it.

George Tsiolis: Last time you said that, it was Power Nickel at 20 cents.

We played that clip everywhere, and people saw that conviction.

Now you’re making the call again, and you’re putting your money where your mouth is. You have 15 billionaires seeing the same thing you’re seeing.

You’re not just talking your book and hoping for a short-term blip. You’re telling people that two years from now they may be saying, “I’m glad I watched that interview,” or, “I wish I had.”

Terry Lynch: And that’s why I brought up the funds too.

When we raised that $50 million a year ago, half of it came from Australia, 25% from Europe, and 25% from the U.S. The only Canadian investors were Robert McEwen and Robert Friedland.

Why? Because Canadian funds didn’t have enough available capital. They would have had to sell another position to buy us.

There are great funds out there — Scotia’s 1832, Palos Capital, BT Global and others run by smart people. If you don’t want to buy individual names, invest with them.

George Tsiolis: And they hold Power Metallic, hopefully?

Terry Lynch: Yes, they do.

Those are really good investors. But they need more capital to invest.

So if you want a more diversified approach, that’s perfectly fine. Everyone has their own risk scale. There are horses for courses. You find the right horse for you.

But don’t miss the horse.

George Tsiolis: Terry, all kidding aside, that’s big of you to say. You don’t have to invest in Power Metallic specifically — you can invest through funds.

Terry Lynch: I’m a big believer in mining. I’m on PDAC. I started Save Canadian Mining. I really believe in the space.

And I think we couldn’t be having a more epic setup than we do right now.

For long-suffering investors, I think this is the time. Find the quality names or quality funds you like and put a meaningful part of your portfolio into them. I think it’ll do very well.

George Tsiolis: And for everyone watching, throw Power Metallic’s numbers into ChatGPT and ask whether this is one of the horses you should be looking at.

Terry, thanks for joining us. We’ve gone 45 minutes and it flew by.

Now let’s give people a chance to really dig into the company, look at the website, look at the data, and do the digging for themselves. Then when we come back next time, we’ll get great feedback on what they found.

Last words to you before we sign off — what do you want to say to current shareholders and prospective shareholders?

Terry Lynch: I was talking to one of my shareholders today, and I said one reason I encourage shareholders to contact us if they have a question or concern is that I don’t want people to get shaken out by volatility.

I’m not a trader. I’m an investor. I buy at X with a view to selling at 10X, or whatever the case may be.

Maybe some people out there are traders and can do that well. I’ve never been good at it. I’m too busy working. I don’t have time to sit in front of a screen all day, and I want to sleep at night.

When it went down, I bought more, because I’m confident that ultimately the volatility is a mirage and the facts will win out in the end.

Rick Rule, one of the greats in the space, once told me that some of his 100-bagger or 1,000% return stories went down by more than 50% three times on the way up.

That’s called diamond hands.

Power Metallic went from $1.95 down to 80 cents — about a 60% retracement. Then back to $1.70, then back to $1.06 — another 40% retracement.

Does that frustrate you when you own it? Of course it does. I’m not saying I’m not frustrated by it.

But I can’t change the market. That’s just the nature of this market.

What I do know is that it’s a great horse. So don’t get shaken off the horse.

The horse is going to get to the endpoint here, and it’s going to be a great ride. Be at peace with whatever level of investment you’re prepared to make.

I feel the same way about the broader mining sector. Ride through it peacefully over the next five years, and I think you’ll harvest a great return.

George Tsiolis: And by the way, Nvidia, Tesla, Meta, Netflix — they all went through massive volatility too.

Not that we’re equating Power Metallic with the Magnificent Seven, but it has followed a similar pattern of trial and tribulation.

If they’ve got the goods — and only you at home can decide that, no one else can make that decision for you — then if you believe this is one of your horses, stay on that horse until something materially changes.

Terry, I like the Power Metallic horse myself. That’s my own personal opinion, and I’m with you.

Thank you for joining us, my friend. Can’t wait to have you back, because I know there will be more news to talk about.

Until then, I think everyone will appreciate that you took the time to speak to them like we were just sitting around in a bar or a backyard pool talking about Power Metallic.

Terry Lynch: All right, buddy. Good talking to you again, George. Cheers for now.

George Tsiolis: Thank you, Terry. And for everyone at home, thanks for joining us. Have a great day. See you next time.

Watch Interview Here: https://agoracom.com/ir/PowerNickel/forums/discussion/topics/819272-VIDEO—Power-Metallic-Targets-Fall-PEA-Backed-By-High-Grades-And-Strong-Recoveries/messages/2459975