Noble Mineral Exploration Inc. (NOB) Earnings Call Transcript & Summary

Okay. I don't see anybody in the waiting room. We do have a quorum for the board here. I'm going to suggest that everybody maintain their mics on mute, and that should they wish to ask a question during the course of the meeting, that they go down to the reactions tab and click on the hand, put the hand up and I'll respond accordingly. But if we could get through the business part of the meeting, I do intend to present a presentation at the end of the meeting, a simple slide presentation, in which we'll go through the various projects that we have in place. And at that point, we can entertain questions. But utilizing the same mechanisms by putting your hand up and then I can respond directly to each question as they come. You have to identify yourself, obviously. I am going to put on the recording button now such that this meeting shall be recorded.

And if I may ask, just before we start then, maybe just so we know who else is in, where then we can't tell that, I have asked that they take their name. If we can just ask people to do a roll call and just so we could identify the others that are in attendance. And I can go on and unmute people to let...

Okay. If we could have RG Emmanuel identify themselves, please? And we have Mendoza -- JMendoza, identify yourself. Anbu, could you identify yourself? Lingish KR, could you identify yourself? Everybody wants anonymity. Anyway, that being the case, if I could ask you to mute your telephones and stay mute. And if you -- as I said, if you want to ask a question, I'd prefer to go through the business part of the meeting first. And then we can get to questions at the end, unless you have a specific question relative to one of the resolutions that's being tabled. In doing so, you'd have to identify yourself so that way, we can keep a proper record of this. And as I said, this meeting is being recorded. My name is Vance White, President and Chief Executive Officer of the company, who will act as Chairman of the meeting. This is the Annual General Special Meeting of Shareholders of Noble Mineral Exploration Inc. called pursuant to the notice dated February 4, 2022. As you already know, in light of the public health concerns over COVID-19 pandemic, the directors of Noble have decided to hold this meeting as a virtual meeting to provide Noble shareholders an introduction and our guests a safer opportunity to attend. Therefore, no one is attending this meeting in person with all the attendees participating through Zoom by video conference or by phone. The meeting will now come to order. And with your approval, I will ask Denis Frawley, the company's Secretary, to act as the Secretary meeting and Rosa Garofalo of TSX Trust Company, the transfer agent of Noble, to act as Scrutineer. I would now ask the scrutineer to confirm whether she had the opportunity to identify all persons attending this meeting and to name those who are entitled to vote today. I would then ask the Secretary to confirm the procedure to past notices at this meeting. Ms. Scrutineer?

Good morning, everyone. Upon identifying all the voting attendees, I confirm that those entitled to vote at this meeting are H. Vance White as well as Birks Bovaird, Denis Frawley, Daniel Ilas. No other person is entitled to vote at the meeting.

Mr. Secretary?

Yes, Mr. Chairman. So good morning, everyone. I'd like to make a couple of notes regarding the voting procedures at this meeting. As noted by our scrutineer, there are -- I lost the count there. I think it was 4 persons entitled to vote at this meeting. So to the rules for corporate shareholder meetings when at a shareholder meeting, there are 3 -- when at a shareholder meeting, there are 3 or more persons entitled to vote and appropriate processes for their motions to be proposed and seconded by 2 attendees entitled to vote at this meeting. In addition, given that this meeting is not being held in person, I suggest that voting be conducted and in fact, we're going to conduct voting by roll call such that when a vote of shareholders is called, each of the persons in attendance who is entitled to vote will be required to state his or her name and say aye if voting in favor or nay if voting against or withholding and if it -- if withholding, then abstain.

Thank you both for these clarifications. I agree that a vote by roll call is appropriate in the circumstances and will require that the meeting be conducted as outlined. Before commencing the business of the meeting, I will take a moment to introduce the following current and proposed directors of the company as well as members of the company's senior management who are attending. J. Birks Bovaird; Yvan Champagne, I don't see him here; Mike Newbury, it's 2:00 in the morning in Australia right now, so likely not to attend; Sam Peralta?

Here.

Robert Suttie?

Here.

And I don't know -- is our exploration manager, Wayne Holmstead on? No. He'll probably join in the meeting a little bit later. He's going to [ join ] after the presentation. I would now ask the secretary to confirm the following documents have been made available to the attendees: notice of meeting; two, instrument of proxy; three, management information circular dated February 4, 2022, the circular; four, audited consolidated financial statements of the company for the financial year ended August 31, 2021, together with the auditors' report thereon and the management's discussion and analysis relating thereto; five, statutory declaration dated February 15, 2022, proving service of all the above material on the shareholders of the company and the auditors and directors of the company; and six, minutes of the annual and special meeting of shareholders held on March 5. These documents are made available by being posted to the meeting platform. You can see them in the chat room in order that any shareholder may examine the same, if so desired. Notice calling this meeting with all proxy-related material was mailed to the shareholders in accordance with the company's bylaws, the OBCA and other applicable laws. And due to the fact that the notice of meeting, the statutory declaration proving service in accordance with the company's bylaws, have been tabled and are available for inspection, I will now entertain a motion that the reading of the notice of the meeting and the statutory declaration for service thereof be dispensed.

I move that the reading of the notice of meeting and the statutory declaration proving service thereof be dispensed with.

Can I have a second?

Seconded.

Denis calling seconds. It's now been moved and seconded that the reading of the notice of meeting and statutory declaration proving service thereof be dispensed with. All those in favor, please state that your name one by one and say aye. If contrary, please state your name one by one and say nay.

Aye, Birks Bovaird.

Denis Frawley, aye.

Daniel Ilas, aye.

Sam Peralta, aye.

I declare the resolution carried. Would the scrutineer report the number of shareholders present in person and the total number of shares they represent, together with the number of shares represented by proxy.

4 total holders represented in person or by proxy at the meeting holding 1,106,192 shares; 92 management proxies received, representing 67,358,348 shares for a total representation at the meeting 68,464,540 shares, which is 34.725% of the issued and outstanding.

Thank you, Rosa. There is a quorum present and proof of notice calling the meeting has been given in accordance with the company's bylaws and the Ontario Business Corporations Act. Therefore, I now declare that the meeting is regularly called, properly constituted for the transaction of business and instruct the secretary to file the statutory declaration and related documents with the minute books of the company. The next item on the business is the verification of the minutes of the company's shareholder meeting held on March 5, 2021. I confirm that the minutes of the last shareholder meeting have been filed in the company's minute book and are available for inspection with the scrutineer. If there are no objections, I'll dispose of the reading of the minutes of the last meeting of shareholders. And the minutes will be taken as read and verified as made available to the meeting. The next item of business is presentation of the audited consolidated financial statements of the company for the financial year August 31, 2021, together with the auditor's report thereof. A copy of the audited consolidated financial statements for the financial year ended August 31, 2021, including the auditor's report thereon, has been made available to each shareholder. It is not proposed to read them to the audience. These documents are also available for review at this meeting. I will now entertain a motion for a resolution that the auditor's report be taken as read.

Be it resolved that the auditor's report on the financial statements of the company for the fiscal year ended August 31, 2021, be taken as read.

Can I have a seconder please?

Second.

Seconded. All those in favor, please state your name one by one and say aye. If contrary, please state your name one by one and say nay. Vance White, aye.

Birks Bovaird, aye.

Denis Frawley, aye.

Sam Peralta, aye.

Dan Ilas, aye.

I declare the resolution as carried. The next item of business is to approve the decrease in the number of directors of the company from 6 to 5, which is within the minimum and maximum number provided for the articles of the nomination of the company. The details of this matter are more fully described on Page 7 of the circular under the caption Number of Directors. Shareholders will be asked to pass a special resolution substantially in the form as set out on Page 7 of the circular, decreasing the number of directors of the company from 6 to 5. Are there any questions from the shareholders in regard to this resolution? Not seeing any, in order for this resolution to be effective, it must be passed by at least 66 2/3% of the votes cast by the shareholders of the company present in person or represented by proxy at this meeting. If there are no questions, I would move a motion approving the resolution decreasing the number of directors of the company from 6 to 5. All those in favor, please state your name one by one, say aye. If contrary, please state your name one by one, say nay. Vance White, aye.

Birks Bovaird, aye.

Sam Peralta, aye.

Denis Frawley, aye.

Daniel Ilas, aye.

I hereby declare the resolution as set out on Page 7 of the circular, decreasing the number of directors of the company from 7 to 6, has been passed by at least 66 2/3% of the votes cast by shareholders of the company present in person or represented by proxy at this meeting. Rosa, do you want to tally the vote there please?

All the votes have been already tallied by proxy, Vance.

Okay. Thank you. Let us proceed to the election of the directors of the ensuing year, 5 directors to be reelected to hold office until the next annual meeting of the company or until their successors are elected or appointed. All of the current directors are nominated for the reelection at this meeting as management's nominees. I declare the meeting open for nominations, and I nominate the following individuals as directors of the company for the ensuing year: J. Birks Bovaird; Yvan Champagne; Michael Newbury; Samuel Peralta; and myself, H. Vance White. The nominees named are nominees of management as disclosed in the circular. Are there any further nominations? I'll now entertain a motion for a resolution that the nomination be closed.

I nominate the following individuals as directors of the company for the ensuing year: J. Birks Bovaird; Yvan Champagne; Michael Newbury; Samuel Peralta; and H. Vance White.

Seconded.

All those in favor, please state your name one by one and say aye. If contrary, please state your name one by one and say nay. Aye, Vance White.

Aye, Birks Bovaird.

Denis Frawley, aye.

Samuel Peralta, aye.

Daniel Ilas, aye.

I declare the motion is carried. The resolution is carried. I hereby declare the nominations closed. I will now propose a motion for a resolution for the election of the directors nominated as directors. In order for this resolution to be effective, it must be passed by a majority of the votes cast in person or by proxy at this meeting.

I move that J. Birks Bovaird, Yvan Champagne, Michael Newbury, Samuel Peralta and H. Vance White be and they are hereby elected as directors of the company to hold office until the next annual meeting of shareholders or until their successors are elected or appointed.

Can we have a seconder, please?

Sam Peralta, second.

All those in favor, please state your name one by one and say aye. If withholding, please state your name one by one and say nay. Vance White, aye.

Birks Bovaird, aye.

Sam Peralta, aye.

Denis Frawley, aye.

Daniel Ilas, aye.

I hereby declare those individuals duly elected as directors of the company to hold off until the next annual meeting of shareholders or until successors are elected or appointed. The next item of the business is to approve the reappointment of MNP LLP as the auditors of the company to hold office until the close of the next annual meeting of the company, at such remuneration to be fixed by the Board of Directors. The details of this matter are more fully described in the circular under the caption Reappointment of Auditors. Are there any questions with respect to -- from the shareholders with regard to this resolution? Seeing none, in order for this resolution to be effective, it must be passed by a majority of the votes cast in person or by proxy at this meeting. I will now entertain a motion to reappoint MNP LLP as auditors of the company to hold office until the next annual meeting of the company, with the auditor's remuneration to be fixed by the Board of Directors.

I move that MNP LLP be appointed as the auditor of the company to hold office until the next annual meeting of the company at such remuneration to be fixed by the Board of Directors.

All those in favor, please state your name one by one and say aye. If withholding, please state your name one by one and say nay. Vance White, aye.

Birks Bovaird, aye.

Sam Peralta, aye.

Denis Frawley, aye.

Daniel Ilas, aye.

I declare that MNP LLP is reappointed as auditors of the company for the ensuing year, with the auditor's remuneration to be fixed by the Board of Directors. The next item of business is to reapprove the company's 2022 equity incentive plan, as described on the page of the circular under the caption, Approval of 2022 Equity Incentive Plan. Recently, the TSXV has amended its Policy 4.4, with regard to security-based compensation to allow for a greater variety of security-based compensation plans and the Board of Directors have recommended that the plans currently in place for Noble, namely the amended restated and restated stock option plan and the supplemental equity incentive plan, be replaced by the 2022 Equity Incentive Plan, which is a rolling 5% plan that would permit only the following kinds of security-based incentive compensation: stock options, deferred share units, foreign share units, restricted share units and stock depreciation rights. The purpose of the new plan is to provide Noble with means for instituting a share ownership incentive to attract and motivate directors, officers, employees and consultants of the company and its subsidiaries, thereby advancing the company's interest in contributing to its long-term goals by affording such persons with an opportunity to acquire an equity interest in the company. Shareholders will be asked to pass an ordinary resolution, substantially in the form that's set out in the circular to approve the 2022 Equity Incentive Plan. Are there any questions from the shareholders in regard to this resolution? Seeing none, in order for the resolution to be effective, it must be passed by a majority of the votes cast conversion or by proxy at this meeting. If there are no questions, I would propose a motion approving the 2022 Equity Incentive Plan and call for a vote.

Be it resolved as an ordinary resolution that the resolution as set out in the circular approving the 2022 Equity Incentive Plan of the company be hereby authorized and confirmed.

May I have a seconder?

Denis Frawley, seconding. I'll give it to Sam.

All those in favor, please state your name one by one and say aye. If contrary, please state your name one by one and say nay. Vance White, aye.

Birks Bovaird, aye.

Samuel Peralta, aye.

Denis Frawley, aye.

Daniel Ilas, aye.

I hereby declare the resolution as set out in the circular approving the 2022 Equity Incentive Plan of the company has been passed by a majority of the common shares voting at this meeting. The next item of business is to approve the company's shareholder rights plan as described in the circular under the caption, Approval of Shareholder Rights. The shareholder rights plan is designed to ensure the fair treatment of shareholders in connection with any takeover bid for the company and to provide the Board of Directors and shareholders with sufficient time to fully consider any unsolicited takeover bid. In the shareholder rights plan, the rights whereas issued to holders of common shares at the rate of one right for each common share. The shareholder rights plan is similar to the rights adopted by other Canadian issuers and that it was not adopted in response to any specific proposal or intention to acquire control of the company. Shareholders will be ask to pass an order of resolution substantially in the form set out in the circular to approve the shareholder rights plan. Are there any questions from the shareholders in this regard? Seeing none, in order for the resolution to be effective, it must be passed by a majority of the votes cast in person or by proxy at this meeting. If there are no questions, I would propose a motion approving the shareholder rights plan and call a vote.

Be it resolved as an ordinary resolution that the resolution as set out in the circular approving the shareholder rights plan of the company, be hereby authorized and confirmed.

Denis Frawley, seconding.

All those in favor, please state your name one by one and say aye. If contrary, please state your name one by one and say nay. Vance White, aye.

Birks Bovaird, aye.

Samuel Peralta, aye.

Denis Frawley, aye.

Daniel Ilas, aye.

I hereby declare the resolution as set out in the circular approving the shareholder rights plan of the company has been passed by the majority of common shares voting at this meeting. Now down to the real business. The next item of business is to approve the company's sale transaction with Canada Nickel Company, CNC, Canada Nickel as follows: the company would sell a total of approximately 198 mineral rights-only patents held by the company in Kingsmill and Mabee Townships, Ontario to Canada Nickel as further described in the circular under the caption, Approval of Sale Transaction with Canada Nickel. As announced in a news release issued on February 24, 2022, the company and CNC entered into an agreement whereby the company would sell a total of approximately 198 MRO rights patents held by the company in Kingsmill and Mabee Townships, Ontario. The purchase price payable by CNC to the company will be 500,000 common shares of CNC, which are valued at approximately $1.535 million. The TSX has provided a conditional approval of the transaction, conditional upon the company satisfying various requirements, including obtaining shareholder approval for the sale transaction. Shareholders will be asked to pass an ordinary resolution substantially in the form as set out in the circular to approve the sale transaction with Canada Nickel. Are there any questions from the shareholders in regard to this resolution? Seeing none, in order for this resolution to be effective, it must be passed by a majority of the votes cast in person or by proxy at this meeting. If there are no questions, I propose a motion approving the sale transaction with Canada Nickel and call for a vote.

Be it resolved as an ordinary resolution that the resolution as set out in the circular approving the company's sale transaction with Canada Nickel be hereby authorized and confirmed.

Denis Frawley, seconding. Thank you, Birks.

All those in favor, please state your name one by one and say aye. If contrary, please state your name one by one and say nay. Vance White, aye.

Birks Bovaird, aye.

Sam Peralta, aye.

Denis Frawley, aye.

Daniel Ilas, aye.

I hereby declare that the resolution as set out in the circular approving the company's sales transaction with Canada Nickel has been passed by a majority of the common shares voting at this meeting. The next item of business is to approve the company's option transaction with Canada Nickel as follows: the company would option approximately 578 single mining claims in Mann, Hanna, Duff and Reaume Townships, Ontario to Canada Nickel, as further described in the circular under the caption, Approval of Option Transaction with Canada Nickel Company. As announced in the news release issued on October 24, 2022, the company entered into an option and JV agreement with CNC, whereby the company optioned approximately 578 single cell mining claims in Mann, Hanna, Duff and Reaume Townships, Ontario to Canada Nickel, including mining claims, which the company has option to acquire. CNC is required to make an initial payment to the company of $100,000 cash and 250,000 shares of CNC valued at approximately $767,500. CNC has the right to acquire a 60% interest in the properties subject to the transaction by incurring at least $500,000 of exploration expenditures on the properties by December 31, 2022. Also, making a further payment to the company of $350,000 in cash or issue Noble an additional 150,000 shares of Canada Nickel in lieu of that cash statement. Canada Nickel would have the option to increase its interest to 80% by incurring an additional exploration expenditure of at least $1.2 million by July 15, 2025. In addition, the company would be due annual payments of $100,000 for a total of $400,000. So we'll retain a 2% NSR, net smelter royalty, on the staked claims that are subject to the options taken in the transaction. The TSXV has provided conditional approval of the option transaction, conditional upon the company satisfying various requirements, including obtaining shareholder approval for the sales transaction, sales/option transaction. Shareholders will be asked to pass an ordinary resolutions substantially in the form as set out in the circular to approve the option transaction with Canada Nickel. Are there any questions from shareholders in regard to this resolution? Seeing none, in order for this resolution to be effective, it must be passed by the majority of the votes cast in person or by proxy at this meeting. Seeing no questions, I propose a motion approving the option transaction with Canada Nickel and call for a vote.

Be it resolved as an ordinary resolution that the resolution as set in the circular approving the company's option transaction with Canada Nickel be hereby authorized and confirmed.

I second the motion.

All those in favor, please state your name one by one, saying aye. If contrary, please state your name one by one, say nay. Vance White, aye.

Birks Bovaird, aye.

Sam Peralta, aye.

Denis Frawley, aye.

Daniel Ilas, aye.

I hereby declare that the resolution as set out in the circular approving the company's option transaction with Canada Nickel has been passed by a majority of the common shares voting at this meeting. The formal business for this meeting is now concluded. I'd like to ask, is there any other matter that a shareholder wishes to raise? Seeing none, all those in favor? I'm sorry. Yes, Birks?

I move that the meeting be concluded.

Someone second?

Denis Frawley, second.

All those in favor, please state your name one by one, say aye. If contrary, please state your name one by one, say nay. Vance White, aye.

Birks Bovaird, aye.

Sam Peralta, aye.

Denis Frawley, aye.

Daniel Ilas, aye.

I hereby declare the motion carried and the meeting terminated. That concludes the business part of our meeting. I'd like to thank you for those who participated. And if we could now go on to any other business or I have a small presentation I can present. [Operator Instructions] In the meantime, I'm going to share my screen.

Vance, it's Rosa. I'm going to leave the meeting now. I'm going to go prepare the final reports. But great to see you guys. Have a great day, and I'm sure we'll talk to you soon.

Great. Thanks very much, Rosa. Thank you for your help.

Thank you, guys. Bye, everybody.

Can everybody see the presentation up on the screen? Denis?

Vance, it's Mike White. I see your screen, but I don't see the presentation. Did you open it?

I see a file structure like you're...

You got your documents file.

Just hold on. How is that?

No.

All right. I'll just go here. How is that?

Yes.

You got it?

You can open up that page though. Make it full screen, that page that you're on right now.

Okay. I'll do that.

There you go.

You got that?

I can see it.

Okay. So this 2022, it's abbreviated from the presentation that we have up on our website. But it highlights the various aspects that we're heading into, notwithstanding the fact we're into, obviously, very interesting maybe and uncertain geopolitical times, particularly, I guess, this morning after Russia is asking or [ Putin ] was asking for assistance from China. Nevertheless, there are certain forward-looking statements in this presentation. And therefore, I would ask that you understand that. Exploration disclosure here relates to certain of the data and information in this presentation being related to historical results, annual reports that would be considered non-43-101 compliant. They have been taken from results and reports that were incurred in the 60s, 70s and 80s by the likes of Inco, [ Faulkner Bridge ] and others. Basically, what we're looking at and the focus of the company is that of being a project generator focused basically on battery and critical minerals. The idea being that we look to either unexplored or underexplored areas, where there may have been very little to limited work carried out. And as such, we obtained in the Timmins-Cochrane area subject to Project 81 approximately 40,000 hectares, holding the rights principally for VMS and gold. The Dargavel gold trend is about 7 kilometers in strike length. We're just waiting on the results from a draw campaign that wound up about 25, 30 days ago. Turnaround time in the labs as everybody in this related business understands is particularly slow. So however, with the opening up of the province, we may expect to open up a little bit. The Lucas Gold, it's a 17-kilometer strike length, gold results were reported back in 2018 and are up on our website. We've picked up an 11,000-hectare project that we have just approved. Our shareholders just approved the optioning to Canada Nickel for those stated compensation as approved by shareholders. We've also picked up the Nagagami River Carbonatite, about 14,000 hectares of niobium and rare earth. The magnetic flow in this particular complex has never been tested. There has been the magnetic high that's the perimeter of the -- of that target. It has been tested back in the '60s by Algoma looking for iron. The Buckingham Graphite project in the Outaouais area of Western Quebec has large flake recoverable graphite, and we anticipate doing some infill drilling in 2022. There was an NI 43-101 report filed on this property back in 2017. There is no resource estimate as yet, and the purpose of the infill drilling would be to identify a resource there. The Cere Villebon, it's 483-hectare project in -- with historic copper-nickel-PGM results. The Laverlochere is a 518-hectare project near Rouyn, and we have recently picked up 14,400 untested VMS and copper/gold anomalies with a 15-kilometer strike length, airborne EM and MAG 2022, scheduled for probably sometime in June or maybe early July. Currently, our securities portfolio is 5.9 million Canada Nickel shares, 18 million Spruce shares, 3.5 million MacDonald shares. Of that 5.9 million shares of Canada Nickel, we've stated a ratio recently in a news release whereby we intend to dividend out to each Noble shareholder 0.01725 shares of Canada Nickel by way of either dividend or [ share ] of capital partially at the return of capital. We have well-respected financial and technical partners, identifying through the geoscience, geophysics, gravity surveys for various battery-related and/or critical minerals. And we are looking for an active spring, summer and fall drill campaigns in order to dress up these projects that we can then start to bring in additional partners. This gives you a location as to where all these projects are located, principally in Ontario and Western Quebec as well as the one down in [ Mizumi ]. You can see on this map by where the Canada Nickel grounds are in -- highlighted in green, those are the ones that we've either optioned or sold other than the Kingsmill that maybe have not identified on this slide. I mean that's only because they hadn't been approved at this time this presentation was put together. But the option properties that have been sold to Canada Nickel include the Crawford nickel-cobalt deposit, which was the original deposit that we spun out. The option and/or sold properties included the MacDiarmid, Noble retained a 2% NSR; Bradburn Township, where Noble has retained a 2% NSR; and we've also retained a 2% NSR on the Mahaffy ground. And you see on the slide the various gold and VMS and/or nickel targets. Once again, the location provides you with a sense as to where we are relative to the Kidd Creek mine. The significant industry services, supplies, infrastructure right next to this Highway 25 that goes up through the project area. Ample access to high-tension power, water. A memorandum of understanding had been signed with First Nations and we've got drill programs lined up for spring/summer fall of 2022. As you can see from this map, all these little white dots indicate that there have been prior drill campaigns, but you can see up here in Bradburn, Dargavel, Aubin, Lennox, Nesbitt Townships, there's been very little work carried out up there. The CNC project here include the main Crawford, the Mahaffy, the Nesbitt-North, the Aubin-Nesbitt and the MacDiarmid property. This is the Dargavel Gold Trend with historic gold intercepts identified by either the 25,000 series that are normally, the holes put down by Inco. The K85, I think, was a hole that was put down by Chevron, but those holes go back to the '60s and '70s. This is a grid that we cut on the northern portion of the Dargavel Trend and for the purpose of completing an IP survey, which was done in the fall last year. The preliminary IP survey results seem a [ swing on ] there. These are the results during prior drill programs by Inco and Chevron, as you can see along here. And then you've got the Noble drill holes that were done in 2020, and those were reported on in the fall -- the summer/fall of 2020 for the results that we did there. You could see there's certain intercepts here that are very decent. We got a number that we need to be following up. This is what we were following up on the 2020 drill program. There's a number of samples that are currently in for assay right now. We do not have any results as yet. This was the 2020 results from the drill campaign in 2020. And this is the 2022 drill campaign that we're waiting on results from currently. This is the Mann Township staked and optioned claims that we have optioned to Canada Nickel under the terms as laid out in the shareholders meeting just held earlier. And Canada Nickel is going to be going in to do an airborne -- updated airborne project on this area, come late June or early July, such that they can complete and meet their $0.5 million expenditure to earn their 60-point interest in the grounds that we've staked and the grounds that we've optioned from third parties. On this map, which is also on our website, identifies the ground that we staked over here and the ground that staked here and the ground that we staked in the center here. All of which, we retain a 2% NSR royalty, should they be taken to an 80% JV -- 80/20 JV. These are the Lucas 1980/'81 drill -- I'm sorry. These are the drill holes drilled by Lucas in '19 -- I'm sorry, 2018. And the drill holes result back in the identification of the geological structure that hosts the gold, which we may now have a much better handle than when we first went in there. We've been able to identify the colors of a lot of the drill holes that were drilled back in the '80s, so they've been capped and flagged. And we're looking to bring a partner in with some fairly deep pockets. And with the proposed increases in gold price, then I think we'll see some activity come back into the Lucas program. To provide you with the historical drill holes compiled, having been consolidated using the lithological and assay trends, the overall mineralization is stated down here, but with high-grade veining almost flat. This is the Buckingham Graphite. It ties on to the Gratomic Claim Group to the south. This whole trend here was drilled in 2015 and '16. The NI 43-101 report was completed in 2017, and this target up here has never been drilled. And that's what we intend to do is do some fill-in drilling down here in order to try and establish a resource and also carry out a program up here in the Northern anomaly that has not been touched. You can see the results here are fairly decent. You're looking at anywhere from 2.3% graphite up to 17.7%, 7.3%, 11.9%. And I might say that this is largely a quite decent flake size, containing jumbo flakes. And there have been preliminary metallurgical tests done on these -- on this material, representing anything like a 94%, 95% recovery, 94.8%, a head grade of 20.7%. This was taken from a 20-kilogram bulk sample. And these claims actually came open by virtue of not having been -- not restaked, but not having found work, and there was still work on those properties. But they came over after renew every 2 years in Quebec. And it was June or July of last year, the claims came up and we staked them right away or at least went and staked them out earlier. Picture of the core that was drilled. We did have a site visit in October and there's a video up on our website, identifying that site visit. You can drive right to the property. And as I say, there's an opportunity here for determining a resource in the fairly near term. The Nagagami Carbonatite complex, about 14,000 hectares, sits just north of Hearst -- northwest of Hearst, Ontario. It can be accessed -- a drill can get up there along a paved highway, and then it would have to be taken in by -- on a bush road for 1 kilometer, 1.5 kilometers. This is the Nagagami complex. Like I said, magnetic low. There's been no drill hole put down in it. There have been a couple of holes put up by Algoma on the magnetic high. And if you take a look at the similarity between this complex and the one IAMGOLD is mining for niobium and rare earth down at Niobec in Quebec, the similarity is striking. Cere Villebon booked 15 claims. Property consists of pyrrhotite and chalcopyrite mineralization. The La Fosse Group in 1987 evaluated historic resource of 420-odd thousand tonnes of 0.52% copper, 0.72% nickel and 1 gram/tonne combined platinum-palladium. We're going to need to -- there's a program being worked up at this to following up on that work that was done in 1987. Schedule of the drilling that was done down here and the deposit, into the grades and the intersections. Going over to the Laverlochere project in Quebec. Once again, we're dealing with some decent mineralization over fairly decent lengths over copper, nickel, cobalt. And once again, we're putting together a program on that project as well. This is work that was carried out by, I think, the exploration was -- [ Chevron ] did some work in here back in the '80s. Recently picked up about 14,000 hectares in Central Newfoundland. Totally unexplored, about 25-kilometer strike length, VMS gold target. It ties on to the ground that is -- that had been drilled by Spruce Ridge on a 15 -- they drilled on the Great Burnt project. They drilled -- I can't remember how many holes, but they're waiting on a summary of some additional results to come back on that. And they are in the process -- they just announced recently a PEA on their Great Burnt, which is up on their website. So once again, we come back to the various holdings that we have and the projects that we've got identified and lined up for the balance of this year. The fact that we've got a healthy working capital position of shares in cash and it may be that there will be additional cash come in over the course of the next month, wherein we've identified that the whole period of the shares that we received from Canada Nickel for the earlier property sales of $3.5 million. Our -- the legend comes off on those shares in -- on the April 18, which is the record date for distribution of those shares to the Noble shareholders on a 0.01725 basis in -- on April 25. And I expect that between now and then, there maybe an exercise of certain warrants that are currently outstanding, providing the company with additional cash in addition to the $2 million that we have on hand at this point in time. And I fully expect that if that would be the case, if all of the warrants outstanding were to be exercised, including $0.15 warrants, it would generate approximately another $3 million. So we'd be well financed in order to carry out the programs that we have. So I'd be prepared to entertain any questions. I've now gone back to full view here. And if anybody has any questions or comments or would like to be brought up to speed on anything, I'd be happy to entertain. Having seen nobody put up any hand, Denis, have you got any comments that we should make?

No, Vance. Nothing from here.

I don't see any questions from anybody. So with that, I'd like to thank everybody for attending the meeting. If you have any questions, you want any answers, just send it off to [email protected], and we'd be happy to respond. That being the case, thank you all for your attendance. Much appreciate it. Have a great day. Stay safe, and let's hope things get resolved over in the Ukraine and Russia. Not hopeful, but it's all we can hope there.

Thanks, everybody.

Thanks a lot, Vance.

Thank you, everybody.