American Tungsten Building America’s Defense Critical Metals Supply

0:08 Okay, I'll say good morning, good afternoon, or good evening, depending on where in the world you're signing in from today. I certainly saw quite a large number of time zones on the list, so really appreciate you joining us. I'm joined today by Ali Haji, CEO of American Tungsten. Ali, how are you today? Very well, Romeo. How are you? Good, good. Thank you. So here's how today's going to work, just for the folks in the room. Ali's first going to run us through a presentation, then I'm going to have some questions for him. But this is also an interactive event, so we will be taking questions from the live audience today. There's a chat button in the bottom right of your screen. Please press it any time during today's event. We'll get to as many questions as we can. If for whatever reason I don't get to your question, we run out of time, it's really off topic, for a million reasons, I'll make sure that the American Tungsten team still gets them so that they can answer. They'll have your email or phone number depending on what you registered with. The other piece of housekeeping is today's event is being recorded and will be available for replay probably end of day Eastern time, about 4 or 5 p.m. Eastern time. It'll pop on our YouTube page, but also right on this link and in your inbox if you're registered.

1:01 But that's enough out of me. Ali, I'll throw it to you for start off the protein of today's event with the presentation. Thank you, Romeo.

1:09 And thank you to everybody that's joined us here today. American Tungsten, our focus, of course, is bringing the IMA mine in Idaho back to production. It ceased production in 1959, at which point in time, it was the fourth largest producer of tungsten in North America. Some of the images on the screen here, the top left, what you're seeing is the Patterson Valley and the Lemhi Mountains. That photo was taken from the 0 level at it. The white debris at the bottom of the valley there is tailings from past production. Not a lot of economic value there, but certainly indicative of the fact that this has been in production to the tune of the fourth largest asset or producer in North America. The image in the middle, that's the D-level entryway, has since been rehabilitated.

1:55 So if you've taken a look at our press releases over the last 2 to 3 weeks, you will have seen that They have now been timbered and are being cleared of debris, getting ready for our exploration program that is set to commence next month. We're located in Idaho, as you're well aware, or I have mentioned, but importantly, we are close to 2 towns that have had a history of mining in Idaho, 1 being Chalice and the other one being Salmon, Idaho. It just so happens that the contractor working on our site today had their grandfather work on this mine when it was in production back in the 50s. Our ticker symbols are there, CSE Tung on the CSE TUNG, OTCQB DEMRF will be renamed TUNGF as of tomorrow and we are in Frankfurt as well.

2:44 I will be making forward-looking statements but without further ado, this image here reflects the north side of the valley. So the past producing side of the IMA mine. The road system that you see here was recently rehabilitated and It is now fit for heavy vehicle haulage. This is where the 0 level sits and the D level is up here. There is a manway connecting both of those adits that is currently being rehabbed. Some prior infrastructure left behind by Gentor still on site. The Patterson Creek runs between our project, our 2 valleys, I should say. And we do have water rights for that water facility. In terms of the south side of the valley, which is where this image was taken from, we walked through the site about 10 weeks ago and were able to find veins exposed on surface that are about 30 feet wide.

3:35 So once we are in production on the north side of the valley, we will of course be deploying capital to increase our resource by exploration on the south side. Some of you may not be familiar with what tungsten is, but tungsten is a critical metal as defined by the Department of Defense. It has been named as such since 1979. It is currently being named by the DOD, DOE, and various other government agencies as a highly critical metal. It is the hardest metal on the periodic table or the hardest element on the periodic table, second only to diamond. It has a melting point of 2,500 degrees centigrade, so it's used primarily in the defense complex for armor, armor-piercing, shell casings, re-entry vehicles for space application, missile bodies, as well as nuclear power plants, thanks to its very high melting point.

4:25 About 2 years ago, China announced a restriction on tungsten exports. That, in effect, has driven up the price of tungsten to now 14, 12 to 14 year highs. And with defense spending around the world increasing, primarily in the US with the current situations around the world or the conflicts around the world, alongside NATO's interest to spend 5% of their GDP on defense. And then of course the developing world stepping up their infrastructure and their defense capabilities, the trajectory for Tungsten in terms of demand and pricing does not appear to show any signs of slowing down. When the Chinese introduced that export restriction about 2 years ago, I just want to note that that is well in advance of the current trade and tariff war being fought, if you will, between the US and China.

5:17 IMA is a mine, a past producer. It has tungsten, molybdenum and silver within the property and the veins that we're looking to bring to production. We're in a significant porphyry belt with other operators that I'll cover in a second. One of the major advantages that we have relative to most of our peers is the fact that we sit on private patent and mining claims. And what that means is we do not require federal permits to come online in terms of our DSO model that we plan to employ given our very high grade of 0.63. 57,000 feet have been drilled on the project. So it's a significantly advanced brownfield project relative to some greenfield or early stage projects in the United States and Canada. The operators of the past include subsidiaries of Anglo-American, American Metal Climax, and Bradley who brought it to production.

6:07 We've got paved roads up to the gate of our asset. We have a low-cost power supply with a grid on site. We have water rights through the mining canyon, through the Patterson Creek Canyon, And we also have a very mining oriented local labor force. The fact that we do have silver to the tune of about 2 ounce per ton, it's a significant credit that we will receive once we are milling, and that would equate to about $70, $77. In terms of our MOLLE, it's about 0.15 in grade. And again, that would equate to some credits in then around 18 to $22. So the credits obtained from Silver and MOLLE would be a significant offset for our operating expenditure once we are in production. The goal for us is to start with a 500 ton per day volume. So nothing significant, we're not going to have a heavy capex requirement. In fact, the capex is estimated to be 20 million US to bring us back to production.

7:02 But that 500 tons per day with the grade that we have will ensure that the United States has 8% of its tungsten requirement. We started discussions with various government agencies that are now being advanced. The Department of Defense has had a white paper from us since January, and we are looking to engage with the other agencies, as well as ExSim for a debt component. So the team has a significant amount of experience. I won't touch on everybody's experience just yet, but we do have folks that have worked in not only Idaho, but Tungsten historically as well. So we currently have 40 million shares out and I guess one of the key things worth mentioning here would be the fact that there is no Tungsten production in North America and American Tungsten through IMA aims to be the first to do so or bring production online in North America.

7:50 With 40 million shares out today, our market cap, give or take, is about $37 million, trading at 93 cents. We've got a strong board and management team, again, that we will touch on, very few dilutive instruments in the shape of options and warrants, and we'll touch on that, as well as some strong institutional shareholders as well. So we've had a number of objectives since April when I took the helm of the organization. One was to ensure that we're digitizing all of the 57,000 feet drilled by the prior operators that is almost complete. We put out a 43-101 based on the historical resource estimate. We're now looking at the rehabilitation of our mine site. Again, I would urge you to take a look at our press releases and we will start to commence exploration drilling in the next month or so. The intent of that exploration drilling is twofold, to prove out the highly probable resource put together by Gentor in 2008-2010, but also to increase the resource potential to a scale that would allow us to increase our production profile and increase the life of mine.

8:55 We are a member of the Defence Industrial Base Consortium. We are also part of the Critical Metals Institute, and we have very strong representation across the government agencies through our lobby groups in Washington. So I touched on Tungsten, won't spend too much time here, but ultimately, you know, production needs to come online in North America to help serve the requirement that is, of course, defense and energy transition. We are seeing a lot of interest in the space with other juniors now coming online with respect to either finding tungsten, building a resource and having a plant production. But again, we are the the only company that will be producing tungsten in the next 12 to 18 months. Tungsten currently globally sits in various different jurisdictions.

9:41 China, much like everything else that's critical, is driving the supply of tungsten. I think North America and the Western allies are deciding or coming to the realization that we need to start on shore some of these critical metals. And that will start with the likes of IMA, but of course, Mactung, which is the fireweed asset up in the Northwest Territories, has potential to come online in the next 7 to 10 years. In terms of the market, it's about $5.5 billion, or it was in 2023. It's growing rather quickly and exponentially to $9.5 billion by 2030. So growth is continuing, and I think the price is indicative with respect to its climbing nature. So we're in Idaho within that pore-free system that Thompson Creek, which is a Santerra molybdenum mine, exists. They have moly and copper.

10:36 They do not have tungsten. We have tungsten veins running through our project at a very high grade of 0.63 as I highlighted. But Idaho is a fantastic mining jurisdiction. It's one that we have found very minimal permitting requirements in. There's a significant workforce there to bring assets online. And importantly, there are other peers in that jurisdiction that we're seeing get a lot of value as well. A bit of the history around the mine, 1881 to 1979, the Bradley Mining Company commenced work on the project. They produced about 114,000 tons of tungsten, fourth largest producer of tungsten, until they sort of shut down operations in 1959 as a result of the Second World War Act ending and tungsten requirements declining.

11:24 1979 to 1982, inspiration through Anglo-American drilled 12,000 feet. They were able to find a significant moly deposit there as well as focus on the tungsten. And then 2008-2010, Gentor went in primarily on the Mali front, but got some really fantastic results on the tungsten side as well, which of course we are focusing our exploration activity on. They went bankrupt in 2010 during the financial crisis. The project was essentially assigned to an individual that helped cover the vast majority of their debt. In 2024, we optioned this mine from that individual for $5.8 million over 8 years. Balloon payments in year 7 and 8. So nothing that will break the bank here in the short term. The expectation of course is once we are in production, we will accelerate those option payments as well as buy back 1% of the 2% NSR that they hold for a million US before the fourth year anniversary.

12:23 We've got a significant land package and one of the things I want to highlight here is we're looking at the north side of the valley here where past production occurred. This is what will be brought to production in short order. The south side will be explored as well. But this section here or this area here is a significant parcel of land that is flat. If we were to employ any sort of milling or dry stacking of tailings through x-ray ore sorting, that would certainly be an option for us. We will of course look at filling the depleted stokes with any tailings as well. One of the key differentiators of IMA relative to perhaps canned tung, which might be familiar to some of you that have been following the tungsten industry for the last couple of decades, is the fact that all of our adits are above the water table. What that means is they are not flooded with water. We have no discharge, which decreases the permitting requirement.

13:17 And if you were to look at canned tongue and potentially bring that back online, it would take anywhere between 3 to 4 years to pump out the water, make sure you have ponds to contain it in case of leachates and then begin the plan to bring it back online. Whereas we are bone dry in Idaho, the lowest added is at about 1800 meters above sea level. The D level is at about 2200 meters above sea level. And the work that's being done now to rehabilitate them, our intent is to have our drilling program run at the 0 level and up to the D level. Mining will commence at the D level using a manway to move the ore down to the 0 level and then ultimately ship it out to the mills that we're contracting to process. So we've got a really sound infrastructure there to let us get going. But importantly, we believe there's a lot of upside with respect to exploration that we will be conducting.

14:08 And then last but not least, an important factor, all of the resource exists from the water table or the bottom of the valley going up. So we will not be going below where we sit here today. The entire resource sits above our adits or our entry points. This south side here is where we expect to do some exploration once we are in production, and what we've seen on surface there with veins exposed at about 30 feet in diameter. We believe there's a significant upside to be had. That's some of the drilling results from the past. You can see that the vast majority was done on the north side of the valley, which is where we are looking to bring production back online. And then of course, we will be exploring the southern portion of our asset as well. Historical resource estimates. The Bradley Mining Company had about 350,000 ton at 0.5.

14:58 That's what was included in our 43-101 that was filed back in June. Inspiration put together a 1.1 million ton, give or take highly probable grading at 0.63, 0.63 being the second highest grade in North America amongst the top 5 highest grade in the world. We expect to twin those holes to ensure that we can report that as measured and indicated, as well as grow our resource as we continue to explore. At 1.79 ounces of silver per ton, again, significant credit to be achieved there alongside the 0.15% of MOLLE that was defined by GENTOR back in 2008. So we'll continue to advance the rehabilitation of our asset and we will of course continue to engage with the various government agencies. The intent for us is to bring out an updated resource definition in November of this year. That'll ultimately increase the life of mine in our belief internal estimates, as well as ensure that the government agencies are seeing a path to a longer life of mine for us, as well as a significant sort of input into the demands in the United States.

16:09 In terms of the team, I've had about 20 years of asset management experience. I spent 14 years at Invesco, primarily on the M&A front, more so the operation strategy and bringing in any company that we were looking to acquire. I then joined a company by the name of Step Gold as an advisor to acquire a gold asset in Mongolia called ATO. We listed in 2018, production was achieved in 2020. I also started Ion Energy, which is a lithium exploration company with assets in Mongolia and the Northwest Territories historically. As of March this year, we signed a JV agreement to ultimately progress our project in Mongolia without any shareholder dilution in a very difficult lithium market. American tungsten was something that was brought to me in February, and I took the helm in April as a result of some of the relationships that I'm about to highlight and the value I believe I could have added along the journey.

17:04 Murray Nye, our prior CEO, was responsible for finding the assets. He's also built underground mines in the United States. So a very experienced individual with respect to what we're trying to achieve. In the last month or so, I added Dennis Logan, who was the chief financial officer of Almonte, today's most valuable tungsten company. He's also been a banker at Desjardins and CIBC, so a wealth of knowledge there with respect to not only tungsten, but the capital markets as well. Austin Zinsser is our VP Exploration. He is a fantastic geologist, but importantly has had a significant experience with Perpetua where he started at the company when it was Greenfield, brought it to resource and ultimate construction, and they're about to produce here in short order.

17:49 So he understands the entire life cycle of building a mine. Perpetua is now valued about 2 billion dollars. He saw the value at American Tungsten, the IMA mine. He was very keen to put his name behind this and support us as we grow. 2 of the gentlemen that I brought to the board as soon as I was appointed CEO are Dan Nicholas, a senior consultant to EY, essentially a consultant to a large consultancy. He does that for public and private companies looking for government grant funding. And he's able to provide that consulting advice because he was responsible for a $40 billion investment portfolio at the Department of Energy's loan program office, the largest, one of the largest in their history. He was also a banker at Morgan Stanley and Pali Capital, spends his time between New York and DC and really is the conduit into the various government agencies that we're looking to unlock government grants from. I should touch on that here briefly In terms of what we've requested of the government agencies, that number ranges from between 11 and a half million to 17 and a half million.

18:53 If 1 or 2 of those agencies were to convert, we'd have the vast majority of our $20 million CapEx concluded through non-diluted capital. So it's an extremely exciting prospect. And of course, Tungsten is topical thematic in front of mind for the administration. Jim or James Whitaker, I added shortly after Dan, very proud to have him on the team. He is the chief operating officer of Capstone Copper, valued anywhere between 6 and a half to 7 billion dollars, was the prior president of Escondida, has worked at Barrick and various other large mining firms. So his operational experience as well as his level of governance really adds an additional flair to our board and management team. In terms of our advisors, we've got Finley Baker, who was very well aligned with everything tungsten related up until 2015, when the Chinese flooded the market with cheap tungsten.

19:47 Jeff Wilson as well has had a fair bit of experience in the arena. Bill Breen is our community relations specialist based in Idaho, and again a very seasoned junior geologist, but one that understands the inner workings of operating in Idaho. Taylor is an individual that has had a significant experience with the United States intelligence agencies and is a strong proponent of what we're trying to achieve in terms of non-negative financing. And then Dave Sabarin was recently named VP Mining Operations. He's built mines historically and is currently driving our development plan alongside some of our consultants, such as WSB, to figure out the flow sheets and the timing, as well as the CapEx with respect to our 12 to 18 month production horizon.

20:36 Some comps that I want to touch on here, you may have heard from some of these companies, I think Guardian is also on the sixth platform and Oliver there is doing a fantastic job of advancing Pilot Mountain. It is in exploration stage currently. A key differentiator for us at IMA is the fact that we are exploring to increase our resource, but we certainly are a past producer on private patented land, which makes our production horizon that much quicker than everybody that you see on this list here today. The vast majority of these companies have seen their market caps double if not triple over the last year as a result of interest in tungsten. And as I touched on the grade in prior slides, We've got the second highest grade of anybody on this list. MacDon is the only project with a grade higher than ours at 0.7.

21:23 Still a number of years from production. So we believe based on the catalyst that we have upcoming, including drilling, updated resource statement, and potential uplist strategies alongside any government agency participation will give us the necessary torque to catch up to some of our peers. A bit more data on the peers there that you can look at after this presentation. In terms of our share price today, 94 cents, 40 million shares out, only 2 and a half million dilution or dilutive instruments I should say. The vast majority are broker warrants or options that were issued to board and management that will be converted. But in terms of the cap table, there's 6,000 plus US shareholders from a retail perspective, that's significantly more than the 400 required to uplist on any of the US exchanges.

22:14 We've also got a significant number of Canadian and international shareholders, as I think Romeo highlighted based on the geographical attendance here today. We announced the financing in July for 2.5 million. First week of July, we had a significant demand and had to upsize that to 7 million. We brought in some institutions, Terra, Laul and Pala being the key ones there. We also brought in some very ultra high net worth individuals that came in for a significant portion. So the intent of course is to grow that institutional shareholder base as well as ensure that we have long, sticky money that follows our story as we go along. In terms of cash in the bank, I'm sure that's a curious question that's not listed here. We're just shy of 7 million. So that 7 million is being spent on the ground, as you would have seen in our press releases. And we are very healthy based on the drilling program of 6 to 10,000 feet that we plan to complete.

23:09 And we'll have a significant run rate here before we look at the CapEx requirement, $20 million. Some supplementary information in the appendix, but I will pause there. And Romu, if you want to share with me any questions we may have. Awesome. I did have a number of questions myself that I was eager to go through. There's some questions that came in on email as well. So I'll be sure to run through a couple of those, but then I will answer the number of questions that are in the live chat today. If you don't mind, I'm just gonna grill you for a couple of seconds with my own question. Now I know you touched on this, but China announced that global tungsten export ban in November of last year. How do you see this affecting tungsten pricing in the near term? And what advantages does it give a company like American Tungsten and securing strategic partnerships with government agencies like the US Department of Defense, but others as well? So the export restrictions, I think, are primarily aimed at crippling some of the very critical industries that exist within the United States, particularly on the defense side, as well as for NATO and other sort of non-friendly nations.

24:15 The price of tungsten is now at 12 to 14 year highs, depending on who you ask. It was about $300 back in December last year, close to 470,480 today. So that price is rising, and I think that will incentivize the vast majority of mines that went offline in 2015 to come back online. In terms of APTs which are required to process tungsten, there is Global Tungsten and Powders which is owned by Clancy in the United States, Global Tungsten being another one, and then the British Columbia government has expressed interest in putting an APT plant in Surrey, British Columbia, which I think ultimately paves the way or sets the tone to say, we've learned our lesson from the outsourcing and offshoring of this very critical metal. We are building the infrastructure necessary to process it in North America.

25:01 We will set a floor for the pricing so that we do have an incentive for producers to come back online. But ultimately, you know, one of the comments I had when I was presenting in Florida back in May or June was if you if somebody were to run the Department of Defense, they would more than likely not want Chinese tungsten in the nuclear submarine. Sure. And so that's a narrative that I think will continue. I think should the price sort of start to dip based on excess supply coming in from China, the support from the administration, as well as the infrastructure being planned in North America will continue to ensure that there is a market for it here where we planned on producing it. Great. Now looking at your peer analysis slide, which is towards the end of the presentation there, Most Tonks and companies have significantly larger market caps than American Tonks and does right now. What specific competitive advantage does the IMA mine offer that could justify that premium evaluation? Really, where's the re-rate going to come from for you guys? It's going to come from a couple of things. I think primarily we're going to show that we are building this mine and bringing it to a path to production.

26:07 The biggest kicker, bar none, is the fact that we will be in production in the next 12 to 18 months relative to our peers that are a number of years out. And then, of course, we have the fact that we're operating on private patented land and that speed to production is certainly supported by the fact that we require minimal permitting. The fact that it is a past producer with sound infrastructure means that we can do that a hell of a lot quicker than our peers. But importantly, there is an upside

26:34 exploration sizzle, if you will. There is a fair ton of value there that we think can be unlocked through that exploration. And as we grow our resource, we show a path to execution in terms of production. We will play catch up. Awesome. I appreciate the note on quick production timeline. There was a question in the chat on how far can you get towards production while Trump is still in office.

26:53 I think that tackles that. But I also wanted to know, and you went over this a little bit, but I think it's just helpful to reiterate for the folks in the room. What are the key kind of technical and permitting risks along the road to that production timeline? So the technical, the grade is king here. So at 0.63, our ability to DSO to 2 mills, 1 in Idaho, 1 in Montana that we're considering to process. The grade allows us to transport this product to them and still make money. The fact that we have silver and moly, which equates to about $100 in OPEX, again, is a huge advantage relative to our peers. And based on our internal estimates, you know, we have an internal PEA. Of course, we cannot publish that. But we expect that we will cover the CapEx requirement within month 8 of production coming online. So very beneficial based on grade, the infrastructure that Idaho presents us with, and the fact that there are mills looking to take our product and process it. We are in the midst of obtaining an offtake, an offtaker.

27:53 And I think that will give the market a significant amount of comfort with respect to where this product will end up. Great. I love DSO personally, so I always like to hear that. The IMA mine has extensive historical production data, but the resource estimates predate the NI 43-101 standards. So my question to you is, what's your confidence level that current drilling is gonna validate those historical estimates? And when should we all keep an eye out for that updated resource count. I would say our confidence level is extremely high and we would be looking to put out that updated resource statement in November. So we have between 6,000 and 10,000 feet that we're planning to drill. That drilling will include twinning the historical hole so that it

28:31 is 4311 compliant, as well as growing up that resource accordingly. Perfect. I know the project contains not just tungsten, but silver and molybdenum. How do you plan to optimize extraction of all metals? And could the silver molybdenum potentially provide earlier cash flow given the existing

28:47 43101 compliant resource estimate? So, you know, there are a couple of options there. You could certainly stream or prepay the offtake on the silver. That's not something that we're considering because the mills that we're looking to contract will be processing the entire ore body to extract those minerals and provide us with the credit. So it does not speed up our cash flow. Tungsten, silver and moly will be produced from day 1. Great. That makes sense. One question I had, what's the total capital requirement to get to production? I know you mentioned what you have in the bank. How are you thinking about funding strategy as we get towards that road? Sure. So 20 million is the CapEx requirement in order to bring 500 tons per day online for 340 days a year. The 20 million US is a number that was derived based on our internal team, as well as consultations with some external contractors.

29:33 20 million ultimately allows us to put together the conveyors, ensure that we have cut and fill and the equipment necessary to put back the tailings into the stopes, as well as rehabilitate the manways that connect the D-level and the 0 level so that we can move that ore body without using the switchback that connects the 2 added to be roads. The 20 million

29:52 will be raised either through government agencies. We have engaged with 5 agencies, one of them being ExSim, the other being DoD. DoD has been asked for 17 and a half million dollars. The range across those 5 agencies is between $11.5 to $17.5 million. So if 2 of those government agencies were to convert, that would complete our CapEx requirement in its entirety with a bit of a buffer. We've also met with Congressman Simpson's office and Senator Rich's office in Idaho. The intent there is that if

30:22 there is a potential for them to earmark funding for us in next year's budget, they would do so. And so that would be an additional path to non-debited capital. Should the government agencies not convert in a time frame that of course allows us to achieve that 12 to 18 month production profile, given we brought in institutions in the last placement and we've had significant interest from institutions with respect to our plan to go to production, I think there will be enough follow on capital at non-dilutive levels to ensure that we are raising that capital either through the equity markets, a component from debt, be it Ex-Im or otherwise, and of course, the government agencies, which we are hopeful of having something announced here before your end. Great. Now, I do want to talk about tungsten pricing quickly before we get into the emailed-in questions. Now, as you mentioned, it has been rising pretty rapidly, and is currently around $460, though anybody in tungsten says, depends who you ask. So I always throw that in there as well. What price assumptions are you using for project economics and how sensitive is the project to those tungsten price fluctuations?

31:23 Great question. So our internal PEA estimates use a price of $380.

31:27 We are vastly discounted and conservative relative to where the price sits today. And our internal P.A. Estimates do not account for the silver and moly credits, which account about 100 dollars in terms of a credit that offsets our OPEX. So I don't think we are as sensitive to price fluctuations as perhaps others that are going down this journey, given we have built in a significant buffer relative to not only the price of tungsten, but not having included

31:54 the silver credits that we expect to achieve as well. Perfect. I'm going to jump into the email questions now. I know there's a bunch of good questions in the chat. I'm just going to run through the ones that came in in advance first. First one, a bit of an impossible question, so I'll start there for you. But somebody mentions that they invested 3 months ago, and they're wondering what the next catalyst that could move the stock price is. So the next catalyst, The market's been shown that we are spending capital that we raised on the ground. Everything that we've done in terms of press releases since April has been value-add or credit in terms of asset sort of advancement. The upcoming press releases will continue to update the market based on our rehabilitation work, as well as get started for drilling. We'll continue to report on our drilling progress and announce assays as and when they become available to the company. Of course, you have the ability of the measured and indicated resource coming out in November.

32:46 That will be a big kicker. But between now and then, we are working on various other things, including, of course, government agency conversions

32:54 and or offtaking. So if we were to achieve any one of those before that measured and indicated shareholder, thank you for your support for the last 3 months, but I think those would be moments where we would see some torque. Perfect, I appreciate that. Next question, you don't need to go into a lengthy science presentation, you could just point us in another direction or give us a short form answer. Somebody wants to know more about the production process of tungsten generally. So from your product, what happens next? You've got to crush it, flotation, and then ultimately

33:22 separate the minerals there. Again, I'm not a geologist, not a process expert either. I've got those fellows on the team. What I would say is if you have my contact detail, feel free to drop me a note and I'll connect you with Austin or Dave and they can give you a more well-rounded answer that's more scientific in nature. Perfect. And the last emailed in question before I go to the live chat, this person just wants to know, other than the replay of this video, obviously, where can they go to get more information on the company? Check out our website. We've got a plethora of information there. We are in the midst of updating our corporate presentation to reflect the current state of the mine as well as the upcoming catalysts and milestones. There are some videos that you will find posted on our website that detail some of these discussions or some of these points in a bit more value or a bit more detail. Awesome, appreciate it.

34:07 From the live chat, so Graham's question right at the top of the hour has already been tackled, so I'll jump through to JJ's. I'll ask, how long is your water permit valid and how do Idaho water permits work?

34:16 It's a great question. We've got a team working on permitting. I cannot answer that definitively, but I can tell you that because it is public and private land and the creek runs through our asset, I would suspect that it would be in existence for the life of mine. Great.

34:31 Danny from the chat asks, we've touched on it, but I think it's a very fine point to put on it, is when are you fully funded through to? Fully funded would be when we have 20 million in the bank US. Of course, the work that we're doing now is fully financed or fully funded in terms of exploration, updated resource statement, as well as the rehabilitation of the mine site. The CapEx requirements will start to get spent in and around the end of Q1 next year to bring us production next 12 to 18 months. We've got significant runway to get to that given the 7 million we raised and the interest that we're seeing from the institutions as well as the government agencies should convert that that CapEx requirement. Great.

35:10 Tom from the chat asked, curious about the X-ray technology that you mentioned on ore sorting if you can elaborate a bit more on that. Sure. So at 0.63, second highest grade in North America, still very feasible for us to ship out their DSO from site. There is a company by the name of Fosdung

35:28 that had an operation in Sudbury that recently sold to US Antimony. They employed X-ray ore sorting, and one of the companies that would provide that sort of technology is a company named Tomra. Given tungsten and the way it sits in the mineralization, it's darker than the other minerals. The X-ray ore sorter essentially looks at what comes through that conveyor and then uses air jets to push out things that are not rich in tungsten. So you're beneficiating to a degree of anywhere between 1 to 1.2 percent from 0.63, ultimately increasing the economics

36:00 because you are shipping a beneficiated higher grade product. Great. Enio, with the last question currently in chat, so I'll give people an opportunity to ask more questions while we go through it, and I'll ask you 1 in the meantime, I just want to know if you can discuss the mills where the ore can be processed. Yeah, so there's 1 in Phillipsburg, Montana, and the other one's in Idaho, just west of our project, they're about anywhere between 180 to 200 miles away, which sounds scary if you're going to truck that stuff over, and it would be a massive overhead if that were the case, and probably not something we would consider.

36:28 But given the fact that we have a railhead within 18 miles of our project and the trains are willing to stop for 500 ton or more. We've got that rail component to reduce our transportation cost and ultimately reduce the op-ex to make it profitable. Great, So giving people one last chance to put questions into the chat, I'll just ask you Ali, what are you most excited about for the rest of this year? I'm excited to put out that updated resource statement. I'm really hoping on getting some sort of government agency support here that validates what we're trying to

36:58 do, but importantly reduces dilution for our shareholders as we go along this path of production. And importantly, I think having an offtake in place would be something that I would be very proud of that ultimately ensures that whatever we produce, despite the ever growing demand in the United States, will have a home. Awesome. Well, I'm looking forward to seeing what comes next. Ali, thanks so much for running through the presentation and for letting the room grill you for a few minutes. Always appreciate it. For the folks in the room, thanks so much for joining us. And for those watching the replay, thanks for watching. If you have any other questions, you think of the perfect question right after the webinar ends, please

37:29 do still send in. I'll make sure that the American tungsten team gets it. But thanks everybody for joining us. And Ali, thanks so much. Thank you, Romeo. Thank you all. Have a great day.