American Tungsten Investor Update

0:04 I'll say good morning, good afternoon, good evening, depending on where in the world you're signing in from today. I notice it's quite a large international audience. I really appreciate everybody's time. I've got with me today, Ali Haji, CEO of American Tungsten. How are you today, Ali? Doing well, Romeo. Good to be back on here. I know last week we had some technical trouble with the outage, the internet outage. So I'm glad to be able to give the update. Yeah, absolutely. And I appreciate everybody joining today. I know a cloud for outage is annoying. It takes up the whole internet. We are no exception. So I appreciate everybody joining this week. It's really great to see you guys. So here's how today's going

0:34 to work for the folks in the room. First, Ali's going to give a bit of an update, run through a brief presentation. But then I've got some questions for him. But today is an interactive event. So as soon as I'm done with my questions, I'm going to be shooting 2 questions from the live audience here. So there's that chat button in the bottom right of your screen. Please feel free to click on it at any time during today's event and enter a question. If we don't get to it today for whatever reason, it doesn't fit in the conversation, it's out of scope, or we just run out of time, I'll still send the whole transcript to the American Tungsten team, so don't worry about that. They'll still be able to get back to you as quickly as possible. The other thing I'll say, just as far as housekeeping,

1:09 today's event is being recorded. It will be available for replay in the very early afternoon Eastern time, likely about noon. That'll go up quite quickly. It'll be at the same link, or it will come up on Six's YouTube channel. I also know that there are many questions that came in over email. We'll try to address as many of those as we can today as well. But without further ado, I want to get into the protein of the event. You've heard enough out of me. So Ali, I'll throw it to you to run through the presentation before we get to questions. Thanks, Romeo, and thanks for everybody taking the time here to listen to our story. I will approach this in a more traditional manner, so I will be covering our stories for those that are new to the story to give them a good sense of what we're trying to accomplish. Of course, the information that will be shared with you, if you are an existing shareholder, will be very similar to what you've heard in the past. And then, of course, we move over to the Q&A session.

1:56 So American Tungsten's sole mission is to build or restart the IMA mine in Idaho to become one of the first, if not the first, producer of tungsten in North America since 2015. We're currently on CSE under ticker TUNG, OTCQB under ticker TUNGF, and in Frankfurt under RK90. I will be making forward-looking statements.

2:21 Let's talk about our asset. It's the IMA mine in Idaho. Let's talk about tungsten. Tungsten is a critical metal as defined by the various government agencies. In fact, in the United States since 1979, there has been no production of tungsten in North America since 2015. And that's a result of China flooding the market with cheap tungsten. In the last 2 years, China has restricted export of tungsten. And as a result of that, the price of tungsten has rised to all-time highs and it's imperative that we start to look to restart or look for new deposits in North America that ultimately can bridge that gap. The IMA mine is an advanced producer. It produced up until 1959. It is a moly porphyry system with rich tungsten veins running through it, as well as very high-grade silver.

3:08 It is in a fantastic mining jurisdiction, that is Idaho. It is on private patented land, and what that means is your permitting requirements are significantly less stringent when trying to start a mine on patented private land versus BLM on forestry land. Based on the work having been completed by the prior operators, it's estimated to have been about US$440 million in today's dollars having been spent on the project. We've got roads that lead up to our project. We've got the lowest cost power in the United States in Idaho. We've got permits in place for the vast majority of the work that we look to do. And we have a strong mining oriented labor force in the vicinity, both 2 towns, 1 Chalice, Idaho, and the other being Salmon, Idaho. We'll talk about some of our peers and they'll give you a sense of who else is operating in our neighborhood.

3:55 Our initial plan here is to bring Tungsten production online and receive a silver and moly Credit alongside our tungsten production. We have commenced conversations with government agencies. For those of you that have been following our story, you would have seen that we recently received an Ex-Im letter of interest. I will address that in forthcoming slides. But we do continue to speak with government agencies and given the team's 150 plus years of experience in mining capital markets and actual asset development to production, which we all know is quite the rarity in the mining space, we're confident we can do so here in short order. A bit about tungsten, 85% or 84%, much like everything else that's critical, comes from China. I think the Western world made some assumptions about 20 to 30 years ago that ultimately moved over the processing and the refinement of these critical elements over to the East. We've now learned our lesson as a result of the export restrictions.

4:54 And it's imperative that we start to claw back some of that production profile from the powers that be. So with China leading the charge here and the, of course, restriction that they've applied on the export of that metal, the price continues to rise, demand continues to rise, and that's primarily a result of defense. But folks don't quite understand that you can't build a data center or microchips without tungsten either. You can't have commercial aviation, so the turbines that all the aircrafts that are flying around the world, each turbine contains a good amount of tungsten. Wind turbines and then last but not least, nuclear energy, given it melts at 3,400 Celsius and is the hardest thing on the periodic table outside of dynam. So its uses are vast. Its market size is anticipated to almost double in the next 5 years, primarily being driven by defense, with NATO now spending 5% of their GDP or poised to spend 5% of their GDP on defense.

5:49 But let's not forget the developing world. We've got a developing contingent on the planet that's obviously looking to grow their infrastructure, their defense capabilities, their technology capabilities, as well as their energy requirements. So as we see these developing nations increase their spending on infrastructure, their increased GDP increments, we are seeing this market grow here quite significantly. The price of tungsten continues to rise and that, as I said, is due to a number of different factors. But do we see this sort of going up to 1000 per ton? We've all seen golds run, we've seen copper sort of start to run here as well, silver slowly catching up to gold. We have no crystal ball, so nobody really knows where this will end up. All I can say is that with IMA and our grade 0.63, as well as our 2 oz per tonne silver and 0.15% moly, we would be profitable at prices significantly lower than this all-time high. We would also have the silver and moly credits to hedge any decrease from the tungsten price as we progress through our plans.

6:55 For those of us that have been following the news, and I think, you know, especially folks that are interested in the equity market, you would have seen a number of our peers, including ourselves, sort of run up here rather quickly, right before we announced our raise in October, and then sort of fall off. And that falling off was primarily driven by the narrative that we see in the news outlets today, which is Xi Jinping and Donald Trump had very successful meetings in South Korea. And as a result, we don't think we need to develop these critical metal infrastructures in our respective jurisdictions. If you were to look beneath the surface and perhaps look at the Ministry of Commerce's memos that have been published in China and other news outlets, the reality is vastly different from what is being presented in the media today.

7:43 And so we might see a further tightening of those critical metals as we go into 26 and 27. So it's a big, big disconnect there. And I think, you know, in terms of where we are from an equity perspective, the decrease in our equity price that we've suffered as a result of the narrative in the media market alongside our peers. So it's not just a tongue-related issue, it is something that has affected everybody in the tungsten space quite heavily, I would say. Simply just a narrative in the media that we look to correct and correct so by being one of the first producers of tungsten in North America. So there is no current production, we've addressed that. We are in Idaho, which is a great mining jurisdiction, as I've mentioned. We are about 200 miles from Montana on the northeast side of Idaho.

8:29 We are in fact looking at, or were looking at a mill in Montana for us to ship our product to. And for those that have been following our story, you would be aware that we're now moving towards a more beneficiation model where we will be building a mill on site to produce 2 different concentrates. And I will touch to that detail here shortly as well. The neighborhood that we're in is a pretty prominent mining district in Idaho. You've got a porphyry system that runs across the Idaho porphyry belt. Operators such as Sentara run their Thompson Creek mine there. They're restarting operations in 2027, focused primarily on moly. We have Integra resources, not very far away from us either. And then of course you have the IMA mine, which is, as I've stated, a tungsten silver rich vein system in a moly porphyry deposit.

9:22 So we've got the tungsten and silver, we've also got the moly, but our key priority today is to bring tungsten online as quickly as possible. A bit about the history of the mine. So Greenfield, not so much. This is very much a Brownfield Pass producer. 1881 to 1979, the Bradley Mining Company operated the mine. They were the fourth largest producer of tungsten until about 1959. At that point, Inspiration, who is a subsidiary of Anglo-American, drilled about 12,000 feet in the project, bringing it on to development stage in 81. In 82, they started some drifts that they were looking to bring production back online with, but due to economic issues they weren't able to progress.

10:07 Then 2008-2010 quite a similar story. Gentor put 25,000 feet into the ground, coming up with a moly resource of 5.7 million tons at 0.15. So significant molly there on site that they were looking to gain value from. But I think we all remember what happened in 2008-2010. It was the financial crisis and so the capital markets and liquidity markets dried up. Gentoor declared bankruptcy and a group was able to pay off some of Gentoor's debt in exchange for the asset. In 2024 we optioned the mine from that group and our option payments are 5.8 million US over 8 years, balloon payments in year 7 and 8. They have a 2% NSR. We're able to buy back 1% before the fourth year anniversary for 1 million US. So we will intend to do that once we start to see production dollars come online.

11:00 Our goal, validate historical information, update the resource estimate through an updated 43-101. We did release 1 in June. For those of you that are following our story, I think you're aware that we are rehabilitating and about to commence drilling. So our intent is to update that resource statement in Q1 next year, and then look at the additional porphyry systems that exist, or the additional vein systems that exist on our asset, to increase our potential resource estimate, and thereby increase our life of mine. We've also stated, and I think I mentioned this at the onset of the call, we are continuing to work with various government agencies for non-dilutive capital for us to advance our project without any further dilution. So we've got a significant land package. I think that's important to note.

11:48 The reason why it is important, of course, is that now we can build a mill on the land packages that we own, as opposed to looking to acquire land. We can also dry stack tailings, given it's private patented land. So a significant land package, and I'll show you some imagery at the tail end of the presentation here to give you a sense of just where this sits and what our intent is with the land package. So on a more technical basis, the blue adits that you see here, A total of about 15 miles of underground workings in the project. The red shaded area is the mineralization. The green lines are where we plan to conduct our drilling exercises. We have completed the entire D-level portal added rehabilitation. 0 level we're down to about 850 feet.

12:34 We've got about 150 feet left there before we can call that a job done. But the important aspect as to why we're doing both the D and the 0. D is about 400 meters above 0 level in elevation. There are manways that connect the 2 as well as ore chutes. The intent for us is to start mining at the D level, use those manways and ore chutes to move the ore down to the 0 level, and then be able to process our 500 to 1,000 ton per day using our mill that we're looking to build on site as well. The asset consists of 2 halves, if you will. One is the northern bit of the project, where about 56,000 feet were drilled historically. Very high grade seen there, and that's the past producing side of the valley. It's where we intend to start production initially.

13:20 The south side of the valley is where we see a lot of upside promise to increase our resource potential as well as be able to increase the life of mine. So we've walked over the south side where I say we, I'm talking about my geologists have walked over the south side of the valley where they've seen veins exposed at surface. Rock chip and channel sampling will likely occur here in short order but the hubrinite that we're seeing on the south side mirrors that that's on the north side. So we think there's a lot of potential there. This sort of cartoony image here just shows you where the road system is relative to our asset. And this sort of industrial looking building here is where we intend to put our mill. Historically, from a resource perspective, it's about 350,000 tons that the Bradley Mining Company put together.

14:10 Inspiration then had about 1 million tons of highly probable at 0.6 with 0.042 moly, 1.79 ounce silver, and a bit more possible ore. So the intent of our drilling program now is to validate those historical findings, increase that resource potential, and thereby increase the life of mine. It's important to note that with the moly piece that we have as well, that is worth a fair bit amount of money. And given we have 5.7 million tons at 0.15, it's amongst the highest grade moly deposit in North America. So the additional upside that we speak of. Here are some technical diagrams. I'm not going to go through them in detail or try to explain them, but it just suffices to say that our geologist team, our mining engineers have given a lot of thought into what we are doing with insofar as drilling out the deposit to increase our resource, but also looking at what we can do from a production drift or production added perspective.

15:07 All those considerations are being made and once we have concluded our drilling, we will share with you what our mine plans are in Q1 of next year. So, Idaho, as I mentioned, a very favorable jurisdiction, 1 that has various world-class companies operating there, including Sentara. The fact that we are on private patented land, again, We're not anticipating a NEPA process. We have already commenced speaking with all of the various permitting agencies. We've spoken with government officials at the state level in Idaho, including the Congressman's office and the Senator's office to assist us with bringing this asset back online. The rehabilitation work that the team has completed, there are some images that I'll show you after the next few slides, but I would encourage you all to visit our website.

15:57 Highly impressed by the caliber of work having been completed by our team. You know, the adits were found in disrepair. We were able to bring them to a safe stage very quickly and are now looking to start that underground drilling here in short order. The local communities that worked on our rehabilitation efforts, The folks that actually built the timbers and pulled out some of the muck from the adits on the early days, their grandfathers worked on this asset when it was in production. So it is a very feel-good story for the community. And we have a fair bit of skilled workforce in that vicinity as well. We've got power, we've got paved roads, I've spoken about both of those on various occasions. We've also looked to ship our concentrates to mill sites in northern Idaho or Montana.

16:44 That of course was our initial plan, But now we are moving entirely to that milling operation on site, which would, of course, provide us with 2 very beneficiated products and a higher profit margin for our shareholders.

17:00 So we've been fairly busy, for those of you that have been following our story. In Q2 of this year, we put out our updated resource study. In July of this year, we closed a $7 million non-broker private placement that included a number of institutions that we'll touch on in a second. We've updated the leadership team quite significantly, and we will highlight some of those key individuals in the following slides. Q4, we closed an $18 million life offering, so a total of $25 million Canadian raised in the last 5 months. We also secured, as of 2 weeks ago, a 25.5 million letter of interest from Ex-Im, which is the export-import bank of the United States. We can touch on as to why that's important, and I'm sure there will be some questions around that, so I want to save most of that information for the Q&A session.

17:50 The Diamond Drill Program and historical resource validation has commenced. We expect drilling here to start as soon as U.S. Thanksgiving is over. I can't have the guys working on site when they should be with their families, enjoying their turkey dinners. Family first, and that's an important philosophy that I maintain to this day. Q2, Q3 next year, the anticipation is that we have our updated resource statement, we've shared with the market our feasibility study and mine plan. And then we would base level commission the asset in Q4 2026 and potentially start mining and production in that quarter. If not, as I've mentioned, various individuals that are both shareholders or otherwise, it will happen in Q1 2027. Again, this is junior mining and there are delays, but we're going to hold strong to our promise of being one of the first producers of tungsten in North America.

18:44 So we've done a fair bit of work here and I'm not going to touch on each one of these items, but we've been extremely busy as a team. Not only have we grown out the team, but we've also been down to site on various occasions. We've had fly-ins with our senior leadership team to plan the trajectory of the company, as well as what 2026 looks like.

19:04 We've brought on board some very significant individuals to the board of directors and the plans that we anticipate coming to fruition in 2026 have been shared with them and will be shared with them in more detail, I should say, the second week of December. A bit about the team. My background stems in asset management. I spent about 14 years at Invesco. I became an advisor to Step Gold back in 2016,

19:31 assisted through the acquisition of the asset from Sinterra, the GoPublic transaction on the TSX main board, and then saw the asset come to production in 2020. At that time, started a lithium company by the name of Lithium Ion Energy that I ultimately JV'd out to an Asian party in March of this year, and then took the helm of American Tungsten in April. Some of the key individuals here, Dennis Logan, our CFO, was the CFO of Almonte, the largest Tungsten company by market cap in the world today. He assisted them with various capital raises.

20:03 He's also had experience moving companies from Canadian listings to the North American or US related listings like the NYSE or the NASDAQ. So a lot of skillset there. And if you have been following our story, it is very much our intent to pursue that Uplist strategy early next year. Carolyn Loder was just added to our board. She is the first living woman to have been inducted into the US National Mining Hall of Fame. We're very happy

20:29 for having her join us. She was also Director at Integra and K2 Resources, so very pleased to have Carolyn, and thank you for joining us. Dan Nicholas, Department of Energy Portfolio Manager, where he led a $40 billion investment portfolio, one of the largest in their history, also an ex-banker at Morgan Stanley and Pally. He's assisting us with the government agencies, not only at the state level, but the federal level as well. Jim Whitaker, Chief Operating Officer of Capstone Copper, you know, a 10 to $12 billion company, has built mines around the world, past president of Escondida, but an individual that we're extremely proud to have on our team. And then last but not least, Duncan Blount was added about 2 weeks ago as well, And he is the chief executive of Chilean Cobalt Corp, was the, or is an advisor to Ocean Minerals, and has

21:24 deep-seated relationships with government agencies and technical individuals in the United States. So very strong board that we've assembled here in the last 6 months. In terms of rounding out the team from a team that was very high level, I should say, looking to focus, but didn't quite have the capital to do so. When I joined the company, now that we are very well

21:46 funded, We have grown our team and the team continues to execute very, very well. Dave Sabrin is our Mining Operations VP. He continues to ensure that we have a mine plan in place and the engineering work is happening to a degree that allows us to fulfill that obligation or that mission to be one of the first producers, if not the first producer of Tuxen in North America since 2015.

22:09 Liam, our Senior Vice President of Operations, very much a COO in his own right, an individual that has put together, you know, multi-billion dollar or multi-hundred million dollar companies in North America. Austin Zinsser, our VP exploration, an individual that understands the rocks in Idaho better than most and has worked with perpetual resources from inception to now their $2 billion Ex-Im agreement.

22:34 And then Joanna Longo, who heads up our investor relations, a very strong individual both on Bay Street and Wall Street that assists us with the necessary connections that we require for success. And recently we added Michael Zehr. Michael is an individual based in DC, has done work for a number of different companies in the United States around the critical rare earth space and will be continuing to work alongside Dan Nicholas to help us unlock more government agency backing and non-dilutive capital. The rest of these individuals down here, a special highlight to Finley Baker. Fin was at Canton until they seized operations in 2015. Very much a tungsten expert, sits on the advisory board of various other Tungsten companies as well, but we do have individuals that are familiar with the resource that we're looking to bring back online.

23:26 From a cap table perspective, I think we sit in a very envious position relative to not only our peers, but I would say some of our seniors and juniors as well. With 48 million shares out, that's an extremely tight cap table that we're very proud about. Our share price, I think as of today, about $1.28 has come off from the $2.58 financing that we did about a month and a half ago. And I did speak to some of those macro reasons at the onset in terms of the narrative. So hopefully those that are looking at that share price and wondering why it's trading at that level, I provided some answers there. We've got a significant institutional

24:02 shareholder base at about 14.8%, 15%, perhaps a tad bit higher given the last financing. We've got a significant float, and this is why we're able to have the liquidity that we have, on average, about 1 million shares a day traded in Canada and in the United States, which is of course one of the reasons we get the institutions in, but a great position for any investor to be able to see that liquidity.

24:25 We've got about 6,500 US shareholders. We only require 400 for our uplist strategy, So we're well satisfied in that regard. We also have the shareholder equity in place, so that's been looked after. For those of you that have been following our news, we recently signed on Davidson as our auditor. They will be doing our PCAOB audits to make sure that we are ready for that US uplisting

24:49 in as early 2026 as possible. So work continues to get us on that platform. I think a name like American Tungsten with a flagship asset in Idaho deserves to be on the US exchange and will perform significantly better on a more mature US exchange as well. In terms of valuation, our peers are listed here. We are trading sort of at the bottom end of that cap table or comp table. We are one of the few companies on this list that will be in production in North America here in short order. We are a past producing mine. The same cannot be said for everybody that's on this list. I'm not saying that American Tungsten is going to be trading at the levels that Almonte is.

25:37 But I will say that if you follow the trajectory of the balance of the companies here, as well as their ability to come to production, there is a gap here that we look to close quite quickly. And with a treasury of 22 million Canadian in the bank, you can expect us to do that quite rapidly.

25:55 This image here shows you the landscape that we operate under. So that's the Lemhi Range, Lemhi Mountains. This here is Patterson, Idaho. This is the road system that leads directly into this crack in the valley, which is where our asset is. North side of the valley is the piece of land that has been producing historically. South side is where we look to explore further, to grow our resource potential.

26:20 Down here in this tree line is where we anticipate building our mill. We also have tailings at the bottom of this valley here that we will be looking to monetize or assay to some degree. But for now, the focus is really get the drilling done, get that updated resource statement in place, put out our PEA and start to look to PFS and mine construction.

26:42 So here are some of the images that I think, you know, give you a sense of the quality of work that has been done on site. Firstly, we have a 3 bedroom house on site. This is a legacy property that's been there well before IMA or American Tungsten got the IMA option. We've got a world-class drill core storage facility where we will be cutting our core, assaying and logging it. You've got the adits. Historically, this is what they look like. Currently, a hell of a lot better shape and safer for our team and our individuals and investors to traverse. Our drills are on site getting ready for deployment. And work does continue. So channel samples that were taken about 2 weeks ago have now been dropped off to assay labs. We will start drilling here in short order and as a result from drilling will be released as and when available.

27:30 But we're not looking to slow down. I assure you that we're looking to truly increase the pace at which we've operated, and not to say that we have been operating quite slowly to begin with. Molly, again, just some tidbits of information about it there. More information on our website. We've also got

27:48 an INR project in BC that of course is not the focus of the company but has to be included in our corporate presentation. And I would anticipate that there are a number of folks here keen to ask some questions. So Romeo, that's the presentation from me and happy to open it up. Awesome, appreciate that, Ali. Particularly this kind of thorough overview. Now there are tons of great questions in the chat, but if you don't mind, I got a couple of questions of my own just before we get to those. I appreciate your patience, everybody there. One thing I wanted to ask is, I know your expanded phase 1 drilling program covers those 5 stations across 2 levels. I'd love if you could, just for the folks in the room,

28:26 walk us through what success looks like for this program. It's not just intersecting mineralization, but how the results are going to inform your mining strategy and kind of convince techniques that IMA can transition to a modern operation? Absolutely, so between Austin Zinsser, who's our VP exploration, Dave Sabrin, our VP mining operations, and some of our consultants that we've named in some press releases, some mine tech, rock tech, bond metallurgy, and WSP. We've sort of put out this plan to have those 5 drilling stations because we believe, 1, we've got the treasury to put some real damage into the side of this mountain.

29:05 And 2, we believe that the drilling program allows us to find the continuity in the vein system, ensure that when we do have a mine plan, we are following where that mineralization is, and then ultimately having a more efficient path to removing those resources for production. So it is a very detailed exploration program, but I would say that it has been very well thought out through our various partners. And the intent here is to ensure that we find not only the mineralization across the entire vein system or the

29:38 resource rich area of that deposit, but importantly understand an economically viable way, or the most profitable way I should say, to extract those minerals when we are ready to produce. Great, I appreciate that. And my next one, I mean, it's covered by people in the chat and folks emailed in with similar question. So I'll try to kind of amalgamate them all into one. But I know you mentioned in this presentation, shifting from a DSO direct shipping or a model to onsite milling. It's a pretty big strategic pivot. What drove the decision? And what

30:09 does it mean for kind of your cap requirements and timeline?

30:12 Really, how does it change the project is my question. So in terms of DSO, you know, anybody that's been in the mining space will tell you that diesel is your largest cost. Diesel is hands down the largest cost in any mining operation. If our DSO model was being envisioned as a result of the 0.63% tungsten, 0.15% moly and 2 oz per tonne silver. So the silver and moly credits equate to about $150 US, and then the tungsten would have been paid on based on that 0.63 or 0.73, 0.7.

30:45 The intent to move to a milling operation allows us then to control our destiny to some degree, where we are producing 2 concentrates, 1 being a tungsten oxide concentrate, the other one being a silver moly concentrate, both of which could be sold on to different parties at a beneficiated level or higher margins. From a CapEx perspective,

31:05 the rehab work around the mine as well as some drilling that we had envisioned in the earlier days of this year was about 20 million US. Having conferred with those consultants that we've spoken of here, particularly WSP. We looked at an equipment list and said, what kind of equipment would we require to build this mill if we were doing 500 tons per day? Make it a modular system, because at 500 tons per day, we'd be satisfying 8% of US tungsten demand. At 1,000 tons per day, we'd be satisfying 16% of US tungsten demand. So start small, increase your ability to deliver more product. And when we looked at that equipment list, it falls at around 19 million for the equipment us. And the configuration and sort of ramp up was another 4 or 5 million. Now, of course, that was middle of this year and we all know inflationary pressures and what that might look like next year. But even if it were to go up to 30 million US from a CapEx perspective, our internal PEA calculations tell us that we would cover that capex within month 6 of production.

32:07 So it was a natural pivot for us to say, we can control our own destiny. We're not toll hauling. We're not looking to ensure that there is a buyer of our product. And as far as buyers are concerned, I think our listeners and our followers are aware that we have a non-binding LOI with GTP, one of the largest offtakers in the space. And having that concentrate come out of our site as opposed to an ore body that we ship to a mill, gets processed and then off taken from that mill site would reduce

32:38 our margins significantly and thereby, of course, not be able to fall upon our shareholders to win with our success. So given the low capex, the fact that we can control our own density. It is a modular system that allows us to move from 500 tons per day to 1000 tons per day with incremental capex. Just made sense, made more sense, I should say, than the DSL model we were envisioning. Perfect, no, appreciate that answer. Now one thing I wanted to ask is, I know the Amamine sits in that Climax type moly porphyry

33:08 system beneath the tungsten veins. I know it's a big exploration target for you guys, but the focus remains on that near-term tungsten production, which makes sense. Now how are you thinking about sequencing here? Do you pursue tungsten cashflow first and moly later, or is there a scenario where both metals contribute to that initial production?

33:26 So I would say at the onset, tungsten is the focus, and it will continue to be because we are American tungsten, not American moly. But we've got very high grade tungsten and we've got a significant resource there that we believe will provide for 8% of US demand for years to come at 500 tons per day. So tungsten remains the focus. We will have a moly silver credit that comes out beside our tungsten concentrate. So we will be producing some moly, but it certainly is not the focus. I think as we start to deplete our tungsten veins that are above the water table and start to go south or below the water table for additional exploration plans. At that point in time, we may look to monetize the molly a tad bit more, or the option exists for us to bring in a JV partner that's solely focused on the molly.

34:12 We monetize it for our shareholders, but we continue our focus on the tungsten. So that's a really good question, Rami. No, I appreciate that. One thing I want to ask about, so Idaho obviously is pretty mining friendly, but you guys are operating on patented claims, which

34:28 has kind of additional advantages. I'd love if you could walk through, just for me and the folks in the room, the permitting pathway ahead. What approvals do you need? What agencies are involved? And based on your experience, where could some potential regulatory friction emerge?

34:42 Even in one of the most favorable jurisdictions in America, there still could be some friction. So curious for your perspective there. Yeah, let's describe what private patented land means for our listeners. And, you know, it's something that's seldom understood. And it's something that I've had to wrap my head around over the last year and a half or so and try to get a better sense of it. We've done some early work in my prior roles looking at assets in the United States that have been on BLM or forestry land and BLM is the Bureau of Land Management. Forestry land of course is very well protected. Private patented land means you own that land outright.

35:16 What it means is you own the surface rights and the underground rights around it. Very different from BLM or forestry. In terms of the permitting process that is required at IMA, given it is private patented, most of our operations, if not the majority of our operations will be underground on land that we own. So the permitting process is around the water drawing rights, and that's something that we are looking at today. We've got current rights to draw upon the creek relative to whatever exploration work that we want to do, that's actually significantly more than we require today.

35:50 But the balance of the permitting is not a long laundry list. It is a small, small, a short list of permitting items that we have to undertake. And we've got a couple of permitting experts currently putting that list together so that we have clear visibility and a line of sight on it. But when we say in our presentation readily permittable, we say that because it is private patented, we don't anticipate NIPA and the intent is here that we get permitted quite quickly once our mine plan is in place Q2 next year. That said, any hiccups that we anticipate? It's a good question.

36:25 I would simply say that we've been good stewards of our neighbourhood. We have engaged with community members and community leaders to let them know what it is we're trying to do, how they would play a part in that process, and what benefits they can expect to derive from the advancement of IMA. The only sort of challenge that I would see from a permitting perspective that may come back to bite us.

36:51 If there's any federal permitting required, which there is not because this is a state-level asset and we will be continuing with state-level permitting, but should there be a kickstart of federal permitting, I suspect that would cause some delays that I'm hoping FAST41 would offset. So

37:06 early days to answer that in its entirety, I think that laundry list of questions or permits will be more complete in Q1 next year. I don't expect it to be a long list, but it will be a list in Q1 next year. No, that's helpful. My next question, there's a bit of crystal ball gazing here, so I apologize in advance. But I looked at that peer comparison chart that you showed during today's presentation. There's companies, various stages from exploration to production, from 7 million to 2 billion. Where do you see American Tungsten fitting into the spectrum, let's say 18 months from now? And what milestones or de-risking events do you really expect to drive a re-rating

37:44 for the stock? Great question. I think if you look at

37:49 our peer group, you'll have various different stages. So exploration, greenfield, development, production. If you look at the metrics, the evaluation metrics generally used across our peers and the industry as a whole. When you are a developer or near-term producer, you start to trade at about 0.4 MPV.

38:14 Where we are With our internal PEA scoping study, we know what our internal PEA numbers are. And we've done so at a very discounted price relative to where tungsten is today. I would say that we are not even close to

38:30 0.1 NPV, quite frankly. So this is not publicly available information, but we will have our PEA in Q1 next year. And at that point, it's up to our followers, our shareholders, and the general market to review those numbers and look at our trajectory relative to where we want to be in terms of production. So if we're looking to achieve production no later than the end of Q1 2027,

38:57 when we start developing based on our PEA numbers, you can apply that metric and you will see where we are. So no crystal ball, as you rightly pointed out. I hate using the term undervalued because I think everybody that's a junior says we're undervalued. I just say look at where we are in our life cycle, look at how we're executing, look at our treasury, look at the team that we've built, and the proof will be in the pudding. So allow us to execute. And then once you've seen the internal PEA or the PEA numbers,

39:28 apply that metric that I've highlighted here today. Great. No, appreciate that. Talk about funding for a second. So I know you've already mentioned what you've got in the treasury right now. With your shift to onsite processing and the expanded drill program, how should investors in the room be thinking about the remaining capital needs to reach production? Are we talking 20, 30 million or is the funding requirement different than originally contemplated? So with a very strong treasury and the expanded drilling program, we've got sufficient capital to complete our rehab, complete our drilling, engage with the senior level consultants such as WSP that I mentioned to bring us towards a PEA and ultimate mine plan in Q1, Q2, excuse me, next year. So do we require additional capital for drilling or rehab or any of the technical work we need to do?

40:15 Absolutely not. Based on the CapEx required for us to build this mill site, I mentioned the numbers earlier, about 25 million for the equipment and ramp up and configuration. That number might be sitting at about 30 come this time next year. And I'd like to touch again on that Ex-Im letter of interest. You know, we had 25.5 million there, which is the current laundry list or the current list of expenditure required for a mill site being delivered today. So if we were to draw down on ExSim, we would be fully funded. ExSim is something that is a letter of interest. It's not a guaranteed, here's your $25.5 million, go off and do what you need to do. But it is, as you can imagine, insofar as requirements, it is a list that's significantly shorter than an organization that perhaps were to receive a $2 billion letter of interest from Ex-Im. So we've satisfied the vast majority of those requirements.

41:12 It is a drawdown solution. So you don't have to take the entire amount. You can start to draw down upon it. Repayment starts in year 10 with very favorable terms. Should there be an equity event where we're looking to uplist on perhaps the NYSE Amex or the NASDAQ in Q1, there will certainly be an equity plug there. I think we've been very clear, or at least we've shown, through not only our capital raises, but our alignment with option grants, that we are not looking to do anything that's diluted to our shareholders. We raised at $0.50, and then we raised $2.58. After our $0.50 raise, we put out options at $1.10. We're about to put out options at a price significantly higher, if not significantly higher than that here in short order.

42:02 Dilution is something we take very seriously. I always have. And I think it's something that we need to try and maintain and manage as best as possible. So if there is a capital raise in the future, it's going to be as non-dilutive as possible. I can promise you'll be 5 times less dilutive as the last placement was, right? But we'll do our best to ensure that dilution is managed and we're looking at a solution of both debt, equity and to bridge that gap for us to come to production. Awesome. I got one more for you before I get into the questions that came in over email. It's kind of a big picture question, so bear with me here. But how do you envision American Tungsten's role in the US critical minerals ecosystem, let's say 5 years from now? Are you really building an independent producer? Are you positioning for acquisition by a larger player, or are you creating a platform for consolidating other domestic tungsten assets?

42:52 What's the future hold for the company? I think it's a combination of all 3. When you look at junior mining, you build a company to a position that it becomes of interest to a larger organization. So that would answer, you know, are we looking to get acquired? We would get acquired when we meet the criteria for a larger company to acquire us. I think we're still a number of years away from that. With respect to being solely focused on Tugsten out of IMA 5 years from now, yes, absolutely. IMA is the crown jewel of the organization and will continue to be. Where I think we are adding additional value that has yet to be accounted for in our valuation is we are now building a production center. We're building a milling operation that allows us to bring on feedstock from neighboring or other assets.

43:42 So long as shipping that ore to us is economically viable. And with the land package that we have, increasing our production profile to 1,000, 2,000, 5,000 tons per day will allow us to bring in that feedstock and become a major processing facility or a mill processing tungsten for United States consumption. So I think we're looking to do a combination of all 3 of the above. Awesome. I appreciate it. Now I know we've got 15 minutes left and there are a ton of questions in the chat. So I'm going to try and jump through as many as I can. I know the room's full of people, so we'll try to get to as many as we can. Reminder though that if I don't get to your question today I'm going to send it to the American Tungsten team anyway so they will still get it. One question came in over email from about 4 or 5 people so I'm going to kind of push them all into one question. How likely is that you get a government contract and if so what timeline are we looking at?

44:32 Well government contracts can be defined in various different ways, right? The DLA, DPA, they might come out and buy it from us immediately upon our concentrated production, but the government generally works with the offtakers and the various refiners or the millers. So you don't quite end up having a deal directly with them. And if this is an equity question, and perhaps it's not worded correctly, we have not approached the government for an equity position in American Tungsten, nor have they approached us for an equity position in American Townsend. But in terms of actual supply of product, we would work with the off-takers such as GTP to acquire our concentrate that ultimately becomes a product that would end up in those government value supply chains. So be directly with the government or a contractor that serves the government, Northrop Grumman, Lockheed, for instance, any equipment that they manufacture that ultimately gets acquired by the government. So I know that's probably not as direct an answer as you were seeking, listeners, but hopefully it does shed some light on the process.

45:38 No, I certainly appreciate it. Now, there's a question anytime I talk about tungsten does come up. It's kind of a big picture GeoPol question. But how do you think the government's going to set the fair final price to prevent China from underbidding on Dunstan? Well, they've done it with MP materials. They're more than likely going to do it with lithium, with the Lithium Americas transaction, Thacker Pass, right? So you've got to make sure that if you're trying to invest in a government, much like any investor, if you're putting investment to work, you wanna make sure that you're edged or there's a floor with respect to that investment so that you're not just writing it off a year from now when China floods the market. Will China flood the market? They may. And if they do, we've spoken with various people that are in government that have said, if I'm an admiral of the US Navy and have a submarine that's carrying multiple warheads, The next one I build will not include tungsten from China. It's gotta be US-made tungsten.

46:35 You've got GTP and global tungsten, which are 2 major APTs in North America today that are able to refine tungsten and bring back production and refinement to the United States. And the government of British Columbia has been looking at putting an APT in Surrey, B.C. As well. So this is indicative of a market or a government and administration and overall leadership saying, hey, you know, we've seen this fail. We're looking to ensure that we have the ability to execute and produce in North America. And then last but not least, I'd say that we have an additional hedge, which is we have the second highest tungsten grade in North America. Fireweed at 0.7 is the highest. We're about 0.63. We've also got the 2oz per ton silver and the 0.15% moly, an additional $150 to hedge any sort of decrease in pricing driven by China flooding the market. So Valid question. I think lessons have been learned, and I don't see any of this sort of ever being outsourced or offshored again.

47:38 No, appreciate that. Now, the next one, a number of people have asked in chat and online. I'm just going to sum it up in 1 really quick question. What's the timeline to production? So, we've shared with you our slides there, and we're completing our drilling program. We'll have our updated resource statement like Q1, PEA, late Q1, early Q2, PFS shortly thereafter. And then we start to look at putting our product or our mill on site. That mill will be, you know, if we face delays based on equipment, so be it. But our intent certainly is to be one of the first, if not the first producers of tungsten. And I'm not skirting around the question, but we intend to generate revenue from production in 2026. Great, awesome, thank you. One last fun 1 from email before I go rapid fire to the questions in the live chat. Is there any chance investors could tour the mining facilities at a possible future grand opening?

48:28 A grand opening, that sounds lovely. Where's my invite? The grand open, I wouldn't say there's going to be a grand open. I will say that we've had investors visit SIDE already. A couple of investor groups have gone down there, strategic and otherwise. We continue to go down there as a management team ourselves. I would say that when the rehab is complete and so long as there is no impediment to our trajectory with respect to not impeding our work, get in touch with management. If you're in the neighborhood and you're driving by Idaho and you want to come see the site, get in touch with us. And if we're able to accommodate you, we'd love to accommodate you. Perfect, thanks. Okay, rapid fire questions from the chat. This is kind of a big question, it's hard to do rapid fire, but Robert from the chat notes there's been a lot of misinformation and confusion about what happened with the US and China and the true sun critical minerals, whatever you want to call that.

49:23 I want to know really how is tungsten impacted? Well tungsten is impacted just like everything. Tungsten is something that's never mentioned directly in any of these conversations. So the restrictions have been in place now for about 2, 2 and a half years. You don't hear about them in the news. All you hear about is rare earths, rare earth magnets, right? And those are important, don't get me wrong, but tungsten is up there in terms of importance, specifically around defense. The narrative in the news has always been around that rare earth and magnets, and so nobody's heard about the Tungsten piece. And if you look at the fact that the Ministry of Commerce in China on October 31st, which was a day or 2 after Trump left Korea, put out a memo saying that they're going to double down on restrictions around tungsten in 26 and 27.

50:08 It's vastly different from what we're seeing in the media. So I would say that tungsten coming out of China to the tune of 84% and then continuing to restrict or even double down on their restrictions next year. I don't have that crystal ball, but I will tell you that price will continue to climb. Awesome. Appreciate it. Somebody's done some napkin math in the chat and they note that with the PEA targeted for Q1 next year, the drill program to announce at year end, and assay turnaround being 8 to 12 weeks, yada yada yada. I want to know if you guys are using expedited or priority assay processing to meet that Q1 timeline, or if there's a risk it shifts into Q2. So 8 to 12 weeks is sort of the indication that we received from a number of labs and God bless Austin for having picked up the phone and made all those phone calls to various labs across North America.

50:57 But we've now found sort of 6 weeks is our assay lead time. So we should start to see those roll in a little quicker here. We're also looking at potential XRF solutions so that we can determine ourselves what we're looking at. That's still very early days, but we're doing everything we can to expedite. Awesome, I appreciate that. I think, Chris, we've already tackled your question, and Emilio, I think we've already tackled yours too. So Scott asked from the chat, talking about the uplist target, he notes that the NASDAQ and the NYSE usually require a $4 minimum share price. So he wants to know, with all of your major catalysts coming up soon, basically, why pursue an uplist basically before those catalysts pop in and it impacts the share price? Yeah, that's a great question. It was Chris you said?

51:45 It was Scott. Scott, Scott, Scott, great question. Again, dilution, I mentioned, something that we take very seriously and not something that we're looking to do. Right? So we've got to have all the ingredients in place for us to do so in a way that is non-dilutive to our shareholders, you know, rollbacks, etc. We would not want to do that just to maintain or be able to receive that share price. And the minimum price is $4, not honor about it. It is $4. You cannot be less than $4 to get on those platforms. So we would either have to come up with something extremely miraculous here in our new flow over the next couple of weeks to meet that $4 price, or we would do so in an organic fashion. Those are conversations that we will be having at the board level closer to the end of December, right before Christmas, to help better understand that path. But we are quite adamant with respect to our uplist strategy on one of those exchanges early next year. Great, appreciate it. Yeah, thanks.

52:44 Sorry, I'm running through. There's so many questions, I'm trying to get as many as I can. Mr. Brian, I know it's a very long question you got there. You said about a half hour ago. I'll send that through the team just so they got a bit more time to answer it in full. 1 from Omari on the chat. Are there any plans to uplist on the Canadian side? So We received conditional approval for the TSX Venture in June, I believe it was. And if Dennis is on, he's probably shaking his head in agreement or in disagreement. But we did press release that. So we do have conditional approval to uplist in the TSX Venture, and we will be doing that here imminently. Great. One is given Carolyn Loader's extensive background in rights and permitting, does your addition to the board reflect an upcoming shift into permitting and regulatory advancement? Not at all. Okay, great. Short answer.

53:30 Perfect, I appreciate it. Claude from the chat asks, has any of your land on or near the Boise National Forest? He notes that permitting is difficult near there. I don't believe so. I think it would have been raised to me if that was the case. The private planted section is really where we intend to do most of our work. So I don't see any spillover there. But if you drop us that in an email, we'll get you a definitive answer. My answer is I don't believe so. Perfect. And again, I'm going to send the entire transcript of this chat through to the American Tungsten team. So don't worry, this is more questions than I sometimes anticipate, so we'll make sure the team gets them. Marcus from the chat asks, what's the expected cash flow annually on 500 and 1000 tons of production, if you've got that number handy? We do, but again, that's an internal PAA estimate that I can't share publicly.

54:19 You want to have a chat with me, give me a ring and I can walk you through those numbers, but I'm not in a position to discuss those publicly. Perfect. Chris from the chat asks if you could remind us just of the uses of cash from the capital raises this year? The 7 million that we raised earlier was driven towards the rehab work, the drilling programs. You know, you will find that our financials get filed on or before Friday this week. So have a look at them. A lot of it's gone into the ground. There are no egregious, you know, salaries or marketing agreements that where the capital's gone. It's all been put directly into the ground to grow the team so that we can execute upon our promises. In terms of the additional 18 or so that we've raised, Again, 5 drilling stations, 3 rigs running at peak capacity.

55:05 There's a lot of work being done on the ground to prove out that resource and grow the life of mine. There's also the professional engagements with the likes of WSP and others to ensure that we are on that path and that trajectory of production as quickly as possible. Awesome. One question from the chat from Lyle, one of those broad questions that I would usually wrap up an event with, so I'll throw it to you for this one, which is what is the most critical unanswered question facing the company in the next year? That's a great question. Way to put me on the spot there, Kyle. The one unanswered question for the company, I would say the recoveries. We know that the mills that we're planning to put in place have a range in terms of what recoveries we can anticipate, but what exactly those are and knowing that answer would ultimately help us answer 2 very important questions. Which of the 3 offtakers that we're currently talking to will be our offtakers or we'd want to be our offtakers?

56:08 And the second bit of that is just how much money we're going to make our shareholders. Awesome. Well, on that note, Eli, I Really appreciate you running through both presentations, but also letting us grill you. There are 1 million questions. Big, big audience in the room. Thank you all so much for joining us today. I know I didn't get a chance to get to every question, but for the few that I didn't get to, I'm gonna shoot those through to the team and they'll be able to get back to you as soon as possible. Really appreciate everybody's time today. And Ali, thanks so much. This was great. Thank you, everybody. Awesome. Have a great end to your day.