Guardian Metal Resources - May Market Update

0:04 All right, hello folks. I'm joined today by Oliver Friesen, CEO of Guardian Metal Resources for an update on their flagship projects, Pilot North and Tempayut. Oliver, how are you doing today?

0:15 I'm doing well, Bianca. How are you? Doing very well, thanks. I've got some questions for Oliver, but this is very much an interactive event. So please do use the chat at the bottom of your screen to ask questions at any time during today's event. If I don't get to them for whatever reason, I will make sure that your questions still get through to the Guardian team. As always, this event is being recorded and will be available for replay on Tuesday morning at 9am Eastern. But without further ado, let's get into the meat and potatoes of today's event. Oliver, as always, it's great to have you back, But let's start with the news that moved the stock last week. You staked 193 new claims at Temp-I-Yut and expanded the project footprint by over 375%. Walk us through what your team actually found on the ground that prompted a land grab of that size?

1:05 Yeah, so just to kind of give a bit of backstory for those who are new to this story. So Tempe Ute is one of our co-flagship tungsten assets. And what's really unique about Tempe Ute is that it's one of the most storied and historical past producing tungsten mines in the entire USA. So back in the early 1980s, it was one of the largest, if not, I believe the largest operating tungsten mine in the entire US. It shut down in 1983 when China flooded the market with tungsten and they killed the price and effectively made everything else globally uncompetitive. The reason that backstory is important is because there's upwards of 60 years of historical mining that's been done at Tempe, dating back to as early as the early 1920s, I believe it was, when tungsten was originally discovered there. So what happens is when you have, you know, 60 years on and off of historical mining production from a site, there's, it takes a bit of time to understand what happened during those years, what are the learnings, What are the things you can apply going forward? So it's a really unique asset asset in that perspective.

2:08 And there's multiple things that we're pushing forward right now. So one of them is there's or stockpile. So literally just or that was mined from the underground put into piles and didn't make its way to the processing facility or milling facility, just sitting there. So we're looking at ways to try to move that forward and start to deliver some units to the US market. But one of the other opportunities is the tailings. And so what we have there is effectively 60 years of historical production. And Depending on the year, we know roughly what the head grade was that they mined and we know the recovery of that year because you have historical production records. Most of them are catalogued by the United States Geological Survey. We had a look at some of those reports and said, wait a second, there's quite a bit of extensive historical work here. A lot of material went through the mill and was sent out into the tailings.

2:56 What's really interesting is if you look at some of those reports back in the earlier

2:59 years of mining, called the 20s, the 30s, the 40s, the 50s, the 60s, all they did was gravity. So they didn't really have the technology to do flotation properly. So gravity is a much more simplistic kind of processing methodology. And what we saw in some of those records was the fact that, you know, around 50%, the recovery of tungsten was around 50%.

3:21 That means take whatever the head grade was that they mined, take out 50% of the tungsten, and the rest of it goes out into the tailings. There's potentially quite a bit of residual tungsten left in those tailings. And then also we have volumes, right? So the volume showed to be that, hey, there's actually quite a bit of material that was mined and processed here at Tampa Hewitt. So the long and short of it is all of that backstory is really important because we've been kind of busy in the background, building this all together and taking all the puzzle pieces and trying to make a coherent picture because we have gigabytes and gigabytes of historical data and you have to make sense of it and put it all together in a context that makes sense. But anyways, the scale of historical production was the first thing we really noticed. The second thing was recovery. Now when you look at the 70s and 80s, recovery went up because they added flotation.

4:07 So recovery was sort of 70s to 80s. So all of the, I would say, more recently mined material, the recovery is going to be higher so the residual tungsten is less. But the earlier years, you're going to expect to see probably more residual tungsten. So anyways, once we had built that story and really understood the historical context, we then went, okay, well, where did this material go? And that was the next step, which was, okay, we have a big area to deal with here. We know roughly where they would have put it. But then you have decades and decades of material that's been kind of moved around. There's water, there's floods, all that. We had to piece together where all this material most likely sits. And that's when we went and staked the ground, increasing the size of the project, as you mentioned, almost 400%. So there's a big area there, a big 2D surface. We've staked it and now we've put out the results of the work we've done so far to say, hey, this opportunity looks really interesting. It's one of many opportunities in the portfolio.

5:00 And we're now going to push forward to see what this opportunity actually will look like when we start to drill down and see how thick this area is and what the resulting grades are effectively. And you know, the 550 acre tailings footprint at Tempayut is really fascinating because it's a past producing operation.

5:18 This material has already been brought to surface and partially processed. What does that mean for the timeline to potentially generate tonks and units versus building a mine from scratch?

5:29 It just means you can do it quicker. As you mentioned, this material has already been milled. So when you go look at the tailings, I mean, you can grab a handful of this stuff at surface and it's it's kind of this fine sand. And then sure enough, you put it under UV light, and you'll see that a lot of the sand grains are shea light, right? They're the residual tungsten that was left and put out into the tailing. So it means multiple things. Number 1, you can move quicker because you don't need to actually mill it. What you would probably do is some of the sand kind of gets a bit clumped up over the years, so you'd probably just put it through a trommel. So you'd break it all back up into kind of a fine sand fraction. And then you'd probably just run it through flotation, right? Like I said, this stuff, most of this material only went through gravity processing. So if you run that through a sequence of flotation cells, in theory, you would look to sort of pull out the residual tungsten left in there.

6:17 So it's a much lower, once again to be clear, we need to confirm the size volume of this area and the grade as well. That's the next key important step. If those are both positive and we believe there's an opportunity to push forward towards potential production, It would be a lot cheaper from a CapEx perspective because you don't need the full milling equipment. You just need a trommel and some float cells. But also the cost to actually the OpEx to produce tungsten from something like that would be quite a bit lower as well because mining costs in Nevada are call it 2 to 3 dollars per ton. And your strip ratio is it's 1 to 1 because all the material sits at surface. So in theory you could just scrape that material off and reprocess it into hopefully would be a tungsten concentrate. So That's why it's so interesting to us, because of those really unique aspects and that it's quite easy to reprocess that material.

7:07 It's quite a bit cheaper. Also, just the ongoing sustaining op-ex for something

7:12 like that would be quite low. If you look at projects globally, it would be extremely competitive because your mining costs are so low and your processing costs are so low as well. So key next step is to determine volume and grade. We're doing that work shortly once we are permitted. And then moving forward, If that is successful, we'll look at other ways to push that forward. And the other thing is, there's a really exciting and I think important environmental reclamation

7:38 opportunity here as well. A lot of those tailings were put in uncontained areas and we have the opportunity now to bring that into a modern, well-engineered containment facility, at the same time reprocess potentially tungsten and other metals out of there. So there's multiple wins to potentially be had here and that's one of the many reasons why we're so excited about this potential opportunity. That sounds very exciting and then in addition you have the auger drilling program slated to kick off in June, pending BLM and Nevada Division of Environmental Protection sign off. Talk us through though, what you're hoping to learn from that program over the 3 months, if it runs, and What would constitute a strong result in your eyes? The next step is the auger drilling, as we mentioned in the press release. We know the surface footprint. We've gone over it, we've sampled across a pretty detailed grid and anywhere where we've seen increased or elevated tungsten grades, that effectively tells us we're probably part of the historical tailings or legacy tailings area.

8:38 So we know the 2D footprint now, the X and the Y. The next question is the Z, which is how deep does this area go? And what you're gonna see is as the tailings went down over the years, it's going to typically kind of, it's going to want to settle within depressions. It's going to want to kind of follow areas that were previously disturbed or little erosional kind of areas. So until we go and actually do the auger drilling, which is to go down and see how thick each area is, we don't know the volume. So that's the next key step. It will be a really detailed drilling program. It's not your typical hard rock drilling program. You're using an auger. So it's kind of like this big shovel thing effectively. And we'll do drilling on a really tightly spaced grid. The holes are going to be short. As soon as you get to

9:22 the historical surface, you're going to effectively stop. That will accomplish multiple things. Number 1 will tell us the volume. The plan would be to put, if sufficient, a mineral resource estimate together covering the volume, obviously the grades, we're going to send all of those samples for assay, the laboratory. And then we also want to understand the environmental conditions at starting, right? So this is an area that previously what was sort of put in place, we're now here and trying to figure out a way to improve the environmental conditions. So we want to look at what the baseline conditions were underneath

9:53 the talines, adjacent to the talines, and that will help kind of determine and help guide the next stages if this is successful as we look to reclaim and clean up this area, but also pull out what would be some really potentially some really valuable or really critical metals, I should say, in tungsten. And plus all the other metals that would have been left in the Italians and put down into the same area. So multiple kind of faceted approach. But obviously, there's reason that we are excited and the reason that we went and staked the amount of ground that we did. Makes sense. Let's shift over to Pilot Mountain. The PFS is targeted for completion by the end of H1. What are the work streams that still need to land before you can put pen to paper on that PFS? Yeah, so we put out an announcement, I think about 2 weeks ago, just covering the progress. So kind of where we're at, I would say, most of the, and you look at some of the resource stuff so the resource for Desert Sheilite that is that is well well advanced the mine plan the geotech planning all that is well well advanced. The garnet zone so part of the the work we've been doing is to incorporate garnet as well and we covered that in the announcement as well That is the fact that we want the Garnet zone to be included in the PFS.

11:05 Effectively, the PFS would cover mining from Desert

11:07 Shelite and Garnet as well. There are other target zones that we're going to be going after and we are going after right now. They won't make the cutoff obviously for the PFS considering we're slated for completion by the end of Q2. Those will fall into future studies when we look at what's the real broader story here and how much material is present at this project that could be theoretically mine. So I would say we're now in kind of the final stages now. So big one is pricing. So now we have effectively the flow sheet is more

11:38 or less complete. So you send that out and you get pricing for you need X amount of float cells and you need this mill and pricing is now coming in. And we're also in the process of running sort of revenue projections, right? So looking at now that we have a good steer on on recoveries We have a good steer on by product metals. We can start to understand what the potential economics would be for this project So we're now in the process of understanding CapEx requirements and ongoing sustaining OpEx requirements, G&A costs, and that will all filter into the economic model that will support the PFS. So we're at that stage now. It's kind of the exciting part where it's all coming together and this piece kind of supports this piece and then that piece supports that piece. So it's the team is working. We've made sure no one's taking vacation between now and June because it's all hands on deck here. But a lot of the inputs and the work that's been doing has been very successful and the team's done a great job and we're looking forward to getting that study complete and out to the market. And that I think represents a really important milestone for the business, given, you know, we started drilling for indicated resources, you know, 3, 3 and a half

12:41 years ago. And here we are now putting together what we think will be really robust and hopefully a really exciting PFS to support the next multiple stages of development here as we push this project forward. Fantastic. The plan of operation submission to BLM in August is a date that investors should probably be circling. For people who aren't permitting nerds, why does the filing matter?

13:03 Yeah, so our projected timeline, or our plan is to have this project in production by the end of 2028. So before the current administration ends, we want to have commercial productions achieved from pilot now. So that means that we are running, I would say, multiple work streams in parallel. Now, under normal circumstances, you probably drill for another year. You understand all the different target areas, the good hopes, the gun metals, all the other areas. You put together a broader resource and then you look to do the PFS and then a DFS. It's a much longer process. But given where we are now within the tungsten landscape, the US needs new mine supply. There are no active mines right now. We believe we have the 2 best assets on US soil and we've been advancing them for quite a bit of time now.

13:51 We first started on this journey 4-5 years ago. We really look upon ourselves and say, it's our job to deliver the next 1-2 mine sources of tungsten within the US. So what that means is that we need to make sure that you take a normal sort

14:05 of pathway from PFS into production. And we have to sort of parallel pass some of those to ensure that our timeline objective is achieved. So yes, the mine plan of operations will look to submit in August. The results, the final results of the PFS will effectively fill in the last few required details for the mine plan and then that gets submitted.

14:25 So it's an important step for us. It starts the clock on some of the environmental permitting requirements within the US. And then when that is received, then obviously you move to the next step, especially when it comes to some of the major construction and build out. So it's another important and exciting milestone. We are very busy drafting that document now. It's sort of in an 80 to 90% state. And then once we have the final results from PFS that gets plugged in and then that goes for submittal and that starts the clock and gets us closer to our ultimate goal of delivering new mine production in the US. Very cool. And you've had Samuel Engineering in the seat alongside your in-house team, led by Marc Laduc. Talk a bit about the technical bench you've assembled and why those names matter for a study of this scale.

15:14 Yeah, It's a question we get often, especially with some of our new kind of US institutional shareholders is, OK, who's the team, right? Who's actually, you know, they meet myself, they meet JT, but who are the people who are actually doing the real work on this and actually responsible

15:29 for things on the ground and delivering this project? So Samuel is the general engineer. So they're going to be sort of the main name on the PFS effectively, but there's a whole team of people that sit underneath that that are supplying and providing supporting documentation that will ultimately create the final PFS study. But Samuel is a really well experienced team and group out of Western United States of America. They have EPCM capabilities as well. So their view is we want to work with the team who can take us kind of through the next stages. But I encourage listeners and investors to go to the announcement we put out in I believe mid-December.

16:03 That was the updated SDK compliant resource. It also outlined the entire team of kind of specialists, subcontracting engineers who are focused on things like geotechnical engineering, environmental permitting, hydrology. So all of these really important factors to support a successful outcome here. We've put together a team who have had a lot of experience and a lot of success within the Western United States and specifically within Nevada. And kind of moreover, Mark LeDuc, who's a very experienced mind builder. He really leaned on his his Rolodex to say, hey, I've worked with this group, this group, this group on a successful project here in Nevada or within the Western United States. I want to work with these people again to help support the successful outcome for Pilot Mountain. So it's much more than myself and JT. The real work happens on the ground in the US with the guys who are pushing for the PFS and who will take us through the next stages as well. And Samuel is a very important part of that team.

16:59 Totally makes sense. Stepping back to the macro here for a bit, Chinese export restrictions are tightening and the Department of War ban on Chinese and Russian tungsten imports for procurement comes into effect January 2027. How is that timeline shaping the conversation that you're having with potential offtakers and government stakeholders right now? Yeah, I mean, the timeline is real. It's really, I think, snuck up on a lot of people. I think this was really put in place maybe 2, 3 years ago, But it's around the corner now. As of 7-8 months from now, the US won't be able to procure any tungsten from China, Russia or North Korea for anything defense related. What that supports is we need new friendly Western mine sources to support the defence industrial base.

17:50 And we think, sitting here in the seat of the CEO of Guardian, I believe that that material should come from a US mine to support the defence industrial base in the US. We ultimately want to be part of the solution here. That timeline is a bit tight. As I mentioned, we're targeting end of 2028, but there are opportunities that we have at Tempayu. We look at the tailings, we look at the ore, where we could potentially be providing units much sooner than the end of 2028, which would be commercial production from our 2 major sites. We're looking at ways to be creative. We're looking at ways that we can support the defence industrial base and what the wishes are of effectively the people who are helping administer these changes and these new laws. So yeah, the conversations are real.

18:41 Ultimately, what we've done as a company is we very opportunistically kept our options, our offtake options open, given how critical the metal is and given the lack of supply of primary material. As you can imagine, primary material is very,

18:59 there's a lot of interest in that kind of material right now. So what we're doing now is we're looking at, okay, you know, we're believe we can produce X amount of material by this timeline. Where do we want that material to flow? And we want it to ultimately flow entirely within the United States of America. And also as much as possible to support some of the broader ambitions of the Department of War and the Defense Industrial Base. So, yeah, looking really forward to supporting some of these really important initiatives. And ultimately, we think that the Defense Industrial Base and

19:25 Department of War should be supported by material that's being mined on American soil. And ultimately, that's one thing that we're looking to plug into that equation is material from Tampa Ute and that pilot mountain. Very good. And on the offtake side, you have the non-binding LOI with global tungsten and powders in Tawanda.

19:45 That's the only major tungsten processor in North America. How do you see that relationship evolving from the LI into something more structured as you advance towards production?

19:55 Yeah, so it's not the only major. There are a few other major processing companies that exist in the US. What's really unique, and I understand we want to leave time for questions, but effectively there was a lot of processing capacity built in the US in the 1950s to support the tungsten filament light bulb industry. And then effectively when that demand case for tungsten went away, a lot of that processing capacity has sat not idle, but it operates at a much lower capacity than what it's designed for. There is ample processing capacity in the US. We believe our material and our concentrate should be processed in the US into intermediate and downstream finished tungsten products.

20:33 We have a non-mining LOI with GTP right now. But as I mentioned, we want to keep our options open. We want to find the best ways to support the defence industrial base of the United States. There are multiple ways that we think we can do that with some of the initiatives that are being pushed forward. So we have a great relationship with GTP. We'd love to continue to push that forward and find a way to deliver some amount of material to them, their facility for processing when in production, but also making sure that

20:59 we keep our availability of our material to support other, I think, potentially even more strategic opportunities that could present themselves, given how I think important a domestic, you know, minded America source of tungsten would ultimately be for the industrial base. Absolutely. And Switching gears here, you closed the New York Stock Exchange American IPO in March at 68.3 million gross. You got Jake Mather in as CFO, and the cash position covers you through to H2 2027. With that runway and a US listing behind you now, what does the next 12 months look like in terms of how you're deploying capital and where you want the company to be like at this time next year? We're going fast. I mean we've always gone fast at this business but obviously when you raise that amount of money, you can just go a lot faster. So effectively, we've taken those funds and said, okay, how can we accelerate already what we're doing in the US, which is moving really, really fast. So it just allows us to do things like put on more drill rigs, we get more data more quickly, we can kind of compress the Gantt chart and get things happening more quickly. But yeah, the next 12 months, I would say obviously PFS is the big one at Pilot Mountain. That's a really important milestone for us.

22:14 And then no rest for the wicked straight into the DFS, straight into the mine permitting. We're not wasting any time. We have fantastic teams who can deliver these projects, we believe. And now obviously supported by the cash position allows us to really give them the confidence that we're going to be taking these projects all the way through. So pilot mountain, definitely PFS. And then post that it's going to be busy, busy, busy looking at DFS, looking at permitting, looking at potential strategic offtake opportunities, looking at ways to bring in other potential funding sources to support the DFS and onward.

22:46 So all things we're pushing forward right now, and certainly many of those we believe will be something we can talk about within the next 12 months, which is the timeline you gave me. And then Tempa Utilities is a big one. We're obviously pushing forward a pretty robust program on those tailings to really understand the position there and the environmental conditions. And that's something that subject to permitting, we'll move forward and we have a team and contractors ready to do that. The other one is ore stockpile. So there's material at surface that in theory, we would be permitted to start moving quite quickly. So looking at ways to leverage that unique opportunity to benefit the defense industrial base in a much shorter time frame. And then the other major one, and 1 that's really interesting for us, obviously, is Tempayut underground. There's a huge opportunity there, we believe. And effectively, the mine shut down because China flooded the market, not because they ran out of material. So we're looking at some of the old kind of mine plans and all the different levels they wanted to go to and say, hey, the only reason they didn't get down there is because the price of tungsten collapsed when China started the market. So with these new tailwinds, with this new pricing environment, looking at ways to reopen that mine. So I would say there's a lot of news coming on Tempoyutu. And it's kind of an asset that I would say is not that well understood yet within the market. And just because we haven't put a lot of news out, you know, when you get bankers boxes of data and you need to really understand the historical context before you can push forward.

24:09 So we're definitely at that point now. So a lot of more information will come out on Tempe, which I think really helped broaden and improve the understanding of the importance of that asset. And it's a one-two punch. Pilot, Manitoba, Utwithing together really supports our leading position within the US. So lots of news to come. We're very, very busy right now. JT and myself are actually off to New York. I'm leaving in about an hour and a half here. So we're working on getting the story out. This is a really important one. And ultimately, we think we have the ability to actually deliver these mines and these projects. I think there's a lot of companies who, across the critical metals landscape, are working on projects that have not been in production before. The processing may not be well understood or the metallurgy.

24:56 These are mines that have produced before in the US. They've supported the defence industrial base in the US. So with these tailwinds looking to bring them back to their former glory. So we think that we're really well positioned for the next 12 months and beyond as we look to bring these products to the ultimate goal, which is into production. Very cool. Well, I have one last question. That said, I know there's some audience questions. So if you're open to it, why don't we do some quick rapid fire. I apologize already, folks in the audience, I know I'm not going to get through all your questions. But like I said, at the very beginning, we will send them through to the Guardian team. But first question here was, what would be the time period between the PFS and DFS?

25:34 Yes, we've earmarked about 9 months for the DFS, effectively. That takes us in towards the end of Q1. There's other things we're looking at. Under our current permit, there is civil works you could be doing, right, you could start some of that work in advance of receipt of the mine plan of operations. So the other thing is, is putting the deposits down on equipment, right. So looking at all the ways that we can ensure that our timeline, we can meet and potentially even compress it. So DFS will run concurrently with some of these other work streams to ensure that we have operational sort of readiness here when that mine plan of operations is approved. Beautiful. Another one from the chat. Will you be able to recover other materials of interest from the Tempe Ute flotation?

26:24 Until I have the final results, I don't know. I do think it is likely. What's interesting is looking at the historical production records. Effectively, our read on it was they were making so much money in the Tungsten, they didn't care about anything else that was in there. But we know that this system is polymetallic. It's actually very similar in terms of the mineral makeup as Pilot Mountain. We will look at everything. We look at all revenue streams now. Historically, they just focused on gravity recovery or flotation of tungsten. But we look at everything now. Our metallurgical program is all-encompassing. Knowing how many other metals are present within the broader Temp-IUT mineralizing system, we'll certainly push forward. And we think it's probably quite possible that there's other by-product metals that would come with the Tungsten in that case.

27:15 And this one was pre-submitted. Walk us through the timing of key milestones for getting TempIU up and running before the end of 2028. Yeah, so we'll put the tailings, we'll put the ore stockpiles aside. So TempIU, the key next step is SK compliant resource report that would support effectively the required engineering. And then what's unique there is there's a lot of in-place historical infrastructure that we can utilize a lot of that in a restart. So it's not a typical project where you have to go PFS and then the DFS like we have to do a pilot. So there's ways to actually compress that. So we haven't finalized exactly that route we'll go yet. It will be sort of a PFS slash DFS study. So we'll kind of combine those probably into one. So You would go resource report, assuming we find sufficient quantity, volume and grade of material to support the reopening of the underground mine.

28:09 You'd have the resource done and then you move into an engineering stage, which is more PFS, PFS. The permitting would run concurrently to all that. And then effectively, once you have your mine permanent in hand and you understand the engineering requirements, you would look to utilize the existing infrastructure and build that out and put that into production. So there's a lot of reasons why that project could move quite quickly once you've confirmed an updated resource statement. And that work is ongoing right now. And it's one that every time I go there, I get more and more excited about the Tempo Ute potential. And our team does as well. I mean, we had the whole team on site 2 weeks ago, and everyone kind of went away going, wow, what an asset. This is going to be really special for us, we think. So it's exciting to get learn more and more. And, you know, every time also people go for a site visit, they walk away and go, this is this is a special asset you can definitely tell. So it's full speed ahead, resource kind of combined engineering, PFS, DFS, and then you're in a construction and because you can utilize existing infrastructure, the construction timelines get compressed compared to a project like PilotMod.

29:12 Fantastic. All right, folks, this is gonna be the last question. Before I ask it, just wanna thank everybody who attended live, everybody who's watching the replay and always a special thank you to you, Oliver, for taking the time as always. This last question is, I think the question every investor watching wants to hear you answer directly. You've said you want to be the next major US tungsten producer with first production before end of 2028. What gives you confidence in that timeline? It's everything. It's number 1, the macro, right? Tungsten is all over the place right now. We're out of Tungsten effectively in the Western world. That alone is enough to really give me the confidence that we can push this forward. Looking at the pricing of the metal, that supports the production from our projects, what we believe will into the future.

30:02 And then really just broader US support. We look at the interest from the retail investors, from the institutional investors in the US. There's so much interest in critical metals and the metals that are going to shape the future. It's not just defense. This is a metal we need for chip technology, for aerospace, for solar, for wind, for nuclear fusion. This is a metal that will shape the future. And ultimately, the countries that have controlled the mine supply, that will help them shape the future. So we have, I would say, the most supportive environment for critical metals and domestic mining I've ever seen in my career in the US. We are in Nevada. We have 2 fantastic past producing assets. We have an absolutely brilliant team of people who have built mines before successfully in Nevada in the Western United States of America. So the team, the macro on the metal and just the fact that defense demand is, we believe, going to stay really strong going forward here. And because of that alone, I think the U.S. Really needs a domestic mine source to, as I said it before, to support the defense industrial base.

31:04 And we have 2 that we can be think can be very supportive. So team macro, sort of the whole US landscape right now. And I feel I've not been more confident than I am about the future of the company than I am right now. So it's really exciting. We're looking forward to going to New York and really getting the story out again to a lot of those who supported us in the IPO plus new investors. And it's full system going. I think it's going to be a really exciting couple of years ahead. It sounds exciting. Oliver, thank you again. Safe flight. Thank you for taking the time again. And thank you to everyone in the room. Wish you