Guardian Metal Resources Presents Pilot Mountain PFS

0:03 So good morning, good afternoon, or good evening, depending on where in the world you're signing in from today. Really appreciate people joining all the way from Canada, happy Canada Day to those who celebrate, all the way to Australia and everywhere in between. So really appreciate the people joining us at all times of the day or night. I'm very pleased to be joined today by Oliver Friesen, CEO of Guardian Metal Resources, Mark LeDuc, the company's operations manager, and JT Starzycki, the company's executive chairman, all to discuss the recently announced very exciting PFS for the company's co-flagship Pilot Mountain Project in Nevada. I know we've got quite a big crowd today, so here's how it's going to work. The executives are going to run through a presentation, followed by some questions from me. Then we're going to take a few select questions from the live audience. Relatively certainly won't have time for every question today, but feel free to enter them anyway. I'm going to make sure we collect them and get them all to the Guardian team, and they'll try to get back to you as soon as they can, either over a phone or email, depending on what you put in on registration.

0:56 The only other boring piece of housekeeping out of me is that this is being recorded and will be available for replay late this afternoon, Eastern time, so still on July 1st, but towards the end of the day, Eastern time. It'll pop directly into your inbox, but it'll also be available on Six's YouTube channel and later elsewhere. Please feel free to share at that point. You can also request a meeting with the team using the meeting request button at the bottom of your screen at any point during today's event. But that's enough out of me. I'll leave it for the protein for Oliver, JT, and Mark, but starting with Chairman's remarks from JT Starzycki.

1:25 Great, thank you so much, Romeo. Good morning, afternoon, or evening to everybody that has dialed in today, and thank you for joining our webcast. I'm pleased to welcome you on behalf of the Guardian Metals Board of Directors as we introduce the results of our recently released PFS study for Pilot Mountain. This is an important milestone for Guardian Metals. The PFS represents a significant step forward in our strategy to advance Pilot Mountain as one of the leading tungsten development projects in the United States. We will provide a more defined technical, economic, and development framework for the project, and it gives our shareholders, partners, and stakeholders a clear view of the opportunity ahead. The PFS is not the end point. It's the foundation for the next phase. It gives us the technical basis to move forward with greater confidence as we advance permitting, engineering, commercial discussions, government and project financing.

2:21 Importantly, it also helps frame how Pilot Mountain fits within the broader Guardian Metal strategy alongside Tempai-Yut as we work to create a long-term US-based tungsten development and production platform. First, I wanna thank our technical team, consultants, advisors, and management for the work that has gone into delivering this study. A PFS of this nature requires considerable effort, discipline, and coordination, and today's presentation reflects that progress that has been made across all facets of the project, including geology, mine planning,

3:00 metallurgy, infrastructure, economics, and the overall development. During today's webcast, we will walk through the key findings of the study, what they mean for the project, and how we intend to move forward from here. Before we begin, I would like to remind everybody that today's discussion may include forward-looking statements, including expectations around development timelines, financing, permitting, production, market conditions, and most importantly, future project milestones. These statements are subject to risk and uncertainties, and we encourage all participants to review the company's formal disclosure and cautionary language. With that, I will turn the presentation over to our CEO, Oliver Creason. Amazing, JC, thank you so much. Great introduction.

3:48 Welcome everyone in. Very exciting day or yesterday for the company and really looking forward to talking about the PFS in a bit more detail. Joined today, as mentioned, is our operations manager, Mr. Mark Leduc, who is really responsible from the owner's team for delivering this really exciting study. So I'll present most of the presentation. We'll get Mark to talk about some of the specifics of the actual mine and what it will look like. And then we'll open up the floor to question and answer session after. So a few kind of just highlights and data points to kind of get things started here. Number 1, very highly attractive project economics for this pre-feasibility study. So an IRR or an internal rate of return of 59.6% and a one-year payback which is very impressive.

4:40 Unless stated otherwise, the economics quoted today will be at a base case tungsten price which is about a 35% discount to the current spot price. We'll go into the reasons why we've chosen that number, what it means, we'll also give you a steer as to what the economics look like at spot price, but for all intents and purposes any economics discussed today are at the base case tungsten pricing. Moving down the list, also at a base case, first year EBITDA of $348M USD. This project can generate a lot of cash. I think that first year Iwadaza is a direct reflection of that. Third down the list, this PFS is built on the back of an updated mineral resource estimate, an MRE.

5:32 As a quick reminder, back in December of 2025, we announced the company and the project's inaugural mineral resource estimate done to SK1300 compliance. What we've done is We've continued to drill with 3 rigs all the way through. We've actually been drilling for 3-years now. This study does not happen overnight. There's a lot of work that goes into this. We cut off the data for the December MRE in around October-November. We've cut off the drilling date for the now published updated MRE in about April, May. And very happy to report that from December until the estimate that just came out, we've seen a 40% increase in indicated tons. And We think we're just getting started. There's a lot of exploration here. We'll talk about that. But from December till now, we've seen a 40% increase in indicated tons. Also adding there another open pit target area at the garnet zone. We'll go into that in more detail, but great to see the resource continue to ratchet up and grow here as we drill more meters on this project.

6:39 Where do we go from here? We believe this is the most advanced project on US soil. It is the only project with a SK1300 compliant PFS study now complete. We're going to move now forward, I think quicker than we ever have as a business with the confidence of this PFS behind us. We've actually already started the detail engineering. That work has already started. Mine permitting, we'll talk through that. That will be submitted in August. We are going as quickly as we can to deliver the next and the first tungsten mine on US soil in over a decade. We'll give the guys maybe a couple of days off here, but we're straight into it. It's gonna be a very busy period. We'll talk about upcoming catalysts, but we move forward with more pace and more confidence with this really positive PFS study as sort of the backdrop and the foundation of what we do next.

7:36 I do apologise in advance for those of you who know the Guardian story or know the Tungsten story, you'll probably be well familiar with this slide. But for those of you who are new, I want to just lay a few data points out here to really highlight why this isn't just a PFS. This is a PFS of what is a very critical project on US soil. Why is it so critical? Tungsten. Looking at the left side of your screen there, supply concentration, China, Russia and North Korea account for the vast majority of global mine supply. About 90% comes from those 3 countries combined. And China is the biggest part of that at about 80%. So the Western world and the United States specifically is overly reliant on unfriendly adversaries for this ultra critical metal.

8:31 It's arguably probably one of the most critical metals on the planet right now. We'll go into why that is. Back in early 2025, what really set this all off was the fact that China announced an outright export restriction on tungsten. So naturally what happens when 80% of total global mine supply gets shut into Chinese borders, that creates a severe supply crunch. We're now at the point now where manufacturing is shutting down because of the lack of availability of this critical resource. On the demand side, we're seeing at the same time unprecedented demand growth across multiple segments. The biggest one is defense.

9:17 Tungsten is the most dense metal on the planet and has the highest melting point. We need it to rearmor the United States right now. So there's a huge demand growth expected here as the US rearmors and builds stockpiles of munitions. But you can't do that without tungsten. Aerospace we're seeing growth. Technology, I'd say in the last 2-weeks alone, I've already seen probably 4 or 5 articles on tungsten hexafluoride gas. Effectively, without that gas, you cannot produce chips. So people, technology investors are waking up to the fact that without tungsten, without secure resources and without secure supply chains of critical metals, manufacturing, and the things that the US is looking to do, build data centers, AI growth, aerospace build-out, defense build-out cannot happen without tungsten. So it's an unprecedented time right now. And it's the reason why having the leading advantage in the United States is so important for Guardian Metal resources.

10:22 Timing is so important. We've talked about the metal, how we are experiencing sort of an acute shift in the, I'd say the total global tungsten space, but also from a policy standpoint, so important when it comes to being able to deliver new mines in a jurisdiction. This is in my career the best moment in time I've ever seen to build and push forward development projects of critical metals on US soil. The executive orders that came out very quickly after POTUS was inaugurated back in 2025, set the stage for what this administration wants to do to support Mined in America projects again. We are the direct beneficiary of multiple of these executive orders permitting, funding.

11:09 This is a very perfect example of some of these amazing policy tailwinds that are there to support companies and projects like Pilot Mountain. This PFS study was supported directly by the Department of War and specifically the DPA Title III Investment Office. We're very, very grateful to the entire team for this investment. It has allowed us to complete this PFS study on time, on budget, and now we move swiftly through the next steps. And this support, this investment really helped unlock this watershed study for the business. It's an absolute pleasure working with the Department of War and the DPA Title III office to deliver this critically important project to support United States national security.

12:00 The Guardian Metal Tungsten platform, we're going to talk about who we are, what our projects look like, and then we'll launch into the PFS. As a quick reminder, this is where our projects are located. We are in the very mining-friendly state of Nevada. Nevada is pretty consistently ranked as the either number 1 or number 2 best mining jurisdiction in the entire world. That is so important here. Today's presentation will focus on Pilot Mountain because of the very exciting results from the PFS study. But I want to make it abundantly clear, we are not a one-trick pony. We are pushing forward 2 fantastic co-flagship tungsten assets. Tempehute was the largest producing tungsten mine on US soil in the 1980s and it shut down when China flooded the market back in 1983.

12:49 Significant past producer, both of these past producers. The work streams at Temp-A-Yut have ramped up significantly over the last few months. We've a dedicated team focus there. We now have 3 drill rigs active. I want to be abundantly clear, today's focus is on Pilot Mountain, but we believe Temp-IU is just as good as Pilot Mountain. We're going to continue to get that story out over the coming months and years. I think you'll see ultimately with our ultimate goal of delivering 2 new tungsten mines inside of the current administration or before the end of 2020 is doable because of these fantastic assets that we acquired quite some time ago. Where are they located? Pilot Mountain is about 2 and a half hours away from Reno, Nevada, off the highway.

13:38 And Tempe Ute is about 2 and a half hours northwest of Las Vegas, also off the highway. So location is so incredibly important here as we now move through the next steps to bring these projects into production. We've gone through some of this, but just to kind of lay it out one more time and then we'll launch into the actual details of the PFS. Strategic US mine supply is so important here. There's no active tungsten mines on US soil. We're looking to change that with Pilot Mountain, with Tempe Ute, and the US to support defence supply chain resilience, to support national security, needs a domestic mine source of this ultra critical metal and that's what Guardian is looking to solve for. Economics incredibly robust we've gone through those we'll go through those in more detail that's one of the key takeaways from this presentation from this PFS study.

14:33 Meaningful market impact What we mean by that is we wanted to ensure that from our project and projects, we can satisfy a large percent of US tungsten demand. So When we looked at the resource base, we could have taken a view to effectively lower the throughput at the mill and extend out the mine life. But our viewpoint was, we want to deliver as much tungsten to the defence industrial base as quickly as possible with the confidence that we can add further years to the mine life with all of the other zones across the project. So 4,000 tonnes a day of capacity at the mill, 1.4Mt a year. We'll talk about how much tungsten that will allow us to support the US market with in the first and subsequent years of production.

15:23 Development pathway, Mark's going to focus on this, but so much confidence in what we can do here. Conventional open pit mining, Processing is relatively straightforward via flotation, producing a high quality tungsten concentrate, which believe it or not can actually be processed in the United States. A lot of the critical metals being discussed right now, there's no processing here. Tungsten there is. The only thing missing right now is the mine supply We're looking to fix that and once again at the bottom Rapid payback robust and PV will go into that in more detail throughout this presentation So let's talk about the actual economics now

16:02 But before we do that let's talk about the resource. Because the PFS that you look at, the results that you saw yesterday, are built on the back of an updated MRE and a subsequent MRS. So the mineral resource statement, hopefully you can see my mouse here, is at the bottom right part of your screen. This is the basis for this PFS study. We mentioned the indicated resource growth from December until now. That's really important here because within call it 5 months of drilling, we were able to increase the total amount of indicated resources across the project by 40%. So December 19th was the publication of the previous SK compliant indicated or sorry, previous SK compliant mineral resource estimate. There was 8.69Mt in that estimate. We've now gone up to 12.1Mt.

17:00 We've added a new target zone in Garnet. So we have 2 of the multiple zones now included. A 40% increase is fantastic and we also think this is the starting point. With tremor zone, with everything else going on, a lot more room

17:19 for that. Taking it a step further to really show how advanced this study is, you'll see here 97%, taking the 12.1 million tonnes we have indicated we were successful in converting 97% of that into the reserve statement. To do that, we have to demonstrate that that material can be mined economically.

17:43 11.8Mt in the probable category across both of these target zones with a total contained W03 of over 20,000 tonnes of material. So a ton of success there. There's a lot more to come with Tremor and all the other zones there. Also wanted to flag the cutoff. So we've actually lowered the cutoff from the December estimate because of the price environment that we are in. There's a few sort of knock-on effects of that. So number 1, we do pick up a bit more material, lower grade material because of that lowering of the cutoff. However, we took a view as a company and as a technical team, given the price environment, given our desires to provide as much material as possible, we can lower the cutoff and grab as much material that's known about across the project.

18:31 So the cutoff has implications, we grab a bit more material, it also leads to things like an increase in cash costs. So effectively what that means is each incremental ton at the bottom of the Desert Sheet Light Open pit, the strip ratio is higher as you go deeper. So because of that cutoff you're seeing higher cash costs which is because of an increased strip ratio. That being said we maintain flexibility in a production scenario or in a future scenario where you can increase cutoff, you can lower your strip ratio and bring cash costs down. So just want to flag that we've gone for this particular study with a lower cutoff to grab as much material as possible. But there's flexibility going forward to effectively adjust that cutoff to manage cash cost if that's requirement in the future.

19:18 On top of that, there's about 2.3 million tons of inferred material across Desert Sheila and Garnet. Under SK compliance, that becomes a 0. So there's no credit in this PFS statement whatsoever for the inferred material, But part of the next stages will also be about trying to improve the confidence of this 2.3 million tons. So we can include it into indicated, and therefore it can make it into the reserve statement. So a lot of excitement here. Hopefully that gives you a bit more color as to how this is all shaken out. But the 11.8 million tonnes of probable reserves are what the PFS economics are based on. But I believe there's quite a significant room for growth even beyond that with the work that we are doing.

20:04 So with the resource base now established, we've gone through some of these numbers here. $660 million of post-tax NPV at an 8% discount. That equates to a very, very impressive just under 60% internal rate of return. This is a number I really, really like $348 million of first year EBITDA. That's important. This is a project that can generate a lot of cash. And I think this is probably the number that we're most thrilled about 1 year payback at base case. Fantastic. Moving forward to spot price. This is just for sort of indicative terms to really show investors how levered this project is to the price of tungsten. So utilizing the current spot price for the price as of 12th of June, 2026, the price has actually gone up since then. The price for the spot price you see here is $304,000 per ton.

21:00 As you can see here, these numbers are very, very impressive. Just under $1.4 billion US of NPV at an 8% discount, over 100% IRR. You're hard-pressed to find projects that have north of 100% IRR and first year EBITDA is $569 million USD which is incredible and that equates to just over 6 month payback from first production. So very very impressive numbers at base but certainly at spot price as well. Those are some very, very exciting numbers for the company.

21:36 Moving on to capital costs now. So there's been some questions about the capital costs. So let's spend a bit of time on this slide and really walk everyone through why this came out this way, what this means for the project, what we can do with this capital investment. So first and foremost, non-Chinese. There is no quotes for any Chinese equipment in this capital cost. Given we have received an investment from the Department of Ore, This is a mine on US soil. We made a decision that there will be no Chinese equipment costed out or procured

22:09 for the build out of this mine. That increased costs, but we think the strategic rationale to do that makes complete sense. On top of that, as much as possible, we've tried to prioritize US equipment, equipment that's been manufactured that currently exists in the United States of America. Once again, there's increased cost there, but we think those costs well are worth it in this investment case here. On top of that, this is a very advanced capital cost estimate. We've gone out and bidded for the vast majority of the equipment required for the process plant. That is quite rare for a PFS study. So the vast majority of the process plant, we actually have physical bids in hand right now that we can act on the back of.

22:57 And we've maintained that there's a viewpoint In the future, we may look to build on the back of this PFS study. Therefore, we had to ensure we had quotes for as much of the equipment that is required as possible to give us the flexibility

23:12 in the future to do that. The fourth point here before we launch into it, this entire capital cost estimate was priced out during the Strait of Hormuz being completely shut. So some challenges there, obviously, with global supply chains at the time, even now to that end, but the team did a fantastic job to get so much of this capital cost estimate actually bidded out, bids in hand that we can act on the back of. So with that aside and that kind of groundwork laid out, there's 2 main focuses here of this project and what we're doing here with Pile Mountain. The first one, permit and deliver the mine as quickly as possible. The US needs tungsten to support the industrial base. So that is a clear goal here. We have stated we want to see this project in production by Q4 of 2028.

24:04 To ensure operational readiness, to ensure we can deliver. There's some additional costs included here, which will allow us to get towards that goal. The other thing is we want to ramp up quickly. So as soon as we are in commercial production, our viewpoint was we want to be able to provide as much W03 to the defense industrial base and to the US to support national security. So once again, Some investments we've opted into on the pre-production side to support a very quick ramp up and the direct result of that is just 1 slide above. First year EBITDA at a spot price is $569 million And a big part of that is because of investments in this capital cost to ensure we can ramp up very, very quickly.

24:52 So back to the first point, being able to permit and deliver the mine as quickly as possible. It costs money to do that, but we think the investment is well worthwhile in that case. A few numbers just to pull out here, indirect costs, 99 million, a lot of those costs ensure operational readiness. It will ensure we have the teams in place to support the build out and support the mine once it's in production. Contingency There's just under $40M of contingency baked into the 288. Talking about how we can permit this quickly, We have included $22.5M of closure costs in this capital cost estimate and even things like tailings liners. It seems so rudimentary but a tailings liner, we have $6.5M of investment in a tailings liner.

25:46 The tailings that we will produce in this project are very benign because there is a limestone base. That being said, we want to go through the permitting process as quickly as possible. So making investments like a tailings liner to completely line the tailings gives us a higher degree of confidence that we can move through and permit this as quickly as possible. So opting into things like that increases capital costs, but gives us further confidence in delivering this mine on time. Self-built power. Effectively, we want to be in control of our own destiny when it comes to making sure we have grid power on day 1 of operations. There's other ways you can go that's cheaper, it pushes the cost out. We have $12.5 million to make sure we have invested the money to have self-build options so we have grid power on day 1. We have camp costs, 12.5 million dollars of camp costs. That's to support a 500-man

26:40 camp that we can put close to the project to ensure we have the crews on site actually ready to build this project out. Not all PFS studies will include construction camp costs like that. EPCM costs, 13.5, owners costs, we have just under 10 million dollars of owners cost. So making sure the team on our side is built up and ready to support construction but also production. On top of that we talked about ramping up quickly. We've elected for a $35.3 million pre-production cost And what we're going to do with that money is we're going to strip away a lot of the low-grade material that sits at surface right now, put that into stockpiles for processing at a later date.

27:29 But what it means is that as soon as we get into commercial production, we are into a higher grade part of the mine, which means we can start to ramp up very quickly in terms of the output of W03. But also once again, this shows here when it comes to $569 million of first year EBITDA. That is only possible if you invest $34.3M in pre-production costs. So all of those numbers we've talked about over the last few minutes here, ensuring operational readiness, ensuring we can deliver this on time and ramp up quickly, total $150 million. So it is expensive, but given the economics, given the payback, given the first year EBITDA, we thought as we took a view as an operational team, that that was a worthwhile endeavor and investment in the capital cost estimate.

28:20 And that's I think probably what gives it hopefully a bit more color as to why this estimate looks the way it does. And the most important thing here of all, I haven't mentioned it yet, one-year payback. $288 million $288M investment on the capital side, 1 year payback.

28:39 This whole capital cost estimate is broke down even further at the bottom of this presentation so it will be on the website. I encourage you to go and have a look at that but remember permit deliver the mine as quickly as possible, ramp up quickly as possible, focusing on U.S. Equipment and most of this is bidded. We can act on the back of this. This is a very robust capital cost estimate. The team is very proud of what this looks like and our ability to act on the back of that. We've talked about the quick ramp up. You'll see that I think very clearly here. So Year minus 1, that's 2028 because we're going to start production in 2028. But the first full year of production because of some of those investments we've elected into producing north of 2,500t of W03 in year 1. That's incredibly impressive number. Very happy with that.

29:35 For reference, the United States market currently consumes about 10,000 to 12,000 tonnes of material per year. So looking at satisfying a very material percentage of direct US demand for this critical metal from just 1 project. Remember, we have Tempau as well that's moving forward just as quickly as Pilot Mountain. So just from Pilot Mountain year 1, about 2,600 tons of material

30:01 we can provide to the defense industrial base. So with that being said, I'm gonna stop talking here. I'm gonna hand it off to Mark to talk about some of the mine and metallurgical specifics. Mark, take it away. Thanks Oliver. And I'd like to talk to you today about some of the specifics of the PFS. The company has spent close to $20 million in the preparation of this PFS, 6.2 of that coming as an investment from the US federal government. The project utilizes open pit mining techniques which are straightforward and low risk. Mining will utilize cat triple 7 class haul trucks and 992 loaders which are both common equipments for this size of mine.

30:48 As you can see in the overview plan on the slide, the mine has a compact design with most elements within half a mile of each other. Mine has an 8 year mine life, and there is significant resource growth potential close to the project, with the new tremor zone discovered by our geological team being the most promising in my opinion. Oliver will discuss that in a few slides. Finally, the tailings will be stored in a line facility that should facilitate rapid acceptance by state and federal regulators. That site is one of the best I've worked in in my 40-year plus mining career. You can literally go stand on the ore bodies right now at the site. Next slide, please, Oliver.

31:34 Let's step over to the process plant. The plant uses a conventional oxide flotation method to recover the ore into a high value concentrate of greater than 60% W03 at a recovery rate of 78.5%.

31:51 The recovery rate is in line with other float plants around the world. And the reliable recovery approach we are using is known as the Petroff process and was first deployed in 1940 and is used all over the world today for tungsten ores. We have spent more than $500,000 on metallurgical testing so far and we have produced good concentrates with no penalty levels of other elements So we feel we should be able to sell our concentrates relatively easily. Next slide please, Oliver. Moving now to permitting and the environment. Keep in mind, this is a very remote site, well away from towns, and it is not an environmentally sensitive area.

32:37 So we are planning on permitting a process not being controversial in any way. We already had several contacts with our state and federal regulators and they understand how critically important this project is to the United States economy and have been supportive so far in permitting our exploration work and

33:00 helping us shape our ongoing work programs. We will take the PFS design and use them in preparing our plan of operation, which will form the initial application for mining permits under the federal NEPA process. The site evaluation process is well underway, with most of our baseline work being complete, which includes floor and fauna, waste characterization and cultural resources. You can see at the bottom of the slide a timeline for permitting that shows us Submitting our plan of operation in August of this year, and then receiving approval for the plan in 12 months later in August of 2027. At that point, we would start construction of the project. Following a 15 month construction period, we plan on starting ore delivery to the plant in Q4 of 2028.

33:52 Back to you, Oliver, to discuss the exciting upside resource potential. Amazing. Thank you so much, Mark. So we've alluded to the exploration upside multiple times in this presentation. I'll keep this somewhat short because the PFS is about the resource space we've established already but just do want to highlight once again there is active work stream ongoing with 2 actually 3 drill rigs right now supporting future resource development potential. The map you see on the right, you'll see these red outlined areas here. So the mineral resource estimate, as a reminder, covers the Garnet Zone and covers Desert Sheelight. Those are outlined in red. All of the black areas are high priority exploration targets, multiple of which have already been drilled either by us or historically with confirmed intercepts of tungsten scarn mineralization. Tungsten scarn mineralization. So you'll see there's multiple other targets to go after here.

34:50 The key work stream is obviously the detailed engineering and the mine permitting for what we have in the ground right now, but equal to that is a work stream focused on finding more resources to support a broader and bigger project going forward and extended mine life. So I want to make it abundantly clear how important that work stream is to the business. To give you one example of that, as soon as the drilling was completed for the PFS study in I think it was early May of this year, it freed a drill rig up. We went to the first target zone that we had on our list. The technical team did a great job here. Just very simplistically, you'll see a magnetic anomaly here. This is a magnetic high. This is an intrusion that brought in the tungsten scarn mineralizing fluid. So you will see desert sea light wraps around the northern contact zone of this magnetic intrusion.

35:46 So the natural target to go after was, well, what happens on the Eastern contact zone of the same intrusion? Sure enough, the first drill hole put into the tremor zone, or what is now named the tremor zone intersected 5 distinct, excuse me, intervals of tungsten scar minimization, including a highlight of 4, just under 14 meters of 0.31%. Very exciting first result. We brought another rig in to focus on tremor. We've now extended that zone for 400m along strike. Some very thick intersections have been found in that zone. We put that in a press release a few weeks ago. That's just 1 zone. As soon as we continue to drill that out, we're going to focus and get another rig going on these other target areas as well. So the point is, the resource that you see now we think is the foundation for what we can grow from as we invest the resources and time into drilling and exploring all of these other fantastic areas across the project.

36:50 So we'll summarize and then we'll open it up to questions. So once again, robust economics, that is the real takeaway from this presentation. Fantastic at Current base case pricing, even better at spot pricing, some really, really impressive numbers there at the top. We've gone through that. Clear development profile, hopefully giving you a bit more color as to the CapEx numbers, what's included, why that number is what it is, what it allows us to do. Most importantly, Mark spoke through the conventional open pit mining, standard flotation, processing exists in the United States off a highway. All of these things give us confidence as we now move into the most important parts of this project's history, advanced engineering into a construction decision.

37:40 Strategic US supply. The US needs mine supply of tungsten, period. We have over 20,000 tons of W03 contained, 16,000 tons recoverable right now. If we don't find another MTU of Tungsten across this entire project, as it stands right now, 16,000 tons recoverable. And as we mentioned, over 2,500 tons in year 1 alone, ramping up very quickly, supporting national security interest. Fantastic exploration. We've gone across that. There's more news to come there. So With that said, where do we go from here? We're not gonna sit on our hands, pat ourselves on the back and go away for the summer. We are going faster than I think we ever have with this PFS now as sort of our main building block of this business. We're going to move forward with pace, with confidence through the next key steps.

38:36 Mine plan of operations, Mark went through that, submitting that in August. Tremor zone drilling plus all of the other targets across the project. Advanced engineering results around that, what the game plan is, getting that out to the market so they can understand timelines, what the next steps are, areas that we can optimize this project even further. And that's just 1 project. That's just on pilot. As a reminder, we have TempIU, fantastic asset. We have legacy ore at surface from the 1982 operation, so that is effectively on-site and could be shipped at any moment. That's a really exciting development for us and exciting work stream. We have tungsten tailings from the historic years of operations and mining there. Tailings at our at surface. We are currently drilling those to understand the quantity there, the volume, the weight of those tailings, potentially looking at ways that we can start to deliver production much sooner than 2028, which is when commercial production from Pilot Mountain is expected.

39:39 So more updates to come on those work streams. Drilling, we have not only the one rig focused on the tailings right now, We have 2 drill rigs focused on developing an underground resource at Temp IU. As soon as we have that in hand, straight into an advanced PFS similar to the study that you see here now. And then commercial updates. This PFS unlocks a lot of commercial discussions. That program is led by JT. We have done a lot of work over the last several months making people aware of this story, letting them know this PFS is coming. So now we go back to all of those people, PFS and then here's the CapEx, Here's how much tungsten we can produce and we can start to really rapidly advance all of the commercial discussions we have already been having. As you can imagine, mines in America tungsten is a very, very hot commodity and we need to make sure that we find the best commercial path forward for this project, for this company, for our shareholders. So a lot more to come, a lot of catalysts forthcoming here with all the work streams ongoing.

40:45 And we'll leave it at that. Last thing to say, we've got the team to do this. You've met Mark. There's a huge, fantastic group of people that sit behind Mark and are on the ground pushing these projects forward at the right time. We've talked about the tungsten market. We've talked about the need for Tungsten to support national security and the right location. We're in Nevada, we're in the US, we're off highways. So we have so much confidence now as we now push toward our goal of delivering 2 new Tungsten mines on US soil before the current administration is over. Thank you, Romeo. Awesome, Oliver, thank you so much. Now, just a reminder to the audience, I'm not going to get through all questions today. It's simply not enough time. But I will make sure that we get those questions to the Guardian team so they're able to get back to you afterwards.

41:31 I want to start with one of mine, Oliver. I know the company is saying Pilot Mountain is the only tungsten project in the United States with a recently completed SK 1300 PFS. What does it mean for the folks in the room to be that far ahead of everyone else for where the project can go from here. Yeah, and I think I did mention this, but the PFS study that we've presented now, this is many, many years in the making, right? We acquired Pilot Mountain 5 years ago. We really started, I would say, actively on PFS work streams 3 and a half years ago. That's important because we were in a totally different market then. When we acquired Pile Mountain, we were the only company that bid for it. We took a view that at some point in the future, the US is going to want domestic mine sources of critical metals.

42:17 We took a contrarian view. It was hard during the early years when people wouldn't listen to us, but it means now we have that head start. We have that first mover advantage because the PFS sets the foundation. It's a very advanced PFS. This sets the foundation for the detailed engineering and to get us into a construction decision as quickly as possible. That lead is incredibly important. To be abundantly clear, the US market is 10,000-12,000t a year. We're anticipating a huge amount of demand growth domestically from defence alone. We can't solve this ourselves. We're looking to solve as much of it as possible from Pilot Mountain and Tempoyu. We have a lead, we believe, because of the time and money we've committed into both of these projects prior to the market shift. But it's gonna take us, it's gonna take other companies to solve this. But we think that the story here of delivering and supplying a very material amount is one that investors, and we believe the United States should really care about. And We believe they do.

43:16 I appreciate that. And in 20, and during the current administration, that's the timeline as well. Sorry, I should have mentioned that. No, for sure. That's helpful to mention. I want to go from the chat that I wanted to get in because I think it is pertinent. Bartosz asked pretty early during the presentation, Does the targeted Q4 2028 1st production timeline assume a transition from the PFS directly to construction, or does it assume a conventional defeat definitive feasibility study in between? Mark do you want to take that one? Yeah sure. No, we will be working on a DFS. In fact, since today is July 1st, we started today on it because we had an official end of our PFS work. So actually, the same engineering team is going to be working on preparing a DFS and a front-end engineering report. We figure that's going to be about 9 months of them working on that, but at the same time we have to acquire our state and federal permits. So there's basically a permitting window in here where we're also going to be dovetailing into the detailed engineering work.

44:20 This is exactly the meeting we had yesterday. And getting our engineers to prepare bid documents so we can go out to contractors, get those bids. Because the idea is, there's the timeline is about a year to get the record of decision of the Feds, the BLM, and then we would go right into construction there. But if that means right in construction, That's not, hey, we're going to bid it right then. We got to be bidding many months ahead of it, placing orders on critical equipment, lining up the electrical contractors, all those things. So we're going to have a very busy year ahead of us. But the idea is to get this producing by the end of 2028. That's a big number for us and there's a lot of work to do there. But there's a ton of engineering that goes into it right away.

45:13 Appreciate that, Mark. One question from analyst Tate Sullivan, who's in the chat. He asks, for Pilot Mountain PFS, approximately what percentage of the base case NPV is silver? About 5%. Perfect, thank you. Mark, I'll actually stick with you, because one of the things that stood out to me reading the study, and I think this is the word that you use, but it's certainly true, is how conventional it all is. It's got open pit, standard flotation, concentrates can be processed inside the U.S. I'd love if you could talk us through why that straightforwardness really matters when you're trying to get a mine built into production on this timeline. Thanks, Ramiro. Yeah. There's 2 basic approaches to recovering tungsten. Basically, the tungsten mineral shnelite or wolframite is very heavy, So you could either use a gravity method or you can use flotation. And in our case, the mineral is relatively small.

46:11 So we have to go down a flotation path. There's lots of other places that'll do gravity. So flotation has been literally used since the 1800s. And my back story is it was invented when people washing clothes in coal mines determined that the coal would float. And They went, Hey, isn't that interesting? And we started floating, floating for concentration. So it's hundreds of years old. Our case, we use an oxide collector. So it just floats that material. And you You have to get rid of the Tel sites. So there's this Petra process, this Russian guy back in the 40s invented it. And we're using that. It's used all over the world. The Chinese use it.

47:00 I think a fun fact, the original test work that the previous owners of this project did were in China, and we're using exactly the same process in our test work in North America in that. So it's just a very conventional project. You can easily go to, as we did, to Metso or FL Smith, both giant equipment producers, got them to bid it. And then we can get everything relatively quickly at the size, It's not a huge process plant. So we hopefully we can get all of our, all that stuff. So we have to start placing those orders. So it's just, and then finally with the mine, we're gonna be using a mining contractor.

47:46 Basically all the mining contractors in Nevada use 777s and 992s. So, you can transport them over the highway. So, if you need more, they just bring in more, and there's lots of parts available. So, it's just – we're just right down here. We're in the fairway, right down the middle on finding something that you can operate, but not any weird pressure oxidation or high. It's just really what everyone does in the whole world to collect tungsten. Sorry, I rambled. I'm sorry. No, hey, I'm sure people appreciate the extra context. Certainly why I asked. But JT, I want to get you in here because I know the base case for the PFS uses tungsten prices that's at a fairly conservative 35% discount to where the metal trades today.

48:33 And even with that conservative nature of the estimate, the economics are, as Oliver said, incredibly strong. Why did you choose to model it that way? And what happens to the pictures for folks in napkin math when you run it at current spot price? So there is a slide in the presentation that maps to that current spot price, which is pretty enticing. That's the 101% IRR with a half a year payback. So I would encourage people to go back to look at the deck. As far as how we landed on that price point. So back in November of last year, we commissioned a study by an independent third party expert that covers Thompson globally. And we had them build a bespoke study for us specifically to identify key markets, trends, price, current pricing, price forecasting.

49:22 We then had them update that report in April. And essentially what they did is, or what we did is we looked at their next 10 years of price forecast. We took a conservative base case and we essentially ran down year by year and created an average over the 8 year mine life. And that's how we arrived at the 1973. So it's all steeped in independent third-party experts. It isn't us throwing a dart at a board. There's a lot of art and science behind it. It is a study that was built specifically for input into the PFS. Again, should we go through the complete DFS route, it'll be updated for the DFS to accommodate current and future price forecasts. But that's how we settled on it. We had a study that was commissioned, was updated in April, we averaged, took a conservative case, and that's what we present.

50:20 Awesome, appreciate that. Sticking with you, JT, there's a question from T in the audience. I know, obviously, as we talked about today, I've been funded by the Department of War. But T wants to know, would the Department of Energy also potentially participate in financing or is the core government source, COW? They also want to know if Ex-Im Bank is involved. Yeah, so the government financing picture is complex, but one of the messages that the audience definitely want to get across is that we started this journey about 14 months ago. So we do, I spend an inordinate amount of time in DC, not only briefing our elected representatives, but actually having the conversations on what financing packages could look like. So I'll try and simplify it, at least how I think about it in my head is Department of Energy does have a mechanism that is essentially the old loans programs office, right?

51:17 So everybody in prior administration knew it as the LPO. It has been renamed Energy Dominance Council. There are pockets of money that are more grant focused pockets, but they're smaller pockets, although we do have a significant application that we put in in January. Now that tranche of funding is specifically designed to fast-track the tailings and stockpile at Tempai-U. The old LPOs, or Energy Dominance Council, they really look for projects that have north of 1 billion dollars in CapEx. So we don't necessarily fit that paradigm. And as Oliver made a statement in kind of his closing remarks, We've really focused on the defense industrial base, the Department of War, because of the replenishment needs of the country, the strategic stockpile being depleted, really, and with the current investment that we just fully executed on, this really becomes a DOW play.

52:19 So we do have multiple hundreds of millions of dollars in requests and applications that have been put forward with essentially dip see and so that'll come in a combination of Mechanisms now what I will say about the US government, certainly in the last 12 months, is they brought in a lot of investment bankers to become much more commercial, which also means there's a lot of different mechanisms that are opened up. So if you look at the different spectrums, On one end, you've got straight equity. On the other end, you've got straight government-backed treasury debt. And then there's multiple mechanisms in between. The hurdle that is right in front of us right now is to get sort of the commitment and the magnitude of the investment, and then we'll work through what the structure looks like.

53:05 But this is an active work stream. This is something that we brief all the powers that be. So whether that's a David Copley, a Leland Smith, a Jeff Frankston, And then you can also pivot outside of all of that into the XM world. So Ryan Linder, who is the new CEO of XM Bank, he has been working on compressing their due diligence process. So now that we have a PFS, Oliver and I will be in Washington in a few weeks to run all of those executives and government officials through the PFS and then start to frame what our capital ask will be and how we'd like to see it structured. Given how profitable this business is, we would love to see as much as we possibly can get in government backed treasury debt.

53:55 That's where we wanna go. And then I guess the final statement I would make is, We also have the luxury given the need for Tungsten to run the private capital market sector, right? So traditional project finance banks that is all those meetings are also taking place later this month Coupled with what is the support from our current shareholder base look like so we have a we have a great position to be in that we can run both in parallel and that's how we're viewing how we're going to fund the CapEx. Awesome. Thank you. Appreciate all that detail on financing. For those in the chat asking financing questions, let me know if you have any additional ones, but I think that covered most of the ones that I've seen. Oliver, I've got one for you. And this is premised, I guess, on a question from the chat. That's that the eight-year mine life is built, as I understand it, on only what you've drilled and converted so far. So you've named Trimer Gun Metal and Good Hope as targets still to come, And you just brought Garnet into the resource. How much room is there to extend the life of this operation beyond what we're seeing in this PFS?

54:56 Yeah, I mean, I can't give you a number as to how many years we could extend it by. It's too early to do that. Obviously, the mine life was built around an output that we wanted to target, which was 2,000t of W03 a year. We view it really as a starting point though without giving you specific numbers. I think The map is a really good illustration. You'll see Garnet in that red outline, you'll see Desert Sheolight, and you'll see all the other targets in black dashed lines. Those are all areas that we feel confident in the ability to find new material from those areas. Resource drilling takes time to get to an indicated level. It's very dense drill spacing. That's why it takes time. We've really just focused on the drilling on the PFS.

55:44 We had to get the geotech drilling, the metallurgical drilling, the resource drilling, the hydrogeological drilling. There were a lot of resources, and Mark mentioned US$20M that had to go into developing this very robust study, which means we haven't had the luxury of, hey, let's have 3 drill rigs on the Tremor zone. Now we have that more of a luxury there. So Tremor is, as Mark mentioned, very, very exciting 400 meters along strike. In the announcement, we put out some of the intersections we found there. That's just 1 zone. I can't sit here and tell you it's going to be X or Y, but I can say the first thing that ever attracted me to this project 5-years ago before we acquired it was the exploration upside.

56:30 You have our 4 at-surface, known, drilled-out, tungsten, Copper, Silver, Zinc zones. Desert Sheilite, Garnet in the resource now. You have Good Hope and Gun Metal as well, which we haven't started to drill yet. We've drilled Good Hope, results are pending there. Gun metal is going to be drilled later this year. Then you have all the other targets outside of that. Tremor is a good example. We think we're just getting started here. We're going to continue to invest resources now going forward in that exploration potential and We'll see where it lands, but we're quite excited about the ability to find further material to support the next key engineering studies and the project into production. Perfect. Thank you. I got one question on timing and then we'll wrap up with the road ahead. The question from the chat, they say, given the push by the president administration's desires to mine, do you think the permit could be received sooner than the estimated 1 year and how would that speed up production timeline?

57:29 Yeah, I'll take it because we're working with our regulators. We've, I think we're trying to, everything we're doing here, we're trying to land kind of in the middle of like, okay, this is pushing, but it's realistic. We could see faster, the BLM, we're gonna be meeting with them next week in Nevada to discuss exactly that and then see you know How we can accelerate timelines we don't want to get around NEPA at all. Like we're not trying to circumvent a process Here there's a whole bunch of rules on the books that are actually super important that you do it. And anyway, that's the... So if we could, and knowing it would be a little faster, we could certainly give ourselves a little bit more time. But hard to say, pushing much harder. JT, I see you wanna add in, but technically we are going to try and do it as quickly and as legally obviously as possible and do it right.

58:31 So maybe to cover off from a state and a Washington, D.C. Perspective, I think what the audience should also know is because we have been bringing elected officials and government officials along this journey for the last, you know, call it 15 months, we have always continued to say, hey, if we are going to need to move fast or faster, we may need some assistance. And what has been provided to us in 2026 is a very clear escalation path If we get bogged down in any sort of administration backlog, we have escalation paths all the way through the governor's office in the state. And all the way through Senator Rosen and Senator Cortez Masto's office.

59:17 Specific people with direct lines to these individuals to say, hey, we need to get this moving faster or we would need this or that to continue to push this forward. So we have a very clear escalation path and contacts that have their finger on what we're doing and ready to jump in if need be. Awesome, appreciate that. Oliver, I'll wrap up with you as we're towards the end of the hour. I want to finish on the road ahead. So the company I know in the PFS that it may move to a construction decision off the back of the PFS rather than wait for a full definitive feasibility study. But walk us through the path from here. Permitting steps timeline, what people really should be watching for between now and first production. What are the next big steps for investors in your area? Yeah, and just to be abundantly clear there. So as Mark mentioned, the work streams now are focused on a DFS.

1:00:05 That being said, the PFS that we've developed here that we're putting forward is a very advanced PFS study. So there is optionality where we can look at ways to get this into production sooner, as Mark mentioned. That's obviously a board and a company decision, but the PFS was designed in a way, it was bidded in a way that it's very advanced and we can do things on the back of that because of how advanced and thorough that study is. But really the plan now, Mark talked through the permitting, right, getting that NEPA process started, getting the mine plan of operations submitted, detailed engineering. So there's areas where we think we can optimize this project even further. So those work streams are starting as Mark mentioned, investing in those right now. DFS related work streams. So how can we make this project even better for an eventual construction decision? So lots of updates around All of those bits are certainly forthcoming as we map that out and continue to execute on those various key milestones.

1:01:08 Drilling for exploration, we've talked about that quite a bit today. So results will come out as they're received by the company and I think investors can start to understand what the potential resource opportunity looks like. You've mentioned what's the number. Those results help to start to form a bit of a picture there. And then once again, this is just one of our projects. We have 2, Pilot Mountain, Tempoyut. Workstreams are just as active at Tempayut. We have a full dedicated team there. We have 3 drill rigs running. We have a lot of unique aspects of that project, including the legacy tailings, the legacy ore. We have the infrastructure in place. We have the underground mine development that's been done. We have the high-grade historical underground resource. So you're going to see a lot of updates from Pilot. You're going to see a lot of updates from Temp. You're going to see a lot of updates, I think, across the business.

1:01:58 As JT mentioned, the commercial strategy can really be pushed forward now with a PFS study of this magnitude, highlights the economics, it highlights what we can do with this project. So it's gonna be a very busy 6, 9, 12 months for this business. I've said that before, I'll say it again probably, but our goal here is to deliver 2 new mines. And I think hopefully those who have followed the story recognize that we've said that we've done the things we said we're going to do. And We're going to continue that track record as we push forward through the most critical stages of both of these projects on the way to delivering to new tongues and minds in the US during the current administration. Awesome. I think that's a perfect place to end it off. Oliver J.T. Mark, thanks so much for giving such a thorough presentation, but also letting us grill you.

1:02:50 For the audience, I know there are several hundred of you in the room, so I always at that level say thank you for behaving. But I appreciate all of your time so much. I'm going to send through all of your questions that we couldn't get through today to the team, so they'll be able to get back to you. But appreciate everybody taking time on July 1st and Oliver and JT, good luck with the humidity in DC next month, very brave, you're braver than me. I would have a great day, everyone. Thanks, thanks for having me. Thanks for having me on, adios. You