Scaling Up: Building Value With Every Tonne

0:04 I will say good morning, good afternoon or good evening depending on where in the world you're signing in from. I know there's quite a few people from quite a few time zones, so really appreciate everybody's time today and joining us. It's a very interesting discussion I've got with me today, Ali Haji, CEO of American Tungsten, David Stein, CEO of Cuea Silver, and Brandon Colwell, CEO of Nusinickle. Pardon, gentlemen, how are you? Doing very well. Thank you. Awesome. Yeah, good, thanks. A couple of really quick pieces of housekeeping before we get into the meat and potatoes. There is an interactive element to today's event. There's a chat button at the bottom of your screen. I got a lot of questions for these guys, but we'll try to get to a couple audience questions towards the end. If I don't get to your question, if it's really specifically about one of the stocks here, Please do add it. I'm going to be sending it to the relevant teams afterwards so they'll be able to get back to you. But I'll try and work some into the conversation if they're on topic.

0:54 The other thing I'll say is today's event is being recorded and will be available for replay probably around 1 PM Eastern. It'll pop right in your inbox. It'll be at the same link, but it'll also be available on SIX's YouTube channel. Please feel free to share it once you get it. The final thing that I'll say is there is a request meeting button at the bottom of the screen at any point during today's event. You can suggest or request a meeting with any of the executives featured here today or their teams, please feel free to use it. I will mention that a couple more times as we go through today's event. But let's get into the good stuff because the theme today is building value with every ton. I know each

1:28 of your companies is at a different stage. You've got exploration resource definition, early production ramp up and production with trading operations already generating revenue. So my question to you guys, and Ali I'll start with you if you don't mind. When you think about what value per ton actually means for your business right now, what's the single biggest operational or technical lever you're focused on pulling in 2026 to get that number moving in the right direction?

1:54 Thanks for that question. I think for us, the lever in 2026 really revolves around recoveries. We've had some great recovery numbers from our metallurgy partners, looking at about 94% recoveries on the ore body and slightly less than that on the tailings. And of course for us, the focus is to ensure that whatever product leaves our operation is being sold at the highest grade of concentrate, thereby ensuring that every ton that we sell gains the most value for our shareholders.

2:24 Great, appreciate that. Brandon, I'll go to you for what is that number 1 lever this year?

2:29 Yeah, and again, Thank you so much for this platform and for all the investors taking the time today. For ourselves, I think the single biggest lever for us in 2026 is our trading division. The reason isn't just because it can grow faster than our production side, but because it also gives us the ability to work with many producers across the country and potentially do so at even greater margins than our production side. Indonesia currently has 65 active nickel smelters and 12 active HPAL processors. That is an enormous amount of processing

2:59 capacity and it creates a real need for nickel supply within the country. At the same time, there are hundreds of smaller producers across the country, and that creates a very interesting opportunity for a group like ours that has the right relationships and the right team on the ground to aggregate that supply from those producers for our trading division. And I think that's where our advantage really starts to show. Our Indonesian executive team spent 4 to 5 years working on both the nickel trading and production size of the industry before joining Noosa. So this isn't something that we're trying to figure out for the first time. They had really

3:30 built a network within the country. They understand the dynamics of the domestic nickel market as well, and they know how to navigate this industry in a way that gives us the ability to move quickly and efficiently. So for me personally, the trading division is such an important lever because it gives us the ability to scale quickly, work with many producers across Indonesia and potentially drive even stronger margins, but all the while, while continuing to advance our exploration and production division at the same time. Great. No, thanks for that intro, Brandon. David, I'll throw it to you for number 1 lever this year.

4:03 For us, I think it's going to be just simply mining tons per day. And the reason I say that is because we're very confident about our resource model. The fact that we've got high-grade silver veins

4:21 in our mind. And as you're doing development and as you're doing various things in ramping up, you're gonna take some lower grade, you're gonna take some higher grade stuff and you know kind of all blend it together. There's a lot of timing that you don't necessarily control in the early, especially in the first year of an operation like what we're basically doing right now. But what

4:47 you can control is the throughput and the number of tons that you can pull out of the mine. So really that'll be our focus. I think if we achieve those, if we achieve that, and that'll be the kind of the execution metric that a lot of people focus on because especially with these silver prices where they are, I mean, you don't need a lot of silver in the ore to make money.

5:17 So we're in really, really good shape there. On the grade side, our recoveries are very, very high already and we expect that to continue. So yeah, that's what we'll be focusing on and I think that's what we'll get the most leverage in the market when we when we start showing those results quarter over quarter in 2026. Great. Now, looking forward to that. I've got one for you specifically, because I know the IMA mine just closed a 40 million bought deal financing and the Met work at Sepra Labs returned 94.4% tungsten recovery using that staged Falcon gravity concentration. Result that to me points to a pretty clean gravity amenable flow sheet. But I also understand there's an opportunity to leverage those historical tailings given these met results. So how do these results inform your milling strategy and what is the path to on-site processing look like from here?

6:12 It's a good question. If you look at IMA, you've got the IMA mine, which is the brownfield past producing asset. And of course, when you have something that's past producing, you have tailings. The advantage of the tailings that we found on our site are at a grade of about 0.25T,

6:26 0.2 being the average grade in production today, still quite valuable. We've also got about a half ounce Silver per tonne in there. Given it's been mined and essentially milled down to what looks like bunker sand with little black specks in it, it's sitting on a rompad ready for us to process. And so the production profile for IMA is focused on the tailings that will give us about a 2.5 to 3-year life of mine, generate in excess of US$45M on a US$4M CapEx and then we start to get into the IMA mine. And the IMA mine is where we've seen those 94% recoveries. The grade there is about a 0.67T

7:02 and 2.5oz Silver per tonne plus about 0.15% Moly. So, similar to David's comment with respect to Silver being where it is today, we can extract about US$200 to US$250 in value from that ore that sits within IMA only on the silver and moly. So this year expect to seek commissioning of the tailings processing plant and then we start to look at the commissioning of the larger mine. But having that 45 million in revenue come in from the tailings, of course, will aid with the CapEx necessary to build the IMO mill. No, it makes sense. And I appreciate that extra context. David, I want to throw you on. I know the Camilla plant acquisition,

7:42 to me anyway, you can feel free to disagree, is probably the most transformative near-term decision that Kuya has made. And you're talking about in your first comment, it's all about those tons per day. At 150 tons per day currently in a plan to expand to 300 to 350 tons per day, you're essentially doubling throughput capacity for roughly 9 million all-in, including modifications. So walk us through, just for the folks in the room, what specifically needs to happen at the plant for Bethania Material to achieve optimized silver-met recoveries, and what are any risks people should be aware of between signing and realizing that improvement.

8:30 So first of all, we're not even producing 150 tons per day yet from the mine. So even at that rate, we're not filling the mine just yet, but very soon we will be there. And really, the 350 that we would have by the end of this year matches up with what we'll be expecting from the Bethania mine. So really the idea is as we grow production at Bethania mine,

8:54 we also implement the expansion, the various pieces of equipment that we need to add to Camilla to basically match the throughput that we're seeing at Bethania. So you know that's the idea and honestly it's you know we're talking about very in the grand scheme of things and you know there's there's lots of mines in the world that produce thousands or tens of thousands of tons per day. So what we're talking about is very small pieces of equipment, very cheap that we can bolt on, in most cases while the operation keeps running.

9:28 So very little downtime and very incrementally big leverage for us because it's not a lot of capex and obviously it gives us significant production.

9:45 And yeah, and all the equipment is very standard for milling and flotation. And so it's available for the most part in country already. So it's a very, yes, it's really important. You're right to point that out. It's an important, you know, transformative event for us. But honestly, the expansion is very minor. It's minor engineering, minor, not, you know, very little construction required.

10:17 And, you know, and very, you know, and relatively low risk as well. So I think this is a nice starter operation for us and really what the bigger impact, honestly the throughput is kind of, I don't know, I want to say no brainer, but there's probably a better term for it. But it's very, very easy

10:45 to get that throughput from the mill. Ramping up the mine is the bigger challenge. Obviously, we're up for it and we're starting to get some really good momentum there, as people will see when we report our upcoming updates from the mine. And then you know as we as we look as we look forward you know really the the the benefit of owning our own mill versus toll milling is that then we we determine the schedule, we determine all the logistics, and we take the other risks in our own hands. So, when you're operating with someone else's mill, if they don't do the maintenance and something breaks down and and the whole thing has to shut down Well, it affects you right even even though it's not your fault So now, you know, we feel better as a you know Public company with really good management and and strong management in Peru. We can do a very good job operating this for ourselves.

11:51 And, you know, I'm potentially doing some total milling on the side when we have spare capacity as well. Great. No, appreciate that, David. Brandon, Nusan Nickel, obviously, big year. You entered 2025 as a private pre-revenue company and exited as a producing revenue generating business with a licensed trading subsidiary approved by the Indonesian government. So that's heavy lifting, obviously, for 1 year. So my

12:14 question is, What was the hardest thing about making that operational leap in Indonesia specifically? And what do investors sometimes maybe underestimate about what it takes to run a Nickel operation in that region, in Central Sulawesi?

12:28 I appreciate that. It has been a very busy first 2 years as a private company, as we get ready to list in this quarter on the TSX Venture. But I think the hardest part of making that operational leap is specifically in Indonesia, is that success there isn't just about having the capital or even having a good idea. It's about truly understanding the local communities, the business environment, and the different levels of government you need to work alongside. I think that's where real strength for us begins because of our Indonesian executive team where I briefly already spoke about, but more specifically, with our co-founder, president, and COO, Robert Chandra, who was born and raised in Indonesia, spent his first 50 years living in the country and is still an Indonesian citizen himself. Throughout his career, he co-founded and grown several different companies covering oil and gas, trading, manufacturing sectors before moving to Toronto with his family in 2007 where he currently resides.

13:24 So we have this really unique aspect where he understands not only how everything is done

13:30 in his home country, but more so and just as importantly, how we operate in Canada as well, because the business communities, the way that even we think about investment, it's very, very different. You need to have someone who understands both those sides. So, but even still, it still takes time to build the right relationships and earn trust. Indonesia is absolutely a relationship building business culture and culture in general. It's all about trust, it's all about relationships. So in my view, that's one of the biggest things that not just smaller investors, but

14:00 really all investors may underestimate is that Indonesia's Nickel ecosystem is incredibly attractive, but it's not a market you can just drop into from the West and expect to navigate properly. You have to understand how their people think, how the relationships are managed and how business is actually done on the ground. And it'd be very difficult if you don't know those things to find success in the district. So what acts as a very strong barrier to entry for most becomes one of our greatest strategic advantages for our company.

14:30 Awesome, no, appreciate that. Well, I got one question for all of you actually, and Ali I can start with you. I know all 3 of you have recently either raised or deployed pretty meaningful capital to accelerate growth. And I'm curious for all of your perspectives on as you scale, How are you deciding in this environment when to spend aggressively to capture momentum versus let the project pace itself? And what does a, we'll call it poorly timed, capital decision actually cost you at this stage?

14:59 Well, capital, you know, thankfully, I think the market is 1 in which generalists are now paying attention to the mining and metal space. And that as a result has allowed many of us to raise capital and of course generate the interest of investors that wouldn't traditionally look at our segment. With respect to American tungsten, I would say that specifically to our company and our corporate mission is to be the first producer of tungsten concentrate in North America since 2015. The highlights that we found on the tailings, the grades that they are at 0.25 and 0.5 ounce per tonne silver, The capital of the Treasury of course allows us to accelerate that path to produce from our tailings. We're also increasing our drilling programs to grow our resource on IMA. We're looking at additional methods to ensure larger throughputs for future production as well as modular scalable production mills that will exist on the IMA property once it is in production from the main mine. So the capital that we've raised allows us to really accelerate all those things, as well as bring in the top talent necessary, be it either internal or consultants, that we've now brought onto the fold to ensure that we meet our objectives.

16:06 No, great. Appreciate that. Brandon, I'll throw you the same question.

16:13 Sorry, just looking for the mute button there. So for ourselves, I've looked into both the companies that I'm sharing this panel with, and as I said earlier to both of you, it's fantastic to see the raises that you've been able to accomplish, and also just in general as an investor, it's really nice to see projects going into production. The world needs more mines, you guys have done a very good job there For ourselves in as a private company, we've done all of our current operations on the first 2 million dollars raised So from the very beginning We had to make sure that we

16:44 were good stewards of the end of the money that we were getting from investors, we need to make sure we are prudent with it. But also I believe we've been able to accomplish a lot with a very little amount of money overall. So for ourselves, as we are currently in our RTO financing right now, what's really exciting is that that money, that 3 million that we're currently raising, over half of that's going directly into our operations that have the ability to generate revenue in many different ways. So really excited to be able to talk about that more in the near future here, but also just to see that come to fruition. But for ourselves, I think it wasn't so much

17:17 a question of when we're going to aggressively spend or when we have to pace ourselves, it's more so making sure we have the right amount of capital to be able to stretch that capital over that 2 year period, but get the results that we want to be able to get. In terms of a poorly timed capital decision, what's really interesting about what we have in Indonesia, it's a very, very interesting closed off ecosystem where because of all that smelting and processing capacity, at any time, if we put money into our production services and we're able to get the tonnage, if we're able to go into our trading divisions, we are going to have an incredibly strong demand that already exists inside the country that we can access very quickly. We can get to within a 10km drive and maybe a 150-170km barge. We have 14 active Nickel smelters within 170km for us. So in terms of timing,

18:11 quite frankly, when we have the capital and we're able to do it, the timing is a good time right now because these smelters, there's an overcapacity of them. They're desperate for ore. So again, that just puts us in a very, very strategic position for ourselves. And we're very, very eager to close this financing and begin trading this quarter and be able to put that money to work. Great. No, thank you, David. I'll let you get the kind of last word on this question on raising capital for growth.

18:38 Yeah, well we did 2 major financings in 25 and then the very beginning of 26. And, you know, they were quite different in how we approached them. And I think to answer your question more broadly before I get into the 2 financings, is that It's the management's job to constantly be, kind of litmus testing the market and figuring out what the market is looking for and then make your short, medium and long term plans based on that. And obviously part of that is raising capital, can be raising capital, you know, if you're not cash flow positive.

19:24 So, so, you know, it changes over time and what, what, what's a good time to raise money, what's a good allocation of cash when you have it. That does change over time and you really have to, I think, react to what market opportunities are there because, you know, sometimes things can be overpriced, sometimes things are vastly underpriced. Usually you don't have the money when things are underpriced and you have too much money when the things are overpriced. So that's always a challenge. Specifically with our financing that we did, I mean, the first one was in August of last year. That really addressed working capital you know needs for us to really essentially finish

20:12 the ramp up of Bethania to the point where it would be cash flow positive and self-sustaining. And I, you know, based on what we've seen since then, you know, we really, in a sense, didn't need to raise any more money after that.

20:28 We, the opportunity with the second financing, which was the $25.5 million financing we closed in January, was that the opportunity to buy the Camilla Mill came to us. And

20:46 We chose the opportunity to essentially raise not only enough for that, but a little bit of a war chest over and above, which we've already started to allocate. We've announced a bigger drill program, a much bigger drill program. Again, some of that early on will be funded from cash and then again the mine can take over and start funding its own exploration by the second half of this year. So having that capital is really allowing us to be more aggressive in a market that wants us to be more aggressive

21:18 and produce more silver, find more silver on the exploration side. So I think the timing for us has been really good. It's the decision to raise money is always very difficult, especially for me as a large shareholder. I don't like being diluted, but it's a tradeoff.

21:35 Hopefully a higher share price in the long run because you've got that stronger balance sheet and you can do more things. Great. Appreciate the veteran wisdom there. Ali, I want to ask you just a broad question of all the things you've got going on. I know you've got 2 drill rigs turning on separate levels of IMA simultaneously, auger program across 30 acres of historical tailings, averaging 0.25% tungsten oxide, 0.48 oz per ton of silver, and you've got a 45-year veteran, Max Baker, on board as a geological advisor. A lot of activity running in parallel, and I think this will actually tackle some of the questions that are in the chat for you as well. Really, how are you managing the sequencing so that the tailings work, the underground drilling and the MET program are all feeding into a coherent development timeline rather than kind of competing for attention?

22:23 It's a good question. And of course, any mind build is not a simple task. Otherwise, we would all be doing it and there would be no shortage of product. So in my view, everything that we do feeds into one decision and that's production readiness, right? Without these various teams or work streams at work, we wouldn't have a path to deliver concentrate before year end. Metallurgy is going to ensure that we have a strong recovery, a better understanding of our flow sheet and our product that we're gonna sell to our off takers. The drilling will grow that resource and of course confirm our grades. Tailings is just picking value where it exists. There's an ability here to generate cashflow on a very low CapEx

22:59 using a very simple plan, much like David mentioned. It's not, we're not building half 1 billion dollar projects. The tailings project is about 4 million dollar capex, the mill for the main mine is about 25 million. So in my view, they're not competing, they simply ladder into each other. Max brings a lot of experience to the table, and that's fantastic. He's one of, I would say, 38 people that we have on site working around the clock. And without each of these pieces working in parallel

23:27 for that corporate goal, which is production before your end, you wouldn't be able to succeed. So a lot of credit goes to my team, the way that they're operating, and the governance with which they've continued to report progress to me on a weekly basis. Great, I appreciate that. Just a lot of moving parts, so I wanted to get your perspective on how it all comes together. David, I got one for you that's also reflected, I think, a bit by Tell's most recent comment in the chat. I know you reported record Q4 production

23:58 last year, strategically deferred processing that fresh high-grade material at 9.2oz per tonne silver to avoid blending it with the lower grade stockpile. And as just discussed, closed that 25.5 financing for the mill. So that's company to me, managing a ramp with pretty good discipline. So what does the production trajectory look like through to the end of 2026, once Camilla is under your control and this ramp up continues?

24:30 Whether or not we had closed Camilla, which we are very close to doing now, but even before that we were looking at achieving the 350 tonne per day by the end of this year, and we still are. And so it should be a relatively slow and steady ramp up until then. The importance of the 350 for those who, haven't followed the company is that was what was designed and engineered in our PEA, which was a few years ago. And we're still working on that basis. That's kind of what matches with our permits, etc. So it's a good starter operation for us. And, you know, for those of you who've seen some of my corporate presentations, you'll see that we've got some pretty aggressive growth plans beyond 2026

25:20 to double and triple production after that in the coming years. So this is going to be a very, very big, I think a very big silver mine in a few years. But for now, we're focused on ramping up to 350 tons per day you know and that that would produce somewhere between 1.2 and 1.5 million ounces of silver per year very profitably so we make a lot of cash flow doing that And that cash flow obviously can be reinvested to further growth, both through exploration and production expansions. So that's really the plan for this year. Great. That's a good time to be in the selling silver business for sure. Brandon, I got one for you. I want to talk about the trading subsidiary, because I think it's a relatively unusual asset for a junior company to hold. It gives you the ability to source and sell third-party Nickel material across the value chain. So intermediates like MHP, MPI, Nickelmat, Fair nickel, etc. How much of your near term revenue and margin contribution do you expect to come from trading versus direct production? And how does that ratio going to shift as production keeps scaling?

26:29 Yeah, I appreciate that. And, you know, our trading division, like you said, it gives us, our company, a differentiator that really you don't find in many junior mining companies. But more importantly, it also creates a diversification across both our potential revenue streams and overall growth strategy in general. I think it's important because a lot of people may be new to Indonesian nickel or not understand that market very well, to take a little bit of a macro look where it's important to understand and explain the unique closed off nickel ecosystem that Indonesia has built, which is a big part of how it became the number 1 nickel producing country in the world by such a wide margin. Last year alone, Indonesia produced around 65% of the world's nickel production. So by far the king of Nickel currently in the world.

27:17 There are 3 really important key components of this ecosystem. There are the producers, the Nickel traders and the smelters or processors. The producers mine the latter ore and typically sell FOB to the traders. And then they have relationships with the smelters and the traders then sell that ore to the smelter on CIF terms. So when Indonesia banned the export of nickel ore back in 2020, it drove billions of dollars of investment into the domestic nickel sector there. That has since created an enormous build out of smelting and processing capacity. And as a result, there's now a very strong demand for nickel ore and smelters can pay a premium that in some cases reaches up to 100% of nickel spot price. In Indonesia, it's the HPM price. That premium is then shared across the chain and helps incentivize traders to go out there and secure supply for the local producers.

28:09 So by obtaining our nickel traders license, we not only have the ability to participate both in the premium on the producing side and then selling it to our own trading subsidiary and now getting double aspects of that premium. But it also creates a standalone business opportunity. We can now leverage our local producer network to aggregate ore for smelters and processors and that we already have relationships with. And we've already starting to see a lot of interest from that because again, our executive team in Indonesia, they were nickel producers and nickel traders for several years before even joining our team. So they've got that network already of all these small mom and pop producers that some of these smelters may not give a lot of attention to, because it may not be enough ore for them to really spend all their time getting from that one producer. But if you can aggregate a bunch of these producers together, now you're starting to have a business where they want to do business with us as the trading side and we'd go out to the multiple producers and be able to bring it to them. So a very, very interesting element for our company.

29:07 And again, that's what I was talking about earlier, multiple potential revenue streams. And I saw Tata in the comments there talking about, do we want to lock in prices? Interesting about Indonesia is that at any time the nickel prices is very up and down. These premiums are also varying. So if that price is starting to dip, these processors and smelters, they can't afford for the supply to stop. Their whole game is get the ore in, make out the intermediate product like you mentioned. The biggest ones there are nickel pig iron that goes into stainless steel and nickel alloys or MHP, mixed hydroxide precipitate, that goes into battery grade metals, but can also be further refined into Class 1 Nickel. And they then ship that back to Asia, and that's where they start working on the downstream and the end product manufacturing. That's where they make their margins. So they're willing to give that premium above spot just to ensure that we keep that flow of ore coming.

30:01 It's something that's very, very unique to Indonesia. But on top of that, that license also gives us the ability to broker those highly sought after nickel intermediate products outside of the country, which has already started to generate initial interest from groups who reach out to us from Hong Kong, the US and the EU. So to answer your question directly, I believe the trading division becomes the larger contributor to our near-term revenue and our margin profile simply because it has more ways to scale. It can be done so faster, especially than what we would do in just the production side alone. Great. No, yeah, it's an interesting mechanism, which is why I wanted to ask. I hope folks in the audience find that interesting. One of the more unique ones in the world. Yeah, it's interesting. I'm very curious. Ali, you are lucky enough to get to talk about politics with me right now to scare your IR team. But I know your investment thesis obviously relies on the fact that there, as you said, no domestic US tungsten producer at a moment when China's banned exports, tariffs, critical mineral supply chain has made that position really structurally valuable. And the US government has signaled in both policy and capital at basically every level that it wants a domestic tungsten supply chain yesterday, you know, like as fast as possible.

31:11 So I think you know what's coming next, but how are you thinking about engagement with US federal programs and state level partners in Idaho? And how would government support change what's achievable over the next 18 months as you get to production? So I would say, you know tungsten being critical is one of those rare metals that's that's now intersects it intersecting between economics and geopolitics It's a critical metal that's required for defense purposes, but also for AI development, data centers, nuclear. Its uses are quite plentiful. So we look at government as a force multiplier, not a dependency. It's fantastic that the government's doing everything they can to bring production online in the United States for this very critical metal. We've had nothing but great government support with respect to the 25.5 million US that we received from ExSim and an LOI that will convert after we have our PEA in place.

32:02 We've also done a ton of work with the state government. So I've spent time with the congressmen, the senators, the governor, the lieutenant governor, Department of Commerce, folks in Lemhi County, the county commissioner's office. We've had a high level of government engagement, not only in DC, but in Idaho as well. And while the government looks to deploy capital, they've certainly increased the timelines in which they've done so relative to historical precedents. However, for us, as I said, it's a force multiplier, not a dependency. We've got a corporate objective to be the first producer. The government has assisted us with the Ex-Im letter of interest. We're also working with the various government agencies, both at the federal and state level, to receive additional funding to us. And what that would do is ultimately just put an accelerator on our path to production or look to double our production strategy.

32:54 It is certainly not a crutch. It is not something that will slow us down from our goal here. And having the treasury that we have alongside the catalysts that are upcoming for the company. It's either the government converts in a timely fashion, and I suspect they will given our engagement with them, or we go to the equity markets to raise the necessary capital. I appreciate that. It's a force multiplier, not a crutch. I like that as an answer. David, I want to throw 1 to you because I know you expanded your drill program. I know we've talked about some of the other pieces, but you expanded your 2026 program Bethania to a record 20,000m, doing underground from existing levels with surface drilling targeting regional systems Carmelitas, Tito PH and Melacocha. For investors trying to understand what success would look like this year, what type of results from those regional surface targets are going to change the scale conversation for Bethania?

33:51 Look, I think it's going to be very obvious because we are mining. When we report grades from drilling, you'll have the context of the ore grades that we have at the mine. And when you see intersects that are significantly higher, yeah, it probably won't average that, but it's a very, very good sign. So that will be 1 measure of success. I think at the Bethania mine itself, that's the lower risk drilling where you add ounces more quickly, where you're looking at adding to the mine plan almost immediately. So I think there's certainly success there, which is very important.

34:42 Not necessarily a game changer, But because we haven't done any drilling in 5 years, just the fact that we can drill 50 meters down and prove that the veins are continuing and the grades are good and the widths are good and we can go and mine that, I do think that that could be a huge catalyst for us. Just because the market expectations are relatively low. In terms of the regional targets you mentioned, we're still in the process of, we're probably gonna choose 1 or 2 of those to drill out of the 10,000 meter regional program we approved and mentioned in that press release. I think any discovery there any significant again grades and wits relative to what we mine right now could be massive massive win for us because again because the market isn't really expecting anything. You know, if you look at the way, you know, we're valued versus our peers, you know, I think adding resources and adding even a zone that obviously will become resources, even if it's not gonna be right away, because you do have to drill and then you have to write reports and modeling and it does take time before those become officially 43-101 ounces.

36:03 But just the process to get there, I think investors will get it when they see our results and start giving the company more value for it. Great. Appreciate that. Brandon, I got another one. I keep asking you about unusual things that you're up to. So pardon me. This is another opportunity. Another in that category. Yeah, is the Yenchen Indonesia Nickel ecosystem, I think a little unconventionally for North American by becoming a third party producer on an existing mine permit. I think a lot of investors might not be familiar with that route. So could you walk us through the strategic thinking behind that entry point and how you're positioned to scale from here based on that entry? Yeah, absolutely. Appreciate that. And it was really important to us that we wanted to provide our early investors with what we believed was the most risk-averse way to enter Indonesia's nickel industry.

36:53 So our Indonesian executive team brought us a known 2,641 hectare mining permit and sent it to the West Sea, which is the country's number 1 nickel district. Now, before I go further, I just want to say and stress that these numbers are about to say should be treated as historical as they're not a resource prepared by NI 43-101 standards, but there was a jork done in 2019 on this property on 345 hectares of it. And it outlined 44 million metric tons of indicated resources and 38 million metric tons of proven reserves with a 1.3% cutoff and an average rate of 1.5%. So that gave our company a very strong confidence that there is a high likelihood that there's meaningful nickel in the ground on this permit. The mining permit in itself is known as a production operation EAP, which in practical terms means that the area has already been shown to host Latter-Rich Nickel mineralization.

37:49 This is unlike what we see in claims in North America. This is somewhere where they've done some level of maybe a bit of a jork or other type of technical report and proven to the government that this is an area that's worth putting into production and the government's given the stamp of approval for that area. So in Sulawesi specifically, these deposits sit within a large nickel bearing ultramafic belt that have been weathered over millions of years in tropical climate. And that's concentrated nickel in the soft near surface lateral ore or in non-geologenese, It's basically 30 to 50 meters of highly mineralized dirt and soft rock that you can quite literally crush in your hand. I was there in August of last year for my second visit there. And the majority of those rocks are so weathered, you can pick them up in your hand and just crush them. And it's that geological setting that's a big part of what makes these deposits so attractive from a mining perspective and how Indonesia has been able to grow so quickly. Just to talk about really quickly about the simplicity of the production, you essentially use an excavator, you dig up this 30 to 50 meters of dirt and soft rock, you mix it to a desired nickel concentration, you load it onto a dump truck, you drive it 10 kilometers down the road, you load it onto the barge, you get paid after your PSI test is done, you wipe your hands and you repeat. Then from there, our trading side or the trader that we're selling to then takes that and from where our operations currently are, there's 14 active nickel smelters within 170 kilometers of us, all accessible by coastline on a barge. It takes about 2 to 3 days to get there.

39:14 So again, the infrastructure and the ease of production and the amount of production possibilities there is what really has made us an attractive investment opportunity and why we made our way there. So by obtaining a production license and tapping into an existing mining permit, which is actually a very common model in Indonesia, it allowed us to enter into a proven deposit with infrastructure already in place. Ultimately, it was a key reason why we were able to reach production on the first $1.5 million raise and within the first 15 months of being a company for revenues of $342,000 Canadian on our first bulk sample of 7,500 metric tons, 1.5% nickel. So it's very clear to us that not only do we have the right game plan, but more importantly, it provided investors a revenue generating proof of concept that now we can build upon. Because I think it's really important in this world, all to all those companies who can spend the years and build it out and be able to take it from just a thought all the way to production. It takes a lot to do that around the world. And for those companies like the ones we're talking to today, again, congratulations to be able to do that. It's an amazing feat. For ourselves, we really wanted to have a story that even before we went public, we had this proof of concept that was built out. We can showcase that our management team was capable of going into production and navigating the nuances in the industry in Indonesia, where now when we're raising this $3 million for go public financing, it's not all about how far can we scale this and where can we

40:45 take this, which is an exciting thing I'd like to continue to talk about, and especially start proving it to investors. So as we grow, we now have this ability to expand across the existing mining permit that we're currently on. But also our production license allows us to operate on any other existing mining permit across the country. And I believe that gives us a level of diversification and flexibility that I think is very valuable on the production side. With that said, our long-term goal has always been and will be to acquire our own mining permit. I believe that's something that we can pursue in the near term with the goal of proving a large resource and then putting that into production for a fraction of the capex many investors normally associate with building a new mine, especially hard rock and a fraction of the time as well. So what makes this especially compelling is that we intend to pursue that while we still have this revenue generating production angle in place and expiration alongside an entire trading division bolted onto that. So instead of building out this towards a single future catalyst, we believe we can advance multiple revenue streams and multiple pathways for growth at the same time, which I think differentiates Noosa from many of our peers.

41:57 Great, so I appreciate that. And Ali and David, I've got a question for each of you on, really, I think the title of today's event, Building Value with Ton, but talking about your non-core projects. Because I know, Ali, I'll start with you. You recently completed a minority investment in Viking Mines in Australia. So the short-term thesis for American Tungsten is concentrated in that near-term production at IMA. How does a multi-jurisdiction portfolio compound value per ton over the medium term? And what did Viking offer, either technically or strategically, that made it the right addition at this specific moment rather than in a year? It's a good question again. IMA is the near-term production engine That is not changing. That is simply the focus of the company. Viking Investment is about compounding values per ton at the portfolio level over time.

42:45 The reason timing mattered, it was an early investment into the organization, sort of getting into the ground floor. The assets showed a lot of geological and strategic strengths, including being past production assets with grades similar to what we have over at IMA. So when we saw the Viking portfolio, it attracted us as a result of potentially mirroring or replicating the low CapEx production path that we're using at IMA, but also gives us an optionality on the asset should we look to either bring in feedstock or increase our exposure in terms of production pipeline. So it wasn't about shifting focus, it was about building the next layer of growth and doing it now rather than 12 months from now. It means we got in at that earlier valuation and the funding that we provided the company, which is about 750,000 AUD, is worth about 4 times that today. So we've done a great job of investing at the early stage and allowed the company then to bring up the valuation through work that has been done on the actual asset itself.

43:47 So strategically, I think it positions us more than a single story, a single asset story. Brandon's building production and trading. David's doing, you know, Peru and Saudi and Silver King. So optionality and pipeline depth is generally rewarded in the market. And that's why we opted to make that investment. Perfect. I appreciate that. And David, in the same vein, as Ali just mentioned, I always talk to you about Bethania, Bethania, Bethania, but you do hold the Silver Kings project in the Cobalt, Ontario Silver Camp, where an underground drill hole returned 494 ounces per ton of silver over 3.34 meters. So you're operating in Peru, joint venturing in Saudi Arabia, and now about to be controlling your own processing plant. How do you keep Silver Kings in the conversation, basically, while Peru is going to be consuming a lot of capital and your bandwidth I assume?

44:40 Well look, strategically we do feel that the Silver Kings project could have immense value. We don't necessarily wanna keep it in the conversation too much because the Bethania story is so good that we really want investors focused on that. And With that being said, we did, I think, our team together last year, we figured out a very innovative way to potentially move the Silver Kings project forward. We're working on that now. Although we've had some tremendous exploration success from the drill bit, it is a difficult place to drill because all the easy stuff was found by the old miners 100,120 years ago. So you're really looking for blind targets, which we have found, as you mentioned.

45:39 But it can be difficult and there's a lot of meters of drilling that go to waste when you're looking for that. So what we're doing in the meantime is we're really studying the above ground sources of potential silver and cobalt there. There's 2 major sources. So one would be the stockpiles that were left at the previous mines, which there's dozens of them on our property. And then the other one would be old tailings as well. And, you know, the most recent tailings we have would have been from the 60s. So you're looking at 50 years ago. And then we've got more that was some that's even older than that. So when you do when you're 50, 60, maybe 80 years ago, you're not recovering all the metals for sure.

46:26 And and so then it's a matter of how much is left and what processes can you can you look at today modern, you know, in 2026, to recover more metal, and potentially make a very low capex project and environmental reclamation at the same time. So that's something we'd like to do and then if you know if you if you think about a project that could be generating its Own cash flows then then obviously that opens up a lot more flexibility on doing more of that exploration drilling To discover new silver deposits, potentially new silver mines in the area. We've got a massive property package there. So quite possibly, we believe there's probably multiple silver mines potentially on our property, But a lot of exploration needs to be done to demonstrate that. Great. Makes sense.

47:23 Brandon, I'll get to you because I know NUSA is preparing for, as we talked about already today, a TSX venture listing through reverse takeover in Q2 of this year. Obviously, sustaining investor attention on a Canadian exchange is harder than listing itself, I would say. So what's your IR strategy once you're public? And how do you plan to communicate the Indonesia opportunity to a Canadian audience? Well, overall is more accustomed to, let's say, Timmons Gold story, BC Copper story, et cetera. What's the comms plan is really my question. Yeah, absolutely. And for myself personally, this is where I specialized over the last 10 years. For the first 8 years prior to starting Noosa, I co-founded and operated 2 full-service marketing firms within the capital market space. And during that time, I interviewed hundreds of executives. I worked with dozens of different companies, especially in mining, and communicated with thousands of investors. And I learned very quickly that what investors are looking for in an investment and maybe just as importantly what they don't want to see. And time and time again it always came down to how a company communicates with its investors and with the market that played a large role in the success of that story. A lot of companies, whether things are going bad or good, they stop telling their story. And what happens is that now your narrative is being told in the chat rooms and your narrative is being told with other investors. And from my experience, 90% of the time or more, those opinions and those narratives are either completely incorrect or at least somewhat incorrect. So as a company, you

48:53 need to understand that. You need to be in the course of all this. And you need to be able to narrate your story but be there for your investors. And on that note, one thing I believe our current investors can attest to is that even as a private company, I would write multi-page reports on average every 3 months or so, updating them on our operations. And not just the good, but also the challenging areas that we had to go through as well. Because I believe that type of communication matters if you want your investors to feel like they're part owners in the company. That's what you are. If you own a share of a publicly listed company or private company, you are a part owner of the company. I want them to understand that instead of just thinking this is another ticker in their portfolio. I believe that's how you build strong long-term relationships with investors. And again, I've been able to see this and thank you to all of my investors who are maybe watching this right now or later, where in my second and in my RTO financing that's currently open right now, I'm seeing 40 to 60% participation rate from my earlier investors. So every single time as the share price has gone up and the value of the company has gone up, they've rewarded us by not only communicating with them, but succeeding at what we told them we would do. And now I've got people who have come into all 3 of my financing rounds.

50:06 I love to see that. It makes us understand that we're doing something right. So again, thank you to those individuals. Now, as for how we plan to communicate our story to North American investors moving forward, I understand the importance of being on platforms like right now, like with 6, where I think you guys have a really strong network of investors and who are willing to take the time to actually and really understand a company. We'll also be on legacy mining media platforms like INN, the Northern Miner, Investor News, these groups that have long-standing reputations and strong SEO on their sites to help lay the foundation of a story with investors because as investors are looking your company up they should be able to see you in many different forms and many different avenues in which they would recognize. We'll also be working with Latimer as our market maker right out of the gate. And personally, we'll have a robust network of marketers and investor groups that we'll be utilizing to help bring attention to the stock, but also help increase awareness around who Nus Nickel is, along with the broader landscape of the Indonesian nickel industry.

51:06 And then lastly, I think it really matters that the Canadian government is beginning to help pave the way for greater investor awareness as well through its bilateral trade efforts with Indonesia. We had Canada sign its first ever bilateral trade agreement with Indonesia that has now gone through the second reading in our House of Commons and passed with a vote of 322 to 1. Historically when that happens that's very likely to come into law and to me that sends a clear message that at the highest levels of our government, there's a recognition that Indonesia is an economy Canada needs stronger access to. And if you take a macro look at this and look at the United States and the EU, they both signed and or finalized their first ever trade agreements with Indonesia within the last 6 months. So it's clear that the West understand Indonesia is an economy that we need access to. While at the same time, with Indonesia signing all these agreements, it's very clear that they want to work with the West as well. So for Newsom Nickel, specifically on the Nickel side, we are the only North American production license and the only North American traders license that is now a conduit between connecting our nations at a time where the highest levels of our governments are looking to do more trade with each other. So again, I think it's a really important investment thesis for any investor who is currently invested in us or anybody watching this now who would like to find out more information about our company as well. Great. Thank you. I got one interesting political question from the chat. So unfortunately, Ellie, it'll mostly be for you, but to some degree, I think it'll speak to

52:36 some degree to Brandon as well. But then I'll give you all a chance to pitch what's up in your companies for the next 12 months. So this is a political optimist, which I don't see in my chat very often. So it's always interesting to read those. But wondering, basically, and Eli, I'll start with you. Obviously, the thesis relies on the bifurcation of a global market in Tungsten to some degree. And Stephen from the chat wants to know, what assurance has the US government given you that they're not going to fall into foreign dependence again? What if the world all starts getting along again and relationships with China mend, all these export bans stop? What happens basically at that point, if that's possible to happen? Yeah, it's a fair question. I think everybody playing nice is an argument that I receive on an ongoing basis or almost a daily basis. You know, if China were to play nice again, what happens to everybody that's trying to produce this critical metal in North America?

53:26 Well, there's a couple of things wrong with that strategy. One is China has 50% of tungsten production globally, but processes 85%, much like they do with everything else that's critical. All that 50% production that they are responsible for, the mines in China have declining grades. And as a result of that, everything they're pulling out of the mine ends up being required for domestic use. And as a result, they're not looking to change that narrative anytime soon. The second supporting strategy around that would be the price. The price has moved up as a result of scarcity. We've seen prices increase for other commodities before. But when they do come down, they have a new baseline, and that new baseline will support production strategies in North America. Lastly, in terms of why would we, or if we were to put this out, globalize and offshore and outsource all of our strategic requirements.

54:19 That has now, that narrative has entirely changed. I think the lessons learned here are extremely painful. And we've seen that the government is acting with support to ensure that we have the ability not only to process but mine, mine by providing companies with funding to go out there and either look for the resources or restart, but processing being the larger one. You've got 3 major APTs in North America, GTP in Tawanda, Pennsylvania. You've got Kenna metal in Alabama and Buffalo tungsten in Buffalo, New York. And the BC government is now contemplating a $1.2 billion investment to put our own APT on the North American continent. So I think the lesson has been learned. It's been harsh. And even if China were to miraculously increase their grades and increase their production, bringing an on-shoring critical strategic metals is not going to change. Great. I appreciate that perspective.

55:12 And Brandon, I'll give you a kind of sideways version of it, because As you pointed out in the chat, and it's true, Indonesia is the new sheriff in town for Nickel. They can make BHP shutdown mines in Australia if they want. They can increase the price if they want. They're really the boss. How long do you see that being the case? Is this a new global reality that Indonesia sets Nickel prices? Where do you think that goes and what does it mean for NUSA? Yeah. And just really quickly, just to reflect on what Ali said, I agree. For any country to think that they can outsource everything in their supply chain is very foolish. You need to understand where you can do the entire supply chain from the the that everything from the upstream all the way down the downstream, or you decide where you wanna be able to focus, like what China does, if they've been so successful at this, why don't we start emulating it where there's at times where you can find intermediate products in other areas. You're not just reliant on the end product or that the most refined product, you have the ability to still have that refining back in home.

56:08 And I have a reason to explain that in just a moment. But in terms of what your question was there, Romeo, is that I don't see Indonesia going anywhere anytime soon. The reason why I start looking at the just vast amount when you go there, you'll see where you you're you're sitting on these deposits. You realize everywhere you're looking is lateric nickel. It just depends on how much and where. And although just like in China and with anywhere, once you start taking away that higher grade nickel, sooner or later you're gonna start getting to that lower grade. That's going to happen in Indonesia. Well, 70% of a given deposit on average is limonite. That's 1% to 1.4% nickel. Right now, the main focus in Indonesia is that 1.5 percent above saprolyte that's going to 65 active nickel smelters. But we just saw a change in 2 years from 6 HBAL processors to 12. Those are multi-billion dollar HBAL processors and every year they're able to start producing and starting to be economical on lower and lower grades. The reason I bring that up is that as we are looking to MHP where at first that was for battery grade metal, what we're starting to see now is that we're seeing that MHP being further refined into class 1 nickel and class 1 nickel is what you need for your planes, trains and automobiles. And like I said earlier, anything you would do with national defense or advanced electronics likely needs class 1 nickel.

57:28 So where I'd like to bring this back to where I think it was Steven was asking that question is that. Right now, there is no inactive nickel smelter in the United States, but there is one that is a pilot program and that is now building up their their mine, I believe, is in Oklahoma, and they're taking the same mentality I just spoke on. They know that it's very difficult to do the entire supply chain, specifically for nickel. There's some great companies in Canada. I hope they succeed and hope to do very well. But for them, their feedstock is actually going to be MHP. And they know that Indonesia currently produces 90 percent of the world's MHP. So if they can begin gaining access to that MHP, yes, they didn't get that entire supply chain, but what they're able to do now is gain access to the intermediate product, and now you're starting to get those margins of doing downstream refining inside the United States, And then you can do that into the manufacturing of the end products as well.

58:22 So again, it's not about making sure we do everything inside the house, that may not be possible at times, But what part of the supply chain can you bring into your country? And you want to do as much as you can, as well as going to those upstream as well. You can do more than 1 avenue at the same time. I think that's the right way to go. Awesome, appreciate it. Now with 3 minutes left, you each have 1 minute. I'll throw it to David, you first, to basically what's up next at Kuya and why should investors take a look at the company right now? Well, I think the big thing is that if or I should say when we deliver our production growth this year that's planned, there should be a massive re-rate. And, you know, that's not just coming from, you know, the CEO hoping for a higher share price.

59:10 If you look at our peer group, you know, silver companies that are, you know, a year or 2 ahead of us in terms of in terms of their ramping up new new operations or restarting operations. You know these companies are worth you know over 1 billion dollars I think is this 1 billion dollars is probably the smallest one and then some of them are worth you know 2 2 billion plus. So the prize is huge for a new silver producer because there are so few of them. And in fact, we're even more silvery than than our peers. We're you know, we're We're seeing at least right now 90% of our revenue from silver, whereas most of our peers are more in the 50-60% range. So that's really it. Watch the space, watch the quarterly results, watch the production updates, watch the exploration as we sort of backfill our production pipeline for the next 10 plus years with new exploration.

1:00:10 All of that will add to the multiple that we're going to trade at of cash flow or NAV or whatever metric you want to use, it's going to be multiples higher than where we're trading today. Great. Thank you, David. Ali, I'll throw it to you for what people should be looking for American tungsten. I think for us, the re-rate comes when we clearly demonstrate a path to near-term domestic production in the US. That is imminent. We've shown an asset with high grade. We're about to put out our resource study and then our PEH shortly thereafter. People can then do the math. What shifts this from exploration to strategic asset is really that big kicker. It's now a development asset that's on path to actually produce. So ultimately, it's not about the tons that are actually recoverable, it's what we end up selling and the amount of revenue we will generate as a result of that and the fact that of course, tungsten is extremely strategically relevant.

1:01:03 Perfect. Appreciate that. Brandon, I'll let you close us off. What should people be looking for news of this year? Absolutely, and with us going public very soon, I believe we have a re-rate coming up. Is our post-money valuation of only around 12 1⁄2 million after this $3 million financing is finished. I believe we have a very strong runway of growth with not only building out our production division, not only on the trading side of domestic nickel trading, but it also feels highly set after intermediate products in which we're already starting to have discussions on. But then also as we grow, our ability to go out there and acquire our own mining permit and do the song and dance investors are used to, showcasing nickel in the ground and being able to take that into production. All these things can be done and put into process within the next 12 to 18 months. So I think that's what's really exciting here. It's not looking for just 1 avenue. There's multiple avenues for growth. There's multiple at-bats, and these at-bats are revenue streams, as opposed to just living and dying by the drill bit. So a lot to look over, and I appreciate Romeo and everyone else for the time today and all the investors here.

1:02:02 If you want more information, that button Romain, you mentioned at the beginning, request a meeting. I'd love to speak to investors after this as well. There's a lot more to be said. Awesome. And yeah, while I'm wrapping up, please do hit that request meeting button and select the companies you'd like to meet with afterwards. But I'll say David, Ali, Brandon, thank you so much for joining us. I know this was a long conversation. I think we got into a lot of details. I really appreciate you guys letting me grill you. And for everybody in the chat, thanks for great questions. Like I said, I knew I wasn't going to get to many today, but I will make sure that I send that list to the relevant teams and they'll get back to you on the really specific questions that you asked. But everybody, I hope you have a wonderful end of your Friday and good weekend.