Nova Minerals Corp (NVA) Earnings Call Transcript & Summary

Hello. This is Craig Brelsford with Red Chip. Thank you for joining today's event with Nova Minerals, which trades on the NASDAQ under the ticker NVA. With us today, we have Christopher Gerteisen, Executive Director and CEO of Nova Minerals. We will begin with a brief presentation in a moment and then we will open the event to your questions. Welcome to everyone joining us today on Zoom and across our social media platforms. To submit your questions, we invite you to join us on Zoom, use the link provided. Once in Zoom, click the Q&A button at the bottom of your window and type your question into the text box. And a brief correction here, the Nova Minerals trades on the New York Stock Exchange American earlier I erroneously said on the NASDAQ. They trade on the New York Stock Exchange American. Now before we begin, please allow me to read the safe harbor statement. This call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, along with other statements about the future expectations, beliefs, goals, plans or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact should also be considered forward-looking statements. Of course, forward-looking statements involve risks and uncertainties. Chris, please go ahead.

Thanks, Craig. Appreciate that. So we'll get started here. The presentation will be quite thorough for any newcomers to the Nova Minerals story as well as we'll dig in a bit deeper for some of our more long-term holders and elaborate on some of the recent updates. The typical disclaimer as Craig elucidated there, readout your leisure. There are some forward-looking statements here as we move forward. So with Nova Minerals, it's really all about the Estelle Gold and critical minerals project. We're a dual commodity company, antimony and gold. On the antimony side, the big takeaway there is we have been the recipient of a $43.4 million Department of War award to establish U.S. domestic antimony production and that's a fully vertically integrated supply chain, including from mining all the way down to the refined products, and we'll go into a bit more detail on that. On the gold side, we are currently working on our feasibility study. To date, globally, the global resource that's the JORC resource by Australian standards is 10 million ounces globally and then SK 1300, which is what we're under in the U.S. compliance standard inside the economic pit sales of $2,000. There's 5.2 million ounces of economic resources out of that 10 million-ounce global. So it's really -- as you'll see, we have the right team with the right commodities at the right time, in the right location. The project itself is a very large district scale project. Not many of these left in the world. And so it's over 200 square miles of state of Alaska mining claims that there's no federal land, there's no native corporation land to contend with. So what that means in terms of permitting is a much more streamlined process as well as just day-to-day working here in Alaska, so supported with the Alaska government and regulatory agencies that being on state land is a big bonus for the project. The gold, the resources that we have defined is on two deposits, Korbel, up north and RPM down south. Korbel is a bulk tonnage lower grade system. And then really what's become the jewel in the crown is RPM, where we're focusing on a high-grade core there. All of these deposits are right on the surface going for the open pit open pit potential going for the low-hanging fruit. There is underground potential, they're open at depth, and that's all future upside. And then on the antimony side, we're really honing in -- we have antimony at several prospects. We're really honing in on two in particular and that stibium and sticks as you see here on the map in front of you. So being in Alaska, as I mentioned, it is a very favorable jurisdiction, all of these ranking schemes, the Fraser Institute for certainly for geological prospectivity as well as just the business climate here in Alaska. It's always in the top 3, top 5 in the world. So that has a long history here in Alaska of mining. Of course, there's some major mines here. actively operating, including the Red Dog zinc mine, the Kinross flagship of Fort Knox. So lots of mining here. It's part of the part of the culture. Our project is fully permitted for the exploration programs that we're doing right now, and it's permitted over the next five years. There's no issues there. Alaska is interesting. It's really become the epicenter now for the whole critical minerals race. The race is on for critical minerals as we all have seen and known and Alaska is really at the center of that, and you can see that with on day 1, the current administration, the Trump administration, released the executive order, which was literally titled Unleashing Alaska's extraordinary mineral resource potential. And this the stell project is what we're talking about. That's what that executive order and follow-on executive orders with expedited permitting and these type of things are focused on is really in support to push projects like the Estelle Golden Critical Minerals project forward. Our team, we have all the bases covered quite a deep bench here to achieve our objectives on the technical side, on the capital market side. And really on this, instead of going through everybody that we have really focus on myself and Hans Hoffman, our General Manager, really, I call them the secret weapon out there, pushing our projects day in, day out. We're both based in Alaska. So we're from here, we live here, our kids go to school here. So every day, we're here in the trenches 24/7, pushing the project forward. That's a really important point to make. We're not just fly by lighters, coming in, checking on the project and leaving. We live it, we breathe it every day, and it's really benefited advancing the project and keeping our finger on the pulse to achieve our objectives again. Quick corporate snapshot. I mean here's the -- our stock and wards outstanding performance rights. Really what -- you can see the share price [indiscernible] $6. It's been fluctuating. I think it was a bit down today, but we've been hovering around $6 in -- over the last few weeks. Our current market cap at just over $200 million. We do currently have $27 million of cash in the bank, and that is about half of that is Department of War funds that are going towards the antimony project. And the other half, let's call it Nova money is going towards the gold project. And so in addition to that, we also have access. So of the $43 million Department of War funding, we've already received almost half of that. So that was -- that they don't give you the money right upfront, of course. So that was -- that money was received through cost reimbursables, so that's like you buy an excavator or some piece of equipment, you submit the invoice and they reimburse you for that. And so approximately over $10 million has been received from cost reimbursable. And then the other half that we've received thus far has been for meeting milestones, things like metallurgical test work complete, engineering design of the process plant complete. These type of things, milestones met and then payments made based on those milestones. So we've already received the $43 million, about $22 million, and we have another $21 million that we still have access to and about $12 million of that we will be meeting several milestones before the end of the year, so we'll be receiving about $12 million of the $21 million that remains of the Department of War funding as is on track, on schedule, on budget with the antimony project. And our debt, we have zero debt in the company just to note. You can see the start on the share price there, big spike last October when we announced the receipt of the Department of War Award and then just holding steady since that time. And I think we're -- as we're moving into this antimony and meeting some major milestones, and there'll be some news flow on that in terms of constructing the process plant. And then into next year, actually, commissioning the plant and starting production. I believe we're on the right trajectory here on the upside. So with recent progress on the antimony side, we have produced -- so remember, our task with the Department of Board Phase 1, we call it, this is the Phase 1 Department of are antimony project. And what we're specifically tasked with doing is producing military grade antimony trisulfide. This is the stuff that's used in the munitions. And so there's extra urgency on that, of course, to secured domestic production, especially with all the conflicts happening in the world and all the geopolitical strife. And so we have produced antimony trisulfide and antimony metal in the lab. So our flow sheet has us producing metal first and then taking the metal and producing trisulfide. Those samples are in the labs right now, and we're getting them validated and analysis. There will be further news flow on that coming up as we -- to report what those antimony metals and antimony trisulfide samples contained. And so from what we -- what we're seeing, we believe they will be to spec. The processing equipment, all the processing equipment has now landed in Alaska. It includes over 500 tonnes of processing equipment crushers, mills, flotation plants, all of these things required to produce the refined antimony product, all sitting on site at our Port Mackenzie site with construction now in the initial phases with some early earthworks and these type of things. So now we're moving over the next several months into next year into the construction phase. We have all summer in all year so far, we've procured all of our mining equipment, of course, with the Department of War funding, and we've been stockpiling ore all summer. So we have over 100 -- several hundred tonnes of high-grade stibnite ore, mainly coming from the stick prospect where we have that massive stibnite main/vein on the on the surface. So that's sitting there, ready to be processed once we get these process plants up and running. We've also constructed and we did some drilling at stibium and sticks this year to begin to establish a mineral resource estimate. Now of course, we are -- we've been in a bit of a unique situation here. We'll be processing antimony and producing antimony well before we even come out with a resource. So not the typical market approach, but due to the urgency and as the Department of War describes a life and death on the battlefield to get this antimony trisulfide for munitions manufacturing. We will be producing antimony from the surficial ore that we see right there before we even release any type of mineral resource update. But that will be forthcoming. And of course, for continuous operations beyond the initial trisulfide production and forward planning that will be -- that's in the plans. And we're still on target to be producing the military grade antimony trisulfide by mid and later next year. So that time line looks like construction is starting now. We plan to start commissioning and turn the plant on and get it running midyear to early fall Alaska next year. And then the objective is to be producing our first military-grade antimony trisulfide around September 2027. And then take that product and then they have it certified for military specs. So we're on track, on schedule to be able to do that. In terms of just broader infrastructure, regional infrastructure, that is really gaining a lot of momentum on the back of our project, and they're all sort of feeding off each other. The West Susitna Access Road, which, of course, ties the project into the port and the rail system and the road system here in Alaska. It's a 100-mile road that -- the first part of that road is already -- the first 20 miles is already part of the Department of Transportation infrastructure plan and budget the step as they call it. That is moving forward, geotechnical studies, they've already started to clear alignments and that I understand, next year, they'll start actually doing some major earthworks there. And that part of the road, which has already begun. Construction already begun is -- includes the most challenging part, which is the bridge across the big [indiscernible] River. So that's included in that DOT portion. And then the ADA portion, which is the next 80 miles out to our site, has received another $25 million in funding to push through the permitting process. And as I understand, the Army Corps of Engineer has accepted the permit application is completed now. And so now the actual permitting process for that part of the road is going is going through. Now remember, this West Susitna Access Road, it's not just road or Nova Mine Road, that's a whole economic corridor through there. We're one of many beneficiaries. There's lots of other projects out in the West in the mining district, including copper and coal and these type of things, projects that will benefit from that road also that whole Valley out there has lots of oil and gas targets that people want to access for exploration. And there's just numerous things going on along that road. So it really is gaining a lot of momentum. The engineering and design for our Port Mackenzie refinery is complete, and that was a milestone, and we received a milestone payment for the Department of War for that. And also the whiskey Bravo or sorting site, the ore sorting plant that we'll be having at the actual mine site is also -- all that's complete. All that engineering design. And of course, we procured all of that equipment now, and so we're in the construction phase, as I said. The plant -- to understand the plant, it is a scalable modular plant. So moving from Phase 1, which is the military-grade animal trisulfide production, then moving beyond that in 2028 and beyond into Phase II to scale things up and produce additional refined antimony products, including more metal and trioxide and these type of things, the plant that we're setting up is easily scalable. For one, the front end of the plant that constitutes about 80% of all the processing that's required. And that's the crusher, the mills, the flotation. We secured and got a very favorable deal with a lot of cost savings to the company to secure the pilot plant from the Agnico Eagle Hope Bay Mine in Eastern Canada. As I understand that it was a pilot plant they utilized from around 2017 to 2020 in that time frame, and they've since scaled up to full commercial production full-scale plant, but that plant all fits together. We didn't have to piecemeal it from various sources to try to fit it together. It all comes together in one package, and it's in beautiful condition agile, of course, being a major gold producer, a major mining company. It's all very good [ auto compo metso, ] only really good Scandinavian gear. We have all the engineering plans and everything. So it should be a quite a straightforward process to put all that together, which is a big bonus and keeps us on schedule. I should also note, there's a number of things going on. We are ramping down the field season now, the drilling and these type of and our surface mapping and exploration works through the season. But at this time, now we're transitioning to our construction projects, which, of course, includes all these antimony processing plants. But in addition to that, we're also now constructing -- it's happening now, the Korbel-stibium road. So that road, we've already put in the alignment for the first 6 miles of that road, and now we're coming back in about 3 miles of that has already been fully constructed culverts in and up to standard. So that's happening, building access road. And I should note, while we're talking about roads, is that we've also done all the field work and the baseline environmental studies for the RPM road and the remainder of the Korbel road, the next 6 miles, we did that this summer. So we will be going through the permitting process this summer to then have those permits in place by next year so that we can continue on with our construction works on roads to have overlying access to these prospects in both the north and south area. And also, we're constructing an airstrip expansion. So we're looking at our whiskey Bravo airstrip, as we call it, and is currently spec-ed out to take in DC3 aircraft. So that has a payload of 7,000 pounds, and we're looking for -- we're doing an airstrip expansion that's already been permitted. And those construction works are happening now to turn it into a herc strip -- a Hercules strip. So that's a C-130 aircraft where we can go from 7,000 pounds current to a 42,000 pound payload. And obviously, that has that increased payload capacity and just the size and dimensions of freight that we can bring will have a big benefit and cost savings to the project. On the gold side, so the fuel season is nearing completion. We're ramping down not we're ramping down now. We've completed this year almost 9,000, not quite, but almost 9,000 meters of drilling. And mainly, that was targeted on RPM resource drilling, infill and some step out around the RPM deposit there. And for most of the drilling drilling there was to try to continue to prove up these inferred resources at RPM and step out and grow that resource because it really is the centerpiece for early production when it comes to the gold. In addition to that, we did have several exploration drill holes targeted north along the RPM Ridge. We drilled a hole at train. We drilled at stony at the end of the season. So there's some exploration. We continue to do exploration with these 20 other known prospects that we have to continue to to look for a new discovery, a new discovery. I mean, 98% is at RPM, but we do have some drill-ready exploration targets that we did hit. District scale exploration with our sampling and mapping continues every year with several geological teams. We continue to make new surface discoveries and to find new surface anomalies to get them drill ready as well. And that also includes this year, we flew a [ Z-TAM ] geophysical survey across the entire property. So that's another layer on our exploration database that we'll have now to line up with our surface sampling to be able to hone in and really generate these targets for new discoveries in the future. Flotation work. Just metallurgical test work in general continues for PFS level at both RPM and Corbel. And really at Korbel, we're looking at Korbel coarse particle flotation right now. and these type of things. So we're seeing pretty good results at 350 micron, well above much courser than a typical 75-micron flotation that you see in most projects. And so that means significant cost savings, energy through less energy required for less grinding. So those -- that metallurgical test work continues and just the pre-feasibility level studies just are just advancing in general as as we move forward. So let's talk about the project here. It's kind of an overview. So on the antimony side, this slide you see in front of you, this is the vision. This is what we're developing here. This is what we're at the center of with the antimony project. And we recently released like a 6-minute animation that that is on YouTube on our channel that walks you through exactly what the antimony project looks like. And here in a still shot, it's the same thing. So at the site, we are extracting the ore and then on site, we are taking that ore. So if we can mine it at the site, let's say, using excavators and various methods to mine that high-grade stibnite vein but mechanize it. So say we mine it at 5% out of the ground. On site, we will have an ore sorting facility. And this ore sorting facility, we're seeing in our test work a 3 to 5x upgrade. So 5% ore goes in, and then we'll be producing a course concentrate like an intermediate course concentrate out of the ore sorter running 15% to 20%. It's interesting to note that then that will be divided into two portions. One, the reject portion, although it's not waste, because that is all -- where all the gold will be contained. There's good separation between gold and antimony in that early ore sorting process. So we'll stockpile the high gold, low antimony at the site for further processing or potential monetize that through sales because it is quite high-grade gold. And then the accepted portion out of the ore sorter, high antimony low gold will then go down to Port Mackenzie for downstream processing. How will it get to Port Mackenzie. So for Phase 1, we're talking about production of hundreds of tonnes. And so those small volumes, we're looking at flying it out, the course concentrate and/or holding it out via our winter road backhauling it because we will be utilizing the winter road as we do every year to haul freight in and so the backhaul, we can haul out the intermediate course concentrate. It will be landed at Port Mackenzie, and then being at Port Mackenzie, that's where all the downstream processing happens. That's where we'll be crushing, milling, floating and then refining, and we'll go into a bit more detail on that flow sheet there. But Port Mackenzie is such a key piece of the puzzle here, and it's really guided by what the DoW wants. What we're at the center of is beyond just our Phase I program, but in Phase II, when we scale things up, being at Port Mackenzie, a multimodal port logistical redundancy, tidewater, of course, rail bed road, air strip nearby. This central location is a central processing and refining hub for not only our feedstock to feed the plant but additional projects from across the state, across the U.S., across the region and indeed, from around the world can feed into this central processing and refining hub here at Port Mackenzie and easily access that for processing and refining in U.S. control. So this basically ticks the box for the critical mineral antimony for U.S. domestic national security. That's what we're at the center of, and these are just the beginning stages of what we're setting up there. But that's the big picture that people need to understand. With the antimony, we have, as I said, two prospects, dibium and sticks that we've been focused on with ore extraction. So we see massive stibnite veins there up to 60% and at both locations. So -- and that's where the ore is coming from for this Phase 1 production. And then when we scale up to Phase II as well, but there's also additional those light blue dots there, there's additional antimony prospects that we have as well, and we're starting to explore and understand those a bit more. So there's additional sources as well just to note. But sticks and stibium is really the focus right now. And so you see here on the left-hand side, where we are. There's the stick -- the main sticks vein. There's a few stringers on either side. But that vein, as we've been extracting ore from it I mean on average, it's about a meter wide. It's been up to almost 2 meters and then kind of pinches and swells, down to 0.5 meter. But it's on average a meter wide, massive stibnite there, we began stockpiling even last year. just picking up, we collected almost 100 tonnes just picking up off the surface manually. And this year, we've mechanized -- and that's what the guys are doing there. And this year, we've mechanized that, and we've collected another 100 tonnes out of that massive stibnite and that lower photo on the left-hand side is myself and Senator Murkowski, Alaskan senator or Senior Alaska senator standing in front of the stockpile there last year at the Whiskey Bravo camp there. And so that's what that is. And on stibium. Stibium is a little bit different. We don't have like -- there's not a one big large tick stibnite vein it's more of a swarm of stringers, a form of stringer veins. They can run anywhere from a centimeter 3 centimeters. And so that's -- this is where the ore sorters are ideal. So we can mechanize that and not have to be so selective by just picking out at 1 centimeter stibnite veins, but rather dig that up with an excavator and then have the ore sort of do the work to upgrade that material. And there's also a drill rig there. where we've been drilling at stibium to start to get some data to establish an MRE here as we move forward. Port Mackenzie, again, this is a key strategic asset for not only the company but the country, and what you see there, this is a snapshot from the animated video that we have. And all of that you see there on the top photo is that's to design. So that's not just willing nilly a cartoonist. That is actually from the engineered design, that is what it will look like. right there just to note there. And then on the lower photo, that's the actual photo of our 42-acre parcel, and where we have the land permit to build this plant at Port Mackenzie. And that cleared area, that's about 10 acres. That's about 10 acres there, that cleared area, and the plant will sit in that upper corner, that lower corner there, and will sit on about 5 acres and then of course, there will be some support infrastructure around it. But that's the actual site where we're out there now. This is several weeks old this photo, but you can see those containers as they were getting landed from the barge coming into Port Mackenzie and additional equipment has arrived now as well. So everything is in Alaska as we speak and that we're moving into the construction phase now at the Port Mackenzie refinery. Some notes on our flow sheet. So I mentioned what happens at the site with the -- we extract the ore. We then ore sorted on site, and we split it into this high-grade gold, low-grade antimony stockpile, where -- which we keep on site. It has value to us there's really high-grade gold in there, but that's not our focus for this, but there is a potential monetization that we can do with that material. What we're focused on is the high-grade antimony low grade. It goes downstream to the Port Mackenzie plant, and there -- we further crush it down, we crush it further. We also have another ore sorter there, if that's required. And then we mill the material. And then from the milling material, we have the gravity separation, and that's plus or minus whether we use that or not. I mean our test work is showed that it has a little benefit, but we believe that we can just bypass the gravity store go straight to flotation and then the flotation circuit, of course, concentrates it to concentrate in the 30% to 50% range. And then what we do is we take that concentrate, and we refine it. And what does that look like? From our test work, we are going to through a hydrometallurgical process. So we will be leasing that material, putting the antimony into solution, and there are several benefits from that. One, it takes a lot of environmental boxes. So it's not the typical roasting or smelting. And so there's no emissions from this, right, which is -- can be a permitting challenge with some of these projects. So there's no emission. So environmentally, it takes a lot of boxes. But once the antibody is in solution the route, how you can precipitate it out and what product you make, what refined products you make is much easier -- you can either make metal, trisulfide or trioxide from the same pregnant solution. So that has that metallurgical flow sheet benefit as well. And of course, our first task is to produce military-grade antimony trisulfide. So we'll be taking out the antimony out of solution by electrowinning. So we will be producing antimony metal as part of our first stage, and that will provide us up to 700 tonnes, our refinery will have the capacity to produce 700 tonnes of antimony metal ingot to the standard 2, Regulus 2 standard, that's the benchmark they used for pricing greater than 99.65% antimony. And then we will take some of that metal depending on downstream demand. In this case, we'll take 100 tonnes of that, and we will produce antimony trisulfide by using an induction furnace and elemental sulfur, which we get in Alaska here for free from natural gas producers, really good clean elemental sulfur to then produce the high purity military-grade antimony trisulfide. But it's important to note in our flow sheet that we will be producing metal as well. So we'll have 2 products of antimony straight from the get-go here as part of this Phase I Phase 1 product. And then that will be sold on to various munitions contractors, potentially the DLA, the Defense Logistics Agency. I mean there's no commercial agreements in place yet, but these are our ambitions and various other end users, but the refinery capacity has 700 tonnes of production for Phase I. Phase II, then we go beyond that, scale things up. The front end is already 2 scale, and we have the capacity for the front end, but the back end refinery for Phase II is where we scale things up to make additional antimony trisulfide antimony metal but also then move into the antimony trioxide production in Phase II. So the antimony project is on track. We've received the award, of course, we've stockpiled ore. We have the permits for Port Mackenzie have that land permit. All of our technical studies metallurgically engineering design, all complete. The access road to stibium is under construction as we speak. And of course, in terms of Phase 2, the West access road is moving forward. We've appointed our leading antimony experts, and that includes two parties who use Allies engineering Dr. Corby Anderson, the Colorado School mines, we worked closely with them antimony expert and also miss engineering out of Perth, Australia there, who have developed a lot of our flow sheets and guided our test work. And so we have the expertise on board, and that's been very successful. Our flow sheets and designs in the antimony trisulfide and metal has been produced in the lab. I can't stress that enough. We have it, and we're just testing it to validate it as we speak. In addition, all of our mine process equipment is procured. Resource definition drilling is ongoing and to produce an MRE, we've stockpiled the ore and construction is now commencing be able to commission this plant next year to targeted production next year as well. On the gold side, and we never want to dilute this story, right? I mean, critical minerals is, first and foremost, and a lot of investors these days with the big push for critical minerals. But at its core, over the long-term value that these is also a gold project, and it brings big value to the company, really, we can never ever dilute or discount that story. So to date, as I said, we defined almost 10 million ounces across our two deposits here at Korbel and RPM. So let's focus in on the South area around RPM. The upside, as I always mentioned, is immense here at the project. It really is. In addition to those deposits, we have 20 other prospects that we continue. And one of those areas is just here, it's a bit north of the RPM, and we'll go to RPM here in a second, but is the train area. And there's numerous prospects there where we see more high-grade gold also multi-element potential. We've really taken a holistic approach to this project from the very beginning, recognizing the critical minerals implications. And almost all of our samples have multi-element analysis. So there's gold there, gold, copper, silver, gold, copper, silver and other critical elements. There's about 15 critical elements that have been noted as having highly elevated concentrations across the project area. We don't know what it all means just yet in terms of every single one of these critical elements. But certainly, I mean, we know antimony is the big one because that's so visual and readily observable as massive stibnite veins that we observe on the surface, but we see things like bismuth, tungsten, arsenic, atrium, some of these other -- and 15 others that are highly elevated, and we're closely working with various other U.S. government and university academic institutions to find out flow sheets and to establish potentially critical minerals extraction of those elements as well. But the train area really lights up and the future upside at RPM beyond just the RPM Direct area is in that train area, a number of prospects. But let's zoom into RPM now and have a closer look. So as I said, this is really where any mining scenario in the future would start because what we're targeting there on the surface is about 500,000 ounces at 2 grams per tonne. That's that yellow shaded area, the starter pit, as we call it, -- and then internal to that is 250,000 ounces at 5 grams per tonne and then the 10 grams shell inside that. So it's right on the surface, right on this ridge. I mean you can see some of these drill results here. Let's take one, let's say, RPM-005, 400 meters at 3.5 grams per tonne including 132 meters at 10.1 grams per tonne. So I could go on and on here. That's very typical of this RPM, particularly the RPM North Zone where the starter pit is located. And that's really what we're targeting there initially. And now we continue to go out into the valley, which still remains inferred and drill that out with our current drilling that we're doing -- that we've completed this year to continue to prove up those resources. So this deposit in whole in all 3 zones, North, South and Valley, it's like 1.1 million ounces. We easily see this as a 2 million-, 3 million-ounce deposit. Now that said, we got to drill it and prove that, but it's just wide open that it has that type of potential to be a 2 million-, 3 million-ounce deposit. It just requires a lot more drilling. And that's what we're doing systematically every year. Then in the RPM kind of area of influence, there's some targets here to note. So I mean, I mentioned the North, South and Valley, which is our -- we would define the resources. But at RPM, there's also -- just to the east, we defined a new zone here, we call the Upper East side, just east of RPM North that is taking shape, and we drilled some -- we had a few holes in it last year that we discovered this zone, and now we've put an additional 2 to 3 holes into that this year to continue. It's upside that's within the pit shell. So it's inside this economic pitch sell that you see here on the screen. So it potentially adds to the future economics come PFS. In addition to that, we have a number of anomalies along the ridge line here. And on that ridge line, we've drilled some of these the surface results show anomalies as well as some geophysics. And so we've drilled some of these put a hole into this one here. And also the one here on the nose. And so we've intercepted intrusive rocks -- the typical rocks that we want to see. And so we'll have to see what those assays come back with, and that will be in future news flow. And then it's important to show really some big upside here at RPM. You see out here in the valley, this grid sampling where we have this heat map. And it's an anomaly that is 1.7 kilometers long of 1 gram per tonne anomaly, 1.7 kilometers long, about 300 or 400 meters wide. And what that is, is that's eroded material coming off of RPM filling in that valley all crushed up about 50 meters stick, and it's high-grade material. So we're looking to drill that as we move forward as well, and it presents some serious significant upside. Now we're moving to the North area and the core bell. Again, same story, lots of prospects, anomalies things we're working on, lots of upside. But let's focus on the core belt main deposit right there yellow-shaded. So the Korbel Main deposit, both tonnenage system, 2.5 kilometer strike length, absolute behemoth deposit. 800 million tonnes at 0.3 grams per tonne. Now it does have a higher-grade feeder core through there. And you can see that through these intercepts, 113 meters at a gram, 101 meters at a gram at 1.3 grams, 94 meters gram. So that's that higher-grade feeder core. The other thing it benefits from its right on the surface, so the strip ratio is less than 1:1, which is such an important factor to consider when it comes to the economics of these projects. Now people ask us, well, why don't you just block out the higher-grade core, and that's it, and then you can come up with a resource that's a bit higher grade. Well, you have to understand what we're doing here. right? If you just look at the resource table, you don't really get the context. The reason we include those lower-grade resources is because it's a sheet and vein system. And when you selectively sample the veins, they're running ounces per tonne. And so out in the lower grade portion of the deposit, it's just that the vein density is less. But here, we will be utilizing or sorting which works exceptionally well. We're seeing a 10x upgrade in our test work, so we can take 24, 0.5 gram material and upgrade it to 4 to 5 grams per tonne by selectively taking out the high-grade veins. And so that's why we include on face value, when you just use the resource table, you don't get the context. So that's why we include this as a bulk tonnage system because of the ability, and we've still that to be economic in our previous scoping studies to separate out these really high-grade veins. So that should really be appreciated about this core bell deposit, massive deposit. And then again, back to the upside, over 20 other prospects with more gold, silver, copper, more antimony across the site. And so it's really the kind of project where we'll be out here for decades and decades with multiple mining centers producing multiple commodities, certainly gold and antimony but also porphyry copper potential. I should note that BHP Group is back in Alaska and they have recently stated claims all around us here and throughout the region looking for porphyry copper. And so there is potential for that here. We have a number of those targets. We've just been focused on the golden antimony, but we'll get to that. But it's exciting to see a company like BHP coming out seeing the momentum that's happening with the West site road and really staking all around us that really lends a lot of confidence to our project. The gold flow sheet, nothing fancy going on here off-the-shelf conventional technology is very easily liberated gold. What we do is, of course, the high grade straight to the mill, lower grade portions of the deposits go through the ore sorter where we focus on maximizing the grade and then the accepted portion of the high-grade material running 4 to 6 grams per tonne goes off to the mill. And then the lower grade portion, reject out of the ore sorter, which still has some gold in it, can go off to the heap leach pad. Then once we're in the mill, we utilize flotation. And then we regrind. And so we're finding that when we regrind down to about 20 microns, we're getting very good gold liberation at that particle size. And then we just go to the typical CIL process. We're already -- we're seeing over 95% recovery in scoping level work. Now we're doing the PFS level working so we're honing in to find improvements and then we expect these numbers to improve? And then something to note here on this slide is that I mentioned some of these other critical elements. And we're looking to set up critical minerals extraction plants at the back end of our processes, the gold as well as the antimony to take some of these other critical minerals out of our tailings, and we're collaborating with the Department of War as well as the University of Alaska Fairbanks with some of the programs they received $160 million recently for critical minerals research and development in Alaska. So we're collaborating with all of these groups, and they're actually looking to set up a campus there next to us at Port Mackenzie to study these. And how do we take things out like business like tellurium and these type of things to be able to extract that from our waste streams. In terms of our targets, so currently, we're in the resource development and early work phase our field season is just winding up where we've hit RPM trained some of these exploration targets, also the stibium and sticks on the antimony side. So watch the news flow for the results to come out on that in the coming months. surface results, hopefully, some new discoveries from all our rock chips and soils, the antimony is stockpiled, and we continue to do that and build up those stocks get ready for processing. Construction is commencing now and the gold PFS technical study is ongoing, West Susitna Road, we touched on that. So in the next year, we'll be moving into the processing and infrastructure and our processing infrastructure stage here where we'll be looking at commissioning of the antimony plant, of course, producing that military grade trisulfide and antimony metal along the way, continue with our PFS more drilling required to prove up those RPM resources to to measure an indicated stage so we can convert those to reserves, still way too much inferred at RPM. And then systematic exploration and all these things continue. And then in 2028 and beyond, we'll be looking to commercialize the antimony as we move into Phase II and to produce more metal and moving to the trioxide space as well. And we're looking at a completion of our gold PFS around 2028 -- in 2028. And there's a number of reasons for that. One, what we're seeing is that it is a larger project. And so we still -- being under the SK 1300 system right now requires you to report only measured and indicated and only those can be, of course, converted to reserves. And so we want to present a PFS that's as robust as possible, and we're finding our deposits, particularly RPM still can't contain way too much -- I mean, almost half of it is still just inferred, and we cannot run economics on inferred. And so the PFS requires more drilling to do that. Also, the benefit of that is with the antimony coming online and being potentially revenue generating by 2028. That revenue can also be used to push forward the gold project. So there's a benefit and get as much non-dilutive funding for the gold project that we can off the back of the antimony project. So those are important things to note. And just in summary, I mean, we got the antimony, the gold and other elements potentially. So it's the dual commodity focus. We're here in a world-class district in Tier 1 in Alaska, and we are with the support of our U.S. government support and partners. We are focused on antimony and establishing that. And in addition to that, we have a number of opportunities here for additional funding for other critical elements, and we have some applications committed for that. So we hope to be successful in that. And it really, again, is a large district scale project with decades of mine life, as I said, multiple commodities even beyond the gold and antimony potentially and with multiple mining centers. So that's the type of project we're looking at. And with that, I'll close up and open it up to any questions if you still got time.

Yes, Chris, thank you for that wonderful presentation. We are a minute after the top of the hour. Would you like to take 1 or 2 the most prevalent questions. We've been receiving many questions. We can conflate them into -- I've got one in particular that I would like to give you, okay?

Sure.

Okay. Let's go. What is the new expectation on the timing of the gold project?