Tectonic Metals Inc. (TETOF) Earnings Call Transcript & Summary

Good morning, everyone. My name is Tony Reda. I am the President, CEO and co-founder and also Director, I should say, of Tectonic Metals, Inc. With me today, we have a few of our directors. Actually, we have all of our directors. We have all of our -- the gentleman in the dapper light blue gray suit there, who is our CFO; and also, Tom Gaston, our accountant/controller. Computershare is here as well. Before we start, would all registered shareholders, please identify yourself, either verbally or through the messaging function to Angela Liu of Computershare. Unfortunately, if you do not identify yourself, you will be asked to leave the waiting -- I'm sorry, you'll be asked to leave the meeting, which is a regular practice for AGM's. So we'll give everyone a second to ensure that everyone is identified. And Angela, when you have -- when done, can you please give me a heads up that's been completed and everyone's identified?

Yes, it's completed to registration.

Great. Thank you, Angela.

And I just want to know the parties that we have identified? Or is that confidential? Probably confidential maybe.

To be confidential.

No, we're fine. Okay. We're good.

Okay. I just wanted to also ask, if you are a representative of a corporate shareholder, please include the name of the entity you are representing in addition to your name. Okay. I would like to welcome you to the Annual General Meeting of the Shareholders of Tectonic Metals, Inc. Once again, my name is name -- my legal name actually is Antonio Reda and I am the a Director, President and Chief Executive Officer of Tectonic Metals, Inc., and I will be acting as the Chair of this meeting as permitted by the articles of the company. As this meeting is being held in-person and via live webcast, we think -- sorry, we think it is necessary to set out a few rules for the orderly conduct of the meeting. For the purpose of this meeting, voting on all matters will be conducted a, for those attending in-person by show of hands; and b, for those attending virtually by electronic ballot through the Zoom system. Only registered shareholders and duly appointed proxy holders can vote by electronic ballot. Note that any votes cast by poll during the meeting will supersede any votes previously submitted by proxy or online voting. Therefore, we recommend that shareholders that have already voted by proxy or online voting do not vote on polls taken during the meeting. When you are asked to vote on the Zoom platform, you will receive a prompt on the virtual interface requesting you to register your votes. You will only have a certain amount of time to do so when the polls are open. Once the electronic balloting closes, the voting page will disappear, and your votes will automatically be submitted. We will provide you with all voting results for all resolutions at the end of the meeting. Questions or objections in respect of a motion can be submitted by a registered shareholder or any duly appointed proxy holder using the instant messaging service of the Zoom interface. Questions can be submitted throughout the meeting, but will be addressed by management at the appropriate time. Please limit your questions to topics relating to the subject matter of today's meeting, and keep your questions short and to the point. For each question we answer, we will read question and provide an oral response. Questions or comments that are disruptive to the orderly conduct of the for all shareholders will not be answered. To expedite the meeting, I will move all motions and in accordance with the articles of the company, no motions needs to be seconded. I now call this meeting to order. Unless there is any objection, I appoint Oliver Foeste, Corporate Secretary of the company to act as Secretary of this meeting and Angela Liu of Computershare Investor Services to act as Scrutineer of this meeting. Okay. Constitution of meeting. The purpose of today's meeting is set out in the management information circular of the company dated August 7, 2025. The following documents were sent to shareholders of the company on or prior to August 31, 2025. Notice calling this meeting, the circular, the letter of transmittal and form of proxy of voting instruction form as applicable. I have before me an attestation from Computershare and an attestation from Broadridge Investor Communications Corporation as to the mailing of the notice of shareholders. I direct that such proof of service be annexed to the minutes of this meeting as scheduled. Copies of the circular and other meeting materials are available under the company's profile on SEDAR and on the company's website. Unless there is any objection, I will dispense with the reading of the notice. The scrutineer has provided me with the preliminary report regarding shareholder attendance at the meeting. The quorum for the transaction of business at a meeting of shareholders of the company is to shareholders whether present in-person or represented by proxy holding in the aggregate at least 5% of the issued shares entitled to be voted at the meeting. The scrutineer's report shows a quorum of shareholders of the company to be present, and I therefore declare the requisite quorum to be present at the meeting. I direct the formal scrutineer's report be annexed to the minutes of the meeting as a schedule. As the first item of business on the agenda for today's meeting, I now present to the meeting the audited annual consolidated financial statements of the company and -- as at and for the fiscal years ended December 31, 2024, and 2023, together with the auditor's report to the shareholders thereon as well as the interim financial statements for Q1 and Q2 2025. Copies of such documents have been filed and are available under the company's profile on SEDAR and have been mailed to the shareholders who requested such statements. Additional copies are available upon request. No action is required to be taken by the shareholders with respect to these financial statements. The next item of business is the election of directors. The Board presently consists of 5 directors, whose terms of office sees immediately before the election of directors at this meeting pursuant to the company's articles. The circular contains the names and biographies of those persons who are proposed by management for election at this meeting. The company has previously received consents in writing for each of the nominees proposed by management for election at this meeting. The management nominees for election as directors are: John Armstrong; Allison Rippin Armstrong; Michael Roper; Joseph J. Perkins; and Antonio Reda. I now declare the meeting open for nominations. You have 30 seconds to submit your nominations for Director via the Zoom message link. You may also take this opportunity to ask any questions. As no nominations have been received, I declare the nominations closed. I now call a motion that John Armstrong; Allison Rippin Armstrong; Michael Roper; Joseph J. Perkins; and myself, Antonio Reda be elected as directors of the company to hold office until the next Annual Meeting of Shareholders or until their successors are elected or appointed. Would all those in favor signify by raising your right hand or voting online using the Zoom polling function. As previously noted, all results will be announced at the end of the meeting. [Voting]

Confirming that the polls are open.

Again, the polls are primarily for those who have yet to vote via proxy prior to the AGM.

Mr. Tony, we have 1 party voting and Tom can you confirm who voted...

[indiscernible] not got the results at the end. We'll get the results at the end, but there was only votes for that came in. There was 1 of 15 that voted.

Okay. I will now move to the next item of business. The next item of business is to consider and if thought fit, pass an ordinary resolution of shareholders of the company approving the existing rolling equity incentive plan to comply with the TSX Venture Exchange security-based compensation policy. A copy of the equity incentive plan and the proposed amendments are set forth in the management information circular provided in connection with this meeting. Under the requirements of the TSX Venture Exchange rolling equity compensation plans must be approved on an annual basis by a simple majority of the votes cast at the meeting. I now move that the ordinary resolution in the form set out starting on Page 13 and continuing on Page 14 of the management information circular provided in connection with this meeting be approved. Would all those in favor, please signify by raising your right hand or voting using -- or voting online using the Zoom polling function? As previously noted, all results will be announced at the end of the meeting. [Voting]

Confirming the poll is still open for this one. [Voting]

Those of host. Okay. The polls are still open and if you are a registered shareholder or a proxy holder and have not submitted your vote by ballot or proxy, please do so now by selecting the applicable voting option on the voting panel. We will wait for another 30 seconds before closing the polls on all items of business. [Voting]

The polls are now closed. We will now take a pause of 5 minutes or so to allow the scrutineer time to calculate the results.

Okay. So everything has been tabulated, and we're good to continue on here, Tony.

Okay. Well, then I've now been advised that the scrutineer has completed the tabulation of votes for all resolutions, and we'll now read the results.

Of 23,028,525 shares and in favor of Antonio Reda, that's representing 97.47%; and we have our total shares of 23,542,798 shares voted in favor of Allison Rippin Armstrong, and that is represented by 99.64% in favor. And for John Armstrong, we have 23,472,008 shares voted for John Armstrong, that's represented by 99.34%. And for John Joseph Perkins, we have 23,572,238 shares voted for Joseph Perkins, that's represented by 99.77%. For Michael Roper, we have 23,550,238 voted for Michael Roper, that's represented by 99.67%. And for the resolution -- for the appointment of auditors, we have 28,850,287 votes voted for the appointment of auditors, that's represented by 99.86%. And for the last resolution, approval of equity incentive plan we have, 22,825,870 shares, that's represented by 96.61%. And I think, I haven't [indiscernible] odd ones.

Yes, okay.

So it's to the chair.

And back to you, Tony.

Sorry, did I miss the equity incentive plan, Angela? Did you say that?

Yes.

Yes.

Okay. Okay. All right. Thank you. Based on the tabulation, I can confirm that the requisite majorities have been obtained for the election of the nominated directors, reappointment of auditors and to authorize the directors to fix their remuneration and the approval of the equity incentive plan. Is there any other business that may properly be brought before this meeting? Are we good, Oliver?

Yes. Yes, I think we're good. If I need just to confirm, if anyone has any comments you can share it in the chat or raise your hand to speak verbally. This is your opportunity for some open business. Give you another 15 seconds here to make note. Okay. This completes the business of the meeting, and I make a motion that the meeting be terminated. All those in favor, please raise your right hand or vote in the Zoom poll. Yes, I don't think there is any poll for this one, Tony, but I think we're...

Okay. The motion is carried, and this meeting is now terminated. Thank you, everyone.

Thank you, Tony.

Okay. So Tony, we'll keep our directors on for a moment here, and we'll go to have our participants start helping them sign out here. Participants, Tom?

There is the opportunity for me to give a presentation. Oliver, for those that are in attendance.

Did you want a presentation for anyone staying or just for the directors?

No. For those -- anyone who elects to stay.

Okay.

Okay Well, thank you to everyone who has elected to stay. I do have a corporate presentation as per typical AGM protocol that I will be presenting and sharing with you today. Allow me to share my screen. Okay. Can I -- Oliver, can you confirm that the presentation is visible?

We're viewing it. Yes, Tony. It's good all.

Okay. Great. All right. So if I'm looking to my left, is just because of the presentations here. Again, I really appreciate everyone taking the time to attend our annual AGM here. It is -- in the blue-chip world, it's a pretty important thing. And I take this very seriously and appreciate the people that I've also taken the time to vote. As noted here, it is very much a transformative year for our company. We went from raising anywhere from $5 million to $10 million in previous years to raising in excess of $30 million in less than 4 months. And it's definitely in a culmination of the previous years that got us here. You are looking at the affable drill discovery, which is one of the targets on our -- at our Flat Gold Project in Alaska, the drill there is turning and collecting core, which is the primary catalyst for any exploration company. Obviously, the point of exploration is to find -- to find things. And in this case, we have made a gold discovery last year at the solvable target. And now we're at the stage where we are determining what is the scale, what is the grade, what is the continuity of that discovery. And also, we now have the ability to test other new targets and go back to sort of the home base of the property, if I can use that baseball analogy, which is the Chicken Mountain intrusion target. There will be forward-looking statements made in this slide is located on our website, and I encourage you to take the time to read it before making any investment decision in our company. So as I mentioned earlier, we'd call this a transformative year, but really it's the previous years that got us to this point. I also mentioned the Alpha Bowl discovery that was drilled last year, but it was announced in March due to the Assay Results finally coming in. 65 meters of 1.2 grams within that what 6 meters of 6 grams and 1.5 gram of 21 grams. When that driller was announced, it was actually literally the same day as the tariffs were being launched. And the markets did kind of beyond to some event, but that discovery did get noticed. And to validate that attention a few months later, prior to the season kicking off, we announced or launched a $7 million financing. And in very short order, that financing was over 80% oversubscribed with a total gross proceeds being raised of almost $13 million. That gave us the capital that we needed to launch the Phase 1 program. It was a 3 drill program that was launched, again, focused on that Alpha Bowl drill discovery. We also used some of that proceeds to go test some intrusion targets that have never been drilled before and also go collect metallurgical samples from Chicken Mountain to further our studies there. Off we went, that program is running. We are very thankful that 2 very well-known funds stepped up in and around end of June, July-ish, and we launched another financing. The target capital being raised on and that one was $13.5 million. The use of proceeds were to keep those drills turning right through to the end of the year and give us enough capital to kickstart next year's campaign. Well, similar to the Phase 1, shortly thereafter, we ended up closing on over $21 million. That financing closed in August. Phase 2 was launched. It's underway. There will be a news release discussing the details of that program. I also wanted to highlight that we did issue a news release where we discussed the geological visual observations, we saw in the Phase 1 drill core. And most recently, what followed that is our first drill hole of the 2025 year. That was a 200-meter plus step out on that Alpha Bowl discovery, 41 meters of 2 grams, but within that was 21 meters of 4 grams per tonne. In addition, that interval also included 4.5 meters of 13 grams per tonne. So very high-grade material, 2 very significant holes drilled at Alpha Bowl. And for context, Alpha Bowl is a kilometer by 1.5-kilometer-wide target. Our share price has performed accordingly, which looking at the gold bar there, that's the TSX Venture Index. And you can see from the start of the year to today, maybe not today, we're actually down a bit, but prior to today, over -- close to 180% appreciation in the share price. So Alpha Bowl and the Flat Project has definitely garnered the market's attention and capital and we're off and running. We do anticipate a flurry of drill results to come in here before the end of the year, and that will continue throughout into even next year. So in addition to the capital being raised, we were also able to -- we also had to, I'd say, increase the team significantly. And so for us, we're not just a ticker symbol. The key asset behind any company, whether in the mining space, exploration space, technology space are the people. And so we've quickly ramped up and added capacity to facilitate our longest and largest drill program, not only in the company's history, but also in the history of this project. You can see a few geos there in logging core, getting some discussions about how to orient your drill core and then obviously, some downtime or fun time. It is mostly work, but there are moments where you can actually unwind a bit and enjoy not only Mother Nature, but the talents of the various people up at site. We also are honored and humbled to welcome our newest addition to the team, Dr. Richard Goldfarb. He has over -- he's published over 250 papers, received numerous awards, very well-known and respected in the gold space. As I mentioned, it's not -- it is all about the people. And so continuing with that theme, I just wanted to highlight our Technical Advisory Committee, which is comprised of structural exploration geologists, engineers and actual economic geologists, and you can see the individuals there. That does continue over into the Board of Directors for the company where we have a very diverse skill set. Again, it's not just exploration that makes a great company. This is a business. And to that point, you need to have geologists, you need to have legal experience, M&A experience, capital markets experience. And if your goal is to find a mine, it probably behooves you to have people that actually know what a mine looks like and hence, the production experience. We can't forget the permitting environment. All those things are key attributes that make a company successful. And I can again say I'm very honored and humbled to have such esteemed and respected individuals joining me here at Tectonic. Again, that theme of people continues. As most of you know, Crescat has been a long-term supporter of the company. Just in those 2 financings that we did this year, they've contributed or invested over $6.5 million into the company are our second largest shareholder, which we're again very proud and honored to say that we actually have indigenous or native shareholders investing in Tectonic. Doyon Limited is not only a shareholder, they are the property owner as well. Flat is situated on native-owned land, and we're proud to be working on that land. The financing, the $21 million Phase 2 financing was led by Franklin Templeton and VanEck, 2 very respected well-known institutional entities in the mining or investment space. So we now have a roster of shareholders that is very long-term committed and supportive of our vision to discover the next gold mine in Alaska. One of the other interesting things that we did this year, which is very common, I should say, in the exploration and mining space, is we hosted a very large site visit. There was over, I think, close to 20 people that came from all over to visit the site. We also had 3L Capital, who has launched coverage on Tectonic join us on the tour. And it's -- think of it as having people over to your house for dinner and entertaining. It's an honor. It's a lot of work, but it definitely is a great way to show people the capital that they're investing in and get boots on the ground to see what exactly we're up to. Another thing I wanted to mention that was pivotal this year is the launching of our first ever quarterly newsletter. These are -- there's a little snippets here of the 3 different newsletters that were launched. We try to go with different themes. Also, there's updates in there. August, May and February are the past editions, and there is the opportunity to subscribe to that newsletter vis-a-vis our website. And I encourage everyone, if you're not on our e-mail list, please take the time to do that and stay informed on all things Tectonic. For those again that most of you know, Flat got its notoriety by being the third richest placer mining jurisdiction in all of Alaska. Very well-known placer miners such as the Guggenheim family mined at Flat and that legacy of gold exploration or gold mining kicked off in 1909 and it's transitioned to now Tectonic carrying the torch of the Flat Gold Project, now looking for the bedrock source of that gold. You can see here on this slide where we're situated. It's in Southwestern Alaska. We're about 40 kilometers from the Donlin/NOVAGOLD and Paulson gold deposit. It currently sits at about 39 million ounces of gold, has all of its permits except for one. We are 40 kilometers away, and we are a different gold system. They're a refractory deposit. We're an open pit free-milling heap leachable gold system. And those pink lines that you see there represent placer gold that is draining from these intrusion targets. The intrusion targets are illuminated in the image on the right, which is a geophysical survey, and each target is shown here as a blue circular anomaly, and there are 6 of them. These intrusion targets do represent the potential for additional deposits on the property. And a great sign of gold mineralization is actually gold. Gold in the streams and creeks, as shown here, shedding from these hills, gold and soils, gold and drilling. This property is definitely blessed with a lot of gold mineralization. Going back to the starting point in 1908, Flat is now -- sorry, an abandoned town, but it did have a population of just over 1,000 people. Placer gold was initially discovered at Otter Creek, which is in the top middle portion of the map here on the right. Again, over 4.4 million ounces of recorded gold production. There was actually 3 dredges operating at Flat and 2 of them actually are still located at Flat. If you do have the pleasure of ever coming up there, you will actually see these dredges. What initially started as, again, the placer gold, if you go back to now the hard rock exploration or trying to find this source, you can see this land was selected by Doyon Limited over 92,000 acres as part of the Alaska name Native Claims Settlement Act. Those green -- fluorescent green or bright green lines represent the soil grid. And there was another thing that you can do is sort of your first pass when you go into a new project is sampling the streams and creeks. And that's what those [indiscernible] and street sediment samples, if you're looking at the legend, illustrate. And so there was a few companies sort of sniffing around in the mid- to late '70s, and then WGM, a well-known exploration company, came into a very fulsome soil sampling and mapping campaign at Chicken Mountain. You can now see the fluorescent green highlighting the amount of surface exploration that occurred on the property. On the top right is the Black Creek target, 13 drill holes. Those were the first drills that went into this asset. And then [ Electrum ], which is transitioned to Fairbanks Gold, which is a Robert Friedland funded entity, also the entity that advanced Fort Knox, the Kinross mine now towards production was drilling here back in the mid- to late '80s. You can see their drill holes now at Chicken Mountain first being drilled. Again, the soil grid being continued to be flushed out further. Placer Dome came in, worked the Black Creek stock here, you see my curves here in the north. And that exploration continued through -- and in 1996, a company called Venture's Resources, which was a private exploration company, did the sort of last exploration attempt at the Flat Gold project. You can now see the soil grid here in green, very expansive. So we've taken this foundational work and the reason why we actually have this asset is mainly due to our partner, Doyon Limited, but also to the fact that this mineral belt has produced a Tier 1 gold deposit, and our objective is to find the next one. We were blessed to walk into something that had a significant soil grid, placer gold endowment, every drill hole hitting gold and very respected entities, Fairbanks, and also Venture's and Placer Dome drilling this property. And that's always a good sign because there are smart people behind all those entities. So 2021, it was probably about September, if I recall correctly, where we actually solidified the exploration agreement. And in 2022, we did our first surface campaign on this property. What's happened since then? Well, if we zoom in on that geophysical survey that's illuminating these potential deposits, the large circular blue anomalies, Chicken Mountain, 6.5 kilometers by 5.6 kilometers, you once again can see the Placer Gold literally draining from these targets. There's our first Alpha Bowl discovery on the far right, that gold box and then the follow-up noted right here in the center of the screen. The soils are literally mimicking the mineralization or the potential deposit below your feet. This is unglaciated terrain and soil sampling has been a very effective tool where it has led to gold being discovered every time a soil anomaly has been drilled at Chicken Mountain. To that point, prior to this year, we have 87 drill holes that have gone into Chicken Mountain and every hole has hit gold. 3 kilometers of drilled strike. We also -- in addition to that, we also have our Golden Apex target, which is the middle blue circular anomaly. That's a 2003 hole that we've now followed up. And then you can see one of the drill highlights from Black Creek, which we also followed up in the Phase 1 program. All those results are pending. One of the things that we wanted to make sure we got very clear on was the metallurgical recoveries. It can make or break any project, and it was even more important to do this right away at Flat given that this Tier 1 deposit down the road was a refractory deposit. So we didn't waste any time. We went and did our metallurgical testing and got very favorable results, north of 90% and also followed that up with heap leach column test results that returned similar recovery rates. Therefore, it's been validated that the mineralization at Chicken Mountain is free-milling. I mentioned the Phase 1 program being key to the transformative year that we're experiencing currently. Every objective that was launched as part of the Phase 1 has been met. I'm not going to go through each one of these. There are news releases that we've issued on that front, but rest assured that we are very happy with what we've achieved from an execution perspective, and now we are eagerly awaiting all the drill results from these various targets. There's 48 holes that were drilled, a combination of Diamond and RC at these various targets that you see here for a total of 7,700 meters. We've only received complete assays for 1 hole, and that's been issued. We are eagerly awaiting additional assay results for 47 holes from just the Phase 1 program. Again, some drill highlights from the other holes that were drilled pre-2025. The Chicken Mountain gold system that was shown here appears to be like very much like Fort Knox. That is our analog currently. It's part of the reduced intrusion-related gold family. There's other deposits that are also part of this family. We have a sea of lower grade, say, sub-1 gram per tonne material. And then we have these quartz sheeted veins that, in our case, have returned assay grades as high as 200 grams per tonne. 3 kilometers of strike is a very significant area. We're looking at a different perspective of Alpha Bowl, which is the northern end of that 3 kilometers, the extension of the Chicken Mountain intrusion, you can see that placer gold, it's shown in pink here, draining from that hilltop over 650,000 ounces of recorded gold production. Tectonic is the first company to ever drill test Alpha Bowl. It is shocking to me how the most prolific placer Gold Creek has never lured anyone to go drill test there. So we were the first ones to put a hole in there. Obviously, got visible -- sorry, got really good results. Phase 1 also returned visible gold in several holes and a lot of interesting mineralization. You can see that mineralization or the drill core in our Virtual Drill Core Shack. There was a webcast that was done on this matter. It is on the website. I'm not going to go through it today. But if you do want to get technical and look at some rocks, some drill core, please do so. I mentioned the 3 kilometers of drilled strike. We're now looking at that from Alpha Bowl right through to the other side of Chicken Mountain here. On the top is a bird's eye view looking down on the property, which we call a plan map. You can see a lot of the gold and soils have yet to be drill tested. And remember, I mentioned earlier, the gold and soil anomalies have a 100% drill success rate, when it comes to returning gold mineralization. So we can have confidence that these soils are mimicking the mineralization below your feet. Interesting thing to note, 46 out of the 86 drill holes ended in mineralization, including those 2 deepest holes that are shown in the center of the screen, those were over 420 meters in length. Again, another sign that we're into a very robust gold system. This is -- this image here, this long section is using a 0.1 gram per tonne gold cutoff. If we take that cutoff to 1 gram per tonne and higher, these purple cylindrical blocks or shapes are showing gold grades 1 gram and higher. And you can see here, there's no shortage of higher-grade gold also in the system. This has given us the confidence now to go in and work towards our maiden inferred mineral resource estimate. That was the primary objective of the Phase 2 capital was to go in here and flush out this mineralization. You can see there's a gap. You got 2 drill holes. I don't know if you can see my curves, so right in the middle here, and there's a gap. So filling in that gap will then give us the data points required to get to our maiden inferred resource estimate. To put 3 kilometers of drilling into scale, again, our plan map on the top left here underneath that, the long section. And for context, the Fort Knox mine, that's 2 kilometers of strike. Their current resource -- mineral resource grade is 0.83. That shape that you see there has produced over 9 million ounces of gold. And if Chicken Mountain is analogous to Fort Knox, and we have the same strike extent and potential similar grades, we can envision something of that size as far as ounces are concerned. So what's next for Tectonic? We have the Phase 1 drill results. So 48 holes were drilled. Only 1 assay result has been announced, 47 holes in the queue from various targets, as shown here, Alpha Bowl, Chicken Mountain, Golden Apex, Black Creek, Jam. Those results will be issued when we receive them from the lab from now right through pretty much to the end of the year. Phase 2 drill program has been kicked off. We're targeting 9,000 meters, and that is anticipated to end -- that October 30, and we'll have results from that program right through to the end of the year and into Q1 of next year. We also have our heap leach column test results, where we will be reporting 2-inch crush material. And we are targeting starting next year's campaign in April or early May. That program will kick off and again be working towards our made in inferred mineral resource estimate, which we expect in Q4 or -- of 2026 or Q1 of 2027. That will be followed by a PEA and giving some further indications, we will be then transitioning that PEA into a PFS or FS a feasibility study. Again, this is conceptual in nature, and there's a lot of contingencies, but this is the target time line that we've put together. I'll end on our capital structure. We do have 89 million shares outstanding, just under $30 million in cash right now. That is being spent. We do have 45% of our shares being held in these institutions that you see here on the right and also with the Tectonic team. Once again, analyst coverage is by 3L Capital currently. That is the end of the presentation. My personal e-mail is [email protected], and we also have our [email protected], our website, if you want to reach out, submit, get on our e-mail list. If there are any questions or comments, I can open the floor to that, and we can have a little Q&A session here for about 5 minutes or so. All right. Well, it looks like I'm getting off the hook. So again, if you do have any follow-up questions, I encourage you to reach out. We value the interactions and -- we have with our shareholder and investment community. We are available. Please take the time to reach out with any Q&A that you have. Otherwise, stay tuned. Between the Phase 1 drill campaign and the Phase 2 drill campaign, we will probably have over 80 drill holes coming down the pipeline here, a very exciting year. Anytime you're drilling, you have the opportunity to find things. And so we're eagerly and excited to see what Mother Nature will bring to us. Okay. Well, thank you, everyone. We will adjourn the meeting. Take care.

Thanks, Tony.