All right. We go from a project generator in Canada, U.S., Europe, to someone that generated and created his own project, Mr. Lewis Black from Almonty Industries. Mr. Black, I think, left the premises. He is off his webcam. David, I cannot kick anyone out anymore, so you have to leave by yourself so you can continue enjoying the presentation. There you go. Sorry. There we are. How is that? Sorry. Small technical problems. Now it is all good, Mr. Black. How do you want to do this? Firstly, please don't call me Mr. Black. I sound like an undertaker. You can call me Lewis. You can call me all kinds of things. Tungsten King, Mr. Tungsten, but Lewis is fine too. What about I call you Al from Almonty? That's okay. Al will do. All right. How do we do this? Do you present? Do you just speak? Do we speak to each other? What do you want to do? I think unfortunately, once again, I arrive presentation-less. There was another snafu in the communication system, which sometimes Almonty is guilty of, and I don't have any pictures. I don't have a presentation. I've done this before without a presentation, and I think we did rather well. But the good news is we don't need pictures because we're operating. And who wants to see a mine in operation? I mean, really, when it comes down to it. But what I will say is we will put up a presentation after this on our website so you can lovingly zoom in and out of pictures to make sure that all these pesky rumors that some of my competitors like to spread that we're just really a mini golf course are not true. So let's hope we can have a chat about life, the meaning of life, God, spiritualism, whatever you like. What would you like to know? I'm also a bit under the weather today. I've been up most of the night with a bit of a bug given by one of your counterparts from Germany. I had dinner with him last night. That cheap guy took me to a place I got food poisoning. But anyway. Well, okay. That's a great start. Let's divide and conquer. Let's go geographically. Yeah. Asia, South Korea. Offtake, offtake, Moly. Go on. Okay. So let me see. Sangdong. Offtake was increased by six years, and the price was increased across the entire contract. I think that was really a reflection of the West's largest oxide producer determining that the chances of many of the projects being presented probably have a limited ability to actually manifest themselves into the market. So they were just essentially ensuring they had more supply from Sangdong, if so required, which they in fact do require in the current climate. What we're doing at Sangdong is now we are knee-deep in our ramp. The good news is the grinding circuit is done. That was done two months ago. We're now going through the finickity part of the adjustments of the flotation cell system, which is essentially a copper, multi-way copper flotation system. So it's not something which isn't done on a regular basis. The ramp-up is relatively quick with these things, except everything that can break will break. Two days ago, what did I lose? I lost the three pipes coming off my slurries. They were all damaged during installation, and so therefore, I got an overflow in my water treatment plant. I mean, you couldn't make this up. We had to fly those in from Europe because they were the one spares we didn't have, which is typical because the only thing you don't have are the things you need. But they've arrived, they're installed, we're back to business. What's important is recoveries are right where we would expect them. So now we're upgrading the material to obviously fit into our compliance. But the most important to me, and I've said this repeatedly, is grind size. That was the thing that kept me up. Could we get the grinds incorrect? Well, we've commissioned through full throughput our grinding circuit, and we're happy that we can now focus on flotation. I think that's really the key. You have to remember, we've been doing this for a long time, but building anything is a nightmare. I'm going to write a book, your hair will fall out. No one would want to build a mine in a democracy after they read this book. But ultimately, we run tungsten projects. That's what we do. Now we're in the sweet spot because we've got the plant built, it's open, it's commissioned, and now we're doing what we've done for 136 years. We're running a tungsten mine. So this is the part where all the usual theaters and dramas of the engineers and all their excuses. These are ones I've heard for the last 20-odd years. But this is what we do. I think it's a very important distinction to know that we've migrated from the risk profile of building really the world's largest tungsten or the largest construction in tungsten done since the 1970s on the side of a mountain, totally Equator Principles compliant throughout the entire process, not just one area. Highly automated and ultimately of a scale that really the West hasn't seen for a very long time. We're over that now. That risk has been mitigated. It's done. It's finished. It's open. Now we do what we do, which is run tungsten mines. If you look in our history, whether it's mines we've built or whether it's mines we've acquired and fixed, this is what we do. We run tungsten mines, and we run them well. We're used to running them in very low-priced environments. We adopt the same principles and concepts to this mine. But I'm feeling, look, I have longer nights now and earlier mornings because now it's data-driven. There's only so much I can do when they're telling me, I don't know, the ball mill liner has to be replaced. But now we're into data. Now we're into feed grades, recoveries, finish grade, availability. This is where I start squeezing. But this is what we do. So that's Sangdong. And maybe one thing on that. So basically, for someone that's never visited a mine or that don't know crushing, grinding, flotation and so on, when you're talking about adjustments, this is not binary from working to not working. This is percentile. 0.1, 0.7, 0.2. This is very small adjustments, correct me if I'm wrong, but into optimizing and getting the output that you want. Is that correct? Yes. You never really stop adjusting. In Portugal, we've been doing it 136 years. You're always seeking to do it a little better. Sometimes it works and sometimes it doesn't, but ultimately, you end up with a very efficient and very high-quality result. Portugal is the greatest example. We have the highest recoveries of any gravity plant in the world from that project, and we produce the most sought-after variant of tungsten because it's so homogeneous at the very high grade and very efficiently put together. We were listing in the last quarter over a 63% margin, which is unheard of for any mine, let alone one that's as old as Panasqueira. Yes. So what happens is, we'll look over time through our pilot plants in the run-up to this, where we think we get greatest efficiency. So it doesn't necessarily mean producing the highest grade concentrates, because there is a journey to get to, say, I don't know, 68%. But we may decide, well, we have decided that, in fact, for Sangdong, a 60% grade material is the most efficient because it allows us to essentially maximize the efficiency of the throughput. It means that we can pass through a slightly lower grade, which means we can manage our blends better. This is what we do. This is our expertise. The reason why people invest into Almonty is not because of our charm or our wit or even our presentation skills, or lack of. It's because we know tungsten. And I've said, as the largest individual investor into Almonty, I've said repeatedly, don't do it if they haven't done it before. Because tungsten is a really difficult metal to process. And the case in point is that people that we work with and people that we are close with, even if they don't really like me, which I understand, I completely subscribe to that, but they acknowledge the one thing that we do is that we deliver. And yes, I complain and I moan and I squeeze, and I want more for doing less, and all the usual things that I'm meant to as a CEO, but ultimately, we execute. And as one of our greatest strengths is that we know how to run and process tungsten mines. Scheelite, wolframite, open pit, underground, combination of flotation and gravity, we've done it all before. This is just another extension of that. That is quite clear. Continuing on that, you touch on Los Santos, you touch on this asset. What are the news out there? What is happening? What is next? Well, Los Santos is an interesting thing because we have always tried to be quite innovative to survive, and it is very apparent to us that Europe is not exactly banging down the doors of mines to be built. They are not saying no, they are just not saying yes. This is a sort of European approach to a problem. We thought, well, you know what? The fact of the matter is, we have to rehabilitate Los Santos. We have done so with three of the four pits. We left the fourth pit because we were going to put the old tailings in there before we reclaimed it. We thought, if we really worked on this problem and looked at various techniques that we are familiar with and we expand them, could we pass tailings commercially? Of course, in a lower price environment, that is a lot greater challenge. But if we had a contract with a proper off-taker, and if they were willing to help contribute to what we were doing to sort of limit our downside and give us a floor, which meant that if the price did correct, we were not left holding our, nothing but the underwear we came in. Would it be possible? We spent four years working on this, and we got to a stage where we thought, "You know what? I think this could work." It was working fine in the laboratory and the pilot plant. This will be the first time anyone has done it commercially. If it works, it has opened up a whole new chapter for us to supply internally into Europe. Because, of course, taking old sites and reclaiming them, no government in Europe is going to complain. No one's going to say, "Oh, you can't do that." Straight away, you've got a very low-cost entry. Plus, we have 136 years' worth of tailings at Panasqueira in Portugal. It's rather a lot of feed to work from. I also like probably broadening that footprint to other places as well. Let's see how Los Santos goes, and we're very fortunate to have the off-taker that we have who are very environmentally-focused. So it ticks a lot of boxes. But we don't know whether commercially it's going to work yet. We have a good idea, but let's see. If I'm right, we're geniuses, and if I'm wrong, I end up reclaiming a site I had to reclaim anyway. So it's a no-brainer for me. Absolutely. There could be even more options. Water reserve, I know in Spain it's karst there, up there, it's south and so on. I want to bring them. So we're going to move from there into the next one, which is U.S. Before moving to the U.S., we'll hop on to geopolitically. In Spain, the Los Santos sector now is locked down. The government have found what you guys are doing so interesting and so on, that they have taken upon, they are taking action for other companies to come claim, try to speculate, try to do a lot of things with what one could say either unqualified or pump and dump or other type of promoters than real guys wanting to put into production. Can you comment a bit on that part and then lead into what's happening in the U.S.? Well, look, everyone's going to jump on the thing because it's an easy way to get into production. The issue is, of course, is that it only works if you actually contribute to the environment. So having a whole bunch of people just saying, "Oh, I can do that." No, you can't. It doesn't recover. You can't recover tungsten tails like gold tails. It's brittle. It shatters. If you use any kind of centrifugal approach that they do in gold, it doesn't work. Then you end up just making a reclamation site worse. No, there has to be some level of professionalism attached to this, and I believe governments will very much look at this and say, "Well, okay, but we want to see the plan. We want to see the approach." So I have confidence that European governments will ensure this doesn't become a rush to exacerbate existing environmental problems. But for us, I think if it works, it's a wonderful way of supplying our European customers. But there are certain negatives to tungsten recovery from tailings. You can only produce a low-grade concentrate, and that really limits who can consume it. But ultimately, that's all part of a picture where when you work extensively with the industrial base rather than try and work for a headline, you've already got all that planning in place and you're doing it in partnership. I know that we don't make a lot of noise a lot of the time, and I should be out there and I should be shaking hands and kissing babies. Someone said to me the other day they hadn't seen me since February, really out there as much. I said, "Well, yeah, because we were commissioning Sangdong. What do you want me to do?" Ultimately, I'm a shareholder. I need value. I still remember what the Koreans told me when I first bought Sangdong, "Build like a submarine." I can't stress how important that is. That's given us a lot of credibility with the industrial base. Whether they like me or not because I'm always asking for money, what can I do? I can't help it. It's just my nature. Asking for more money is that we actually execute. This tailings project I think is exciting for me because it finds a solution, it innovates a solution in a jurisdiction that I think mining is going to be very difficult to actually undertake. Absolutely. That brings us to the U.S. question. What is happening in the U.S.? What are the plans? Simple as that. Well, going back to my build like a submarine, I've seen three projects now get whacked by the NGOs in Montana. I don't intend to be one of them. We've bought pretty much all of the land around the mine. I'm just working through the last piece, so we're completely out of sight, out of mind. It's a longer-term project. No matter what anyone tells you, the federal permits are certainly available much quicker, but state permits have a predefined route to completion. It takes time, and there's no way, and there should be no way around it. There is a process, and Montana is no different. I think ultimately, Montana is still a great project. I like it very much. But it is twice the price to mine and operate in the U.S. compared to Europe. But I like the project. I like the community we're in. Of course, we've moved our headquarters there, which is, and believe me, if you get a chance, go to Dillon. You'll love it. It's a beautiful place. But I think it's a slow and steady there. We are not going, and even with Sangdong, race to a headline. We walk to the finish line. You will wake up one day and we will say, "Who wants Montanan material?" But right now, we've got a good team in place. We're working through the various permits discreetly and respectfully and making as little noise as possible. The NGOs in the U.S. are well-funded, are angry, and are aggressive. Let them go after all the guys making noise, and I'm just a guy with a pickup truck, a dog, and a shotgun in Dillon. That's how you should view us. All right. Well, that brings us to Rwanda. I guess that I do not know if the same descriptions apply to Rwanda, but it has been in the headline. It has made a lot of noise. Go with your update. Well, again, it is about innovation. What do you do to fix a short-term or short to mid-term problem of a supply chain for material? Because you cannot build a mine in two or three years. That is unfortunately the reality. It is not so easy for a U.S. company, that is us, to make a deal with the sovereign governments, that is Rwanda, without a lot of assistance from the United States government, especially as it was their idea. Now, it seems simple, it is really not. There is all kinds of sovereignty issues. Essentially look at it as a tungsten treaty between a company and a government. It is not so easy, but we had quite a lot of hurdles on the way. It took longer than I would like, and it is not finished. This is kind of like stage 1 of something, but we have a blueprint now which we can now transplant to other jurisdictions where there are small-scale mining of tungsten with the assistance and help of the United States government. I think the most important thing is that we bring a level of technical and compliant approach to helping small-scale miners expand to be more compliant. It gives us an opportunity to get our teeth into exploration there, to look to build a sector. Because they have no doubts there is tungsten in Rwanda. There is no doubt there is a lot of tungsten. There is a lot of people who know nothing about tungsten in Rwanda. The government looks at it this way, that it would be fantastic if we could help the entire sector elevate itself. Now, ultimately, I think we are very aware of risk capital. We are already collecting material, so we got right into it very quickly. I have been told, apparently, that as of next month, we will be the largest exporter of tungsten out of Rwanda. Which means less than two months after we got involved, finalized the deal. So we have got a lot of support from the Rwandan government for this program. Our customers are happy, both in Europe, United States, and even South Korea. But I think it is a work in progress of an innovative approach to finding material in a difficult environment of permitting for mines. The duration of this, my feeling is that we want to set in motion an industry that will sustain itself. Because ultimately it goes back to the fact that if my customers die from lack of availability of material, I die too. Yep. Whether I like it or not, I remember I've said this repeatedly, in the next 24 months, I'm open, my doors are open. Strangely enough, not one junior miner has called me. But then I probably know what I'm looking at, so it's probably best that they don't call me. But ultimately, we're just looking for solutions on behalf of the industrial base, and we're being supported by the industrial base to do it. Perfect. Lewis, what about we do fire questions? Okay, great. I've gone through all of the questions in the chat, almost. Do we have a lot? Not a lot, too much. Like all the time, too many. Okay. Have you shipped concentrates from Sangdong? The first vessel is booked for October 24th. Any update on Molybdenum drilling? It's underway. Our QP is going to be on site shortly to start updating the resource. By the way, I love the Moly. I love this Moly mine, but that's a different thing. You're not the only one. But let's have another chat about that next time. Okay. Okay. How long will the limestone mine to the north last, and if short, could Almonty use the land and have any land been cleared for the future Moly plant? No. Omya is our neighbor and they're good friends and no, we coexist together in togetherness. I like the corporation approach. I think it's what the world needs. That being said, does Plansee pay the fixed price or is it close to the market price, or can you divulge anything of the agreement? Well, ultimately it's a standard market agreement that's based on spot price, as all our contracts are. All right. Comment. As you are the biggest investor, what will you do to raise the share price? I will answer that for you. I think he's barely sleeping. I think he's taking all the decisions. I think he's aligned with you guys. I think you should have confidence in the management. That's all I will say on that. What I will add to that, without getting into trouble, is that we enjoy a very liquid stock. We are very well-traded in the U.S., and therefore we follow the market. If you look to MP, if you look to some of the big critical metal names, we have literally tracked them. It's not us, it's all of us. Yep. To be honest, I would rather have 6.5, 6.6 million shares a day average trade in us than have a much higher share price and trade 500,000 shares. We're a liquid stock, and that's the most important thing. When this data starts coming online from Sangdong, let's see what happens. That would be my suggestion. Perfect. Matthias is asking, would you attempt to spin up or have a separate company or anything different for the Moly project? Not currently. We don't see any necessary It's just more paperwork. At the moment, it will stay under Almonty Korea Tungsten, but there'll be a Well, there's actually already Almonty Korea Molybdenum Corporation, but it'll stay under the Almonty Industries umbrella. So there'll be a sub-co, but it'll stay in the company for the time being. Perfect. When will full capacity at Sangdong be reached, do you believe? Well, phase one is online now. Phase two has already been worked on. We will order the equipment over the next four to six weeks for the mills that we need. We have already started the mine infrastructure underground. We will see the impacts of phase two during next year. I am sure that you want to know about the tungsten oxide because that is intrinsically linked to the phase two. Exactly. Yes. We have identified finally a piece of land that we think is perfect for what we need. It is in conjunction with our regional government, so they are very supportive. As a case in point, we have had every major, I mean, the largest companies in Korea already visit us. Although, I wanted to take pictures and show everyone it was so exciting, and they said, "No pictures." They are like pat me. We felt like paparazzi. But ultimately, there is an enormous groundswell in Korea to see this midstream plant of an oxide plant built. So there will be more news forthcoming during the rest of this year on that development. Perfect. When you say the phase one is running, is it like a 24/7? Is it one shift, two shifts? Can you give information? Oh, no. We are running about 16 hours a day now. We increase it every few days. We go up another 2 hours. Okay. As we understand, the processing of the APT is planned for next year. Is that correct? Well, we certainly We can actually toll the material right now in the interim, but the oxide plant, we hope to begin construction during the beginning of next year. Q1, Q2, it depends on the land and the procurement of the permits that we need. But we will start construction during next year of that plant. Okay. Would you have an approximation of what is the current spot price of MTU since we no longer have access to it? Yeah. Well, I've got some Australian guys to thank for that. I'm working on it. If you read my newsletter that we do every two weeks, we kind of slip the price in there. Don't tell anybody, okay? But it's in there. So if you want to get a guide. Right now, the average APT price is $ 2,700. It's come off $ 350. Quite frankly, I say to everybody, we've got to stop looking down. We've got to remember where we were two years ago and look up. If you told me two or three years ago, you told me I was going to get an average price of $ 1,000 an APT. Firstly, you would've had a friend for life in me. Secondly, I would've said, "Are you sure?" So at $ 2,700, it's still very impactful. We don't see any degradation of price. We don't see any decline in demand destruction because of this price. What we see is an inalienable problem with availability of material. Although right now scrap is cheap because they banned the export in the U.S., so the price collapsed there. They're going to ban it in Europe, so the price collapsed there. You know the beautiful thing about scrap when you're a tungsten miner? Is scrap is not infinite. I have 100 years reserves at some point. That means if China loses access to now European scrap, they're going to have to go back into the Western concentrate market, which is going to drive Chinese prices back up. So you've got to remember, this is a very opaque and dynamic market at the same time. One personal question. How do you make Almonty a geopolitically agnostic company? You're in almost every continent. You're in cooperation with so many different sovereign states and so on. How do you walk this fine line? Generally, what I try and do is something that I learned very long ago from a very famous television show in the United Kingdom called "Fawlty Towers." I take the approach of being the doorman, where if anyone asks me anything I don't want to answer, I just say, "Okay," and that's it. So we stay out of politics because politics is fleeting. Minds, you can't move. I love everybody, and I'm friends with everybody, but I never really get involved into the discussion of support. One of the examples is when the U.S. government was talking about Rwanda material could only go to the U.S. I said, "Look, you have to understand, tungsten is global." Components used in the U.S. may go via Japan, South Korea, the Europe. There's a flow. Also, if I can only supply my U.S. customers, I know them. They'll squeeze me on price like you wouldn't believe. I think we've always stayed out of the political mix. We support whoever is. We work with any government of any political party. If the people have put them there, then that's who we. We won't say, "Oh, we don't like you because we don't share the same outlook of you." My outlook is no one's business. And the company has the same opinion. Perfect. Well, that's all the time we had, Lewis. First off, thank you for the chat. I hope I asked as many questions as you want. That was a new way for us with the big fire question at the end. You know what? Coming back to your nickname, Lewis, with all of the paparazzi you have, maybe it's time for you to find a K-pop band— Well. —on which a lot of people would like to join? It's true, but I'd like to point out your background you have. Almonty is not on the top line, it's on the second line. Perhaps next time you can move us up a little bit. Just pointing it out there. Not disrespecting. I just think, quite frankly, we should be up the top. I was going to data proven stats on which the eyes of the people are because we track, and I'm telling you that a lot of people are looking at my white face asking what is that and seeing Almonty as a first thing. Maybe it's the glow from Almonty. Exactly. But no, always with you. Thank you very much. Thank you very much, Lewis. Thanks, [Julien]. Have a great day. Thank you. Have a great day. Thank you. Bye-bye.