On that, we are up to the next presentation. We have CEO and Director, John Passalacqua, that is supposed to be joining us within the next few seconds or minutes. In the meantime, please do not hesitate, ask your question in the Q&A or in the chat while we are joined by John. Two completely different story. We go from dinosaur on one side, technological play, long-term inaction into, what can I say? John with First Phosphate, which guys are, I do not know, I think for everyone looking for the high-speed train being built in Canada, I think you have it there. John is the manifestation of what high speed is with his project at First Phosphate. John, how are you doing today? Yeah, I am doing great. Good to be here, Julien. Well, John, again, I am sure you are going to have a lot of updates. We saw the press releases and so on, so share your screen. I am really eager to have a lot more explanation about what happened in the last few months. Yeah, sure. That is great. I know we have not seen your viewers in a while here. Maybe I will just go through some of the updates to start. How long do we have for the presentation in total, Julien? 25 minutes. 25 minutes. Okay, perfect. For those who do not know First Phosphate, maybe I will just take you through a quick deck flip. I also wanted to go over something that I am just bringing up right here, which is what this company has achieved in the last four months. I was just sending out an email to shareholders that had participated in our last financing in June. I sent out the note. I merely meant it when I said what we have achieved in the last four months, many companies do not achieve in 10 years. Maybe I will just go through that quickly. Since June of this year, we became a G7 endorsed project, endorsed by the G7 Critical Minerals Resilience and Production Alliance. That is our phosphate mine and our phosphoric acid plant are now both endorsed by the G7. We have gotten Quebec fast track status. We are one of three companies in Quebec that have permits fast-tracked, and that is working really well. We have received CAD 4.9 million of non-repayable federal government contributions for our studies that go towards our road and electrical line infrastructure. We became listed on the NASDAQ stock exchange as an American Depositary Receipt under the ticker symbol PHOS. That happened as of August. We rang the opening bell. I do not know if some of you have seen that. We have that video in English, French, and in German now. We updated our mineral resource estimate to show 378% more indicated resources. We have had a 10% increase in shareholder base over one year. We went from 1,301 shareholders to 12,501 shareholders, and that was by August of this year. That was even before we went to NASDAQ. Since we were on NASDAQ, we have traded more shares in the last four weeks than we traded in the whole genesis of the company. That is going to add even more shareholders. Just before going into NASDAQ, we already had a tenfold increase in shareholders. Who knows what it is now that we are on NASDAQ? Other important thing, we just received a letter of guarantee from SERV, that is the Swiss Export Risk Insurance, ECA, the Export Credit Agency, for $212 million. That is towards the CapEx of our project. The other thing is there was a peer-reviewed study in a major scientific journal on First Phosphate, which basically places, they just review the top world-class deposits out there in the world, and we are now part of that. I do not know what anybody thinks, but I think that is a lot of work to have been done in four months. Like I said, I do not think a lot of companies ever achieve those results, let alone in four months, let alone everything that we have achieved before then. Again, I am not tooting our own horn. I do not mean to be arrogant about it, but I just think we have had tremendous achievement here and it is really worth highlighting what the First Phosphate team has done. Anyways, let us go back to the basics. Let us go back to the company and who we are and what we do. If you look at our first page here, we are First Phosphate. We are igneous phosphate, that is phosphate from lava rock, extremely pure, for the lithium iron phosphate battery industry and not for fertilizers. Okay. Now, the key highlights of the company, I went over them already. This is pure play, mine-to-market exposure to the lithium iron phosphate battery industry for onshoring it into the West. Again, it is high-purity igneous phosphate rock under fast track status from Quebec. We are near term feasibility and critical path to commercial production. We have bankable offtake agreements that de-risk the developments, and we are a G7 critical minerals project. Now, the reason all the focus is on this lithium iron phosphate battery, as you can see, it has got a tremendous trajectory. It is now 77% of all the batteries produced on planet Earth. The reason for that is simple. The reason for that is that this is the versatile technology of mass adoption, right? It is not just electric vehicles, it is large scale energy storage, it is AI data centers, robotics, factory automation, defense, maritime, and agriculture, and a number of other sectors. The reason that this battery, the LFP battery is taking off is because of the superior fire safety, well-defined performance, lowest cost battery on the market, and longer life. The only issue, as you can see here, is that despite projected strong growth in the West, and despite the needs of the G7 and what the G7 has targeted as a supply chain, China still occupies over 97% of the supply chain. The G7 has come out in Évian, France saying that no one supply chain, and one of the ones that were identified was the LFP battery supply chain, should be greater than 60% in any one country. As you can see, there is going to be a need here to onshore 40% of this into Europe and into North America, and to other Asian countries. Okay. Now let us talk a little bit about the lithium iron phosphate battery. Why is it so important? Why is phosphate so important? What you see here is the cathode of the LFP battery. In the cathode of the LFP battery, it is only 4% lithium, but it is 60% phosphate. Right? Who would have thought? There is over 150 public companies out there that are exploring or extracting for lithium, but how many are out there in phosphate, when phosphate is 15 times more dense in the cathode than is lithium? As far as we know, First Phosphate is the only company out there that is 100% fully dedicated to phosphate, specifically for the lithium iron phosphate battery industry. It's for this reason. We like to be in a non-crowded space where it's the majority of the bulk of the cathode is, and we don't want to sit in this crowded space here of lithium where there's already 150 companies doing it. So we are pure-play exposure, and we're the only company on NASDAQ that's doing this from mine to market. The reason that underpins all this is, if you look here, the second most important element in terms of electrification is purified phosphoric acid. Now, it sits number two to copper. But the problem we're going to have in the Western world is this. The supply curve, here that you see the light blue of purified phosphoric acid is constrained at the moment. The reason it's constrained is because it's being made on the back of this very impure fertilizer-based sedimentary phosphate rock, where only a certain portion of it can be elevated up to purified phosphoric acid, and the rest needs to stay back in a fertilizer stream. The issue is that there's already a lot of uses for purified phosphoric acid, such as food, carbonated beverages such as Coca-Cola, dental applications like Colgate. There's pharmaceutical applications, cosmetic applications, water treatment applications, and a number of other industrial uses. So already the amount of purified phosphoric acid being produced on the back of sedimentary rock is already being fulfilled by the amount of demand for it from traditional use. When we started adding in LFP batteries, you can see it's going to be a factor of at least double. From what they're saying here at Benchmark Mineral, it could be as much as five or 10 times. But how do you produce all that purified phosphoric acid right now with the systems we have in place now in the world? It's impossible. The question is, how do you make a lot more purified phosphoric acid? Is there a magical way to do this? The answer is yes. The answer is igneous phosphate rock. The reason for this is that the igneous phosphate rock, at least the one that we have in Quebec, it converts into purified phosphoric acid at a rate of 91.1%. So almost a full 100% goes into making LFP batteries. This is because of the purity of the igneous rock, and it also processes clean. The gypsum's fully recyclable. Whereas when you're into sedimentary phosphate rock, most of it has to go into fertilizer because it's not pure enough. It just gets thrown back onto agricultural fields. Only a small amount can go into LFP or purified phosphoric acid production. Then you're left off with these really big, problematic gypsum slag piles. In fact, in Europe, you can no longer process sedimentary rock inside of Europe. They're just processing some of it in southeastern United States, but it's caused a lot of problems from these radioactive gypsum heaps. We don't have that. It's all recyclable. So igneous phosphate rock, that is a solution to make a lot of purified phosphoric acid in a clean fashion for LFP batteries. But the question is, this igneous phosphate rock, if it's so magical, well, then let's just use that. The problem is, it's very rare. It's only 5% of the world's phosphate deposits. Igneous rock is found predominantly in four regions. We have the anorthosite here in Quebec. Then we have carbonatites in Brazil, Southern Africa, and in Northern Europe, Russia, mostly. The carbonatites in Southern Brazil and in Southern Africa, they're a little bit problematic sometimes. The veins can change. They're not consistent. They're not homogeneous. There can be rare earths in there can be thorium in there. Generally, this carbonatite in Brazil is used in the agricultural industry, Brazil being a big breadbasket. In Southern Africa, they're not even really exploited. Here in Russia, they seem to be the only ones that can really make a good, pure, igneous phosphate based on carbonatite, but obviously now you've got the sanctions. In Quebec, we are extremely fortunate. There's this really special type of igneous phosphate rock which occupies only 1% of the world's phosphate resources, and it's called igneous anorthosite. The igneous anorthosite is very pure. We just pull out magnetite and ilmenite, and we're able to get to almost a pure form of phosphate concentrate, 40.4% P2O5, which currently ranks as one of the world's highest outputs of P2O5. Because of that, like I said, it converts 91.1% into purified phosphoric acid for LFP battery. Think of igneous rock, think of Quebec. Very pure phosphate, very clean, just for making phosphate for the LFP battery and not for agriculture. Directly into technology, into LFP battery industry, and doesn't have to pass by the fertilizer industry. That's a really big plus. Here's a little bit on the resource. With our recent drilling, we increased the indicated resource to 378% more indicated. We found great continuity in the mineralogy, and we found out also great homogeneity. The resource is at surface, so it will be an open pit mine. It's 2.7 km long, about 500 m wide, and it goes down 400 m. It's open at depth, and it's somewhat open on the sides as well. We are happy with what we've drilled. We're happy with the continuity that we've found. It's all drilled and ready to go for feasibility study. We are targeting our feasibility study, which is fully funded, by Q1 of 2027. As you can see, the economics are very strong. NPV, based on our last mineral resource estimate, CAD 2.1 billion, IRR of 37%, two point nine year payback, a very low strip ratio and a 23-year mine life, which obviously with the extra drilling we've done should increase. Let's talk about logistics. This is Saguenay-Lac-Saint-Jean, Quebec. This is two and a half hours north of Quebec City. It's Quebec's fifth largest populated region, and it is that way because this is traditionally where the forestry and the aluminum industry have been concentrated for over 100 years. Because of that, there's great equipment suppliers and there's great industrial workforce in the area. We're sitting right here at the end of the valley, 70 km from the deep sea port of Saguenay. The mine will be here. The concentrate will be shipped to the port. From the port, we can move either by rail to the heart of North America, or we can move out through the deep sea port to Europe and everywhere else. We've got very strategic lands right at the port of Saguenay as well. What's really important is that we've got definitive bankable offtakes that will be fulfilled right here from Port Saguenay. Also we've got the industrial lands to process up to secondary transformation into phosphoric acid, where we already have definitive bankable offtakes in place as well. This is something really important that the company's been able to do. We've been able to get from the igneous anorthosite rock all the way to the battery. This is a supply chain which was threatened in October of 2025 by President Xi and President Trump. There were three things threatened. There was rare earths, semiconductors, but also the LFP battery supply chain. To date, LFP cathode active material is banned from export from China to the rest of the world. It's a little bit ironic because the LFP battery was actually invented in North America in 2001, but by 2003, it had moved completely to China. Nonetheless, the first time in 25 years, First Phosphate has been able to recreate this supply chain in miniature at fully commercial scale, producing 150 of these LFP batteries using North American critical minerals. What did we do? We took the igneous anorthosite from Saguenay Lac-Saint-Jean. We created the apatite from there, so we crushed it with solventless extraction, very friendly for the environment. Then from there, with Prayon, which is the world's largest producer of phosphoric acid out of Belgium, we produced purified phosphoric acid. Then with GKN Hoeganaes out of Tennessee, which is the world's largest atomizer of steel powder, we produced iron phosphate precursor. Then with the lithium from Century Lithium in Nevada, we produced LFP cathode active material. With the anode material, the graphite from Nouveau Monde Graphite, and the technology of Ultion in Nevada, we were able to produce these LFP battery cells of North American critical minerals in the anode and the cathode. We tested these batteries by cycling them 2,000 times, and they work just like any other battery, meaning that all the critical minerals that went into here, as well as all the processes, they are fully validated, and this whole supply chain could easily be stepped up into really large-scale commercial use at some point because all the processes along the way are fully commercial. There's no R&D involved at all. We do this through, obviously, major partnerships in each of the key sectors, and we also have very good, strong local relationships with the Chambers of Commerce, Suppliers Guild, our local indigenous group as well. When we start looking out at the government level as well, the Bégin-Lamarche phosphate deposit, as well as the downstream facilities, are now a fully endorsed international deposit and projects under not only the Quebec government, the Canadian government, but also the G7. Like I was saying earlier, we've got Quebec fast track status. Only three companies have that. The Canadian government has put in CAD 21.5 million of non-dilutive funding for the project, and it's also non-refundable. We've been endorsed as a G7 strategic mineral project under the G7 Critical Minerals Resilience and Production Alliance. The government of Denmark has put forward CAD 190 million credit guarantee for the purchase of products from Denmark and building the mine. The Swiss government as well for $ 212.5 million. Between these two, we have CAD 400 million of a potential CapEx of CAD 475 million already at the table. We have also got the Italian government, three of their entities, as well as their leading engineering group at the table, to build out the phosphoric acid plant. At the G7 Critical Minerals Resilience and Production Alliance meeting at the Évian G7 meeting in June of this year, we also signed strategic offtake with a Western ally for 200,000 tons of phosphate concentrate and 60,000 tons of phosphoric acid. Those are definitive bankable offtake agreements on which we will be able to get funding as well. Looking forward, the path to production. As I said, we are starting our feasibility study, which should be complete by Q1 of 2027. This is fully funded. Then we go through our environmental and consultation work. That is fully funded. Then we get to our permitting, we hope by Q1 2028. That is fully funded. Then we get to our final investment decision by about Q2 of 2028. Then we have to start procurement and developing the site build-out. We are targeting initial production by end of 2029, early 2030. What is really important to realize about the company is that currently we have CAD 25 million in the bank of funding, as well as about CAD 21.5 million from the Canadian government, so it is over CAD 46 million. That gets us pretty much here to 2028, where we get past our final investment decision. From there, we have already got CAD 400 million of the CAD 475 million of CapEx at the table from two sovereigns in Europe, which then allows us to build out the capital and get the mine built. You are looking at a project which has got a really strong trajectory here. It has got a very strong economics and also has got the financing already in place, even though we have not even finished our feasibility study. We already have the nation states of Europe and Canada at the table to be able to fund the build-out of the mine. That just goes to show you how important, how strategic this resource and what we are doing is, not only to North America, but also to Europe. We are very proud of this. We are a company that is debt-free. We have raised CAD 80 million to date on our own without any underwriters. Our management and our board has provided CAD 4 million to the company, and still we take a large portion of our salaries in stock. I work 100% for stock. The Board works 100% for stock, and a lot of our management works for stock and cash. We do that so we can internalize the cash into developing the company. It is also what we do is because we want to be more and more exposed to First Phosphate, and we want to be aligned with our shareholders. Basically, capital appreciation growth, market cap growth is very much in alignment with shareholders. Management and board still holds 20% of the company. We have very few dilutables and warrants. Most of them are expiring at the end of this year, and whatever is left is in the hands of management. Right now you are just looking at pure shares outstanding and a fully funded company. No debt, no need to raise capital for at least another two years. Really just out there for execution, to just keep the value growing of the company. Board and management, we are very strong in capital markets, business, mining especially. We are really focused on one thing especially, which is really getting to the LFP battery with a number of partners in the supply chain. We are not just looking at a mine, but we are really looking downstream. We are looking downstream into technology. You can think of us as three things: business, mining, and technology. It is a full mine to market strategy. The mine is only worth as much as the downstream process that it is attached to. Thank you very much. Maybe I will pass it on to some questions there, Julien, if you would like to take some. Yes. All right, John. Thank you very much for the presentation. Well, listen, I was talking that you guys are growing at high speed. I think you are proving it right again. If you do have a question in the Q&A, please go ahead. John really answers them quick and good. Please. Oh, okay. That is an interesting question. Please explain the 197,000 insider shares sold in the last three months. Thanks. Because obviously people think that management never needs money and can live out of thin air. Do you have an explanation for 197,000 out of all of the shares you guys own? Yeah. I think it was one of our Directors or our President, they had some options that were coming due. What happens with options is if you do not exercise options, you lose them. What they did was very good for the company. They did a cashless exercise, so it means they have to sell, I do not know, 1/3 of the shares. They take the options, they convert them into shares, and then they sell about 1/3 of the shares or even less, just to have enough money to exercise the shares. It is a really good show to the company, actually. It means that the Director, whoever it was, I think it was our President or our SVP, basically needed to put out the minimum amount of money that he could to convert all of his options into shares. That is why he did it. He didn't do it to sell, to take money out of the company, but really just to deal with his options. We have a few more of those options coming up. A lot of our staff are very lucky. They had options in the company as low as CAD 0.25, CAD 0.50, CAD 0.70. Obviously, that's the way they get paid. They get paid for incentives. They get paid for building the value of the company. I just love it when a director or a senior manager has to exercise options to convert into shares because it means they had options that were above the market. We fulfilled, we executed. The share price is much higher than where the options were, and so they get their benefit of having more shares. I'll let you know that we have CAD 4 million of capital invested in this business. That's the senior managers and the Board. I work fully for shares, and all of our Board works fully for shares, and a lot of our management works for half shares and half cash. Again, we want to be more and more exposed to this company as possible, and also we want to fight our own dilution. Also, I've bought a lot of shares in the market. You remember when the tariffs hit, and everybody thought it was the end of the world back in April of last year? I think I bought 1 million, 2 million shares in the market at, I don't know, what is it, CAD 0.25, CAD 0.30. Good trade. Obviously I can never sell those shares. I only ever buy shares in the market. I only ever participate in financings if I can, as do the other directors. We're accumulating more and more shares. You can go and look at on SEDI, look at my track record on SEDI. It's all been all purchases in open market and on financing us with the rest of our Directors and a lot of our staff. I think we've been extremely fair in what we've done now with shareholders. I think we've gone way over the top, and I think we've supported the company. I remember there was a time. Oh gosh, when the lithium bust happened in 2022, 2023, there was a shareholder that had to sell millions of shares. Myself and all of the Board, we stepped up. We put up, I think, CAD 1 million between all of us, and we bought out that whole block, so it wouldn't affect the share price. This is when the stock was at CAD 0.22. The things you have to do, right? But we do them when we have to do them. Very happy with the way our Board and our management is handling the purchases in the market. Great answer. Yes, exactly, and I think this is one of the things. It's not just only sporadic trade but understanding what's behind it. Obviously, with the amount of shares that the management is owning at one point, obviously, the 197,000 is, A, explicable and then, B, would be very insignificant in the total of shares owned. That being said, it brings me back to something else. That being cleared out, let's go back to your slide on which you're discussing about guarantees and so on. There's a lot of guys that out there are not understanding what does it mean financing support, SERV. Can you take just a few more minutes to tell the people that are not used how to finance a project, how those offtake contract apply as of today? Just take us really three minutes, just this volume gap in understanding what you mean when you say we have maybe a pre-financing already and so on and so forth. Yeah. Look, the whole market's always cranky about CapEx and how they're going to get the CapEx to build this stuff to all the mining companies. We have something very special here. We have the G7 group of nations. This is an international body that wants this mine built. Why? Because LFP was threatened of knowing the discussions between President Xi and President Trump in October of 2025. This supply chain is sitting 97% in China. The G7 nations want to get it down to 60% by 2030. They need projects to be able to do it. They've endorsed the project of First Phosphate being the mine and the phosphoric acid plant as a very good start to get this done. Since we're under the G7, the government of Denmark and Switzerland, which are not even really G7 members, right? They're the first that have come to the table and said, "We want to put up the financing to build this mine. We know that it's going to be CAD 475 million to build that mine." Denmark says, "Okay, I'll put up CAD 190 million." Switzerland says, "I'll put up $212 million." Now, how does this work? Basically, there are Danish companies, and there are Swiss companies that can provide equipments and machinery that's required to build a mine. So they're providing loan guarantees so that their own exporters of equipment will be able to export that equipment to First Phosphate in building the mine. Denmark, it'll be the concentrator. Switzerland will be the electrical equipment, and it'll be the earth-moving equipment. So already there you've got about close to CAD 400 million of the CapEx solved. It's 80%, 85% of the CapEx. This is unheard of for a company at our stage of development, where we're not even in the feasibility study, where we have all the funding from our investors, the Canadian government. We're fast-tracked by the Quebec government at the table to get through the feasibility study, and already two of the strongest financed countries in the world, Denmark and Switzerland, are at the table saying, "Hey, we want to finance this, and we want to be the first ones." Even though you've been supported by the G7, even before the other G7 members have come to the table, they've come to the table. Obviously, Italy's a G7 member. They've come to the table for the phosphoric acid plant. The nation-states know that we need this. We need this for the energy independence of the West, the defense of the West, and to keep our people working. This is great capital. What does it mean? This is capital that's friendly. They want us to succeed. A lot of times when you're building these mines, you get private capital, and they're out there to see the project fail so that they can take it over. This is not the case. These are very friendly countries. They want people employed. They want the products built. They want the national security, and they want to see you succeed, and they're going to give you the best interest rates possible so that you are able to succeed. Well, this is a great and detailed answer. The time is up, John, but I think we used it wisely from trying to understand, and because it's so unconventional, as you say, mining asset being financed almost 100% even before the feasibility. I've never seen that in my life, so congrats on that. This is a huge accomplishment. I think that obviously your incentives are aligned with the company, with the shareholders. It's really great to follow. I won't take more of your time, John. Thanks again. See you at the next IIF hopefully, and continue the great work. It's going amazing. Thank you very much. Yeah. Just one last thing though, Julien. Yeah. Do not forget the P in LFP, right? 60% of the cathode of the LFP battery, we are the only company out there that is 100% dedicated to solving this issue, and know that we traded at about 20% of the NPV of our mine, a mine that has got full funding to get into place here between now and 2030. Thank you very much. If I had another hour, we would go deep into it. Maybe we keep it for next time. I will note about it. Thank you, John. Okay. [Non-English content] Bye.