presentation that was released to the ASX this morning on the Watershed PEE study. Obviously, the release of these findings, in our opinion, further strengthens TGN's position as one of the most attractive, advantaged, and leveraged plays on the continued tungsten boom. Just in regards to housekeeping, the format today is Gary's going to run through some of the key points from that presentation. Should take about 20 minutes, and we're going to follow that with a Q&A session. If you have any questions, you can enter them into the Q&A chat function at the bottom of your screen at any point, and we'll get to them at the end of the formal presentation part. Over to you, Gary. Thank you, Aidan. Welcome, ladies and gentlemen, to this, the first of our Tungsten Mining webinars. As Aidan said, I'm Gary Lyons, the Non-Executive Chairman of Tungsten Mining, and it is indeed my real pleasure this morning to provide you with my personal translation of the recently released Watershed PEE, and provide a little more information around our current activities. The usual notices and disclaimer. I can say there is nothing unusual about this disclaimer. I assume you will be happy that I don't take the time to read it. Certainly not in full. A bit of a corporate snapshot. Tungsten Mining was listed on the ASX approximately 15 years ago. In terms of our register, we have some 1.396 billion, almost 1.4 billion shares on issue. We last traded on Friday the 19th and closed at AUD 0.215. I'm pleased to see that some of you must have been buying this morning because the price has moved a little north. That gives us a market capitalization somewhere in the vicinity of AUD 300 million. Our cash position, the last reported cash was the March quarter. At that juncture, we had some AUD 53 million in cash. In terms of our register, GWR Group is our largest shareholder with around 10.6% of the register. The directors and management hold some 8%, and then institutional and retail investors make up the balance of approximately 79%. In terms of our board, joining me on the board is excuse me, is Teck Wong. Teck is currently Acting CEO, and we continue our search for a permanent Chief Executive Officer. Teck is working tirelessly and doing a magnificent job in developing Watershed, but also keeping the accelerator firmly planted, driving Mulgine through the study phases. He has a history in the steel industry internationally, and completed his studies in Melbourne. Alongside him is Russell Clark, who needs little introduction to most, being the current Chairman of Vault Resources. Russell was also Managing Director of Wolf Minerals, who developed the Hemerdon tungsten asset in Southern England. Russell has served on the Tungsten Mining board for the past five years. I'm sure that we've extracted all of the what-not-to-dos in the mining and processing of tungsten from Russell, through his Hemerdon experience. Cashing in on high tungsten prices. Current European prices ex Rotterdam are trading between $2,900 and $3,210, with a mid-price of some $3,055 per MTU. That equates to $305,000 a ton, or AUD 435,000 a ton. Our aim at Tungsten Mining is to aggressively target these high prices by leveraging off Watershed's essentially shovel-ready position. Allow me to run you through some of the impressive financial metrics that Watershed offers. Firstly, Watershed is a high-margin tungsten project, delivering an NPV of some AUD 1.3 billion from a capital investment of AUD 274 million. It delivers a whopping internal rate of return, marginally under 200%, and a sensationally low payback period of only nine months. Adopting a long-term price assumption of $1,000 per metric ton unit, and more on this in an upcoming slide. OpEx is currently some AUD 594 an MTU. It's anticipated that we'll be able to seek some reductions in this cost as we move forward. Again, I'll share more on that with you shortly. Undiscounted cash flow is AUD 2 billion. If we look at project production, metal recovery is at 72.5% once we achieve nameplate, originating around the 66.5% of recovery. Mine life is actually eight years. However, concentrate production will continue through 15 years of project life, at an average rate of a little over 2,000 tons per annum over the 15 years, or 2,500 tons approximately of tungsten concentrate during mining operations. That's the eight years. Over total project life, we envisage production of some 31,000 tons of tungsten concentrate. In terms of development, construction is about to start with civil works just about to begin. Mining will commence at the beginning of 2027, with concentrate production scheduled for the first semester of 2027. That's the first half of 2027. Full production to nameplate capacity in the second half of 2027. We've modeled a number of pricing scenarios. Five, in fact, ranging from a high of $1,500 per metric ton unit to a low of some $ 600. My personal view is that tungsten will remain in a high-priced environment for somewhere around the next three to four years, and that's due primarily to rising demand and a shrinking supply base. Of course, geopolitical tension has created the initial tailwinds, but certainly there is a deepening supply deficit. I personally predict it'll find a new level somewhere around the $1,200-$1,500 an MTU mark. That's U.S. dollars. This chart shows that the realized price across project life, that's based upon the current price falling to $1,000 on a straight-line basis through to June 30. It'll be some $1,248. In further explanation to that, if we look at the price where it sits today, it's a mid-price of some $3,055. Our trajectory is that we believe it will gradually decline to its new level by June 30. We're talking four years from now, and it's those five different scenarios that we've used to deliver our financial outcomes. In terms of payability. Payability for tungsten concentrate, we've adopted a number of 80% of the APT price. Currently, in fact as recent as first thing this morning, we've heard of payabilities in the low 90% in comparison to the APT price. That is that refiners, of course, have benefited from this increase in tungsten pricing and where they were working on 20% margin for tolling or for refining tungsten concentrate. Today, at today's prices, of course, that's some $600 per MTU for refining, where historically, let's say five years ago, they were fortunate to make $40-$45 per MTU. That's U.S. dollars. Due to the shortage, we're seeing refineries accepting payability to concentrate suppliers predominantly in the high 80%, but, as I mentioned, some in the low 90%. In terms of exchange rate for our financial metrics, we adopted $ 0.70, an Australian dollar being worth $ 0.70, and a discount rate of 8% has been applied, the usual corporate tax rates. Government royalties are some 2.7% in Queensland, and other royalties, particularly ones that we inherited, some 3.5%, which the previous owner had a royalty stream with Macquarie, and indeed one with a landowner. At the base price of AUD 1,000, delivering an NPV of some AUD 1.33 billion, and that extremely short payback period, as you can see in the red outline in this particular chart. At the AUD 1,500, the NPV is AUD 2.16 billion, with an internal rate of return, a whopping 233%, and a similar payback. We've rounded this up into nearest months, but there are fractions involved. It also approves, or it displays that even with a tungsten concentrate price as low as AUD 600, it delivers an NPV of AUD 628 million and an internal rate of return of 168%. The payback period only moves out by one month, which is quite incredible. Impressive, I'm sure you'd agree. In terms of annual production, the bottom left-hand graph shows that in 2027 we'll produce some 1,700 tons in our first year of operation, rising to a little over 3,000 tons in 2028 and nudging 3,500 tons in year three of operations. You can see that we average over life of mine that number of 2,500 tons per annum. Across the entire processing, that is project life over the 15 years, the average annual concentrate produced will be some 2,090 tons. The project delivers great cash flows, as can be seen in the graph in the bottom right-hand side. Those cash flows peak in 2028 at a little over AUD 500 million of pre-tax cash flow, and impressive numbers thereon as we capitalize or seek to capitalize on those high prices. I hope that our predictions are wrong and that tungsten price finds a new level significantly north of where we've pitched it at that AUD 1,000 mark. If it does, it simply makes those pre-tax cash flows even stronger. Let's take a look at the project location and the resource itself. Watershed is located some 130 km north-northwest of Cairns, and roughly 35 km north of EQ Resources' Mount Carbine mine. Watershed sits on granted mining leases with full environmental authorities for an open pit mining operation, and all works approvals are in place. This made the decision to fast-track production at Watershed an easy one in the current high-pricing environment. In terms of the current resource, you can see that the total resource is just under 70 million tons at an average grade of 0.11, and contains some 76,000 tons of tungsten concentrate. The level of confidence we have in the resource, some 80% sits in the measured and indicated category of the JORC, 2012 Code. Apologies for the pic in the top right where you can see the block models. Unfortunately, it's difficult to see surface. The geologists clearly thought that everybody I was presenting to today would know where the ground true level was or is. But I can tell you that tungsten is from the surface. I won't attempt to try and draw a line across there. It is evident from surface there is very little overburden. In terms of the processing, we're adopting a conventional process flow sheet with two stages of gravity separation, followed by flotation. Flotation has been vigorously tested and confirmed with numerous external tungsten processing experts from both China and indeed Europe. They have been supported by historical and current test work. The process plant will be constructed in a way that allows early startup production from direct feeding of ore that's been sorted, and concentrated through to secondary milling and gravity, and through into the flotation, where we'll look to deliver a 50% tungsten concentrate, which has become pretty much the market standard at this juncture. In the past, 60%-65% was the standard. In terms of concentrate today, the new standard is some 50%. By bypassing the primary milling and gravity, initially enhances that early cash flow whilst we construct, install, and commission the primary milling and gravity. In terms of ore sorting, we've found that this ore is certainly amenable to sorting with a 10 x- 12x recovery from first pass. We aim to deliver to the actual processing circuit, an ore with a tungsten grade of between 1% and 2%. In terms of metallurgical recovery assumptions, we've conducted significant historical test work that support metallurgical recoveries. Initial conservative startup recoveries in the 66% have been assumed, and we look to optimize those in the first three years of production, where we anticipate a recovery, a WO3 recovery of 72.5%. Essentially, after mining, the product is crushed by mobile crushing and screening. The sub 10-mm stockpile results. 65%, that's the other 65% of the mass then goes through ore sorting and into the beneficiation plant, where we anticipate high recoveries, as much as 0.29% mass to product that is mined. In terms of the capital cost, as I said, this is estimated at AUD 274 million. Some of the significant costs are in plant or process infrastructure, approximately AUD 90 million. Civils, a little over AUD 50 million. Owners costs, AUD 36 million. Dams and water supply. There's plenty of water in Queensland at particular times of the year. We are intending on damming our water supply. That's a significant impost, as is project development costs and of course, a significant contingency, which I think is very smart. In terms of the total, some AUD 200 million is in direct capital, with owners costs of a little under AUD 50 million, and then the contingency. I won't dwell too much on this. Happy to take any questions in regard to the capital composition. In terms of operating costs, current OpEx sits at some AUD 594 per metric ton unit. The U.S. equivalent using the same Forex rate of AUD 0.70 to a U.S. dollar, it gives us a U.S. dollar cost of $416 per MTU. The breakdown on the right-hand side is how that number is derived. As I mentioned, we believe that there is the opportunity to reduce these costs further, and I'll share with you a little more on that. At AUD 594 or $416 an MTU, we believe this price would be in the low-cost quartile, particularly of Western production. I'm one that doesn't believe that costs, OpEx cost of producing tungsten in China are as low as what the Western world may think they are. Resources in China are being depleted, and grades are being degradated. There's been degradation of grades. Costs of production in China, in our opinion, are not as low as people envisage. We see that there is a real opportunity to reduce OpEx over time, and that's primarily through optimizing mine schedules. We are certainly intent. We're just launching a drilling campaign to add tons, add metal to our initial mining plan of the first 24 months, where we have some high-grade intersections that currently don't sit within the pit shell. There are some significant intersections. We will look to high-grade production. That is that the first 24 months, we're extremely confident that grades, processing will be somewhere between 0.25%-0.3%. High grading, again, all in a bid to extrapolate what we can from this current high pricing environment. We see that by improving, optimizing mine schedules, improving grade that the total material movement we envisage will fall by approximately 20%. It is our intention to transition to owner/operator within probably after the first two years, so year three. All in all, the additional cost savings we envisage will result in a reduction in cost of some AUD 95 down to around that AUD 500 an MTU mark. Off the top of my head, I think that's around $349 an MTU. Again, I don't believe there's a Western producer that is producing concentrate at such a low level. In terms of regulatory approvals, all are in place and current. They include mining leases, environmental authority, both state, and also commonwealth in terms of protection and biodiversity. ILUA is agreed with traditional owners in place current, as indeed is a cultural heritage management plan. We are fully permitted to proceed, subject to certain secondary approvals to unlock ground disturbance. We see them as simply being procedural. In terms of next step to meet this market demand, we have a development plan that gives a clear pathway to final investment decision. The first step was Watershed to release the PEE to provide an update, and development and timelines and execution strategy. We've completed that. Site early works and the ordering or procurement of long-lead, critical plant. That decision we're certain to make in the coming days. Looking to extend that near-surface mineralization. I mentioned the drilling campaign that's about to commence next week, which is some 15,000 m of resource development drilling and a further 3,500 meters of met drilling, all to grow the total contained WO3 units, and particularly focused on those initial mining areas. This will occur in Q3, the next quarter, as will the rest of the steps, actually. Final steps for obtaining that full regulatory approval to commence construction and mining activities, the procedure I mentioned. Non-equity funding arrangements. We're targeting prepayments and debt levels supported by compelling economics and early production, as I've outlined. Completion and delivery of the Watershed DFS, and indeed, the final investment decision. All of those activities aim to be completed in Q3 of this year, 2026. Of course, mining to start very early in 2027. In terms of funding, I focus here non-dilutionary funding. I'm anti-dilution, as some of you may know. We're looking at multiple non-dilutive funding pathways to support Watershed through to FID. Some of those, our main focus is offtake prepayments. We're in advanced discussions with a number of traders and refiners globally between Japan, Asia, North America, and Europe. We are well underway with negotiations on long-term offtake contracts. Of course, with them there is competition for concentrate, and prepayments and funding linked to future tungsten supply is certainly a focus of ours. We are targeting the near-term execution of some of those offtake contracts. In terms of debt, project debt, we're engaging with financial groups that are well-versed in funding of resource projects and have proven track records. We're assessing project debt in the form of private credit and bond financing options. There are multiple structures that we're currently reviewing. We're about to advise of the appointment of a debt advisory group in the coming days. In addition to that, there are a number of government grants and strategic funding that may be available. We're actively engaged with the Australian and International Critical Minerals programs, primarily in the U.S. as a secondary. They're heavily focused on finding reliable alternatives to critical minerals. They're eager to see new production in the Western world. Some of the funding pathways that we're working on are grants, concessional loans, and strategic investment. We are well advanced in terms of funding that initial CapEx. That's effectively me. I'm certainly committed. We have a great group of professional and experienced team, one which I'm extremely proud of. We're totally committed to delivering Watershed on time and on budget, and I don't use that lightly. We look forward to capturing as much of the high tungsten pricing environment as we possibly can. We look forward to having you all as shareholders of our company and join us on this journey. Ladies and gents, thanks very much for listening to my review of the Watershed PEE. Aidan, over to you. Thanks, Gary. Just a reminder, after that great overview and presentation, if there's any questions on it, please enter them into the chat function now. We do have a few. Some are pretty technical, so we might come back to you on them post the call. There are a couple, Gary, on the nearology to Mount Carbine, and has the team done any assessment on tolling through Mount Carbine, which is either 20 km away or 35 km away, depending on the questioner, as opposed to building a new plant. There's a couple of questions on that same issue. That's a very interesting one. Let me say that we certainly did investigate it thoroughly. EQ Resources have announced that they're going to use Mount Carbine as a hub for processing of tungsten concentrate. That's an interesting focus that they have. We certainly investigated that opportunity at length and in detail. Economically, it just did not make sense to us to go down that pathway. I'm not exactly sure of the meaning. We know that EQ have struggled to keep their mill busy, their operation busy, and they've had some issues with grade as they've done their cutbacks. It certainly just does not make sense for Tungsten Mining to go down that pathway. Thank you, Gary. Just here a bit on processing. Scheelite is renowned for being harder to process extract than wolframite. How does Tungsten plan to address this? Without giving you the 101 on tungsten, wolframite, of course, is magnetic, whilst scheelite is identifiable under UV lamp. Scheelite is a little more difficult to liberate in that it requires a flotation process, whereas normally wolframite doesn't need that additional process. For example, EQ Resources process both wolframite and scheelite, they don't have a flotation circuit where we will use flotation to liberate our material. Thank you, Gary. A number of questions here on obviously offtake and customers and competitive supply. Obviously, tungsten is not a generally well-known commodity place. Who is real or who are the alternative sources of supply for the offtake you're going after, Gary, without getting into perhaps controversial comments on the competitors? I could talk on this subject at length. The tungsten industry is very small. It's around 150,000 tons, which you could pack into one medium-sized Capesize vessel. That's the annual consumption, although it is rising. The industry is very small. We all know each other. We all know who's who in the zoo and where we're at. Look, there are certainly a number that claim they'll be in production, but have done so for a number of years. The only ones that I think are probably real at this juncture in terms of production in 2027, would be the Hemerdon asset that's owned by Tungsten West in Southern England. They still have a number of environmental issues to face, but it's likely that they will commence mining activities and processing activities in 2027. Almonty, Lewis is the world's best salesman, we've been waiting for Sangdong to be commissioned and on stream for probably the last nine months. Its first-year production is pitched at 2,000 tons, ramping up in years two and three, I'm still unsure as to where Almonty are at. I certainly would love to swap the market cap of Almonty. Currently they're producing 600 tons from their Portuguese mine, and it's quite public that they haven't recorded a profit in the 18 years of their history. Just not exactly sure where Almonty are at, but one would need to anticipate that there'll be some production from Sangdong in 2027. Indeed, ourselves, of course. In terms of other markets, North America, there's been no mining there since, of tungsten, since the end of the Second World War. There are a number of groups that are dusting off the cobwebs from some old underground mines, predominantly they are low in terms of their mass, 3 million tons -5 million tons of resource. Usually a little higher grade around that 0.25%-0.3% WO3. Permitting is going to take a long time. Don't see any others, any newcomers other than perhaps Hemerdon and Sangdong. Great. Thank you, Gary. Yes, a bunch of questions obviously on offtake and financing. Here's one on financing, I think you could probably wrap it into a comment on offtakers as well. Given the volatility in the tungsten price, which is probably the China price that we're talking about there, not Europe, it's been pretty stable. Anyway, given the volatility in the tungsten price, how are potential financiers approaching the medium to long-term APT price assumptions and maybe offtakers as well, Gary? Yeah, look, that again is a colorful question that I could take some time in responding to. In short, those prices that we're hearing in China, I think they're around the AUD 1,500 an MTU mark now, are internal. There is no product being exported at those prices. That price reduction resulted from a number of downstream producers, particularly of tungsten carbide tooling, that were claiming they weren't able to compete in the Western market, and therefore they were losing revenue. I don't understand why that's a fact when Western producers are suffering the same pricing. Those prices are internal China prices, and there is no product being exported at those prices. China is very much a net importer of tungsten concentrate, and that even down to scrap, where we've seen the U.S. ban exports of recycled tungsten scrap to China. In fact, they're banning all exports of recycling of tungsten material. As far as the pricing is concerned, in terms of discussions and negotiations with off-takers, it certainly has been very clear for us. We certainly are talking in a number of ways of establishing a floor price mechanism, which means one would have to give up a little bit of the upside. It makes sense based upon the margins that we'll be able to enjoy in this high pricing environment. There's all sorts of discussion taking places between collars and cuffs on pricing, and advanced prepayments and support in terms of finance for long-term off-take arrangements. Literally, where we were probably fielding an inquiry once a month, we are actually fielding inquiries several times a day. We have a data room established where most of the refiners and the traders around the world are in our data room, and I'm very pleased with the way that the negotiations or discussions and negotiations are progressing. All right. Thank you, Gary. This is one for you, given your non-dilution stance, which you are very adamant on. You've outlined a broad range of funding sources. Can you give a little more context around how those conversations are progressing, particularly around strategic interest in the supply? What is your ideal mix of funding? Yeah. Look, I would dearly like to try and obtain somewhere between 30% and 50% of our funding requirement from off-taking, contracting our off-take. Of course, many of the refiners and off-takers are focused on Watershed for its early production, but they're keen to lock in some of the production that our Mount Mulgine asset will deliver come 2029. It's a very interesting dynamic. What we're seeing is people are prepared to commit long-term to secure supplies, and that's very interesting and appealing to us. In terms of outside of prepayments, and perhaps some funding coming from those off-take negotiations, debt funding in the form of bonds is one area that's been closely investigated and other forms of private lending and debt models. There is a clear opportunity to potentially fast-track that funding, if we were to go down the bond pathway, and they're offering realistic coupons as well. I mentioned a little earlier that it's imminent that we appoint a debt advisor who we've been working with, but we intend to officially appoint in the coming days. If we have to go down the equity pathway, it will be a last resort, but I've got confidence in the majority of the funding that's required to fund that capital that we'll source it primarily through debt. Right. Thank you, Gary. There's still questions coming through, but I'm pretty conscious of time, so I'm going to try to wrap some of them up together. Maybe you mentioned there Mulgine. Maybe let's not forget that one. That's the- Yeah. jewel in the crown. How are you approaching it in parallel to Watershed? Yeah, look, Tungsten, the asset at Mount Mulgine, the Mulgine Trench asset, is indeed a tungsten giant. Discussions we've had with governments and particularly the U.S. government, they want access to Mulgine. It's bigger than the state of Texas in their eyes, and it truly is a massive asset. Drilling is actually underway at Mulgine. We've embarked upon a 40,000 m resource development drilling campaign, to expand the already significant resource from 250 million tonnes to somewhere around 400 million tonnes- 450 million tonnes. Our aim with that is that one of the outcomes we anticipate is that Mount Mulgine will achieve the status of being the largest single tungsten resource on Earth. We aim to deliver that in the coming months. The PFS study for Mulgine that's been supported by Worley, a Tier 1 ECM group that we appointed to assist us with that PFS at Mulgine, will be delivered at the back end of August if not very early September. The study process is moving rapidly and as planned, as announced, and on budget, I'm pleased to say. We'll move directly through that DFS phase into FID, seeking our first production of tungsten from Mulgine in the first quarter, in fact, Q1 of 2029. Very exciting. Thank you, Gary. We've probably got another couple of minutes. If we don't get to your question, we will absolutely follow up with you afterwards directly. Just a question here on the long-term strategy for Watershed. Is the intention to develop, own, and operate through to production beyond, or are you open to selling the asset at a later stage? Well, the former. We're certainly committed to delivering it ourselves. We're well advanced. We've built a wonderful team, as I mentioned earlier, and it continues to expand daily. In the interests of all shareholders, if the right approach was made, and we can have valuations similar to those that have been delivered on some of our peers, then why wouldn't we consider turning our focus to Mulgine? Frankly speaking, no, we intend to deliver Watershed ourselves, and to move towards owner operating mining as well by year three, as I mentioned. Thank you, Gary. The final two questions we'll get to ask. One is just on the team and obviously having the capacity to deliver within the timetable that you've outlined. How has that grown? Who are you using, in terms of being able to construct and commission this as planned? As I mentioned, externally we've got some great engineering companies. We've brought Mintek in to help us with the engineering. Our team here in-house, very impressive team. Our technical director, MJ, [Manjot Uppal], has been a breath of fresh air. He's been with us for five years now, and he's been mostly responsible for assembling this team. We've brought in a number of incredible skill sets. I'm absolutely impressed. In fact, I was overwhelmed at the caliber of the team that's been assembled, and that's why I've got total confidence in their ability and to deliver the Watershed project very early in 2027. Probably the final question, because there's a number on timing. Maybe just go over again as the final question, Gary, the key milestones that need to occur and you're looking out for between now and the startup of Watershed in that timeframe. As mentioned, in terms of the approval process, we've just got a secondary approval that's required, which is pretty much procedural. We'll move on to making a decision very shortly in regards to procurement, ordering of long lead critical items. We'll look to deliver the DFS in the coming months and FID also in quarter three of this year. The aim will be that we'll commence mining activity, ground disturbance. I'm hopeful, the team's hopeful that that'll be in the latter part of this year, 2026, but if not, the beginning of 2027. Production in terms of construction to be completed and decommissioning to commence towards the end of Q1 with first concentrate production being hopefully at the beginning of Q2, but certainly delivered in the first semester of 2027. Thank you, Gary, for a great run-through and a very comprehensive question and answer session. We didn't get to all the questions, but we will follow up afterwards directly with you, so don't fear on that. It sounds like, Gary, you're going to have an incredibly busy three to four months ahead, so I'm sure we'll be hosting a number of these webinars again over that timeframe, updating investors and future investors on the progress you're making on Watershed to first production. Exciting times and thank you everyone for your time this morning. Yes, thank you very much indeed.