6,000 ounces on this property alone that potentially can move to resource as we continue to drill those drill holes. Second project I'm going to talk about is Montalembert. This is 100% owned Globex Mining Enterprises project. It's gold. It's also in the Abitibi. Much of the property is very under-explored. However, in the southern part of the property, there is spectacular visible gold. The number two vein had grades as high as 3,310 g/ ton gold over a meter. We haven't done much work on this in a while. We're going to go in and do some prospecting, mapping, some ground truthing of geophysical targets, and some sampling, and hopefully outline some drill targets for the coming years. Rouyn-Merger is one we drilled last year. We drilled six holes, hit some pretty spectacular mineralization, 3.44 g per ton over 39 m, 12.6 g over 6.7 g included in that. We did some IP over the winter. We're looking at additional drill targets right now, and we'll probably outline those before the end of the summer to drill in the fall. First of all, just a quick look at the Wood Cadillac property. The Ironwood project is up here where I'm circling. It's far and away separate from the rest. The green band you see running through the center of the map, that's the Cadillac break that I mentioned was the big prolific break. To the west of us is the Radisson-O'Brien project where we have a royalty and they're drilling 140,000 m there. The white traces you see on the map are the holes we're going to drill to test the Cadillac-Wood, which is sort of centered of the project, the Cadillac and Wood deposits. At the eastern side is more of the Pandora stuff. We're going to test those this coming summer, probably be by the end of the summer by the time we get permits. We're hopeful to see some good mineralization continuity underneath those old deposits. Montalembert, you can see some of the spectacular gold mineralization that was taken out of some pits in the southern part of the project there. We hope to find more of that as we continue to explore that trend up to the northwest across that project. We'll be doing that this summer, sampling, mapping, geology, prospecting, overturning lots of rocks, looking at geophysical anomalies, and ground truthing those to see what's there. Watch for that as we continue to do more exploration on this very fabulous project. This is the Rouyn-Merger project. I told you we drilled a couple holes there, six holes. There was some historic drilling there. The historic drilling, they didn't really sample the whole core. We sampled everything. That's why we got the much thicker intersections of 3.44 g over almost 40 m. Very close to surface. I'll keep that in mind here. This would be something you could probably open pit if we can find more continuity. This is a pretty exciting project. We're looking to see if we can extend the strike length of that mineralization and see what happens with that. The IP is at hand. We're currently assessing that. On the royalty side, three royalties I'm going to throw at you today. The Kewagama and New Alger royalties, these sit on Radisson's O'Brien Project. One's on the west side of the project, the New Alger, and one's on the east side of the project, the Kewagama. They're drilling 140,000 m on that project right now. They've already announced 1 increase in the resource recently. The PEA they did last year showed 22% of the ounces will report to the Kewagama royalty, and they're doing more resources as we continue to move along there. World-class Mont Sorcier iron ore deposit. They're putting out a feasibility study by the end of Q2 this summer. This will be huge for us because this will show us exactly what that project's worth on a bankable feasibility study level. The PEA showed a CAD 1.6 billion pre-tax NPV at a 43% IRR. It's going to be better than that in my view because they're increasing production up front, which will mean more royalty payments to us in the beginning. We used to think it would be about a CAD 4 million-CAD 5 million payment. I think it's going to be between CAD 7 and CAD 10 on a yearly basis if they do that. Nordau West and East, this is Cartier Resources' Cadillac Project. We have a 3% GMR there. This is a project that is growing by leaps and bounds. They're finding new zones across the property as they continue to drill. There's already 2.35 million ounces of gold there. We have part of that in the Nordau West in our royalty claims. They are drilling the North Contact Zone, which has been very encouraging for us in the Nordau Zone, and we're looking forward to seeing more from that. One project that I didn't mention yet is the Bell Mountain. This is where we have a royalty that's going to production into this year, beginning of next. It's a heap leach small deposit in Nevada, but it'll be quite significant for us as far as revenues. I mentioned the Globex royalties on the Radisson-O'Brien Project. You can see them here. There's our Cadillac Wood Project sitting right just to the east of them. Kewagama Project, New Alger Project. This is the Cadillac break where they're drilling lots of holes there at Radisson's O'Brien Project. We're looking forward to seeing them continue to drill more holes on the Kewagama area. You can see this long section here. The red line on the left is where our New Alger royalty boundary is. The red line on the east is where our Kewagama boundary is. You can see these trends they've outlined there that dip towards our project, towards our royalty claims. We're looking forward to seeing more and more ounces added to our side of the line. Just to give you an idea on some of the hidden gems that might pop out of the woodwork on our royalty portfolio. Berrigan royalty, this is a 2% GMR. TomaGold's drilling this. They hit some pretty spectacular zinc, silver, gold numbers here in some drilling last year. This is something where we didn't have much value or even talk about very often. We're looking forward to seeing more results from this, but a great little project that's happening here and some really underlying value that hasn't been included in our share price yet. Mont Sorcier, I mentioned this, world-class deposit feasibility study out by the end of Q2. Lots to say when that comes out. Nordau West, you can see this is the whole Cadillac Project of Cartier's. The North Contact Zone is what they've been drilling, and the Nordau Zone, which is just to the south of that. It's all on our claims, this North Contact Zone. We're looking forward to seeing more ounces come out of that and see if we can put a resource on this area, which they haven't done yet. I think I skipped one. We are focused on transactions. We have the Edison transaction on the Eagle Northwest we just did. We have the Edison [Nganné] property as well. We just did that one recently. This is just a list of our option agreements we currently have outstanding. We just announced one on the Ramp project in Ontario, a project we didn't talk about much, but it has considerable upside. We have an option on the Maple Gold project. This is the last year of that one. Emperor Metals, Duquesne West, base metal options. There's the Electro Metals, BWR. They're doing a merger. Magusi Bay, Fabie Bay projects, copper, zinc, silver project just to the west of Rouyn-Noranda. The TomaGold [Lac Ouillom] project. Critical minerals focused option transactions. There's the antimony one on Bald Mountain. There's the Albright one in Devil's Pike, also antimony. There's the Lodestar Minerals on the Virgin Mountain project in Arizona. Evion Corp on CARP, which is the fluorspar project. Lots of good option agreements going on. I think there's going to be more. Here's three we're going to concentrate on here. Duquesne West, this is Emperor Metals. They're drilling us 15,000 m right now. They've doubled the resource last year to 1.46 million ounces. They continue to find more mineralization as they drill. On Ramp Maude Lake, this is a new company that's a numbered company. I'm sure it'll come up with a name soon. It's backed by significant mining people who have built some big mines in Canada, and they are moving forward with this project. They've made a CAD 550,000 payment already just on basically signing. We're looking forward to seeing what they do with this project. It already has a resource. It's next door to some mills that are quite hungry. We think they're going to try to push this thing pretty fast towards production. Bald Hill antimony intersected massive stibnite in drill holes. They're working quite hard on this thing. As I mentioned, they're going to have a feasibility study, or sorry, a new resource out on this before the end of this year, a maiden resource. Very exciting project, and they're doing really good work there. On Emperor, I mentioned some holes they've been drilling. Here's one that just recently came out, 0.5 g per ton over 107 m in the middle of the deposit. Really exciting. I think they're going to find more. They continue to drill great holes there, and they've got a great team behind them on here. It's all the guys, the geologists and the CEO are ex-Detour Gold. They understand big, low-grade open pits. I'm excited to see what they do with this. Ramp. This is the Ramp project in Ontario. You can see the mineralization is pretty continuous to depth there already. They're going to drill some of those holes there, hopefully. This is a really lucrative deal for us at CAD 4.7 million in cash payments, CAD 1.05 million in Ontario Inc shares. That's the numbered company. 6 million exploration work expenditures over four years in milestone payments and advanced royalty payments and a 3% GMR where they can buy it down to 2% for CAD 1.5 million. Really good deal for us. I hope to see them go a long ways with this deal, because it'll be very good for Globex shareholders. This is the antimony project, the Bald Hill project. They're drilling this like crazy. They have a target for a resource here of 2.7 million tons of 3%-4% antimony. That would be about 100,000 tons of antimony. This would be one of the larger antimony deposits around, specifically in North America. This is quite exciting, and of course, antimony is in high demand right now. Almost all the antimony in the world is produced currently in China. Just quickly, upcoming trial list. I'm not going to work through this, but you can see there's the Cerrado Gold feasibility study on the Mont Sorcier iron ore deposit. That's huge. Manganese X is doing a pre-feas on the Battery Hill manganese deposit. That's also huge for us. I've gone through most of those ones already and the catalysts on our 100% owned projects, and the option projects, I've already gone through most of those. Just keep these in mind as you look at the company. There's going to be a lot of news over the next year. We always have a lot of news because we have a lot of partners. When you have a lot of partners and they're all doing work and advancing the case for your projects, you see those projects continue to move forward. When you look at our company, there's a few things I think you need to take away from this. We have a very tight capital structure, and we have a history of not diluting shareholders. We are experienced. We have a team that has many years of experience. We're making money from our royalties and options and some advanced royalties. We have no debt, very strong balance sheet, and we own all our assets. We are positioned on major gold localizing structural faults such as the Cadillac Break, big structures in Arizona and Nevada. We are in the places you need to be to find mineralization. We can execute exploration programs quickly. We have a fully functioning staff with a lot of good geologists, and we have the cash to back it up. We don't need to go to the market to raise money. We are in low political risk places like Quebec, Ontario, Nova Scotia, New Brunswick, Arizona and others. We continue to stay in those kind of jurisdictions because we believe it's important to have the rule of law, and we'll continue to do that. That's all I have for now. That was very interesting again, David. The share price has been raising of Globex just like a lot of commodity companies. More specifically, I think that one of the slide was the most important one that you showed this time in this presentation is actually transition from grassroots project into feasibility, pre-feasibility. This graph is telling a lot because basically the Globex story is a Globex story that is an historical story of you guys claiming a lot of land, having operators bring JV those project, and then having them put those project forward. If you could go back on this slide, or you surely know it also by heart, what do you think this slide is going to look like in five years from now? How much do you think is going to be moving again forward and forward? Obviously every time you go from grassroots to PEA to feasibility, there's a big transition in value of the project for you guys. Yeah. My hope would be to have, especially on the royalty side, have half of the royalties in the 43-101 and higher kind of side. Have at least a resource that's 43-101 and have them moving towards production, right? PEA or higher level studies being done. On the exploration side, I'd like to see more of our projects move that way as well. It definitely is important for the ones that are royalties because that's how we're going to make money in the future. By 2030 or so, I hope we have at least three to five paying royalties, and I think that's important to understand that that's the direction we're going, is to be more of a royalty company that still develops new projects, but will have royalties in the future that are paying big dollars. Exactly. This brings me to my second question. The follow-up on that is that basically, by becoming more into a royalty company, as you said, with keeping obviously the exploration phase going on, do you see yourself as financing more royalties to acquire more royalties? Or you see yourself as continuing claiming GV, and that business model really staying intact through the years? Well, I got to put it like this. We're not going to go out there and compete with the Franco-Nevada of the world to buy a royalty. I'm not going to pay CAD 1 billion or anything like that. I think in the context of whatever our market cap and our balance sheet looks like at any given time, we'll take the appropriate risk if it makes sense, and it's NAV accretive. We look at stuff now and we do bid on things, but we're cheap bastards, and we're not going to overbid, overpay for things, right? I think we will continue to look at things, and we'll make bids that we think are appropriate for things, but we're not going to overpay. Great. Well, one thing is sure is that the story is interesting. Revenues are starting to rack up. The projects are advancing. You guys are low burn rate. You're checking all the boxes that investors should be looking in our own opinion, into what a sane management, sane company should be doing, owning their own building, and so on. The legacy of Globex going into the next 10 years. What do you want Globex to be known for when you guys, in five years and 10 years from now, will have built all of this history? I think I want it to be known as a company that had the foresight to acquire properties that are going to become mines and brought the right partner in for those projects. Had the foresight to sell the right projects for the right price so that we realized the value before we sold them, and that we protect shareholder value. Perfect. Well, protecting shareholder value is for sure one of the core competencies that you guys have shown year after year after year. One last very specific question. Do we know how financing is going on at the Magusi company, BWR Exploration? They are working on it. That's a better question for them than me. They seem quite optimistic from what they've told me. Perfect. Thank you very much for your time, David. The time is up. We're continuing on following the story. Great company, great management skills for sure, and great guys running it. Thank you very much for your time and see you maybe next time. Okay. Thank you very much, Julian. Thank you. With this presentation being just wrapped up, we do follow it with Mr. Lewis Black, who has just joined now as a panelist. We'll be very happy to share the microphone. Hello. Testing. There we go. I hear you, Mr. Black. Great. That means everyone hears you. Oh, hang on. I've got to do the share. I'm not stealing more of your time. Wait. Keep talking. I got to do the share. Okay, good. In Almonty, obviously a lot of things are happening. I got my double shot of espresso to be able to manage and moderate efficiently as millions of questions are going to run and go at the speed of light. Oh, no. Well, in the meantime. Hang on. Phew. Hang on. Keep talking. I'll just get to that point. I don't have to do it. Almonty story is a one that is continuing to attract more and more and more attention as more eyes are getting into this commodity. More and more actors are realizing not only the importance of it, but the scarcity of it, and how difficult it is to have high-grade deposit. In regards of high-grade deposit, I would say that Almonty control maybe one of the best assets in the world, and this asset, which is now in production, comes with a fabulous presentation done in PowerPoint as we can see now. Yeah. Sorry. Yeah. Technology, party vibes. You just need to go full screen and work. It doesn't go full screen. Presentation- Where? ...icon. That? Yes. Wait, which this one? Yes. Slideshow, reading. No. Slideshow. What? The slideshow. That's it? The one right next to the minus. All right. There we go. Thanks, James. All right. You see? I'll do that. Who said doing these things you didn't learn anything? Yes. Please go ahead. Thank you very much for your patience. My name is Lewis Black, President and CEO of Almonty. I've got some things to share with you today. Before I start, someone said to me, "Why are you doing IIF? You're a big-time guy now." Well, reality is that I'm still first and foremost an investor and a shareholder, and a lot of you that are on this watching today, we've been through quite a journey. I've received all kinds of notes and letters that the work that we've done at Almonty has really changed some lives. You know what? That was why we fought so hard to put the value in it. It wasn't an easy journey, and any journey shouldn't be. I measure our success by the amount of absolute abuse that we get from competitors or so-called competitors, all these things. The better we do, the more they hate it. I think as long as I'm globally disliked by the tungsten Junior guys and the guys who want to take our crown, then I know we're doing a good job. Today, this is really a presentation for all of those retail guys who have been with us, and with me, for a long time. We never really thought that it would look so pretty, let me introduce you to Sangdong. As you know, if we go back to October 24, the site looked terrible. It was a work in progress, and I think we've seen the progression. I know that there have been many times people have alluded that we weren't really building anything because I kept very quiet. It was because when you build something this impactful, you not only want to do it discreetly out of respect for your community, but also because this is a culmination of 136 years of technology and efficiencies that we've developed as a company under one roof. Of course, that being so close to the biggest producer in the world, only 100 odd miles as the crow flies in China, we wanted to make sure that that technology stayed under the roof while we were building. As you can see, the progression of what it is to build on the side of a mountain. This is Sangdong. I'd like to say that it's in our preferred colors, Almonty red. Some people have said that it looks like a James Bond villain lair. They could be right. As you can see, this is now completed. We are working through the different sections. Everything is undercover. Two reasons. One, because we want to keep how we do things to ourselves, and secondly, because we work in a climate which is 30 degrees Celsius plus in summer and can drop in wind chill to -20 in winter. It's very important to have a consistent environment, both temperature and humidity. We can see here the ROM pad. The ROM pad at the top is what we use for high grade. What we have now on the pad is what we consider low grade, even though our low grade is higher than everyone else's high grade. As we commission this plant, we actually use this lower grade area, and then ultimately we have this as a staging post, but we have another site not that far away where we in fact blend. What we end up bringing here is the blended material, and the secret of the blend is something which many operators don't understand. You need to prepare a consistent grade to feed the plant to get maximum efficiency. You can see obviously as this is a slideshow, that circle I didn't expect to appear. That's obviously telling us that's a road. I'm very glad the people who did this were able to share that with us, and I'm sure everyone watching didn't work that out on their own. This is obviously at ground level. Ultimately, well, we did it. We did it. I'm excited, what can I say? It's very nice. There's a video embedded. That's even better. Don't look at that wheel. That's how we resist degradation of tires on tungsten. That's one of our secrets. I shouldn't have shown you that. I've shown it now. Now everyone knows. Anyway, as I was saying, this is where we do primary crushing. This works, you can see this is from our original schematics that we released two years ago showing the design. Now we can see this is the grizzly section. Here we are. There is the ore. This is the first time I've given a presentation with video, but I said to the guys, "We've got to show everybody this thing now as it works." I think we are getting there slowly but surely. This is, of course, the apron feeder. I'm going through the plant in a sort of sequential order. We can't show you everything, because a lot of the stuff is a bit proprietary, but it gives you a sense of the scale of what we've done. Remember, this is the most advanced tungsten mine that's been built, in size of scale, since the early 1970s in Europe. It is by far the most advanced. Created principles, fully automated in the plant. It is a significant milestone in approach. There's obviously jaw crushers. All of those that are watching are very familiar with this. We affectionately call this the Mutti. There's a reason for that. It's named after the mother of one of our shareholders, who had asked us to name the jaw crusher after his mother. We're not sure why, but of course, we like to involve our shareholders in every step of our journey. He's a very long-term and a very good friend. As we said, this is now moving into Building B. We actually move all of the ore through the shuttle conveyor into this plant where we do basically the separation. We then move into the ball and sag mill area, and then into flotation. What's interesting is this is obviously Building C, we're going to do this. This area, which is with the dewatering cyclone and essentially the components for the separation and classification, is that we have here phase I completed. This also will accommodate phase II. The only thing in this area that we don't have for phase II is two more additional, one more ball mill, one more sag mill, two more mills. The reason why we didn't put larger mills in is because tungsten is very brittle, and if you oversize mills, as we've seen in other projects that have been built not by us, you tend to over-grind and lose a lot of material. We prefer to work on the slightly elevated energy cost of being more gentle in our mills. In this building, there is already the space prepped to receive an additional two mills for phase II. As you can see, these mills are now fully installed and prepared. Now into flotation. This was the original plan that we put out more than, what, three years ago now, I suppose. Here it is in the flesh. It is a fully automated copper flotation circuit. We've not reinvented the wheel. We call it a copper flotation circuit because the copper industry actually automated these things, and that was adopted by Sandvik at their mine in Austria some years ago, and has worked very well. We've merely just adjusted it for tungsten, as Sandvik have already done. We know that this mineralization lends itself very well to flotation. It worked for flotation successfully for 40 years. Even though I have a preference for gravity because of the artistry to balance a gravity circuit, flotation is a far more predictable ramp-up. The key here, as long as I get the right size fraction into the cells, this thing will pretty much work out the gate. Of course, here are the cleaner tanks. Obviously the filters, the thickness, all these I've been told, we have a PR company that monitors everything, and I've been told all this gossip, "Oh, they haven't got this, they haven't got that." Well, yeah, we do. Then, of course, we get into the mysterious water treatment plant that not that long ago, some were saying didn't even exist, and if it did, it was going to freeze in the winter. Well, here's the water treatment plant. It's a Class A1 plant. We actually produce, incredibly, drinking water. It's not because we set out to produce such high-quality water, but because under Korean law, because we discharge a certain volume, it's not a mining jurisdiction, so we have to apply to an industrial jurisdiction, and that meant we needed a Class A1 plant. The cost of this was more expensive than a Class A2 or Class A3, but the actual running costs are pretty comparable. I think it all lends into our ESG. I have no problem providing water for farmers and discharge into the river that's actually cleaner than we find it in nature. We have ultimately three sources of water. Water is certainly a very important component in mining and is often overlooked when assessing projects. Do you have water rights? We do, and we have backup plans if not. This water treatment plant, as I said, is a Class A1 plant. Here it is in all its glory. It's not just an empty building. Of course, filter press, which is actually more for our tailings, where everything is pumped then to the main thickeners up the hill. Finally, of course, we have the control rooms. As I said, everything is automated. Everything. This was done for two reasons. One, because we're finding it, like all mining companies, more and more difficult to procure people to work in mines. Secondly, this type of technology lends itself very well to automation, as the copper industry have found out, and have Sandvik as well. It's the first one that's been built from standalone in tungsten, and ultimately, the first one and one only one we believe will ever be built in Korea. All in all, it is something which we are proud of, that we can monitor this system from anywhere. That's an important distinction. I think before I get onto the final slide, because we whipped through that. I will put this on the website anyway. It has been a journey that I wouldn't do again in a hurry, but our passion and commitment and conviction got us there. I'm very glad that I left my feelings in a school playground at seven years old for some of the dreadful things that some of these so-called competitors have said about us, about me. It's terrible. It doesn't do justice to either our company or to our shareholders. To those shareholders who stuck with us, you've been enriched probably beyond what you ever expected, and deservedly so. We always had the best project, formerly the world's largest tungsten mine. We built it right. We built it with the right money, with the right partnerships. We've given ourselves every opportunity now to use this asset to launch into downstream in the oxide, to expand out in Montana, to work on all of the other pursuits within tungsten that we currently are now assessing. We will invest into companies we think have viability because we feel it's important that we are able to share our technology and our experience in successfully delivering projects. The molybdenum is still being drilled. As usual, geologists can't help themselves. We hope to do the updated 43-101 and the U.S. resource equivalent report by the summer. We're happy to confirm that we're seeing the historical data be comfortably confirmed as it was when we did the confirmation drilling in the tungsten. I think for me, to say to all my shareholders, thank you. We did it, and I think that's really my takeaway, why I wanted to do IIF today. Even though I know our profile is different and we have this incredible shareholder register now, and we have access to capital, and we are going to now be on extraordinary elevated, accelerated growth. The journey to get here wasn't easy. We did so without badmouthing anybody. We just went ahead and did our job. I'm very happy that many of you have been with me for a long time, and very happy that we're going to see you in Korea, two lucky winners. By the way, it's been hugely oversubscribed. I have a lot more shareholders than I ever anticipated. We're going to see you at the end of June, beginning of July, for the visit. You can see not only this quite extraordinary build, but also share in the community that we exist in. That's another very important point. I think community relations is a much overused word. I've seen mines have constant fights with their local mayors because they don't understand that you have to coexist. We want our shareholders, or two lucky shareholders, to come see the beautiful area we live in, how we preserve it, and how the community has very much appreciated our approach. I'm imagining we have quite a lot of questions, Julian, I was going to turn it over to see if there were any, if you're still there, unless you've left and gone for tea. Yes. No, I'm still there, raising my desk so I can stand up again. Well, Lewis Black, it almost felt like a farewell message, so I hope this is not a farewell message. No, I'm not going anywhere. I have. No. Look, a lot of the shareholders have made a great deal of money, and life-changing money. I know that some of them, of course, have sold or are selling or going to sell because it changes their lives. That's okay. That's why we invest. We invest not because we want to be magnanimous or give some junior miner a new office with some business cards so he can go get pissed at a conference. We do it so that we can actually create value from our money. The responsibility of junior miners, which we were once, was to return value to them. I can't ever guilt them into saying, "No, you can't leave me. It's not fair." It's ultimately, I fully understand if it's changed your life, I've done my job, and thank you for being with me for the journey. Listen, who else is crazy enough to do my job? Also, let's be honest, if I wasn't here, who would all these so-called competitors or want-to-be competitors abuse? I can tell you one thing, Mr. Black, I know a lot of CEOs that would like to be in your shoes now but would not have been able to wear it in the past few years. It's one thing where you are as of now, and it's something else from where you're coming and the road that you went through. That being said, you know. Okay, go on. Go right ahead. I'm going to skip the where do you see tungsten's prices, future demand, and so on. Tungsten is in demand. Future looks bright. Let's move on from that. One thing I want to talk to you about, you did show ore coming in. Can you talk to us about the ramp-up capacity, commercial production? Where does it go in the next few months, and when do you think you're going to get to 100% of capacity production? We should expect to see data during next month in June, end of Q2. Fingers crossed. Everything is lining up to deliver that. Because it's flotation, we would expect to meet 100% throughputs during Q3, actually probably in July, but because it's very quick. Once we get that size fraction perfected, and we're already working on the size fraction with waste and with low-grade ore, it'll go through very quickly. Yes, we would expect to generate data next month. We would expect to see a profound impact on our balance sheet in Q3. What I'll do is, as data is being produced, I will share it. I noticed that we've had some people, well not some people, idiots complain that we don't share our recovery rates. Well, we don't need to because anybody with a calculator can work it out. Secondly, in my mind, anyone who publishes their recovery rate is not being honest because if I get a calculator, I can't get the same number. No, I think we are now in that ramp-up stage, but it's not gravity. You have to remember, no one has commissioned a flotation tungsten project since 1971. This works much differently from the classic ramp-up of a gravity plant. Case in point, in Portugal it took us 40 years to perfect gravity. Now we perfected it. No one can do it better than us. No one can produce anything as clean or as homogeneous or as high a recovery rates than that plant. Flotation is a chemical process. It's far more predictable. Perfect. Obviously, we did talk a lot about the Korean asset. Can you give us a bit of what's happening, Los Santos, Panasqueira, what's happening in Gentung, in Montana, and so on? There's a lot of question of already the next one, the next big one. Panasqueira is being drilled right now for the mine plan for the expansion of level four. Los Santos is now being prepped to reopen to pass the tailings. It's not a huge money earner, but we've been made an offer we can't refuse to reopen Los Santos. To be honest, it's not a hugely capital-intensive undertaking, nor is it a labor-intensive undertaking. We are now working on that to reopen. It's passing all those tailings. In terms of Gentung, because it's Gentung, we are working through with permits for the last permits that we need. I would like to feel that we'll have a small amount of output by the end of this year. We're going to start very slowly there, because ultimately we've seen NGO action in the U.S. that target all the guys who are promising the next big thing. We're trying to approach it in a more, a guy and a shotgun and a pickup truck and a dog in the back approach. I think that's probably what we've been advised is a smart way to do it. Gentung will be a snowball that will slowly, gradually pick up pace. We are working on other things, as this slide says, future projects dot, as well as looking at investing in some projects that we believe have viability. All of that will come in good course. Okay. This is clear. Two important questions following up. The Moly is always a subject that is in interest for a lot of shareholders and so on, and we didn't hear anything about it during this specific presentation. Maybe quick word about it. Because if I talked about it in this presentation, then the tungsten guys would be upset I'm talking about the Moly, and then the Moly guys are upset when I talk about the tungsten. We're doing an enormous amount of drilling there. The confirmation drilling. I've got to get to 8- 12 years of measured and indicated so I can complete my mine plan. I know normally you only need about four, but I'm trying to replicate what I did in tungsten. I have to because both SeAH Steel and the Korean government want to see a kind of mirror replication of what we did with the tungsten. There's lots of politics in everything. The drilling is underway. Our QP is already working with the data that's being generated. We hope to do an update to that 43-101, and as I said, the U.S. instruments by the summer. The mine plan can be completed, and then we can announce how it's actually going to be built and constructed. We have, obviously, access to it. It's fully permitted. We don't need one more permit to mine that site. We have a location for the plant, ultimately what I want this to be is a more Korean approach, because obviously it's a life of mine off-take with SeAH Steel. It's important that maybe we look at more Korean support for the opening of it. I only know about tungsten and Moly. Outside of that, I know nothing. I certainly don't want to take on all the drama and aggravation of opening the Moly with my own money if I don't have to. Let's see. Let me get the mine plan. Mining is all about hurdles. Junior miners are all about no hurdles, that's just what we're going to win. This is my money, so I like to approach each problem as I get to it, then I move on to the next problem. That's how I'm looking at the Moly. It is underway. Drilling, we have, I think, four rigs or five rigs there. We're drilling. It's not impacting our mining undergrounds in the tungsten. Data is coming up now. Testing work is done. Each test, you're doing, what, 100+ samples a day. This is a big campaign. Bear with me. We hope to do the revised resource report by summer. Okay, great. Let's tackle something that I have a few questions about. Basically, the market being what it is, there's a lot of shareholders, or what I presume being shareholders, discussing a possible acquisition by larger mining companies, divestment of anchor investments. A lot of movement in the shareholding structure, basically. That being divestment from strategic investor that want to profit out, being replaced by other one, or either maybe a possible sale and so on. From the fact that we know the shareholders, I think that you, management, family, strategic shareholder, control a big piece of the company. Can you tell us a little more of the next few years in terms of shareholding structure, and how do you see that evolving and moving? I think it's a great question because we've seen our retail base decline since we did our IPO on the Nasdaq last year. We were around 80% retail then. I think now we're closer to 40% or just under 40%, and we would imagine that will go down to around about 30%, 28% as institutions come in. I understand that because I bought stock in Almonty, what, two months ago, and I paid, I think, $1.5 million for, like, 100,000 shares. I thought to myself, Bloody hell, $1.5 million two years ago, three years ago, got me a lot more stock. It's become far more expensive for many retail guys. I get it. It's a change of financial profile. I've been very careful to try and only bring in quality institutions, and if you look at our shareholder register, there's some really top-notch quality in there that demands transparency, that demands due diligence. We didn't go into the Nasdaq through a SPAC or through a reverse merger. We went in loud and proud. My argument to my Canadian Directors who said, "Oh, are we sure we want to do this? It's America." I said, "You've got to understand, if you're going to actually create a company, you've got to stand on the pedestal and say, 'Take shots at me,' and if I've done things right, I'll be rewarded, and if I haven't, I won't be." I think this is what we've seen in Almonty. The retail base is naturally migrating out because they've had a win that they've maybe never seen before, or one of their best wins. Top 10, top five. Institutions come in. There's going to be this thing. The most important element is that we generate liquidity. Our volume a day is such that people can move in and out of the stock. Most juniors, it's like a lifetime commitment. You buy the stock, and your grandkids get the stock because you can't sell it. This, we can move in and out of. We are going to be active in using our profile and our capital base to grow this company, whether we buy revenue elsewhere in our sector, or whether we accelerate our investment programs. We're not going to just rest on our laurels. We built a career. That's it. Oh, no. We've been given an opportunity of a lifetime to double up again and again. This is the beginning of the journey. We've now got to a critical mass when nothing's a zero game. It's no longer a zero sum. It's not make or break now. Now it's build, and that's important. Some retail guys will stay in the party, and some will say, "You know what? I love Lewis, but I've always wanted to build that swimming pool." That's okay. Well, I can tell you that this swimming pool is going to be in-ground heated, summer, winter, no matter if it's in Antarctic or not, because, yes, the return, depending when you came in, are absolutely insane. Not only that, we're out of time, Lewis. Thanks, Julian. There will be so much more to discuss about, and I think I'll take you on your offer. Next time, you book one slot for Moly and one slot for Antimony, and everyone's happy. Thanks, Julian. Take care. Good to see everyone. Thank you very much. Take care. Thanks.