To the WTR Insights Conference. I'm Tim Regan, Chief Revenue Officer here at Water Tower Research. Last but not least of the day, we have Clinch Resources. Presenting today will be Thomas Marks, Senior Vice President of Investor Relations. We also have Brett Young, CFO. Thomas, off to you. Thank you, Tim. Thank you, everyone. We are the last presentation of the day before we go, I guess some of us go see a baseball game. I promise not to take too much time. Isn't it ironic? I flew up from Atlanta, Georgia, to be a part of this event, home of the Atlanta Braves, and I have to come here to see the last-place team in the National League East play baseball. Atlanta's having a heck of a year, but again, glad to be here as well. Let me ask, if we talk about metallurgical coal, which again, Clinch Resources is a pure play in the metallurgical coal arena, does everybody understand the difference between thermal coal and met coal? You're not alone, right? Thermal coal is used predominantly for burning to create electricity. Metallurgical coal is used in the steel-making process. Two very different uses. Again, we're talking about metallurgical coal today. Very excited to be talking about it. A few things I think are important to know. Number one, we listed on the Toronto Stock Exchange back in the middle of March under the symbol CLCH. As we speak, as Brett Young stands here, we are now in production. We have started ahead of schedule. We are now in production for coal. Very soon, we will be bringing that coal to market. We're excited to say that we are on track and getting ready to hit the market. Very excited. Number two, there is a structural supply constraint of metallurgical coal in the world at a time when demand is escalating. That is going to be the case for the foreseeable future. As such, the forward pricing curves are now recognizing this. As we are now bringing coal to market soon to be, we're hitting the market at a very opportune time. Number three, we are a low-cost producer on the world stage. Clinch Resources is in the bottom quintile of the global cost curve for metallurgical coal. I believe those things create a very compelling story. Let me share a little bit about that story with you today. Through our U.S. operating subsidiary, Active Resources Incorporated, we have all of our, in-house, all of our West Virginia assets, and that would include the 111 million tons of reserves measured and indicated. In the IPO RTO, we acquired a 39% ownership of JJ Resources. JJ Resources is another metallurgical coal company just outside Beckley, West Virginia. It has some 51 million tons of reserves measured and indicated. It is a pure, single-seam, mid-vol met coal reserve, and we're very excited about that. As I had mentioned, we're in production at Lanes Branch, which is our surface mining operation in deploying both contour and highwall mining. We just recently acquired a new highwall miner, and in a few weeks, that will be fully operational. Again, we're off to the races, as they say. Brett, if you would talk a little bit about our corporate structure. Sure. Clinch Resources was the RTO IPO we recently completed on March 20th. It owns 100% of the U.S. operating subsidiary in the U.S., in West Virginia. This is our infrastructure. All of our assets and all of our reserves are here, and this is where production will begin starting very shortly. Aster Resources is our new trading company to go directly to market, to get out of the shadows of the trading houses. JJ Resources is the long-term development play Thomas had talked about. It's an 18-month, $100 million development project, which will bring on additional production in 24 months. We hope to be around 2 million tons here in 12 to 18 months. That's production per year, and we'll add another 1 million tons of JJ Resources after 24 months. After 24 months, we hope to be around 3 million tons of production. That would make us the fourth-largest metallurgical producer in the United States, we're very excited about that. This is a specialty coal play that we bought 50% of, and this is a carbon company, we're focused on specialty carbon markets in addition to metallurgical coal. Metallurgical coal goes into the blast furnaces. That'll be about 80% of our production and sales, and we're focused 20% on specialty coal markets, which go into activated carbon and ferroalloys and silicon metal production. We've built a nice base. We've been at this for about seven years, and we're finally at the finish line. Hope you could take a look at our company. A lot of it's available online on our website, and we're very excited. Good. It begs the question, why met coal? It is used to produce coke, the primary source of carbon used in the steel-making process. If you're going to make high tensile strength virgin steel in a blast furnace, metallurgical coal is still the primary feedstock, along with iron ore and seven other inputs. There is currently no substitute for that, not for the foreseeable future at least. We have to think in terms of using met coal for, again, these very important purposes. Some people are familiar with arc furnace steel manufacturing. That's pig iron, and that's scrap metal. There's some really good applications for that steel. If you're going to be building critical infrastructure, you still need met coal in a blast furnace. When you're building a bridge, when you're building a building higher than the third floor, when you're deploying that steel into Department of Defense applications, you still need metallurgical coal. That has not changed. Mid-vol, we're referring to the preferred grade of met coal, mid-vol met coal is still the preferred mixing agent for steel. As such, that mid-vol is very consistent in its burning. It has a very hot flame relative to low or even high-vol types of coal. It is preferred, and it's why when you look at our Lanes Branch mine, when you look at our JJ Resources that Brett just mentioned, those mines hold that type of mid-vol met coal. In addition to that, the specialty chemical makeup of that mid-vol coal lends itself very well to the specialty metals markets. Whether we're talking about silicon metal, ferroalloys, or even activated carbon for water filtration, these are some of the things that are used for that specialty coal market. We have experience in those markets. Jon Nix, our founder and CEO, along with Bobby Gaylor, Executive Vice President of our Investor Relations group, used to sell specialty coal to Mr. Brett Young, to my left, when he was at Globe Specialty Metals. We have experience and depth of knowledge around these specialty markets, which again, we're very excited for as we move forward into the future. In November of last year, in 2025, we were added to the list of 60 critical minerals by this administration, much to the surprise and excitement to all of us in the met coal industry. This is a reflection of the administration's continued effort to reshore critical manufacturing processes, as well as making sure that we have consistent and steady and reliable sources of these types of elements and these types of minerals. What that also did was it opened up the $billions in available funds from the One Big Beautiful Bill. What I'd like to talk about is one of our board members, General Russel L. Honoré, who you may recall was in charge of the Katrina hurricane cleanup. Exactly right. Put your gun down. Again, his reputation in Washington is magnificent, as such, he is helping us connect to the decision-makers on these funds, which will help us tremendously. Again, part of the reason we were added to that list, you can see on this chart on the right side of the screen, is simply the fact that there is a structural supply deficit over the next 10 years in the amount of metallurgical coal available relative to the amount of demand that's happening over that same period of time. Important and part of the reason we were listed there. Again, this is just a brief overview of our Active Resources assets. Again, we've got 6 lease tracks that total some 54,000 acres. If you include JJ Resources, that's another 24,000 acres. We have a very high amount of resources and reserves at our fingertips, if you will. Another important point to make is we have an existing preparation plant, a wash plant, and a load-out facility. As such, those assets have been operational for the last couple of years. This allows us to be able to take the coal that we're currently digging out of the ground and get it to market very efficiently, very quickly. Again, not too soon from now, in addition to what I've just mentioned, mine 8 and mine 3 are so close in proximity to. Let me just switch the slide. They're so close in proximity to our mines that we can belt the coal. We don't have to do a truck, which means it's going to save in cost in the production of that coal. You can see the two red stars there represent the wash plant and the load-out facility. Again, very convenient and very efficient in our operations. As such, mine 6, which is our Lanes Branch location there, you can see in red to the right. Brett, any additional comments you would make? This is our surface property. We recently put $25 million of surface equipment. It's going into production very shortly. Our second mine, all of our mines are fully permitted. Our second mine number 8, is right here. It'll be in production later in August. Then mine 3 right here. Close proximity to the plant will be up in October. We're bringing on three mines. We'll be at a run rate of over 100,000 tons per month and putting out very strong cash flows later this year. Is that mine strip mining? It's contour mining with a highwall miner. The highwall, we open up the face. Okay. The highwall miner then goes 1,500 feet back, giant auger system. You don't have to peel back the overburden. It's very efficient to mine. Very efficient mining. It's the cheapest mining. Contour and highwall. Again, just a brief mention on the wash plant to the left, the picture is of that existing plant. 600 tons per hour with a run-of-mine coal delivery by conveyor. Then on the right, our load-out facility that is able to stockpile capacity of some 75,000 tons. This load-out facility can load a train within four to four and a half hours. In West Virginia, a coal train is limited to 10,000 tons, given the topography of the land at which it has to transverse. With our existing facilities, our existing assets, we can load a train four and a half hours, which means we can probably get, if we wanted, close to seven trains of coal to market. Again, this next slide talks about our reserves. This comes from the National Instrument 43-101 report. You can see, again, 111 million reserves, 22 million proven and probable, with just under seven million permitted. The way that West Virginia coal companies work is that we always create a permitted amount, in this case, some two to three years' worth of coal permitted. Then as we draw that down, we'll go to the proven and probable reserves and permit them. Why do we do that? Well, once you permit a coal mine, you have to start paying taxes and you have to start paying royalties and other costs. We typically do that in steps and in stages, starting with, again, in this case, some seven million tons there ready to go. Then as that is pulled out and reduced, we'll simply be pulling over the 22 million to be permitted. That's how that works. Brett, you want to talk a little bit more about JJ? Yeah. JJ is some of the highest quality metallurgical coal in the world. It's a true mid-vol. It also is a pure carbon. We can wash this down to 2% ash, which is ultra-low ash carbon sourcing. It's a tremendous asset for activated carbon, for municipal water filtration, carbon reductant used in open-arc furnaces for silicon metal production, which get a much higher premium on pricing. We're very excited about bringing this online. Again, it's a development project. It's fully permitted. We need to build a re-entry into the reserves and also a new wash and processing plant. In about 24 months, we'll be participating in JJ as a 39% owner in JJ Resources. What's that 39% going to be? We just participate. We're hoping to get infrastructure project financing on it. We'll just put up our portion of the equity on the project finance piece. Yeah. 40% to 39%? Yes. Why did you buy that one? Is it your buyback? We have common ownership. The ownership structure of Active before the IPO is about the same as the JJ Resources. We'll continue purchasing and participating with the same investor base in both companies. Eventually, we'll increase to 50% in the next 6 to 12 months. I think it just depends on what they want to do and the development plans and the timeline. More to come on that, for sure. Again, this is an overview continuing on JJ Resources. This shows you the 43-101 report from 2017. This is an historical report, but it shows the 16 million proven and probable with the 51 million measured and indicated. What I'd like to say is that over the next several months, JJ Resources will be drilling an additional 16 boreholes to go in and retest the Sewell seam. Again, as you've heard Brett say, this is a very high-quality seam of coal. Again, pure, single seam, metallurgical met coal, mid-vol met coal. Once they've done that, there's a secondary play here, everyone. Underneath the Sewell seam, there's another seam called Fire Creek, and we believe that once we've tested that or once JJ has tested that, it may very well go into adding to the 51 million of measured and indicated reserves. It's very exciting and we look forward to getting that updated 43-101 once those tests have started to be completed and moving forward on that. Brett, a little bit about Aster. Yeah. We formed Aster Resources to bypass the global trading houses to improve our profits. Also, we're looking to expand raw material sourcing around the world for the steel industry by being in front of the steel customers with the metallurgical product. We also believe we can bring high-quality manganese, chromium, and other sources of raw materials to the steel customers. We're pretty excited about it. Kind of blue sky, and we really haven't given much valuation to it, but I think over the next couple of years, it'll grow and be a significant revenue source. Interestingly enough, we are going to partner with a third party to have them extract our rare earth elements and the critical minerals from our tailings. This will be done without a whole lot of capital expenditures, and we will end up revenue-sharing with that partner. We currently have-- these are brownfield mines. We have some 40 million tons. If you look on that picture to the right, that is some older tailings that have set there. This company will basically go through that. They will identify, I think there's some 13 identified elements there. Testing shows the largest probable one is lithium, which is very important to the Department of Defense in this country. We're very excited about what that'll do for us, just simply adding to our operations as well. Something that we take pride in, we like to be good stewards of our resources. If you can see this picture, it slopes from right up to left in that picture. You can see that as we go through and extract those minerals, then we reclaim that land. We reclaim that property. The green grass area at the bottom of that picture is where we've previously gone through and now have reclaimed that land. Again, being good stewards, we like to keep things good. Brett, again, this is yours. Yeah. We've purchased 30% of Virginia Carbon Products. They produce some of the highest, best carbon in the world. They can produce a 98% carbon product. It's a tremendous product. That will be accompanying our specialty coal sales. This is another development project. They need to build a $40 million facility. Again, in two years, once they have the full development and full operations, it'll be another great revenue source and a great partner as part of our specialty coal sales. Go ahead. Share cross. Yeah. Yeah, nice to meet you. This is kind of the timeline. As the production comes here on our Lanes Branch, we ramp up production, we expect to produce pretty strong cash flows. The forward curve's at $260 per metric ton. On a short ton basis, that's around $240. We produce and load the train at $90. As you can see, there's a tremendous amount of margin available in the current markets with the supply shortage. You can see that in the Contango forward curves of met coal. It's HCC is the pricing. Again, to kind of stay in that theme there, Brett. Bobby Gaylor, from some of our contacts, had them update this chart here on the right. Basically what it shows you is that over the last 15 or 20 years, as there was woefully an under-investment, under capital expenditures on metallurgical coal, we are now in a foreseeable future supply-constrained market. There has not been a new greenfield project permitted in over 10 years. Some of that is just from the regulations and other things that have happened over the last several years, keeping met coal from being extracted. Unfortunately, I think in some cases, as I like to mention, they threw the baby out with the bathwater, right? There was some concern about thermal coal and what that did to the environment. They failed to differentiate between the importance of met coal versus thermal coal. Of course, here we are. Again, the forward pricing curves are reflecting the fact that we will be in this situation for the foreseeable future. This presentation was put together some months ago. We had assumed pricing would be CAD 220 to CAD 230 per metric ton. We are now already at CAD 250, CAD 260. It's exceeded our expectations in the increase. It wouldn't be surprising if it continues. Again, because of that, we will be in this scenario for the foreseeable future. Our management team, again, Jon Nix, this is his third coal company coming public. He's got a tremendous amount of experience in this industry. Brett Young, again, years of experience formerly with Globe Specialty Metals, now Ferroglobe. Bobby Gaylor, he's Executive Vice President of Investor Relations, right? This is his second Toronto Stock Exchange company. Together, we've got a great team. As a matter of fact, Jon and Bobby Gaylor used to sell that coal to Brett, as I'd mentioned earlier. Very excited about the leadership at this firm. I'll end where we started. We are a pure-play metallurgical coal company. We are currently in production now, and very soon we'll be bringing that coal to market. We are in a supply-constrained environment, so we're bringing this coal to market just as pricing is firming up and becoming stronger. Number 3, as you heard Brett say, we are a low-cost producer, falling in the lower 25th percentile of the global met coal cost curve. Those, ladies and gentlemen, I think provide a tremendous story with tremendous tailwinds, and we're very excited about our future. With that, I'll certainly either take any further questions or if not looking forward to playing ball. You're playing. Those markets. Yes. The carbon market, having a raw carbon source around 20% of our future production is tremendously lower than heat-treated carbons in the industry. Your needle coke and cokes and all sorts of heat-treated products. It gets a really nice premium pricing. Larger producers, if you're producing over 10 million-15 million tons a year of metallurgical coal, it doesn't move the needle as much. The specialty coal markets in North America are around three million tons. For a company like ours, it is meaningful in terms of our production and our focus on that market and getting that premium pricing. It's one I've been involved with for a long time. We have some board members that are electric arc furnace experts in the world in terms of carbon requirements for electric arc furnaces in North America and South America. We have a unique team and a unique skill set and background, and we're not just miners. Makes us a little different. . We've been in touch with domestic steel producers. 70% of met coal is exported, just based on the low amount of primary steel production in North America. We hope to be at about 50/50% export, 50% domestic, which would be better than the industry. Yeah. We've had some outreach from producers, from Japanese steel companies. I just got an email for, give us your specs and your product. If they're talking to us, a smaller company like ours, that definitely shows there is shortages happening in the market and people are looking for supply. Thus, reflected in the pricing, right? I can confirm that. I think in the next two to three years, I think we've got a good pricing scenario in terms of supply and demand. All right. Well, listen, thank you all so much for your time and attention. Thank you so much. Thank you. Appreciate it.