Morning, ladies and gentlemen, and welcome to the Collective Mining's Apollo Maiden Mineral Resource webcast and conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. We ask that covering analysts submit their question by phone during the Q&A portion of the call. All other participants are invited to submit questions through the Q&A box located on the webcast console. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Wednesday, September 9th, 2026. I would now like to turn the conference over to Mr. Sussman, Executive Chairman with Collective Mining. Please go ahead. Hi, everybody. Thank you very much for joining this call. It's an exciting day for the company. We've announced our maiden resource estimate. I think by the end of this call, you will all be confident in where we're taking this company and where we believe the resource will ultimately grow. Before I get into the good stuff, cautionary statement, we will be making forward-looking statements during this call, particularly with respect to future development of the project. There is no 43-101 economic study completed yet on the project. So whatever I say, do not take it very seriously because it needs to be validated by an independent QP. Last point before we get in, all of the assumptions within the various slides that we will go through are based off of this slide. If you'd like to read it, you can, or I would suggest taking a screenshot with your phone or your computer, if you'd like to refer to some of these assumptions as we are going through the presentation. On today's call, besides myself, we have Ned Jalil, the CEO, Omar Ossma, the President, David Reading, Special Advisor and an independent qualified person to the company, and Eduardo Cervantes, our VP of Corporate Development and Investor Relations. We're going to take this presentation in really in three areas. The first one is on Colombia. There has been an enormous positive change in Colombia since the election of the new government slightly more than one month ago. Okay? For those that aren't familiar with Colombia, this is a long-established mining country, the oldest democracy in South America, the only country in South America that's never been subjected to any type of military coup or anything of the like. There's a lot of mines. The largest open pit coal mine in the world, which is called Cerrejón, owned by Glencore, is in the country. This government has come in and said, "We need to grow the country." What they're doing, mining. This all happened last week. For those that follow me on X would've seen me posting on this. They've removed mining restrictions, so they've opened areas that were otherwise deemed unmineable for mining companies to go in. Point number three, one of the slowdowns, which fortunately will not affect us, but is that some areas need prior consultation to consult with indigenous rights, et cetera, and that ended up being a precursor to licensing. The government has proposed to make that a co-process with licensing, so a company can now submit for a mining license while simultaneously doing what they call Consulta Previa or prior consultation in English, and that will accelerate timelines very quickly. For those that are not aware, assuming there's no consultation, or if there is, it will now be the same timeline, it takes about one year to get an answer from the environmental authorities in Colombia. Okay? Lastly, they are going to accelerate the permitting framework. This was talked extensively by the government last week, both privately and in public forum. Just a refresher on the project. This is a plan view, so we are a bird looking down. Okay, so these are all the targets on the project. We are going to obviously focus predominantly today on Apollo, where we announced our mineral resource estimate for the project. You can see that there in the orange. Look, one of the great things about this project is it benefits from wonderful infrastructure. On the right is the Pan-American Highway. We recently published video of that access road. You can see about halfway down or just less than halfway down the highway, which is taking us to where our underground exploration adit location is and where we envision the future mine will be built. So we are right on the highway, and guess what? The highway comes with high voltage hydro power lines. Also an amazing thing for us. Can everyone see that I am on slide six? Eduardo? Yeah, Ari, now the slides are correct. Okay, great. Thank you. By the way, that access tunnel, which is the exploration adit, we will start that construction in Q4 of this year. To reach Apollo, it will take about two years, but excitingly, as we are going to see, we are going to be drilling from underground for exploration very quickly, primarily into Trap. Again, although we are going to now focus in the next slide or going forward on the mineral resource at the Apollo deposit, the exploration adit will cross various areas with drilling Trap, Plutus, potential between for new discovery, which we will look at both maybe Victory and Orion. So the upside from here is very exciting, and obviously, let the drills speak for themselves. Okay, before I go into the mineral resource, some of you have already asked, why did you immensely accelerate your timeline for filing a maiden resource estimate? For those that follow us, our original guidance was for the second half of 2027, but now we have just come out with it yesterday. The reason is simple. We are going to take advantage of the amazing backdrop in Colombia with the new government, and obviously with the commodity prices, and accelerate the licensing for this project. We will be submitting, subject to completion of the work we need to do, the environmental and mining license applications sometime in the early part of H2 2027, so about one year from today. Remember I mentioned it is a 12-month timeline to permit. If all goes well and we get accepted, that means we should be permitted by the second half of 2028, and that would mean, in theory, that construction could start shortly thereafter. This mineral resource will not feed a 43-101 PEA or feasibility study or pre-feasibility study. We have immense growth ahead of us. We intend to do another mineral resource estimate somewhere between Q4 of next year and Q1 of 2028, and then one final one in 2029. While that is happening, after the next resource, we will publish our first PEA/PFS. It will be a hybrid, where really it will be at the pre-feasibility stage level, but we will include Inferred to ensure we have enough ounces in the ramp zone at depth to get included in the initial mine plan. Then there will be a 43-101 feasibility study published before we start any very serious construction in 2029. So what that means is that we could be looking at production sometime in the early part of 2031. Let us go into the resource. So some basic metrics before we read the numbers off. The cutoff date for this model was March 31st, 2026. The resource was estimated using ordinary kriging and was validated with other estimation methodologies. It was based on almost 115 km of drilling. It is worth noting, as you can see in the sub-headline, that we have drilled more than 40 km since the cutoff date, much of which expands the envelope of this mineral resource estimate. But we have produced something very nice. So let us look at it. It is broken into three zones, and the presentation is going to walk you through these three zones separately. The upper one is an open pit. This is the big surprise, even for us internally. There is a very beautiful open pit here. So at a 0.3 g/ton gold equivalent cutoff grade, almost half of the ounces are in the Indicated category, and the gold equivalent calculation is 2.06 g/ton. Sorry about what I just said. It is not almost half, it is a lot more than half the ounces. It is almost half the tons, but it is about 1.5 million ounces at 2.06 g/ton. Then there is about 710,000 oz of Inferred at a lower grade, at 0.86 g/ton. Someone asked me last night, why is that lower grade? A couple of reasons. One, it is on the peripheral, so the high-grade core is not within it. But also it is the conservative nature of the estimation method where we did not let grade smear. So we cut things back very tightly, and we are hopeful that as we drill more into the Inferred, we will raise that grade. Other key point on this open pit as we are going to look at, low strip ratio at 3.4:1. I can confidently say to you, as I am going to show you, that that will likely be the worst strip ratio we will ever report for this open pit. It will get better and we will see why. We go into the middle zone. This is above ramp, underground, but above ramp. Above the high-grade ramp zone. You can see that its both Indicated and Inferred grade are pretty close at over 2 g/ton. There is about 900,000 in Indicated and just over 1 million ounces in the Inferred category. Then we move to the exciting ramp zone. We are thrilled that we had this many ounces in ramp, mostly in Inferred, but given how little drilling we have done there. The exciting part really is the Inferred, where we have over 6 million tons at 5.37 g/ton gold for just over 1 million ounces, and there is another couple of hundred thousand ounces in the Indicated category. That is really exciting for us. So in total, we have almost 2.6 million Indicated ounces and 2.83 Inferred ounces. One of the things on this resource, 47% of the ounces are in Indicated and 53% are Inferred. Let us take the open pit and let us follow this order. Open pit, then underground above ramp, then ramp. Okay, beautiful pit. Shell 4 on this image is the total open pit resource. That is what the design looks like. But we are providing you with smaller pit shells. Why do we do this? To highlight how attractive it is going to be in the early days of mining. If you look at Pit 1, the Indicated grade is north of 2.5 g and the Inferred grade is approaching 2.5 g, and the strip ratio is just under 1.7:1. You move down to Shell 2, we have attractive grades at under a 2:1 strip ratio. Shell 3, under a 3:1 strip ratio, and then the final resource at 3.4:1 strip ratio. Most of the area that is gray, so blocks that are sitting below 0.3 g/ton are undrilled. Okay. I am going to show you shortly why we think some of that or a lot of that is going to turn into above cutoff grade metal as we continue to drill. Let us look at something interesting in this pit. Okay, so it is a gold deposit primarily, but the open pit itself, about 50% of the metal is gold and the balance is split between critical minerals, copper, tungsten, and silver. When we take a look at the copper subdomain, we can see how great it is and look at how it reports in terms of grade. So most of it is an Indicated. If you just take the copper grade, it is 0.41%, and if you put it in a copper equivalent grade, it is north of 3%. Okay, when we look at the tungsten subdomain, most of it again is already into Indicated, and the tungsten equivalent grade is almost 0.3%. Interestingly, post the mineral resource database cutoff, you can see that drill hole in the tungsten subdomain pit. That was not included in the estimate. That's 27.35 m at 2.51 tungsten trioxide equivalent, which is based on 1.68% tungsten trioxide. We believe that's a new tungsten zone that's forming, and we are now going to be hitting that with one of our drills. There are 13 drills operating at the property. We think we are going to be able to grow the tungsten zone within this resource itself. I'm introducing a concept to you called the shallow halo zone. What are we looking at here? A plan view, again, we're a bird looking down. The blue outline, that is the projection of the breccia at its widest circumference brought to surface. The green area surrounding it is not brecciated rock. It's porphyry diorite rock, and we're calling that the shallow halo zone. The white assay results are assays that were included in the mineral resource estimate, and the green ones are assay results that we have announced that are post-resource estimate. We have a plan to drill all of this shallow halo zone. What is it? It's an oxide to partially oxidized mainly zone of material where we see disseminated gold and in places, especially in the northern side so far, very high grades of silver. This is material that we believe is going to expand, hopefully all the way around the circumference of the zone with drilling to be proven with rigs. We have three rigs on this. I made a point earlier that the 3.41:1 strip ratio, which is already low, is going to likely be the worst or the highest strip ratio we will ever report. Any drill hole that we hit in this green halo within the pit outline will reduce that strip ratio. The drill holes that have red lines on them are holes that we have completed that are expecting assays all in the very short term, and each of them have those are projections or visual intercepts. We believe strongly that we've hit more of this material, and we'll continue to hit more as we drill. Very quickly on the next slide. You can see why we like this area. We're going to be putting You can see all those light green drill pads. We're going to drill this circumference. This will take us about six months. It's all short holes, so it moves very quickly. Look at these wonderful metal anomalies. Right? You can see a gold anomaly, a copper anomaly, gold, silver, a tungsten anomaly with gold, silver, copper, and a lead zinc anomaly. We think we are going to find more here. This is low-hanging fruit, as we like to say internally in the company, because we think we can add some attractive metal here that will be very easy to extract and reduce the strip ratio. Next slide, please. How does this pit compare to our peer group companies? When you look at open pits, most people only look at the grade of the pit, and they forget to look at the strip ratio. The key line here is the second from the bottom in the table, which is labeled strip adjusted grade. We have listed a whole series of projects, most of which, not all, but most of which we would deem similar competitors in terms of timelines to us. Obviously, Equinox is a producer. You get the point here. We rank fourth in these pits. Snowline has the best pit. They are almost a 1:1 strip ratio. Kinross bought Great Bear. Everyone should be familiar with that. Agnico Eagle just bought Rupert Resources, Ikkari deposit very recently. I believe that the next time we do a resource update, our strip adjusted grade of 0.32 g/ton will increase. How far to the right? I do not know, but I suspect it will be somewhere between Ikkari and Valley before it is all said and done, subject to positive drill results. Let us move on to the next section. We are going to look now at the underground above ramp, excluding ramp. This was estimated at a 1.2 g/ton cutoff grade. I should mention that the mine plan that we put on this for the mineral resource is a bulk style extraction plan, majority of which will be taken out by the mining method called sub-level open stoping, a bulk method. The left is a plan view projected at about 1.1 km below surface or conversely at 1,000 m above sea level, and the right is the section. You can see the open pit outline at the top. Let us start with the plan view. The pinkish or red color is where the Inferred resource blocks lie, and the yellow is where the Indicated blocks lie within this portion of the estimate. Majority of the area that is white or gray within that shell, that black shell, that circular or oval-featured shell, is sparsely drilled. I do not want to sit here and say that all of that is going to turn into Inferred or Indicated resource, but it is a sure bet that some of that or a lot of that is going to grow in terms of resources that make it into the category of 43-101 of Inferred or higher. Lastly, and maybe most importantly, we just announced a new extension to the breccia at this elevation, I think it was just over a week ago. Which we call the new northern breccia extension. The highlight hole you can see was APC172D2, where we hit 141.4 m at almost 5 g/ton AuEq, including 38 m at north of 15 g/ton AuEq. As you will note in the black text boxes with the orange writing, we have two more visual intercepts awaiting assay results into the zone. This is encouraging. The breccia body itself is growing. Let us go on to the next slide, please. Let us take a look at our ramp zone. This is the most exciting part of growth because it is high grade for us. So now we are looking at a plan view, so a bird's-eye view again, but projected even deeper at 750 m above sea level or about 1.3 and a half km below surface, something like that. Notice the projection. It says Apollo Breccia Body Outline. We estimate the breccia to measure approximately 1 and a half km in its circumference at this elevation. The mineral resource estimate for ramp only comes in that area where you see the pink blocks. So it only covers 315 m of that 1 and a half km circumference. We reported over 1 million ounces of Inferred at 5.37 g/ton gold and another couple hundred thousand ounces of Indicated at 4.74 g/ton gold. We announced results from the west side already. You can see those holes, APC140D5 and APC140D7. They are not in the estimate. There is no density of drilling there yet to qualify for resources. We have a series of visual intercepts around this breccia circumference. Some interesting ones, too. We do expect from visuals to be reporting some nice intercepts and some very high grades. Of interest, something new, if you look on the northern side, you will see a hole labeled APC180D3. It has the blue star. We hit tungsten visually, so scheelite, which is the tungsten mineral. It is easy to see. That is the first time we have ever found scheelite or the tungsten-hosted mineral at this depth. We are eagerly awaiting for the assays from that hole. Wouldn't it be nice if we find a deep tungsten zone to go with our shallow tungsten zone within BAM? Let us go to the next slide. I mentioned we have only drilled 21% of that breccia circumference, or at least 21% qualifies into blocks for the resource estimate. Let us talk about the vertical. This is a comparison with our neighbor, Aris Mining's Marmato Mine. The deposits have some similarities to them in that they are both reduced intrusion-related systems. Their Marmato Deep system, which is the system they are in construction on to produce from later this year, has been drilled over 750 vertical meters, and it remains open at depth. The deepest intercept that we have from the top of BAM, which starts at about 1,000 m above sea level, only gets us down to 350 vertical meters from that 1,000 m. That made resource. The resource sits in the darker red or darker pink area, which is outlined. We have hits outside of it, both laterally and vertically, many of them, but we are only showing you a couple on this section, including, if you look on the left bottom side, APC171D3. That is about double the vertical of the deepest drill hole where we have that visible gold intercept. Most of these holes have some instances of visible gold, so the system is clearly, at least visually, continuing stronger. Stay tuned on assays to come. I think everyone has got the point that this is growing. Let us go to the next slide, please. Exploration, very quickly. Let us look at Trap. We are coming back to this image. Remember that we will be starting this exploration adit very shortly, sometime in the next quarter, in Q4. We will be drilling by Q1 2027 into the Trap Target. The first target is that dotted one that is beside the larger Trap Target. It is an orange dotted or dashed. That is the Trap East Target. Obviously, we will be drilling that first because it is closest to the entrance of the exploration adit. But very shortly in 2027, I apologize, we will be starting a cross-cut, and we expect to be hitting Trap. Next slide, please. Look how close Trap is to where we envision the mine to be built. We need to focus on it. If we can develop a resource that can be converted into future reserves there, it will be an entirely new working front from underground that could feed the mill. In underground mining, which is going to be the majority here, obviously we have an open pit that we believe will mine at Apollo, but most will be underground. In underground mining, the more working fronts you have, the better. That is just a simple rule, and we believe Trap will turn into reserves in the future and will get mined, and it will be very close to where our future mine will be built. Next slide. We have done internal modeling on Trap of the veins. This is a sheeted vein system or veinlet system. It has already got 1.4 km of confirmed strike based on drilling. The drilling is sparse, but you can see some of the intercepts that we have reported, most of which were reported back in 2024, 2023, and I think in 2022, even one or two. This is a big system. There is no question about that. So far we have found a sheeted veinlet system that bulks that is related to a porphyry system. We do believe there is strong potential here to find a copper gold porphyry system to be determined on drilling. We are moving our second rig to Trap right now as we speak, and by sometime late next week, we expect to have two rigs drilling. You will note from the modeling and the drill holes that the tunnel, the exploration at it as it continues southwest, is going to actually go right through Trap. Including very close to where we drilled almost 3 m at over 200 g/ton gold. So very excited to get this moving. We think we are going to find a lot of interesting things as we move forward. Next slide, please. Lastly, for those that are longtime shareholders or follow us closely, we are explorationists at heart. So although we are focused on Apollo right now with 10 rigs, two rigs of our 13 will be at Trap. We have a floating rig. We are back to floating and trying new ideas, and we just started drilling at the Greenfield Orion target. We press released this last week. Orion has a decent size 350 by 300-m mineralized footprint. It has copper, gold, silver, and a bit of moly over that area fairly extensively. We think it could be another sheeted veinlet system, maybe with potential for ramp-style mineralization at depth to be determined later with deep drilling. I hope we get lucky and let us see. Once we finish drilling at Orion, if it does not work out, we are going to move to the Victory target, which is a very big area to the west of Trap in Q4. If we do hit at Orion, we obviously will not be rushing to Victory. We will be focused on Orion. But you get the point that we intend to do everything in our power to generate another discovery on this project, and hopefully we will be able to deliver one before the end of 2027. Next slide, please. In summary, we have outlined a big almost 5.4 million ounces in all category resource to date, high grade, and it is growing. When I had Continental Gold, we came out with four mineral resource updates as we progressed the project. We started at around 3 million ounces in total all categories and grew to 11 million ounces before the company was sold. Obviously, I cannot predict how big this will grow, but given what you have seen in this presentation, you can see that this system is open at all the three elevation levels that we focused on. Shallow, where the open pit is, the intermediate level above ramp and at ramp, and we do expect this to grow. Last point to summarize is if you look at our peer group company, if all goes well in licensing, nobody will be able to license on a timeline like this. This is a project that can get to production, we believe, before just about any of our other peer group companies. With that said, we are going to turn it over to Q&A. I believe that the analysts will have the first chance to ask questions, and then after that, we will allow written questions to be answered. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by the one on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment please for your first question. Your first question comes from Ovais Habib with Scotiabank. Your line is now open. Thanks, operator. Congrats, Ari and Collective team, on a really robust resource update. Clearly looks like this is a starting point. Really based on the drilling that you have completed since March, where the cutoff point was and where the remainder of the drilling for the 2026 drill program is targeting, where do you see the most upside right now, Ari? Maybe this is a question for David as well. Also with the exploration drift that you are planning to commence, what is that going to be targeting right away? What kind of upside can we expect from that exploration drift? I will answer the second part of the question and turn over the first part to David when I am done. Right away, we are going to be drilling Trap from that exploration drift, Ovais. We think that Trap East target, it comes very close actually to the entrance of that exploration adit, and then the Trap main system is there. The problem with Trap is the topography at surface is tough. Hitting this from underground, it will be an underground mine if it is a mine in the future, right, is the way to go. We are going to be hitting that, so it is going to be a focus of growth for the company in 2027. David, I will let you answer the first part of the question. Thanks, Ari. Can everyone hear me? Can you hear me, Ovais? I can hear you. Yes. Okay. I think your question was where do we see the growth, in Apollo or outside Apollo? In Apollo, I think. Yes. David, the question also is, in terms of all the drilling that you've commenced or done after the cutoff point for this resource estimate, where was that targeting and where do you see the upside within that portion of the drill program and- Okay the remaining drill program as well? Yeah. I think I'll break it into three. I think probably the biggest areas of upside would be the pit area, as Ari's outlined, because we just have done very little drilling outside of the Apollo breccia system. There are multiple veins in the hanging wall and foot wall, and there are some in the higher elevations, some supergene-enriched zones that we're finding. So that's the first point I'd make. The second is we now have a better understanding of the ramp zone and the vertical chutes or system, and we're now drilling it well and we're seeing significant expansion in the ramp zone, both as we go deeper in what we call the main zone, the area where the resource is, and in discovering all the way around additional mineralized systems. So we've made discoveries in the west. Visually, it looks like we've made some in the east, and there's a big circumference to drill. The third growth area would definitely be the BAM expansion to the north, which is very exciting, and based on the grades and the size, will add significant ounces. Of course, you saw from Ari's slide, above the ramp zone, there are huge gaps in the drilling all the way around the breccia system where we just haven't done enough drilling. So there's lots of areas for expansion at Apollo. Then we have multiple other porphyry style with vein overprint targets that we've only just started exploring. Does that answer your question? Yes, it does, and thanks for all the color both from yourself and Ari as well. Just my last question is, as you've done the drilling, have you done any met work to go with this drilling as well? Oh, our met work is extensive. There is a summary in the PR, but really, the recoveries that we're using in this PR are based on many samples and bulk testing as well. We are very confident in the recoveries of copper, silver, gold, and tungsten in this system, all of which are summarized in the PR. I won't go into too much detail except they're all very high. Then as we continue drilling at depth, we continue to do met test work, which, again, is showing us that this deposit is very amenable to relatively standard extraction methods. Got it. Thanks for that, David. That's it for me, guys. Thank you very much for taking my questions and really thank you for taking us through this presentation as well. Thanks, Ovais. Your next question comes from Varun Arora with Clarus Securities. Your line is now open. Morning, guys. Many congratulations to you, Ari, and the entire Collective team. It is a great update and super excited to see this being advanced towards production at such an exciting pace. It is great. Quick question for you, Ari. Could you define what potential, I know you guys need to do more work on that, but on a high level, what kind of development scenarios are you seeing here? We are super excited by the potential at ramp zone as well as a simultaneous open pit going by 2031 or 2032. Would love to hear your thoughts on that. Ovais, I am going to answer very briefly, then I am going to turn it over to Ned, who can go into more detail. Look, we envision mining simultaneously in the early mine life from the open pit and ramp. The exploration adit will ultimately serve as the production haulage tunnel to the mill. Ned, if you unmute yourself, you can continue and give them more details, please. Yeah. Hi, Varun. Like what Ari mentioned, I will just expand a little bit. As you see from the initial resource, there is a pit and there is underground below it, and the underground is the expansion. Then there is, along the exploration adit, the potential to find other deposits such as Trap and Orion and other deposits. So we are looking at a hub-and-spoke model for this. Where you saw in that schematic, I know it is not an engineering drawing because we have not kicked off the PEA yet, but we would have the mill at the entrance of that exploration adit, and all these deposits will be feeding that centralized mill. We are looking at a potentially 15,000 tonne per day plant, and that plant would include flotation and cyanidation. That way we can recover the copper, we can also recover the gold and silver and, as you know, primarily the gold, which is the majority of the mineral here. With that, zooming in on the mining methods, potentially we will have the pit to start with, and then simultaneously, we would like to combine the pit with underground. Why would we like to do that? The ramp zone grade is spectacular. As you saw from the initial resources, we are hovering around 5 g/ton. With that, we can combine the production from the pit, blend it with production from ramp, and potentially feeding the mill in the first several years at a 3 g targeted equivalent gold head grade, which would put us in a sweet production zone north of potentially 400,000 oz per year in the early years. That is in a nutshell what we are looking at. In terms of mining method underground, Ari mentioned in the presentation, we are looking at sub-level open stoping because we have bulky stopes, 20 by 20. Then some areas of the deposit will probably lean itself towards more long hole stoping, and we will blend that too. So long hole plus the sub-level open stoping. Thanks, Ned. That is very insightful. A quick follow-up on the ramp zone. I understand the ramp itself, the underground decline, that gets to the ramp zone sometime in 2028 or 2029. So how do you really advance that with drilling? Is it mostly going to be drilled from surface to bring this into engineering studies? Some thoughts on that, please. Yeah, great question. Let me answer that one. Let me answer that one, Ned. Look, we have bigger capacity rigs or larger capacity rigs en route to site right now, Varun. The first one is arriving very shortly, sometime in the next couple of weeks, and we expect to have three more of them by Q1 of next year. More powerful means faster drilling, means that we think we can build enough indicated in ramp from surface for a mine plan. Obviously, it will be a short mine plan initially, but once we are there underground with the tunnel, we will be able to expand the resources in indicated or higher, and then ultimately the reserves very quickly. But more than enough to demonstrate, at least in the early years, that we will have a robust production profile in the early years. Got it. Makes sense. Thanks a lot, team. Really appreciate that you took my questions. Thank you. That is it for me. Ladies and gentlemen, as a reminder, should you have a question, please press star one. Your next question comes from Mike Niehuser with ROTH Capital Partners. Your line is now open. Hi, this is Mike Niehuser. Congratulations all around. Lots of opportunity. Just had a dumb question about slide 11, where you broke out the tungsten and the copper. Is that pretty much just presented there to reinforce the idea that there is a strong select critical metals opportunity here? Because that certainly seems like that is open to expansion with all the tenor of the call. That is actually not a dumb question, Mike. It is Ari, by the way. That is a good question. Look, it is to show a couple of things. Yes, one, that they could expand, but more importantly, that the critical mineral portion of this deposit, or at least those two, sit right at the top. So you are going to be producing tungsten and copper in year one from the open pit. In the first few years. And obviously, that is very beneficial because that will drive revenue and drive the support for the project. If you have been following Colombia over the last 10 days, our tungsten has become very important point of topic by government, because this is the first hard rock tungsten discovery in the history of Colombia. So it is gaining us enormous support and obviously bringing it out early is going to be a big win for everybody. Was it odd that you found tungsten down in the ramp area? Is that just smearing as it moved up? Or how can you explain that? Or is that interesting? Mike, so remember that we have a reduced intrusion-related system, and you can find tungsten in this setting. So we are not the first to find tungsten in this environment. In fact, yesterday, there is a company named Sitka Gold Corp. I do not know if you know them, but they reported drill holes in Alaska. They have a reduced intrusion-related system as well, and you will note if you look at it, that they hit tungsten along with their gold yesterday as well. Look, it looks like it tends to congregate or drape itself around the outer rim of the breccia body. It does not seem to be in the center, but so be it. So really, the whole, at least northeastern side of the breccia is prospective for this, and it was not a target for us. Now it is, so I suspect we are going to find more tungsten as we continue to drill on that northeast side. Very good. Is the volume of the rock sufficient for bulk mining methods at this time? Yes. As Ned mentioned, the system itself outside of the pit will predominantly, at least in initial planning, be mined by sub-level open stoping, okay? Then some long hole, both transverse and longitudinal. But yes, to feed a 15,000 ton per day mill, which Ned mentioned we are designing towards, you will need bulk mining. Otherwise, you will not be able to feed a mill that size. By comparison, just to give you a good analogy, our neighbor, Aris Mining, okay? They do not have the same bulk style system that we do, so their mining method is going to be all long hole, and hence they are building only, well, only, it is still a good size, but a 5,000 ton per day underground mine with the mill, okay? Not 15,000 tons. That is why we believe that we will ultimately be able to produce a larger volume of metal than them. They are targeting about 200,000 oz a year, okay? We will have three times, at least our plan will show three times this mill size that they are building right now. I am glad you brought that up. Last question. Following your success at Buriticá, you did not opine on it, but I think Apollo Guayabales could be larger. With a similar strategic investor, and located right next to Marmato, is there not going to be possibly competition? Because I just think this is a very good connector with Marmato as well, and maybe there is something in between. Does this not improve the acquisition environment going forward for you? Well, Mike, speaking personally, look, we are in a camp. Aris Mining's Marmato deposit was the founder or the lead deposit that discovered this camp. They are related to each other. Everything that we have found at Trap is also related in some way to Apollo and to Marmato. I cannot speculate and give you guidance as to what might happen in the future. This, in my mind, is a camp that will produce for decades, if not longer. I think we have only just scratched the surface between us and Aris Mining to the potential of this camp. Fortunately, most of the targets and the larger piece of ground in this favorable geological environment is under our control, not theirs. They do not have a lot of space left for exploration. Yes, this is going to be a long producing camp in my mind. If it is not us, someone will do very well here, whether it is consolidating Aris or whether Aris is merged with us, or I do not know. That all makes a lot of sense, all the scenarios. Well, Colombia seems like the place to be for a big camp. Thanks a lot. I appreciate it. Thanks, Mike. There are no further questions at this time. I will now turn the call over to management for closing remarks. Okay. Well, thank you everyone. Look, each of the individuals on this call are available to speak to any one of you at your convenience one-on-one. Please just drop us an email. If you don't have our personal email addresses, you can shoot us a message to ir@collectivemining.com, and we will answer you right away. I appreciate your time. I know everyone's got a busy day, so thank you very much, and your support is truly appreciated. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.