Thank you for standing by. This is the conference operator. Welcome to the Electra Battery Materials Corporation Q2 Results Conference Call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. I would now like to hand the conference over to Joe Racanelli, Vice President, Investor Relations with Electra Battery Materials Corporation. Please go ahead. Thank you, operator, and good morning, everyone. This is Electra's first conference call, and we'll be making this a regular occurrence, and it's a reflection of how we continue on growing as a company. Before we begin and turn the call over to Trent Mell, Electra's CEO, I wanna point out that we filed our materials, and they're available both on SEDAR and EDGAR as well as our website. Today, we will be using a presentation. That presentation is also available on our website for those who've called or dialed in under the Events section of our website at electrabmc.com. We will be making forward-looking statements, and the safe harbor provisions of those are outlined in our presentation on page two. At the end of today's call, we will have a Q&A session for analysts with accredited firms. For investors who do wanna have follow-up questions with Trent or myself, please let us know. We'll be happy to reply afterwards. With me today are Trent, as you can see on Slide 3, Trent Mell, company CEO. We have Mark Trevisiol, who's VP of Project Development, Craig Cunningham, who recently joined us as Chief Financial Officer, and in Idaho today is Dan Pace, our Principal Geologist. Mark is at the refinery and Trent, Craig, and I are here in Toronto. We've got indication of how we are growing and how we are spread out as a company. With that, Trent, take over, please. Thank you, Joe, and good morning, everybody. Thanks for joining our call today. Before we open the call up to questions from the analyst community, I do wanna highlight here on page 4 some of our highlights, and then we'll do a round robin with the people that Joe has introduced. Some key developments for us listed here. It's been a busy one. We've hired four new executives to the senior leadership team, many more through the ranks, particularly under Mark's watch, building out the refinery. And obviously, commissioning of the refinery project has remained the big focus and the, you know, the primary focus of our cash resources as well. In tandem with that, though, we've got other developments that are outlined on the next Slide 5. I'll cover in a moment our ESG strategy that's come to the fore for us. It's also worth noting the exploration work that we've been doing at Idaho, which is finally getting the attention it deserves. In addition to that, we've got developments on recycling at the same met site at the cobalt plant. We've got news on our nickel study and, of course, potential expansions, expected expansions, in my opinion, in Bécancour, Quebec. I think this progress you can see here in the summary makes it pretty clear we're executing against the strategy as laid out, and let's get into it a little bit further. Slide five, if we may. ESG, it's gotta be part of our DNA, right? If we're making zero emission vehicles, then it's our duty, it's our imperative to make the production process as low carbon as possible. We've hired Renata Cardoso. She was a sustainability leader at Vale, known around the world. She joined us as VP, Sustainability, Low Carbon in Q2, and she's already implemented quite a few initiatives for us. Working currently on a sustainability report. It will be our first, and we'll have that towards the end of the year. I think towards the end of the year, you'll also see a little bit of a roadmap for us on how we expect to attain that net zero ourselves. Other achievements, the signing of a benefits agreement with the Métis Nation of Ontario, one of our neighbors up near the refinery. I hope and expect that's the first of many. The point of these benefit agreements is to ensure mutually beneficial opportunities. There's development, jobs, contracting, and the like. We've also got a new suite of ESG policies that can be found on our website. If we turn from there over to Slide 6, there's just a picture of the refinery. Mark Trevisiol, VP Project Development, is now gonna take the call and lead you through the status of that project. Very good. Thanks, Trent. Slide 7, I'll just highlight some points on our progress at the refinery. For those of you who've been up there's an existing footprint there that has over 64 vessels. This refinery operated in its past history. We're utilizing a lot of those vessels in our new process. About 80% of that brownfield equipment has now been recommissioned. It's been a pleasant story commissioning the vessels and the pumps that are there. We've had very few surprises. That brought a lot of smiles to us. With that, there's also about 80% of our procurement that has been completed and about 80%-85% of our detail engineering. The main activities at site, I know we're not only commissioning the brownfield equipment, the solvent extraction plant, construction continues. We have a picture of that in the next couple of slides. We've had a zero lost time incidents. That's not only in 2022, that's going back to when we started construction and started building our team back in April of 2021. Well over 12 months without a lost time incident, which is, again, part of something that is a culture that we're trying to cultivate and work with every employee who gets hired and every contractor who comes on site. Most recently, we've launched our operational and commercial readiness, which focuses on, you know, how we're gonna start to operate this plant. It's gonna be a different mode than construction. You know, the key performance indicators that you're measuring during construction are not the same ones, for the most part, that you're running when you're an operating plant. I mean, you're looking at uptime when you're operating, you're looking at recoveries. Certainly health, safety, and environment follow suit. There's a number of other key metrics that we have to develop. For that matter, a little bit different roles on the senior executive team when you have an operational facility versus one that you're in a build. The operational readiness plan it captures all of these tasks that have to be done and puts a schedule to completing them. This is a picture of our existing refinery footprint. You can see, you know, a number of filter presses and tanks there, as I alluded to. Generally, what you're seeing there is in fairly good condition. You know, there was and is some refinements that we're making to some of these vessels. You know, having a footprint that we have here, you know, not only saves us on capital, but it was an operating facility at one point. That in itself means something in terms of being able to move fluids around and vessels operating and performing leaching functions like what we're gonna do in the future. This is a picture of the construction of the steelworks for our solvent extraction facility. You've got two bays being constructed here. If you would visit the site today, all 10 bays have been constructed, and they're actually starting to put on the outside sheeting of the shell of the plant. A lot of work has been done over the last few months. With that, some of the challenges that we've had to navigate. I mean, we're not in any way immune to what's been going on in the world. The issues, the geopolitical issues in Europe, the supply chain issues out of Asia, you know, a direct result of having a domino effect on prices and pricing pressures for us. We've seen a number of items that, you know, last year when we did the final budget for this project, you know, nobody saw a $100 oil price and the effect that that would have, you know, throughout the world and throughout transportation and materials acquisitions. Those things coupled with some supply chain issues that we're seeing out of Asia have certainly been a challenge to work and manage. Our team has reacted fairly quickly to these. You know, we've been able to work with our suppliers to try to reroute things where we can. Instead of getting them made in a certain country, can we make them somewhere else? Can we make components, source components from somewhere else? Our people have been on top of it. Most recently, we've seen a delivery delay from some of our tanks that were being manufactured. Something that, you know, was a quality inspection by the manufacturer that caught a problem with the tanks being manufactured. A number of these tanks had to be scrapped, unfortunately. I mean, it's a good thing that we caught it. The downside is that it has resulted in a delay. These tanks were on our critical path. We're now expecting a project completion in the spring of 2023. I know probably said, you know, announcements that we last discussed and talked to investors on, we're looking at, you know, starting commissioning in December of this year. But that isn't possible given the delay with some of these OEM components. And our project costs, again, you know, we talked about the inflationary pressures. You know, something that, you know, certainly wasn't foreseen, Canadian inflation rate of over 7%. You know, announcements in the U.S. of over 8% and 9%. So these costs were not in our original budget. At $67 million, which was our original budget, we're now seeing a final completion cost in the range of $76 million-$80 million. Some other initiatives that we are working on. As I mentioned, we're continuing to work on the commercial and operational readiness. We've also are working on a nickel study with our partners at Talon Metals and Glencore. That study is looking at producing a nickel sulfate product. Again, another key component in the battery supply chain and producing that here in Ontario at our site up north. As well, in parallel, we're doing a pre-feasibility study on a potential plant in Bécancour, Quebec. That plant would be similar to the one that we're currently building. Maybe a lot of the heavy lifting, so to speak, will be done by that time on our current process and cobalt sulfate facility. Hopefully it's more of a twin to what we currently have. There's some synergies there with going into Quebec and building something similar. This is getting a lot of attention recently. Our black mass recycling demonstration is also planned in the next few months. That's on Slide 12. Okay. We're looking to make several products from black mass, including nickel, cobalt, and lithium. This is a high-level process flow sheet on Slide 12. This is b lack mass is a recycled material taken from electric vehicle batteries and other electric batteries. We plan to put them through a leaching process similar to what we're doing with the cobalt sulfate plant. Instead of just having the one product out of the cobalt sulfate plant, we would have several in terms of nickel, cobalt, lithium, and potentially copper. With that, I'm gonna turn it over to Craig Cunningham, our CFO, and he'll go through the Q2 financials. Thanks, Mark. Good morning, everyone. As many of you will have or will know, I joined Electra in Q2, after spending more than 10 years in the gold industry, with Kinross Gold in various roles in various locations around the world. I look forward to meeting our shareholders and various members of the investment community. As a pre-production company, we don't yet have revenue, and we aren't yet in operations. We did, however, generate a net income of CAD 7.5 million, or approximately CAD 0.23 per share in Q2. As you'll note in Slide 14, that is primarily driven from a CAD 12.7 million-dollar fair value adjustment on the embedded derivative liability that exists on our convertible debt. We closed Q1 at CAD 5.47, which was. We closed Q2 at CAD 3.60, which has caused the valuation of the derivative liability to go down with the resulting adjustment running through income. This was a non-cash adjustment, which means you don't see any change in our actual cash position related from this. However, if you look at our current share price, we may see a reversal of this in the future as that liability is sensitive to the share price. At June 30th, our cash or marketable securities position combined was CAD 41.8 million, which was down from CAD 51.9 million at the end of Q1. This is primarily from the draw on funds as we continue to advance construction and exploration, as well as G&A throughout the company. As Mark noted, we are in an inflationary price period with a number of pressures on the cost of our capital project for the refinery. We have revised our previous estimates from approximately $67 million to between $67 million and $80 million for the refinery. We see that as CAD 100 million-CAD 105 million. As a result of that development, we're gonna be continuing to explore ways of strengthening our balance sheet and meeting the funding needs for that project as we go forward. Given our extended timeline that you can see on page 15 for the completion of the refinery project, as well as the volatility of the cost inputs and uncertainty around inputs into the refinery related to the global supply chain difficulties that we see, we've updated our guidance. We're providing guidance for 2023. We have, however, removed guidance for EBITDA from 2024 and 2025. Our range for EBITDA for 2023 is expected to be CAD 9.5 million-CAD 10.5 million, with a production range of 1,800-2,100 tons. Our production ramp-up will continue through 2023, and we anticipate steady state production of 5,000 tons to be achieved in 2024. The retraction of our EBITDA guidance for years beyond 2023 reflects the volatility that we are seeing, as Mark mentioned earlier. Additionally, we're focused on the construction and completion of the refinery and the near-term ramp-up of the operations, which we have adjusted our guidance to match that focus. We do anticipate providing updated guidance when that's appropriate. I'd also like to point out that our EBITDA forecast on page 15 is based solely on the sale of cobalt sulfate, and does not consider any potential income from our black mass recycling projects. That concludes my comments, and I will turn it back over to Trent. Thanks for that, Craig. Yeah, just on the guidance, those of you who follow the commodity will note that currently cobalt price is lower than in our forecast. Important to point out that the cobalt product that we sell, the sulfate, and the cobalt hydroxide that we buy, they do tend to move in tandem. Our guidance is reflected at a view of a prevailing price. That margin is, you know, somewhat fairly insulated over time by virtue of just the correlation between the two prices. All right, let's turn to Slide 16. Just the Bécancour expansion in my home province of Québec. Exciting development, early days, but very exciting development for us, frankly, to be approached given our expertise. We're building, I believe, what is the very first cobalt battery-grade cobalt refinery outside of China in some 30 years. Mark and his team, having gone down this path now for the last couple of years, they put together a collection of people and a knowledge base and a flow sheet that puts us in a really good position to be replicated. This is the first, and maybe not the last instance of being able to try to leverage that. Page 17, you can see a picture of the brownfield site. There's a deep water port, a lot of industry there, just a lot of rail, hydroelectricity, gas lines, and you're about an hour and a half from Montreal and/or Quebec City on the St. Lawrence River. A really good location for us and for the battery supply chain. It is developing very quickly as an important hub for the North American onshoring. That's a theme that we are seeing, the chemical process. Midstream between mining and cell production is drawing a lot of attention in Canada as a location for these facilities, including refining, refiners such as us. The reason for that is just our permitting regime and our mining know-how. We're one step removed, and a lot of the permitting and technical know-how that comes with refining is really amenable to the Canadian regulatory regime. If you look at Bécancour proper, it's attracted thus far more than $400 million of announced investments from a number of companies that you would know. BASF with a cathode plant, GM and POSCO with another cathode plant, Vale pursuing nickel. Wouldn't be surprised to see another chemical company coming into play there, and eventually probably some precursor production as well. The co-location for us makes a lot of sense, as Mark indicated. By starting anew, it might give us some flexibility as well, not just to leverage what we have, but to bring in some flexibility on how we design it and the type of feeds we may wanna bring in. Its location in Montreal, as I said, is great for workforce logistics, shipping and whatnot. Part of the success here, frankly, has been some really strong investment support both by the government of Canada and the government of Quebec. I would say the tenor of these investments across the country has picked up over the last 24 months since we started down our endeavor. It's something we're actively looking at ourselves for our own expansion plans. Very excited. Next steps for us are gonna be led by Dave Marshall. Dave joined us as VP of Engineering about a month ago. He spent 29 years at Vale, project execution, project lead, kind of being his expertise. Strong base in nickel as well. He'll be leading this pre-feasibility for us, and we'll anticipate to give you an update by the end of the year. If not the final study, we'll let you know where we're at on that. Next slide over exploration update. I'm gonna turn the floor over to our Principal Geologist, Dan Pace. As I said earlier, we've had a lot of attention on the refinery. Idaho and things are looking exciting for me at least at Idaho with what we're seeing, not just at Iron Creek, but at Ruby. Sometimes I think in the last couple of years of SaaS, it's been a little bit overlooked, but I would put forward that there is a strong renewed interest in what we're doing there. As the onshoring movement picks up steam, there is a growing interest in a domestic supply of minerals. There are a few places in the world you can find cobalt. Idaho, I think, holds a special place for the North American strategy. With that, I'll hand it over to you, Dan. Thanks, Trent. Yes, we recently provided an update on our exploration program. That's summarized there on Slide 19. Highlights of that program included a really strong open-ended chargeability anomaly that was defined by an IP survey we ran late in the spring. That geophysical technique is really effective at identifying sulfide minerals in the subsurface. The anomaly you see here is similar in size and in strength to the Iron Creek deposit, which is located about 1.5 km to the northwest of Ruby. Drilling on the eastern margin of the Ruby target intercepted pyrite mineralization, and that pyrite mineralization is texturally similar to the cobalt mineralization that we see in the resource at Iron Creek. Additional drilling is ongoing on the project, testing the western and strongest portion of that geophysical anomaly, and we're looking forward to the results of those next holes. We have sent drill samples from the first two holes to a third-party lab and expect those results before the end of Q3 2022. Although, as Trent said, this is still the early days for Ruby. The first drill holes that we've put into it, and the first drill holes in quite a long time. The similarities to our Iron Creek copper and cobalt deposit validates our view that Electra's large land package and the Idaho Cobalt Belt overall remain really underexplored. There's a lot of prospective opportunities for new discoveries within this belt. As we continue to work through those projects and those targets, we believe that Idaho could play an important role in the onshoring of the EV battery supply chain by providing a domestic supply of cobalt in America. With that, I'll turn it back over to Trent to discuss the outlook and near-term milestones. Trent, you may be on mute. Indeed, I was. Thanks for pointing that out, Joe. Thanks, Dan. Before I move on, I do wanna congratulate the entire Idaho team. You know, the very first hole they put into that Ruby target hit mineralization exactly where they predicted it would be. That's not an easy feat in greenfields. Second hole, the same. This will be an evolving story. We don't have assays yet, so we can't say more, but stay tuned. It's an encouraging development in a belt that I think remains very prospective. If we go to page 21, let's talk a little bit about, you know, the market outlook, kind of writ large. Lots going on. I think the exciting one in the news today, exciting for us and for any of our shareholders, would be the Inflation Reduction Act, which is expected to pass through the House tomorrow. $400 billion going towards climate and energy programs, including the $7,500 tax credit. It includes vehicles that are manufactured or components manufactured here in Canada as well. Our cross-border North American strategy plays perfectly into this. Clearly this bill is only gonna ignite further interest in the onshoring strategy. Our recent travels to potential downstream clients across North America tells us that the onshoring strategy is on. It doesn't stop at cells, it doesn't stop at CAM. They wanna go all the way up the supply chain. It's a marked change in tone from two years ago, where it was, you know, a step approach. It's all hands on deck, and this bill is only gonna help further that among other regulatory changes that we've seen out there. Commodity prices, nickel, cobalt, there has been some softness in Q2. I mean, the entire Nasdaq was down in Q2. We don't worry too much. It's a transitory issue. It is commodities. There will be some volatility. The COVID lockdown in China, which is one of many factors, outlook, supply, demand, particularly in our industry and the EV industry, remains strong, and we think that's gonna buttress some strong prospects in our part of the market. Then equally encouraging, of course, is the EV sales. In addition to that credit, projections are for 27% growth per year through to 2026. If you translate that, by, you know, if you look at Bernstein and other analysts, we've got projections of 27 million cars, electric cars being sold by 2030, and that's up from 6.8 million in 2021. Again, a 4x. Again, there's a lot to be done. The supply chain's gotta keep up. We heard the CEO of Ford talk about his expectations that commodity prices are not gonna drop in the near term, given that bullish backdrop. To tie it all up, what it all means to us is, you know, where are we on the commercial side? We're getting close to production and we're starting to. We've been working at this for a while, but the efforts of our commercial endeavors, led by Michael Insulan, our VP Commercial, are starting to bear fruit. We did sign two commercial MOUs. They're non-binding, so we're not gonna say more about it today, but I would say we've got others in queue and certainly selling our product both to Ontario and future projections of Bécancour production is not gonna be difficult. For me as CEO, though, there's a strategic advantage to looking at what a bigger relationship might look like beyond cobalt to include recycling and nickel as part of a North American strategy. Stay tuned. We'll provide more details as the negotiations advance. Last, I think this is our last slide here, upcoming milestones on page 22. Starting with, you know, I mentioned our DNA has to be ESG. We already know, believe that we're gonna have the lowest carbon footprint of all the cobalt sulfate producers in the world. That's got to be backed by sustainable initiatives across social, health, safety, and an ongoing journey to always work at lowering that carbon ever more. I think that's something we could replicate across our battery materials plants, not just the cobalt. We're still commissioning the brownfields plant. We've got recycling that's coming. An important note, even with the delay into spring, Mark and his team are gonna be running that recycling facility in the fall, and that's going to entail commissioning of a number of circuits that are gonna comprise the cobalt facility, feed handling, leach, neutralization. You'll see more of that as the year progresses, that there's gonna be construction and yet commissioning. That's just the nature of a brownfields operation. Lots of milestones coming up, as you can see here in this list. I won't go through them because we already have. With our new Nasdaq listing, I think we can leverage that to bring our story to a larger shareholder base. We are a North American story after all, and it's bringing more attention to who we are and what it is we're doing. We look forward to providing more updates through the course of the quarter and again at the end of Q3. At that point, I will turn it back to Joe and the operator to see if there are any questions from our analysts. We will now begin the question-answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. We will pause for a moment as callers join the queue. The first question comes from Matthew O'Keefe with Cantor Fitzgerald. Please go ahead. Thanks, operator. Hi, everyone. Welcome, Craig. I guess the big question here would be focused on your CapEx increase for the refinery. Can you just tell us sort of where you stand with respect to costs sunk on it already, sort of an outstanding budget over the next, I guess, six or nine months? Sure. Thanks for that, Matt. Good to hear your voice. Craig, why don't you take the first stab at that, walking through where we are in our spend, and then I can just follow up and give you my thoughts. Okay. We've spent at Q3 about 21.3 million out of the revised Canadian range, which is CAD 100 million-CAD 105 million, which leaves us between CAD 79 million and CAD 84 million left to spend. At June thirtieth, we had commitments related to the refinery of approximately CAD 30 million. You have CAD 40-odd million in cash plus additional funds coming. I mean, how comfortable are you with your balance sheet at this stage? This is where I thought you were going, Matt. Yeah, absolutely. Look, I feel very comfortable, right? If you look at the replacement value of what we're building, we haven't had it officially audited, but you know, it's gonna be a CAD 250 million facility. We've got funds available to us. The federal government's got another CAD 300,000. The province, I think, is CAD 4.8 million. We've got a couple million in HST refunds. We've got CAD 17.5 million available on our ATM. Our convertible debt that we raised last year as kind of the base funding for the project, we've had early conversions. It went from $45 million down to $36 million. You know, there may be an opportunity to bring that back up. When I look at sources of funding available to us, potential strategic investor. Can't say too much about that. Potential government support for recycling and some projects. We've got the ATM, we've got the debt, our debt providers, and then we do have a CAD 50 million base shelf prospectus available to us as well. Okay, thank you. Well, that's helpful to clarify that. If I could ask another question while I'm holding the floor here, that'd be great. Just on the other initiatives, the battery recycling, I might have missed it. You might have mentioned on this. Can you just remind us sort of where we are in that process and what kind of news and the timing of news we'll get on that? Sure. I'll hand that over to Mark. Yeah. Hi, Matthew. Yeah. We are currently making some modifications to some of the vessels that we will use in the battery recycling demonstration plant. The whole purpose is to prove out the process which we've developed through SGS Labs in Peterborough and to show that we can, you know, recover the metals from black mass and make a decent profit of it. At this point, we're probably about 75%-80% there. There's a few reagents that we have yet to procure and the equipment for that, but the suppliers have been identified and we're close to awarding those orders. You know, from an execution point of view, we're not very far away, maybe two or three months. You know, looking forward to making our first product. Now, this isn't gonna be a facility that's going to, at this point, you know, deliver so many tons a day for the next 365 days. This is demonstrating our process. I mean, we're gonna pivot from there. We demonstrate it. We look at opportunities to improve it. We look at opportunities where we can accelerate the production rate and then, you know, come back to you guys and say, "Okay, this is what we've done, and these are our next steps." That's where we're at right now. A good summary, Mark, and maybe I'll just add to that, Matt, for the benefit of our investors. You know, keep in mind the recycling, there's really two steps, right? To recycling a spent battery, whether it be a phone or a car. The first step is, you know, the logistics of collecting and disassembling the battery and then crushing its contents into the powder, into the black mass. We've got about, I think, we've got 31 different potential partners that Michael has been in touch with that can provide the black mass. It's a lot of private companies and a lot of companies that have been doing it well for many years. Our focus is on the next step, because most of that black mass in North America today, almost all of it, goes to a single processor, and it's a pyrometallurgical processor, which is heat-based, a bigger carbon footprint. You don't get the lithium, you don't get the graphite. We wanna be the first to do lithium or sorry, to do the hydrometallurgy processing on a commercial scale. As Mark said, our focus is not to do it at scale, it's to do it well, right? If we can demonstrate the process, be early and do it well, then we can scale up from there. As you'll see, I know you're coming on the analyst site visit at the end of the month, the focus is gonna be on producing a, you know, a top product that we can then market to end users. Okay, thanks. I just wanna hit home with what Trent just said and reinforce that there's nobody currently in North America that is producing a lithium product, a graphite product, a nickel product, cobalt product, and a copper product. You know, the full gamut of recycling from a black mass feed source. They may be doing one or two, but not the full spectrum. That's gonna be a first for North America. Right. Okay. No, thank you. That's definitely something to look forward to. If I could just ask one more quick question, and I apologize, I think I missed it when you were speaking about Bécancour and your potential nickel. Or sorry, your second cobalt refinery there. You said there was about CAD 400 million of investment. What kind of companies are or investment is. Is that in precursor manufacturing or battery plants? I didn't quite get all that. Yeah. Thus far, what's been announced formally has been two CAM plants, cathode plants. That would be POSCO and GM being one of them, the other BASF, and then Vale with their nickel. Now, kind of being close, I know there's a lot more going on. Expect more, maybe more the same and more upstream because of course the next step up from the CAM would be the pCAM, the precursor, which ultimately is where our product goes. Our discussions with Quebec and our interest presupposes that is in queue. The next question comes from Jake Sekelsky with Alliance Global Partners. Please go ahead. Yeah. Hey, Trent and team. Thanks for taking my question. Hey, Jake. Just building off one of Matt's questions a bit. You know, can you just provide any color on what percentage of that CAD 79 million-CAD 84 million left to be spent at the refinery is locked in? I'm just trying to get a handle on, you know, any potential for further cost escalation. Yeah. I don't know if that's Mark or Craig. Mark, do you wanna talk about where we are on our commitments with the residual? Yeah. Yeah. We're switching between CAD and U.S. I mean, we've got about, I can, you know, roughly CAD 50 million in Canadian that is committed. The remaining is yet to be committed. But most of that is with two big contracts that we see coming up, and it was in discussion with both parties yesterday. That is the piping contract. Significant amount of piping. There's over, like 12 km of piping going into our facility, so lots of piping. And then the other one is the electrical and instrumentation contract. We're reviewing those right now. But you know, the big spend items outside of that, you know, have been, you know, solvent extraction cells, and the crystallizer plant. Those two big spend items are in our commitments because some of the items haven't been received as yet. But you know, they've been in the works in manufacturing for over three quarters, almost a full year of manufacturing. That's where we're at. Okay. That's helpful. Just looking at Iron Creek, I mean, you know, you guys have announced some strong exploration results at Ruby in particular. I'm just curious, do you have any plans to work toward a scoping study or PEA over the next year? Is exploration really the focus over the medium term? Yeah, good question, Jake Maybe I'll grab that, and Dan, you can jump in if you'd like. My view of Iron Creek, if I look at Iron Creek proper, so we've obviously got a bigger package, and the resource is what we refer to as Iron Creek, although Ruby, you know, fingers crossed, could become a potential new target area for us. Iron Creek has been. Yeah, it's been a bit of start stop as explorers do. You drill when the commodity prices are strong and when the market interest is strong. I see that changing a bit. I see a more steady spend on Iron Creek and a more steady focus because our partners frankly want us to do that. And so we've got a lot of. We've got a number of opportunities before us in terms of how we advance that, whether it's alone or in partnership with an ally, and we'll see how that nets out. I guess where I'm going with this is more steady spend. We should be working our way to at least the PEA. My view of Iron Creek, 5 million tons of mineralized material is that given what we see, open to the east, open to the west. Not only did it open at depth, but it seems to get better and greater. I wanted to try to double that before we did a PEA, but we may do something a little bit sooner. We've got internal models and internal views, and I think it would only be fair to the market to maybe give them a glimpse as to what we're seeing there. But it might be still another year before we can do some drilling and add the tonnage we think the asset can get before we wrap economics around it. Dan, anything you wanna add there? No. I mean, just following up from the exploration side, it's a large land package, and the vast majority of the drilling has been done on the Iron Creek resource in the near area. There are also just a lot of really good targets there. So are we dealing with, you know, how many Iron Creeks could exist within that land package, I think is still an open question. We wanna push both together kind of in parallel to just see how much cobalt could be within that land package. Well, that's fair. Thank you. Just lastly, Trent, you mentioned the Inflation Reduction Act, and I'm just curious if announcements like that are starting to push OEMs and potential partners to look further down the supply chain to the mine level. I mean, obviously Iron Creek's in the portfolio, and I think that might be attractive to some of the partners you're in discussions with. I mean, I think that the talks were already happening, but the impact, and we'll see what the regs say, but the impact of that $7,500 credit on parts and materials sourced out of China, is gonna act as a lightning rod. To the extent OEMs were already thinking, "We gotta onshore the whole supply chain," I'll tell you, there are teams of people going to Korea and Japan and their partners saying, "Hey, where are you on your plans? Because we can't be sacrificing this credit opportunity with an over-reliance on China," which has been a hallmark of the EV market from day one. Yeah, I think it's helped. As I said, the intensity of the discussions has picked up. What's interesting, Jake, is I would say the conversations we're having with some of the OEMs and their partners is not just about a supply contract. It's about a more strategic longer-term vision of how many ways we can work together and where we fit in the supply chain. Recall our vision is our lane, if you will, is refining and recycling. For our Temiskaming Shores facility to be complete, we would want to attract a precursor manufacturer to basically co-locate where we're producing nickel, cobalt, and recycling. I think, yeah, Inflation Reduction Act and some of the measures we're seeing is just shining a bit of a light, and it might accelerate some of the decisions. The next question comes from Gordon Lawson with Paradigm Capital. Please go ahead. Hello, everyone, and thank you for taking my question. Can you further comment on your capabilities or flexibility to produce various end products for nickel and any associated OpEx adjustments or constraints related to these items? Morning, Gord. You wanna talk specifically about nickel or about cobalt? Just to be clear. Well, let's start with nickel. Yeah, I am also curious about cobalt. I guess maybe, sorry, one more question for you, Gordon. Recycling or primary feeds? Primary feeds. Primary feeds. Yeah, okay. Thank you. We are nearing completion of that. We didn't talk about it much on this call, but you'll hear about it shortly. Nearing completion of phase one of a joint study that we undertook with both Talon Metals and Glencore, just as study partners. We want to understand what a nickel sulfate would look like adjacent our cobalt plant as part of this integrated facility, CapEx, permitting, OpEx, and whatnot. Moreover, where's the nickel coming from? We know that the 811 or even a 622 cathode with EV projections entails we're gonna need a lot more nickel supply. North America's got a lot of it, but a lot of it remains undeveloped underground. The first phase is a scoping study just about done, so we'll have news on that pretty shortly. In terms of final products, Mark, I know we've got Dave leading that study, but with him not being on the line, do you wanna talk about where the study is pointing? I guess at a high level, you know, we're looking at different options of supplying nickel feed to produce a nickel product, nickel sulfate in this case. You know, the next phase, if I can jump to that, would be to set up a pCAM facility at our site so that we're not crystallizing the nickel sulfate nor crystallizing the cobalt sulfate. We're feeding directly into a facility that will make a pCAM product. As far as the nickel sulfate product, independent of having a pCAM plant, it'll be similar to, you know, what we're doing with cobalt sulfate. You know, you'll have an SX, a solvent extraction facility, and you'll most likely have a crystallization plant which will make the nickel sulfate powder. That's kind of the design for it. Can I add, Gord? We'll have a scoping study out soon and then move to pre-feasibility. Back to the point about, you know, with Jake about strategic relationships or long-term relationships, this is where having our partnerships outlined becomes really important because we could maybe manage on our own to build a certain size of a nickel plant to support a certain quantity of pCAM. The industry needs a lot more than we can produce on our own, and that's gonna entail a bigger discussion around partnerships and new sources of supply. That is an important kind of behind-the-scenes strategic component of our strategy that we're pursuing throughout the balance of the year. Okay. Thank you. I mean, it completely rules out like a Class 2 nickel, I mean, pig iron or ferronickel, anything like that. That's off the books, right? Well, I would say it's something we've you know we look at it. You know, you gotta look at all the supplies. I think the challenge we have with the ferro nickel, of course, is the carbon footprint. It's huge, right? I mean, a product out of Indonesia has got a carbon footprint that's about seven times higher than product produced from a sulfide in North America. It's not ideal, but we are seeing you know some tough decisions being made for the sake of short-term supply to turn to Indonesia. Certainly not my preference. It's something that we may rule out, but I would say we haven't yet. Okay. Thank you very much. That's it for me. Thanks, Gord. That is all the time that we have for questions today, and this concludes the question and answer session. I would like to turn the conference back over to Joe Racanelli for any closing remarks. Thank you, everyone, for joining us today. As mentioned, we will be following up on a regular basis with quarterly calls, and in the interim, we will be providing updates on the progress of our efforts. If you do have any further questions, please reach out to us. We'd be happy to respond to you directly. Thank you, everybody, for joining us, and we look forward to providing updates on an ongoing basis. This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.