Welcome to the IsoEnergy Ltd. and Consolidated Uranium Inc. joint webinar to announce the merger and creation of a leading diversified uranium company focused on the world's top uranium jurisdictions. As a reminder, all participants are in listen-only mode, and the meeting is being recorded. After the presentation, management will respond to questions. If you wish to submit a question, please click the Q&A icon on the left-hand side of the screen. You will see "Write a Question," and you may type your question there. To close the Q&A panel, click the Q&A icon again. I would now like to hand the meeting over to Mr. Tim Gabruch, President and CEO of IsoEnergy, and Mr. Philip Williams, Chairman and CEO of Consolidated Uranium. Please go ahead. Operator, thank you very much, and thanks to everybody for taking the time to join us here today. I'll just start by saying we're very excited about the combination that we're announcing today between IsoEnergy and Consolidated Uranium. Phil and I are excited to walk through the story a little bit, and we'll just get started quickly, and as the operator said, we'll be happy to take questions at the end. Phil? Yeah. Disclaimer, just everybody please be aware of forward-looking statements. Just, again, I am Tim Gabruch, I'm President and CEO of IsoEnergy. Phil's the other person you see up there, Chairman and Chief Executive Officer of Consolidated Uranium, and we'll be going through this presentation together. Good morning. Just with respect to the transaction itself. Again, we're incredibly excited for a whole host of reasons. Some of them are listed here. I'll just start out and just say that those that follow the uranium market. Probably most of the folks on the call realize what an exciting time it is in the industry and the narrative around nuclear and how it's growing. We really do believe that we are building a company that is built for this current uranium market. We're bringing together an incredible suite of projects and adding substantial current resources at Hurricane and adding an enormous amount of historical resources that we're very excited to work and move forward in a number of top uranium mining jurisdictions. They're all at varying stages of development, which provide us with some near, some medium, and some long-term leverage to today's uranium prices. Right. Really, this combined company has a very focused production strategy. The goal here is to build a multi-asset, multi-jurisdiction producer in the key jurisdictions in the world, Canada, Australia, the U.S. While we have a big portfolio today or in the combined companies, we're going to look to expand that portfolio further through additional M&A activity. Yeah, maybe it's just worth saying that with those statements of bringing together these assets into these jurisdictions, it really is a complementary project base where we've got our Hurricane flagship project at IsoEnergy in Canada's Athabasca Basin, a whole host of high-quality exploration assets. It's really exciting to be bringing them together with the assets in Consolidated, which are fully permitted conventional uranium mines in the U.S. that are ready for rapid restart. As Tim says, while we're focusing on development and near-term production, we do have significant growth potential within the portfolio through exploration. As you'll see shortly, the massive land positions that Iso has in the Athabasca Basin, highly prospective ground, and projects that we bring in the U.S., Australia, and Argentina also have tremendous exploration potential. We're going to bring to bear all of the expertise of both teams on these projects, and that's going to continue to be a big part of the story going forward. Yeah. It really is. I just echo that, and it's something we're probably most excited about. It's the teams that we're bringing together. It's really the combination of not changing the DNA, but combining two companies with great cultures and DNA and bringing together a very strong board and incredible management team that have decades of experience and a track record across a number of areas, including exploration, development, and operations. Also, Phil, especially this leading capital markets expertise in the M&A side, given all the work that Consolidated's done to build themselves up in a very short period of time. Yeah. Another benefit here, of course, is when we put these companies together, we vault into the rarefied air of one of the biggest, largest market cap uranium companies in the world. We think that is important. Scale matters. That matters in a number of different ways in terms of our trading liquidity, investor appetite for this company, and it also positions us well for continued M&A. I think it's important to highlight that this company is strongly backed by very strategic investors, NexGen, Energy Fuels, and Mega Uranium, who have all committed to put in additional capital as part of this transaction. We just want to highlight, because we do have this broad scope of expertise that's coming into the company as we combine teams, we really think it's exciting to look at our potential to grow our uranium market presence, frankly. That scale, as Phil talked about, and the expertise creates an opportunity to increase our commercial participation in the nuclear fuel market in general. We'll start looking at other ways that Iso and Consolidated combined company can participate in the uranium market in a bigger and more influential way. I'll just keep going here quickly. A lot of people on the call probably do have good background in the nuclear story. When you start to look at nuclear in general, it's really one of the reasons why we're so excited about this combination, because it comes at an incredible time in the industry, nuclear and uranium industry in particular. As people have seen, nuclear is getting a whole new narrative, and it's become recognized as crucial in the fight against climate change. There's certainly significant geopolitical shifts underway in the supply of uranium, most notably with Russia and the invasion of Ukraine. It's really resulting in a bifurcation in the uranium market with different influences on supply coming from Russia, Kazakhstan, and how that material gets fed into key parts of the nuclear industry. The Niger coup recently also added some uncertainty, which people saw just added to some anxiety in the market and change in the market. All those things, combined with incredible strengthening of commitment to nuclear, both because of supply issues but also energy security, just geopolitical issues, all these countries that have been part of nuclear are re-upping their support and new ones are entering the fray. It couldn't be a better time for nuclear, and it's all backed by the strong supply-demand fundamentals. Even in the past when you've seen run-ups in the uranium market, when you look back, you realize there's lots of issues that have pushed the market to rise, but some of the fundamentals maybe didn't basically back those changes. Today, I think what you're seeing is that supply is definitely at a point where much more additional supply is needed. Demand is growing at a pace stronger than people anticipated only a couple of years ago, and that really provides an incredible backstop for the industry and the need for new near-term supply, which is exactly what the IsoEnergy and Consolidated Uranium are looking to provide. Maybe I'll just keep talking just to the benefits to Iso shareholders before flipping it over to Phil. For us, this is accretive to our net asset value. It adds this incredible historic mineral resource base, and significant potential upside in the largest uranium resource in the United States with Coles Hill. There's exposure to high-quality near-term producing uranium mines in Utah. That's a very exciting piece for us to have that potential for near-term production. There's certainly a potential re-rating from having that near-term production and the increased scale asset and the diversification geographically, as well as even more exploration upside. We are fundamentally an exploration company. Phil's expertise in the Consolidated story brings, I think, an M&A expertise that better positions Iso for future growth. That scale will also position the company for greater access then to capital and provide us with important added liquidity. Thanks, Tim. From the CUR side, this transaction is very much consistent with our strategy. Since we started the company three years ago, we've been acquiring projects around the world in those better jurisdictions, looking for the best projects. The Athabasca Basin has been a hole in our portfolio, and now we're filling it with one of the top projects unquestionably in the basin and a very large exploration land package. We mentioned how complementary these teams are. We'll talk about that in a bit more detail in a second. Adding NexGen to our register, I think is very critical. They are a leader in the industry, and by virtue of participating in the financing that we've announced, they're demonstrating their commitment and their support to this company, and we think that that's a huge positive for CUR shareholders. We talked about the scale and our ability to continue with our M&A plans. This larger company, I think will be more attractive to capital providers and obviously add additional research coverage on the sell side to the name. I think for CUR shareholders, what they should see is the proportional representation on the board and in management really speaks to the fact that the CUR DNA is all over this story. We're going to continue to be aggressive. We're going to continue to grow this story, together with the Iso team. I can just touch on the transaction details at a high level. People can certainly read more about this. The plan, of course, here is to acquire 100% of the shares of Consolidated. Each Consolidated common shareholder will receive 0.5 of an IsoEnergy common share with an implied value of CAD 2.41 per share. It implies a fully diluted in-the-money equity value of CAD 903 million. Iso will own 70.5% of the company on a fully diluted basis, with CUR holding 29.5%. The deal is subject to shareholder approval for Consolidated. It was mentioned by Phil. We're putting together a great team. We'll get into it a little bit more. We've got a couple of slides. We're combining folks from our board. Richard Patricio will step in, existing board member of Iso. He'll step in as Chairman. Leigh Curyer will become the Vice-Chairman. We'll have a couple other board members, Chris McFadden and Peter Netupsky will stay on that board. Phil will come onto the board, and we'll add other existing board member from Curyer at a later date. We want everybody to stay in here and participate in a company that's growing. Phil will split the role of CEO and President. Phil will come in as CEO of the company. I'll remain as President, we've got some other folks that are taking leading roles, which we can talk about when the slide comes up. The full transaction's conditional upon completion of best efforts, private placement of a minimum of CAD 21 million, which we have commitments from NexGen, Energy Fuels, and Mega to provide that, we'll look to get additional funding as well. Voting support agreements have been signed by officers and directors of Energy Fuels and Mega for 24% representation of the company. We expect a shareholder vote for Consolidated by November and hope to close in December of this year. As Tim mentioned, we're doing a concurrent private placement fully backed up by those cornerstone investors, NexGen, Mega, and Energy Fuels, at CAD 4.50 a share Iso. I think we'll take that slide as read. The pro forma capitalization, just very quickly, IsoEnergy, NexGen will remain a very significant and important shareholder at 35%. That makes up part of the Iso 69%. Consolidated Uranium, Energy Fuels, and Mega excluded is at 24%, and then you've got 2% held by Mega Uranium, 5% roughly by Energy Fuels. We continue to have these very important strategic cornerstone shareholders. They're also investors, and that's effectively the makeup of the company. Where do we fit? I think this is a very important slide so people can understand in the landscape of the top uranium development companies in the world. We now, as we talked about, vault right into that mix and sitting sort of, again, top 10. As you see in the bar chart, the second bar chart, that's our uranium endowment in terms of millions of pounds vis-a-vis our peers. We compare very favorably with some of the bigger names in the space that many of you would be familiar with. Then what we've done below, excuse me, is we've shown kind of where we fit, versus these peers and the attributes that we think make this vehicle stand out versus those peers. It's past production with rapid restart potential. We check the box. High-grade portfolio or high-grade projects, meaning over 1% grade, we check the box. This exploration and discovery focus, again, it's in the DNA of Iso, and we're going to continue on with that. We check the box. Asset diversification, we think that's important, having multiple projects to advance, check the box. Geographic diversification, check the box, particularly in those top three places in the world, Canada, U.S., and Australia, ultimately giving us a very low geographic risk. We think increasingly investors and utilities alike are looking for companies that have development assets in those regions. We check the box. I think we can probably take this one as read as well, other than just highlighting again, we expect to close early December of this year. Just on the project base that Phil just talked about, you can just have a look here. The blow-up to the right is all of the Athabasca Basin properties that Iso has. An incredible position, high-quality projects anchored, of course, by our Hurricane deposit, the Larocque East property, which we'll talk a bit more about. Really exciting because as Phil said, this is a great, amazing portfolio in the top uranium jurisdictions on the planet. In Canada, the U.S., you see the projects in Virginia, Coles Hill, and Tony M, and all the projects in Utah. The projects that we have in Australia, as well as a couple of projects included in Argentina. A lot of projects, it's great, and they are great projects, but I think as important as where they are is what are we going to do with them? What's the strategy? In this slide, we try to encapsulate that. Really, we mentioned off the top, this is about creating a multi-asset producer in multiple jurisdictions. On the right-hand side of this chart, our near-term production potential, we already have three mines, the Tony M, the Daneros, the Rim Mine, past producing mines. They were in production in that last gold market in 2007, 2008, and 2009. They're ready to go back into production. Now the job is bringing more projects into that near-term production bucket. It starts with Hurricane. Tim's going to talk to you in a second about how we're advancing Hurricane from its current resource into a development scenario and then moving exploration projects across. We're going to continue to be very busy in the Athabasca on an amazing portfolio that Iso has and some of the other projects in Australia and Argentina. Finally, on the very left-hand side, we have what we refer to our call options. I'm going to spend some time talking about these two projects. These are top-tier projects that have historical impediments to development. We think there's a very good chance that we can move these projects ahead, overcome those challenges, and if we can, they move instantly into that development area, and then ultimately towards production. We're also going to continue to be very busy on the M&A front. I think if you've seen anything from CEO over the last three years, including this transaction today, this is very much a skill set and expertise of our company that we bring here. Don't be surprised if we add as we go here from this enhanced platform. Great. Yeah, maybe stepping right into IsoEnergy's assets and Hurricane. Really, we have over 20 high-quality properties in the Athabasca Basin on predominantly the eastern side. Our flagship, again, is the Hurricane deposit. It has the highest indicated resource of any deposit on the planet, 34.5% uranium for almost 50 million pounds, 48.6. We have a lot of other very prospective properties that as we've fully delineated or effectively delineated out Hurricane, although we continue to look for and do more work on it. We've got projects that we've turned our attention to on the exploration side, Hawk, East Rim, Evergreen, Geiger, the ones you see on the side here. There's a lot of work that's been done in the last couple of years on geophysical work to identify the best targets. We've been doing extensive exploration programs over the last couple of years to do drilling into the properties that we like the most, and we're just finishing up our summer program right now. Next slide, Phil. Yeah. Hurricane, just to highlight it is an amazing deposit. The highlights of it, of course, the mineralization, the grade. It is relatively shallow, 325 meters, compared to, you can see at the bottom, the diagram of other historic properties in the basin. It's really just to say that it doesn't have any impediments at 325 meters. It's quite shallow, even compared to Cigar, McArthur, Phoenix, and Denison. The infrastructure. We're in the eastern part of the basin. If you're going to find a deposit like this, you want it in the eastern side where there's lots of roads and power, all in that corridor along where the McArthur River, Cigars, Rabbits have been developed over the years, and that infrastructure has followed. There's also no water at surface, which is a big benefit to anyone that's been in this part of the world. There's a lot of water. If you don't have it at surface, it's quite a benefit. There's a lot of innovation. Phil mentioned, how are we taking this forward? We have done work on internal concept studies on looking at mining methods. How would you best mine this ore body? It's an unconformity-hosted deposit sitting right on top of the granitic basement rock, and sitting mostly inside the unconsolidated sandstone. Very similar to a Cigar Lake, very similar to a Phoenix. We're looking at a lot of innovation around mining methods, which we can get into in another presentation when we have more time. Some really exciting, interesting stuff on how to mine a deposit like this. There's also an interesting border story there I'll talk about in the next slide, but really just to highlight again, it's in just the best geopolitical lens jurisdiction on the planet for uranium in Saskatchewan, and that's become even more important given stuff that's happened over the last number of years, whether it's Russia and Ukraine or even Niger. It's a very stable, good geopolitical location. Just as I mentioned, there's a story around the border. You can see the plan view of the deposit on the left side. The highest grade part of the deposit goes right up against that blue line, the border. That's a Cameco/Orano property, Dawn Lake. Lots of exploration been done on the other side over the last year or so since we discovered Hurricane. There's definitely a story developing over there. It's not our story to tell or our timeline, but for us, we're taking the steps to go forward towards eventually doing a PEA in the not-too-distant future on Hurricane to see what is the best mining method, what is the economics around doing this by ourselves if we have to. There's definitely a viable route there. Of course, at the same time, as time goes on, we'll see what happens on the other side of the border, and I'm sure there's interesting discussions to be had there in the future as well. All right. We'll turn our attention south of the border. We're looking at a map here of southeastern Utah. These are the projects that were in that near-term production bucket, the Tony M mine, the Daneros mine, the Rim mine. These are historic mines in a very prolific part of the world. Those mines had about CAD 100 million in CapEx spent on them in the past that put them into production. All of that expenditure is to the benefit of our company. There are resources in place. You can see the Tony M resource report table up at the top there. There are other historic resources at Daneros and Rim and tremendous exploration potential. Importantly, all of these projects have their state and federal operating permits in place, which gives us a time advantage to move them back into production. It's three to five years if you want a permitted new mine. That's behind us. The third part of these projects, which is important, is they're all in trucking distance to the White Mesa Mill. This is the only operable conventional mill in the U.S. owned by Energy Fuels, again, one of our shareholders that we've mentioned before. We have a toll milling agreement in place with them to ship our ore to that mill. We have guaranteed access to that mill through that toll milling agreement, and we're the only company with that access, and we certainly are going to be a big part of the plan for that mill going forward in terms of feeding it once it gets up and running again. We'll talk about those call option projects that you saw on the left-hand side of the strategy page. Coles Hill, this is the largest undeveloped project in the U.S. It's an order of magnitude higher, combined 160 million pounds of resources between the Indicated and Inferred categories. Over CAD 100 million was spent on this project historically. This project sits in Virginia. Virginia is a very pro-nuclear state. They have reactors, they have the naval yard there, the current Republican governor has gone all in on nuclear power. We're working in the local and the state level to overturn a historic uranium mining moratorium, which dates back to the '80s. Today, there's significant bipartisan support for nuclear power, of course, in the country, but also for untapping the deposits in the country and getting domestic production back up to historic levels. Currently, there's de minimis production in the U.S. We're encouraged about the opportunities here. This is a company making deposits if we can overcome the historic permitting issues. In Quebec, we have the Matoush project. We talk about grade in the Athabasca, certainly Hurricane stands out on that basis. This project stands out globally. When we list the highest grade deposits outside of the Athabasca Basin, Matoush is at the top of the list. You can see it in that bar chart at almost 1% U3O8 rate. That's very high grade by global standards. Outside of the Athabasca Basin, there's over 28 million pounds of historic resource, tremendous exploration potential here. This project had a historical impediment to development. The previous owner was not able to get support from the local First Nations community. We're working on that on a very grassroots level. We're developing our relationships in the community. We've undertaken a small work program on that project this summer for the first time in over a decade. Again, company making project, coveted project. If we can build those relationships up and move this project ahead, we can unlock tremendous value for the combined company. Won't spend any time talking about the portfolio in Argentina and Australia. Australia is going to be a key part of our strategy going forward. Argentina we like as well, but it doesn't stand up with Australia, Canada, and U.S. as our key focus going forward. Thanks, Phil. Yeah, maybe I brushed over it a little bit quickly because the slide was coming up, but I think it's just worth highlighting the strength of our board. We've got, between Richard, Leigh, Chris, and Peter, these are gents that were on the IsoEnergy board prior to this transaction. Richard will be coming in as the new chairman. Leigh Curyer, as you can imagine, is an incredibly busy guy, and so he's going to be becoming our vice chairman, staying a very important role and very focused on Iso as well. Chris McFadden will stay on the board, Peter Netupsky as well. Phil will take one of the two spots for Consolidated Uranium, with the second director to be chosen at a later date. Again, on the management side, Phil, as I mentioned before, will come in and take over the role as chief executive officer. We'll split the role. I'll remain as President. Our Iso's Chief Financial Officer will remain, Graham du Preez, extensive experience in the uranium and mining industry. Darryl Clark, who has been our Vice President of Exploration, extensive experience on the exploration side, but also on the development and operations, running operations. He'll take an expanded role as Executive Vice President, Exploration and Development. Marty Tunney at Consolidated Uranium will remain as the Chief Operating Officer as a key part of the management group. Highlighting also some of the other key folks in the group that are combining together. Dan Brisbin, 40-year uranium and mineral geologist. He's currently our Manager of Exploration. He'll take on an expanded role as Vice President of Exploration, focusing, of course, still in Saskatchewan, but also in some of these other jurisdictions. An expanded role there. Elizabeth Williamson remain as Corporate Secretary and Advisor. Dave Thomas is someone who's come on a couple of years ago at IsoEnergy. Another 40-year plus geologist with, just a guru in the Saskatchewan Athabasca Basin on the uranium side. He's dedicated to us, to IsoEnergy as on the uranium side. A couple of advisors that Phil already talked about, Tracy Primeau, I think will be incredibly important, especially in working on some of these projects in Quebec, but also across the company on some of the projects that we have that require her expertise. Jason Atkinson will be coming in from Consolidated as VP Corporate Development. Yeah, I would just highlight that when you look through these slides, you can clearly see it's a combination of the two companies. It really is that. Our skill sets are very complementary. I look forward to these teams working together. I think we're going to have a lot of fun and a lot of success. In summary, it's an impressive suite of projects. We have substantial resources. We have this focused global production strategy, which we articulated. The project base is highly complementary, both in terms of development stage and geography. The leadership team we've gone through speaks for itself. Amazing track record. This enhanced capital markets profile, larger scale company, attract more investments, more interest from utilities. The exploration potential we touched on. That's going to be a real part of the company going forward. This uranium market movement, which we'll be developing over the coming months and years. Thank you everyone for your time. We would like to open the floor to questions and answers. Okay. Once again, if you wish to ask a question, please click on the Q&A icon on the left-hand side of the screen. You will see "Write a question," and you may type your question there. To close the Q&A panel, click on the Q&A icon again. I would now like to pass the floor over to Nisha Hasan, investor relations, who will take us through questions from participants. Thank you, operator. The first question, Phil, is for you. What are the implications for the PUR spinoff? Nothing specifically implications. The PUR spinoff is continuing. It will close before this transaction closes, and the shareholding that we're keeping will remain in the combined IsoEnergy, and if anything, we intend to continue to be strong supporters of that vehicle going forward. Excellent. Thank you. Another question for you, Phil. Is the mill arrangement with Energy Fuels still valid? Absolutely. Certainly we understand the question. In the industry, we've seen some issues with toll milling agreements. Our agreement was a 5-year agreement, renewable for another 5 years, fully in force. I think the difference between maybe what the person asking the question was thinking, the difference between others' agreements and our agreements is we have Energy Fuels as a shareholder. We have Mark Chalmers, the CEO of Energy Fuels, on our board currently. They're supporting the transaction by participating in the financing. Really, when they're looking at the future for that mill and how they're going to feed. You can do whatever you want, I just gave. Thank you. Okay, here's one for you, Tim, and to both of you. Congratulations to both teams and all involved in this transaction. I was just wondering if you could give an update on the focus and timelines of activities in the next 12 to 16 months. There was a mention of a Hurricane PEA before year-end 2023. Can you please be more specific on timelines? Yeah, sure. Thanks. Yeah, look, we are doing a lot of work on Hurricane kind of behind the scenes. We've done some internal concept studies, really focusing on mining methods and what would be the best way to take Hurricane forward on a standalone basis. Again, it's quite shallow, 50 million pounds. There's a lot of really great innovative work going on in the basin right now. You look at ISRs being deployed by Denison, the SABRE from surface jet boring methods that's been developed by Orano. We're looking at what would be the best way to take it forward. We've done some of that work, high-level concept studies. Out of that has come a lot of questions on further technical questions that we want to answer before making a decision to advance to a PEA. We'll make that decision in the months to come. Yeah, not before the end of 2023, if that was implied. It's a decision we're looking at making once we get some of these answers to some of these technical questions and really focus in on which method we want to go with. Hopefully, yeah, some exciting things ahead in 2024. Thank you. Good transition from that question. Next one's for you, Phil. What is the near-term focus for CUR project-wise? Sure. It's going to continue with the focus that we've had today, which is really on those Utah U.S. projects. We've just finished the drill program at Tony M, and we're going to continue to work on those projects, getting them production ready. We're working on some, again, similar to what Iso's doing, some internal studies around costs and also doing some of the pre-permitting work that needs to happen in order to turn those mines back on, including opening up the portals, ventilation of the underground, and then I think we're going to continue to look at growing those resources through future drilling. That will be the main focus for the CUR assets in Utah. For Coles Hill and Matoush, it's about working in the background to look at overcoming those historical impediments. Thank you. Carrying on from that, Phil, another one for you. What is the estimated date of first production from existing CUR assets? look, I can't give a date here today. We're very much tied to the restart date for the Energy Fuels mill. If I had to guesstimate, it'll be a function of the uranium price as much as anything, but also the time it takes to turn that mill back on. I think we're about 12 months out. Another question for you, Phil and Tim. What uranium price do you need to give you confidence on making a production decision? Well, I think that's probably directed at me, given that we have projects that could move back ahead very quickly. Again, it's tied back to the price that Energy Fuels will require to turn that mill on. The number that they're talking about is in that sort of $75-$80 range. We're getting close, and we think we're going to get there pretty soon. Thank you. One for both of you. How will responsibilities be divided between the President and the CEO? Yeah, look, what we're doing here is combining a company, like we talked about before, that has DNA from both sides that we really like and want to leverage. Phil and I are, in a lot of cases, going to be collaborating and coordinating very closely on the work we do. In other areas, there's definitely some particular skill sets that Am I still with you, Nisha? Yeah, we can hear your audio. Oh, okay, great. We are having some technical difficulties on video, but you're back. Sorry, my screen just went blank there. Besides that, like I was just saying, there's particular skill sets between Phil and I that will allow us to do certain parts of work within the combined company. There's a lot of work to be done. The idea is not to put these together and do less work. It's to put them together and do more, using the resources, the asset base, the diversified portfolio. We're both going to be incredibly busy, and we're both going to take leadership roles in this company in particular areas and more to come on that. Thanks. I'll leave some of that to Phil. Thanks. Yeah, no, Tim, I think you characterized it correctly. I think that we have a lot to do. There's more than enough work to go around. I think we're going to lean into the skill sets that we each have. With my background on strategy and M&A and Tim's background in the uranium market, I think those are going to be important roles for each of us to play. This is really about rolling up our sleeves and getting the job done. We both have relatively lean teams, and so everyone gets involved in every aspect of the business. Again, it's going to be very collaborative. Thank you both. We have a few questions on regulatory requirements. This one says, "Just wanted to get your take on the regulatory requirements here. The October 19th timeline to close is pretty clear. Just wondering if there is anything on the regulatory side that risks that timeline, or do you see this as a pretty straightforward from here on? Yeah. To be clear, that's the closing of the financing. If I could just get us back to that timeline slide. We're looking to close the transaction before the end of the year. The 19th is the closing of the financing. We've done a lot of work on the regulatory approvals that we've required. We're very comfortable about hitting that timeline. We don't need further approval, which is Australia. We don't need Argentina approval. There are CFIUS filings with respect to the U.S. assets that need to be made, which we're very confident. We bought these assets previously and went through that process. We're very confident in the regulatory side. We put some buffer into the transaction outside date, again, we've spent quite a bit of time on the analysis up front. We're comfortable of hitting the December date. Again, we have a bit of buffer built in. Yeah. I think it's probably worth saying, too, these are two Canadian companies. Anything in the U.S., it's not as though you're coming in from another jurisdiction. It's coming in from the same jurisdiction. Thank you. Tim, we have a question for you. What is the exploration plan for Athabasca assets? For example, drill meters planned, number of drills. Yeah, look, we're just coming out of a really great summer program. We still have people up north having just done right around 6,000 meters. We're coming out of that. We're just starting our analysis on the work that's been done. We did a lot of geophysical work. We did some really exciting stuff, wish we had more time to talk about, but some new technology that we've been exploring that's been really exciting. All of that kind of dictates sort of what we'll do for the upcoming winter program. Over the last couple of years, we've had very consistent large-scale drill programs. We've had a couple of drills typically going. I suspect, as we go through budget cycle and we get results and we start to plan out our program with Darryl and Dan, we'll probably expect to have a very similar size program in the winter, but more to come on that as we get more results and determine where we want to focus our efforts into the winter. Excellent. Thank you. That's about all the time that we have for Q&A. This concludes our question and answer session. I'd like to turn the conference back over to Tim and Phil for any closing remarks. Yeah. Maybe I'll just start by only just by saying thank you. Really appreciate all the interest in this. It's exciting for us to be doing this deal. I can tell you, as most people know, a lot goes into putting something like this together. The process has been great. It's been fun to go through because it's been very collaborative, working with Phil and the team. Yeah, we're really excited about what combining these two teams can do. We have a lot of exciting experience, horsepower here, and great assets and a great team, and yeah, we think there's really exciting times to come. Yeah, I would echo that and simply watch this space. We're going to be a very busy, active company, not only within the portfolio of projects that we have, but in terms of looking at other opportunities. We do think the time is right, and we're very well positioned to take advantage of it. Thank you, gentlemen. For all of our audience, if you have any further questions that we have not covered, please feel free to contact our respective investor relations teams at info@consolidateduranium.com or info@isoenergy.ca. A copy of this presentation and a recording of this call will be available on our respective websites. You may disconnect the call, and thank you everyone for participating today. Have a great day.