Welcome to IsoEnergy Limited's conference call announcing the acquisition of Anfield Energy. As a reminder, all participants are in listen-only mode, and the meeting is being recorded. After the presentation, management will respond to questions. You may submit questions at any time today using the window on the webcast. I would now like to turn the conference over to Mr. Philip Williams, Chief Executive Officer and Director of IsoEnergy, and Mr. Marty Tunney, Chief Operating Officer of IsoEnergy. Philip, please go ahead. Great. Thank you. Thank you everyone for joining us today. We're very excited to announce the acquisition of Anfield Energy. It has been almost a year to the date that we announced the transaction between IsoEnergy and Consolidated Uranium, and the goal there was to create a multi-asset producer in the top jurisdictions in the world. Today's acquisition of Anfield is a continuation of that strategy. We're securing additional near-term U.S. uranium production and importantly, the Shootaring Canyon Mill. The picture on the front cover of the slide presentation here that you can see is it really tells the story. Our main U.S. asset at Iso is the Tony M Mine. Many of you that followed the company would see that we've made quite a lot of progress opening that mine just recently. That mine was originally built and for the ore to be sent to the Shootaring Canyon Mill pictured in the bottom, and it's currently owned by Anfield Energy. The projects are 4 mi apart, built together, and the ore from Tony M was meant to go to Shootaring. It was always meant to go to Shootaring Canyon. We're combining these projects back again together. That's on top of the additional projects in the Anfield portfolio that have near-term production and development potential. Let me walk you through the story. First, just go through the typical disclaimers. We will be making forward-looking statements. As mentioned, my name is Philip Williams. I'm the CEO of IsoEnergy, and with me today I have Marty Tunney, the COO. Let's start with the transaction rationale. I think there's a lot of important points here to be made. First off, as we talked about at the beginning, this transaction is expected to expand our near-term U.S. production capacity. Again, we have past producing mines. We have development projects all located in great jurisdictions in the Western U.S. and now we have the Shootaring Canyon Mill, which is one of only three licensed conventional mills in the United States. Anfield has recently submitted an application to expand the capacity of that mill from 1 million pounds to 3 million pounds per annum. We're going to continue on with that expansion. As well in Iso by virtue of our partnership with Energy Fuels, we have guaranteed access to the White Mesa Mill for our existing projects. We entered into a toll milling agreement with them when we purchased those assets several years ago. With this acquisition, we're taking a meaningful step forward in terms of the resource base. Together in all categories, we now have 220 million pounds of uranium in the United States. You'll see as we go through the slide deck, these projects are very complementary, not just Tony M going to Shootaring Canyon, where it was always supposed to go to, but several of the other projects are located in close proximity, and we expect to realize a lot of operational synergies from putting these projects together. As we mentioned off the top, the goal of becoming a leading uranium producer in multi jurisdictions, the best jurisdictions in the world continues to be our strategy and this very much aligns with that. We will talk about it as well, but of course in Iso we have one of the best undeveloped uranium projects in the Athabasca Basin, the Hurricane resource. We think the timing couldn't be better. Everybody on the call has been inundated as we have with the positive news in the nuclear space, particularly in the U.S., so we're starting this transaction, entering into this transaction at a seminal time for the space. The transaction itself, it is a shared deal. We're buying 100% of Anfield. The consideration is 0.031 per Iso share for about CAD 0.103, valuing Anfield on a fully diluted in the money value of CAD 126.8 million. On a pro forma basis, Iso shareholders will own 83.8% of the company and Anfield shareholders will own 16.2%. It represents premiums ranging from 32%-37%, depending on what pricing you use for each company. Both companies require shareholder votes for the transaction to move forward. 66 and 2/3% for Anfield and (50% + 1) for Iso. We also need customary approvals from the various regulating bodies, TSX Venture, and CFIUS approval. As part of the transaction, we got voting support agreements from major shareholders of both companies, including enCore Energy on the Anfield side, management directors on the Anfield side, NexGen Energy and Mega Uranium, and management and directors on the Iso side. We also advanced a bridge loan into Anfield as part of this transaction, and that's to continue the good work that the Anfield team is doing advancing those assets, making various property payments, and including a drill program that's underway right now at Slick Rock. Closing is expected in mid-December. Benefits to shareholders. We think there's great benefits for both shareholder bases. We've talked about the access to Shootaring Canyon Mill for Iso and the diversification that the acquisition provides. I think one of the benefits that we're going to see for both sides, of course, is the strengthening of the ranking of this company amongst the U.S. peers. We'll talk about that in a second, but we've really catapulted the company in terms of its U.S. exposure into the likes of the leaders in the industry, and we think that that could generate a re-rating for the company. We're also going to get some very good shareholders coming on our register, including enCore, and we expect the Anfield shareholders to continue to be very supportive. This larger platform will give us greater scale access to capital, liquidity, and an opportunity for potential M&A in the future as well. For the Anfield shareholders, it's an immediate and attractive premium. They get exposure to the rest of the Iso portfolio, including those projects in Canada in the Athabasca Basin. Our goal, and you'll see when we talk through the slides, is we are absolutely moving these projects into production, and Anfield shareholders will get exposure to that and exposure to our shareholder register. In addition to NexGen, Energy Fuels, Mega Uranium, and the ETFs, we have a very strong register of institutional shareholders that Anfield shareholders will get the benefit of being part of and participation in that larger platform, which is a similar benefit to both companies. In terms of the pro forma capital table, you'll see that we'll have, post the transaction, about a CAD 700 million market cap. We're extremely well-funded as a group. Net cash and equivalents between both companies is over CAD 60 million, well-funded to close the acquisition and move the projects forward. You can see the list of investors and shareholders in the pro forma company is quite impressive and very unique in the uranium space to have this many corporates involved in one of their peers. I've been around the uranium space now since 2006, consider many of the CEOs of those companies to be friends as well as colleagues, and I expect them to all be very supportive of the company going forward. The timing. The timing is right. We talked about this in the transaction rationale. We've just got a few headlines here. Not lost on many of you on the call is the increasing pace of positive news coming out of the nuclear space, particularly in the U.S., and we believe that U.S. will be a very important source of uranium production going forward and potentially trade at a premium. We're very excited to grow our portfolio there and particularly add that near-term production potential. This is a slide that some of you might have seen if you've watched an Iso presentation or been on our website. This is how we look at our portfolio projects. We demarcate them into near-term production, development, exploration, call options, and our equity holdings. The goal of the company, as I said from the outset, is to be a multi-asset producer in the best jurisdictions in the world, that being Canada, the U.S., and Australia. When we look at our portfolio, it's all about moving projects from the left-hand side of the page to the right-hand side of the page, and we're busy doing that. We also have this M&A strategy, which is can we add projects to those bubbles, particularly the bubbles on the right-hand side of the page, to increase our near-term production? This really checks all of those boxes. We're adding significant projects in all of these categories. We'll continue to look at additional M&A as we go forward, but we obviously think we have a very healthy portfolio here and lots to do. How we compare to the peer group, particularly in the U.S., and again, as I mentioned off the beginning, we really feel like this transaction elevates us into the category, into the comp table with these names. Many of you will be familiar with them. They are the leaders in the space today, doing great work advancing their projects back into production. I think we compare very favorably to these groups on a pro forma basis. You can see on a total resource endowment, we're second only to UEC in terms of pounds in the United States. This doesn't include our pounds in other jurisdictions. We check all the boxes. Past production restart potential, permitted processing facility. We have high grades, of course, that's now we're talking about Athabasca Basin, and asset diversification and geographic diversification. Increasingly, we've seen that more important in the uranium space for investors, but also for utilities. As they look to secure pounds for the future, they're looking for diversified companies in the lowest risk jurisdictions in the world. We have that covered. As we go into the projects themselves, we start with a slide that, again, might be familiar for those who know the Iso story. These are our projects in the United States., located in Utah, past producing mines that we acquired from Energy Fuels a couple of years ago. Some of the highlight points here, which we make time and time again, is these mines were in production in the bull market of 2006, 2007, 2008, shut down due to low prices. What that means is there's a tremendous amount of capital already put into these projects, and the CapEx to move them ahead from here is very low. There are resources in place on these projects, and the permits, importantly, are in place, meaning that we can move back into production very quickly. For these projects, we have a toll milling agreement with Energy Fuels for use of the White Mesa Mill. Now we're going to layer over top of these projects, the projects from Anfield. I think you'll see why we're so excited about this transaction. Here, what we have is a bit of a zoom out on the map. The orange marks are the Anfield projects, the blue marks are our projects. You can see they fit very well together. The total resources that we're looking at this page is almost 35 million pounds. This doesn't include many of the other projects in the Anfield portfolio located in Arizona and New Mexico. What we're going to do from here is we're demarcating these projects into the eastern side, the Uravan, Lisbon Valley side, and the western side, which is the Henry Mountain complex, where the Tony M project is and the Shootaring Canyon Mill is. When we take a look more closely, Marty, why don't I toss this slide over to you, and you can walk people through these projects. Really what we'd like to take away from this slide, and when we go into the other projects, is how close these projects are, how advanced they are, and their game plan to move them ahead rapidly. Sure. If you take a look at what we've got here, we've got the Tony M Mine, which we've been working very hard towards moving it towards production. We've got it reopened now with rehabilitation going underway. That sits immediately adjacent to the Frank M project that Anfield's got. That's only combined of 4 mi north of the Shootaring Canyon Mill. It makes all the sense in the world for this material to go to that Shootaring Canyon Mill, which is part of the rationale for acquiring the project. What we would like to do is focus on this as a single complex versus a series of independent projects and a mill itself. Our focus now over here is going to be, let's put these all together, put some real engineering thought into this, and do some trade-off studies between production now at Shootaring and potentially what it might look like to or production right now at White Mesa and maybe delaying a little bit and putting it through the Shootaring Mill. Lots of opportunity here. Lots of upside still for exploration at the various projects, so significant opportunity for the company. These projects were built together. The Shootaring Canyon Mill was built to process the material at the Tony M Mine. There's stockpile sitting there on surface that had come out of the Tony M Mine. Again, these are 4 mi apart, but ready to go. Currently, that Shootaring Mill has a licensed capacity of 750 tons per day for 1 million pounds a year of production. That's being upped to 1,000 tons per day for 3 million pounds of production annually. The buildings and infrastructure are in great place, and we're going to spend a lot of time figuring out what we need to do exactly inside the mill to move it forward. We're about 12-18 months away from the radioactive materials license finishing its review. Just some photos from inside the mine. You can see the type of condition the mine's in. Fairly good condition overall. There definitely are going to be some components in here that need to be replaced, but overall in very good condition. We're going to spend the time to move this forward as expeditiously as possible. Alongside this permitting approval that we're waiting for, which is really just a restart license, we will be advancing the engineering studies and order of long lead items. We look at this as the eastern half of the properties, really the Uravan Belt and Lisbon Valley. I think this is some great synergies to be realized here. We've got a great operating team down in Utah right now, and I think we can take that team and put some of their efforts towards what we've now acquired in Anfield. We've got the Sage Plain, Rim just up there to the north, which are our projects, and then just above that, we've got Velvet Wood. Velvet Wood is a very advanced project, higher grade than what we've got, thicker ore seams. What that turns out to is lower cost mining on a per ton basis. Very exciting for us. This is something that they've been advancing the permitting there, really the permitted operating outline so that they can do a restart here. We think that we can start advancing this fairly quickly. Again, we're going to put our engineering thought into this, in order to really advance this as quickly as possible. They have a PEA on the project, the combined Slick Rock and Velvet Wood Project, which combined puts out about 800,000 pounds a year over a 15-year period. The NPV of roughly CAD 200 million on the project, and a pretty good IRR at 33%. This was all done at CAD 70 a pound uranium, and this was with the idea of transporting this all the way to the Shootaring Mill. There might be some opportunities to work with the relationships we have at Energy Fuels and an opportunity potentially to maybe move that a little closer and have that put through White Mesa, that would be discussions with Energy Fuels. Our goals here are really to advance the economics and to enhance the economics. Again, 3,500-foot decline, well built and ready to be dewatered and ready to advance. Certainly other projects alongside that that are in pretty good condition and we're going to focus our efforts to move those forward. Next steps, Marty? Yep, next steps. Again, I've talked about this, a comprehensive review of the Henry Mountain Complex, really to figure out the synergies between the Shootaring Mill, Tony M Mine, and the Frank M Mine. Historical data review of Shootaring and determine what we can do there to push things forward to make it as economic as possible, including a full feasibility study and engineering designs. Multiple projects have the opportunity to update the mineral resources, including Slick Rock, where there's an ongoing drill program right now that Anfield announced earlier this week. Frank M, Marquez-Juan Tafoya. Juan Tafoya is something we didn't mention, but it's a significant resource down in New Mexico. We'll look at Velvet Wood. We'll finalize the engineering design. Currently the PEA, as I've discussed, but finalize the designs, and that is the most advanced project in the Anfield portfolio, and we think near-term production opportunity there. then expand the operations and development team to move these forward. Importantly here too is there's a significant number of secondary projects here, and we think that there is the opportunity to unlock lots of value here. Thanks, Marty. That is the story in the United States. We think this is transformational for our business there, but we don't want to lose sight of the projects that we have in Canada in the Athabasca Basin. Importantly for Anfield shareholders who aren't as familiar with the company, I'm going to take a second to talk about our projects. Our main project, of course, in the company and which is located in the Athabasca, which is Hurricane. This is the world's highest grade published indicated uranium resource. You can see in the table there, it's 48.6 million pounds at 34.5% U3O8. It is the highest grade and an order of magnitude higher than the grades that we're talking about down in the United States. This project is located in the eastern side of the Athabasca Basin. It's about 325 m below surface. You can see in that cartoon where it sits depth-wise relative to some of the other deposits in the basin. What's really exciting about this project is where it's located. I'll take you to the next slide. There's two reasons that it's exciting. The first is in the eastern side of the Athabasca Basin, look at the map on the bottom right-hand side here. It's very close to an existing mill. It's about 40 km away from the McClean Lake mill. This is the mill that's owned by Orano and Denison that processes the ore from Cigar Lake. Ultimately, Cigar Lake will be depleted. Cameco is talking about circa 2035 that Cigar Lake will run out of ore, and McClean Lake will be looking for additional ore. When you look around the region of potential resources in trucking distance, what could go to McClean Lake? I don't think any stand out like Hurricane does in terms of its potential to go there, and it's not just for its own characteristics being as high grade as it is, it is also because it's situated immediately beside a project called Dawn Lake, owned by Cameco and Orano. You can see in the schematic of the deposit, this is a plan view here, the resource, and Iso made this discovery and drilled this resource up itself. The resource straddles a property border. On the other side of the border is the Dawn Lake project, owned by Cameco and Orano. When you look at the aerial view, you can see what we've outlined in orange is our drill pads, and that makes up our 48.6 million pound resource. What we have in the blue is an outline of the Cameco and Orano drilling, and by our estimation, this has been the largest exploration program in both of those companies over the past year, and they've drilled out what looks like to us more resources than we even have on our side. We don't know the number specifically yet, but we think it's reasonable to assume that based on what their drill patterns are, they could have as much as 75-100 million pounds. Taken together at 100-150 million pounds, that's the kind of size and scale at this grade that would justify a new conventional mine. We're very excited to see how things unfold on the other side of the border and think there's tremendous opportunity for Iso and their shareholders to participate in one of the next big uranium development projects. On top of what we already know we have, we're very busy exploring the project. We finished an extensive summer drill program looking for new mineralization along strike to the east on our 100% on ground from Hurricane. We're excited to bring those results to the market in the next few weeks and do a follow-up drill program here in December. We also have call option projects. If we go back to, if you remember back to that bubble graph of all the projects in our pipeline, over the years, we've picked up two projects which have tremendous characteristics in their own right. We have the Coles Hill project in Virginia. It's the largest undeveloped project or largest resource in the United States at over 160 million pounds of uranium. The challenge of this project today is that Virginia has a ban on uranium mining. We think that with everything that we're seeing in the market, and quite frankly, the supply and demand case that tells us that every pound of uranium that's known needs to come forward to meet demand, we think that this project has an important role to play. We're working in the background, lobbying and talking to politicians within the state about overturning that ban and putting uranium mining regulations in place. Similarly, in Quebec, we have a project called Matoush. This is the highest grade indicated resource outside of the Athabasca Basin at almost 1% in that category. A tremendous project, over 28 million pounds with lots of exploration potential. This project has had over CAD 100 million spent on it in the past. Ran into some challenges over a decade ago where the previous owner was not able to get support from the First Nations to advance this project. Again, here we're doing a lot of work on the ground, building relationships with the local community, doing small work programs with an ultimate view to hopefully partnering with the First Nations there and seeing if we can advance this project. We don't think there's a lot of value in our stock price today for these assets, but again, in this environment where every pound of uranium is required, these pounds could unlock a tremendous amount of value for our shareholders going forward. In terms of the team, I think that it's really important to discuss some of the people behind the company. Iso was originally spun out of NexGen. We have a lot of NexGen DNA. Of course, you saw they're a big shareholder of the company. They still have three people on our board that are on their board, including Leigh Curyer, the CEO of NexGen. Our chairman, Richard Patricio, is also on the board of NexGen, and Chris McFadden is the chairman of NexGen. We have a couple of other directors with tremendous experience in mining, finance, et cetera. On the team side, I think we have all the bases covered in terms of finance, in terms of mining and engineering, exploration, gentlemen with tremendous experience exploring for, finding, developing, mining uranium properties around the world. That ends the formal part of the presentation. Let's open the line up for questions and answers. Thank you. Once again, you may submit questions by using the window on the webcast. I would now like to pass the floor over to Mrs. Nisha Hasan, Investor Relations, who will be taking us through questions from participants. Thank you, operator. The first question, Phil, I'll pass it to you. Have the larger shareholders of Anfield given their support for this acquisition? Yeah, that's a good question. In fact, we did receive what's called a voting support agreement from enCore Energy, the largest shareholder. What that means is they will vote in favor of the transaction. We did get voting support agreements from management and directors of the company. Over 30%, or sorry, over 20% of the Anfield shareholders have already locked up for the transaction. Perfect. The next question, Marty, I will pass it to you. Given you now have a new center of gravity with the Shootaring Canyon Mill, when do you see the mill ramped up to full capacity on an expanded basis? Please give a ballpark timeline. I assume the community is keen to get things going for their jobs and economy. Yes. The community is very keen to have that move forward. In fact, we had the county commissioner tour the recently reopened Tony M Mine fairly recently, and they expressed their significant support for this. In terms of timeline, the permits were submitted to reopen the mill, and they were recognized as complete applications in July of this year. That's about a 12- 18-month timeline, which is a bit of back and forth between the company and regulators. Alongside of that, we would be advancing the engineering studies, long lead items, and engineering designs. We're probably talking a two-plus year exercise to get the mill reopened. Did I miss a component of that, or did I answer? Excellent. I'm going to get on to the next one. Okay, Phil, this one's for you. Congratulations on yet another accretive M&A. Two questions. The first, does the acquisition of AEC mean any change to the so far close relationship between Iso and Energy Fuels? I'll ask the next one as well. If the answer to one is no, are you planning any steps to reassure the market that Energy Fuels doesn't perceive this acquisition of the Shootaring Canyon Mill as competitive? Yeah. You're right to point out we have a very close relationship with Energy Fuels. They're a shareholder. We have the toll milling agreement. We really view this as an opportunity to work collaboratively with Energy Fuels on developing projects in this part of the world. Between us, we virtually own all the important projects, and as they look to ramp up White Mesa, I think we're also going to be an important source of feed for them. We've had numerous conversations with the executives over there, and they've been very supportive. In fact, Mark Chalmers was on the board of Consolidated Uranium for quite a long time, and this was something that we talked about at length as we looked around the region and thought what might make sense for partnering with these assets going forward. If anything, I expect that the relationship could even be expanded on the back of this and work collaboratively with Energy Fuels on being the two leading miners in this part of the world. Excellent. Okay, Phil, another one for you. Are you looking at other acquisitions in the Uravan area to unlock more value? Look, not specifically right now. There's a lot here. I think I would like to compliment the Anfield team. They put together an excellent portfolio, and they stewarded it through some very difficult times. There's a lot to dig into. One of the things that Marty touched on a little bit, which hasn't really been talked about for a long time in this part of the world, is exploration. We have a lot of land, and this part of the world is not being explored for new uranium using modern techniques in a long time. I think we've got a lot to chew on. We are, I think everybody would know, very opportunistic, and if something comes along that fits in with what we're trying to do, then we would certainly look at it. Right now, we're focused on getting this transaction closed and putting Marty and his team toward moving the projects ahead and doing all the work that he has to do. Excellent. Okay. Marty, this one's for you. Will development of Tony M slow down now that you'll shift focus on Shootaring? Will the restart of the mill rely on Tony M only, or will you look for other sources of feed to justify a restart? Look, I think, what we're going to do here is look at that, as I said, as a whole. Shootaring combined with Tony M, Frank M, Daneros, and do the economics of the whole process. For us, looking at the work that's been done in the past by Anfield and their consultants, we believe that it's a go-forward decision. I guess the question is, do we continue to send the material right now as planned to White Mesa, or do we look at the economics of that and the trade-off and sell it strictly to Shootaring? That's something we're still reviewing and we'll have to decide on. I think, look, there's going to be lots of opportunities. There's other projects in the air that I'm sure would like to get access to a mill. We're going to continue to evaluate other opportunities that are presented to us and whether that's part of the spoken hub, but we'll see. Just to add to that, I think the whole point of this transaction and the way we operate this business is to keep our options open. Tony M is now the mine is open. We could be mining ore there in a very short amount of time. Market dynamics will play a role and as we're working diligently on bringing Shootaring Canyon back into operating status, if opportunities are there to mine Tony M and send it to White Mesa and make significant cash flow for this company, we'll certainly take advantage of them. Okay. Another question for you, Marty. On the mill, you mentioned 12- 18 months for the RML amendment. To clarify, is that the amendment to move back to active processing from care and maintenance? Does that timeline also include expanding the license for 3 million pounds a year? That was part of the application. It was part and parcel to that. yes, it includes it. Okay. Another one for you, Marty. Can you please quantify the savings in miles traveled for Tony M if Shootaring instead of White Mesa, and Velvet if White Mesa instead of Shootaring, and what shipping cost per mile have you been assuming? Yeah. Shootaring is right there. It's 4 mi away from the portal from Tony M, and White Mesa is about 125 miles roughly. On a one-way trip, we're looking at roughly $0.30 per ton mile. Significant cost savings by having it right there. Was there more to it? No, that's it. Next one. To help fund Shootaring development costs, are you open to monetizing other assets and focusing on the U.S. and Athabasca? Yeah, absolutely. You can see from that graphic that we showed, we're replete with projects. In this environment, you can imagine that our phone's ringing off the hook from people looking for assets. We'll certainly look at opportunities to rationalize the portfolio. Historically, we haven't looked to sell assets for cash, because we are such bulls on the market going forward. When we created Labrador, that became Latitude and ATHA, we held onto our position. In fact, we increased our position because we love what that company is doing, and we think that there's tremendous upside there. Similarly with Premier American Uranium and more recently at Jaguar with our Argentine assets. We'll certainly look to rationalize the portfolio and depending on who the counterparty was and what the opportunity was and what the business plan was, we could consider both taking cash or remaining shareholders in whatever the ongoing company would be. Okay, next one. Marty, this one's for you. Conceptually, how much ore/production rate can you support with Tony M, Frank M, and Daneros? Also, could you comment on the tailings management facility at Shootaring? Does it need any permits, and how much capacity does it have? Are there additional lifts permitted, et cetera? Those are multiple questions in there. I think if I got it right, was what type of production rates are we looking at coming out of the projects down there? Yeah. What I'll do is I'll talk about historic production at Tony M and what went on there and what that could support and historic production at Daneros. Combined, those were designed to produce roughly about a million pounds a year of production, through those two. If I look at Anfield, Velvet Wood, and Slick Rock, there's a current PEA that's out there that talks about 800,000 pounds a year. Combined, those three, 1.8 million pounds a year. Sorry, what was the second part, Nisha? The second part of the question is can you comment on the tailings management facility at Shootaring? Does it need any permits, and how much capacity does it have? The current RML restart did have a request for a new facility there. As part of the RML application, it was a new TSF, a new cell. They applied for a single cell with the expectation that they would then go forward and construct a second cell following that, which is pretty typical. There's about four years of life there at the run rates designed. once you get the first application through, then you would put the second one in. Okay, perfect. Next one, I'll probably pass this on to Phil. Please discuss estimated all-in cost per pound on major projects, prices needed to start production, potential timing for starting up production, and capital cost to start production. I was going to- Go ahead, Marty. I was going to say, there's only been one engineering study that's out in the market that has the information available to be released, and that is the PEA that Anfield put out. Their cost of production is really more on a per ton basis, which is probably the more appropriate way to look at it. The OPEX cost for that is all in about CAD 244 a ton. If you're looking at roughly five pounds a ton, you can break it out that way. Sorry, what was the other part of that? Potential timing for starting up production. We talked about it. Right now, we could actually be in production at Tony M. We're fully permitted there to move forward. I think Phil covered it, that if the prices really spiked, we could immediately start delivering feed to White Mesa, and then when they're ready to run it through the mill, we're ready to go. Currently, our thoughts are step back, take a look, and view that as one comprehensive unit over on the western side. At Velvet, it's permitted. There's an application to basically go in to restart with the permitted operating outline. We could be dewatering and refurbishing the mine as early as late H1 next year, so not that far away, and production probably within 18- 24 months. Okay, perfect. Marty, can you comment on the vanadium credits you will now get with various Anfield assets? Maybe I'll leave this to Phil. I mean, look, vanadium has been an important part of uranium mining, particularly in the Uravan district. Vanadium prices are down relative to where they've been in the last few years, but there's a vanadium circuit at White Mesa, so we can recover vanadium from. We do have vanadium in some of our projects over there, as well as the Anfield projects. We're constructive on the future for vanadium, particularly in battery storage, and so I think that could play an important role in the economics here. I would highlight that even in the economic study that Anfield did, they used a uranium price of CAD 70. We think it's going to be dramatically higher, notwithstanding the vanadium price a bit higher in their study. We do think that could be an important part of the story going forward. These projects largely stand alone on the uranium side, especially where we can see that going. Okay. Here's a question regarding the toll milling agreement at White Mesa. Will the toll milling agreement at White Mesa apply to the company IsoEnergy or specific mines? Will the new mines automatically fall under the existing agreement, or will you need to renegotiate with Energy Fuels if you want to ship ore from the new mines? The answer is the toll milling agreements that we have are very specific for the mines that we purchased from Energy Fuels. They do not cover any additional projects. We would have to enter negotiations with Energy Fuels and ask them to bring in the new projects. Okay. One last one. What is the cutoff date for Anfield shareholders to participate in the amalgamation? Well, listen, we haven't set the dates. In fact, I can call up the timetable here. We don't have the exact dates for the record date or the mailing dates, but generally, we're looking to close in early December. Not exactly sure what participating means, but Anfield shareholders will get information. They will get a circular. They got all the information they need to vote, and we'll give those dates out as they're firmed up in the next week or two. Okay, excellent. That concludes the question and answer session. Phil, I'll turn it over to you for closing remarks. Sure. Thanks, everyone. I really appreciate you coming and listening to us. We're very excited, of course, with this transaction. Hopefully, we articulated how synergistic these assets are for us and the opportunities that we have in front of us, where we're going to work diligently to review those opportunities and come back and update the market regularly on our progress and where the plans are. We just couldn't be happier with what's happened in the market and think that the timing of this transaction, vis-à-vis what we're seeing on the ground in terms of support for nuclear power, and then ultimately what's going to happen to uranium prices. We think we're poised in the space. Yeah, we're very excited to have announced this deal today. A lot of hard work to go to get it completed, and then lots of work for Marty and his team to advance these assets. Yeah, we couldn't be more excited, and thanks, everyone, for joining today. Thanks, Phil. Thanks, Marty. If anyone has any further questions that we haven't covered today, please feel free to email us at info@isoenergy.ca. A copy of the presentation that we put up today is available on our website. Thank you for joining us. You may disconnect now.