Hi everybody, I'm Nolan Peterson. I'm CEO of Atlas Salt. I'll just get right into it. We're developing the Great Atlantic Salt project. It's on the west coast of Newfoundland. It is sodium chloride, same type of salt you'd put on your food, but we're talking about it in our project and feasibility study for its use as de-icing road salt. In the U.S. Northeast, the Midwest, Ontario, Quebec, the Atlantic provinces, the biggest markets for de-icing road salt in the world. It's a road safety issue, infrastructure security issue. The biggest customers for road salt are cities, governments, and municipalities. Despite the fact that we use it's critical for everything in keeping the economies of the eastern side of the North America in operation, we don't make enough salt in North America. We import about 30%-40% of our domestic Canada and the U.S. salt needs. This salt comes from Egypt and Chile, primarily as import markets. So literally halfway around the world. Now, despite this fact, North America hasn't built a new salt mine in 25 years. By the time we're in operations, it'll be 30 years. So that's a good place to start. Why is that the case? Well, salt is not hard to find. People are always surprised. They say, "Well, don't we know where to find it? It's around us in the ocean," et cetera. We're never going to run out of salt. We'll always have as much of it as we need. It's just how much will it cost to make. You can't make money in the salt industry developing a new mine because the existing mines in North America are very unprofitable. They still make a little bit of money, but for the most part, they are very deep, 500 m-600 m deep below the surface, and they are also under bodies of water, the lakes and rivers. So, the depth creates capital cost challenges and operating cost issues, and then being underwater causes environmental permitting and safety concerns. Four years ago, a mine in Louisiana owned by Cargill breached the underside of their lake, drained that lake into the mine, and that mine shut down permanently. Just four or five days ago, and I just found this out yesterday, another mine owned by Morton Salt, the largest salt company in North America, Morton Fairport in Ohio, also shut down because of water inflows, taking up to 2 million tons out of the North American market. This is a surprise to everyone, and they haven't, of course, said if that mine can even restart again going forward. This is the reality of the salt mining sector right now. Chronic underinvestment, aging mines with very unfavorable operating conditions. Now, what makes Atlas Salt different is that we have a deposit that is shallow, so instead of being 500 m-600 m deep, we're only 200 m deep, and that means instead of a shaft access, we have a horizontal drift. Then we also don't sit under a body of water. We are what's considered a dry deposit, which means that this is a mine that can actually be permitted and put into operations. That's only half of the picture, though. The other half is the logistics, which will play into a lot of what I'm going to talk about in a second. First of all, we're on the west coast of Newfoundland there, and those are the major markets for our salt on the eastern side of the continent. Our advantage that really makes this mine possible, besides having a good resource, is that we are 2 km away from a deepwater port that's open year-round, fully permitted, ice-free, moves product right now, not salt, but can load 50,000-ton bulk carrier vessels. Those are the same size vessels that imported salt comes in on from Egypt and Chile. It would be the most efficient distribution of salt to the market of any domestic mine in North America. Every other mine uses trucks, rail, or barges. We would use ocean open vessels for the majority of our transportation. We're also 2 km away from a tie into the Newfoundland hydro grid. Oh, I have a laser here. I think. Nope. I don't. We're 2 km away from a tie into the Newfoundland hydro grid. We're 10 kilometers away from the Trans-Canada Highway, and we have about 50,000 people living within an hour's drive of us. So if you're coming from the mining industry, you know all of these things are very important to have, very valuable. We don't need to build a 200-km-long extension. We're not in the middle of the desert in Chile somewhere. We're right in the heart of it. We have everything we need to build a major mining operation in 2026, or start 2027 when we start in earnest. Because we're tied into hydro, this site will also be 100% battery electric when it's in operation. It will have effectively a zero greenhouse gas footprint. Most importantly, especially in this day, today, we move one of the biggest cost drivers for any mine, which is diesel or power to electricity, Newfoundland regulated power. For industrial users, CAD 0.05- CAD 0.07 per kilowatt hour. Significantly lower cost than what we would be paying if we were running diesel equipment, especially with the cost pressures you're seeing right now. We have a feasibility study completed on the project. Showed a life of mine of 25 years in reserve, CAD 188 million a year life of mine after-tax free cash flow on average for each of those years. We also have 50 years in resource on top of that. So we're sitting on a 25- to 75-year mine life. Just to give you an idea of the size of that deposit in gold terms, if this was converted based on in-situ value to a gold deposit, it would be the equivalent of a 20- to 25-million-ounce gold deposit. So it's not small potatoes at all. We have an environmental assessment completed on the project. Took 44 days to receive that. Six weeks in a Canadian jurisdiction. Very impressive in the mining industry. Why? Very low impact, very low footprint, doesn't use diesel, they have very low greenhouse gas emissions, and every community group and indigenous group in the area wrote letters of support for the project. They want the jobs. They want the opportunity. Let's talk about the market for salt. Salt is a global commodity. It's used in many different industries. It's used in every country on Earth. Everybody needs it in their daily lives. Because of regional distribution and production, shipping is a very large barrier to the interregional trade in salt. You have these pockets and markets. In the North American market, we import a lot of salt, again, to supplement. Within the North American market, de-icing is over 50% of the market. The price for salt goes up, for the most part, expected, boring, on average, 4% per year. This is changing, and I am going to show you some stats on that in a second. Think it is recession-proof, it is inelastic on the downside. It only goes up consistently. It is not going to give you big volatility swings like some other commodities, but that is good because when you are trying to build the mine, you are not saying, "I am going to invest in three years and build a mine and see what the gold price is in three years." You know that the salt price is going to be at least what it is today, if not higher, and you plan around that. What underpins all of this and creates the market is, as I mentioned, imported salt. Imports, very cheap to produce at the mine site. They have to put it onto a boat, and they have to pay global shipping. You cannot get out of that. There is no way out of paying global shipping. Otherwise, they will just move that boat to another place on the planet that pays them what the going rate is. What is happening to global shipping? Fuel prices are going up and access insurance rates are going up as well. That is not our base case. Base case was based on last year's, and what we are seeing now are these headlines. First one is tariffs. Last year when I was here, I got a couple questions on tariffs. Always a question, "Is the U.S. going to tariff Canadian road salt?" Because they import a lot from Canada. I said, "No, they would be silly to." Other people said, "Well, they will just import more from Chile or Egypt." Endless supplies of salt from those places. In August, they put tariffs on Canadian road salt. Then in September they removed them explicitly because they do not have enough salt in the United States. Second headline there, or second point there. In Pennsylvania, jurisdiction paid $88 per short ton last year for salt. Year before $85, the year before $83. Standard progression. Under contract, not spot market. This year, same time, same place, $160 a ton. Huge spike. West Virginia, last year, $88 a ton under contract. This year they could not get a contract. No bidders. They authorized their city to pay $175 a ton. Ohio, last year, no offers or three offers in the first round. This year, no bids in the first round. One bid in the second round, which they took, $155 a ton. What is driving this right now? Shortages and fuel costs and production costs and mines coming offline. This is the reality of the world right now in North America for salt. You have to think, you naturally think, "Well, the price is going up, so the incumbent producers must be making more money." Well, no. The margins is the same. Their costs are going up, and they are passing it directly on to the consumer. That is why it is important for Atlas, remember, we are not using diesel equipment. We have a shorter transportation. We have the most efficient distribution. Every pressure that they are under is greatly diminished for us. So if we were operating right now, our margin would actually be growing. As our competitors are driving the price up, we have more margin available for ourselves. On the bottom there, you can see dry bulk shipping rates are at a 2-year high. Panama Canal has restricted transit capacity due to low rainfall. Let me tell you, when they are trying to figure out which boats to let through, it is the ones carrying iPhones, not the ones carrying salt. So that causes further delays, right? How do you value a salt deposit mine? How do you wrap your heads around it? We are the only publicly traded salt development company in North America. Our enterprise value is about CAD 150 million. These are forward-looking feasibility study, EBITDA, and free cash flow numbers. On the left is Compass Minerals. They are the only publicly traded salt-producing company in North America. They own the Goderich mine in Ontario, which is the largest underground salt mine in the world. Supplies a lot of salt to Ontario and the Great Lakes region. Their enterprise value is about $1.6 billion. They trade at a 7.5x EV to EBITDA, which is a depressed multiple because of some other non-salt business aspects that they have gone through. Right now, about 90% of their business is salt. If we were in operations today, as you can see, we would generate more free cash and more EBITDA than the entirety of Compass Minerals with one quarter of the revenues. One quarter of the revenues, more cash generated. That is our margin advantage that we have over our closest proxy. A lot of people think they are a competitor. We would not be in competition. We are in different regions, but they are a good proxy for a public company. In the middle, K+S sold their assets to Stone Canyon in 2022. They paid 13x EBITDA. Stone Canyon, a private equity group, paid 13x EBITDA and $3.2 billion. For about the same EBITDA that we would produce from one mine, this is a string of six to eight mines, I think it is six or eight. Morton Fairport, the mine that is shut down right now because of water, was in this package here. In December, a private equity group paid 17x for US Salt, which is a producer in New York State, paid $900 million for that project as well. We have some strategic agreements secured. The funding and financing, I think I mentioned it, maybe I brushed over it, but $600 million is the initial capital to build our project. We are targeting 60%-70% from senior secured lending. We have over $300 million in LOI commitments, led primarily by EDC on the left there, and then $75 million from another export credit agency. We have equipment financing partnership with Sandvik. We have a current offtake agreement with a company called Scotwood Industries. They're the largest distributor of packaged retail de-icing salt in the U.S. We're also advancing offtake discussions for all of our salts with another supplier and distributor as well. Expect to see something coming down the pipe on that very soon as well. We have an MOU with CN Rail to optimize our distribution. We believe that this relationship could lead to $30 million-$40 million or an additional 10% more in EBITDA every year, but we'll run that one down. Hatch is our lead engineer. Looking at the chart long term, a lot of people ask, "What happened there in 2022?" I joined in June of last year. This was before me. The stock was pumped from $0.05 during COVID to over $4. Great return, but the promoters ran the company for a time. They moved on, hired a CEO who did not do enough marketing and promotion and advancing the company and making sure everybody was aware of it. Didn't attract investors, didn't go to conferences, didn't bring on investment banks, analysts. When I joined, the share price was $0.36. Since then, we've reinvigorated the stock. Volumes are back. It's liquid again. In the near future, look for us securing our financing, strategic partnerships, including the offtake arrangements and others. Government relations are improving as well. We're outreaching there. Job creation, GDP growth, tax revenues. This is what this project means. We were included in the Canada Investment Summit last month, put on by the federal government. We have strong provincial government support as well. That's the investment opportunity. I think obviously in the long term, this is going to be a tremendous upside, and just so you know, I've been buying in the market myself. I put my money where my mouth is. If I'm going to ask you to buy, I'm going to do it myself. Anyway, that's it. Do we take questions too? Yeah? Question. Yeah, you. Assume that I'm a new shareholder. Yeah. Why is your share price so cheap compared? You are trading for 3x future EBITDA with all the plans. Can you tell me why it is? Well, I would say for most part, it is lack of awareness. Most people don't know about Atlas Salt. They don't know about the salt industry. They don't know it is a company they can invest in. Then you talk to people, and they know, "Well, I usually do gold." They do silver. "I do copper." "You do uranium maybe." Then it is like, okay. Nickel. Nickel. Salt is what? Okay. Then they have to wrap themselves around the. So it is an education piece there and awareness for sure. Then, yeah, people take a look, they like it, and you can see from the share price improvement over the last year, we have started to get more appreciation. But that is the reality of it. When we don't have a general uptick in the gold sector, not everybody just floods into any gold company that they can, right? There is lack of people following salt, I would say. I didn't hear you mention any operational risks. There's always execution risk on the project, but is it going to be a game changer for it? People ask me this all the time. I spent 20 years in the gold industry. My background is engineering. I've built major projects. How many projects in the gold industry you target a 95% recovery from your mill actually turns out to be 90%? You spend the next five years trying to optimize it back to 95%. Block model doesn't match or the actual mine plan doesn't match the block model, right? Indigenous groups aren't support. We have none of those risks on this project. We do have typical operation risks. Can we get the boats in and out fast enough? Will we meet our targets, development rates, all that? When you look at what drives those, there's still a list, but it's far shorter than any other mining project. Question? Okay. Yeah. Of course, yeah. Yeah. What's the Salt: A History of the World or something like that, right? A World History. A World History, yeah. It's quite an interesting read. Yeah. Sorry, he added up slightly before you. Has your shareholder base shifted from retail to institutional investors? Yeah. Our shareholder base was primarily driven by retail for years, mostly for the lack of the management pursuing institutional investors, right? That is why you get that big pump and then it goes down. Since that time, we have had a lot of institutional support added. I cannot be specific, but we have added, for example, two major Canadian pension funds at an early stage in the last raise that we did. We also added one in 2025. We attracted a strategic investor who knows the salt industry in our raise in 2025 as well. You can see by the blue there, each progressive financing is becoming more and more. The one in the middle is a small flow-through, but each of our major financings has been more institutionally led, and they have come to us and said, "We want to put money into the company." In our June raise at CAD 1.20, it started as a CAD 10 million bought deal, it grew to CAD 15 million. Yes. What is this, went over some of the milestones, but just can you talk about now to 2030 production? Yeah. What are those four milestones? Yeah. Once we have got funding, and we are advancing full speed ahead, and we have an offtake, there will be strategic deals coming out here and there, and different partners we have added to our repertoire. But over the four years, it will be mostly construction updates, right? Like how much we have advanced, what buildings we have built, what upgrades and refurbishments have been executed. All that will be what we are feeding the market. And some people like that constant flow, but would not look for drill program results or stuff like that. Now, we do have, within the company portfolio, another asset which we do not talk about very much with, it is called nepheline syenite. And if you want to know more about it, come talk to me later. But that, we might have a more steady stream of news on that as well with clear milestones. How much more equity financing would you forecast you to get? That is always a big question. Depends on what the senior secured syndicate looks like, and then how much we can get from subordinated debt, if we can execute a royalty transaction, if a government agency decides to advance us some funds, if we can do some pre-sales. All of these are in the mix. We are trying to minimize equity dilution. But a nice round number, probably 10%-20% or CAD 50 million-CAD 100 million is a good target. Last question over there. I think it was you, right? Yeah, sorry. What do you need to do before the lenders will definitively sign on? There will be conditions precedent that will be. They will sign and say, "The money's good," but before you get it, there will be conditions precedent. Things like offtake, securing port access for distribution, and probably a whole slew of other things that the board must be this many people and this experience, all that kind of stuff, and cash balances. Those are the big ones, and then a whole list of small minutia after that. Thank you, everybody. Sorry I was late again. Thought it was 3:30 P. M.