Good afternoon, everyone, and welcome to Silver Bow Mining Corporation investor webinar. On behalf of Silver Bow Mining Corporation, thank you for taking the time to join today's investor webinar. My name is Scott Powell, President and Chief Executive Officer of Skyline Corporate Communications Group, LLC, and I will moderate today's event. This webinar is being recorded today, Monday, August 24th, 2026, at 4:00 P.M. Eastern time. Presenting today on behalf of Silver Bow Mining Corporation are Mr. Travis Naugle, Chairman and Chief Executive Officer, and Mr. Doug Stiles, President of Silver Bow Mining Corporation. After management's formal remarks, there will be a question and answer session where Silver Bow Mining management will answer questions submitted by registrants. Today's session is scheduled to run approximately 30 minutes. Please note that all participants are in listen-only mode today. This presentation has been prepared by Silver Bow Mining Corporation, the company, solely for informational and discussion purposes. The information contained herein is provided as of the date of this presentation and is subject to change without notice. This presentation contains forward-looking statements within the meaning of applicable U.S. securities laws and forward-looking information within the meaning of Canadian securities laws. All statements other than statements of historical fact, including statements regarding timing and completion of the acquisition and expected strategic benefits of the transaction are forward-looking statements and are based on the company's current expectations and are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including failure to obtain bankruptcy court, governmental, shareholder, or NYSE American approvals, failure to satisfy closing conditions, and additional risk factors as discussed under the headings "forward-looking statements" and "risk factors" in the company's current report on Form 8-K as filed on August 24th, 2026, and registration statement on Form S-1/A filed with the United States Securities and Exchange Commission on April 24th, 2026. The company's Canadian prospectus dated April 29th, 2026, filed on SEDAR+ and in other documents filed by the company with the U.S. Securities and Exchange Commission and Canadian Securities Regulatory Authorities. Viewers are cautioned not to place undue reliance on forward-looking statements and forward-looking information, which speak only as the date of this webcast of August 24th, 2026. Except as required by applicable law, the company undertakes no obligation to update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events, or otherwise. The CVRs and the Silver Bow Mining common shares issuable upon conversion thereof have not been and will not be registered under the U.S. Securities Act of 1933 as amended, the Securities Act, or under any applicable securities laws of any state of the United States and may not be offered or sold absent such registration or an applicable exemption therefrom. This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale wouLd be unlawful. This presentation may be deemed to be solicitation material in respect of the proposed shareholders' meeting of Silver Bow Mining to approve the issuance of the CVRs and the underlying common shares. In connection with the proposed shareholders' meeting, Silver Bow Mining intends to file the relevant materials with the United States Securities and Exchange Commission, the SEC, including Silver Bow Mining's proxy statement in preliminary and definitive form. Investors and shareholders of Silver Bow Mining are urged to read all relevant documents filed with the SEC, including Silver Bow Mining's proxy statement when they are available because they contain or will contain important information about the shareholder approval being requested. Investors and shareholders of Silver Bow Mining are or will be able to obtain these documents when they are available free of charge from the SEC's website at www.sec.gov or free of charge from Silver Bow Mining's under the investors section of Silver Bow Mining's website at silverbowmining.com/investors or by sending a request by email to ir@silverbowmining.com or by mail to 1401 Idaho Street, Butte, Montana 59701. Attention Corporate Secretary. Silver Bow Mining and certain of its respective directors and executive officers under SEC rules may be deemed to be participants in the solicitation of proxies from shareholders of Silver Bow Mining in connection with the proposed transaction. Information about Silver Bow Mining's directors and executive officers is available in Silver Bow Mining's registration statement on Form S-1/A, which was filed with the SEC on April 24, 2026. To the extent holdings of Silver Bow Mining securities by their respective directors or executive officers have changed since the amounts set forth in the registration statement on Form S-1/A, such changes have been or will be reflected on initial statements of beneficial ownership on Form 3 or statements of change in ownership on Form 4 filed with the SEC. Additional information concerning the interests of Silver Bow Mining's participants in the solicitation, which may, in some cases, be different than those of Silver Bow Mining's shareholders generally, will be set forth in Silver Bow Mining's proxy statement relating to the proposed approval by shareholders when it becomes available. References to third parties, including MES Mining, the Montana Department of Environmental Quality, and U.S. and allied government agencies, describe the company's existing or contemplated commercial or regulatory relationships and do not imply endorsement by such third parties. At this time, I would now like to turn the webinar over to Mr. Travis Naugle, Chairman and Chief Executive Officer of Silver Bow Mining Corporation. Mr. Naugle? Thank you. Good afternoon, everyone, and thank you for joining us. Earlier today, Silver Bow Mining announced that we entered into a definitive agreement to acquire the Jefferson County Metallurgical Complex in Montana. I wanted to speak directly with our shareholders today because I believe this transaction is an important step for Silver Bow Mining, and I also wanted to spend some time explaining what we're acquiring, why we pursued it now, and how we believe it may fit into the work that we're already doing at the Rainbow Block in Butte. I also want to be clear right from the outset about what this transaction does not change. Our primary focus remains the Rainbow Block in Butte, Montana, and the broader opportunity we are pursuing in the Butte Mining District. We're actively exploring the Rainbow Block. We've reestablished underground access through the Chief Joseph portal and decline. We're drilling from surface down into the underground vein systems. We're continuing the technical, environmental, and permitting work necessary to better understand the potential development pathways for the Rainbow Block project. The Jefferson County Metallurgical Complex gives us another potentially important piece of that development equation, significant existing processing infrastructure in Montana, approximately 55 mi by road from Butte. We believe this is a compelling strategic opportunity for Silver Bow Mining. Building our company. Silver Bow Mining, we're a relatively young company with an IPO completed earlier this year, but we've been building towards this opportunity for several years. We created Silver Bow Mining to apply modern exploration and engineering to our significant land position in the Butte Mining District. Today, we hold over 4,200 acres of patented mineral rights and approximately 1,400 acres of surface lands across multiple claim blocks with the Rainbow Block as our flagship asset. Rainbow Block currently hosts an inferred mineral resource of approximately 11.48 million tons, grading 4.3 ounces per ton per silver, 0.05 ounces per ton gold, 4.6% zinc, and 1.3% lead. That represents approximately 49 million ounces of silver, approximately half million ounces of gold, more than 1 billion pounds of zinc, and approximately 287 million pounds of lead. As we have said consistently, this is an inferred mineral resource. It's not a mineral reserve and does not have demonstrated economic viability. There is additional work required before we can determine whether and how the Rainbow Block should ultimately be developed. Our initial public offering and listing on the NYSE American in April of this year provided the capital to accelerate that work. Since then, our focus has been on execution. We initiated a 25,000-foot surface drilling program, and we're presently rehabilitating the Chief Joseph portal and underground decline to safely reestablish access to the underground workings. We're also advancing the geologic engineering environmental and permitting work necessary to make informed decisions about the Rainbow Block. That work remains our priority. At the same time, as Rainbow Block advances, we believe it is important to think ahead about the infrastructure that could ultimately support its development. Speaking of infrastructure, our responsibility is to think beyond just the next drill hole. Exploration remains fundamental to what we're doing. We need to continue expanding our understanding of the Rainbow Block resource, reestablish underground access collect the geological and engineering information necessary to evaluate potential development. But infrastructure is also an important point of that evaluation. If our work at Rainbow Block continues to support advancement, we need to understand the alternatives available for processing the polymetallic mineralization and how those alternatives could affect capital requirements, permitting, development planning, and project economics. We had an opportunity to acquire significant existing processing infrastructure right here in Montana, 55 mi by road from the Rainbow Block. We believe that opportunity is strategically important. Rather than wait for every element of a future Rainbow Block development plan to be complete and then begin looking for processing alternatives, we have an opportunity today to secure control of that infrastructure that we believe could be an important part of that plan. This does not mean we have predetermined how the Rainbow Block will be developed. We haven't yet. The technical work will determine that. What this acquisition does do is it gives us another option to evaluate that. While that work continues, it allows us to evaluate this processing option from a position of ownership and control. That is an important part of why we decided to act now. Let me talk specifically about what we're proposing to acquire. The Jefferson County Metallurgical Complex is located 55 mi by road northeast of Butte. It contains two processing facilities, a 15,000 ton per day flotation plant, and a 1,000 ton per day gold mill, along with grinding, crushing, tailings facilities, and extensive associated infrastructure. The 15,000 ton per day crushing grinding flotation plant was designed to process polymetallic ores. That is particularly relevant to Silver Bow Mining Corporation. because Rainbow Block is also a polymetallic system containing silver, gold, zinc, and lead. We believe the facility may be suitable for processing Rainbow Block mineralization. Following completion of the proposed transaction, one of our priorities will be advancing the technical and engineering work necessary to evaluate how the facility can be properly integrated into a future Rainbow Block development. There is work to do. We need to understand the condition of the equipment and the infrastructure in detail, evaluate the appropriate processing configuration for the Rainbow Block mineralization, continue metallurgical and engineering work, and incorporate that information into a broader technical and economic evaluation of the Rainbow Block. Importantly, if we complete the proposed transaction, we will be doing that work on infrastructure that we control. This is what makes the transaction strategically significant to us. We are securing an existing processing complex in Montana while continuing to advance the mineral resource that could potentially utilize it. There's another reason why this opportunity really stood out to us, and that is for capital discipline. Building a mine is not simply about defining a mineral resource. The infrastructure around a project can have significant implications for capital requirements, permitting, development schedules, and ultimately, project economics. The Jefferson County Metallurgical Complex exists. We're acquiring a metallurgical facility and associated infrastructure that, according to an independent fairness opinion, has a replacement value in today's market of approximately $350 million. That does not mean the facilities can simply be turned on and begin processing Rainbow Block material, and it does not eliminate future capital requirements. There's technical, engineering, environmental, and regulatory work ahead of us. But acquiring existing infrastructure gives us a valuable starting point and an alternative that we can evaluate against other potential development pathways. Since becoming a public company, we have consistently told our shareholders that we intend to allocate capital carefully. Here, we had an opportunity to acquire infrastructure that we believe can be strategically relevant to our flagship asset in our home state and within a practical distance of Butte. We believe that securing that infrastructure now has the potential to create meaningful long-term value for Silver Bow Mining. Let me also explain the transaction structure because I think it's important for our shareholders to understand what we are paying for and how the consideration works. We are acquiring the assets through a Chapter 11 sale process involving Montana Tunnels Mining, Inc. The transaction has an initial closing and a subsequent final closing, subject to the approvals and closing conditions described in today's announcement. At the initial closing, Silver Bow Mining will fund approximately $28.6 million. Those funds are being used to address existing obligations associated with the assets, including satisfying Montana Department of Environmental Quality reclamation bond deficit, and resolving obligations owed to Jefferson County, and paying other non-affiliated creditors of Montana Goldfields, Inc. At final closing, Silver Bow Mining will issue 3.5 million contingent value rights or CVRs. Each CVR is convertible into one Silver Bow Mining common share in accordance with its terms and subject to the applicable shareholder of NYSE American and other required approvals. We envision that this final closing will occur upon the approval of the bankruptcy judge on and around September 8th for the initial closing. The final closing, post-shareholder approval, will follow the process with that. The agreement also provides for an additional 11.5 million deferred CVRs tied specifically to future development and production milestones at the Montana Tunnels M-Pit. We structured this portion of the consideration very deliberately. These deferred CVRs are tied to future M-Pit advancement rather than treating development of Montana Tunnels as a foregone conclusion. The transaction also includes certain other contingent economic interests associated with potential future activity at the assets, as described in today's release. These interests become economically relevant only if the work is undertaken and the programs are shown to be economic and of interest and generate production and cash flow. For shareholders, the important point is that the structure reflects the way we intend to manage these assets, secure the infrastructure, complete the required technical work, and make future investment decisions on the basis of that work. The acquisition includes what I just referred to as the M-Pit. This is the historic Montana Tunnels M-Pit. We view Montana Tunnels as additional longer-term optionality within the transaction rather than a change in our primary focus. Following final closing, we have committed to a $5 million work program directed towards completing an M-Pit feasibility study. This work will allow us to evaluate the technical and economic considerations associated with the M-Pit based on current information. We have also committed to a separate minimum $3 million program to advance detailed engineering and regulatory work associated with the Clancy Creek Bypass Channel, a program very important to us to complete. We will complete the required work, evaluate the results, and determine the appropriate path forward from there. Again, Rainbow Block remains our primary focus. Montana Tunnels gives us another asset to evaluate over time, and the contingent structure of a significant portion of the consideration is very consistent with that approach. The way I think about this acquisition is fairly straightforward. Our work at the Rainbow Block continues. We are drilling, rehabilitating underground access, and building the geological engineering and environmental information needed to evaluate potential development. At the same time, we now have the opportunity to secure significant existing processing infrastructure relatively close to Butte. These efforts fit together. We do not yet know the ultimate development configuration for the Rainbow Block, and that will be determined by our technical work. But owning the Jefferson County Metallurgical Complex gives us an additional option as that work progresses and allows us to evaluate that option from a position of strength and control. When we completed our IPO earlier this year, we said that listing and the capital we have raised were a means to execute on our strategy, not an end in themselves. Since then, we have been putting that capital work very deliberately. The rehabilitation of the Chief Joseph portal and the underground decline is intended to provide an important platform for future exploration and evaluation of the Rainbow Block. Our surface drilling program is improving our understanding of the resource. In parallel, we have continued the technical, environmental, and permitting work necessary to evaluate potential development pathways. The Jefferson County Metallurgical Complex is another step in that process. As the Rainbow Block advances, the infrastructure that could ultimately support development becomes increasingly relevant. The opportunity to acquire an existing polymetallic processing facility of this scale in Montana and adjacent to Butte is one we believe is strategically important. We are acquiring this infrastructure before we have made a final development decision on Rainbow, and this is very intentional. It allows us to preserve an option today while continuing the technical work that will determine whether and how that option should ultimately be used. We believe this puts Silver Bow Mining in a stronger position as we advance our efforts in the Butte Mining District. Our approach from here remains consistent with how we have operated from the beginning. We will continue advancing Rainbow Block and following the data. Assuming we complete the acquisition of the Jefferson County Metallurgical Complex, we will begin the detailed technical and engineering work necessary to evaluate the complex and its potential integration into a future Rainbow Block development. We will also complete that work, the work required to properly evaluate Montana Tunnels in and around the asset site. Throughout that process, we will continue to allocate capital carefully and communicate with shareholders as the technical work develops. We also recognize that this acquisition expands our responsibilities in Montana. The complex has its own history, environmental obligations, and community relationships. We intend to approach these responsibilities directly and with the same emphasis on safety, transparency, and respect that already guides our work in Butte. Successful projects require good geology and engineering, but they also require responsible environmental stewardship, constructive relationships with our local communities and regulators, and disciplined decision-making. These standards will apply to our work in Jefferson County. When I step back and look at today's announcement, I see it as a continuation of what we have been building at Silver Bow Mining. When we became a public company in April with a clear objective to responsibly advance what we believe is a significant mineral opportunity in the Butte mining district. Since then, we have moved quickly, but deliberately. We're drilling the Rainbow Block, working to reestablish underground access, and building the technical foundation needed to make sound decisions about the future of our project. The agreement we announced today gives us the opportunity to add significant existing processing infrastructure to that foundation. There's still work ahead. We need to complete the transaction, obtain the required approvals, and then do the technical work necessary to determine how these assets can best support our longer-term plans. The transaction does remain subject to bankruptcy court approval and other required conditions, including shareholder, NYSE American, and state of Montana approvals as applicable. We believe this is an important opportunity for the company. It gives us greater flexibility around the Rainbow Block, brings strategically relevant infrastructure under our control when the transaction closes, and provides additional longer-term optionality through Montana Tunnels. Most importantly, it allows us to continue building Silver Bow Mining in a disciplined way. I want to thank our team and our team of advisors for the work that has gone to getting us to this point, and I want to thank our shareholders for your continued confidence in us. We take that responsibility seriously, and we look forward to keeping you informed as this transaction and our work at the Rainbow Block moves forward. With that, I'd like to bring in Doug Stiles, our President. Doug and I thought it'd be useful to spend the balance of our time addressing some questions that shareholders may have after reading today's announcement, including questions about the complex, the transaction itself, the M-Pit, and what comes next. Great. Doug and Travis, we have some pre-submitted questions that we will go through. The first one is: Silver Bow Mining has consistently said that its primary focus is advancing the Rainbow Block. Why pursue this acquisition at this stage, and does it change that focus? Okay. I think I've visited this a few times in my presentation thus far, but simple answer no. Our primary focus remains the Rainbow Block, and we see this acquisition as supporting that strategy, not changing it. As we advance the Rainbow Block, one of the key questions is what the ultimate development pathway could look like, and importantly, what processing infrastructure could support that development. The Jefferson County Metallurgical Complex gives us access to, again, substantial existing processing and related infrastructure within 55 mi by road from Butte, and we expect that this infrastructure is going to be suitable for Rainbow Block mineralization. It gives us another option to evaluate as we advance the Rainbow Block development plans. From our perspective, it's not about moving away from the Rainbow Block to pursue another project. It's about adding infrastructure and flexibility that can become very important to our development of the Rainbow Block. Great, and the next question is: Can you provide some background on the complex? That's a good question. The Jefferson County Metallurgical Complex has a long history in the state of Montana as a large-scale, past producing polymetallic operation. The Montana Tunnels mine was discovered in 1981, permitted in 1986, began production in 1987, and processed gold, silver, lead, and zinc using crushing, grinding, flotation, producing lead, gold, silver, and zinc gold concentrates together with gold doré from a gravity circuit. From the start of operations through 2008, approximately 98 million tons of material were processed, producing approximately 1.64 million ounces of gold, 30.8 million ounces of silver, 409 million pounds of lead, and 1.1 billion pounds of zinc. Mining was ultimately interrupted following instability in the open pit wall and depletion of ore accessible within the existing permitted pit limits. For Silver Bow Mining, the significance of the complex is that we're acquiring an established brownfield processing site with substantial existing infrastructure and a long operating history, rather than proposing to build an entirely new processing facility from the ground up. Great. The next question is: considering the operation has been in care and maintenance since 2008, is the mill still in good shape? Yeah. Hi, Scott. Thanks. This is Doug Stiles. I'll take this one. Yeah, the metallurgical facility is largely intact. There will be some refurbishment necessary in order to make it operational. Notably things like control systems, wiring, lights, those types of things. However, the mill is not stripped out, and all of its primary components are still there. Thanks, Doug. The next question: is there still a resource at the M-Pit? There are historical mineral resource estimates for the M-Pit in the public domain. However, those estimates are dated, and we do not treat them as current mineral resources, nor are we making any representations as to their reliability. We plan to engage independent Qualified Persons in order to complete a current mineral resource estimate for the M-Pit, and we hope to have that work completed within the coming months. Until that work is completed, we really can't speculate on the size, grade, or classification of any potential resource at the M-Pit. Thanks, Doug. The next question is: why act now? Why not allow the Montana Tunnels bankruptcy process to play out and acquire the assets from the receiver? Well, once we concluded that this infrastructure could have strategic value to the company and our future development of the Rainbow Block, we had to weigh the risk of waiting against the opportunity to secure the assets now. If we had simply waited for the process to play out, we would've had less certainty over the ultimate disposition of assets that we had identified as being strategically important to Silver Bow Mining. We believed it was better to act when we had the opportunity to negotiate a transaction that made sense for the company and our shareholders. At the same time, we're not bypassing the bankruptcy process. Montana Tunnels Mining, Inc. is in Chapter 11, and the transaction is expected to proceed through a Section 363 sale process and remains subject to bankruptcy court approval. There is still a court-supervised process around this transaction. Thanks, Travis. The next question is: what exactly is Silver Bow Mining acquiring? Well, again, we're acquiring the Jefferson County Metallurgical Complex, which is an integrated complex with substantial existing processing and related infrastructure that's contained within a 5,000 acre land position. We're acquiring established physical infrastructure footprint, not simply another mineral property, and this makes it particularly relevant as we evaluate our potential development alternatives for their high-grade Rainbow Block. The complex itself includes crushing and ore facilities, tailings facilities, and two separate milling and flotation circuits with capacities of 15,000 tons per day and 1,000 tons per day. The acquisition also includes the historic Montana Tunnels M-Pit and associated infrastructure and property interests. To answer the question another way, the metallurgical facility and associated infrastructure, according to a recent independent fairness opinion, has a replacement value in today's market of approximately $350 million U.S. Thanks, Travis. The next question is: how could owning this processing infrastructure affect the development pathway for Rainbow? Thanks, Scott. I'll take that. It's really too early to define exactly what the ultimate Rainbow Block development plan will look like, and we don't want to get ahead of that work, which is ongoing right now. Like we've stated previously, what this acquisition does is it gives us additional flexibility and already constructed key infrastructure. The processing infrastructure is expected to be suitable for Rainbow Block polymetallic mineralization. The technical work will focus on determining how that infrastructure could best be incorporated into future Rainbow Block development plans, including the metallurgical engineering and, most importantly as well, permitting requirements associated with doing that. The key takeaway here is that we have not made a development decision, but this really provides the potential, expands the range of development alternatives available to us, and we think this is a strategically valuable asset. Thanks, Doug. The next question is: does Silver Bow Mining expect to simply restart the existing processing facilities, or will additional permitting be required? Additional permitting and rehab will be required before we can restart and operate the facility for any Rainbow Block material. The site has been on care and maintenance for almost 20 years, and we do not want investors to come away with the impression that this is a fully permitted turnkey facility that we can simply switch back on. At the same time, we are acquiring substantial existing constructed infrastructure. This includes crushing circuits, grinding mills, flotation cells, concentrated handling facilities, and importantly, constructed tailings facilities with available capacity. Those facilities will need to address those through the appropriate technical evaluation, rehab, permitting processes. But having constructed infrastructure and tailings capacity within 55 miles of Butte is an important advantage compared with designing, permitting, financing, and constructing an entirely new processing and tailings solutions from the ground up. The permitting work here will be a key piece as we move forward. The site has a Bureau of Land Management Record of Decision, and the state-issued operating permit and associated reclamation bond. The state operating permit was suspended by DEQ, and they currently hold the permit in that status. We will work with both Montana DEQ and the Bureau of Land Management to determine next steps, but we do recognize and fully anticipate that additional or amendments to existing permits will be required. Thanks, Doug. What are Silver Bow Mining's plans for the M-Pit? Is the M-Pit a new priority for the company? No. As we've said, our focus on the Rainbow block in Butte has not changed as our primary top priority, and the M-Pit doesn't change that. We do, however, have commitments around the M-Pit as part of the transaction, and we intend to meet those commitments. Following final closing, we have committed to initiating a $5 million work program directed towards completing an independent feasibility study for the M-Pit. The agreement calls for us to use commercially reasonable efforts to complete that study within nine months following final closing. I recognize that nine months is a fairly aggressive timeline for a feasibility level study. But the agreement recognizes that, and there is flexibility built into the agreement to account for certain technical matters that may require additional assessment or verification. Our focus is on doing the work properly and producing a technically sound study. Once the study is complete and the results are available, we expect to present those results to the market. Until then, we do not think it makes sense to get ahead of the technical work or prejudge the ultimate outcome for the M-Pit. Thanks, Doug. The next question is: Silver Bow Mining is committing approximately $28.6 million of funding at the initial closing. What is that funding for, and how should investors think about the overall consideration for the acquisition? I will take this one. The transaction has been structured so that a significant portion of the consideration is tied to future events rather than being paid all upfront. At the initial closing, we expect to provide, again, US $28.6 million approximately to satisfy specified outstanding obligations associated with the assets. This includes full cash payments of $4.27 million to Jefferson County and $20.8 million to Montana DEQ. One thing I want to point out, the $20.8 million to Montana DEQ is to bring the environmental bond up to good standing. The total amount of $41 million on that environmental bond, that is essentially restricted cash. We will be evaluating that going forward and how to be efficient in our capital. We are very pleased that the transaction results in cash payments, though, to the state of Montana and to Jefferson County. Especially with Jefferson County, this is going to provide a direct benefit to our local community, including the Jefferson County School District. In practical terms, the $28.6 million is being used to address existing obligations associated with Montana Tunnels as a part of the transaction and the court-supervised process. I think it is really important to understand that this is not simply a $28.6 million cash payment to the sellers. At final closing, we will also issue 3.5 million contingent value rights, or CVRs, in accordance with the terms of the transaction, and then 11.5 million additional deferred CVRs tied to future M-Pit development and production milestones, together with some of these other contingent economic interests. When you look at the structure, we think it is important to distinguish between the upfront funding required in connection with the acquisition and the consideration that is tied to future events. Great. Thank you, Travis. The next question is: How does Silver Bow Mining intend to fund the acquisition? Well, we're very focused on maintaining financial flexibility as we continue to advance our high-grade Rainbow block, along with our broader development plans. While we have cash on hand and the financial capacity to meet our closing obligations and to continue to meet our ongoing obligations, we don't necessarily believe that using our existing cash resources to fund all of the acquisition-related obligations would be the most appropriate use of our balance sheet. So we're evaluating a number of potential financing alternatives as a part of our broader funding strategy. We have not announced a specific financing structure, and I don't want to get ahead of that process today. I will say, though, we do have a preference for financing structures that minimize dilution to existing shareholders. I think the important point here is that we have the financial capacity to meet our closing obligations and to meet our ongoing financial obligations, while also evaluating how best to fund the acquisition and maintain the capital and flexibility to continue executing on our broader strategy. Thanks, Travis. The next question is: Why was so much of the consideration structured as contingent consideration? Can you explain how they work, what the milestones are, and why the transaction was structured this way? Sure. I think the first thing to understand is that the CVRs are contingent rights. They should not be simply viewed as 15 million shares being issued today. It's important these contingent value rights are aligned with milestones and deliverables that are in our company and shareholders' interests. At final closing, we'll issue 3.5 million CVRs. Each of those is convertible into one Silver Bow Mining Corporation common share 180 days following final closing and subject to a lot of the terms in the CVRs, along with the necessary shareholder, NYSE American, and other approvals. These other 11.5 million deferred CVRs, these are tied specifically to future potential outcomes with the M-Pit. The first 6.25 million are tied to getting the M-Pit to a construction decision, and they only become convertible into Silver Bow Mining shares on the earlier of a positive construction decision on the M-Pit expansion or nine months following the completion of a positive M-Pit feasibility study. The remaining 5.25 million CVRs are then tied to the next stage, and that is moving the M-Pit toward production. These become convertible on the earlier of achieving commercial production milestone of 10,000 ounces of gold produced out of the M-Pit. This would not be production out of the Rainbow Block triggering a commercial production milestone. This would be production from mineralization out of the M-Pit through the mill, and into final sale. The second trigger is 36 months following a positive construction decision on the M-Pit. This is also, as Doug mentioned earlier, along with the feasibility study, this is also tied to a number of specified extensions, as things can come up during development progression. There's a progression to the CVR structure. 3.5 million at final closing, 6.25 million associated with advancing the M-Pit through a feasibility and positive construction decision, and another 5.25 million associated with actual production from the M-Pit through the processing complex. While our immediate strategic interest is substantially focused on the acquired processing infrastructure and the flexibility it could provide for the Rainbow Block, the M-Pit may have potential longer-term value to the company. We have significant technical work to be done before we know what that value may ultimately be. By making a significant portion of the consideration contingent on future M-Pit milestones, the consideration is much more closely aligned with the advancement of that asset and the potential value it may ultimately create. We think it's a really sensible way to structure the transaction and balance the interests of the sellers with those of our company shareholders. Thanks, Travis. The next question is: What other post-closing work commitments is Silver Bow Mining making? Thanks, Scott. I'll take that. The other principal work commitment relates to Clancy Creek. Under the agreement, we have committed a separate $3 million work program to advance the engineering and permitting of the Clancy Creek bypass channel, followed by a commitment to initiate that construction within nine months following all regulatory authorizations. This program is separate from the $5 million M-Pit feasibility study work program, and it is expected to commence no later than six months following final closing. These are the commitments we evaluated as part of the overall transaction, and they are incorporated into our assessment of the acquisition and the value of the asset. Thanks, Doug. The next question is: What are the remaining steps to complete the acquisition? Okay, I'll take this one. This is a staged transaction, so there's still several steps between the signing of the agreement, which took place on Friday, and final closing. The initial closing is tied to the bankruptcy court process and approval of the Section 363 sale on or around September 8th, 2026, in approximately 10 days' time. Final closing is subject to the remaining conditions in the agreement, including NYSE American approvals, governmental approvals and permit transfers, and other customary closing conditions. We will be calling a special meeting of shareholders to obtain shareholders' approval for the issuance of the CVRs and the underlying common shares as required under NYSE American rules. We have a signed definitive agreement, but there is still work to do. We will keep our shareholders informed as these milestones are achieved. Thanks, Travis. The final question is, looking ahead, what are the key milestones investors should be watching for from Silver Bow Mining? This is a great one, and this is why we are so incredibly excited about being a part of the story of Silver Bow Mining Corporation. At the Rainbow Block, we have reestablished underground access through the Chief Joseph Portal, and the next step is rehabilitation of the existing decline so we can establish underground drill stations and begin resource definition expansion drilling from underground drill stations. We have also commenced our initial surface work, towards establishing a second underground access, which we call the Rainbow Portal. This is expected to provide us with greater flexibility as we advance the underground exploration and development program. Our surface drilling program is also continuing. As we previously announced, we have now mobilized three drills to the property. We have already reported initial results showing mineralization well beyond the boundary of the existing inferred mineral resource. This combination of surface and underground drilling is intended to improve our understanding of the vein system, expand areas of known mineralization, and increase confidence in the resource. With the Jefferson County Metallurgical Complex, assuming we complete the transaction and the acquisition, we will begin the technical work necessary to evaluate how the processing infrastructure could be integrated into the future Rainbow Block development plan. We will also begin fulfilling the M-Pit feasibility study and Clancy Creek work commitments. I would like to just summarize, there is a lot of work ahead, but our strategy is straightforward. Continue defining and expanding the Rainbow Block while evaluating the infrastructure that could ultimately support its development. Thank you, Travis. That concludes the question-and-answer session, so I will turn it back to Travis or Doug for any final closing comments. Doug, would you like to say a few words? Yeah. I really appreciate everyone's time, everyone taking the time to participate in this webcast. We are very excited about this, as you can tell. We think it provides us a lot of optionality and a lot of flexibility in our project in Butte. This is truly a transformative type deal that really gives us a lot of options and a lot of flexibility. We are excited to get into this. We are glad the opportunity presented itself, and we are ready to move forward. We really appreciate the support of our shareholders, the local community in Butte, Jefferson County, the relevant state agencies, state of Montana, DEQ, along with a lot of the attention at the federal level that we believe Butte is a very significant opportunity in light of critical minerals supply chains, supply chain resilience. Butte, with its background and history of supporting our country, we look forward to continuing to advance our efforts to the benefit of the local community, the state, the country, and our shareholders. Thanks, Travis. Thanks, Doug. Thank you all today for joining Silver Bow Mining Corporation investor webinar. A copy of today's recording may be obtained on request by reaching out to the company at ir@silverbowmining.com. For more information on Silver Bow Mining Corporation, or if you have any additional questions, please visit the company's website at www.silverbowmining.com or by email at ir@silverbowmining.com. Thank you again, everyone, for your time and participation. This concludes today's webinar. Have a great day.