Guardian Metal Reports High-Grade Assay Results from Tempiute Mine Project

0:04 Okay, as folks start to pound into the room pretty quickly, I'll say good morning, good afternoon, or good evening. Depending on where in the world you're signing in from today, I see at least 6 time zones on the registration list, so I'm trying to be as expansive as possible in my greeting. I'm joined today by Oliver Friesen, CEO of Guardian Metal Resources, for a discussion on recent assay results at the company's Tungsten project in Nevada. Oliver, how are you today?

0:23 I'm doing well, Romain. How are you? Good, good. Thank you. So, for the folks in the room, here's how today's going to work. I got some questions for Oliver that I'm going to run through, but today is an interactive event. So if you have any questions about recent results, there's a chat button on the bottom right of your screen. Please enter at any time during today's event, questions that you've got, and I'll try to tackle them towards the end of today's event. If for whatever reason, I don't get your question, we ran out of time, it was covered already, et cetera. I'm so glad you asked it, because I'll make sure it gets to the Guardian team and they'll be able to get back to you with your email or phone number that you've entered into our system as

0:54 soon as possible. Last piece of housekeeping. Today's event is being recorded and will be available for replay in the early afternoon Eastern time, So that's the mid evening for those of you in BST. Awesome. So I think that's it for housekeeping. So I'm going to get into the protein of today's event, if you don't mind, Oliver. Now, I read through your release. I see multiple high-grade zones now confirmed at Tempe Ute. So What's your prioritization strategy for advancing those discoveries? Are you going to look at the east zones 1.2% or take a broader approach across all the mineralized areas? Yeah, I mean, I would say in general we take a broader approach. We look at everything and we try to push everything forward in parallel. With that being said, you know, there are zones that are more attractive out of the gate. East zone, I think, is one that stands out because historically really hasn't been explored or touched. I mean, there's a bit of historic activity,

1:48 But the key thing is if you look at the map, and actually I'll just quickly pull it up if I can, 1 second, because I think it will be quite handy. Not very technically savvy, I apologize. Here, I'll pull up this here, see if that works. Can everyone see that now? That looks like the PR you got up right now, yep. Yeah, okay, perfect. So we'll just scroll down here. So what we have are multiple zones now confirmed. So what you see here, if you can see my mouse, maybe not. So there's the South stock, which we've listed as fertile, which means it's a stock that is proven that it has the right geochemical signature to host a core-free system. So that's an exciting development in its own right. But you'll see there, we pointed to the historically mined areas.

2:36 That's typically where they were extracting ore in the twenties, thirties, forties, fifties, sixties, intermittently seventies, and then most recently in the eighties. So you'll see there the scale. So that's about, if you look at the actual scale bar, it's about maybe 1 and a half kilometres as you wrap around that, that stock in a North-South orientation. So there's about 60 years of production coming from, from those areas alone. And Then what you do is you just look over to the North Stock, so we're just kind of northeast of where we just were. That's the E zone now. So what we find, you'll see a similar scale bar, about 1.5km north-south of scarn-rich tungsten-copper-silver-zinc mineralization, which is really, really intriguing because you have, as you can see, a very similar footprint that has not really been looked at. What we're looking at is how big could this property be?

3:33 Where can we find new material from? While there's a lot of material still existing in historically mined areas of Huat, it has only been mined down about 300 metres, so there's a huge amount of material at surface and also down dip just within that zone there, but also the E-zone, if we continue to work there and find interesting material, that could be a whole new zone. You can see just similar scale to what we have in the sub-western part there of the historically mined areas. To answer your question, the E-Zone certainly stands out right now.

4:06 With that being said, the Worthington zone is just an area that we went to on a whim to see 2.66% at surface and about a 300m-400m long scarn zone. There's a lot here. I think the key takeaway for investors should be that this is clearly a sizable mineralising system. It's one of the more important tungsten districts in the US

4:29 and hasn't been looked at since the late 80s, since China started the market with cheap tungsten. We're 40 years out and no one's gone back in and said, hey, what's going on here? Is there more material? What's the broader story here? We think we're just scratching the surface here in the E-zone, Worthington, the stockpiles, the tailings, you name it, we're gonna push all of those things forward in tandem effectively, and we'll see what comes out first, but a lot of exciting things to push forward there. No, appreciate that extra context for sure. Now, one thing I noticed you mentioned the PR is that the stockpiles are truck ready and could represent the only domestic primary tungsten source in the US. Curious if you could just walk us through that. Yeah, so truck ready effectively just means it's material at surface that's already been extracted.

5:16 So it's built up piles of rubbles and stones and boulders and you name it. So it's stuff that they had mined historically in the 80s. And then what happened was, as I mentioned, China flooded the market in the late 80s. And the price of tungsten, I don't remember the price at the time, but it was more than cut in half, I believe. So effectively, that operation, which was owned and operated by Union Carbide, stopped pretty much 1 day it was operating, the other day they're like, we're not doing this anymore because the price had decreased so much. And just maybe to add to that, I know investors kind of go, oh, well, what if China does that again? Well, just to be clear, they're doing the opposite. They've actually shut the taps off. So it would actually go against the current geopolitical climate for them to then turn the taps on and flood it. I don't think they're in a position to do that anymore. In fact, they're looking to withhold tungsten from the US and other Western world countries, which is the reason the price is going up so much.

6:11 So those stockpiles, they were extracted material from the 1980s operation. What they do is they mine it and then they store it in stockpiles near to the mill site typically, and then they can pull that material and actually process it. So because the mine shut down so abruptly, you have these truck-ready stockpiles of material. And obviously some really interesting grades in that material. We took a bunch of samples of this program, lots of high-grade tungsten there, some zinc as well. We did another sampling program a few months ago, some material up to 1.5% W03. Also some really consistent and intriguing gallium numbers in those stockpiles as well. So what we do now is we need to now quantify kind of how much is there. So we know that there's some really interesting grades in those stockpile.

6:57 We need to quantify how much material is there. We have a rough idea. I won't quote it right now, but we need to come up with a more robust estimate as to what's actually there in terms of volumes and tonnage. Then, what we're looking at is where we could process that material and what is the time frame? As I mentioned, and as you mentioned,

7:17 that production from those stockpiles would represent currently the only domestic mine production of tungsten. There's no other active mine in the US right now. The US is import reliant on materials. That could represent a really important source of domestically mined tungsten. That's why there's such a unique opportunity and one that we're trying to understand and push forward. There are a few options. Number 1, we have the historic mill and mill site.

7:44 All the infrastructure is usable, but we need to build out a whole new processing facility. And really what we're looking to do there is that processing facility would be built up for commercial production of the bigger price here, which is the actual hard rock deposits that we have at Tempayu. However, that can be done sooner to accompany or to manage the processing of the stockpiles that exist there right now. Other potential options are you could go with a pilot plant, a smaller operation to process that material. The third option could be toll milling. If you could find a nearby mill, you can scoop that material up, put it in trucks and ship it away or truck it away to a nearby toll mill effectively. So there's a few options there. We don't know which road we would look to push forward. The key was getting the results back, which are positive. We now need to quantify it, but at the same time, as you can imagine, with the engineers, we're kind of working through those 3 various options to figure out how quickly could we go, what is the potential revenue here versus the cost, and more importantly, how important is this mine source of material for the US? And the answer is very important for sure. So looking at the various options, we take things 1 step at a time at Guardian. We measure twice, we cut once.

9:05 So we've got to do things in a systematic order, but it's looking positive. So we'll continue to push that forward and we'll certainly continue to discuss with the market as those results become known. That makes sense. Now you mentioned Gallium. The Gallium discoveries appeared to me to be a sort of unexpected bonus. So you can correct me if that's wrong, but up to a hundred parts per million in some samples. So from your perspective, how significant is the Gallium potential commercially? And are you thinking of it as a primary revenue stream or more as a by-product credit? This is a Tungsten mine. There's no 2 ways about it. Tungsten is really what we're focused on here, but we'd be remiss to not look at everything and look at the broader picture here, which is, if there's other metals that we can economically recover, that just increases the top line revenue. So we look at everything.

9:53 Gallium is an interesting one because there is military military applications.

9:57 Also, gallium. There's 100 percent of gallium. My gallium comes from China right now. And gallium exports have actually been banned to the US. So very similar to tungsten in those respects. So there's a very strategic angle with gallium specifically. What's interesting about gallium And the reason that we've sampled for it is we bought the entire historic data set for Temp.IU.

10:21 And as we went through those old reports from the 60s and 70s and 80s, and at the time, gallium was not what it is now. Gallium at the time was not a high tech metal they needed for all the use cases they have it for now. So what was interesting was looking at those reports for a mining company in the 60s, 70s, 80s to continually reference in multiple occasions, abnormally high gallium results. So for whatever reason they assayed for it and said, Hey, there's some really high gallium here, but they just didn't do anything with it because it wasn't even close to what it is today. But the whole landscape has shifted completely. So we look at that and just to read in the reports abnormally high gallium multiple times. Okay, well, we're going to sample for gallium and sure enough, up to 100 ppm. That's high grade gallium. I encourage listeners to go and find other companies that have reported results up to 100 ppm.

11:13 Now, As with everything, one of the key elements here is the recoverability. Where is the Gallium hosted and can we actually pull it out economically? That is still a question that we need to answer. We know the numbers are there. We know it's very, very anomalous and very high in a lot of these current samples, which is great. If you just take the actual value of gallium right now, what you calculate as sort of a dollar per ton value, it's quite material. If you just take it at 100% recovery, if you take the current price, I call it 40, 50, 60,100 grams per ton or ppm gallium, it's significant. But the key is can you actually recover this stuff and produce it?

11:53 There is gallium that you'll find in spodumene and other deposits worldwide. It's not possible to recover that stuff. However, there is a proven pathway to recover Gallium from Sphalerite, which is a Zinc mineral. I believe there's a project in Canada that is currently working on that now. We also have Zinc in these scarring zones. We have Sphalerite. What we're looking at now is where does that gallium sit? Is it in this fallery? Is it somewhere else? And then more importantly, the next step, which is can we recover it

12:23 economically? Once again, this is a tungsten property. There's no 2 ways about it, but we'd be remiss to not go and say, hey, We have really high gallium. Let's figure out the metallurgical aspect here to see if we can recover this. Because if we could, based on the numbers, even if you could recover 50% of it, it's very material to the top line revenue. And also, it really increases the strategic nature of the asset when you have tungsten and also gallium plus the other metals as well. So yeah, really nice added bonus. We've got to continue to work on it and see where that sits and how we can recover it. But also in the tailings as well, we found some really interesting gallium results. So there's a lot of gallium in the system And now we take it to the next step, which is the network and figure out where it sits and how to recover it. Awesome. Now there are some great questions in the chat. Give me 2 seconds. I'm just going to go through the ones that I've still got, but do please keep them coming. I noticed that your rock chip sampling has identified extensive mineralization over 1300 meters strike length, But you did note that there's no evidence of past drilling in the new zones. So what's your drilling strategy to convert these surface showings to a more defined resource?

13:27 Yeah, so that's what we're working on now. The strategy really is, and just geologically, I won't bore you to death here, Romeo, but effectively what we're looking at is a scarn. So, a scarn deposit is associated with limestone or marble rocks, so the reactive rocks. Scarns are associated with porphyries. Porphyries are the main intrusion. They're the main heat engine, the main fluid driver for porphyry deposits. The same porphyry deposits you find all across

13:57 Western North America, British Columbia, Alaska, you name it. Those are the big Copper Mollie systems that we mine the majority of the world's Copper from. What we have at Tempayut and also at Pilo Mountain are what are called the causative porphyry. It's the porphyry that brought all the mineralisation and all the juice.

14:17 At Pilo Mountain we have Porphyry South, which is the causative Porphyry for our main zone there. And at Tempayut, we've now confirmed that the 2 Porphyries that you see, North Stock and South Stock, are fertile, which means they're causative, which means they are the actual intrusions that brought all the fluid in and allowed for the formation of the scarns. So what I'm trying to get to is the fact that when you have a causative porphyry, you look around the margins of that porphyry for your scarn systems. So, if you look at the map again, the South Stock on the West side, you'll see all of the scarn wraps around the porphyry. So, what you simply do is you step away from the porphyry, you drill towards it and you hit your scarring zone.

15:03 So the drilling methodology for the east zone is very similar. We know we can map the intrusion. We know that there's scarring that exists around that contact zone. So what you do is you just drill across it, right? It's very simple drilling. What we'll do is we'll put a series

15:20 of holes there. We know where the surface showings are. Now, the really exciting thing is, and if you notice, I mentioned this about the South Stock, pore-free deposits and pore-free intrusions in vertical space can go up multiple kilometers. They're not sort of these small little pod like intrusions. They can be very big at depth and extend for kilometers through the subsurface. So what that means is that that whole contact zone is is of interest. Right. Because You're looking for that contact between the porphyry and where you find your scar. I'm rambling here. I saw you yawning there, Romeo. I caught you.

15:59 On the East zone, specifically, what we have is this confirmed scar on its surface up to 1.2% and we have the entire contact zone with the intrusion now staked. We staked it all ourselves 100% on. So we're going to continue to drill along that contact zone at depth to see what's down there, how far the service joins extend, and then you can start to build and figure out what exactly that looks like over time. That's the methodology. It's a long-winded answer, but hopefully that helps. I love all the extra geo info, actually I think it's helpful for people starting it out at home. I do want to zoom out and ask a kind of strategic question. So as we've talked about already today, and I've talked with you before, current US tungsten is purely dependent on foreign sources currently. So how are you positioning Guardian metal with potential government or defense industry offtake partners, given the kind of strategic nature of tungsten moving forward?

16:52 Yeah. So the key thing is, if you look at the US landscape, what is unique to tungsten compared to a lot of other metals, critical defence metals, is that the downstream capacity exists. That's important and it's quite rare because if you look at the metals like Antimony, look at Rare Earths, one of the big issues you have is even if you mine that metal on US soil, the ability to take a concentrate of those metals and convert it or process it into

17:23 a usable product for the military, for industry, doesn't exist in the US. What your listeners potentially have noticed is in a lot of these executive orders, they talk about the mining aspect, but also, just as important, the processing. We need to work on both because if you don't have one, what's the point of mine if you're going to send it to China anyway? The very unique thing about Tungsten, one of the reasons we love tungsten so much is the fact that the downstream exists. We have an LOI offtake signed with a company called Global Tungsten and Powders, GTP. They own the largest tungsten processing facility outside of China. What that means is that if and when we're able to produce concentrate from our projects, we have an agreement then to ship or rail that material from our site that concentrate

18:13 to GTP where they take it and convert it into downstream and midstream usable products. Tungsten oxide, Tungsten APT, Tungsten Metal Powder, all of the products that the Lockheed Martins, the Raythons, the Boeings, the Schlumbergers, the Baker Hughes need. We don't need to get too cute with it because we have an LOI with GTP who can process our material. We need to formalize that and move that into a definitive agreement. We already have a place on US soil for that material to go. We have

18:46 an agreement or an LOI that outlines what we'd be paid for delivering that material. So the key thing is, the only thing missing from the US right now in the tungsten landscape is the mine source. That's the thing that's missing, right? Because you have the processing, but all the material coming in right now is from foreign sources because there's no mines. If we can plug in that mine source, that completes the supply chain. Once again, we've already positioned ourselves. We just need to get now to the point where we can produce a concentrate and it can go to GTB. There are other offtakers in the US that can process as well. We don't want to commit all of our material or future material to 1 company. We want to keep our options open. If there are other offtakes that we want to sign directly with government partners or with other offtakers, we are in a position to do so.

19:36 But at least having that first initial LOI sign shows that, hey, there's a viable pathway for us to actually take this material from Nevada, turn it into usable tungsten products that the military or other industries in the US can use. That's good to be the crucial missing link, obviously. It is, yeah, absolutely. And I got one question from the chat that I'm gonna sneak in here because I think it's right on topic. But Graham asks, how does the recent budget impact defense metals? And they're curious if Guardian will be in production during Trump's term. Yes, so our goal is, and we wouldn't say this unless we thought it was possible, is to have both of our projects in production before Trump leaves office. So we have built a portfolio where we believe we can move quickly.

20:23 And that's for a good reason, because we understand there's a tremendous window now with the current administration. There's tremendous tailwinds here and it's our job to move quickly to deliver material, a win for the current administration and for us and for our shareholders as well. So that's what we're working towards. What was the first part of the question, Romeo? It was if the most recent budget impacts defense. Oh, the budget. Yes, of course. So that's the timeline. The big beautiful bill, which I think is about to get or it's working through the system right now. I don't know where it's at. I think there was one of the approvals that got yesterday. The only thing I can flag from the big beautiful bill that I know of is there is money allocated in that bill for what's called the DPA 3 program, Defense Production Act.

21:11 And the DPA is set up from, it's part of the Department of Defense And the DPA is a body that's able to govern and allocate funds to domestic defense metal projects. And that money can be used to then spend it on the ground. And the ultimate goal of that program is to help speed up projects through to production by saying, hey, here's non-relative grant funding, just crack on with it, get this project moving. So the only thing that I know about the Big Beautiful Bill, a lot of things in there would never affect us. It's a lot of other things covered, but the DPA, I believe I was told there's about a billion dollars of funding outlined in the big beautiful bill. So that means that the DPA 3 program and there's money in the coffers right now.

22:00 I don't quote me, but I think it's about 1.4 billion ballpark. And this is all public information, not a disclosure. I think that's not in public domain. This is, you could, you could search this up yourself, but I believe they're now. And if the big beautiful bill goes through, there's another,

22:16 ballpark billion dollars, double check those numbers, but I believe that is the case and that's what I was told so effectively the DPA3 program will have you know further funds to deploy you know defense metal projects on U.S. Soil so that's probably the only thing that comes to mind that could affect to that effect Guardian. No great I think that's a really really good answer Now I want to throw back to the projects for a second. So given the scale of opportunity across Temp-I-Youth, East Zone and Worthington, what level of capital investment do you anticipate the next phase of

22:44 development? And how is that aligning with your funding strategy? Yeah, so We take things 1 step at a time. We want to de-risk and then move on to the next phase. The next key step for us is resource definition. Now we have the East Zone confirmed, we have that ground state, We're doing a lot of work mapping historic

23:10 body geological resorts at the main area, so the west zone. What we're doing is we're building a 3D geological model. We're preparing for drilling. And that's the next key step here is drilling towards a resource. We want to understand how much material is there and at what grade and where is that located depth wise. The next key step for us is the resource drilling

23:34 and putting together a resource which can say, hey, you know, 43101 compliant, we have X million tons at X grade. So that's the next key step because once we have the resource confirmed, then we can start to work on the engineering aspect of that. How does that align with our funding strategy? We had a recent warrant expiry period that brought in substantial cash to the business. There are also other avenues we're looking at for funding drilling across our projects. We're very prudent with spend. All the money we really raise goes towards advancing our projects

24:10 and our semi-annual reports will reflect that. What we do is we look at our cash balances and we figure out where can we allocate funds and what is going to deliver the biggest value driver for our investors. So we're drilling that pilot right now and we're looking at, okay, where's funding at and how can we manage the next phase of work at Tempoyut. We always maintain a strong cash balance,

24:38 ensuring that we can push forward to the next subsequent stages. As I'm sure your listeners know, and our listeners, this is a pre-revenue business. Obviously, there is time to bring in strategic capital when you can or trying to tap into some of the government tailwinds as well to help get us moving forward and quickly towards production, which is our ultimate goal here. Awesome. And one thing I want to just talk about the Tungsten system generally. So the Worthington Discovery, 34 kilometers north, it shows grades up to 2.66%. I'm curious, does this suggest a larger regional system than previously understood? And does that change how you think about your overall Nevada strategy beyond Tempeh-Utin Pilot Mountain? Yeah, to answer your first question, yes.

25:24 And that's why we looked at that area in the first place. So there's there's certain geological layers that we have which the benefit of having existing property with known as surface mineralization is you can look at the various indicators that are lighting up over your existing resource or your existing area. And then what you do is you can say, okay, well, Are we seeing that same signature elsewhere within the district? What we know is that this is a significant tungsten district in the US, which typically means you have a big plumbing system and big mineralizing system. You're not going to find just a small little pot and that's it. You're going to find other areas of interest. We're seeing this on Pilot Mountain as well. It's a bigger system than I think was realised previously. Worthington was just a scratch on the surface.

26:11 Our geologist said, hey, I've done some work and it looks like this actual area could be of interest. So sure enough, I said, yeah, go spend it. I think you only spend maybe half day there. But sure enough, 2.66%. I mean, that's high grade stuff. So what we do now is we've staked it. That's key. And now we will certainly, for the next phase of work, which should be launching soon, we're going to go and follow up on that zone and try to really understand what we have there. Potentially there's a bigger system that we need to chase in that part of the world. But the key thing is, you know, when you look at these distances, We're not 100 kilometers away. We're trying to find things that could all kind of cohesively come together

26:50 and could potentially be part of a synergistic sort of operation. So that's within scale. It's not too far away. So we look at opportunities that can help augment and supplement what we have at Temp.IU, which is a pretty significant system there with infrastructure and patented mining claims and the like. So it's just another feather in the cap and we'll continue to look outside of the district to see what else is there as well. Awesome, no thanks, just thought I'd ask. Now there are some great questions in the chat that I haven't gotten to yet, so I wanted to throw to a couple of them just before we close

27:21 today. I know that Sidgberry asked, at what point will you stop adding resource to the PFS? Although you'll probably know there's further resource to be added. So what point do you call it for the PFS, I guess, is the question. This is yeah, he's referring to he or she's referring to to Pilot Mountain. Great question. And 1 that I've been getting multiple times now. So It's 1 thing that we're working with the engineers right now. Now, I guess just to lay the kind of landscape here. So the person who asked the question is correct that you need to at some point put a pin and say, OK, this is the data that will be included in the PFS, right? And when do you draw the line in the sand? Because number 1, if you never draw a line in the sand, you're never going to deliver a PFS, which we need to do. We know that. At the same time, we have back of the napkin models. I mean, they're much more sophisticated than back of the napkin. We have very detailed spreadsheets where we can model what we think the economics are going to be. We can change variables and move things around.

28:24 With the current price of tungsten as it is, so it's now over $450 an MTU or $45,000 a ton, What we do is we model, just to understand roughly what this could all look like, we model what we think we could produce from Desert Shelite specifically. But then obviously we look at the other areas as well as we know information and we actually try to model those in as well. In theory, we have Desert Shelite, which is our main at-surface, open-pittable resource. That's the one that is the most advanced at Pilot. But we've now been drilling Garnet. We are not just a development company, we are an exploration company as well. We will always be doing both because that's how we really add value for investors. What we've done is we've gone and drilled another zone that really has been overlooked historically.

29:10 And once again, I talked and alluded to the fact that Pilot Mountain is a bigger system than I think was realised previously, because all the work was going into Desert SheLight. There wasn't enough resources and cash and time to look at the other zones. So we have Garnet, Gun Metal and Good Hope. So there's 3 other at surface known tungsten copper silver zinc zones. And the concept is, well, you could have a central mine, mine, mill site, processing facility in the property, and you could be pulling material from Desert Shelight, as well as 1, 2, or 3 of the other zones. So you have 1 central process ability and you're pulling material to processing at the same spot. What I'm trying to say is because of the location of these deposits, it's very synergistic to be able to mine from multiple sources if the resource supports that. That's a key thing.

30:01 Currently, we've put out some some visuals so far of the results. I can't remember what we last reported, but we're almost done drilling now. It's gone very quickly. It's been a very efficient program, which is great. What we're doing now is, as we get some of these visual results, we can start to understand what this area looks like and then, okay, well, now we know roughly how many tons are going to be there. We can visually estimate the grade. We can plug that into our model to figure out, Hey, well, if we can actually ramp this up from X amount of tons per day to X times 2 or X times

30:36 whatever that number is and run the numbers and figure out what that looks like in terms of your revenue, in terms of your operating costs. We can then try to understand and as a board figure out what's actually going to be the best bang for our buck. Because if we can add some of those resources in, that could be a huge value driver for this project for the economics.

30:57 As listeners know, mining is that there's so many factors, there's so many levers that you can pull up and down. And when you kind of get them all fine-tuned to the perfect point, that can lead to the best outcome for investors in the project and everything else. So it's a long-winded way of saying at Desert Chile, We're pushing forward with the PFS. There's no question about that. What we're trying to do subsequent to that is get as much data about Garfield and the other zones as well to figure out how much more work do we need to do and when could we add that data in without affecting the overall timeline of the PFS materially? Because we want to deliver the best PFS for the market. If we think there's other zones that could materially contribute, we want to look at those and find ways to get those added as quickly as possible. With that being said, at some point, obviously you draw a line in the sand, you do a PFS on the data that you know, and then subsequent to that, as you continue to work on the other zones, they can be added to a subsequent PFS or an updated PFS or the BFS. So that's a lot of kind of different ways to look at it, but Garnet is looking very interesting. We've been clear about that and we're going to move on to Gun Metal next. And that's another zone that really has been overlooked historically. So we're really looking at this holistically.

32:14 And all the while we're taking Desert She Light and we're pushing forward the geotech, the mine plan,

32:20 the block model, the resource, all that is moving forward while we try to get current kind of up to speed and caught up effectively. Great. As a follow-up question to that, Sitchberry says, I thought at one stage you indicated that BFS was going to incorporate Pilot Mountain and Tempayu, but you just indicated it would be just Pilot Mountain. Just looking for your clarification there. Separate, totally separate. Yeah, so Pilot Mountain and Tempayu, separate properties. They're about 200 miles away. So they will have separate economic models created. However, at Pilot Mountain, as I mentioned, we have multiple zones. So we have Desert Sheelight as our main zone, but we also have Garnet, Gun Metal, and good hope. So a PFS will incorporate at least Desert She Light and potentially some of the other zones if we can get that data up to par as quickly as possible.

33:11 Temp-A-Ute is its own thing, so that will be its own economic engineering study That will include historically mined resource areas, as well as anything else we find within the vicinity. So the E-Zone is a very good target there. But first things first with TempIUT is establish the resource, updated resource, and then we move into the next stage, which is engineering. Perfect. I know we're a little over time, but there's a couple more questions if you've got just a few. Mike asked from the chat, this is a bit of a crystal ball gazer, so do your best to your ability, but are there large companies out there that would purchase the whole working site, or do you think you'll have to deal with individual companies for each mineral? So you wouldn't deal with individual companies for different minerals. You could have different offtakes for different minerals.

33:57 So there could be 1 company who wants your tungsten and 1 company who wants your copper and 1 company who wants your silver and your zinc and your gallium. So you can have multiple offtakes for the different metals. However, you wouldn't find a company that wants to buy you for just 1 metal and then another company for another. So off takes, yes, that can cover for you for the range of metals that you can provide and mine and recover. However, if you were to sell this, if there was a mining company interested, they would buy the whole thing effectively, if that makes sense. No, that's great. S from the chat asks, what's the landscape look like for grant funding right now? Yeah, good question. It's positive. I mean, I think if you look at the executive orders, you'll see that, you know, multiple executive orders have explicitly listed and talked about the desire to allocate federal funds to domestic defense mental projects. So I would say it's a very significant part of the administration's agenda, which is, hey, we can't, there's multiple things we need to do to get America working again. We need to help with permitting. We need to help with funding, right?

35:15 We need to be able to fund and give resources to these companies and projects to help them move forward. Because as listeners know, capital markets can be challenging. Right. So it's important that the government can step in and help support. And that's one of the reasons why China is the dominant miner of tungsten today. They have been subsidizing tungsten mines for a very long time because it's such a strategic metal for them. So, federal funding is a big part of that. We've seen a lot of executive orders. So, I would say that the landscape for federal funding and for funding for defense projects is very, very strong. You look at perpetual resources as a good sort of blueprint as to what can happen if you have the right metal in the right jurisdiction at the right time.

36:00 Antimony is what they're focused on, or Gold Hand Antimony, and they've received multiple rounds of funding through various agencies, including the DPA3 program. So that's a good blueprint to look at and say, hey, this is what a company who is aligned with US interests and with a metal that is very important for national security. And that's what can happen. So that's to give you a handle on the landscape. I would say 10, 20 years ago, those funds weren't around and didn't exist. And As listeners know, so much of having success in this mining space is just getting the tailwinds and the timing right. We're seeing an administration who cares deeply about mines in America, and Perpetua is a great example for what DPA and other government funding can do for a company like that. And just to create another parallel, Perpetua is mostly Gold, but they have an antimony byproduct.

36:54 And we're working on Tungsten. Now, there's a lot of similarities between Tungsten and Antimony. In fact, they're probably 2 of the key input metals into the production of munitions. And I saw even yesterday an announcement that the US is actually withholding the sale or the distribution of a lot of key munitions to the likes of Ukraine because the resources don't exist in the US. They don't have the inventory, which I think really highlights the importance of having domestic mine sources of the key metals needed to manufacture and create more munitions on US soil. Without those metals, you can't do it. If you're import reliant for your antimony and tungsten from unfriendly adversaries, you can do the math. I think it really highlights once again how important it is for companies like Perpetua to focus on antimony in the US. And for us, tungsten, such a key metal for defense, but a huge other wider range of other use cases that tungsten is needed for.

37:56 So very, very critical right now. The landscape for funding is very strong. But also there's like I said, there's there's permitting reform happening. There's a lot of reasons why investors are so keen on investing in U.S. Mining of critical metals, because the tailwinds are there and that's what we're looking to tap into at Guardian. You know, the Timing is certainly right. To wrap up today, and this is a question I always like to ask Dan, it's look, we're into the second half of the year now. What should investors and prospective investors look forward to in the second half of the year for Guardian Metal? What are you excited about? A lot of things. So certainly one thing, just to flag is the government is getting momentum now. They've been in their seats now for 5 months. Now, a lot of these executive orders, we're going to start to see what this actually tangibly means for mining companies.

38:47 I would definitely look out for all of those tailwinds and how they can directly affect and support companies like Guardian. That's one thing I'd encourage investors to look at and look out for. Then project and company specific, we're busy. We have a huge operations team now. We've been drilling for more than 12-months now. We have not stopped. We have more drilling results to come at Pilot Mountain. We have the entire Garnet zone as well. That drilling is almost done, so we'll have results coming from that. Obviously, the results of the various engineering studies ongoing for pilot, and then obviously the culmination of those into a PFS. All of those engineering works, but also at the same time, We're not just a boring development company. We are doing exploration. We are looking to expand resources. We're looking to grow this and show investors in the market and the government how big these properties are and how important they really could be. So we're going to start drilling Gunmetal next. We'll have drill results from gunmetal.

39:47 As I mentioned, we're looking to start up with drilling at Tempayut once we've finished the modelling of the 3D body that we have there. All these new zones we've staked and discovered, pushing those forward as well. We are at all times pretty much running multiple exploration development work streams, which means those all lead to results from the company. This result from Temp.I.U. Put out on Monday, there's 3-4 really exciting things for investors to kind of dig their teeth into. And then also the follow up of all that, the fertile porphyry systems. We couldn't even fit that stuff in because it was going to get too technical and too long. So we're going to put that on a standalone so investors can understand the porphyry potential there as well. So a lot going on.

40:34 If your listeners are new to the story, go to our website, go to our news release section, look through, start top to bottom, and you'll see how often we're putting out news. And it's not just fluff piece news. It's literally here's results from work we've done. Here's results from work we've done. We don't stop. I'm a young guy. We got a hungry team. We understand that we have a tremendous opportunity here in Tungsten, being what we believe is the leader in US exploration development of this very key metal. And we've got a great window here with this new administration. So we are pushing hard. We're going fast. So lots of news across, you know, multiple company aspects going forward. So no, no time off for the team here at Guardian.

41:20 But like I said, we've got a great opportunity, so we're going to go after it as hard as we can. Awesome. Oliver, thank you so much for giving all the extra context for yesterday's press release. Everybody joined. Thanks so much for being with us today. I think just a couple of questions I couldn't get to, but I'll make sure that I send them to the Guardian team. They'll get back to you as soon as possible. But this is a great session. Oliver, thanks so much. Hope you have a great end of your day. Yeah, this is great, Roman. I mean, this is hopefully a good way for us to highlight key news pieces going forward. So let's try to do this again and see what the feedback is. But yeah, it's good to talk through some of this stuff. I mean, a lot of the press we put out is quite technical. So to be able to talk through it a bit more granularly, hopefully gives investors a bit of a flavor. So lots to come and let's do this again soon. Look forward to chatting with you again soon, Oliver. Have a great day. Thanks, Romeo.