Nova Minerals Redchip Investor Update - October 2026 - NOVA MINERALS CORP

Hello, this is Craig Bralsford with Red Chip. Thank you for joining today's event with Nova Minerals, which trades on the NASDAQ under the ticker NBA. With us today, we have Christopher Gertizen, Executive Director and CEO of Nova Minerials. We will begin with a brief presentation in a moment, and then we will open the event to your questions. Welcome to everyone joining us today on Zoom and across our social media platforms. To submit your question, we invite you to join us on Zoom. Use the link provided. Once in Zoom, click the Q&A button at the bottom of your window and type your question into the text box. And a brief correction here. Nova Minerals trades on the New York Stock Exchange American. Earlier, I erroneously said on the NASDAQ. They trade on the NYSE American. Now, before we begin, please allow me to read the safe harbor statement. This call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and or operating results, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-thinking statements. Any statements that are not historical fact should also be considered forward-working statements. Of course, forward-looking statements involve risks and uncertainties. Chris, please go ahead. Thanks, Craig. Appreciate that. So we'll get started here. The presentation will be quite thorough for any newcomers to the Nova Minerals story, as well as we'll dig in a bit deeper for some of our more long-term holders and elaborate on some of the recent updates. typical disclaimer as craig elucidated there uh read at your leisure there are some forward looking statements here as we move forward so with nova minerals it's really all about the estelle gold and critical minerals project we're a dual commodity company antimony and gold on the antimony side the big takeaway there is we have been the recipient of a 43.4 million dollar Department of War award to establish U.S. domestic antimony production. And that's a fully vertically integrated supply chain, including from mining all the way down to the refined product. And we'll go into a bit more detail on that. On the gold side, we are currently working on our feasibility study. And to date, globally, the global resource, that's the JORC resource by australian standards is 10 million ounces globally and then sk 1300 which is what we're under in the u.s compliance standard inside the economic pit shells of two thousand dollars uh there's 5.2 million ounces of economic resources out of that out of that 10 million ounce global so it's really as you'll see we have the right the right team with the right commodities at the right time in the right location the project itself is a very large district scale project not many of these left uh left in the world and so it's over over 200 square miles of state of alaska mining claims that uh there's no federal land there'sno native corporation land to contend with so what that means in terms of permitting is a much more streamlined process as well as just day-to-day working here in alaska is so supportive of the Alaska government, the regulatory agencies, that being on state land is a big bonus for the project. The gold, the resources that we've defined is on two deposits, Corbell up north and RPM down south. Corbell is a bulk tonnage lower grade system. And then really what's become the jewel in the crown is RPM where we're focusing on a high grade core there. All all of these deposits are right on the surface going for the open pit open pit potential going for the low hanging fruit there is underground potential they're open at depth and that's uh all future upside and then on the antimony side we're really honing in we have antimony at several prospects we're only honing on two in particular and that stibium and sticks as you see here on the map in front of you so being in alaska as i mentioned it's a it is a very favorable jurisdiction all of these ranking schemes the fraser institute for certainly for geological prospectivity as well as just the uh the business climate here in alaskan it's always in the top three top five in the in the world so that's it has a long history here in Alaska of mining of Of course, there's some major mines here actively operating, including the Red Dog Zinc Mine, the Kinross flagship of Fort Knox. So lots of mining here. It's part of the culture. Our project is fully permitted for the exploration programs that we're doing right now, and it's permitted over the next five years. There's no issues there. Alaska is interesting. It's really become the epicenter now for the whole critical minerals race. the races on for critical minerals, as we all have seen and known. And Alaska is really at the center of that. And you can see that with on day one, the current administration, the Trump administration released the executive order, which was literally titled Unleashing Alaska's Extraordinary Mineral Resource Potential. And this STEL project is what we're talking about. That's what that executive order and follow on executive orders with expedited permitting and these type of things are focused on is really in support to push projects like the Estelle Golden Critical Minerals Project forward. Our team, we have all the bases covered, quite a deep bench here to achieve our objectives on the technical side, on the capital market side. And really on this, instead of going through everybody that we have, really focus on myself and Hans Hoffman, our general manager. Really, I call him the secret weapon out there, pushing our projects day in, day out. We're both based in Alaska, so we're from here, we live here, our kids go to school here. So every day we're here in the trenches 24-7 pushing the project forward. That's a really important point to make. You know, we're not just fly-by-nighters coming in, checking on the project and leaving. We live it, we breathe it every day, and it's really benefited advancing the project and keeping our finger on the pulse to achieve our objectives again. quick corporate snapshot i mean here's the uh our stock and and uh warrants outstanding performance rights really what you can see the share price there at six dollars it's fluctuate it's been fluctuating i think it was a bit down today but we've been hovering around six dollars in uh over the last few weeks our current market cap at just over 200 million we do currently have 27 million dollars of cash in the bank and that is about half of that is department of war of funds that are going towards the antimony project and the other half let's call it nova money is going towardsthe gold project and so in addition to that we also have access so of the 43 million dollar department of war uh funding we've already received almost half of that so that was that they don't give you the money right up front of course so that was that money was received through cost reimbursables so that's like you buy a excavator or some piece of equipment you submit the invoice and they reimburse you for that and so approximately over 10 million has been received from cost reimbursable. And then the other half that we've received thus far has been for meeting milestones, things like metallurgical test work complete, engineering design of the process plant complete, these type of things, milestones met, and then payments made based on those milestones. So we've already received of the 43 million, about $22 million, and we have another $21 million that we still have access to and about $12 million of that. We will be meeting several milestones before the end of the year, so we'll be receiving about $12 billion of the $21 billion that remains of the Department of War funding as it is on track, on schedule, on budget, and with the antimony project. And our debt, We have zero debt in the company, just to note. You can see the chart on the share price there. Big spike last October when we announced the receipt of the Department of War award, and then just holding steady since that time. And I think as we're moving into this antimony and meeting some major milestones, and there'll be some news flow on that in terms of constructing the process plant, and then in the next year, actually uh you know commissioning the plant and starting production i believe we're on the right trajectory here uh on the upside so with recent progress on on the antimony side we have produced so i remember our task with the department of war phase one we call it this is the phase one department of War uh antimony project and what we're specifically tasked with doing is producing military grade antimony trisulfide this is the stuff that's used in the munitions and so there's extra urgency on that of course to secure domestic production especially with all the conflicts happening in the world and all the geopolitical strife and so we have produced antimony trisulphide and antimony metal in the lab so our flow sheet has us producing metal first and then taking the metal and producing trisulfide though those samples are in the labs right now and we're getting them validated and analysis there'll be further news flow on that coming up as we uh to report what those antimony metals and antimony trisulphide samples contain and so from what we from where we're seeing we believe they will be to spec uh the processing equipment all the processing equipment has now landed in alaska that includes over 500 tons of processing equipment crushers mills flotation plants all of these things required to produce the ant refined antimony product all sitting on site at our port mckenzie site and with construction now in the initial phases with some early earthworks and these type of things so now we're moving over the next several months in the next year into the construction phase we have all summer uh And all year so far, we've procured all of our mining equipment, of course, with the Department of War Funding, and we've been stockpiling ore all summer. So we have over 100, several hundred tons of high-grade stibnite ore, mainly coming from the Styx prospect, where we have that massive stibnite vein on the surface. So that's sitting there, ready to be processed once we get these process plants up and running. We've also constructed and we did some drilling at Stibium and Styx this year. to begin to establish a mineral resource uh estimate now of course we are way this we've been in a bit of a unique situation here we'll be processing antimony and producing antimony well before we even come out with a resource so not the typical markets approach uh but due to the urgency and as the department of war describes it life and death on the battlefield to get this antimony trisulfide for munitions manufacturing. We will be producing antimony from the surficial ore that we see right there before we even release any type of mineral resource update, but that will be forthcoming. And of course, for continuous operations beyond the initial trisulphide production and forward planning, that's in the plans. And we're still on target to be producing the military-grade anemone trisulfide by mid to later next year. So that timeline looks like construction starting now. We plan to start commissioning and turn the plant on and get it running mid-year to early fall Alaska next year, and then the objective is to be reducing our first military-rate anemione tris sulfide around September 2027, and then to take that product and then have it certified for military specs. So we're on track, on schedule to be able to do that. In terms of just broader infrastructure, regional infrastructure, that is really gaining a lot of momentum on the back of our project, and they're all sort of feeding off each other. The West Susitna Access Road, which, of course, ties the project into the port and the rail system and the road system here in Alaska. It's a 100-mile road. that the first part of that road is already the first 20 miles is already part of the department of transportation infrastructure plan and budget the stip as they call it uh that is moving forward geotechnical studies they've already started to clear alignments and as i understand next year they'll start uh actually doing some major earthworks there and that part of the road which has already uh begun construction already begun is includes the most challenging part which is the bridge across the big susitna river so that that's included in that dot portion and then the ada portion which is that the next 80 miles out to our site uh has received another 25 million dollars in funding to push through the permitting process and as i understand the army corps of engineer has accepted the permit application as completed now and so now the actual permitting proces for that part of the road is going is is going through now remember This West Susitna Access Road, it's not just our road or Nova Mine Road. It's a whole economic corridor through there. We're one of many beneficiaries. There's lots of other projects out in the West Susittna Mining District, including copper and coal and these type of things, projects that will benefit from that road. Also, that whole valley out there has lots of oil and gas targets that people want to access for exploration. And there's just numerous things going on along that road, so it really is gaining a lot of momentum. The engineering and design for our Port McKenzie refinery is complete, and that was a milestone, and we received a milestone payment from the Department of War for that, and also the Whiskey Bravo ore sorting site, the ore sorting plant that we'll be having at the actual mine site is also – all that's complete, all that engineering design, and of course, we've procured all of that equipment now, and so we're in the construction phase, as I said. the plant to understand the plant it is a scalable modular plant so moving from phase one which is the military grade antimony tri-sulfide production then moving beyond that in 2028 and beyond into phase two to scale things up and produce additional uh refined antimony products including more metal and trioxide and these type of things uh the plant that we're setting up is easily scalable For one, the front end of the plant that constitutes about 80% of all the processing that's required, and that's the crusher, the mills, the flotation, we secured and got a very favorable deal with a lot of cost savings to the company to secure the pilot plant from the Agnico Eagle Hope Bay mine in eastern Canada. As I understand that, it was a pilot plant they utilized from around 2017 to 2020 in that time frame, and they've since scaled up to full commercial production, full-scale plant. But that plant all fits together. We didn't have to piecemeal it from various sources to try to fit it together. It all comes together in one package, and it's in beautiful condition. Agnico Eagle, of course, being a major gold producer, a major mining company, it's all very good. auto kumpu uh mezzo all the really good scandinavian gear we have all the engineering plans and everything so it should it should be a quite a straightforward process to put all that together which is a big bonus and keeps us on the on on schedule i should also note there's a number of things going not going on we are we are ramping down the field season now the drilling and these type of and and our surface mapping and exploration works for the season but at this time now we're transitioning to our construction projects which of course includes all these antimony processing plants but in addition to that we're also now constructing it's happening now uh the corbell stibium road so that road we've already put in the alignment for the first six miles of that road and now we're coming back and about three miles ofthat has already been fully constructed culverts in and up to up to uh up to standard so that that's happening building access road and i should note while we're talking about roads is that we've also done all the field work and the baseline environmental studies for the RPM road and the remainder of the Corbell Road, the next six miles. We did that this summer. So we will be going through the permitting process this summer to then have those permits in place by next year so that we can continue on with our construction works on roads to have overland access to uh to these prospects in both the north and south area and also we're constructing an airstrip expansion so we're looking at our whiskey bravo airstrips as we call it and it's currently uh spec'd out to take in dc3 aircraft so that has a payload of 7 000 pounds and we're working on that and we've been working on a lot of work on that we're doing an airdrip expansion that's already been permitted and those construction works are happening now to turn it into a Herc strip and a Hercules strip. So that's a C-130 aircraft where we can go from 7,000 pounds current to a 42,000 pound payload. And obviously that has, you know, that increased payload capacity and just the size and dimensions of freight that we can bring in will have a big benefit and cost savings to the project. On the gold side, so the fuel season is nearing completion. We're ramping down now. We've completed this year almost 9,000, not quite, but almost 9000 meters of drilling. And mainly that was targeted on RPM resource drilling, infill, and some step out around the RPM deposit there. That's where most of the drilling there was to try to continue to prove up these inferred resources at RPM and step out and grow that resource because it really is the centerpiece uh for early production when it comes to the gold in addition to that we did uh have some several exploration uh drill holes targeted north along the rpm ridge we drilled a hole at train we drilled at at stony at the end of the season so there's some exploration we continue to do exploration with these 20 other known prospects that we have to you know continue to to uh to uh look for a new discovery a new discovery. I mean, 98% is at RPM, but we do have some drill ready exploration targets that we did hit. District scale exploration with our sampling and mapping continues every year with several geological teams. We continue to make new surface discoveries and define new surface anomalies to get them drill ready as well. And that also includes this year, we flew a ZTEM geophysical survey across the entire property. So that's another layer on our exploration database that we'll have now to line up with our surface sampling to be able to hone in and really generate these targets for new discoveries in the future. Flotation work and just metallurgical test work in general continues for PFS level at both RPM and Corbell. And really at Corbell, You know, we're looking at coarse particle flotation right now and these type of things. So we're seeing pretty good results at 350 micron, well above, much coarser than the typical 75 micron flotations that you see in most projects. And so that means significant cost savings, energy through less energy required for less grinding. And so that metallurgical test work continues, and just the pre-feasibility level studies are just advancing in general as we move on, as we moved forward. So let's talk about the project here. It's kind of an overview. So on the antimony side, this slide you see in front of you, this is the vision. This is what we're developing here. This is where we're at the center of with the antimomy project. And we recently released like a six-minute animation that is on YouTube, on our channel, that walks you through exactly what the Anemone project looks like. And here in a still shot, it's the same thing. So at the site, we are extracting the ore, and then on site,we are taking that ore. So if we can mine it at the site, let's say at 5% using excavators and various methods to mine that high-grade stibnite vein but mechanize it. So say we mine it At 5% out of the ground. On site, we will have an ore sorting facility. And this ore sorting – this ore-sorting facility, we're seeing in our test work a three- to five-time upgrade. So 5% ore goes in, and then we'll be producing a coarse concentrate, like an intermediate course concentrate out of the ore sorter running 15 to 20 percent it's interesting to note that then that'll be divided into two two portions one the reject portion although it's not waste because that is all where all the gold will be contained there's good separation between gold and antimony in that early ore sorting process so we'll stockpile the high gold low antimony at the site for further uh processing or potential monetize that through sales because it is quite high grade gold and then the accepted portion out of the or sorter high high antimony low gold will then go down to port mckenzie for downstream processing how will it get to portmckenzie so for phase one we're talking about production of hundreds of tons And so at those small volumes, we're looking at flying it out, the coarse concentrate, and or hauling it out via our winter road, backhauling it, because we will be utilizing the winter road as we do every year to haul freight in. And so the backhaul, we can haul out the intermediate coarse concentrate. It'll be landed at Port McKenzie. And then being at Port Mackenzie, that's where all the downstream processing happens. That's where we'll be crushing, milling, floating, and then refining. And we'll go into a bit more detail on that flow sheet there. But Port McKenzie is such a key piece of the puzzle here. And it's really guided by what the DOW wants. What we're at the center of is beyond just our phase one program, but in phase two, when we scale things up, being at Port McKendree and Port McKenzie, a multimodal port, logistical redundancy, tidewater, of course, rail bed, the road, airstrip nearby. This central location is a central processing and refining hub for not only our feedstock to feed the plant, but additional projects from across the state, across the U.S., across the region, and indeed from around the world can feed into this central processing and refining hub here at port mckenzie and easily access that for for processing and reflining in u.s control so this basically ticks the box ticks thebox for the critical mineral antimony for for u.S. domestic national security that's what we're at the center of and these are just the beginning stages of what we are setting up there but that's the big picture that people need to understand with the antimony we have as i said two prospects stibium and sticks that we've been focused on with ore extraction so we see massive stibnite veins there up to 60 percent at both locations so and that that's where the ore is coming from for this phase one production and then when we scale up to phase two as well but there's also additional those uh light blue dots there. There's additional antimony prospects that we have as well. And we're starting to explore and understand those a bit more. So there's additional sources as well, just to note. But Styx and Stibium is really the focus right now. And so you see here on the left-hand side, there we are, there's the Styx, the main Styx vein. There're a few stringers on either side, but that vein, as we've been extracting ore from it, I mean, on average, it's about a meter wide. It's been up to almost two meters and then kind of pinches and swells down to half a meter. but it's on average a meter wide massive stibnite there we began stockpiling even last year just picking up you know we collected almost 100 tons just picking up off the surface manually and this year we've mechanized and that's what the guys are doing there and this year we met we we've mechanized that and we've collected another 100 tons out of that massive stivnite vein that lower photo on the left side left hand side is myself and senator murkowski our uh alaskan senator senior alaska senator standing in front of the stockpile there last year at at uh at the whiskey bravo camp there and so that that's that's the that's what that is and then i'm stibium stibiums a little bit different we don't have like there's not a one big large thick uh stibnite vein it's more of a swarm of stringers a swarm or stringer veins you know they can run anywhere from a centimeter three centimeters and so that's a this is where the ore sorters are ideal so we can mechanize that and not have to be so selective by just you know picking out at one centimeter a stibnite veins but rather you know dig that up with an excavator and then have the ore sorter do the work to upgrade that material and there's also a drill rig there where we've been drilling at stibium to start to uh get some data to establish an mre here as we move forward port mckenzie again these this is a key strategic asset for not only the company but the country and what you see there this is a snapshot from the animated video that we have and all of that you see here on the top photo is that's to design so that that's not just willy-nilly uh a cartoonist that is actually from the engineered design that is what it will look like uh right there just to note um there and then on the lower photo that's the actual photo of our of our 42 acre parcel and land where we have the land permit to build this plant at port mckenzie and that cleared area that's about 10 acres that's About 10 acres there that cleared Area and the and the plant will sit in that upper corner that lower corner there and we'll sit on about five acres and then of course there'll be support infrastructure around it. But that's the actual site where we're out there now. This is several weeks old, this photo, but you can see those containers as they were getting landed from the barge coming into Port McKenzie and additional equipment has arrived now as well. So everything's in Alaska as we speak and we're moving into the construction phase now at the Port McKinsey refinery. Some notes on our flow sheet. So I mentioned what happens at the site uh with the you know we extract the ore we then or sort it on site and we split it into this high grade gold low grade antimony stockpile where which we keep on site it has value to us there's really high grade golden there but that's not our focus for this but there is a potential monetization that we can do with that material what we're focused on is the high grade antimoney low grade it goes downstream to the port mckenzie plant and there we further crush it down we crush it further we also have another ore sorter there if that's required and then we mill the material and then from the milling material we have the gravity separation and that's plus or minus whether we use that or not i mean our test work is a show that it has a little benefit but we believe that we can just bypass the gravity stir and go straight to flotation and then the flotations circus of course concentrates it to a concentrate in the 30 to 50% range. And then what we do is we take that concentrate and we refine it. And what does that look like? From our test work, we are going through a hydrometallurgical process. So we will be leaching that material, putting the antimony into solution. And there are several benefits from that. One, it takes a lot of environmental boxes. So it's not the typical roasting or smelting. And so there's no emissions from this, right? Which can be a permitting challenge with some of these projects. So there's No emissions. So environmentally, it takes a lot of boxes. But once the antimony is in solution, the route, how you can precipitate it out, and what product you make, what refined product you makes, is much easier. You can either make metal trisulfide or trioxide from the same pregnant solution so that it has that that metallurgical flow sheet benefit as well and of course our first task is to produce military grade antimony trisulphide so we'll be taking out the antimony out of solution by electro winning so we will be producing antimony metal as part of our first stage and that will provide us up to 700 tons our refinery will have the capacity to produce 700 tons of antimony metal ingot to the standard two regulus two standard that's the benchmark they use for pricing greater than 99.65 percent antimony and then we will take some of that metal depending on downstream demand and in this case we'll take 100 tons of that and we will produce antimony tri sulfide by by using an induction furnace and elemental sulfur which we get in alaska here for free from natural gas producers really good clean elemental sulfur to then produce the high purity military grade antimony trisulfide but it's important to note in our flow sheet that we will be producing metal as well so we'll have two products of antimony straight from the get-go here as part of this phase one phase one product and that then that will be sold on to various munitions contractors potentially the DLA the defense logistics agency I mean these there's no commercial agreements in place yet but these are our ambitions and uh and various other uh you and end users but the refinery capacity has 700 tons of production for phase one phase two then we go beyond that scale things up the front end is already to scale and we have the capacity uh for the uh the front End but the back end refinery refinery for phase two is where we scale things up to make additional antimony trisulfide antimony metal but also then move into the antimony tri trioxide production in phase two so the antimoney project is on track we've received the award of course we've stockpiled ore we have the permits for for port mckenzie had that land that land permit all of our technical studies metallurgically engineering design all complete the uh the access road to stibium is under construction as we speak and of course you In terms of phase two, the West Sioux Access Road is moving forward. We've appointed our leading antimony experts, and that includes two parties. We use Alihees Engineering, Dr. Corby Anderson out of the Colorado School of Mines. We work closely with him, antimony expert, and also Metz Engineering out of Perth, Australia there, who have developed a lot of our flow sheets and guided our test work. And so we have the expertise on board, and it's been very successful. Our flow sheets and designs in the anemone, trisulfide, and metal has been produced in the lab. I can't stress that enough. We have it, and we're just testing it to validate it as we speak. In addition, all of our mine and process equipment is procured. Resource definition drilling is ongoing, and to produce an MRE, we've stockpiled the ore, and construction is now commencing to be able to commission this plant next year for targeted production next year as well. on the gold side and we never want to dilute this story right i mean critical minerals is first and foremost uh you know in a lot of investors these days with the the big push for critical minerals but at its core over the long-term value that the um the estelle is also a gold project and it brings you know big value to the company uh really we can never ever dilute or discount that story so So to date, as I said, you know, we've defined almost 10 million ounces across our two deposits here at Corbell and RPM. So let's focus in on the south area around RPM. The upside, as i always mentioned, is immense here at the project. You know, it really is. In addition to those deposits, we have 20 other prospects that we continue. And one of those areas is just here, just a bit north of the RPM, and we'll go to RPM here in a second, but is the train area. And there's numerous prospects there where we see more high-grade gold, also multi-element potential. You know, we've really taken a holistic approach to this project from the very beginning, recognizing the critical minerals implications. And almost all of our samples have multi-element analysis. So there's gold there, gold, copper, silver, gold. Copper, silver and other critical elements. There's about 15 critical elements that have been noted as having highly elevated concentrations across the project area. We don't know what it all means just yet in terms of every single one of these critical elements. But certainly, I mean, we know antimony is the big one because that's so visual and readily observable as massive stibnite veins that we observe on the surface. But we see things like bismuth, tungsten, arsenic, yttrium, some of these other and 15 others that that are highly elevated. And we're closely working with various other U.S. government and university academic institutions to find out flow sheets and to establish potentially critical minerals extraction of those elements as well. But the train area really lights up, and the future upside at RPM, beyond just the RPM direct area, is in that train area, a number of prospects. But let's zoom into RPM now and have a closer look. So as I said, this is really where any mining scenario in the future would start, because what we're targeting there on the surface is about 500,000 ounces at 2 grams per ton. That's that yellow shaded area, the starter pit, as we call it. And then internal to that is 250,000 ounces at 5 grams per ton, and then there's a 10-gram shell inside that. So it's right on the surface, right on this ridge. I mean, you can see some of these drill results here. Let's take one. Let's say RPM 005, 400 meters at 3.5 grams per tun, including 132 meters at 10.1 grams per tan. So I can go on and on here. That's very typical of this RPM, particularly the RPM north zone where this starter pit is located. And that's really, you know, what we're targeting there initially. And now we continue to go out into the valley, which still remains inferred, and drill that out with our current drilling that we're doing that we've completed this year to continue to prove up those resources. So this deposit in whole in all three zones, north, south, and valley, it's like 1.1 million ounces. we easily see this as a two, three million ounce deposit. Now that said, we got to drill it and prove that, but it's just wide open that it has that type of potential to be a two three million ounce deposit, it just requires a lot more drilling. And that's what we're doing systematically every year. Then in the RPM kind of area of influence, there's some there's Some targets here to note. So I mean, I mentioned the North, South and Valley, which is our resource, we define the resources but uh at rpm there's also just to the east we've defined a new zone here we call the upper east side uh just east of rpm north that is taking shape and we drilled some we had a few holes in it last year that we discovered this zone and now we've put an additional two three holes into that this year to continue it's it's upside that's within the pit shell so it's inside this economic pit shell that you see here on the screen. So it potentially adds to the future economics come PFS. In addition to that, we have a number of anomalies along the ridgeline here. And on that ridgline, we've drilled some of these. The surface results show anomalies as well as some geophysics. And so we've drilling some of them. And we've also drilled some of these, put a hole into this one here, and also the one here on the nose and so we we've intercepted intrusive rocks the the typical rocks that we want to see and so will have to see what those assays come back with and that'll be in future news flow and and then it's important to show really some big upside here at rpm you see out here in the valley this grid sampling where we have this heat map and it's a an anomaly that is uh 1.7 kilometers long, a one gram per ton anomaly, 1.7 kilometers long about three or four hundred meters wide and what that is is that's eroded material coming off of RPM filling in that valley all crushed up about 50 meters thick and it's it's high grade material so we're looking to drill that as we move forward as well and it presents some serious significant upside. Now we're moving to the north area and the Corbell again same story lots of prospects anomalies things we're working on lots of upside but let's focus on the corbel main deposit right there yellow shaded so the corbel mean deposit bulk tonnage system two and a half kilometer strike length absolute behemoth deposit 800 million tons at 0.3 grams per ton now it does have a higher grade feeder core through there and you can see that through these intercepts 113 meters at a gram 101 meters at a gram at 1.3 grams, 94 meters a gram. So that's that higher grade feeder core. The other thing it benefits from, it's right on the surface. So the strip ratio is less than one to one, which is such an important factor to consider when it comes to the economics of these projects. Now people ask us, well, why don't you just, you know, block out the higher grade core and that's it. And then you can come up with a resource that's a bit higher grade. Well, you have to understand what we're doing here, right? If you just look at the resource table, you don't really get the context. The reason we include those lower grade resources is because it's a sheeted vein system. And when you selectively sample the veins, they're running ounces per ton. And so out in the lower grade portions of the deposit, it's just that the vein density is less. But here we will be utilizing ore sorting, which works exceptionally well. We're seeing a 10-time upgrade in our test work. So we can take 0.4, 0.5 gram material and upgrade it to 4 to 5 grams per ton by selectively taking out the high-grade veins. And so that's why we include on face value, when you just see the resource table, you don't get the context. But that's Why we include this as a bulk tonnage system because of the ability, and we've shown that to be economic in our previous scoping studies, to separate out these really high-grad veins. So that should really be appreciated about this Corbell deposit, massive deposit. And then, again, back to the upside, over 20 other prospects with more gold, silver, copper, more antimony across the site. And so it's really the kind of project where we'll be out here for decades and decades with multiple mining centers producing multiple commodities, certainly gold and antimony, but also porphyry copper potential. I should note that BHP Group is back in Alaska, and they have recently staked claims all around us here and throughout the region looking for porphyry coppers. And so there is potential for that here. We have a number of those targets. We've just been focused on the golden antimony, but we'll get to that. But it's exciting to see a company like BHP coming out, seeing the momentum that's happening with the West Susitna Road, and really staking all around us. That really lends a lot of confidence to our project. The gold flow sheet, nothing fancy going on here off the shelf. Conventional technology is very easily liberated gold. What we do is, of course, the high-grade straight to the mill. lower grade portions of the deposits uh go through the ore sorter where we focus on maximizing the grade and then the accepted portion the high grade material running four to six grams per ton goes off to the mill and thenthe lower grade portion the reject out of the ore shorter which still has some gold in it can go off tothe heap leach pad then once we're in the mill uh we utilize flotation and then we regrind and so we're finding that when we reground down to about 20 microns we're getting very good gold liberation at that particle size, and then we just go through the typical CIL process. We're already seeing over 95% recovery in scoping level work. Now we're doing the PFS level work, and so we're honing in to find improvements, and we expect these numbers to improve. And then something to note here on this slide is that I mentioned some of these other critical elements and we're we're looking to set up critical minerals extraction plants at the back end of our processes the gold as well as the antimony to take some of these other critical minerals out of our tailings and then we're collaborating with the department of war as well as university of alaska fairbanks with uh some of the programs you know they've received 160 million dollars recently for critical minerals uh research and development in alaska so we're collaborating with all of these groups and they're actually looking to set up a campus there next to us at Port McKenzie to study these and how do we take things out like bismuth like tellurium and these type of things to be able to extract that from our waste streams in terms of the our targets so currently we're in the resource development and early work phase our field season is just winding up where we've hit rpm train some of these exploration targets also the stibium and sticks on the antimony side so watch the news flow for the results to come out on that in the coming months surface results hopefully some new discoveries from all our surface rock chips and soil and soils the antimoney is stockpiled and we continue to do that and build up those stocks get ready for processing construction is commencing now uh the and the gold pfs technical studies ongoing west susan access road we touched on that so in the next year we'll be moving into the processing and infrastructure uh and our processing infrastructure stage here where we'll be looking at commissioning of the antimony plant of course producing that military grade trisulfide and antimony metal along the way continue with our pfs more drilling required to prove up those rpm resources to uh to to measure an indicated stage so we can convert those to reserves still way too much inferred at rpm and then systematic exploration and all these things continue and then in 2028 beyond we'll be looking to commercialize the antimony as we move into phase two and to produce more metal and move into the trioxide space as well and we're looking at a completion of our gold pfs around 2028 in in 20 28 and there's a number of reasons for that uh one what we're seeing is that it is a larger project and so we still being under the sk 1300 system right now requires you to report only measured and indicated and only those uh can be of course converted to reserves and so we want to present a pfs that's as robust as possible and we're finding our our deposits particularly rpm still can't contain way too much i mean almost half of it is still just inferred and we cannot run economics on inferred so the pfs requires more drilling to do that also the benefit of that is with the antimony coming online and being uh potentially revenue generating by 2028 uh that that that revenue can also be uh used to push forward the gold gold project so there's a benefit and get as much non-dilutive funding for the gold project that we can off the back of the antimony project so that those are important things to note and just in summary i mean we got the antimoney the gold and other elements potentially so it's a stool it's the dual commodity focus we're here in a world-class district in tier one in alaska and we are with the support of our u.s government support and partners we are focused on antimony and establishing that and in addition to that have a number of opportunities here for additional funding for other critical elements and we have some applications submitted uh for that for that so um we we hope to be successful in that and it really, again, is a large district scale project with decades of mine life, as I said, multiple commodities, even beyond the gold and antimony potentially, and with multiple mining centers. So that's the type of project we're looking at. And with that, I'll close up and open it up to any questions if you still got time. Yeah, Chris, thank you for that wonderful presentation. We are a minute after the top of the hour, would you like to take one or two of the most prevalent questions? We've been receiving many questions. We can conflate them into, I've got one in particular that I would like to give you. Okay. Sure. Okay, let's go. What is the new expectation on the timing of the gold project? So our current target is to deliver a PFS in 2028. And again, there's reasons for that. Being under SK 1300 now, we really need to have a lot of drilling to do to prove up additional resources from inferred into measured and indicated. In a PFS under the SK 1300, inferred resources cannot be included in the economics. And so really to make the most robust and truly reflect what this project is, we must prove those up so that we can convert them to reserves. So there's that. That timeline, it doesn't concern us as a company because there's a number of other things that will be falling into place. One, the antimony project and any revenue we can generate from that here in the near term can be used towards funding the wider gold project. And that'll be beginning production next year. and then also the west susitna access road because it is a larger project we uh uh it is a larger type project where you have decades of mine life and these type of things uh it requires that west susittna access Road and so their schedule has it best case scenario being open by 2028 if we don't have that road we can't bring in you know we can construct the project So beyond 2028, at that stage, we're well ahead of the curve on our environmental studies, and we'll be looking to submit for permitting in 2028 once the PFS is delivered. And then we expect about 12 to 18 months of permitting time. And during that time, we will be, of course, sourcing any long lead items and these type of things. So everything that we're in control of, I mean, there's permitting and there's infrastructure that we'RE not in control OF, but everything we'RE in control of, we'D like to have a construction ready project, FID call it, you know, investment decision by 2028, 2029. That's, that's where we'RE sitting. And final question, Chris, and it does cover what a lot of people have been asking in the many questions that we have received. What are the key catalysts investors should be watching out for over the next, say, 12 to 18 months? Mostly around the antimony. So, of course, we want to be successful with this antimony project because we have the opportunity, being successful at phase one later next year, to then move into phase two. And there's additional funding there, phase two, additional awards from the Department of War that we could potentially tap into to fund expansion of the antimony project, all non-dilutive funding, as we've seen here with the Phase 1 award. And so the catalyst that you'll see with the news flow is, of course, construction commencing. And over the winter months here coming up, we'll be constructing and then actually starting the plant and beginning the commissioning process next year. And then ultimately, production. production uh of antimony coming next year which moves us from a explorer developer into a producer as a producing company which is a big transition for a company and of course you start getting a lot of eyeballs uh on you as as a company, and then moving into the revenue generating phase which is what we all want, and so that's that's really the big thing on the uh on on on the uh the catalysts I I would say. Chris, thank you very much for that, and thank you to everyone who attended today, and especially to those of you who have submitted questions. We can't get to all of them today, but we will send all of your questions on to Chris, and he will definitely see them. For more information on Nova Minerals, reach us at 1-800-REDCHIP or email us at nva at redchip.com. Please visit the information page created by Red Chip for Nova Mineralists. It's nvainfo.com. There, you can view and download the investor presentation and fact sheet and sign up for news alerts on Nova Minerals. Watch Small Stocks, Big Money, Red Chip's program featuring exciting small cap companies every Saturday night at 7 p.m. U.S. Eastern on Bloomberg USA and every Sunday morning at 11 a.m.-U.S.-Eastern on CNBC. And finally, join Redshift's next webinar with Exxon Technologies tomorrow, Thursday, October 8th at 4.15 p.m. U.S. Eastern. Register for all Redshift webinars at redshift.com slash events. Thanks again to our many participants today, and thank you, Chris. Thank you. Thanks for having us.