ladies and gentlemen really nice to be with you and uh my pleasure to share the Patriot story and today I'm going to share a couple of key threads with you that I hope ultimately describe why the work that Patriot is doing and the benefit of a Shaga Jaan project and I'll come back to to explain to you Shaga Joan uh makes sense for for the north Aman American and European markets there's kind of two key themes here to to impress upon you firstly the significance of what's being discovered by Patriot it is really amazing and as much as pil gangora you know is close to my heart and a fantastic project actually Shaka Jaan is more like green bues than it is pil gangura and I'll I'll hit the high notes as to why I think that's the case um and then lastly a bit about you know it's confusing poor old people looking at the the lithium world just imagine and you know Equity markets and imagine you know well i' imagine imagine the worst um but I want to tell you a bit more about the construct of the market and why actually we should still be really optimistic about the opportunity in the lithium world and of course it all centers around China and I'll get into a little bit more detail there there so Shaga Jaan in it's a silent k it's a g and it's long and of course people um come back and and ask us can say what does this all mean well it's the name as recommended by decree the key First Nations the only first nations in the James Bay Region and who are we to say that that's not the right name for the project it's fantastic so at the very least it inspires a conversation about K culture and Kore language climbing a hill or Hills if you've got the double a at the end that's what it's all about and we are absolutely embracing the crew story as part of our development opportunity and we're happy to have them along for the ride so let's get into it we've just announced a resource upgrade and it's really important because you have to go through the process of discipline and infilling for the purpose of the feasibility study which is now in its early stages we're not far away from presenting our pea and and scoping study and it's huge but the thing about shagana is it's not just huge it's also high grade and subsets of it are very high grade so if there was ever a project for the times that we exist in today it would be Shag and because not only can it be a very very large scale mine that's going to help underwrite the lithium iron battery supply chain in in North America and in Europe you've also got the option of mining very high grade and everybody knows you know everybody knows the green Bush's story it's the world's premere Hard Rock mine well there's subsets of what we've discovered today that look a lot like green bushes so it's big it's grown in the last 12 months a lot more drilling so we're up to 142 million tons but from our point of view the big ticket in the the win in all the drilling that's gone on in the last 12 months was to get the resource upgrade so we're north of 80 million tons in the indicated category and that's what's going to largely underwrite the feasibility study that's now underway but there is masses of exploration potential and in many respects Patriot has just started at Shaga danana but it's already huge and it's already high grade but is there a chance that there is still some major discoveries to be made on that key ground the answer is categorically yes and we've tried to encapsulate that in the exploration Target announced this week so yes it's already big 140 million tons but when you add the exploration Target the endowment grows to between 3 and 400 million tons and as you can see it's starting to look a little bit more like a pild gangora story but I would argue even potentially a bit more like a green Bush's story so there's a lot more work to be done now how do you end up sitting on such great ground well you've got to hand it to the the team at Patriot in the early days when nobody else was paying attention to lithium back in 2019 and 2020 they were securing the key ground along that that key greenstone belt now so it's about 20 km long between cv4 and and cv12 and we've got a lot more work to do so in parallel to our development story around cv5 we've still got all this exploration potential and we are really excited about the potential to show more significant discoveries what do I mean by high grade well there's 142 million tons in the Total Resource to dat but for the nerdy GEOS you know you'll get this you'll go to the to the um the cut off grade analysis and you'll work out you'll work it out pretty quickly but for the mining Engineers I'll just give you the answer and cut to the chase if you run a cut off grade in cv5 at 1.4 and if you run a c off grade at cv13 at 1.2 there's 60 to 65 million tons at 2% and then it you know stretch it down again you go into cv5 in detail the Nova Zone really highgrade cigar Within in the cigar of cv5 big fat pegmatite and you've got about 25 million tons at about 2.7% that's what I mean about what's different about the Shaga Jan own project and the potential in the ground so it's already big yes it's big and it can make for a big long lived multi-decade project but should you choose to of course there's materially higher grade to mine now for those of you that were paying particularly close attention to the resource you might have noticed that we've also now included underground resource and I I guess when I'm honest and i' take a good long hard look at myself I'd say I'm going to eat Humble Pie we've been paying a lot more attention now to the underground potential at Shaga danana principally driven by this grade if you can get into that highgrade Nova Zone and you can pull forward those tons obviously they're worth a lot more to you so that's that's an really important part of our thinking about mining strategy and how we're setting up for the future development of the project so it's big yes it's going to make for a big project definitely but subsets of it are incredibly high grade and typically much bigger even at a higher grade than a lot of what you see in in the world of hard rock lithium so it's one of the good ones to Ram that home we've just made a new discovery at the end of our winter program at cv13 um we've struck AC across some some very high grades so there's not many mines Hard Rock mines around the world that can pull out 35 M at nearly 3% um but we're seeing that now in the Vaga Zone in cv13 at very very high grade and and and again a new discovery it sits beyond the original cv5 Maiden resource and we've got a lot more work to do in this area to continue to tease out its potential why do you end up with such high grades well it's a little bit like the you know think of it as a bit like the sort of nuggety gold story when you hit the the Spam Moon at Shaga Jaan you end up with lots of it and that's why you get incredibly High grades if you've got a pure sperman Crystal you can get just north of 8% Lithia and a lot of what we see in our highgrade zones is in the range of sort of 2% plus you'll often get 15 meters at 4% for example the reason that's happening is because of the population of those very very large Bodine crystals and that contributes to Simplicity in processing so DMS only that's going to be that's going to be our development strategy simplification and ultimately lower capex and lower opics as much as we're in central Quebec and it's remote we are not remote from infrastructure key to any mining development of course so we're 7 km south of the transa highway that's the highway that connects Central Quebec down to to Southern Quebec um we're 40 km south of one of the largest Hydro dams being lg4 lg4 massive power infrastructure including step down Transformers to the power that we require um and a massive airport that supports the the hydro development so big ticket infrastructure big roads that were supporting 100 ton loads through for for the construction of the hydro team and just so happens you have the sheana and you know structure and and discovery not far from all that infrastructure so we're very very fortunate there a question that often gets put back to us but what about mining in Canada and how long is it going to take to get your approvals through well I guess a key lesson coming out of the time that I've been involved in the company but especially in the period of time I've been living in Quebec it is a sophisticated project development process it's well structured the cre are well Le they're deeply integrated through the treaty that was signed with the the province of Quebec to the approvals process so you have a One-Stop shop it's well structured and there's a clear path and in fact there's there's also remarkable track record in the last decade the Renard diamond mine was approved in 11 months post submission of their esia so those that complain about Canada take a longer harder look at Quebec and the James Bay Region because it is about as good as it gets I would say frenchspeaking wa that's basically what it is it's a good place to be doing mining it's culturally diverse in mining there's good skill base there's a good track record of project development and approval and especially in the James Bay Region because of the effect of the C process so yeah I really like it and um you shouldn't be pessimistic about the progress of those approvals uh well in our case what does that translate to well it translates to construction from the second half of 2027 and production from the latter part of 2028 okay moving on to the markets Tim it is fantastic that you're sitting here our friends at canac cord actually it's going to sound like I'm pissing in your pocket now I reckon um the canac cord team has taken the right sort of critical lens and run that over what China is up to really in the market and in this example I'm just using it as one example we're looking at Zimbabwe and the good work that Tim did there and what I want to call out is is the way that China behaves and the reasoning behind what they do I'm going to speak in generalizations there is always exceptions of really good performance and long-standing successful Minds there is definitely those but that that's not the general Outlook in where China has gone to support as biger growth in Supply as they possibly could in the shortest possible time now what does that translate to in my view that translates to a bit of rip tear and bust not really a solid plan and typically not getting into the world's best resources in fact I would go as far as saying China has virtually no competitive advantage in lithium raw materials they don't and what they've developed is typically not that great the West has some fantastic resources definitely either already in production of course you know shout out to pil gangora and green bushes um but a lot of what they've developed looks nothing like that it's building out the right hand side of the cost curve and I think there a bit of a flash in the pan they come and they respond with this Supply and then they go you know in a whimper that's the story in lithium raw materials in this case in this current market it's all about what China did with respect to inspiring Supply but should we be critically running our eye over what they've developed the answer is yes and it's typically not good at least not good for the purpose of their long run lowcost Supply in fact it's the opposite what it's actually doing is building out the right hand side of the cost curve and you could reasonably expect actually in the long run higher lithium prices for the longer run because of the effect of what's been built out on the right hand side of the cost curve so another sound bite um lithium raw materials developed by China leites and pedales are highly likely the magnetites of the iron ore industry that's actually what they are and in the long run what's happened in iron or as much as the pillur can deliver to to China for let's say 45 50 bucks a ton the prices struggled to fall below 100 why because they underwrote domestic magnetite Supply which is really not that great at least not compared to the capital that could have been deployed in other great projects around the world I hope that makes sense so on the slide Zimbabwe just one example what you see and what you hear at least in the short term is not the real story the real story is those cost are materially higher than as currently promoted in the today's world the effect of that in the end longer run higher pricing in my view so that's one example that's the supply side now on the demand side it's equally true China's got a a phenomenal position in in the lithium iron world now zero competitive advantage in raw materials but a massive competitive advantage in just about every other segment of the supply supply chain Downstream so chemicals cathodes cells and I'd argue now cars that's where their competitive Advantage is and have a look at what they've done so the two key graphs that I've pulled out of um Bloomberg new energy here is is what's happened with respect to cell cost lfp cell costs have hared in the last 12 months they've hared it's unheard of and in fact they're now approaching about on a sale price basis $50 a kilowatt hour when I first started in the industry the holy grail for lithium iron Sals was $100 a kilowatt hour and here we are it's only about 10 years later they're half that and part of that is because R materials are cheaper for sure but that's not really the whole story the whole story is how hard China's gone to build out economies a scale and margins have been squeezed for sure and all those things have contributed to lower cost sales so what's the outcome the out come is the addressable Market in the lithium ion battery world is ballooning it is absolutely ballooning because the sales are getting so much cheaper and so much faster than anyone imagined and that translates to the next wave of demand which is what we should all be looking forward to another example that highlights this point I'm trying to make is to say have a look at what's happened to the cost of EVS in China again because the cells are getting cheaper ER it's now economically compelling in China to buy the EV because it's cheaper than the internal combustion engine car now in the west we can only sort of dream of that today but they're already doing it in China so is China going to steal market share off the West just about everywhere else around the world where they can of course they will of course they will that's the future that's why we can be optimistic about demand and I've also told you why we should also be optimistic about price it just so happens that the supply side is winning today but it doesn't win for long given the demand growth that's going on and the speed with which those sell costs are dropping all right I hope that's made sense the last thing that connects all this together is to say Patriot and our Shaga Jaan project is an absolute no-brainer now for competitive Advantage going into North America and into Europe of course there is growth going going on I mean as much as everyone's a little bit pessimistic about EVS today you don't have to worry about that over the course of the next 5 years roughly in the period of time that we're developing our project because it'll be compelling to buy an EV for just about everybody I know that's hard to believe today but that's the trajectory that we're on fortunately the Koreans are are already agreeing with us and they're going about and building a whole heap of gigafactories in the US they're either under construction or already commissioned and they have bugger all Ira compliant material perversely one of the few Ira compliant projects is actually pil gangora going into Korea with posco to then feed North America it's one of the few globally that's actually able to achieve Ira compliance so what do we represent well at at our project we represent the future underwriting of that supply chain because we've got a massive project that can can be attached to multiple chemical plants to facilitate the growth that's already going on there there and of course it has the opportunity to be Ira compliant so I hope all that makes sense what do we do from here well we keep exploring because and we're well funded to do so um because there's going to be a lot more discovered at at Shaga danana it's an amazing project and some of it's going to be very very high grade I hope I've been able to impress upon you that point today we continue to push the development story at cv5 we have lots and lots of Engagement going on with with the curry and the curry fantastic counterparty uh to be working with and a very sophisticated system in Quebec to support your mind's development and we look forward to making that happen as soon as we can thanks Tim