Core Viewpoint - Aurum Lake Mining Corporation has terminated its option agreement with Transition Metals Corp regarding the Homathko Gold Project, resulting in Aurum retaining no further interest in the property [1]. Company Overview - Aurum Lake Mining Corporation is classified as a Tier 2 mining issuer on the TSXV and is currently focused on the development and exploration of the Band-Ore property, which spans approximately 2,115 hectares and includes 16 patented mining claims, one mining claim lease, and 109 staked mining claims located in Hagey and Conacher Townships, Ontario [2]. - The company plans to continue evaluating and acquiring additional resource projects in jurisdictions with low to moderate local political risk [2].

Core Insights - American Realty Investors, Inc. reported a net income of $0.1 million or $0.01 per diluted share for the three months ended September 30, 2025, a significant improvement compared to a net loss of $17.5 million or $1.08 per diluted share for the same period in 2024 [1] Financial Performance - The total occupancy rate was 82% as of September 30, 2025 [1]

Financial Performance - Net income for the three months ended September 30, 2025, was $320,000, a significant increase of $17,336,000 compared to a net loss of $17,016,000 in 2024[112]. - Funds From Operations (FFO) for the three months ended September 30, 2025, was $3,155,000, compared to $9,128,000 in 2024[124]. - Cash used in operating activities for the nine months ended September 30, 2025, was $(2,351,000), a decrease of $19,210,000 compared to $16,859,000 in 2024[117]. Revenue Generation - Multifamily segment revenue increased by $262,000 (3.2%) to $8,528,000 for the three months ended September 30, 2025, compared to $8,266,000 in 2024[112]. - Commercial segment revenue rose by $966,000 (28.9%) to $4,307,000 for the three months ended September 30, 2025, compared to $3,341,000 in 2024[112]. Development and Projects - The company has a total of 906 units under development across four projects, with total projected costs of $206.8 million[98]. - During the nine months ended September 30, 2025, the company incurred $59.2 million in development costs, funded in part by $54.9 million in borrowing from construction loans[99]. - The company sold Villas at Bon Secour, a 200-unit multifamily property, for $28.0 million on October 10, 2025[97]. Asset Management - The company sold 30 single-family lots for $1.4 million on December 13, 2024, resulting in a gain of $1.1 million[97]. - The company received $3.5 million from a condemnation settlement on March 25, 2025, resulting in a gain of $3.1 million[97]. - The company plans to selectively sell land and income-producing assets to meet liquidity requirements[115]. Financing and Cash Flow - Cash used in investing activities increased by $22.1 million, primarily due to a $37.2 million increase in development and renovation of real estate[118]. - Cash provided by financing activities increased by $40.5 million, attributed to a $44.2 million increase in borrowings on construction loans[119]. - The company anticipates that cash and cash equivalents as of September 30, 2025, will be sufficient to meet all cash requirements[115]. Legal and Settlement Matters - The company executed a Settlement Agreement on October 31, 2024, paying $23.4 million related to litigation[100]. - The company experienced a $24.2 million decrease in loss on real estate transactions, primarily due to a $23.4 million settlement in 2024[116]. Shareholder Activities - TCI acquired 21,678 shares of IOR for a total cost of $0.5 million during the Tender Offer completed on January 29, 2025[101]. - TCI purchased an additional 32,845 common shares of IOR for a total cost of $0.6 million during the nine months ended September 30, 2025[102]. Loan and Interest Management - The company extended the maturity of its loan on Windmill Farms to February 28, 2026, at an interest rate of 7.50%[97]. - As of September 30, 2025, the company has $55.7 million in District Receivables related to the Windmill Farms project[95].

Financial Performance - Net income attributable to common shares for Q3 2025 was $0.1 million, a significant improvement from a net loss of $17.5 million in Q3 2024[2] - Total revenue increased by $1.2 million, from $11.6 million in Q3 2024 to $12.8 million in Q3 2025, driven by a $0.3 million increase from multifamily properties and a $1.0 million increase from commercial properties[4] - Net operating loss decreased by $0.5 million, from $2.1 million in Q3 2024 to $1.6 million in Q3 2025, attributed to increased revenue offset by higher operating expenses[5] - Rental revenues for Q3 2025 were $11.9 million, compared to $11.1 million in Q3 2024, reflecting a year-over-year increase[11] - Gain on real estate transactions was $755,000 in Q3 2025, a recovery from a loss of $23.4 million in Q3 2024[11] - The company reported a basic and diluted earnings per share of $0.01 for Q3 2025, compared to a loss of $1.08 per share in Q3 2024[11] Operating Metrics - Total occupancy rate was 82% as of September 30, 2025, with multifamily properties at 94% and commercial properties at 58%[8] - Total operating expenses increased to $14.4 million in Q3 2025 from $13.7 million in Q3 2024, primarily due to higher property operating expenses and general administrative costs[11] Asset Management - The company sold Villas at Bon Secour, a 200-unit multifamily property, for $28,000, using proceeds to pay off an $18,767 loan and for general corporate purposes[8] Interest Income and Expense - Interest income decreased to $4.1 million in Q3 2025 from $5.5 million in Q3 2024, while interest expense decreased to $1.7 million from $2.1 million[11]

[Q2 2025 Financial and Operational Highlights](index=1&type=section&id=Q2%202025%20Financial%20and%20Operational%20Highlights) American Realty Investors achieved significant net income growth in Q2 2025, driven by increased rental revenue and strategic asset sales, while maintaining strong portfolio occupancy [Financial Performance](index=1&type=section&id=Financial%20Performance) Net income significantly increased in Q2 2025 due to higher rental revenues and a gain on real estate transactions, alongside a narrowed net operating loss Q2 2025 vs Q2 2024 Key Earnings Metrics (Amounts in millions, except EPS) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income (Common Shares) | $2.8 million | $1.2 million | | Diluted EPS | $0.18 | $0.07 | Q2 2025 vs Q2 2024 Revenue and Operating Loss (Amounts in millions) | Metric | Q2 2025 | Q2 2024 | Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Rental Revenue | $11.5 million | $11.2 million | +$0.3 million | Increased occupancy at Stanford Center | | Net Operating Loss | $1.0 million | $1.3 million | -$0.3 million | Decrease in insurance and property tax costs | - The increase in net income is primarily attributed to a gain on real estate transactions, which was partially offset by a decrease in interest income and an increase in the tax provision for the quarter[6](index=6&type=chunk) [Operational Highlights](index=1&type=section&id=Operational%20Highlights) The company maintained an **82%** portfolio occupancy as of June 30, 2025, successfully selling single-family lots and repaying a **$10.8 million** loan - Total portfolio occupancy was **82%** as of June 30, 2025, which includes **94%** at multifamily properties and **57%** at commercial properties[9](index=9&type=chunk) - During Q2 2025, the company sold **30** single-family lots from its Windmill Farms holdings for **$1.4 million**, resulting in a gain on sale of **$1.1 million**[9](index=9&type=chunk) - On May 30, 2025, the company paid off the **$10.8 million** loan on its 770 South Post Oak property with cash on hand[9](index=9&type=chunk) [Company Overview](index=1&type=section&id=Company%20Overview) American Realty Investors, Inc. is a Dallas-based real estate investment company with a diverse U.S. portfolio, primarily driven by its investment in Transcontinental Realty Investors, Inc - ARL's portfolio includes office buildings, apartments, shopping centers, and both developed and undeveloped land across the U.S. The company invests through direct ownership, leases, partnerships, and mortgage loans[7](index=7&type=chunk) - The company's primary asset and source of operating results is its investment in Transcontinental Realty Investors, Inc. (NYSE:TCI)[7](index=7&type=chunk) [Consolidated Statements of Operations](index=2&type=section&id=Consolidated%20Statements%20of%20Operations) This section presents the detailed consolidated financial results for Q2 and H1 2025, highlighting revenue, expenses, and net income trends [Detailed Financial Results (Q2 & H1 2025 vs 2024)](index=2&type=section&id=Detailed%20Financial%20Results%20%28Q2%20%26%20H1%202025%20vs%202024%29) The detailed consolidated statements reveal increased total revenue and a significant rise in net income for Q2 and H1 2025, largely driven by real estate transaction gains Consolidated Statements of Operations (Unaudited, in thousands, except per share amounts) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Revenues:** | | | | | | Rental revenues | $11,510 | $11,188 | $22,937 | $22,467 | | Other income | $650 | $585 | $1,231 | $1,205 | | **Total revenue** | **$12,160** | **$11,773** | **$24,168** | **$23,672** | | **Expenses:** | | | | | | Property operating expenses | $6,535 | $6,624 | $12,512 | $13,258 | | Depreciation and amortization | $3,062 | $3,137 | $5,945 | $6,309 | | General and administrative | $1,534 | $1,552 | $3,026 | $2,960 | | Advisory fee to related party | $2,042 | $1,737 | $4,511 | $3,939 | | **Total operating expenses** | **$13,173** | **$13,050** | **$25,994** | **$26,466** | | **Net operating loss** | **($1,013)** | **($1,277)** | **($1,826)** | **($2,794)** | | Interest income | $3,353 | $4,794 | $7,363 | $10,527 | | Interest expense | ($1,777) | ($1,913) | ($3,597) | ($3,835) | | Equity in income from unconsolidated joint ventures | $19 | $501 | ($140) | $984 | | Gain on real estate transactions | $947 | $— | $4,838 | $— | | Income tax provision | $1,335 | ($614) | $189 | ($1,089) | | **Net income** | **$2,864** | **$1,491** | **$6,827** | **$3,793** | | Net income attributable to noncontrolling interest | ($37) | ($324) | ($1,035) | ($875) | | **Net income attributable to common shares** | **$2,827** | **$1,167** | **$5,792** | **$2,918** | | **Earnings per share (Basic and diluted)** | **$0.18** | **$0.07** | **$0.36** | **$0.18** |

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Total assets increased to $1.086 billion, net income rose to $5.79 million, and operating cash flow shifted to a $10.3 million use of cash for the six months ended June 30, 2025 [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to $1.086 billion by June 30, 2025, driven by real estate growth, with liabilities and equity also seeing increases Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$1,086,293** | **$1,032,802** | | Real estate | $605,862 | $557,388 | | Cash and cash equivalents | $15,465 | $19,918 | | **Total Liabilities** | **$278,221** | **$230,532** | | Mortgages and other notes payable | $215,951 | $185,398 | | **Total Equity** | **$808,072** | **$802,270** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Net income attributable to common shares nearly doubled to $5.8 million for the six months ended June 30, 2025, primarily due to a significant gain on real estate transactions Key Operating Results (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $12,160 | $11,773 | $24,168 | $23,672 | | Net Operating Loss | $(1,013) | $(1,277) | $(1,826) | $(2,794) | | Gain on real estate transactions | $947 | $— | $4,838 | $— | | Net Income Attributable to Common Shares | $2,827 | $1,167 | $5,792 | $2,918 | | EPS - basic and diluted | $0.18 | $0.07 | $0.36 | $0.18 | [Consolidated Statements of Equity](index=5&type=section&id=Consolidated%20Statements%20of%20Equity) Total equity increased to $808.1 million by June 30, 2025, primarily driven by net income, partially offset by share repurchases - For the six months ended June 30, 2025, total equity increased by **$5.8 million**, primarily due to net income of **$6.8 million**[13](index=13&type=chunk) [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash decreased by $6.3 million for the six months ended June 30, 2025, due to operating and investing outflows largely funded by financing activities Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(10,324) | $3,364 | | Net cash used in investing activities | $(25,431) | $(3,017) | | Net cash provided by (used in) financing activities | $29,494 | $(2,354) | | **Net decrease in cash** | **$(6,261)** | **$(2,007)** | [Notes to Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's structure, accounting policies, and property portfolio, highlighting its real estate development focus and related party management - The company's primary business is acquiring, developing, and owning income-producing multifamily and commercial properties, with substantially all operations conducted through its **78.4% owned subsidiary**, Transcontinental Realty Investors, Inc. (TCI)[19](index=19&type=chunk)[20](index=20&type=chunk) - Operations are managed by Pillar Income Asset Management, Inc. ("Pillar"), a related party, which handles investment opportunities, asset management, and financing, with the company having no direct employees[21](index=21&type=chunk) Property Portfolio as of June 30, 2025 | Property Type | Details | | :--- | :--- | | Office Buildings | 4 buildings, ~1,060,236 sq ft | | Multifamily Properties | 14 properties, 2,328 units | | Multifamily in Development | 4 properties, 906 units | | Land | ~1,792 acres | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net income increased due to real estate gains, with the company heavily focused on multifamily development projects totaling $206.8 million in projected costs, funded partly by construction loans - The company is an externally advised real estate investment company focused on income-producing properties and land for development in the Southern United States[86](index=86&type=chunk) - Key recent activities include the sale of land lots at Windmill Farms, a condemnation settlement resulting in a **$3.1 million gain**, and paying off a **$10.8 million loan** on the 770 South Post Oak property[93](index=93&type=chunk) Multifamily Development Projects as of June 30, 2025 (in thousands) | Project | Units | Total Projected Cost | Costs Incurred | | :--- | :--- | :--- | :--- | | Alera | 240 | $55,330 | $51,047 | | Bandera Ridge | 216 | $49,603 | $44,045 | | Merano | 216 | $51,910 | $44,470 | | Mountain Creek | 234 | $49,971 | $5,171 | | **Total** | **906** | **$206,814** | **$144,733** | - For the six months ended June 30, 2025, Funds From Operations (FFO) increased to **$11.1 million** from **$9.4 million** in the prior year period[119](index=119&type=chunk) [Quantitative and Qualitative Disclosures About Market Risks](index=26&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risks) This optional section on market risks was not included in the report - The company has opted not to include quantitative and qualitative disclosures about market risks in this report[120](index=120&type=chunk) [Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[121](index=121&type=chunk) - There were no material changes in the company's internal control over financial reporting during the most recent fiscal quarter[122](index=122&type=chunk) [PART II. OTHER INFORMATION](index=26&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=26&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no new or material legal proceedings during the period - There are no legal proceedings to report for the period[123](index=123&type=chunk) [Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors were reported - The company states there have been no material changes from the risk factors disclosed in its 2024 Form 10-K[123](index=123&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=26&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased during the period, with 263,250 shares remaining available under the buyback program - No shares were repurchased under the company's buyback program during the six months ended June 30, 2025[124](index=124&type=chunk) - As of June 30, 2025, **263,250 shares** may still be purchased under the existing repurchase program[124](index=124&type=chunk) [Defaults Upon Senior Securities](index=26&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None reported[125](index=125&type=chunk) [Mine Safety Disclosures](index=26&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company - None reported[125](index=125&type=chunk) [Other Information](index=26&type=section&id=Item%205.%20Other%20Information) The company reported no other information - None reported[125](index=125&type=chunk) [Exhibits](index=27&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications and XBRL data files - The report includes a list of filed exhibits, such as corporate governance documents, certifications by the CEO and CAO (Section 302 and 906), and XBRL data files[126](index=126&type=chunk) [Signatures](index=29&type=section&id=Signatures) - The report was duly signed on August 7, 2025, by Erik L. Johnson, the President and Chief Executive Officer[129](index=129&type=chunk)[130](index=130&type=chunk)

Summary of Ardea Resources (ARL) 2025 Conference Company Overview - **Company**: Ardea Resources (ARL) - **Industry**: Nickel and Cobalt Mining - **Key Projects**: Kalgoorlie Nickel Project, Goongari Hub Core Points and Arguments - **Ore Reserves**: The Goongari hub has a defined ore reserve for a 40-year operation, producing an average of 30,000 tonnes of nickel and 2,000 tonnes of cobalt annually, based on only six of nine deposits assessed [2][11] - **Strategic Partnerships**: Collaborating with Sumitomo Metals and Mining and Mitsubishi Corporation to complete a Definitive Feasibility Study (DFS) at the Kalgoorlie Nickel Project, with a total budget of $98.5 million fully funded by partners and some contributions from the Japanese government [4][15] - **Nickel Production**: The project is positioned to become a large-scale, long-life nickel-cobalt producer, with significant contained nickel resources of 4 million tonnes at the Goongari Hub and 2 million tonnes at the Kalpenny Hub [3][4] - **Technological Advancements**: Utilizing high-pressure acid leach technology, which has evolved significantly since the 1950s, to enhance nickel production efficiency [6][7] - **Growing Demand**: Nickel demand is experiencing unprecedented growth, driven by the electric vehicle sector and traditional uses such as stainless steel, with expectations for continued strong compound annual growth rates [8][9] - **Byproduct Potential**: The project also has a high endowment of scandium, which is valuable for lightweight aluminum alloys and solid-state fuel cells, indicating potential for additional revenue streams [10][11] Additional Important Content - **Cost Competitiveness**: The project is positioned in the bottom cost quartile of the nickel supply chain, with C1 costs estimated at $10,000 per tonne, making it competitive against international peers [13][14] - **ESG Standards**: Ardea Resources emphasizes high environmental, social, and governance (ESG) standards, with a commitment to minimizing CO2 emissions and contributing to local communities [16][18] - **Exploration Potential**: The tenements cover 3,500 square kilometers, with ongoing exploration for additional nickel laterite resources and other critical minerals such as rare earths and lithium [19][20] - **Government Support**: The Australian federal government has passed a production tax incentive, expected to provide a 10% rebate on processing operating costs, enhancing financial metrics for the project [14][15] - **Long-term Vision**: The project aims to deliver a multi-generational asset, with a focus on quality input and thorough development to ensure sustainability and resilience through commodity price cycles [15][21]

Project Overview - The Kalgoorlie Nickel Project (KNP) Goongarrie Hub has a project life of over 40 years, with planned production of 30ktpa of nickel and 2ktpa of cobalt[14] - The KNP Goongarrie Hub contains a Mineral Resource Estimate (MRE) of 584Mt at 0.69% Ni and 0.043% Co, for 4Mt of contained Ni and 250kt of contained Co[16] - The project's Definitive Feasibility Study (DFS) is fully funded by Japanese partners Sumitomo Metal Mining (SMM) and Mitsubishi Corporation (MC) up to A$98.5M[21] Partnership and Funding - SMM aims to increase nickel production from 81ktpa (FY23) to 150ktpa[22] - The Consortium (SMM and MC) is funding the DFS up to A$98.5M to earn up to 50% interest in Kalgoorlie Nickel Pty Ltd (KNPL)[21, 137] - Ardea retains 100% ownership of non-Goongarrie Hub KNP projects, including the Kalpini Hub with an MRE of 270Mt at 0.76% Ni and 0.05% Co, containing 2Mt of Ni and 136kt of Co[16, 81] Market and Production - Global MHP and MSP production has increased by over 300% since 2020[33] - Electric Vehicle (EV) sales grew by 28% year-to-date in H1 2025, with 9.1 million units sold[41] - Global energy storage grid deployments increased by 94% year-on-year in January 2025, reaching 13.6GWh[41] Financials and Costs - The Pre-Feasibility Study (PFS) indicates a low C1 Opex before Cobalt credit of US$10,197/t Ni in MHP LOM[65] - The project benefits from a potential 10% refund against processing costs for the first decade under Australia's "Critical Minerals Production Tax Inventive"[70] - The PFS outlines a pre-tax NPV7 of A$7,625M and a post-tax NPV7 of A$4,980M[118]

Summary of Ardea Resources (ARL) Conference Call - July 23, 2025 Company and Industry Overview - **Company**: Ardea Resources (ARL) - **Industry**: Nickel and Cobalt Mining, Electric Vehicle (EV) Battery Supply Chain Key Points and Arguments 1. **Kalgoorlie Nickel Project**: The project is Australia's largest nickel cobalt resource and ranks in the top 10 globally, indicating its strategic importance [1][2] 2. **Location and Infrastructure**: The Goongari project is located 70 kilometers northwest of Kalgoorlie, with supportive community and infrastructure for rapid development [2] 3. **Resource Scale**: The project has a global resource of approximately 6 million tons, with 1.3 million tons of ore reserve at Goongari, sufficient to produce 33 million electric vehicles [3] 4. **Joint Venture**: Ardea has a strategic joint venture with Sumitomo Metal Mining and Mitsubishi Corporation, with partners earning a 35% stake through funding a definitive feasibility study (DFS) budgeted at $98.5 million [3][4] 5. **Project Approvals and Funding**: All project approvals are in place, and development debt has been secured, positioning the project favorably for development [4] 6. **Nickel Laterite Production**: Nickel laterites account for about 80% of global nickel production, utilizing high-pressure acid leach technology, which has been successfully implemented by partners in challenging jurisdictions [6][7] 7. **Demand for Nickel**: The demand for nickel is driven by the energy transition, electric vehicles, and large-scale energy storage, with traditional uses like stainless steel also showing strong growth [10][11] 8. **Critical Minerals**: Nickel and cobalt are classified as critical minerals in Australia, Japan, and the United States, with potential for scandium production as well [11][12] 9. **Long Project Life**: The project is expected to have a mine life exceeding 50 years, with the potential for additional resource expansion [13][14] 10. **Cost Competitiveness**: The project has demonstrated bottom cost quartile operating costs, with nickel-only operating expenses at approximately $10,000 per ton [15] 11. **Tax Incentives**: The Australian federal government has introduced a production tax incentive, providing a 10% tax rebate on processing operating costs, enhancing the project's financial metrics [16] 12. **Exploration Potential**: The Eastern Goldfields region offers opportunities for further expansion, hosting various critical minerals [18] 13. **ESG Commitment**: Ardea is committed to environmental, social, and governance (ESG) practices, including gender diversity and community engagement [19][20] Additional Important Information - **Scandium Market**: The current scandium market is small at about 40 tons per annum but is expected to grow, particularly in aerospace and fuel cell applications [12] - **Stakeholder Relationships**: Strong local stakeholder relationships have been established, contributing to community support for the project [20] - **Future Developments**: The DFS is expected to yield increased news flow as it progresses, with a focus on leveraging existing infrastructure for future expansions [17][21]

Project Overview - The Kalgoorlie Nickel Project (KNP) Goongarrie Hub is the largest nickel-cobalt Mineral Resource Estimate (MRE) in Australia [9] - KNP Goongarrie Hub contains 584Mt at 0.69% Ni and 0.043% Co for 4Mt of contained Ni and 250kt of contained Co [10] - KNP Kalpini Hub contains 270Mt at 0.76% Ni and 0.05% Co for 2Mt of contained Ni and 136kt of contained Co [10] - The project has a forecast operation of +40 years [53] Partnership and Funding - Sumitomo Metal Mining (SMM) and Mitsubishi Corporation (MC) are fully funding the Definitive Feasibility Study (DFS) up to A$98.5M to earn up to 50% interest in Kalgoorlie Nickel Pty Ltd (KNPL) [15] - The Consortium earned its first 17.5% in July 2025 [15] HPAL Technology and Production - Global MHP and MSP production has increased by over 300% since 2020 [26] - HPAL now into 5th generation of technical advances [21] Market Demand - Electric Vehicle (EV) sales reached 9.1 million in H1 2025, a 28% year-to-date growth [35] - Global energy storage grid deployments reached 13.6GWh in January 2025, a 94% year-on-year increase [35] - Global steel consumption is projected to increase by 132Mt, or over 7% [38] Cost Competitiveness - The Pre-Feasibility Study (PFS) indicates a low C1 Opex before Cobalt credit of US$10,197/t Ni (US$4.62/lb) in MHP LOM [60] - Australia's recently approved tax credit provides a 10% refund against processing costs (64% of PFS Opex estimate) for the first decade [65] Financial Metrics (from 2023 PFS) - Pre-tax NPV7 of A$7,625M (IRR 30%) and Post-tax NPV7 of A$4,980M (IRR 23%) [114] - Average Annual EBITDA of A$800M [114]