Summary of Hillgrove Resources (HGO) Conference Call - July 23, 2025 Industry Overview - **Precious Metals Market Dynamics**: Investors tend to favor gold during global uncertainty, but silver historically outperforms gold in bull markets. In the 1970s, gold increased from $35 to $850, a 24 times return, while silver rose 35% during the same period [1][2] - **Silver's Dual Utility**: Silver serves as both a store of wealth and an industrial commodity, utilized in electronics, electric vehicles (EVs), and green energy technologies. This dual demand is expected to drive silver's value as the world decarbonizes [3] - **Supply Constraints**: Approximately 75% of silver production comes from Latin America, Russia, and China, regions known for geopolitical instability. The majority of silver is a byproduct of other mining operations, making supply inelastic to price changes [4][5] Market Conditions - **Deficits in Silver Supply**: The Silver Institute reports annual deficits of 100 to 250 million ounces, which is significant given that it represents about a quarter of global production. These deficits are expected to persist due to rising demand driven by decarbonization [5][6] - **Macro Economic Factors**: Factors such as massive money printing, increasing U.S. debt, and declining confidence in fiat currencies are pushing investors towards precious metals as a hedge against inflation. Central banks have increased gold purchases, but silver remains undervalued [6][7] Investment Opportunities - **Gold to Silver Ratio**: The current gold to silver ratio is approximately 86:1, significantly above the historical average of 65:1. A reversion to the mean could result in a 45% price increase for silver [7][8] - **Paris Silver Project**: The Paris Silver Project, owned by Investigator Resources, is highlighted as a compelling investment opportunity. It contains 57 million ounces of high-grade silver and is located in a stable jurisdiction [9][10] - **Financial Position**: Investigator Resources has a market cap of approximately $48 million and $5 million in cash, positioning the company well to complete its definitive feasibility study (DFS) and continue exploration [11] Project Development - **DFS and Project Economics**: The DFS is underway, with previous studies indicating a potential for $480 million in free cash flow. The silver price has increased by 70% since the last study, suggesting an additional $650 million upside [12][13] - **Cost Optimization**: The company is exploring ways to reduce operational costs, including transitioning to alternative power sources and optimizing tailings management, which could further enhance project economics [14][15] Exploration Potential - **District Scale Exploration**: The Paris project is part of a 15-kilometer silver corridor with confirmed widespread mineralization. Recent drilling results indicate significant silver grades in nearby areas [16][17] - **New Acquisitions**: The company has acquired the Athena project, which was historically drilled for iron ore. Initial results show promising silver grades, and further drilling is planned [18] Conclusion - **Investment Rationale**: With soaring demand for silver as both an investment and industrial commodity, coupled with supply constraints, the Paris Silver Project represents a low-cost, high-grade opportunity fully leveraged to the rising silver market. The ongoing DFS and exploration efforts further enhance the investment case for Investigator Resources [19][20]

Group 1 - Lanzhou Energy Technology Co., Ltd. signed a project cooperation agreement with the People's Government of Hejiang County, Luzhou City, Sichuan Province, for a 100,000 tons/year biomass-based green aviation fuel industrial demonstration project [1] - The project will utilize Lanzhou Energy's self-developed Fischer-Tropsch synthesis technology for aviation kerosene distillate oil, which has passed a 72-hour on-site assessment by the China Petroleum and Chemical Industry Federation [1] - Hejiang County has abundant biomass resources such as distiller's grains and bamboo chips, and the Hejiang Port Industrial Park is a key industrial park in Sichuan Province, providing resources, infrastructure, and policy support for the project [1] Group 2 - Lanzhou Energy is collaborating with Shanghai Jiao Tong University Sichuan Research Institute and Sichuan Tianhua Chemical Group Co., Ltd. to establish a research and development center for high-value utilization of natural gas and biomass [2] - The company is also jointly creating a pilot research and development base with Sichuan Tianhua Chemical Group, focusing on the technological development and engineering demonstration of energy chemical products via Fischer-Tropsch synthesis [2] - Lanzhou Energy was established by a team led by Professor Sun Yuhan from the Chinese Academy of Sciences, along with Shanghai Lianhe Investment, the National Green Development Fund, and Lu'an Chemical Group, and has been dedicated to the research and industrial demonstration of sustainable green fuel technologies [2]