Financial Data and Key Metrics Changes - Fiscal 2026 is expected to be a pivotal year for the company, with significant progress towards becoming a leading US borate producer [2] - The pre-feasibility study confirmed strong project economics with a 39.5-year mine life, a 19.2% pre-tax IRR, and a pre-tax MTV of $725 million for phase one of the Fort Cady project [9] Business Line Data and Key Metrics Changes - Full-scale product testing is underway with multiple Tier 1 specialty glass manufacturers, indicating strong customer validation [4] - The company has successfully qualified high-purity boric acid with various customers across sectors, including specialty glass, fiberglass, ceramics, agriculture, defense, and advanced materials [9] Market Data and Key Metrics Changes - The borates market is experiencing a tightening of supply and demand, with expectations that demand will outpace supply due to applications in EVs, wind, nuclear energy, semiconductors, and defense [5] - Legacy producers are facing rising operating costs and depleting reserves, creating a market opportunity for the company [5] Company Strategy and Development Direction - The company aims to secure non-dilutive U.S. capital support through various federal programs, advance customer agreements, and ensure construction readiness by 2026 [12] - The strategic focus includes building a portfolio of intellectual property on proprietary mining techniques and processing solutions to cement long-term mineral tenure [13] Management's Comments on Operating Environment and Future Outlook - The recognition of boron as a critical mineral by the U.S. government is expected to provide economic advantages, including expanded access to federal funding and strategic partnerships [3] - The company is positioned to benefit from federal programs aimed at rebuilding American mineral supply chains, which could strengthen its balance sheet and reduce equity dilution [9] Other Important Information - The company has a $285 million letter of interest from the U.S. Export-Import Bank under the Make More in America initiative [7] - The company is preparing additional product shipments for LCD glass producers, reinforcing the scalability and reliability of its operations [10] Q&A Session Summary Question: Is there any word from the Defense Logistics Agency regarding a government stockpile of boron? - The management indicated that stockpiling of carbide has occurred in the past, but it is uncertain if there is current stockpiling, especially given the ongoing midstream developments [15][16] Question: Can you provide details on the horizontal wells being drilled? - The horizontal wells are for validating the commercial design, with positive results from the testing indicating a higher rate of efficiency in the mining process [16][18] Question: What percentage of annual production does the company aim to secure under offtake agreements? - The company targets about 70% of its production under offtake agreements, while keeping 25-30% for the spot market to take advantage of higher prices [26][27]