Amaero Ltd

Good morning, and thank you for joining us for the Amero Limited Q3 FY26 Investor Webinar. I'm Jane Morgan, Investor and Media Relations Manager, and today I am joined by Chairman and CEO, Hank Holland, who will be running through the Q3 results and the presentation which was lodged with the ASX this morning. As always, we will be taking questions from attendees following the presentations. So to ask a question throughout today's webinar, please use the Q&A function, which can be found at the bottom of your screen. Thanks. I'll hand over to you.

Thank you, Jane. Good morning, and thank you for everyone else for joining us. I'm Hank Holland, Chairman and CEO of Amero. We're pleased to report Q3 FY2026 results that came in line with our expectations and to share an update of the continued momentum we're seeing across our business heading into a very strong fourth quarter. I'll take you through our financial performance, the state of our revenue pipeline, and several strategic initiatives that we've advanced this quarter, including our redomiciliation of the United States and progress towards a potential U.S. IPO. We'll then open the line for questions. Let me start with reaffirming our FY26 revenue guidance of $18 to $20 million. And as of today, over $18 million of that guidance is fully contracted. In Q3, we recognized $2.6 million in revenue, a 301% increase year over year. That figure breaks down as $1.8 million from powder sales and $0.7 million from our PM hip business. It came in right on top of the $2.5 million in contracted revenues we disclosed back in January. Looking ahead to Q4, we have $8.4 million in contracted revenue, up from $7.2 million in contracted revenue disclosed in January. We expect a significant inflection point in the fourth quarter, with contracted revenue in the quarter contributing approximately 45% of total FY26 realized and contracted revenue. On the cost side, trailing 12-month G&A expense grew 18% year-over-year, even as trailing 12-month revenue expanded by more than 300%. I'll come back to that contrast in a moment. It's an important part of the financial discipline and the operating leverage story. We ended the quarter with $38.3 million cash balance, which included $4.9 million in restricted cash. During Q3, we submitted a draw request in the amount of $5.8 million to XM Bank for incurred capital expenses, and we expect to receive the disbursement in April. Perform a cash balance adjusted for the receipt of XM disbursement equals $44.1 million, including restricted cash. On strategic milestones, Tim Johnson has been nominated to join our board. Our redomiciliation of the U.S. is on track to be completed by the end of June. Our PCA OB audit with BDO USA is advancing in parallel, and we continue to work towards a potential U.S. listing in late calendar 2026 or early 2027. I'll cover each of these in more detail shortly. Trading 12-month revenue reached $11.8 million in Q3 2020. an increase of 347% year-over-year. Both business segments are contributing to growth. Outer revenue driven by exclusive supplier agreements and contracted shipments contribute approximately 80% of total revenue, and PMHIP manufacturing contribute approximately 20% of total revenue. PMHIP manufacturing contracts have longer sales cycles and require customer qualification, but those processes are well underway, and we expect PMHIP growth to outpace Our overall growth rate increased its share of revenue mix as we move into FY28. We currently have atomization contracts for 14 refractory alloys that include niobium, moly, tantalum, tungsten, and rhenium. And we have 14 active PMHIP contracts. The FY26 revenue bridge is straightforward. We recognize 10.3 million year-to-date across the first three quarters. We have 8.4 million contracted for FY quarter four. That gives us line of sight to $18 to $20 million guidance range with over 18 million contracted. Next slide, please. On the investment side, tangible assets, gross PP&E plus inventory. have grown from approximately 41 million in Q3 FY25 to 72 million today. That capital is going directly into production capacity and inventory. It supports the revenue ramp, enables us to fulfill contracted demand, and mitigates tariff and supply chain risk. Every dollar we've deployed is aimed at scaling the business and create a differentiated and defensible market position. As other companies are beginning a multi-year capital investment plan, We are concluding a three-year, $72 million investment plan, and we're positioned to take immediate advantage with production scale of the favorable thematic tailwinds for defense industrial base, for critical mineral supply chain, and for sovereign manufacturing. Our core principle has been to invest early to attract an experienced team that spans technical, operational, and financial leadership, then grow the team in GA expenses in a disciplined manner. As the chairman and CEO and as the largest shareholder, this is yet another example of alignment of interest with management and shareholders. The data supports the case. Trailing 12-month revenue is up 347% year-over-year, while trailing 12-month G&A expenses are up 18% year-over-year. That divergence, revenue growth at nearly 20 times the rate of G&A, is operating leverage, it's our ethos, and it's a discipline that we will maintain. Let me walk through the cash bridge for Q3. We started the quarter with a cash position of $52.6 million, including restricted cash. From there, net cash used in operations was $7.1 million. Inventory purchases, $0.6 million. CapEx was $5.4 million. FX exchange impact of $1.2 million brought us to our March 31 closing balance of $38.3, which included $4.9 million of restricted cash. During Q3, we submitted a draw request in the amount of $5.8 million to Ex-Im Bank for incurred capital expenses, and we expect to receive the disbursement in April. Pro forma cash balance adjusted for the receipt of the Ex-Im reimbursement equals $44.1 million, including restricted cash. We are on schedule and on budget to complete the three-year $72 million capital investment plan this quarter. Let me spend a moment on a re-domiciliation because we believe it's a strategically important step, not just a structural formality. In February, we announced our intention to re-domicile from Australia to the United States, establishing a new Delaware parent entity. Our ASX listing will be maintained, the 3DA ticker will be unchanged, and shareholders will retain equivalent economic ownership through CDIs. Our operations, strategy, and management remain entirely unchanged. What changes is our corporate home. On the commercial side, redomiciliation positions us to satisfy Department of War's Foreign Ownership Control and Influence, or FOCI, requirements. That's a prerequisite for eligibility on classified defense contracts, which represents a meaningful expansion of our addressable market. On timeline, our scheme is expected to be distributed to shareholders in early May, Re-domiciliation is expected to be completed by the end of July, subject to shareholder and regulatory approvals, with a PCAOB audit completed in parallel. Beyond the operating rationale, re-domiciliation supports three important objectives. First, U.S. market positioning. We gain greater visibility with U.S. customers and stakeholders. It helps address foreign ownership, control, and influence issues. It improves our comparability with U.S. listed defense and advanced manufacturing peers. Second, strategic flexibility. It simplifies our structure for potential M&A or partnerships and positions us for a potential U.S. IPO in late calendar 26, early 27. And third, capital access. A U.S. domicile and potential IPO give Amero access to a larger, deeper investor base and the potential for improved valuation and liquidity. along with enhanced access to lower-cost debt and equity capital. Tim Johnson's board nomination in March was in preparation of a potential U.S. listing. Taken together, this is about ensuring that as we grow, our corporate structure and market access reflects and supports the in-market customer while supporting the enterprise valuation and liquidity. On the financing, we are pleased to announce that XM Bank has increased its loan commitment to Amero from $22.8 million to $26.1 million U.S. dollars, a U.S. $3.3 million increase. This is non-dilutive capital that directly supports incremental CapEx deployment. The amendment reflects XM Bank's continued endorsement of our platform and further aligns us with our Make More in America initiative. Government-backed, non-dilutive financing of this kind is accretive to the capital stack, and it provides an important signal of support from the U.S. government. On the commercial front, two announcements deserve specific attention. First, we're also pleased to announce that we have entered into a three-year distribution agreement with United Performance Metals, or UPM, an affiliate of O'Neill Industries. which generated approximately 3.4 billion U.S. sales in calendar year 25. Amero has been appointed as UPM's exclusive supplier for titanium powder. We've already received an initial purchase order of 4,000 kgs, which has included an FY26 contracted revenue. And UPM is committed, obligated, to maintain a minimum inventory of 4,000 kgs with ongoing replenishment orders. creating a recurring volume dynamic that scales with the red market demand. This is a significant distribution channel addition, and it's generating revenue from day one. Second, next page, please. After the end of the period, we announced a one-year master purchasing agreement for FY27 titanium powder shipments with minimum contracted revenue of $7.8 million. To put that in context, it's roughly equivalent to our total FY26 titanium powder revenue in a single contract. Shipments are structured as equal quarterly deliveries from July 26th through June 27th with fixed pricing on committed volumes and upside from additional orders. The customer expects FY27 orders to exceed the minimum commitment. Combined with a planned 100% increase in titanium powder production capacity of FY27 over FY26, This agreement gives us strong early visibility into next year's revenue ramp. Stepping back to the broader commercial picture, we've taken a very deliberate approach to aligning with select strategic partners via long-term agreements. In each case, the partner is strategically positioned in a market vertical. In the case of admin, Dr. Dow and the organization have pioneering experience in printing C-103 and other refractory alloys. In the case of LO3D, Their differentiated position is the only made-in-USA OEM with large-format printing capability for defense and space applications. In the case of TITOMIC, they're the leading force in the U.S. defense industrial base for cold-spray manufacturing of qualified components. In the case of Kunitz-Godwin, they're a trusted partner for processing PMHIP-manufactured components, and they have a large expansion underway for 3D printing machines dedicated to titanium. and in the case of UPM, a leading distributor aerospace, defense, and medical industries with a large sales organization. Separately, we have numerous programs, plural, and numerous defense primes, plural, that are advancing first articles in qualification for production contracts. As is our practice, we will announce the commercial opportunities once we are awarded the production contract. Specifically, looking at Q4, we expect titanium revenue to increase 62% compared to Q3. I'm pleased to share that this will reflect full capacity utilization for the current quarter. We have orders for 14 refractory alloy powders in the backlog, and we have 14 active PMHIP contracts, only one of which has been announced. That's a strong commercial foundation entering the largest quarter in our company's history. To bring it together, Q3 delivered on plan. Q4 is fully contracted and represents a step change in quarterly revenue. FY26 guidance is reaffirmed at $18 to $20 million, 100% contracted. Our balance sheet is solid with pro forma cash position of $44 million post-XM reimbursement. We're advancing our U.S. re-domiciliation on schedule. We expect to enter FY27 with strong revenue visibility with long-term agreements and contracted shipments. We are executing. We are scaling. We are focused on where we need to be in a year and in three years to address critical needs for our partners in the U.S. government, Department of War, and the commercial sector. Amero is uniquely positioned as a leading advanced material business and a leading advanced manufacturing business. They acted boldly to commission the largest-scale and lowest-unit-cost U.S. production of refractory and titanium alloy powders, and Deposition Amero is the leading PM manufacturer of complex near-net-shaped parts. Thank you for your time this morning, and I'm happy to take your questions.

Wonderful. Thank you for that. Again, I encourage webinar attendees to use the Q&A function, which can be found at the bottom of your screen if you've got questions for Hank. There's been quite a few that have already come through, so let me jump into them. So, Hank, Q3 revenue came in at 2.60, which, of course, is a 301% lift on the prior corresponding period. Can you walk shareholders through how the team has converted the commercial pipeline into contracted revenue?

Yeah, part of what we announced earlier in the year was we had contracting revenue that was delayed given the FY25 continuing resolution and the government shutdown. We have seen since the government reopened late last year an acceleration of contracting. Part of that is reflected in the contracts we have in the current quarter, the fourth quarter of this year. So we have not only, I think, done a good job at converting these current contracts in the Q4, but as we look into next year, as I mentioned on the titanium side, the contract that we announced of $7.8 million, that's equivalent to roughly FY26 titanium revenue, right? I think as we go into FY27, that will be about one half of plan for FY27, that one contract, right? In that same announcement, I said that before the end of this fiscal year, we expect to announce a refractory development contract. That, too, I think will be about one-half of our planned refractory revenue in FY27. And likewise, on the PMHIP side, I think by the time we get to the end of June, I think roughly one-half of our planned PMHIP revenue will already be contracted. So I think we'll go into FY27 with a significant portion of our plan contracted and probably already have contracted roughly equivalent to FY26 revenue.

Wonderful. That answers one of the questions there. This second one, what impact, if any, are you experiencing from the increase in energy costs, obviously from the Iran conflict, and how are you managing to keep overall cost growth down?

So one of the things I'm grateful for is when we came to Tennessee, amongst other incentives, we signed a 10-year subsidized electricity agreement at 5.8 cents a kilowatt hour. The national average before this energy shock was 19 cents. Right. And mind you, most most of the electricity in the U.S. is gas fired. Right. Most of our electricity demand, most of our electricity generation. So those electricity rates will be climbing. So we are immune. We have no impact whatsoever from the fuel increases that we're seeing, the broader energy increases that we're seeing in the U.S., And we're not impacted in any way by the shipping curtailment in the Hormuz Strait and in general in the Middle East. What little imports we have from outside come from China, which, again, that shipping has not been impacted. And likewise, you've seen a lot of inflation in certain base metals, as everyone is aware. In the case of titanium, which is a primary thing that we import from China, as you might recall, we've got a long-term U.S. supplier agreement with Perryman. and we have a long-term agreement with an aerospace mill in China. In fact, our titanium prices in China have come down about $2 a kg from about $16.75 a kg at the start of this year to about $14.50 a kg now. So we've actually been able to negotiate lower prices on titanium bar.

Thank you. Bear with me. There's a lot coming through. So trailing 12-month revenue is up 347% year-on-year, while G&A expenses grew only 18%. You touched on this in the prezzo, but can you talk to how the team is maintaining that operating leverage as the business scales?

Yeah, primarily, if you think about early on, going back a year ago, 18 months ago, we decided to be on our front foot and to aggressively invest to stand up, I believe, the most experienced team in our industry in the U.S. I think we've got a very, very strong team, particularly when it comes to gas-atomized titanium. On our team includes the inventor of gas-atomized titanium, Fred Yolton, Eric Bono, who's worked with him for three decades. So a lot of cost early on to stand up our team. Since then, we continue to add to our team, but we've been very, very disciplined to add on the G&A side. Most of our incremental hires today are in the factory, right, actually in production, not in G&A, if you will. And then, likewise, other expenses. Obviously, we've got certain fixed expenses we've had to absorb as far as the facility and so forth. We'll see our gross margin improve as our revenues scale. But on the G&A side, it's primarily a discipline in hiring is where we're able to maintain that growth.

Wonderful. This one's come through quite a few times. So U.S. federal budget now resolved and the Department of War's sovereign manufacturing agenda is gaining momentum. How is the mayor positioned to benefit from this policy environment, particularly with the U.S. Navy letter of support and PMHIP qualifications underway?

Yeah, so it's a great question, and let me give a direct and maybe what some might consider an indirect benefit. On the direct side, and the same would be true with the Iran conflict right now, obviously we live in a world that is increasingly unstable from a geopolitical standpoint. The president has recently submitted a $1.5 trillion defense budget. That's a $1.15 trillion baseline and a $350 billion reconciliation bill on top of that. So a $1.5 trillion defense budget. So that obviously helps us significantly. One thing that I would point you to in the most recent announcement I made in my quote, there's a quote that I, this won't be verbatim, but roughly said, we will continue to collaborate closely with our partners in the U.S. government and the U.S. Navy to innovate, to integrate, and to scale. Notice that it's the first time I said to integrate. So one of the challenges that we have in the U.S. right now is you've got these parts that travel all over the country for disparate processing. And what we've got to do a better job of in the U.S. is to co-locate and to integrate adjacency capabilities. This creates a great expansion opportunity for us and one that would be very well supported by the U.S. government. So stay tuned for more there. And that is a direct benefit in the shift in policy that we're seeing. On top of that, I would argue, other than AI. And, of course, in the U.S., we've got a bit of a software hiccup from a valuation standpoint in general. There is not a more sought-after investment theme than where Amero sits at the nexus of. Three themes. Defense industrial base, critical mineral supply chain, sovereign manufacturing. And thus, as we're in conversations right now about a potential IPO in the U.S., incredibly strong support of the investor base here. Another data point on that, if you look at the defense ETF in the U.S., it's at a 52-week high. If you look at Amero and most of our peers in the Australian market, the ASX, we're all trading about a 35% to 40% discount from a 52-week high. So there's a real valuation arbitrage between the U.S. market and the ASX as well, and particularly with small cap investors because there aren't that many investable companies, a lot of interest in companies such as Ameri on this theme. By the way, I would point out to you, it's been announced, one of our suppliers for Tungsten and Mali, a company called Elmet, E-L-M-E-T, They have filed to go public. They've given a range that's supposed to price on Wednesday of this week. You know, I would suggest watch elements and see how they do when they go public. Bello 3D went public August of last year at $3. Today, I think they're trading around $12. So watch other companies that are considered in similar ecosystems where Amira sits.

Thank you, Hank. Next one here. So is there still interest in C103 powder? And what percentage of sales do you expect it to be going forward? And again, further, what's the outlook for the CO3 pricing?

Yep. So in general, what we felt all along is that as we scaled, that albeit we'll have three atomizers for titanium, we'll only have one atomizer for refractory. But because refractory prices are so much higher, And by the way, the refractory atomizer will never have probably more than about 50% or 60% pass utilization. So we're going to keep that where we're going to be very agile and be responsive to orders, where titanium will get up to running essentially 100% pass utilization. This current quarter, on the atomizer-dedicated titanium, we are at 100% pass utilization. We're full. We cannot accept other orders this quarter. Okay, to give you an example. That being said, going forward, we expect that refractory revenues will roughly equal titanium revenues. Okay, only one atomizer to three atomizers, but refractory revenues will roughly equal titanium revenue. If you asked me two years ago, I would have thought more of that would be C-103 than now. Hasn't changed our revenue outlook. It's just changed the mix of those revenues. So I announced that we expect before the end of June to announce a development refractory contract. So stay tuned. Coming. We feel confident about that. But notice the name of that contract, development refractory. What does that entail? Hafnium prices, which keep in mind C-103 is about 10% hafnium, are up about 75% in the last nine months. So as hafnium has gotten increasingly expensive, and thus C-103 has gotten increasingly expensive, the Department of Defense is increasingly interested in what other development refractory alloys can we atomize that have similar high temperature application, right? And so this is something working closely with the government on. Again, stay tuned. So, yes, there's demand for C-103. Keep in mind, C-103 was first used in 1969 in the Apollo lunar landing vehicle. So, we've got six decades of decade. These other allos we don't have, right, years of decade. So, there will be certain very mission-critical applications that C-103 will be called for. And that price is actually relatively stable. It's climbing, albeit not as much as happening. If anything, the margin has come down a little bit, given that. So, yes, there will be C-103 demand. I think prices climb, but not by a lot from where they are now. But I think the refractory opportunity in general is about the same as percent of revenue, but the mix of that is going to shift to other development refractory alloys from C-103, I would expect.

Wonderful. Next one. This webinar attendee just asked for your long-term vision for Amero. So, is it to build the company for potential acquisition, or is it to maintain ownership and establish Amero was a national asset to the Union Navy Defense Force.

So my background is essentially as an investor in private equity. So I think of businesses as platforms. And part of what I always had the vision of Amero, and now I think we're on that cusp, and it's another really, really important reason for now is the time for the IPO of the U.S. and the re-domiciliation of the U.S., is we've established a foundational capability. A leader in refractory and titanium spherical powder, a leader in PMHIP manufacturing, and we're now at the stage that we'll begin to scale revenue. The opportunity for us now, where we've got, I've been in Washington, D.C. 10 of the last 14 weeks, right, to put some context on this. And the reason for that is there is so much interest in the U.S. government to essentially create these regional manufacturing hubs. And so the real opportunity I see for us in my vision is how do you take our foundational capability in a very disciplined, thoughtful way, Expand that. Expand that into adjacencies where we become an integrator, advanced material manufacturing company that is essential not only to the fence, but also to the commercial sector. In a perfect world, I'd like to be 50% government source revenue and 50% commercial source revenue. So what we call a traditional dual-use company. But that would be my vision. As far as selling... I always want to build this business where we would be an attractive acquisition target to someone else. And part of when you get a higher multiple is you want to be involved in very strategic businesses, i.e. addressing critical vulnerabilities in the supply chain will get us a higher multiple. I think that we are a year and a half away, two years away, from being deemed highly strategic in the U.S. manufacturing and supply chain ecosystem. Do we sell? Do we merge? Do we just continue to operate at that point because we're a highly profitable company, right, as we get down the road? You want to have all those options. But I certainly want to have a corporate strategy that is going to make us an attractive target to someone else. Sorry, you're muted, Jane.

All right. This one again comes through quite a few times. Just commenting on the expected timelines for the Argonne recycling plant and given the positive effects on the margins, can the installation be potentially brought forward?

We ordered the Argonne recycling in December of last year. We announced at that time we expected to complete the installation by the end of this year, so December of this year. We are on track for that. It probably then takes three months to optimize all the operations, so we'll begin to see savings in the first quarter of the calendar year in 2017. probably really get the most significant amount of those savings beginning the second quarter, and then you'd continue to optimize for some period. But you're exactly right. We're already the lowest cost producer, and this will significantly improve our unit cost profile. And I think that we'll begin to realize that early in 27. I don't think it's possible to pull it forward more. We really shortened it. Initially, it was estimated 18 to 20 months. We brought that into 12 to 13 months. I think we can achieve that. Unlikely, we can pull forward more than that. At the same time, as you might recall, we ordered the fourth atomizer, third one dedicated titanium. As we speak right now, if you were here in our factory, ALD's technicians are on site. They're installing the third atomizer, which we said we'd commission in June. We have a pretty good experience or track record of doing that ahead of time. If you were here, what you would see is atomizer number two is covered in a curtain. The reason it's covered in a curtain is we don't want the ALD technicians to see the changes, the modifications that we made to the earlier atomizer. And so atomizer one and atomizer two are off limits to ALD. We will accept that. We'll then make the modifications that we make. That will be – we are at capacity, as I said, currently. We'll get more capacity as we roll into the next quarter with the next atomizer.

Thank you, Hank. This one comes through a few times as well. Okay. Given the global supply concentration in both niobium and titanium, can you walk us through your sourcing strategy, specifically whether you rely on multiple suppliers, and how resilient your supply chain is to geopolitical risks such as tariffs, sanctions, or trade disruptions?

So a great question. Let me take those separately, beginning with titanium. So titanium, we don't have an element – issue. So titanium comes from mineral sands, omenite, and rutile, which, for example, probably close to half of the global supplies in Australia. So you've got a lot of the ore, you've got a lot of the precursor elements. The challenge is titanium sponge, which is then used, the way you make titanium bar is about 20% titanium sponge, master alloy, and then scrap. That's how you make titanium bar that we then buy and atomize. China has got about 65% or 70% of the titanium sponge capacity in the world, okay? In the developed world, in the allied world, about 20% plus is in Japan. By the way, that's the highest quality sponge in the world is in Japan. And the Kingdom of Saudi Arabia has stood up in recent years, actually, a joint venture with a Japanese company, some Thai sponge capabilities as well. We have a long-term supply agreement with Perryman, a private titanium producer in the U.S. There's four producers in the U.S., Tynet, ATI, Halmet, and Perryman. We've got a long-term supply agreement with Perryman. They, in turn, have a long-term supply agreement for a Japanese titanium sponge. So we've got a very secure relationship for U.S. titanium. China, we've got a long-term supply agreement with a very, very well-respected aerospace mill. This company actually came to us through a defense, I'm sorry, a medical company that we're working closely with. And the real issue there is price. So even after a 50% tariff, which is what we paid today on Chinese titanium bar, unfortunately, our U.S.-sourced titanium bar is 100% more expensive, even after a 50% tariff. So, secure titanium supply chain, it's really the price issue that's a determinant. On the other side, niobium is the least of our worries. So, niobium, yes, it's highly concentrated, largely coming out of Brazil. But keep in mind, unlike rot users, that is bar, sheet metal, tubing that use, you know, large, large, large amounts of product, we're using a very small amount. I mean, niobium this year, we might use... Ten tons. It's a tiny number, right, in the grand scheme of metals, if you will. And so we've got no issue getting niobium. Not a worry at all. Hafnium, zirconium, harder. Right? Haftium and zirconium come together as far as they exist together as elements. And, again, a large amount of that is coming in China. We do have some of those deposits in North America as well. And then really where you're seeing the price appreciation right now is tungsten, for example. We've got an atomization project we're doing right now with tungsten and tantalum. Tungsten prices, since we put in our order for bar, which is the start of this year, Tungsten prices are probably up 150%, maybe 200% since January, right? And this is really China going out very aggressively buying tungsten supply all over the world, right, and essentially trying to push the U.S. out. Tungsten is really important in the U.S. right now for certain munition applications, also for thermal protection systems given the high temperature. So it's less of an issue of can we get it, And again, niobium is not a concern. It's more an issue of some of these we're seeing very volatile price increases given the pressures from China.

Thank you for that. Again, lots of questions coming through. Has the U.S. government shown any interest in taking equity stakes in companies like 3DA as they have with companies in strategic minerals such as MP Materials?

Again, great question. I want to be somewhat careful with what I say here. The White House in this administration, the Trump administration, really beginning in the fall of last year, pivoted and made a strategic decision to really focus, given the prior question about China and critical minerals, right, and sourcing materials, rare earths in particular. Think about the battery supply chain, right, in particular. to really focus on creating more resilience and independence and duplicity in supply chain of critical minerals. And so they went out, and what they've done is they have made a number of strategic investments in companies primarily in the critical minerals area and very narrow in critical minerals, for example, rare earths. And then what they've done is in certain areas, Other applications that are adjacent, so think semiconductors, they made a 10% investment in Intel, right, as an example. Historically, a company like Amero would go get government funding, government grants from something called Defense Production Act Title III, or IBAS, Industrial Based Analysis and Sustainment. And I'm of the opinion that those programs are largely on POSC. I don't think that capital is available the same way that it was. And thus, we've taken the proactive initiative to begin conversations with U.S. counterparts for other possible capital opportunities with the U.S. government. And I really can't say more about that at this time. I'm not necessarily interested in a scenario where the government would take equity interest in Amero. I think there will be other scenarios that we could approach that would not require that.

Wonderful. Okay, next one. This webinar user is just asking about the fifth atomizer, if that's still the plan and will it fit in the existing floor space?

So the current plan that we've committed to is four atomizers, all of which have been ordered. We've commissioned the first two. We'll commission a third one. by June, and a fourth one that is on order now. That'll be three dedicated titanium and one for refractory. That's all that we have the current plan for. So we do not currently have a plan for IGA number five. We do, in the titanium room, have room for an IGA five and an IGA six. But the only way that I would envision that we would order five and six is with a binding offtake agreement with a strong credit counterparty. And that's what we're saving that for. We're working on some very large commercial opportunities right now. We've held that back. And that would be a way for us to, you know, structure a preferential commercial agreement, partner with someone, not unlike Tesla did with Panasonic on their mega battery installations. So that's along the lines that we're thinking. We do not, though, currently have plans to order IGA number five. And, again, I would only see that in conjunction with the buying and offtake agreements.

Thank you, Hank. Sorry, we are getting through them. This one's just on TJ Johnson's appointment. I encourage webinar attendees to go back and read his experience because it is very impressive. This question asks, what drew the board to him specifically and what does his appointment signal about Amero's next chapter?

So let me provide insight on a question that wasn't asked that is related. As an ASX-listed company, all ASX-listed companies are required to have a minimum of two Australian residents as board members. I mentioned earlier in this call about FOCI, or Foreign Ownership Control and Influence. So if you want to get a classified defense contract, you've got to go through an evaluation process where the Department of War evaluates foreign ownership control and influence. And part of what they look at, and candidly they scrutinize, is non-U.S. persons on your board. So one of the things that we will evaluate with a U.S. listing is do we recompose our board of only U.S. persons, given the increasing work that we're doing with defense, right? So a determination has not been made, no announcement has been made, but it's something the board will evaluate in consideration with these folky issues, if you will. So now to the question about Tim. T.J. and I have known each other for years. He was on the board of a prior portfolio company called LogicSource, a company that I bought from Bain Capital Ventures, was most recently the CFO of Victoria's Secret, a very large public company, is currently on the board of, I believe it's three New York Stock Exchange listed companies. And we brought him on the board not only as someone with very, very strong experience as a director, but in anticipation of chairing our audit committee, right, which is increasingly important as a U.S. listed company. And he's, you know, very, very well suited for that. So I know him. We've got very good chemistry. And he's very qualified. And so as we continue to round out the board, part of what we'll look at now is what is that matrix of roles that we need, right? I could imagine, for example, we don't have anyone on our board today that's a, you know, that comes out of the U.S. military. that spent time, whether it's in program management, logistics, whatever it might be. And my nature is I don't want someone involved titularly. I don't want someone involved for their name. I only want someone involved if they're going to be substantively involved. H.R. McMaster, I don't talk a lot about Lieutenant General H.R. McMaster. H.R. McMaster and I talk on a very regular basis. He's a very close friend. He's a close, trusted advisor. He's engaged actively with Amero. And so we'll look at that for the board. And I think that'll be, you know, part of what we look at is do we, invariably we'll add people to the board, but do we more broadly reconstitute the board to account for some of these U.S. issues relating to classified programs?

Thank you, Hank. Next one. So do we expect many opportunities to flow for meeting the FOCI requirements?

Yes, and what I said in the U.S. earnings comments that I made, and I underscored it, we are advancing multiple programs, plural, with multiple defense primes, plural, to qualify classified programs. And so the first step is to move forward to qualify those programs. After that, there's a process that you have to go through to get your facility as a secure facility, right, essentially a classified facility. And all this would be part of that review that I described. So, yes, if you think about what we're doing on the last page of the presentation, we have not announced the counterparties, and I'm not in a position to now, but I did have a logo on there for the U.S. Navy and the U.S. Air Force. So, you know, think submarine, think missiles, right? And those would be areas that you would expect that increasingly we would be involved over time.

Wonderful, Hank. Well, that looks like that's all the questions that have come through. I'm happy you want to just give some final comments on what investors can look forward to from a news flow perspective over the next sort of six to 12 months.

So first of all, I very much appreciate everyone, shareholders and other investors looking at Amero. It's an exciting time. You know, this is a year we always said would be an inflection point for Amero. It would be the year that we began to scale revenue. I think that is the case. We are glad to reaffirm $18 to $20 million guidance of this quarter. We equally feel good about going into FY27. I think we'll be well positioned with good visibility going into FY27. So stay tuned. Exciting time for Amero, and we very, very much appreciate all the investor support. Thank you.

Absolutely. Thank you all for joining us. And if we have missed any of your questions, please feel free to reach out via the contact details on the bottom of our ASX releases. We look forward to hosting you next time.

Thank you.