Good afternoon, everybody, and thank you for taking the time to join us today, talking about the pending transaction, the proposed transaction, to combine Clean Air Metals with Springbok Ventures, creating Dante Metals Corp. With me today, I have two gentlemen from Fiore, two partners, Ryan Weymark and Shawn Khunkhun , who will speak a bit to what Fiore brings to the table, what they are all about. With this presentation, I will be making some forward-looking statements, so please be aware they carry unknown risks and uncertainties. Investors are cautioned that be on the lookout for the circular, because that actually contains the specific items for related matters and perhaps what I am presenting today may not be 100% accurate. Please be on the lookout for that circular and that has all the information.
Real briefly about the deal structure, I did a presentation about a month ago, so this is a bit repetitive, but we announced the deal back in July 31st, and I have been working on the circular and some of the documentation since. What it is essentially is a three-cornered amalgamation between Clean Air Metals, and we have created a numbered subsidiary, and Springbok Ventures, which is a Fiore-backed shell. Clean Air Metals, for those of you on the call, you are probably very well. We bring the Thunder Bay North project, primarily platinum palladium, but significant amounts of copper, nickel, the TBN project to the table. Within our land package, we have three other prospective intrusions within those claims. Part of the deal, we do provide the executive management team to continue with the company post-transaction.
On the Springbok Venture side, currently there is an option on Maude Lake, and I will speak a bit about Maude Lake a little later. Beyond that, it is really the expertise of the Fiore Group, to support our new development strategy, and growth strategy for the combined company and the access to capital advisory services. They are really an incubator for junior mining companies, so we are very excited about that. When the amalgamation is done, the new company, Dante Metals, the goal is essentially creating a leading PGM development exploration vehicle within the Fiore Group of companies that really we see it being able to be positioned to take advantage of expected growth in PGMs. We all are aware of how copper is taking off and the fundamentals for copper are actually quite strong for a period of time here. Few things on the material transaction items.
I already talked a bit about the fact it is an amalgamation, the three-cornered amalgamation. There is a concurrent financing that goes along with it. Private placement of sub receipts for CAM. I speak to it a bit further, but all told, it is about CAD 6.2 million of gross proceeds. The consideration, so the Clean Air Metals shares, they will consolidate at a 10: 1 basis. Essentially one Dante share for every CAM share. Same ratio for options and warrants. The subscription receipts from the concurrent financing will be exchanged for a full Dante share. The Springbok shares on the other side of the transaction, they will be exchanged at a 0.9 of a Dante share. Those shares, most of those Springbok shares are subject to an escrow period following the closing of the transaction.
The amalgamation is executed under the BCBCA, the Business Corporations Act of British Columbia, and CAM will continue into BC prior to closing. Dante Metals is eligible or may be eligible to be a tier one mining issuer on the venture exchange. Part of this transaction is a revised stock option and DSU/RSU plan. The revision is essentially separating the two plans out and simplifying it and aligning it with what the other companies within the Fiore Group have in place. The concurrent financing, you might have seen some of the press releases. There are subscription receipts offered at CAD 0.50 a piece, raising a little over CAD 5 million. Then on the flow-through end, priced at CAD 0.55, closed for approximately CAD 1.15 million. Again, that makes up the CAD 6.2 million. As I mentioned, the receipts will convert to Dante shares upon completion of the amalgamation.
For the governance, the board, there are two Fiore board nominees post-closing. I will talk a bit about that within this presentation, and there are three Clean Air Metals nominees. As I mentioned before, the Clean Air Metals management team stays in place. There is a 1% advisory fee, as part of this to the Fiore Management & Advisory, 1% of adjusted market cap. So key conditions. Obviously the concurrent financing and the conditional approval, both of the concurrent financing is closed and conditional approval has been received from the venture exchange. Subject to shareholder approval, the estimate is this transaction would close by the end of November 2026. A little bit about the resolutions contained in the circular. The things that are being voted on as part of the special meeting of shareholders portion is obviously the transaction, so approving the business combination.
There is also a vote on the continuance of Clean Air Metals into British Columbia under the Business Corporations Act. The 10:1 consolidation, with the same ratio for options and warrants, will have to be voted on. The name change will have to be voted on as well, as well as the new slate of five directors on the Dante board. The regular business with an AGM would be obviously the appointment of the auditor, the amendments to the stock option plan, and amendments to the RSU DSU plan. As I mentioned, they were previously one single plan. We are splitting them in two and simplifying them. Hopefully within this presentation, I give you an understanding of why the Clean Air Metals board has unanimously approved this transaction and recommends that shareholders vote in favor of all resolutions.
The important thing also is that it is a condition of closing of this transaction that all resolutions be approved. If any one of the special meeting resolutions do not pass, the transaction does not go through. The resulting ownership at the end of this transaction. On closing, it is after the consolidation, 40.4% of Dante will be held by former Clean Air Metals shareholders, which represents about 25 million shares. That is the consolidation. 40.3% will be held by former Springbok shareholders, so that makes up another 25 million shares. Then the remaining piece is the investors as part of the subscription receipts, that is about 19.3%. With that ownership piece, there is CAD 6.2 million of. Sorry, the 19.3% represents CAD 6.2 million of money raised.
The participants, stable high net worth investors that are part of that, for the most part, are part of the Fiore network of people and companies that will be hopefully there, and I believe so. Shawn and Ryan will talk about it, but for future capital, and that is a big part of this is looking into the future. At the end, there will be about 62.5, 62 million undiluted shares at closing. If you look at where the financing was placed at CAD 0.50, we expect the initial market cap of around CAD 32 million post-transaction. You compare that to we have been stalled around CAD 12.5, CAD 13 million. Everyone can appreciate the Thunder Bay North asset was certainly undervalued. The crux of this presentation is about unlocking potential, so want to compare with what we are today with what we could be upon closing.
In terms of assets, we have Thunder Bay North. On closing, I did mention the option on Maude Lake, nickel copper PGE property. There are some pretty decent targets there. In the future beyond that, we are looking to be a growth vehicle. So we will look at other assets and see if there is anything that would fit within what we are trying to do within the new company. From the balance sheet, it has been a challenge.
We have negative working capital, for those of you who have been following for a while. We have a CAD 3.5 million put option from Rio Tinto Exploration that does weigh down our balance sheet. Then for on closing, with the CAD 6.2 million, we will have about CAD 6.4 million in cash, negligible debt, brings our working capital up to about CAD 3 million. So we have a bit of breathing room there. Board and management.
Yeah, the Clean Air Metals board of directors and management are in place, but with the new company, five directors, of which two are Fiore Group nominees. Also within the Fiore Group of companies and some of the advisory service, there is a potential for cross-pollination of skills and certainly the ability to attract new talent, having a little of a broader audience for the company. For backing, it has been working on our own to try and raise money. We are a standalone junior with one asset. But for the Fiore Group, they bring a platform. It is their network. They bring First Nations community engagement, capital markets expertise. They bring technical expertise to the table. So, certainly, as I said, a bit of an incubator for juniors here.
Then positioning, we are a single asset producer, and certainly in the future, we do see ourselves as a PGM critical minerals company and with a strong growth mandate. All told, the Thunder Bay North asset will be in a company that is designed and built to fund it and backed by a proven partner. A couple of things, and this is a bit of review, but to provide some context here about unlocking potential. Right now, if we talk about where we see the market cap at the end of the transaction, about CAD 32 million. You compare that to our PEA that was released around this time last year. On an after-tax basis, we had about CAD 150+ million of NPV. So, a substantial gap there. We are trading at about. Currently, if you look at currently, forget about CAD 32 million.
Currently, we are trading at less than 0.1 of that NAV. But if you use pricing that is a little more, January 6th on this slide, I like to use that, but the reality is prices have come off a bit. The spot for platinum is around CAD 1,650. That is still around CAD 350 million after-tax NPV on that same scope for the PEA. So big gap in value here, and we see this transaction as being able to unlock some of that. A bit about Thunder Bay North on the right-hand side, and we have 2.4 million platinum equivalent ounces in the ground on an indicated basis, with the current deposit 8.2 million tons. Really solid platinum, palladium grades, and copper grades, and I did not show nickel grades on here, but probably about 50% of the value is in platinum, palladium, and another third is about copper.
Well, with today's prices, it is probably even more. So huge potential, and the fact that we are undervalued would just make that potential even more. So that is on the pro, and that is a decent project development on its own. What I am more excited about is the potential at Escape down plunge. The reality is for us to prove that up would take a significant amount of capital that we were struggling to raise. So if you remember, we had the 50-m intersection drilled sometime last year towards the end of the summer. That was pretty much 50 m at resource grade. We have not had the opportunity to follow up on that. We have done some work on geophysics, but we need capital to make this a reality here on this Escape down plunge. So the stable capital is needed is for the exploration at Escape.
To advance the project, we want to get through advanced exploration, have the opportunity to do a bulk sample. We need to do a pre-feasibility study, move this project forward. Then regional growth. There are complementary assets in the region, and we do want to work on relationships with regional producers to have conversations about the potential for toll milling. Notwithstanding, we do want to do a study on a standalone basis. On Maude Lake, that comes along with the Springbok. The option for Maude Lake comes along with Springbok. It is about 200 km from the Thunder Bay North project in Schreiber, Ontario. It has 95 claims. There is some past work, and the most recent work done was in 2022 by Transition Metals, I believe, that identified multiple electromagnetic conductors that have not been followed up on.
There is an opportunity to move, to earn through a stage earn-in here. So about CAD 200,000, CAD 250,000 to spend at the first stage. Then there was a recent technical report completed that outlined about CAD 1.1 million of work that we may consider. We got to get our hands on this and see what we would like to do with it. But certainly, it does not hurt that it has untested, decent targets here. For management and board composition, as I mentioned, the management of Clean Air Metals will stay in place.
On the bottom, the four other board members, Dave Peck and John Mason, both Clean Air Metals board members. Dave has been invaluable bringing his expertise around Mid-continent rift magmatic intrusive geology. His knowledge is second to none. Then John Mason has got some great relationships in the Northwest. Understands juniors. He is a geologist, his background.
From the Fiore end, we have Ryan Brown. Ryan, a mining engineer, mine planning, but really evaluation expertise that we could really use to grow this company, and he's going to be a key member of the board. Ranj Pillai, that former Premier of Yukon, would certainly bring governance experience and governance on the board, but also how to work with external stakeholders and government and First Nations. Very strong slate for board members moving forward. I'll pass this off to, I believe, Shawn or Ryan, I'm not too sure. I believe it's Shawn, to talk a bit about a couple slides about the Fiore Group.
Sure.
There we go.
Yeah. I think Ryan and I, we'll do this together. I just want to start off by saying honored to be here. Honored that some of your largest shareholders and management are supportive of this transaction. I think it's a tough spot to be in when the asset's been under-capitalized and we see a big opportunity. We're really excited about this opportunity. I'll speak a little bit about Fiore for those who are unfamiliar with the organization. The Fiore Group, which is backed by our CEO, Frank Giustra, has built some of the largest companies in the mining industry. The largest name in the royalty space, Wheaton Precious Metals, which is a CAD 60 billion market cap, was built by the Fiore Group, as was Goldcorp, that merged with Newmont, Endeavour Mining, UrAsia Energy, Leagold. There's been a long history of success with the Fiore Group.
More recently, if I think of the office and I think of some of the recent success, the largest raise on the TSX Venture Exchange this year, StrikePoint Gold. It's a company that I'm the Executive Chairman of. I could speak to some of the work that I've done specifically in roles as management within the Fiore Group. I merged Dolly Varden Silver earlier this year with Contango Ore. It was a billion-dollar merger. This opportunity is near and dear to my heart. The new name of the company, Dante Metals Corp. Dante is my son's name, and so, not only myself, Ryan, Frank, some of the largest shareholders of the company, but there's something that goes beyond dollars and cents. We see a big opportunity.
We see an opportunity to put our name on something here and build a PGM company that will be the only PGM company within the Fiore umbrella. From a market standpoint, when I look at this industry, I see there's three main components companies need to move forward. You need the project, which this has, you need the people, and you need the dollars. The company's under-capitalized. We're going to bring capital. We're going to bring marketing. We're going to bring all the money that's going to be needed in the future. Because we're aligned with you and we're equally going to own as much as the pro forma company as the existing Clean Air shareholders, we're incentivized. We're aligned. There's total alignment here. Frank, myself, Ryan, we're all participating in this financing in a material way and are going to be material shareholders going forward.
At the Fiore Group in the office here in Vancouver, we have a staff of 100 professionals. 75% of those are technically oriented. We've got a team of over 50 mining engineers, over 20 geologists. The rest of the group is made up of capital markets professionals like myself. We understand what it takes to deliver shareholder returns, shareholder value. I think the other component here that goes beyond technical project and money is the social aspect. I think one of the things that separates the Fiore Group from many other in the business is the work we've done with Indigenous communities. We built Selkirk Copper Mines, which Ryan was lead on. That's an example of where the Selkirk First Nation took a CAD 7 million investment that today has a CAD 50 million market value in less than 12 months.
We can show you a number of cases, if you maybe go to the next slide, where we have delivered what's the most important thing here, which is the return from investors. Whether it's the tenfold increase in a company like Aris Mining that's gone from a CAD 500 million company to a CAD 5 billion company in two years. Copper Giant came into our office, much like Clean Air, came into the Fiore office at a CAD 2 million valuation. That is a great example of where we put our energy, our focus, we're able to create hundreds of millions of dollars of value. We did the same thing with Argenta Silver. We bought the El Quevar asset for $3.5 million U.S. Within a year, the company had a $300 million market cap.
We've got dozens of examples just in the last 36 months of where we've brought a billion dollars to businesses. We've created multi 10x returns for investors. The differentiator here and the opportunity is this is the only PGM company that we are focused on. We've got a path to build value with the drill bit through M&A, and we think this is an incredibly undervalued opportunity, and that's why we're getting involved. It's why we're putting our team on the board. We're going to work closely with management, and it's why we've put our own investment dollars at risk.
Thank you, Shawn. A little bit about the path forward here.
Mike, before we-
Oh, yeah, sure.
-move forward, I just would not mind, it was actually Ryan Weymark that brought the opportunity to the office and it is Ryan that brought in the Madsen opportunity in West Red Lake. It was Ryan that brought in the Minto opportunity, which is Selkirk. Selkirk has gone from a CAD 0.28 private company to over CAD 2 a share within 12 months. Ryan has really been one of the lead technical individuals within the group that has been identifying opportunities that has led to some of the biggest returns. Maybe, Ryan, you want to just say why this opportunity, and why we are coming here, and why you picked this one?
Yeah. I will try not to repeat much of what you have said. At the end of the day, we spend all of our time looking for opportunities where we feel there is a large disconnect between the value the market is giving an asset and where we think the market should be valuing an asset. Clean Air was one where that discrepancy was significant. We approach these very much from a technical-first perspective, so we like to get behind assets that we feel will be mines. This is certainly one that passed our extremely high technical standards. Shawn mentioned we have a very deep bench of technical individuals from geology through to mining engineering, processing, mine building, permitting. The opportunity was far too great to pass up.
We look at probably 100 opportunities a year, and we look to transact on two to three a year. I think that is important to understand that we have an abundance of opportunities, and we are very selective over what we put our names behind. Obviously, the fact that Shawn is putting his own child's name behind the company should obviously speak to the fact that this is something that is going to be important to us. I think with all the names that we have been involved with, Shawn and I have been partners in the Fiore Group for four and a half years now. If you look at all the companies that we have started, we have supported them along the way. A company like West Red Lake, the initial financing, I believe, is about CAD 35 million.
We have raised, I do not know what the net total number is, CAD 150+ million in total for that company over the last number of years. That asset has gone from insolvency protection process to a commercially producing cash flow positive asset. So we are here for the long run. We are here to make this thing big, and yeah, very excited to be in this with all of you.
The last thing before we turn it back over to Mike. For all the shareholders, we at the Fiore Group have what I think is a very unique position when it comes to shareholders and a unique philosophy. We want to hear from you. You bought into a great asset here, and we too see it. We want to get to know you, and we want to work with you. One of our CEOs, Colin Joudrie, who is leading Selkirk, who worked for Teck for 30 years as VP corporate development, what he really celebrates about being within the Fiore Group is that philosophy. How we have teams here that communicate with shareholders, that are out building new relationships with both retail, high net worth, and institutional shareholders.
We've got an organization, we've got really what I would describe as an algorithm that's built that delivers top ROI for you in every aspect, from project spend to communication spend. We want to work with you to unlock the most value here. You're our biggest advocates for this project. It was important for Ryan and I to get on this call, to meet you, and to let you know that we want to talk to you, we want to hear your concerns. This is going to be a long journey, and there's going to be ups, there's going to be downs. I think the reason we've been successful is been very sober and transparent as we get to those successes, but also the other hurdles. Again, it's a great opportunity that we see here.
We're just delighted that your largest shareholders have already endorsed this and will be voting in support of this. We've got unanimous support from the board and from management.
Thank you, Shawn, Ryan. I'll talk briefly about what things look like going forward. We've divided the work into two phases here. Phase one, we've been talking a bit about this first phase of drill program at the Down Plunge. About 2,500 m, it's the follow-up on the 50-m intersection, and there's some deep-seated geophysics we'd like to do at Escape that's similar to what has been done at other mid-continent rift deposits. We want to complete advanced exploration design work. That would include design of the ramp, design of surface infrastructure. We'd like to ramp up discussions with potential processing partners. There's a few in the region that we'd like to further develop a relationship with. Phase one would look at developing a program for Maude Lake. As I mentioned before, look at some potentially available assets in the region that would match this growth strategy.
We already have a little bit of government funding in place to further assess toll milling and ore sorting that would support the next level of study for the asset. In phase two, obviously the exciting thing would be a larger follow-up drill program, 10,000 + meters focused on the down plunge. Get the closure plan completed for advanced exploration. Potentially execute a phase one program at [inaudible] or we'll see where we sit with other potentially available assets, and look at an execution of one of the—a transaction on one of these assets. We'd like to get to an MOU, particularly in discussions about processing a bulk sample. Most importantly, is advance the next stage of technical study for Thunder Bay North.
With the recapitalization of the company, we have this slide on use of proceeds here, and I am not necessarily going to go through each piece, but essentially this CAD 6.2 million gets us through phase one of drilling and started on phase two and the Escape down plunge, and gets a bunch of permitting and development work done for the advanced exploration program. If there was concern about Thunder Bay North not being the priority, about 95% of this concurrent financing is focused on advancing this asset. As Shawn and Ryan said so eloquently, it is undercapitalized and undervalued. This is a bit of a shot in the arm for the asset. Then we have some timelines here. We are going to post this presentation on the website, so I am not going to go through each of them.
We have covered a two-year window here looking at some of the main items related to Thunder Bay North, across exploration, advanced exploration, project development. All told, look, a two-year window, we are somewhere in the neighborhood of about CAD 60 million that we have planned out. Again, you have seen it a couple spots here. It is subject to the review by the new board of Dante Metals Corp. Obviously, that board has not been able to convene and will not convene until following the potential approval of the transaction. Nonetheless, we have been on the side doing some planning of. We are excited about this financing and the future for the company. We put a little bit of work into this to give shareholders an understanding of what we are going to try and do over the next two years.
Some of the key, we will call it milestones, targets, things to look forward to. 2027, obviously the rebrand. Establish a steady state. Regular work at Thunder Bay North, primarily around drilling the Escape down plunge, but also work on advanced exploration permitting, work on a closure plan, an MOU for toll milling or for toll milling a bulk sample. The other thing I did not really talk about is there are other options for an alternate path for this put option with Rio Tinto that we would like to look into, that would be a huge benefit to the balance sheet. Obviously, we have looked at over 100 assets in the past three years in the region and farther afoot, and really what the ideal case would be to find something that has a resource-ready base that we could transact on.
Ultimately, if I had to put a number on it, we would like to exceed about CAD 60 million market cap. The CAD 50 million is the benchmark for attracting institutional investors and, as Shawn said, Fiore Group does have the ear of a lot of institutions that we would help finance this phase two, the larger drill program and the like. 2028, it is about finishing the Escape phase two, and a potential resource update if the results are as we would like them to be. Could see an inferred resource there. Advancing of a pre-feasibility study for Thunder Bay North. Some construction activities, which include a 6-km access road in the advanced exploration site. Then, as part of our 43-101 technical report we finished at the end of last year, would involve an in-field drill program as recommended for the current deposit. Circling back to the board recommendation.
For our board, they have been at this for a while now. We had the mandate to address the challenge of raising money in difficult markets and the fact that we were struggling getting any momentum in spite of a very positive PEA and positive drill results. The special committee had met twice monthly for about 18 months, looking at alternatives and this ultimately is the culmination of that. The board looked at what you heard here, looked at what Fiore could bring to the table and ultimately unanimous support for this transaction. Again, we had a great asset, but that is not enough, right? Advancing this needs consistent access to capital and a platform that is purpose-built to raise it. As I mentioned, the board has unanimously approved this transaction.
We recommend that shareholders vote in favor of all the resolutions. Again, I will state again, it is a condition of closing that all resolutions be approved. Key dates. The record date for shareholders was September 18. If you are a shareholder before that, you are eligible to vote October 21, which is today. The circular will be sent out to all shareholders. If you do not receive voting materials, please reach out to Mia. The email is also on our website. This will be posted on the website. Then our AGM, the November 13 deadline for receipt of the proxies and the start of the special meeting, which is at 11:00 A.M. Eastern Time. We should be back on Standard Time by then, on November 13. With that, I think, Mia, I think we have time for a couple of questions here.
Thanks, Mike, and thanks everybody. I think it is pretty clear what Fiore brings to the table, and I think we are all very excited about what lies ahead. A few questions here for you, Mike, and the rest of the group. How will management prioritize investment between Thunder Bay North and Maude Lake option, and the potential other acquisitions, particularly if capital becomes constrained?
Yeah. We tried to get that across in the presentation, but it is worth restating that the primary driver for growth for this company and the new company clearly will be Thunder Bay North. It is important we hit some of these, get the down plunge drilled, advance the project in terms of study and even advanced exploration. Those are going to be the real value drivers, and frankly, cost the most money. So, in that medium term, those are the drivers to get our market cap up. But notwithstanding, we will look at Maude Lake and see if it is worthwhile to drill some of those targets off. We will look at those EM conductors and frankly, creating value through M&A, through looking at other assets. We will see where those opportunities come up and if they actually create value for shareholders.
But yeah, it's very evident that Thunder Bay North still is the priority.
Excellent. Another question, does this transaction impact relationships with local Indigenous communities that Clean Air Metals had established in the past?
Shawn did touch upon Fiore's view and how they operate with respect to communities, right? He brought up the example of Selkirk Copper. For those of you who want to look up Nations Royalty, it's a Fiore-backed, Indigenous-led royalty company. So very much aligned with Clean Air Metals in that working with communities is fundamental of how they work. We've worked very hard over the past six years to develop relationships in the region, and we'll continue to do so. It's an ever-evolving effort, but we do maintain open dialogue. We're always looking for opportunities with the communities to actually participate meaningfully. If you look at this injection of capital and potentially the acceleration of work at the site, there's opportunities for the communities to be involved and participate.
I don't want to speak for them, but in general, they're very excited to see the project move forward. Yeah, to answer the question, no, I think, if anything, having the Fiore Group as partners can only enhance that.
And final question. I know you've outlined what our shareholders will have to vote on at the AGM on November 13. I'd put it out to you again to say, what is the case and the support for it, and what is the risk if shareholders do not vote in favor of this amalgamation?
Yeah. I'm hoping that the shareholders are excited about the opportunity in front of them, albeit no one's excited about a consolidation. But when you look at this as a whole from where we currently are to where we could potentially be, and having partners that have stake in the game and that bring us along to potentially create some significant value, I think you could be excited about it. Now, I don't want to dwell on what could happen, but you've seen the numbers on what has to be raised to move this project forward. And considering our current situation, negative working capital. We struggled to raise CAD 1 or CAD 2 million, and if we have CAD 60 million in front of us, it's a tough road ahead.
Obviously, if the transaction does not go through, we'd have to take a hard look at what the next steps are to really advance this project. And albeit, clearly not at the same pace it would with this transaction moving forward.
Mike, the only thing that I'd add on our side here, and Ryan, you're welcome to chime in as well. You have to balance the dilution, and the key word is accretive. This is an accretive transaction. And there's a lot of exciting things that are going to be revealed if and when this vote goes through. We have some very exciting plans. I'm very, very happy with the book of investors. All are strategic, all are value add. They're the same investors that have worked with us to build companies from the tens of millions to the hundreds of billions, and in some hundreds of millions, and in some cases, billions. But what we're looking forward to here is the value proposition we're going to be positioning in the market is we've got an economic study that's pointing to CAD 500 million NPV.
When we come out of the gate here, we are coming out with a CAD 30 million market cap Canadian. Minus the cash, we are talking about a CAD 25 million enterprise value. There is an easy 5x opportunity if we trade in line with our peers. Historically, Fiore companies traded a premium to their peers. I think unfortunately, what you have to look at is, if you continue to do what you have been doing over the last few years, is it going to give you a different result? We have seen a historic move in the commodity market in terms of the equities in 2025. GDXJ was up 200%. That does not impact Clean Air, because we are not institutionally relevant today. We are trying to make this company larger.
We are trying to make it institutionally relevant, so that when the market does pulse up, we benefit alongside and actually outperform the peer group. We think this is, again, I go back to your largest shareholders are supportive and are voting in favor of this transaction, as is your management team and as is your board. We think it is accretive, and we think it is, as Ryan said, we see 100 deals a year. We pick two or three. We have chosen Clean Air to move forward. We are excited about it. If we do not move forward in the right manner here with the vote, I cannot promise that we will be back in 2027 to go through this exercise again.
Thank you, Shawn. Thank you, gents. I think that is it for questions. I think I will just repeat what Mike said. If you do not receive your mail-in information, please get in touch with me. If you have additional questions, and to just reiterate what Shawn said, please send us your questions, feel free to call. We will answer to the best of our abilities, and we are always there to answer any concerns or questions that you may have. Thank you very much, gentlemen. Thank you to everybody who attended, and please be well, and we will see you on November 13th.
Thank you all.
Thank you.