AGORACOM Small Cap CEO Interviews

Power Metallic Mines has moved its Lion Zone from a high-grade discovery into a formally defined mineral resource. On September 8, 2026, the company announced an inaugural NI 43-101 Mineral Resource Estimate prepared by SGS Canada. Lion now contains approximately 4.75 million tonnes grading approximately 3.9% copper equivalent, representing approximately 406 million pounds of contained copper equivalent. More than 85% of the resource tonnes are classified as Indicated.

High-grade mineralization begins at surface, approximately 59% of the resource tonnes are contained within a conceptual open-pit shell, and the deposit remains open at depth. Power Metallic is now assessing engineering proposals for a Preliminary Economic Assessment while five drill rigs continue working across the broader Nisk property.

WHAT YOU NEED TO KNOW

• 406 Million Pounds CuEq: Lion contains 4.145 million tonnes Indicated at 3.86% CuEq and 601,000 tonnes Inferred at 4.01% CuEq, representing approximately 406 million pounds of contained copper equivalent.

• More Than 85% Indicated: More than 85% of Lion’s resource tonnes are classified as Indicated, providing a higher level of geological confidence than an Inferred resource.

• High Grade From Surface: Approximately 59% of the resource tonnes are within a conceptual open-pit shell grading 3.45% CuEq. The underground resource grades 4.71% CuEq in the Indicated category and 4.34% CuEq in the Inferred category.

• Strong Preliminary Metallurgy: Two locked-cycle tests completed by SGS Canada returned copper recoveries of 98.9% and 98.3%, producing copper concentrates grading 25.8% and 25.4%, respectively.

• Expansion Remains Open: The resource model extends beyond 600 metres vertically. Power Metallic reported that deeper holes drilled after the MRE cut-off intersected visible copper mineralization below the modelled zone, with assays pending.

WHY THE RESOURCE MATTERS

Exploration results can demonstrate that mineralization is present, but a Mineral Resource Estimate begins to define how much may be present, at what grade and with what level of geological confidence.

That is the significance of Lion’s inaugural estimate.

CEO Terry Lynch described the objective as “raising the floor.” In practical terms, the MRE replaces part of the project’s geological uncertainty with independently prepared estimates of tonnage, grade and contained metal. The potential expansion beyond the current resource remains to be demonstrated through drilling and future resource updates.

16 BILLIONAIRES

During the interview, Lynch said 16 billionaires had joined Power Metallic’s shareholder register. He named Robert Friedland, Rob McEwen, Gina Rinehart and Eric Sprott among the prominent mining investors associated with the company.

Lynch also said that he and his family own approximately 14% to 15% of Power Metallic.

The involvement of experienced mining investors does not eliminate exploration, financing, permitting or development risk. It does, however, add a notable strategic dimension as the company advances Lion from resource definition toward economic evaluation.

INVESTOR TAKEAWAY

Power Metallic has delivered a significant technical milestone at Lion: approximately 406 million pounds of contained copper equivalent across 4.75 million tonnes grading approximately 3.9% CuEq, with more than 85% of the resource tonnes classified as Indicated.

The resource begins at surface, approximately 59% of its tonnes fall within a conceptual open-pit shell, preliminary locked-cycle testing returned copper recoveries above 98%, and the deposit remains open at depth.

Five rigs continue drilling across the Nisk property, deeper Lion assays are pending, and the company is assessing engineering proposals for a PEA evaluating potential development scenarios involving Lion and Nisk.

The current resource defines what has been established. The drilling now underway will test how much larger Lion could become.

Graphite has powered lithium-ion battery anodes for decades, but its capacity has limits. Silicon can theoretically store more than ten times as much lithium, yet its expansion during charging has made commercial use difficult. HPQ Silicon’s strategic partner Novacium has spent years addressing that challenge. Now, its silicon-based technology is being evaluated with material from an established graphite producer.

On September 10, 2026, Novacium announced exploratory technical work with Tokai COBEX Savoie, part of Japan’s Tokai Carbon Group. The companies will evaluate combining Novacium’s high-capacity silicon-based material with Tokai COBEX’s 99.99% purity, low-carbon synthetic graphite.

If successful, the work could support a high-performance, lower-carbon anode material designed and potentially produced in France. HPQ holds a 36.8% equity interest in Novacium.

• Industrial Partner: Tokai COBEX brings established carbon and graphite manufacturing experience, with French operations that have expanded into battery graphite.

• European Supply Chain: The companies are evaluating a combination of French-produced synthetic graphite and Novacium silicon technology that could contribute to a more integrated European battery supply chain.

• Proven Performance: GEN3 enabled 18650 cells to average 4,030 mAh and retain more than 3,000 mAh after 1,000 cycles. GEN4 later enabled 21700 cells to average more than 6,600 mAh under standard testing.

• Commercial Progress: Novacium has received an order for GEN3 battery packs intended for FPV drones destined for a French Army regiment and delivered 30 custom packs to three European drone manufacturers for final-stage evaluation.

Graphite has a theoretical capacity of about 372 mAh/g versus approximately 4,200 mAh/g for silicon. The problem is that silicon can expand by more than 300% during charging, potentially damaging the anode and reducing battery life.

Novacium’s approach is designed to add silicon-based material to predominantly graphite-based anodes, increasing capacity while addressing durability.

The Tokai COBEX program will now evaluate compatibility, performance and economics using its specific synthetic graphite.

Novacium has progressed from developing silicon-based anode materials into cells and custom battery packs, producing measurable performance results, certifications, customer evaluations and an initial defence-related order.

Tokai COBEX introduces a different potential pathway: working with an established graphite producer rather than entering graphite production independently.

CEO Bernard Tourillon said licensing and joint ventures could eventually represent possible business models, although no commercial agreement with Tokai COBEX has been announced.

“As graphite-based anode materials approach their theoretical capacity limits, integrating silicon-based materials represents one of the most promising avenues for enabling graphite manufacturers to offer higher-performance anode materials.”

This is not yet a commercial contract. It is an exploratory technical program, with no assurance it will result in production or commercialization.

What matters is who is evaluating the technology and why.

An established graphite producer is testing whether its synthetic graphite can be combined with Novacium’s silicon-based material to create a higher-capacity, lower-carbon anode solution.

For HPQ, this adds another potential commercialization pathway alongside ENDURA+ cells, custom battery packs and silicon-based anode materials.

The next question is straightforward: Can the technical compatibility and economics justify moving from evaluation to a formal commercial relationship?

WHAT YOU NEED TO KNOWWHY GRAPHITE NEEDS SILICONANOTHER COMMERCIAL PATHWAYINVESTOR TAKEAWAY

Mine tailings are usually viewed as the unwanted end of the mining process. They can remain behind for decades, generate acid drainage and create environmental liabilities, yet some still contain gold, silver, copper and other metals that older processing methods may not have recovered. BacTech Environmental is building its strategy around that overlooked opportunity. Its explanation is memorable: “Our Bugs Eat Rocks.” Using naturally occurring bacteria, the company’s BACOX® process breaks down sulphide minerals, releases valuable metals and stabilizes arsenic. The process has already been used at four commercial plants built under licence. In a wide ranging interview with AGORACOM, CEO Ross Orr explained how BacTech intends to combine owned operations, funded evaluations and potential licensing relationships as it pursues opportunities across multiple jurisdictions.

WHAT YOU NEED TO KNOW

Commercial History: BACOX® has been used at four commercial plants built under licence, providing an established technological foundation for BacTech’s strategy.

Ecuador Catalyst: BacTech’s planned 50 tonne per day Tenguel facility is fully permitted but remains dependent on financing. Orr identified securing the required capital as the principal challenge facing the Ecuador project.

Peru Initiative: BacTech has established BacTech Verde Peru S.A.C. to review the government’s inventory of historic tailings and identify potential opportunities involving gold, silver and copper.

Kazakhstan Evaluation: Di As is funding a three stage program valued at approximately US$350,000 to US$425,000 to evaluate BACOX® on historic sulphide tailings. No plant or production decision has been made.

Zero Tailings™: BacTech is developing a patent pending platform intended to produce additional products such as magnetite, ammonium sulphate fertilizer, silica and other metals. The complete process has not been commercially proven.

STRATEGIC IMPLICATIONS

Arsenic is one of mining’s most difficult processing challenges. Concentrates containing elevated arsenic can face substantial penalties and limited buyer interest. That creates BacTech’s specialized opportunity because BACOX® is designed to oxidize the sulphides holding the metals while converting arsenic into a stable form.

Orr compared the sulphides to mortar holding together a brick wall. Once bacteria break down that structure, the metals are released and can be recovered using conventional methods. For historic tailings, much of the crushing and grinding may already have been completed. The material can potentially be reprocessed through flotation to isolate a smaller sulphide concentrate containing the recoverable metals. That concentrate can then enter the BACOX® process before gold and silver are recovered as doré.

INVESTOR TAKEAWAY

BacTech is pursuing a global strategy around material most mining companies would prefer to avoid. BACOX® brings commercial operating history, Ecuador offers a fully permitted project awaiting financing, Kazakhstan provides a funded international evaluation, and Peru creates a new initiative to identify potential tailings opportunities.

The next test is execution. Key milestones include securing financing for Ecuador, advancing the Kazakhstan program and moving Peru from inventory review toward specific targets and test work.

If those milestones are achieved, BacTech could begin transforming its bioleaching experience into a combination of owned processing assets and potential licensing relationships. That is the larger story behind BacTech’s bugs eating rocks: using biology to recover value from difficult material while addressing one of mining’s longest standing environmental challenges.

What if one of the biggest limits on artificial intelligence is not computing power, but the electricity needed to run it? Data centers require enormous amounts of dependable power, often where the grid cannot deliver it quickly enough. American Fusion believes its Texatron™ Fusion Engine™ could eventually provide electricity directly at a customer’s site, reducing reliance on existing grids

Executive Chairman Brent Nelson told AGORACOM that American Fusion has taken delivery of a physical 5 MW preproduction system and commissioned 10 MW and 20 MW systems with its Texas fabricator. Texas has also authorized the company to test 12 planned Texatron sizes, ranging from approximately 500 kW to 1 GW. These are intended sizes, not demonstrated output. The company’s next goal is to prove through documented testing that Texatron can produce and capture enough energy to turn it into usable electricity. Nelson referred to this milestone as reaching “unity or beyond unity.” Management hopes to achieve this goal by the end of 2026, depending on testing progress and continued access to the Texas Tech University facility.

WHAT YOU NEED TO KNOW

• Testing Authorized: Texas has authorized American Fusion to test all 12 planned system sizes. This allows testing to proceed but does not confirm that the technology can produce commercial electricity.

• Larger Systems Planned: The company has taken delivery of its 5 MW preproduction system and commissioned 10 MW and 20 MW systems.

• 2027 Commercial Target: Management hopes to deploy a test unit in 2027, with commercial production and electricity sales potentially beginning that year if testing is successful.

• Power Sold On Site: American Fusion plans to install its systems at customer locations and sell the electricity generated under power purchase agreements rather than selling the systems themselves.

• Cleaner Fusion Goal: Texatron is designed to combine two specialized fuels called deuterium and helium 3. Nelson said the main result would be helium 4, the type used in balloons, rather than long lasting radioactive waste. He acknowledged that some secondary reactions could potentially produce neutrons.

WHY IT MATTERS

Electricity consumption is accelerating across data centers, manufacturing, transportation, and other sectors, creating a supply gap that AMFN’s Texatron™ Fusion Engine™ is designed to address with reliable, scalable power generation.

Bipartisan support for domestic energy production, energy security, and advanced nuclear technologies is creating a favorable environment for fusion energy development.

American Fusion is already speaking with several major technology and data center companies. Nelson characterized its outstanding proposals as having a potential combined value in the tens of billions of dollars. These are proposals, not completed agreements, and prospective customers are waiting for further test results.

INVESTOR TAKEAWAY

American Fusion now has physical equipment, authorization to conduct testing across its planned system range, a relationship with Texas Tech and a fabricator involved in larger systems.

The most important milestones remain ahead. The current testing program has not yet demonstrated unity, usable electricity or commercial operation. If American Fusion can produce repeatable results and convert the energy into usable power, it would represent a potentially significant step toward commercialization.

Most junior gold explorers begin with a geological theory, while Falcon Gold Corp. (TSXV: FG | OTC Pink: FGLDF) begins with more than a century of evidence. Its 100% owned Central Canada Gold Project near Atikokan, Ontario, has seen shafts, underground workings, historical milling and modern drilling that returned visible gold and several high grade intersections. Falcon has now received an exploration permit for up to 20 diamond drill holes totalling approximately 2,500 metres, setting the stage for the company to test how much of that known mineralization may connect. The project sits approximately 20 kilometres southeast of Agnico Eagle’s multi million ounce Hammond Reef Gold Project. Proximity does not mean the same mineralization exists at Central Canada, but it places Falcon within an established gold district where geology, infrastructure and decades of exploration provide a meaningful head start.

WHAT YOU NEED TO KNOW

• Permit Secured: Falcon is permitted for up to 20 diamond drill holes totalling approximately 2,500 metres.

• High Grade Results: Previous drilling returned 10.17 g/t Au over 3.0 metres, 18.6 g/t Au over 1.0 metre with visible gold and 2.8 g/t Au over 7.5 metres.

• Historic Development: Work completed between 1930 and 1934 included 1,829 metres of drilling, a 45 metre shaft, underground workings and a 75 ton per day gold mill.

• Conceptual Target: Falcon has outlined approximately 500,000 to 1.2 million tonnes grading 8 to 12 g/t Au. This is a conceptual exploration target, not an NI 43-101 mineral resource, and further drilling is required.

• Infrastructure Advantage: Year round road access, power and existing regional infrastructure can help direct more of the exploration budget toward drilling.

• Expanded Position: Falcon has optioned the 156 claim West Hammond Contact Property, covering approximately 3,068 hectares within the broader district.

STRATEGIC IMPLICATIONS

The central question is no longer whether gold is present. Historical work and Falcon’s 2020 and 2021 drilling have already answered that. What remains unknown is whether the identified zones belong to a larger connected system with enough continuity, width and scale to support a defined resource.

Management estimates that only approximately 20% of the project has been explored across a geological trend extending roughly 20 kilometres. Previous drilling reached approximately 300 to 350 metres, with the mineralized system described as open at depth and down dip.

The upcoming program is therefore about more than producing another high grade intercept. Falcon intends to test continuity between known zones, assess how wide the mineralization may be and determine whether it extends farther north, south and at depth.

CEO KARIM RAYANI

“We have the history, we have the results, we have the infrastructure, and now we just gotta build this out.”

INVESTOR TAKEAWAY

Management identified Q1 2027 as the realistic target for commencing drilling, subject to contractor availability and scheduling. The program is expected to take approximately three weeks, followed by an estimated two to three months for assays, creating the potential for initial results around Q2 2027 depending on laboratory turnaround times.

Falcon is not asking investors to imagine gold on a blank map. It is returning to a historically explored project with modern results, existing infrastructure and a permitted drill program that could begin answering the most important question surrounding Central Canada: how much of the gold system can Falcon connect?

For decades, interacting with a business online has meant learning how that business wants you to interact with it. Open the website. Find the right menu. Fill out the form. Navigate multiple screens. FOBI AI believes that model is beginning to change.

The Company has launched AgenticBrain, an agentic conversational platform designed to let customers interact with businesses using natural language through familiar messaging environments including WhatsApp, iMessage, Telegram and other supported platforms. Instead of asking customers to figure out where to click, AgenticBrain is designed to understand what they want and connect that request to the company’s existing systems. It is also the latest component of the FOBI Flywheel, connecting FORTRESS, FIXYR and AltID 3.0 into what management is building as one connected enterprise technology ecosystem.

WHAT YOU NEED TO KNOW

• API Integration: AgenticBrain is designed to connect with existing enterprise APIs rather than requiring companies to replace their underlying infrastructure. Management says integration timelines can potentially be measured in hours or days rather than months.
• More Than a Chatbot: The platform is designed not simply to answer questions, but to access authorized systems, retrieve information and complete permitted actions.
• Identity and Authentication: AltID 3.0 is designed to provide identity, authentication and trust within the broader system.
• Flywheel Opportunity: An AgenticBrain deployment can potentially create additional opportunities for FORTRESS, FIXYR, AltID 3.0 and eventually FOBI’s planned next generation wallet.
• Enterprise Licensing Focus: CEO Rob Anson identified licensing as what management sees as its biggest path to scale, with channel partner enablement expected to play an important role in reaching the enterprise market.

FROM CLICKING TO ASKING

The easiest way to understand AgenticBrain is through a simple example. Today, changing a flight can require opening an airline app, logging in, finding the booking and navigating multiple screens. AgenticBrain is designed around a different experience. A customer could simply say, “Reschedule my flight to next Thursday.” The company’s systems can provide the available options, identity and authorization can potentially be confirmed, and the appropriate action can then potentially be completed through the same conversation.

This is also where FOBI’s broader Flywheel becomes easier to visualize. FORTRESS provides sovereign enterprise intelligence. FIXYR provides communication and orchestration. AltID 3.0 provides identity, authentication and trust. AgenticBrain provides the conversational layer connecting customers to those capabilities, while FOBI’s planned next generation wallet is intended to eventually provide the user layer for tickets, credentials, memberships and other digital assets.

What matters for shareholders is that these are no longer being presented as separate technology launches. They are increasingly being positioned as parts of one connected system.

BUILT FOR PEOPLE AND AI AGENTS

Management believes the opportunity extends beyond people talking directly to businesses. As consumers increasingly delegate tasks to personal AI agents, those agents will also need ways to interact with businesses.

INVESTOR TAKEAWAY

AgenticBrain gives investors one of the clearest examples yet of how FOBI intends its recent technology launches to work together. The platform is designed for enterprises across travel, hospitality, ticketing, retail, financial services, telecommunications, healthcare, utilities and government services, with potential recurring revenue opportunities including enterprise licensing, deployments, conversational usage, integrations and transaction enabled services.

For shareholders, the question is increasingly straightforward: can FOBI turn this connected technology ecosystem into enterprise customers and recurring revenue?

One commercial order can establish credibility. Three parallel final stage evaluations can show whether that credibility is beginning to spread. Just over a week after Novacium received its first commercial order for silicon based battery packs destined for drones for a French Army regiment, HPQ and Novacium are now advancing battery evaluations with three separate European drone manufacturers. Each manufacturer has received 10 custom configured battery packs for final stage evaluation, moving the story from a single defence order to three separate late stage evaluation programs.

WHAT YOU NEED TO KNOW

• Three Final Stage Evaluations: Three European drone manufacturers have each received 10 custom configured battery packs. CEO Bernard Tourillon said final stage evaluation can include static ground testing followed by operational testing, depending on the customer and application.

• Timeline Measured in Weeks: Asked whether HPQ expected these evaluations to take weeks or months, Tourillon answered “weeks,” while making clear that the final timing remains in the customers’ hands.

• European Beachhead: HPQ and Novacium have used Europe to establish initial market credibility, first through the French Army related order and now through broader manufacturer evaluations. Tourillon said the objective is to build credible customer references that can open additional doors.

• Moving Up The Value Chain: HPQ and Novacium began with silicon anode material, but the strategy has evolved toward selling complete battery packs tailored to specific drone requirements. Tourillon said the company believes this higher value product approach offers greater commercial potential than selling material alone.

• North America Comes Next: Tourillon described North America as being at the “starting line,” but said the European experience has helped define the commercial approach. With the first order now secured and more batteries in testing, he expects North American outreach to become more aggressive.

STRATEGIC IMPLICATIONS

The immediate story is not that three new orders have been secured. They have not. The significance is that three separate manufacturers have moved far enough through the process to request custom battery packs for final stage evaluation.

CEO BERNARD TOURILLON

“It creates credibility for the North American license that we own of the technology. It creates credibility on the material we’ll be able to offer. It creates credibility in what we’re doing.”

INVESTOR TAKEAWAY

Last week, Novacium crossed an important threshold with its first commercial drone battery order. Today’s interview suggests the next phase is about proving that result can extend beyond one customer.

Thirty custom battery packs are now in the hands of three European drone manufacturers for final stage evaluation. Tourillon said he expects the final stage evaluation process to be measured in weeks, although conversion to orders remains dependent on the customers and their individual testing processes.

If those evaluations progress successfully, the importance could extend well beyond Europe. Tourillon repeatedly emphasized credibility. European technical evaluation, combined with the first commercial order, can build credibility and provide important reference points as HPQ prepares for a more aggressive push into North America, where HPQ owns the North American licence to the technology. For investors, the milestone to watch is straightforward: whether these late stage evaluations can ultimately progress to product qualification and commercial orders.

Sometimes the most important exploration result is not simply the grade. It is when new data begins to change the geological thesis.

That may be happening at Maverick Gold and Silver’s Jericho project in Nevada.

Maverick entered Jericho as a gold and silver story supported by historical workings and assays. After completing its first systematic sampling program using its own geological team, modern laboratories and current standards, VP Exploration Ian Foreman is now describing the project differently.

“We are now coming to a realization that Jericho is a silver property with gold.”

Maverick reported silver values up to 644 g/t at Tempa and gold values up to 7.21 g/t at President’s, with multiple silver assays exceeding 300 g/t. Foreman also said silver to gold ratios are consistently above 300:1 and can exceed 1,000:1, meaning that in some samples the silver grade was more than 1,000 times the gold grade. The team is still working to understand what those unusually high ratios mean geologically.

High Grade Silver Confirmed: Silver reached 644 g/t at Tempa and gold reached 7.21 g/t at President’s, with multiple silver assays exceeding 300 g/t.

Approximately 2 KM Of Mineralization: Helen has been traced for roughly 800 to 900 metres and Tempa for another approximately 800 metres along trend. The August 25 release reported continuity of mineralization along approximately 2 kilometres of strike length.

250 Metres Of Vertical Exposure: Maverick has approximately 250 vertical metres of exposure from the bottom of Helen to the top of Tempa. Foreman said this indicates a strong, long lived mineralizing system.

Modern Data Replaces Historical Uncertainty: Maverick now has a systematic dataset generated by its own team, replacing reliance on historical assays where earlier sampling methods were uncertain.

Drilling Is Coming Into Focus: Foreman said he would confidently know where to place initial drill holes today, but Maverick wants another surface program first. He identified March or April 2027 as a realistic drilling goal.

A single high grade sample can attract attention. Mineralization demonstrated along approximately 2 kilometres of strike begins to answer a more important exploration question: is there a meaningful system here?

Maverick systematically sampled exposed veins, including chip channel sampling across several metres in some locations. The work confirmed the historical pattern of stronger silver around Helen and Tempa and stronger gold toward President’s.

Foreman said the brecciation, textures and different mineralization styles indicate multiple mineralizing pulses. Helen and Tempa sit along trend, while the latest release reported continuity of mineralization along approximately 2 kilometres of strike.

That leads to the next major question: what happens below surface?

Foreman said Maverick has indications that it is looking at the upper portions of the mineralizing system. The question is whether something as interesting as what is seen at surface continues 100 or 200 metres below.

Maverick is not rushing to drill. The first program answered questions and created new ones. Foreman said areas not sampled during the initial campaign now look interesting, while results from certain exploration targets have not yet been released. Maverick collected 171 samples and the August 25 release reported results from 153.

The strategy is to complete additional surface work, improve the geological model and refine drill targets before moving to the next stage.

Jericho is no longer being evaluated primarily through historical evidence.

Maverick now has its own systematic exploration data confirming high grade gold and silver, approximately 2 kilometres of mineralization along strike, approximately 250 metres of vertical exposure and unusually high silver to gold ratios that remain under study.

Fobi AI is continuing to unveil the technology it built behind the scenes, with AltID 3.0 showing how its broader strategy fits together. AltID 3.0 is a sovereign identity and trust platform designed to establish three things: who someone is, whether they are authorized and whether they are physically where they need to be. It combines identity verification, satellite based presence verification and post quantum security within Fobi’s broader technology ecosystem. For CEO Rob Anson, the bigger story is the Fobi Flywheel. FIXYR provides orchestration. FORTRESS provides intelligence. AltID 3.0 provides identity, verification and trust.

WHAT YOU NEED TO KNOW

• Verify Once, Control the Credential: CTO Uddeshya Agrawal says AltID 3.0 verifies an individual and then removes the underlying personal data rather than maintaining another centralized database of sensitive information. The user controls the resulting credential from their device.
• Satellite Verified Presence: AltID 3.0 is designed to verify physical presence when a credential is used. Agrawal says it can incorporate cryptographically authenticated satellite positioning to determine whether the person presenting the credential is at the required location, without continuously tracking the user.
• Built for the Post Quantum Era: Fobi says AltID 3.0 has been architected with post quantum cryptography in mind as governments and enterprises prepare for future quantum computing capabilities.
• Underlying AltID Technology Already in Use: Anson says the underlying AltID technology is already live and has been used with customers, with AltID 3.0 representing an upgrade to existing capabilities.
• Licensing and Channel Strategy: Fobi says AltID can integrate into existing infrastructure as a standalone component or part of a broader deployment. Anson sees licensing and channel partnerships as an important path to scale.

STRATEGIC IMPLICATIONS

Artificial Intelligence is creating new capabilities, but it is also making trust increasingly important. Organizations need to know who is on the other side of an interaction, whether they are authorized and, in some cases, whether they are physically where they claim to be.

AltID 3.0 is designed around a sovereign credential controlled by the individual. According to Agrawal, the underlying information is used for verification and then removed, while the credential becomes the reusable source of authentication.

The platform can also incorporate satellite based positioning to verify presence when a credential is used, without continuously tracking the individual. Potential applications include ticketing, secure access, government services, healthcare, financial services and digital credentials.

Fobi is also positioning AltID 3.0 for a future in which quantum computing could place greater pressure on traditional cybersecurity systems, with post quantum security built into the platform’s architecture.

The larger strategic point is interoperability. Customers do not necessarily need to replace existing infrastructure or deploy the entire Fobi stack. AltID can operate as one component, while other customers can connect it with FORTRESS, FIXYR and future Fobi products.

CEO ROB ANSON:

“FIXYR provided us the orchestration, FORTRESS provides us the intelligence, and AltID provides us the trust layer and verification.”

“We built something here that’s truly relevant to today’s need, today’s threat and tomorrow’s promise.”

INVESTOR TAKEAWAY

AltID 3.0 is significant because it adds the trust layer to Fobi’s expanding technology stack, connecting identity and verification with FORTRESS, FIXYR and future products.

For shareholders, the key question now shifts from product architecture to commercialization. Fobi has begun showing how its technologies connect. The next step is demonstrating that AltID 3.0 and the broader Flywheel can translate into deployments, licensing relationships and recurring revenue.

When a company crosses the line from testing and qualification to a commercial order, the playbook changes. HPQ Silicon and Novacium announced August 19, 2026 that they received their first commercial order for GEN3 silicon based battery packs, destined for FPV drones for a French Army regiment through integration partner LN Innov. The 6S1P pack delivers 6,000 mAh and was designed to meet the end customer's requirements. After months of testing, the results met those requirements and led directly to the order, marking a significant transition from qualification to third party commercial validation.

• Commercial Validation: Discussions began in early 2026, samples were delivered during Q2 and the end customer conducted testing. The results met its performance and reliability requirements, leading to the first commercial order in July/August 2026.

• Government Backing: HPQ has Canadian government support for a planned 50 tonne per year silicon anode material production facility, providing a pathway toward greater North American capacity.

• Capacity Runway: Current capacity is approximately 1 tonne per year. A dedicated French facility is expected around the end of Q1 or beginning of Q2 2027, increasing capacity to approximately 3 tonnes annually. The Canadian 50 tonne project currently targets 2029.

• North American Leverage: HPQ holds exclusive North American commercialization rights to Novacium's technologies under the ENDURA+ brand. CEO Bernard Tourillon said the French Army reference should increase credibility as the company begins approaching North American defence players, including the U.S. Department of Defense.

The interview cited projections that the global military drone market could grow from roughly $34.8 billion to approximately $110 billion by the early 2030s, representing growth of about 26% annually. That expansion is increasing demand for batteries capable of greater range, payload capacity and operating efficiency, while defence markets place greater emphasis on technological sovereignty and supply security.

GEN3 enables higher energy density than conventional graphite anode cells, which can translate into greater range, increased payload capacity or a balance between the two. The 6,000 mAh GEN3 configuration was designed around the end customer's requirements, tested and selected for this first order.

The planned French facility is expected to generate operating data needed to support the eventual scale up toward HPQ's 50 tonne Canadian operation.

“This first order in the defence sector is tangible proof that our strategy is working. We invested in developing a potentially disruptive technology, and today we are seeing it reach a decisive milestone: moving from testing and qualification to a first commercial order for an application intended for an end customer as demanding as the French Army. This represents an important commercial validation and a concrete step forward in our efforts to create value for our shareholders.”

This story is moving beyond materials development and into commercial defence validation. The initial order is small and not financially material to HPQ, but the milestone is clear: the product was tested, met the customer's requirements and generated a commercial order destined for a French Army regiment.

That defence reference could now support additional opportunities as discussions and testing continue with other potential customers.

Behind that first order sits a defined capacity roadmap. The French facility is expected to reach approximately 3 tonnes annually in 2027, while the Canadian project targets 50 tonnes annually on the current 2029 timeline. HPQ also holds exclusive North American commercialization rights and is evaluating with LN Innov and Novacium an integrated electric propulsion platform for North American drone and defence markets.

WHAT YOU NEED TO KNOWSTRATEGIC IMPLICATIONSCEO BERNARD TOURILLONINVESTOR TAKEAWAY