Andromeda Metals Limited (ADN) Earnings Call Transcript & Summary

Well, thank you for coming, everyone. Good afternoon, ladies and gentlemen. It's a pleasure to be here. My name is Mick Wilkes. I'm the new Chair of Andromeda and it's great to see so many of you here today. It's really fantastic. Patrick, could I just get the script, please? No, the script. Just a second, bit of a hiccup. I came down from Brisbane last night and -- thank you. And it's windy and teaming with -- right now -- it's pretty cold place. But I used to live here in Adelaide back in 2006 to 2010, and we're building the Prominent Hill project. So it's a lovely city and it's great to be back. Good afternoon, ladies and gentlemen. For those of you who don't know me, my name is Mick Wilkes. I'm the Chair of Andromeda Metals, and I'll be chairing today's meeting. I wish to welcome everybody to the 2022 Annual General Meeting of the company. And on behalf of the Board, I'd like to acknowledge the traditional landowners of with -- land on which we operate and pay our respects to their elders, past, present and emerging. Today's meeting is being held in person and online via the Computershare virtual meeting platform. This allows shareholders, proxies and guests to attend the meeting in person and virtually with attendees able to watch a live webcast of the meeting. In addition, shareholders and proxies can ask questions and submit votes during the course of the meeting. I've been advised by the Company's Secretary that we have a quorum present, and as it is now past the appointed hour of 1:00 p.m. Adelaide time, I declare the meeting properly constituted and open. I'd like to introduce you to my fellow directors, our Managing Director, James Marsh, who I'm sure needs no introduction. And so as with Joe Ranford, our Operations Director; Non-Executive Director, Austen Perrin, who joined us recently; and also Non-Executive Director, Melissa Holzberger. Also here today, our Chief Financial Officer, Michael Zannes; our Chief Commercial Officer, Tim Anderson. Where's Tim? Down the back there. Company's Secretary, Andrea Betti. Where's Andrea? Andrew Corletto, our lawyer from MinterEllison, up in front; and also David Newman from Deloitte, our auditors. Thanks, David. I'd also like to introduce you to Sarah Clark, who's been appointed to the role of General Counsel and she commences in January. Where's Sarah? A lot of experience and well known here in Adelaide. I invite those present to make yourselves known to us at the conclusion of this meeting. If any shareholder here today in person has not already registered, please do so with Computershare now so that you may vote during today's proceedings. Could everyone in the room, please also ensure that mobile phones are switched to silent during the meeting. Please also note that any unauthorized recording or photography during the meeting is prohibited. The notice of meeting and explanatory memorandum was made available to shareholders on 20th of October 2022 within the time provided for in the Corporations Act and was lodged with the Australian Securities Exchange, consequently, unless there are any objections, I propose that the notice be taken as read. The minutes of the last meeting of shareholders, which was the Annual General Meeting held on the 25th of November 2021 were approved by the Board and are available for inspection from the Company's Secretary. Okay. Asking questions. Now please bear with me. This is a fairly detailed process that I'll run through because we do have many shareholders here today. For shareholders and proxy holders attending the meeting virtually, you can submit questions at any time during today's meeting. [Operator Instructions]. Please note that while you can submit questions from now on, I will not address them until the relevant time in the meeting. Also note that your questions may be moderated or if there are multiple questions on one topic, amalgamated together. Whilst we may not be able to deal with all your questions, I will ensure that members have reasonable opportunity to ask questions. I encourage shareholders attending the meeting virtually to submit questions as early as possible, and we will attempt to address the questions at the appropriate time during the meeting. I will check after all resolutions have been put to the meeting and before I close the poll to see if there are any questions that have been addressed -- have not been addressed time permitting. For those shareholders attending virtually, who wish to ask a verbal question, please follow the instructions below the online broadcast. Our Manager for Investor Relations, Patrick Sinclair, raise your hand, Patrick, will act as a moderator for the meeting. And as such, we'll receive any questions raised by shareholders by the virtual meeting platform. Patrick will read out questions received during today's meeting, and I will hand over to him at the appropriate times. For shareholders and proxy holders attending the meeting in person, you should have been provided with a blue or pink card at registration. There will be an opportunity for you to ask questions and make comments with respect to each of the resolutions when they are put to the meeting. For each resolution, I will invite questions from you at the appropriate time and those wishing to ask a question can do so by raising your card. Please wait until I acknowledge you before asking your question and a microphone will be made available to you for your questions to be heard by those in the room and the virtual attendees. There will also be an opportunity to ask questions or make comments on a more general nature regarding the company's performance. Following the Managing Director's presentation, with James, which will be at the completion of the formal proceedings. For those attendees issued with a white visitor's admission card, you will be unable to speak or vote at today's meeting. I told you it was long. Before moving on to the various motions, I would like to briefly run through the voting procedure. Voting today will be conducted by way of a poll on each item of business to provide you with enough time to vote. I will shortly open voting for all resolutions. If you are eligible to vote at this meeting, once the poll has been opened, press the vote icon at the top of your screen and all resolutions will be activated with voting options. To cast your vote, simply select one of the options. There is no need to hit submit or enter button as your vote is automatically recorded. You will receive a vote confirmation on your screen. You can change your vote or until the time I declare voting is closed. To change your vote, select click here to change your vote and press the different option to override your previous selection. I now declare voting open on all items of business. The vote icon will soon be updated. Please submit your votes at any time. I'll provide ample notice prior to the close of voting. I'll remind attendees that your Board strongly recommends that you vote 4 resolutions 1 to 4 and against resolution 5. All undirected proxies that have been nominated the Chairman of the meeting as their proxy will be voted for. All resolutions except for Resolution 5, which will be voted against. I appoint Nigel Bulling of Computershare Investor Services to be returning officer and to conduct the poll. Mr. Bulling has power to co-op as do his agents, members of his staff and staff of the company. For those shareholders and proxy holders who are attending the meeting in person and were provided with a blue attendee card, but are not able to vote utilizing the virtual meeting platform, I'll now provide instructions on how to vote. For those shareholders or proxy holders on the reverse of your blue attendee card is your voting paper and instructions. I'll now go through the procedure for filling out the voting papers. Proxy holders have attached to their admission card a summary of proxy votes, which details the voting instructions for business items on the appointment documents in your favor. By completing the voting paper, when instructed to vote on a particular manner, you are deemed to have voted in accordance with those instructions. In respect of any open votes, a proxy holder may be entitled to cast, you need to mark a box beside the motion to indicate how you wish to cast your open votes. Proxy holders should refer to the summary of proxy notes form attached to your voting paper for further information. Shareholders also need to mark a box beside the motion to indicate how you wish to cast your votes. Please ensure you print your name where indicated and sign the voting paper. And when you have finished filing and you're voting -- filling in your voting paper, please lodge it in the ballot box, where's the ballot box? Thank you, Nigel, and sign the voting paper. When you finish filling in your voting paper, please lodge it in the ballot box which will be circulated after all resolutions have been put to the meeting to ensure your votes are counted. If you require any assistance, please raise your hand. Okay. That's the voting stuff out of the way. I'll now move to my address to the meeting as the Chair of Andromeda. 2022 financial year was pivotal for Andromeda as we transition from explorer to developer of Halloysite-Kaolin. This is marked by the strong economics of the definitive feasibility study, which underpins the value of the Great White Project development. Further progress has been made on the research into new products from our Halloysite-Kaolin resource, some of which, in time, we hope, will become commercial and add substantially to the value of the company. As you're aware, this is my first Annual General Meeting as Chair, after being appointed in April of this year. Upon my joining the Board, the immediate tasks were to focus on a strong governance approach and enable a path forward to development of the Great White Project to get us into production and cash flow. On governance, we have taken the following steps. Renewal of the Board with the skill set required to become a producer. In particular, I would like to welcome Austen Perrin to the Board. Austen brings a wealth of experience in finance and logistics for the mining industry. I would also like to acknowledge the significant contribution that Joe Ranford has made to the Board over the past few years. Joe will be stepping down from the Board following this meeting to focus on the important role of COO or Chief Operating Officer and help us ensure we deliver the Great White Project as planned. The other step we've taken on governance is revisiting remuneration policies and structures for the Board and executive management that align with the company strategy. And thirdly, improving our corporate policies and systems in line with contemporary mining producers. Despite the ongoing disruptions due to COVID-19 pandemic, significant progress has been made on the development of our flagship, Great White Project. Since the DFS was completed in April this year, we continued moving forward towards a final investment decision, derisking the project and evaluating funding arrangements that best suit the long-term interest of the company and you, our shareholders. This was particularly important given the significant risks associated with COVID-related global supply chain disruptions, rapidly rising inflation and evolving to political issues. The progressive steps we have taken are part of the invigorated long-term strategy to bring our Halloysite-Kaolin products to the broader global market and entrench the premium positioning of the Great White brand. Accordingly, a refinement of the staged, scalable approach to developing the Great White Project was being prudent through the initial construction of a processing plant with a capacity of 50,000 tonnes per annum, which closely aligns production in the first year to signed offtake volumes currently in place and being negotiated. Once in production, the intention is to quickly expand the process plant to match production volumes in the DFS of 100 -- Stage 1 of 150,000 tonnes per annum. In addition to aligning our processing capacity with offtake commitments, this plan has the benefit of reducing the initial capital requirement to $50 million to $60 million prior to achieving first production and cash flow. Importantly, it remains the firm intention of the Andromeda Board and management to deliver the Project's full production and financial outcomes. As outlined in the DFS. We remain very confident in the significant value that can be generated for shareholders through developing the Great White Project safely, responsibly and efficiently, and the significant benefits for the South Australian economy and the community of the Eyre Peninsular. The company continues progressing towards a Final Investment Decision, otherwise known as FID, which, of course, is dependent on the approval of the program of environmental protection and in rehabilitation or PEPR, currently lodged with the South Australian government. Further binding offtake agreements for the remaining uncommitted volume of planned production and finalization of funding structures. In addition to progressing the project, we continue to pursue a range of other potential new product and nanotechnology opportunities. The strategic objective for these is to create new products and markets using our unique Halloysite-Kaolin resources to increase the weighted average margins of our products. The first of these is the exciting new product for the concrete industry in Australasia, which we are planning to include in the initial process plant design. Pleasingly, the offtake for these was recently signed as announced this morning. Could I please ask that you turn your phones off. Thank you. Apart from the higher margin expected from this product compared to our more traditional Kaolin products, this product is expected to significantly reduce the carbon footprint of standard concrete primarily by reducing the cement content. Not included in the current development plans for the Great White Project is High Purity Alumina, which is now designated as a critical mineral otherwise known as HPA, and widely used in modern technology devices such as batteries, tablets and phones. Our studies are progressing on the production of HPA from our high-quality Halloysite-Kaolin in a more efficient and environmentally safe manner than current methods. If these studies prove successful, we hope to move into pilot testing of the flow sheet in the near term. Further, through our collaboration with the University of Newcastle, we continue to research the use of Halloysite-Kaolin to develop new products in the form of nanotechnologies for carbon dioxide capture and conversion, water treatment to remove micro plastics, antimicrobial paint and soil improvement for large-scale agriculture. What provides the foundations for all the aspects of our business model is the size and quality of our Halloysite-Kaolin resource here in South Australia. We continue to expand these resources through exploration to further secure our long-term position and create a new significant industry for the State. We also acknowledge the importance of committing to sustainable extraction and supply of superior quality industrial minerals. As the company moves towards production, our aspiration is to adopt, monitor and report on relevant frameworks and metrics that emerged from the developing consensus and convergence of Environmental, Social and Governance frameworks and standards. In summary, the Board believes Andromeda is well positioned for the future with globally significant high-quality resources and the right team in place to progress development of our flagship project and the other significant new product and nanotechnology opportunities. I'd like to thank my fellow directors and talented, hard-working Andromeda team. We remain focused and committed to delivering on the full potential we have before us, which in turn will deliver long-term value for you, our shareholders. We'd like to thank you and all our shareholders for your continued loyalty and support for Andromeda. That concludes my Chair's address. I might just have a quick drink of water. Okay. We'll now move to the formal business of the meeting. We have received 602 valid proxies, representing 928 million shares approximately, which is approximately 29.8% of the company's issued capital. 577 of the proxies representing 908 million shares held by me as Chair. The wording of each resolution will be displayed on the screen for virtual attendees. And on the screen for those attending in person to view as we deal with that resolution. Proxy results relevant to that resolution will also be displayed. First order of business is the financial report. The first item on the agenda is to receive and consider the financial report of -- and the reports of the directors and auditors for the year ended 30th of June 2022. Are there any questions or comments that relate specifically to these documents that any shareholder would like to ask of the directors or the audit partner, David Newman from Deloitte. If there are any physical attendees with a question or comment, please raise your blue or pink card. I'll now ask Patrick Sinclair to read out any questions we have received online via the phone or via phone.

We currently have 123 attending online. And at this point in time, no questions.

Thanks, Patrick. Thank you. We'll now move on to Resolution 1. Resolution 1 deals with my election as a director. Given this resolution deals with my election, I will pass the chair to Melissa Holzberger.

Good afternoon, everyone. As Mick mentioned, Resolution 1 relates to his election as a Director and that resolution is displayed on the screen together with the relevant proxy votes. The whole Board, except for Mick, who recused himself during deliberations on this resolution, unanimously recommends Mick's reappointment to the Board. Appearing on the screen is a summary of Mick's experience. And the Board, we're very pleased to be able to secure such an experienced mining Executive and Director for Andromeda's future. Are there any questions or comments on this resolution? If there are any physical attendees with a question or comment, please raise your blue or pink card. I'll now ask Patrick Sinclair to read out any questions we've received online.

Again, at this point in time, no questions.

Thank you. And you're invited to lodge your vote for Resolution 1 by using the vote icon for online attendees. For those attending the meeting in person, you've been issued a voting paper and please mark a box beside the resolution to vote. Thank you. I'll now hand over to Mick again.

Thanks, Melissa. It is a privilege to be the Chair of this company, and thank you for your support. I do feel there is enormous potential with this company, which is why I joined. I'm a gold and copper miner. I'm learning about Kaolin and all the industrial minerals, but this is indeed a great opportunity to create a new industry for not just South Australia, but the country with arguably the best Halloysite-Kaolin resource on the planet and growing all the time. So thank you. It's quite an honor to be here. Resolution 2, the election of Austen Perrin as a Director. The resolution is displayed on the screen for you as are the proxy results. The whole Board, except for Austen, who has recused himself to during deliberations of this resolution, unanimously recommends Austen's reappointment to the Board. Appearing on the screen is a summary of Austen's experience. I previously worked with Austen, and I can vouch for his great experience in financial matters and logistics and his acumen, business acumen, particularly as a director of a public company. Are there any questions or comments on this resolution?

Great. How are you?

Thank you, sir.

Do you want the name or what?

Please state your name. Thank you.

My name is...

Just wait for the microphone. Thank you.

Two quick points. And -- but first of all, thank you, Chairman, for standing and being here. Can we hear, what was your previous relationship with Austen, in what company and in what capacity? And also, could Austen address us briefly about how he feels about Andromeda and the future.

Thanks very much for that question, Des. My association with Austen was started late last year with a company called Round Oak Minerals, privately owned by Washington Soul Pat. And our intention was to -- I was -- used to be the Chairman. And through a search process, Austen was identified as a very good candidate for that Board. The intention of Round Oak Minerals was to float and do an IPO. It didn't go ahead, not because of us, but because the owners didn't get the price they wanted but the Board stayed in place up until June of this year to provide proper governance for that company, which we subsequently sold to another public company called Aeris. So I worked with Austen on that Board. Austen, would you like to say a few words?

Yes, it was at Round Oak, experience was brief. I've never met Mick before that appointment. I've had experience with some of the Directors and Management at Soul Pat, when I was at Whitehaven and they had a pretty big interest in New Hope. And many years ago, those 2 organizations were talking about doing a transaction, but never happened. So that's how I got to know some of them. I also had worked with a number of advisers over the years, of course. And one of the advisers to Soul Pat had put my name forward to go into consideration for a Non-Executive Director role and subsequent Chair of the Audit and Risk Committee. So we worked -- I'm trying to get that IPO of that internal business unit within Soul Pat. But unfortunately, the market wasn't avail itself to be able to do it and the subsequent they sold it. So we had a brief relationship. I'd work with Mick in a short period of time. We seem to drill together quite well. I think our experience and our knowledge within mining and bringing projects to the market. We had a similar ideology and approach to that. My background has been, if you look at it predominantly transport logistics in the early days with Toll, then, of course, that dirty word call at Whitehaven. And more recently, a mining services company to, again, the coal industry, but gas exploration up in England. So I've been involved as a CFO on the listed space for quite a long time. I had a lot of experience doing a lot of different boards, different chairs. Previously, I also did the Investor Relations for the AJ Lucas. And then the opportunity Mick spoke to me about coming on to Andromeda. And I've got to say I saw it. I saw the opportunity. Really like the space because it wasn't coal, it wasn't oil and gas, it was something new for me and exciting. And then I look at the array and application of this product into various markets. And yes, it's pretty exciting. So we had a quick chat about it. I obviously did my due diligence and homework as you do, and saw the Board had changed. Melissa was here as a number of others and the executive team, I had the opportunity to talk to them. And ultimately from that, I jumped at the opportunity because I just thought this was an organization that was really there to be able to take something on paper and bring it to market and make a real stance of itself. With that experience, I thought I'd take the opportunity to accept the role and put myself forward here today to the shareholders.

Thanks, Austen. Are there any other questions? I'll now take -- I'll ask Patrick to read out any questions received online or by phone.

There are now 205 attendees online. Again, no questions.

Okay. Thank you, Patrick. You're invited to lodge your vote for Resolution 2 by using the vote icon for online attendees. For those attending the meeting in person, who have been issued a voting paper, please mark a box beside this resolution to vote. Thank you. I'll now move to Resolution 3. Resolution 3 deals with the reelection of Melissa Holzberger as a Director. The resolution is displayed on the screen for you as are the proxy results. The whole Board, except for Melissa, who recused herself during deliberations on the resolution, unanimously recommends Melissa's reappointment to the board. Appearing on the screen is a summary of Melissa's experience. Melissa, would you like to say a few words, please.

I can. Yes. Is it on? Yes. Thank you. As shareholders are aware, I've joined the Board of Andromeda in September last year, 2021. And since then, I was initially the Chair of the Audit and Risk Committee until I handed over when Austen joined us in July this year. And I'm also a member of the Nomination and Remuneration Committee. And recently, we've established a sustainability and governance Board Committee to guide our progress in that area. So I've been chairing that committee. What do I bring to Andromeda? I've got over 20 years' experience as a mining lawyer, working in the international energy and resources sector, both minerals and oil and gas. I'm very experienced in mining operations and projects and all aspects of that, including international trade and marketing contracts. I've -- Adelaide is my hometown, I'm born and bred here. And last time I moved back here was after moving around different places in the mining sector, was to work on the WMC acquired Olympic Dam and was to work as an in-house lawyer on the Olympic Dam expansion. So a lot of experience in private practice here, but also working in-house and working with regulators on approvals and getting mines up and running and producing and trading the commodity around the world. I'm also concurrently in experienced Non-Executive Director. I've been nearly for 10 years now. And also on Paladin Energy's Board as a NED. They're a uranium producer. We're going back into production in Namibia shortly and I was on Silex Systems Board that's up there and a member of a federal government Advisory Board. Yes, I'm very appreciative of the support from shareholders, and I'd really welcome the opportunity to be able to continue to lead and deliver value for our shareholders and stakeholders with this Great White Project. And continue on the journey into the future is building us into a company where we are in production and growing and developing. So thank you for the opportunity to speak, Mick.

Are there any questions or comments? If so, please raise your blue or pink card. Thank you, sir. Please state your name.

So my name is Michael Ferdinand. Thanks for the opportunity to speak. So I'm addressing you, Melissa, as the experienced lawyer on the Board, and I'm hoping that you act in the best interest of all shareholders being a lawyer on the Board. So I want to talk about the carbon-capture pilot plant. Back on the 30th of March, there was a video webinar available to the general public. And there were 2 comments that were made in that presentation. One was that the carbon-capture pilot plant will definitely but land in Australia on the 8th of May. It was on the ship, and it was guaranteed it was landing on the 8th of May. The second, and I quote, the pilot plant is already assembled and will be a very quick process to get it up and commissioned and running. And my first question is when did the carbon capture pilot plant land in Australia?

I can take that if I need to.

Perhaps, Melissa, so a few words first and then hand over to James.

James is the best person to handle -- answer that, I think, yes. So certainly, I'm an Independent Non-Executive Director. So by virtue of that, and I -- my role is I'm coming in here into the Board with my independence and my objectivity and act in the best interest of the company, the shareholders and the shareholders. So yes -- and also Austen is an independent NED and Mick as well. So yes, I can proudly say our Board does always act in your best interest. But with the detail of your question, thank you for asking that. I'll probably hand over to our Managing Director, James Marsh. He will be best placed to answer that. Thank you.

Sorry, Mick, did you want to say something, first?

No, no, you go ahead.

Yes. Thanks for your questions there, Michael. The carbon capture plant has been quite topical. The current status is that it is here in Australia, and we announced it arrived exact date. It alludes me now, Tim, what's the exact date it arrived. Do you remember?

In June.

It was in June, but can't remember which date it was. So it arrived in June. It was delayed. It was a victim of the shipping dramas around COVID. So it -- I made the mistake of saying it was on a ship, which it was, and then it was off the ship again. So after that, I didn't say too much more after that. It arrived in June. It's now -- and it was the individual components or preassembled. That's correct. But they are now being certified. So that's in the hands of the university. They are contracted to do that for us. So they are under legal obligation to get that certified and running for us. So we're keeping maximum pressure on them to do that. And we're launching it almost on a daily basis, but it is currently being certified at the moment. It was manufactured to Australian standards, but manufactured in India and that's caused some delay in getting certified. But that process is underway and be assured that we are applying maximum pressure to that to get it done as quickly as possible.

Thanks, James. Now in relation to the second part, in relation to the staggering that it was already assembled on Page 16 of the annual report, it states the technical specifications of its various components are being assessed for verification to confirm the equipment meets the Australian standards prior to the plant being assembled. So why was it said back in March that was assembled? And why did you say in the annual report that it was not assembled?

I think there may be a -- I think maybe some confusion being assembled and nonassembled. I think the plants were -- I don't remember saying assembled, it was manufactured. So the components are manufactured, we showed pictures of the chambers and the other individual components there. But it was shipped over in a number of containers, which had to be reassembled.

I believe there are 5 containers who got the shipping documents here.

So 5 containers, you don't warn me about that. And so I went -- it's over here, so it couldn't be assembled until it has been certified, and that is being done right now. And as we found out, when you're getting pressure chambers certified in Australia, there's very, very strict regulation around that. So Tim and the business development team are fully across that they're putting a maximum pressure on that process, but it is taking a frustratingly long time. We have been doing work behind the scenes. We produce 1.5 tonne of material of Halloysite in our pilot plant to go into kind of since is operating. So we've played our part but we just see the university to come through with the certification now.

Thanks, again, James. Melissa, I was only for direct in those questions to you. Being a lawyer, I realize you like independent. But if you came across information that's needed to be rectified, wouldn't you address the Board to that effect? Specifically in relation to the 2 points that I made.

No, thank you for your question, Michael. So my role as an Independent Non-Executive Director is not to advise on the day-to-day detail of the legal areas. But certainly, I do have oversight in that area, in areas of corporate governance, legal, risk, compliance and corporate ethics as well. So James has answered the question, I think, and advised where we're at with the status. And I can assure you that the whole Board and the executive are always acting in the best interest of the shareholders, and we're progressing the carbon capture pilot plant as quickly as we can.

I thought to just add something there. I mean the Board is relatively new. And our job, as I said at the outset, is to improve governance, which includes by the inference, the way we communicate. And it's important that we make our messages clearer and more simple and not to make too many predictions about the future. So the role of the Board is really to improve those things. And we are working on that all the time. In relation to the carbon capture plant, yes, COVID did have an impact that was out of our control in terms of the delivery time. And secondly, I think that one of the things that's misunderstood is that we're not actually managing that process. I'm not pointing the finger but in terms of communications, but it's the university who designed the plant we manufactured -- oversaw the manufacture of the plant, the shipping of the plant and now the installation, certification and installation of it. So it is something that is out of our control. We work closely with the university. Tim's job is new products and business development, and we're doing what we can to move that along.

One last thing, as shareholders make their...

Sorry, can you just use the microphone.

Shareholders make their investment decisions based on what is told by the company. And for those 2 comments, I believe we run true. Under Section 674 of the Corporations Act and ASX Listing of 3.1, the continuous disclosure when the company realized that, well, maybe these 2 comments were misleading. Why wasn't there an announcement made to say, well, I didn't arrive on the 8th of May and it's not fully assembled, which -- because we're now in November and there's still no news about the status of it.

Well, I'll take your comments on Board, Michael. And we -- as I said, we're always working to meet the compliance with regulations. We don't believe we've misinformed the market and we do believe we have been disclosing all the information that we have. But sometimes it's interpreted differently by different people. So our job is to improve the communications. Thank you. Any other questions on the resolution for Melissa? Okay. I'll ask Patrick to read out any questions we have received online or by the phone?

Again, there are 205 attendees online, but no questions.

Thanks, Patrick. You're invited to lodge your vote for Resolution 3 by using the vote icon for online attendees. For those attending the meeting in person, you have been issued a voting paper, please mark a box beside this resolution to vote. Thank you. I'll now move to Resolution 4. The company offers shareholders an opportunity to vote on the remuneration report for the year ended 30th of June 2022. The directors advised that a vote on this term is advisory only and does not bind the directors of the company. However, the directors will take this -- the outcome of the vote into consideration when reviewing the remuneration practices and pipeline -- and policies. The remuneration report for the period ended 30th of June 2022 has undergone significant changes from the previous year, particularly in light of the first strike received at the company's 2021 AGM. The company now provides enhanced disclosures regarding remuneration strategy, policies, frameworks and practices and outcomes. Following the 2021 AGM, the Board undertook a comprehensive review of the company's remuneration framework. The way we communicate our remuneration and how we reward our Non-Executive Directors and Executives. The review found that shareholder concerns were centered around remuneration being elevated not sufficiently aligned to company performance and communications needed to be more transparent. The company reflected on the concerns raised by shareholders in relation to the approach to remuneration communication and acknowledges that how the company measured and communicated the link between remuneration outcomes and performance could be improved. The company has, therefore, included additional disclosures within the remuneration report to provide greater transparency on how the remuneration framework operates introduced links between performance and remuneration outcomes and enhanced communications to more clearly communicate the Board's decision-making process in determining reward outcomes. The company is also committed to increasing engagement with shareholders as a key priority for 2023 and beyond. This will be particularly important as the company manages the transition to becoming a mining producer. If the votes cast against this year's resolution to adopt the 2020 remuneration report are again 25% or greater of the total votes cast, the company will receive a second strike. If this occurs, it is required that a spill resolution be put to the meeting to determine whether the company directors will need to stand for reelection at a meeting -- at a special meeting. The resolution is displayed on the screen together with the relevant proxy results. Are there any questions or comments on this resolution. I'll now ask Patrick to read out any questions we have received online or on the phone.

They continue to be none.

Voting -- sorry, voting exclusions apply for this resolution, and these are outlined in the notice of meeting. You are invited to lodge your vote for Resolution 4 by using the vote icon for online attendees. For those attending in person, you have been issued your voting paper, please mark a box beside the resolution to vote. We, as I say, we, as a Board, have put a lot of work into the remuneration framework for executives this year and for the Board. And now I can confidently say that it is meeting best practice or near best practice in terms of the framework for performance, KPIs for short-term incentives and long-term incentives, which are properly benchmarked. Okay. Now move on to Resolution 5. There's spill resolution.Resolution 5 is a conditional resolution and is being put to this meeting irrespective of whether the company receives a second strike. The result of the vote will be of no force or effect and will not be disclosed if the company does not receive a second strike on its remuneration report. That's Resolution 4. If the spill resolution is passed, A further special meeting of shareholders must be held within 90 days, that being a spill meeting. And if the spill resolution of -- 90 days from the spill resolution being passed, immediately before the end of the spill meeting, with the exception of the Managing Director of the company, all the directors who were directors when the resolution to approve the remuneration report for the year ended 30th of June 2022 was put to the meeting, including myself, Mr. Perrin, Ms. Holzberger if they are reelected under Resolutions 1, 2 and 3, we'll cease to hold office immediately before the end of the spill meeting. So the resolution is displayed on the screen for you as you -- as are the proxy results. Pleasingly, there's an 82% for in the proxy results. Are there any questions or comments to this resolution? Are there any comments online or on the phone, Patrick?

No questions from online.

Thank you. We're invited to lodge your vote on Resolution 5 by using the vote icon for online attendees, for those attending the meeting in person who have been issued a voting paper, please mark a box beside this resolution to vote. Thank you. Patrick, can you please advise if there's any further questions or comments on Resolution 5. No?

No, none.

Okay. That concludes the discussion on the resolutions to be voted upon. I will shortly be declaring the voting closed. Please ensure that you have cast your vote on all 5 resolutions. Shareholders are reminded that your Board recommends that you vote 4 resolutions 1 to 4 and against the Resolution 5. For those shareholders and proxy holders attending in person have completed the voting please ensure you have placed a mark beside all 5 resolutions to indicate how you wish to vote. Please ensure you print your name where indicated and sign the voting paper, lodge it in the ballot box, which is being circulated to ensure your votes are counted. [Voting]

Is everyone submitted their vote? Just raise your hand if you need some more time, please. Okay. Thank you very much for that. At this point, I now declare the poll closed and formally charge Mr. Nigel Bulling of Computershare as returning officer to count the votes. After the votes being counted, the results of today's poll will be released to ASX and displayed on the company's website. I now close the formal part of the meeting and move on to any other additional questions and answers. Any questions of a general nature to which you could ask questions of the general nature to which I shall direct each one to the relevant director to respond. The way I'll do this is -- if it's a remuneration related, as Chair of the Remuneration Committee, then I will fill that question. As anything to do with finance and audit and risk is to the Chair of the Audit and Risk Committee, which is Austen and anything to do with sustainability and governance. It will be directed towards Melissa, as chair of that committee. I should note the subcommittees of the Board now make entirely of nonexecutive directors. So any questions of a general nature that if you would like to ask, including those people online. I should say, sorry, remind you that James will be providing an operational update in his CEO's presentation and the questions of that nature be asked following his presentation. Okay. Well, thank you. I'll now ask Patrick any online questions.

There are no online questions.

Previous boss of mine used to say, any questions, comments or read remarks. Okay. If there's no other items of general business, are there no other items of general business lodged with the company Secretary, Andrea? No. There's no further questions. I wish to thank you for your attendance, and I now declare the meeting closed. At this point, I'll hand over to James, who could go through the CEO presentation. Thank you, James.

All right. Who's got the control? Patrick. Right. Now is the time for any big remarks. All right. Thank you for that, Mick, and thank you to everyone who's made the effort to come here today. I know a lot of people have come from a long way. So -- it's good to see, you've shown such an interest in the company. And as my chance to tell you a lot more about what we're doing and what we hope to be doing and I'll give you some more detail because I don't want to get this much chance to talk. Hopefully, it won't bore you too much and you'll hear lots of new exciting things. It's been a tough year for us in lots of ways this year. We've had 12 months of a lot of things happening. Things haven't always gone the right way for us. And that's just life sometimes. We didn't factor in the pandemic, there are lot of things and all the [indiscernible] effects from that. But what we have done is I can assure you that we've always tried to make the right decisions for the long-term future of the business and for all the shareholders. So everything we've done, we've done, we believe in the best interest of our long-term future. Now that's not hard, it's not difficult, so it's not easy to see sometimes when you're looking in from the outside. And it's hard to understand why we do make such decisions, but I can assure you that they are being done in your best interest, and I hope to expand on that right now. I've gone long way already, that's good start, let's try, I don't want to go backwards. Okay, going forward. So here we are, Market cap is a bit higher today, thanks to some good news coming out, but it's a long way off where we were and it's a long way off where we should be and where we are, hopefully, where we are going. So we're sitting on about $170 million at the moment. which is when you look at our NPV of our just one of our leading project here, which still stands at over $600 million, and that was a fairly conservative number at the time. You can see that we are undervalued. So we have got a long way to go there, and we are working very hard to recover that position. It's just not very easy in the current market and what's going on around the world at the moment. So we're sitting on about $170 million at the moment. So we've got a lot of shares out an issue. You probably all know that. Quite a large number of unlisted options there, but a lot of those will be disappearing very soon because they're out of the money and expiring. So that situation will change as with performance rights, they also be lost. We've got a very large number of shareholders that's gone up with the acquisition of minutes all that jumped up quite a large amount. So we are around about 14,000 now. That is virtually all retail shareholders so -- so -- that's a situation that we are looking at addressing. It's something we feel we need to we need to get to a large institution involved in this -- in the company to give us some stability, and we're working hard on that at the moment. We still got about $27 million in the bank. So we are well funded at the moment and with zero debt. So what have we got in our favor underneath there. So looking at some real positives underneath that. We are in a Tier 1 mining jurisdiction. South Australia is actually top 10 in the world now. So when people are looking at as an investment proposition that is very attractive. We've got a very large exploration endowment, well over 8,000 square kilometers and [indiscernible] ground there, which I'll be telling you about shortly. We've got -- as Mick said, we've got probably what is the world's biggest resource of its type, Halloysite-Kaolin is quite a rare form of Kaolin, very high purity. And we have over 110 million, about 113 million tonnes at the moment, and we believe that will be expanded greatly in the future, but it is very, very high quality. And we've got a very large reserve, 15 million tonnes -- over 15 million tonnes reserve on that, so the highest [indiscernible] category. And that means we've got a very consistent product for a very long time. That makes us quite attractive. And we have got a great experienced team, and we are growing that team and the team itself is getting more experience as we go along. We're learning a lot. As you've heard, introduced the new board members. So that also is a very important aspect of what we're doing and what we need going forward. Some pictures here to show you that -- those pictures are genuine. They have been [ dotted ] [indiscernible]. The executive team sits down in the operational side of the company, what we're doing. So we have got myself there, [indiscernible], I'm not sure why. Joe, Operations Director, very experienced mining engineer. We've got Tim sit in the back row there, extremely experienced in commercializing new technologies, which is crucial for our nanotechnology and other activities in that area. We've got Michael Zannes, very experienced CFO in the mining sector, and that's just what we need going to operations. And Andrea at the end there, is our Company Secretary. And as you heard, we have Sarah sitting in the audience and should we take over in January as an in-house company sector and General Counsel. Now as we're getting busier, team is growing, that's becoming more and more of a demanding job as much as Andrea likes working with us. She says we are the best company she'd ever worked with. You probably tell us that to all companies. Anyway, that's [indiscernible] that we need Sarah coming in now to take that rollover, and that's going to certainly help the General Counsel in-house. Although we have [ Andrew Collette ] here, who's give us tremendous support from mentors over the years, and we'll continue to advise us when required. That's the team, and the team is driving this business forward now. And as an industry, the Kaolin industry is quite an interesting stage at the moment. It's always been an industry that has grown year-on-year for decades ever since it was discovered and used in [indiscernible] over 1,000 years ago, it's been used gradually increasing and it grows year-on-year, never dramatic growth, but steady growth, not just in volumes used but also in the price. It's one of those commodities that goes up in price every year by that somewhere region about 3% to 6% to 7% every year. So very steady, very [indiscernible] of volatility. And it's still doing that despite the disruption with COVID, it's still doing that. In fact, prices recently have jumped up even more dramatically because of a situation in Europe. Europe was one of the biggest producers of Kaolin. And Ukraine was producing 4 million tonnes, 10% of the production was coming from Ukraine, that's now been lost. So a number of factors are causing an increase in price. The price that Europe has got up in Germany, their production costs have gone up -- energy cost alone have gone 11x since the war started there. So there's a few factors moving the right direction for us. As you see there, the estimated growth in global Kaolin, we're talking about in our region, Asia Pacific, we're talking over 10%, which is a very large figure in current economic situation. Now the good thing for us is that we are situated in just the right spot for that. You see, if you look at the pie charts at the bottom there, the global demand. I mentioned before that the Ukraine was about 10% of the world's production. So if we talk about purely refined Kaolin sources -- process Kaolin, there's about 40 million tonnes a year produced and sold. If you slice that up, you see down there on the left. There's a big chunk goes into Asia Pacific. China, Asia region, we're talking about more than half of the world's consumption. At the moment, all the premium quality Kaolin for that large sector, they predominantly come from U.S.A. and from Europe. So we've got a major advantage. We're just in the right spot to take that over, and we've got the right products to do that as well. So that's the immediate target. We're in the right spot. And also if you look at the markets next pie chart long, it shows you the different sectors where Kaolin's used right now. And the biggest one there interesting now is actually ceramics. That's become the biggest in the world. PEPR was biggest for decades. It was always a difficult one to get involved with, it's quite low margin, and it's very hard, quite demanding specifications, but it was big. So it was attractive due to volumes. Well, now ceramics has taken that over. So that is now the #1. And the good thing for us is that the big consumer of that ceramic Kaolin material is also in Asia. It's not Europe, it's now part of the world. And some of you may know that our Halloysite-Kaolin, which is the rare form is the perfect form for [indiscernible]. And there's very little of that material around now in very large -- and very large amounts that are -- the biggest ones were probably in China. And they have now run out of supply. They've either run out or been shut down by the government. So that makes it even more interesting for us at the moment. So summary of this is that we're in the right place for the growth. We're in the right place of supply, and we're in the right place for application. So looking a bit more at our vision and our strategy and purpose. So this is a bit of a reconstructive of a previous slide you may have seen. This demonstrates that our vision is to -- as Mick said earlier, is to become a world leader in the supply of sustainable superior quality industrial minerals and also the downstream nanotechnology applications for them. So we have a growth line there. Growth is industrial minerals. As you know, we've got one of the world's largest high-quality, consistent resources of that. We intend to grow that. And then we intend to use growth from that, cash flow from that to put into our nanotechnology and our R&D efforts to grow in nanotechnology business and any new applications that we're talking about. We do have a harvest section, which is our legacy projects. This is previous projects that were outlay resources. And I've got a slide on that to tell you more about that. So that is harvest. So we intend to leverage that value and use that value to assist in our primary vision in the topline. So this is a new slide that we developed. And thanks to Patrick to help me on this that we wanted to try and capture what we've got and what's the value of that was. It's very hard for the market in general to understand our mineral because it's not priced, there's no index pricing. There's no benchmark pricing, contracts with customers are individual basis. So it's very hard to understand where the value is for our mineral. So we tried to show you here what the products are in sequence and how the value increases as you go along that sequence. And we said before that our aim is to maximize the value of every tonne that comes out of the ground. So we talked a while back quite a long time ago now, we talked about direct shipping or DSO and that was attractive at the time. There's a margin for that, but it's a very small margin. There are people still chasing us for that right now in quite large amounts, but the margins for that are very, very small. When we were a very small company, that looked like it was attractive option. But now it's not -- you're talking about a margin of maybe $10 a tonne. And for that, you have to spend tens of millions shipping out around the world, shipping sand, shipping moisture just to get a $10 margin return. So that's the right down the end as of the end of this chart. So we dismissed DSO as giving the value away to someone else, and we don't want to do that. We've got such a valuable material. We want to keep that for the shareholders. So if you look at the sequence there, PEPR is right down the bottom. And our PEPR, as mentioned before, is traditionally, that's the big user of Kaolin but they don't pay much money for that. The PEPR companies take large amounts, but they won't pay you much. They want the highest brightness, they want the finest particle size, but they won't pay you much for it. And if you get one delivery wrong, then you have big penalties. So it's not a good one for us. It's not a good one for any company basically in Australia with a fairly small output of Kaolin. Then you've got low end ceramics. Now there's some other, no names mentioned, there are some other companies around -- especially in Australia that are looking at that low end ceramics market, it is very large. There we're talking things like sanitary ware, basins, toilets. That's where there's very large amounts of material used cutting material, but it's low quality and it gets a lower price. Our material is too good for that. That's why we are targeting the high-end ceramics. So we have a product that is very well suited for porcelain. It gives a bit of a whiteness, beautiful translucency, high strength, good [ firing ] properties. So knowing that, we already locked in by any offtakes for the porcelain high-value side of the business. But that does take a bit more processing than the previous grade, which is our concentrate we're calling there. So we made that strategic decision that we wanted to reduce the capital requirements, so reduce any money, any funding we need to get into operation. The best way to do that was to start with a semi-refined product. Now the good thing is that our semi-refined products is actually equivalent to most people's fully refined product. So we can still get a very good price for that, and it gives us -- it will give us a great start in the industry. Once people start using it, they get used to it. They appreciate its performance, its quality and its consistency, then that will just grow and keep growing. And that news will spread around the world. That's how this industry works. It's very hard to get a start, but once you go to start, then the customers come chasing you. There are too used to being supplied by people who just cannot produce consistent material changes, shipment to shipment, it changes all the time. The [indiscernible] it's coming from different mines and they won't even tell you that. So they don't trust us at this stage, a lot of them. But once we start supplying a couple of major customers, then they will trust us fully, and that's when they come chasing us. So we'll start with the concentrate product. This is what we call our KCM 90. The great thing for us is this is a product that is compared to normal Kaolin is very easy to manufacture. It's got very wide specifications. It doesn't take a lot of refining and yet we saw were delivering a very high-quality consistent product. So we start with the concentrate or semi-refined. Then we move on to the high-end ceramics. So we go on the value increases there for the concentrate. Now we're talking someone in a region of USD 300 to USD 400 a tonne. Jump up to the high-end ceramics, then we're talking about USD 400 to USD 500 a tonne. Then we've got Coatings and Polymers. So we have got an offtake agreement signed already for a coating grade. Coating grade is more valuable. We're talking about USD 500 to USD 600 a tonne jumping up to that value but it does take a lot more refining to get to that grade, which is very, very fine. You're talking there something that's about 90% less than 2 microns compared to the ceramics one, which is about 60%, less than 2 microns. So it takes lot more refining to get there, and it takes a lot more capital. So we didn't want to use that, try and make that too soon and have too much capital intensity. So we've put that in the latter stages of the project. But it's -- what we have proven is that we've got a very good quality and probably what I've seen is the best quality paint grade in the world for -- as a Kaolin product. So that's next on the stage going up in the value chain. Then we've got the concrete additives, and that is interesting enough. I'll tell you a bit more about that in another slide, but that is high value again. And the great thing about that is that all you do to produce that is take some sand out. You don't need to take all the sand out. So you can leave sand in their biggest concrete already use the sand. So there we've got a product that has got very high recoveries. It's got very little processing and yet it's very high value. And even better, that material is -- the agreement we have is [ ex works ]. So that is sold from -- for the mine site, they'll just come and pick it up with their own trucks. So that makes the business even more attractive. There, you're talking about some -- in AUD terms, about AUD 1,000 to AUD ,500 a tonne in that region. So as a Kaolin product in my experience, I've never seen ending with such a high margin as that product. And that is unique to Andromeda. So that's a very exciting development. Cosmetics, this is a high value again, it's a necessary product, and you can't wait to sample it, but we haven't got you ready yet. We have got approvals for that. So we've had preliminary customer approvals for that. It works. And -- the reason that people like our material is Halloysite is viewed as something that is desirable for cosmetics. That's probably a psychological thing more than a practical thing. But Halloysite is very pure. So it means that it's got very, very low impurities, which makes it more suitable for cosmetics. And there, that's something that jumps up to somewhere between USD 2,000 and USD 3,000 per tonne for cosmetics. So we have that in the pipeline. Then pure Halloysite. I've talked for many years about Halloysite. I probably haven't talked enough about it recently in recent years or recent months, I should say because it's something that we are working very hard to get a pure Halloysite. And when you get that material, that will sell for about AUD 5,000 per tonne. So extremely high industrial mineral price and value. We have got a lot of Halloysite, and we are working very hard at either finding a resource or pure Halloysite with current exploration and testing and also purifying our current material that we have to produce a -- to remove the Kaolin so we have just the Halloysite left. Then if you go up again to the research and development. So these are areas that we're developing as future products. And we have the High Purity Alumina. This depends on what purity you're talking about, but the typical grade, most prominent grade is this quarter 4 end. That's a 99.99% pure material. That sells for about USD 25,000 per tonne. Now the reason that we mentioned that increasing Halloysite value is that when Halloysite is formed, the formation process involves the leaching of the impurities out of the Halloysite to give the tubular shape. That leaching makes it much higher purity, it makes it a great feed for things like cosmetics, but it also makes a very good feed for High Purity Alumina because the worst poisons for that process have been removed naturally over millions of years. So we're working very hard on High Purity Alumina, and that's something that I'll present later, a very exciting development happen in that space. And then the ultimate value is in Nanotechnologies. These are research development areas that involves the carbon capture. They like stand-on. But here, value is a bit of a question mark on value because a lot of it has to be quantified, but there's no doubt that there are some extremely high value materials there and probably the most valuable we can make of anything out of our Halloysite material. So that's a bit more about the value. So the question here is why would you invest Andromeda and U.S. shareholders? Why would you stay in Andromeda? So over the last 12 months, even though it hasn't been reflected in the share price, unfortunately, we have derisked the product -- the project, a Great White project. It seems that derisking has gone through, as we derisk it, the share price declines, which is probably a situation we're in predevelopment, that tends to be a bit of a feature, unfortunately but we have achieved a lot. We derisked greatly. And the first thing there is on the list, we have the mining approval. That was a massive piece of work. And tell you I've been through that approval process, you don't how difficult that is. And if you've got a couple of spare days to talk about it, I'm sure Joe will talk you through the process. The acquisition of Minotaur that was also actually quite painful, but we got that, a whole year of constant negotiations. But it was very important. We had to get 100% ownership not just of the great white project, but also of Natural Nanotech because that was an integral part of the value. So we successfully achieved that. We also released our DFS, another huge piece of work going to that one. Then we started locking in binding offtakes. Now we've got 5 binding offtakes as of today. We're still working on some more just to close out the rest of what's required, but we've got -- we've got the high-value ones in place right now. I just need to fill the rest up there. The team has been growing, and we're now up to about 35 full-time staff, which is what's required to go into operations. and that's still growing. The PEPR . Next one on the list. So this is the environmental sign-off for the mining plan. That was submitted in August for the government. And they are working through that process before it signed off. We still don't know when that's going to come in. We were advised it could be before Christmas. So we're -- I'm an optimist, as you probably know. So I still think there's a chance. But Joe might tell you different. The good thing about that is it's not on our critical timeline. So even if it doesn't come in before Christmas, and it comes in January, February, then it won't affect our project timeline. It's independent -- it is a government process, though, so we just don't know when that will happen. The good thing is that we have got probably one of the easiest PEPR they've ever had to look at. Being a very low impact line in an area that doesn't really affect very much. So that's in progress at the moment. And we also acquired the land, and that was also 3 years of constant negotiations. So as usual amount of work goes into these things and they always take longer than you hope, longer than anyone would hope, but they -- we've got there in the end, but it did take a massive matter work to get there. So look at the right-hand side there. So just summarize why Andromeda. So I said before that we have a world-class resource of a rare and valuable industrial mineral, halloysite is the highest form of Kaolin, highest value form of a Kaolin around. And we have developed some very significant in-house knowledge. We don't say much about what we're doing on things like measurement detection, measurement analysis of Halloysite because we've got some IP there and company that we have now some valuable IP in its own right. So we don't want that escaping. But we can identify, analyze halloysite, way cheaper and way more [indiscernible] anyone else right now. We also have these on top of the great White, which has got those very positive financial numbers we have got some very high growth areas coming through. And we're pushing those very hard. Tim and his team are working hard to get these through to commercialization. And I mentioned there, we got the HPA, so that is one that's looking more and more attractive with the increase in attention from the government at the moment and also nano technologies, the strategic alliance with Newcastle, there's a lot going on there. They've got 6 projects going on there, which take a lot of managing. We're building up our IP portfolio. We now have a suite of IP, and we've got 4 there that we feel are very valued and they do add value to the company. It's not reflected in the share price yet, but we are making sure that in the future, that will happen. So we got carbon capture, international patent filed. We've now more recently got the conversion patent filed. That is to take that carbon-dioxide and convert it to methane. So rather than like everyone else is trying to do it, most people are trying to do, they're trying to store it away, sequestered away, just push -- push the can down the road. We've got a way of converting that to something is worth money. So that's the second part of the carbon technology. We've got the HPA, High Purity Alumina. We filed a patent for a new process to make HPA from Kaolin, which we feel has got some very significant advantages over what other people are trying to do in that space. And finally, we got an application in for the concrete [indiscernible]. So moving on to our resources. And we have, at the moment, you see there over 110 million tonnes, so it's actually 113.5 million tonnes to be precise, in South Australia. And we've got a whole large areas -- new areas there that we are looking at now and doing exploration on. And we've got some results coming out soon in that -- on that subject. If you look at the chart on the right there, we've got almost 5,000 square kilometers of tenements for Kaolin and halloysite-kaolin. So we've got a very large area there. And that means that we have -- we have a multigenerational business here. So once you start making money, it will go on for generations. Exploration. Again, another area that's taken a lot longer than we would have hoped, and this has been due to all sorts of issues with COVID and with labs and with resources -- testing resources. So we've drilled at our -- one of our newer projects, the [indiscernible] project. And results are coming in. We still got to finalize a few of those, but they're getting close now to being finalized. But what you can see on -- in the map in the middle, the grayer areas are the [indiscernible] tenements. And we've been drilling at a couple of major ones we've drilled out chairlift in the half pit, showing some very interesting results. You see on the right-hand side there. We've got -- the purple outline is the size of Great White. Bear in mind that it's a 34.5 million tonne resource. Now the red outline is what we're looking at for chairlift, and this is what's been identified by our experienced cutting geologists as the area -- potential area as exploration for resource. So you see how much bigger it is. It's a huge area there and it looks like it's very interesting quality material. I can't give you numbers on that yet because it's not been officially released, but the picture on the left is someone said it, it looks like a picture from the [indiscernible]. But it's not -- it's actually a low side. And -- what we got here is I'll let you make your own mind what proportion is because I can't give you numbers, but that is -- that comes from a halfway. So all we can say is there, we've got some -- a very large amount of some in there, and we've got some very large proportion of our halloysite. So we've got some exciting news ahead from that project. The pilot plant. This is an area that we've been putting a massive mode of work into recently because the pilot plant has been providing all the metallurgical process data we need for Great White. But it's also been producing samples for existing products and for new development grades. So we spent a lot of money on the pilot plant. We've had some upgrade equipment. And you see the -- I think it's a pointer there it is. This is a new drum-washer the front end. Now that is what we're putting in the main plant. So that is just a scale down replicable over the main plant. So the key thing here is that all the components in the pilot plant are scale-down versions of what we'll have in the main plant when is built. And these equipment are very, very scalable. So we know what we get through the pipeline is what we're going to get in practice. So the cyclones we use in the hardest cyclones. They are German hydro-cyclones, and they are the ones that we are ordering for the main plant. The drum voucher also, that's the same as we order from the main plant. And we've got a new filter press in there. So that filter press is -- has been included in the pilot plant, so we can push out more samples, get bigger samples out. One important aspect of this business that we're in is that customers do lots of testing. Even though it's a very [indiscernible] things for them, it's a low-value product, but high-volume product. They still need lots of testing because they don't change very easily. If they change the Kaolin with raw material, it usually means they've got change formulations. They got to change processes and it takes a lot of work, a lot of time, lot of effort. So they need lots of samples and [indiscernible] and they need very big samples. At a moment, we can put out tens of kilos -- hundreds of kilos of samples, and that's been enough to get to where we are with OpEx. If we could produce tens of tons than we could get OpEx more easily, but it's a bit of a [indiscernible] situation. So at the moment, we are able to produce hundreds kilos, and that's doing a job. We're getting the offtakes we need. We're getting the results we need for the process design, and we're also developing the new grades. So the HRM for concrete was developed through this and the SRM dilators pilot plant. We're -- we've now got a centrifugation, -- you see the centrifuge down the bottom. That's not everyone's idea of what entities looks like, but that is actually a Kaolin centrifuge. And it spins at huge velocities inside there, and it separates out the part of your size, so you can cut part of the size distributions for Kaolin very accurately. So we're now using that to develop a high purity halloysite. And all halloysite is not equal. It behaves differently. And as we found over the years, halloysite from Great White, but it's definitely from [indiscernible] differently from that hope. And not just in the way the processes but the way it analyzes -- so if you use a [indiscernible] test on a material from one of these deposits, you can get to complete your false result. So it's a bit of a painstaking process to get this developed right, get the right results -- results we're confident with and then we go to the processing stage, how it behaves and how it responds to processing. So that centrifuge is going to be very important on doing that. That centrifuge came from my old company Imerys in France, so the biggest [ cutting ] company in the world. They nicely ship it over and get it going. And now we're now quite excited about what that can produce for us. So that's the pilot plant. And we are currently producing, as I mentioned in the questions earlier, we have just produced 1.5 tonne or high purity halloysite for the carbon capture project as a high priority. We've been knocking out tens of kilos of the concrete additives, which has been going out for commercial trials, and we've got requests for that around the whole world for commercial trials at the moment. So has a chance to talk a bit more about the products. And this is where there's a lot of -- there's a lot of confusion in this area because it's hard to understand initiative from the industry. It's very hard to understand why people will buy these materials, what they value and why they're worth what they're worth. We've picked these products specifically because they are the best products we can make value wise from our feed material. So if we look on the long row there, now the Great White KCM 90. This is the most recent addition to the range which is a bit ironic because it's going to be the first product out of the plant. But it was done for the reason that we wanted to get this started plant going. We wanted to get material out in the market. We wanted to establish our branding and our reputation. And we wanted a product that was easy to make with a high recovery and that would give us a good margin. So KCM fitted that bill. It is a highly consistent grade, and that's because we have such a large consistent resource. It's a premium grade. So it's not fully refined. But as I mentioned before, some people would sell that as a fully refined product and it is capable of knocking out fully refined products. So we've had testing done in Asia with a major porcelain producer, and they said that material is already equivalent to the highest quality grade that comes out of France into Asia. So even though it's semi processed, it's a very high-quality material. It's also very versatile material, and that was also part of our strategy. We wanted something that could be used as a product in its own, right or it could be used to process another material. So it can be added in as a blended material into existing [indiscernible] which would upgrade that resource. And the Vietnamese company that we're talking to and they want to add that in 50-50 to the existing resource. That will give them a world-leading product. It will double their resources they have at the moment. So they're prepared to pay a very high price for it to be able to use it as a blended material, which makes for us is even easier because they're going to process it again. And also, the other opportunity -- a third opportunity with that material is it can be processed a bit more. So anyone with a Kaolin plant at the moment, underutilized, they can put that through and they can take out a bit more sand, but taking out a bit more sand and making it a bit finer then that would make it worth a bit more money again, upgrade yet again. So that's our first product. And we've got 2 [indiscernible] fixed in place. We're talking with potential customers now to get the best deal on the remaining KCM 90 out of the start a plant The Great White HRM is our concrete product. This is the one we have a patent application and it's unique to Andromeda. It's unique in the world. The good news is that we -- we have got now about 1 million tonnes of that in our Great White mine design. So we've got plenty of material to last for a very long time there. It did take a long time to get there because we found out that this material wasn't just a lower side Kaolin, it was a lower side Kaolin with a very special surface chemistry. So we had to go back to all of our drill samples for, in fact, decades of drill samples, retest them using a special test that we developed to work out what their material was, how to measure it, how to quantify it and then go back to our model and block model and work out how much we had. So that's the HRM. And it's very interesting because it's got some unique properties in that you can add it at a very low dosage to concrete. And now we're talking about 1 kilo in a cube of concrete. Cube of concrete is about 3 tonnes -- 2.7 to 3 metric tonnes. So if you look at out at ppm, we're talking about maybe 750 ppm, which is a very, very low addition rate, yet at that addition rate, you can get some dramatic improvement in the rheology, which is the way it flows and behaves, performs. That means you can optimize the mix design. So you can do clever things to it to decarbonize. One of the main things you can do is you can use lots of more waste in the concrete that you can't normally use. So you put more waste in, you make it coarser, you limit the use the water, you reduce the water, you reduce the cement and then you reduce the carbon footprint. So it's quite a complicated area, and we've spent years now developing this behind the scenes with various application testing, all sort of concrete applications. We've passed the concrete standards for Australia to be used. So there's no barriers to being used now. And that's why we've now got this offtake signed up as of this morning with IMCD and IMCD supply additives to a concrete industry around the world, and they're happy to sign up, what is a relatively large amount just for Australia. You think Australia is only about -- Australia is less than 1% of the world's opportunity for this product. We signed up a very large offtake with them at a very attractive price. What they like is the fact that we have the opportunity here to decarbonize the concrete industry. It's no secret now that the concrete industry has to make yourself cleaner. Carbon footprint is terrible for concrete, mainly because of cement is so bad. And we have a way of doing it here. We can help them do it. But it's not like most solutions, it's going to cost them to do it. This will actually save them money as well. If they can put just 1 kilo of our material into 1 cubic concrete, it might cost them $1 or $2 but for that, they can reduce the cement significantly. They can reduce water, reduce chemicals, reduce carbon footprint, use more waste plus they get better handling, better flow, better pumping, all sorts of advantages. So this is why this is such an attractive material. And this is why we think it's going to have a global interest. And once it gets into that industry, which is a very conservative industry. The concrete people don't change very easily. And it will start off gradually. But once it starts off, it should just grow year-on-year. And if it grows in Australia, where the concrete standards are very high in the world, very highly respected, then there's no reason why it won't grow worldwide. So we are focused on that now. We want to now work very hard with IMCD to get more commercial trials over the line. It has been commercially approved by some very large companies already, and that's one thing they wanted done before they sign the agreement. So that's progressing very well. And we think that's got a great future. One more thing to add there is that we just commissioned a piece of work with a company, which is -- works on sustainable solutions for concrete. This is a member, the person who runs this company is a member of a national body that's reducing carbon in concrete industry. He's going to run a very detailed study for us. He's going to make a couple of cubes of concrete which these cubes of concrete will be standard industry specifications. He's going to quantify the carbon footprint of those 2. Those 2 will be representative, which means you can extrapolate across the whole industry, it is going to replicate that using our HRM and quantify the carbon footprint using HRM. And that will give us exact correlation between before and after how much carbon you can reduce. So we take that to a big concrete player, we can say how many cubes of concrete you make? Well, this is how much carbon you can save. So we think that's going to be a very, very powerful marketing tool when we get that done. And that's just been kicked off in the last few days. So what we see is that there's a lot of value we gain there in HRM. So as I mentioned with DSO and the -- and even with the KCM 90, we don't want to sell too much of our material at too lower price and too low margin. If you've got these new great products coming through that can give us a lot more return. So that's why so much focus is going into these new areas where we can get a lot better return for shareholders. Then moving along, the CRM is the premium grade for ceramics, then we've got an offtake announced for that a while ago now with a Japanese customer. They are a third-generation Japanese porcelain producer. They really like the CRM. They also like the KCM 90 and so they signed up for both of those. We haven't pushed that too much later because that is the next stage of the project. We want to get the KCM and the HRM signed up first, and then we can move to CRM in the latter stages. And then finally, the PRM, the paint grade, where we've got a very large offtake signed up for that one, which is very unusual in the cutting industry, to have such a large high-value contracts signed up, but that is a really world-class product. And it's made from our -- interesting from our non-halloysite part of the Great White resource. There's one area that's non-halloysite. It's just Kaolin, pure Kaolin, but it is super high pure Kaolin. And that material is best used in things like paint because halloysite doesn't work in paint. It doesn't work in PEPR. It doesn't work in areas where you need quite specific rheologies. So that's our product. Now part of the reason that we changed our strategy or we modified -- this modified our strategy for the start-up to get a safer derisk start-up to the project but still moving into the DFS. So the DFS numbers still hold, but we wanted to get there with lower risk, less exposure to all the current global economic problems. So we did this by having the startup plan at 50,000 tonnes, reduce capital, match the profile of our offtakes. And then you see that we're gradually ramping up by year 3, we intend to be at the 150,000 tonnes, which is stage 1 of the DFS. And from that point, we can just keep growing. You see from the colors there that we are trying to maximize the high-value part of that business. So the green part is the real high value, and we're trying to [indiscernible] -- so here -- sorry, -- this is IMCD that is concrete. So they signed up the offtake for concrete. They signed up the offtake for ceramics. And this is too for both ceramics here. So its Asia Pacific mineral. So these are 2 KCM 90 offtakes. And that's the HRM. So what we're trying to do? We're trying to maximize the value there. We have 2 very good, very highly respected companies who have signed up already for those. So there we're looking at the capacity -- the current profile, we're looking at that, the capacity is full up there. So here, we're now looking at, well, how do you -- what do we do about this? Do we push these out and grow a bit earlier because what we we don't want to do is end up being -- having a mismatch of that 3-year profile. So there's a lot of strategic work on now, and how we match the offtake profile with the production profile. But we're convinced that this gives us the lowest risk exposure and the safest way to establishing ourselves in the market with the best reputation possible. As I mentioned, this mountain here is -- we're talking about this green bit here is in Australia and New Zealand is less than 1% of the world's market. So there's a huge opportunity for us in the future. So what's happened after DFS? We have been very busy, and we have here what you see is a conceptual picture of the Stage One plant and emphasize there that, what we're talking about here is a de-sounding plant. So it is very similar to what you see in a sand operation. But in sand separation, they keep the sand and throw the finds away, where we keep the finds and throw the sand away. In fact, the sand is actually quite a nice construction sand, so we may end up doing something with that as well. But we have a few sandingplant here is very simple. You just slow the material, you screen it, you put it through hydro-cyclones and then you dewater it, and dewatering is a trickiest bit. Kaolin and especially halloysite doesn't like giving up its water. So that's the slowest part of the process, but it's all off the shelf equipment, and there's no specialized design required so what we've done is we worked hard to reduce the upfront capital. You see in the DFS highlights there, we had about a 93.8 million ton capital requirement if we went straight to stage 1. We've reduced that to somewhere region of 50% to 60% by going to start a plan first and then using -- reinvesting our revenue into upgrading the plants as we go along to reach the final stages of DFS. So we've reduced that dramatically. Some people think that's still quite high. Well, there's -- a lot of that is common infrastructure that will be used throughout the whole life of the project and things like the environmental bond. We're doing about several million dollars of environmental bond there that's included in that, several million dollars for the road to be upgraded infrastructure. So there's a lot of things in that, that will be common. The actual plant component of that is very small. And you see the perpetualized mine design. As I mentioned with the PEPR approval, it's more like a quarry. In fact, some people have called it a sand pit. I think, sand pit is a bit basic, but it's more like a quarry. And it's very shallow. It's basically a dry mine. So we don't get -- it won't affect anything like groundwater, if there's groundwater around, and we just use progressive rehabilitation as we go along. So that's a bit of an operational summary. If you look at the high-growth area, and this is a business development framework that team developed when he joined the company. So we realized that we had to have a very structured approach to what we're doing on business development. We need to make sure that every single stage of what we're doing was signed off agreed and authorized. And so what we do is, we go through the stage gate system where we go to Stage 1 Discover right through to Stage 5 Present, and it goes through a series of approval gates. First one is the business development team then goes up to the executive team. If they're happy with it, it goes through to the Board level, and the Board takes it through the next 3 stages. So it goes from a concept study, through to a business model, to a business case, to a business plan, and then a final plan. So by having this very structured controlled approach, it means that everything is highly regulated and highly controlled, and all of our research projects are going through this right now. And one of the main leaders in that research is the high purity alumina area. This is a quite topical now because it became recognized as a critical mineral by Australian federal government. And as soon as something becomes critical mineral, then it means that there's all sorts of opportunities to get funding and assistance, and also attracts more attention as a company by having a pathway to getting to that product, it means we're more attractive. So what we've done is -- we've been working on HPA for a very long time now for many years. We haven't said too much about it. But recently, we put a patent application in for a new process to make HPA from kaolin, it's something that's -- it's an interesting phenomenon that has been been very topical in Australia for many years, but not many other places in the world. It's mainly in Australia that there are several companies who want to -- or intend to make high purity alumina from kaolin, but it's something that's not done in any commercial quantities at the moment. And there's a good reason for that, mainly that there's a problem with most people's flow sheet that to get that scale up to make HPA from kaolin is quite difficult. It's quite problematic. And we've been working very hard to find a way around that, and the pattern we followed is the way around that, we believe, a way around that problem. So we believe we've got a novel process that is far cheaper, far easier, far safer than anything else we see around a moment. So that's why we're putting a lot of effort into this. We think we can get from our kaolin, which is naturally the best feed that we found for as a kaolin for HPA due to natural low impurities we can get to a 4 end product, maybe even 5 end product at much lower cost, much easier, so much lower OpEx and CapEx than AML is looking at the moment. So we are pushing this hard. We've got engaged some of the world-leading consultants in this space. We've got a novel process. It involves using equipment from -- that's being used now, has been used for decades in another process. So it's not new. We're not sure why it's never been used for HPA before, but we're glad are the first ones to try it. So we are doing some modeling at the moment. The modeling is just about complete on the operational cost and the capital cost for this. And then we plan to try and get to our pilot scale proving up stage as quickly as possible. And there's a few details there on the market opportunity. It is a really huge opportunity. We're talking about a very significant growth in relatively short term because it's going into batteries and EV batteries mainly, where it's used as a safety additive, also smartphone glass, any sort of display glass and LED lights. So there's forecast to be a very large demand increase, but also a big gap in supply. And if all the projects that are being talked about now came online, they still wouldn't meet the forecast demand. So we're pushing that very hard and we want to get to true to proving that up as quick as possible. And if we -- if all goes well, then we should be maybe Q1 next year, we should be getting some missing results out to the market. Now our technology, very topical. And there, in fact, we can see a picture of the carbon capture plant, so it was fabricated. And those are the components -- some of the components that are being certified at the moment. It's taken months certification, but we are getting there. It's a very frustrating process, and we're pushing as much we can to get that done because we want that done more than anyone else. I mean for us, it's a tremendous opportunity. We said that decarbonization, I mentioned with the concrete industry, decarbonization is becoming such an important topic with global warming now, but any opportunity that someone has to make a significant difference to decolonization then those projects are attracting lots of attention. Now we've got the concrete one that we believe that's something that the construction industry can use. But this potentially is something that any industry can use that's producing lot of CO2, because what we can do is, we've got the international patent application filed for our functionalized halloysite material, which can suck in large amounts of carbon dioxide, and it will suck it in selectively, so you can put a flue gas through it. It will let everything else go through apart from the carbon dioxide. That comes outside as captured, and then you can get that released by just hitting it with hitting filaments through the material. So what we have is a polymer matrix that's produced from the functionalized halloysite. There's polymer granules. They will go into these units. You'll see there's 2 big units at middle there. Gas -- CO2 gas, the concept, this gas is pumped through those. The CO2 is absorbed then the chambers will oscillate back and fourth, one is absorbing while one is releasing. And then the ultimate performance will be when we attach the conversion unit to the bottom of that so when the carbon dioxide comes out, it can be converted to methane. So the beauty of this is, if it's being used for someone like a cement producer that is one of the world's worst polluters, they can capture the gas coming out, they'll vacuum. The CO2, they can then convert into methane, which then goes back in the process to be burned again. So that means it goes round and round in circle, the carbon goes round and round. And every time they reduce, they can get carbon credits for. But every time they reduce, they also get that back as a fuel to use in the process. So we're working hard on this one as well. So Tim and his team are pushing very hard now on the HPA and also carbon capture. So we're talking to some partners for this technology. We realize that if we want to get this funded through to commercialization as quickly as possible, then the more money you have, the quicker it will happen. And there's some people out there who have very deep pockets in this space. Those people with deep pockets are talking to us at the moment, and we are making good progress on those. Now we've got both of those patents filed. That means that we have something of great interest. So the HPA and the carbon capture, they are the 2 leading areas that we're working on now on technology. Mick mentioned earlier, there are some others who are working on, they're earlier stage. So the removal of microplastics from the ocean, the fertilizer and herbicide delivery for agriculture and also the last one was antimicrobial paint. Seen a moment there, sorry -- too much going in that space, antimicrobial paint, yes. So there's a lot going on there, but these are those 2 are the leading in that areas. These are harvest sections. So this is the metals. This is our legacy projects. We've got 3 there. We've got Moonta, which is the Cornish pronunciation. I used to get pulled up for that, which is historically a lot of hole 4,500 holes. That's a very historic drilling area. That's the part of the area that supported the South Australian government for many years. So we've got so very prospective ground there. Now we've got a joint venture with a company called Enviro Copper Recovery. Enviro Copper [Indiscernible] now, there is a relatively large copper resource there, but it's based on in situ recovery. So it's a new technology. This is what they call the mine without of mine. So this is where you just drill a hole. You put down a predominantly water-based solution that dissolves at top of the copper, copper sulfide, which then gets taken out of another hole and then purified. So there's potentially a large resource there. And we are discussing with our joint venture partners about what we do with that going forward. Some interesting opportunities there. It's in a very prospective well across that area with -- through that section is a prominent hill section. OZ Minerals are working there, the [Indiscernible], and we have a very large potential ISR resource in there. We've got Wudinna Gold. That's a joint venture with Cobra. We've got -- we had a gold resource there, 211,000 ounces. They've done a bit of a pivot there. They've got some [Indiscernible] rare earth there. And rare earth is very topical. So then now a rare earth and a gold project combined. So they're earning into 75%, and we're talking to them about a few options going forward. And Drummond is the last one, North Queensland. We've recently signed a term sheet to -- with Rush Resources. They'll give us $0.25 million worth of their shares when the IPO later this year. So the key there is that we're not putting our own money into those, we're not putting our resources in to those, but from some basic support on geology, but we intend to monetize those and put that money back into Great White and into our new developments. So what else has been going on. This is an area where there's been a huge amount of activity, but it's an area that doesn't get much attention in the market because it's stuff that you just have to do. So boring stuff goes on behind the scene, but stuff you have to get done. It takes a massive amount of our time and effort. We've got operational and corporate readiness sections there. So long lead items. It was very important to make sure we started the procurement process in line with our schedule. So that's been going on with the longer lead items being ordered first. Also setting up relationships with all the local contractor suppliers, again, another big job scoping the works for the site establishment and getting all those agreements in place. So a lot of ad in there and a lot of contracts being done. Logistics, we're still working on optimizing logistics. There are new options coming along all the time. We -- our DFS is based on using [Violet] port. There's probably going to be a new port built in maybe a couple of years, first deepwater port in South Australia closer to us. So there's options there coming along, maybe a couple of years out. But there's also -- people are now coming to us and treating us more seriously now. We're getting very close to operation. When we go to trucking companies and say, we might be producing in 2 years' time, they don't take you very seriously. But when they can see a time line, then you start to get much better attention and get better numbers. So we're working on that organizational capability, building the team, but it's not just a team. When you build a team, you have to build the structures behind it. And that includes all the policies, procedures and everything else goes behind that, which is another big job. Also a managing operating system. So we just brought in an operating system -- we brought in Pronto as well. So all these systems have to be integrated with what we're doing. And I mentioned policies and procedures before. So a lot of work going on there. It's not very sexy work. It won't do much anything for our share price, but it has to be done to get the project going. So just rounding off now before I send you all to sleep. Next steps. Future catalysts, very important here. So agreements. We want to finalize the agreements that we've got in process right now, infrastructure and operations. There's a lot going on there. A lot of details are going to those pilot plants. So we are still looking at upgrading further. We want to make sure that we can produce as much material as we can to get out to the market. The more commercial trials will get over the line before we start, the more seamless a transition into the full-scale business will be. But on the OpEx, so we've got to lock in the final binding OpEx. It's just a case we have 90 now. We don't need any more HRM or SRM or anything else. So we're going to be working on those. Last the KCM, the PEPR. Well, that's just going to the government for the moment. We've had the first set of questions back from them. And we've addressed those. So that is ongoing, and we have weekly -- I think Joe weekly contact with them. [Indiscernible] would like, but we have at least we can contact. And Logistics, I mentioned we're looking at all sorts of options there. Suppliers, procurement process is a lengthy one because you have to get multiple quotes in for equipment -- duplicate equipment, so a lot of work has to go into that. Funding, that's a question that comes up quite often. So we're looking at all sorts of funding options at the moment. It's not on a critical time line at the moment. As you saw, we got $27 million in the bank, but we want to make sure we have the right option. When we do, look at the [Indiscernible] funding required, we just know how much that is. And then we need what the balance is, how much debt funding can we get, what other options are there. And we have got lots of options on the table at the moment. And then finally, the high growth. Now this is a really exciting area. This is where we are pushing out along as quickly as possible. It's not in market cap at the moment. That's not recognized at all. But as we get more news in those areas, we aim to make sure that, that is captured in the value. And there's some people who are watching this very closely as we move along with those technologies, the further we get, the more derisked we get, and more attractive will become as a potential partner. Thank you all for your attention. And I think question -- first is, any questions from the audience?

[indiscernible] my name from the Australian Shareholders Association. With new mines at the moment, we tend to read about what they're doing. That's an environmentally friendly way in terms of solar [Indiscernible] and so on. Have you factored this in anywhere? Yes. So we obviously, we're lucky that our mine is very low impact to start with. So we -- one of our advantages that we are more of a quarry. We don't have -- we haven't got tailings down. We haven't got nasty chemicals. We haven't got [Indiscernible] any of those issues. We just take the sand out and put it back in the hole and ship the rest of the material off. But we are very conscious. ESG is very important now, Melissa mentioned that, now she's driving it to part of the activities forward as a non-exec. And we're looking at all sorts of options. So we've the plant we designed is, designed to minimize water use. So we recirculate 90% of the water. We use reverse osmosis until we make sure that we don't waste anything. Power options. So we have -- we're using gas as the best option because then we can use the waste heat from the gas, going to use to dry the product, so we don't waste anything there, and they can be converted to [hydrogen]. Once [hydro] becomes a viable option, then that's something we're looking at. We've looked very closely at renewables, getting that in there, but it's -- at the moment, it's not feasible. It's something that could come on in the future. But it's just not possible at the moment. We are looking at other [Indiscernible] options as well, early [Indiscernible] options. We are being -- we are meeting with people regularly, who are putting proposals to us. But energy cost now is a major factor and it's probably almost away. It's not so bad this part of the world, but the price has gone up about 3x since we first started looking at the project. So we're very conscious. We have to minimize the power. But as I said before, we are a low usage in that respect because we don't -- the plant is quite simple. And we are just trying to use as much recycling, [Indiscernible] as we can to the whole circuit. So credentially wise, so we think we've got a number of factors there that could be classified as a [Indiscernible] green type mining industry and not least the fact that products were coming out, despite what we produce as in carbon in the process, we could make a huge reduction in carbon if those technologies prove up because we've got this 3 years start with now, we've got the decarbonization of construction. And it doesn't just work in concrete, it works in all sorts of construction. So it works in -- it will work in mortars, renders, grouts, any cementitious application. The SRM is the other additive from that. That works in other construction materials, liquid materials that are used in construction to help decarbonize. Plus, we've got the carbon capture, and we've got the HPA. So all very green projects. So we've got a sort of a [Indiscernible] angle to our business. And so we are getting some interest from investment outfits who like those green credentials. They're waiting until we get to a bit more progress, but there could be some that happens in the future, there could be some funding for that direction.

[Des Moriarty], once again. Two questions. The first relates to the share register and mostly retail shareholders. You talked about getting an institutional or some institutions on board, does that automatically mean dilution of retail shareholders' holdings. Could you speak to that?

I wouldn't say it's automatic, but it's something that could happen. It will be perfectly someone [Indiscernible] market, one that fits supplier market, but now we can push them in that direction, but what they do or not is I think that's unlikely. So we're looking at potentials, but it's not just necessarily to come into the head company. So we've got options there. So Michael is setting up a corporate structure at the moment, which separates out these businesses. So HPA is separated out, carbon cap is separated out and the people now are looking at coming in, potentially investing in those different areas. So we could quite -- it's quite likely we could do deal in one of those, and which would be a whole different structure because there could be a deal done -- to be done to make -- take some of the IP maybe for example, sharing or some other option there. But if a [Indiscernible] did want to come in at the head company then there will be some dilution, yes.

[Indiscernible]