Dreadnought Resources Limited (DRE) Earnings Call Transcript & Summary

Good morning, afternoon, everyone. I always love sitting here talking to myself in the blank screen. All right. Were people coming in. We'll just give it another minute or so, and we'll get stuck into it. I'm sure most people are here for the Q&A anyway. So they won't mind if we get started too early. It is cold and a little dreasly and there's still a fly. Already, numbers have leveled out. It's been 2 minutes. So thank you, everyone. We all get started. Good afternoon, good morning, everyone, and welcome to our quarterly Hubinar. I apologize for this hub and are being slightly delayed. I've been traveling around. But no time like the present to get stuck in. So thank you for joining us. Like usual, we'll go through a bit of an update on the quarter, where some of the things are what I'm looking forward to seeing movement fairly quickly, assuming the baseline of knowledge from the people in the room, and then we'll get stuck into the hubinar questions in about 18 or 20 [indiscernible]. And then get stuck into any live questions that come through. Typical snapshots, fairly similar here. Nothing much has changed quarter by the numbers. So at the end of the quarter, we had $15.7 million cash. We spent $3.9 million that exploration in [indiscernible] an exploration spends. We had about $100,000 worth of interest rebates and grants come through and [indiscernible] as well which can to put around 90%, 95% of the money in the quarter was in the ground, if you will and that is a good performance for us as we've been hitting exploration and full gear across 10:04 AM Mangaroon and [ Elara ]. We put out 13 announcements. We had a 94% increase in the indicated resource at [indiscernible] my lease application going in at [ Metis ] as we look to push that to catch up to start room. We've kicked off a core pick off and completed [indiscernible] programs across Elara and [indiscernible] work across the [indiscernible] and Mangaroon. Those Mangaroon results have been coming through and still some to come. We delivered almost over 27,000 meters of drilling, predominantly [ aircore ] but also RC and time and almost 8,000 surface samples as part of that target definition work up at [indiscernible]. Quite a busy quarter for us. Field season was in full swing last quarter and continues to run into this quarter. Debra, very busy in getting the target exploration work in the way. As always, developing the high-grade deposits to start [indiscernible], which will have a lot of questions on a bit later, as I'm sure everyone is anticipated. We'll continue to deliver the large-scale gold discovery, which has been a lot of our -- a lot of the teams focused, I should say, been a lot of us are busy on the store and other things, but the team, [indiscernible] Frank and Claude and the team have been focused on getting those large-scale gold discoveries underway, delivering the aircore programs at [ Elara ] and the [ Mangarun-camscale ] prospects up there. Progress in the Cooper Creek [indiscernible]. We'll talk about this a bit more in a minute. Some of that progress is on hold in commercial discussions and what's evolving in that region. And of course, actually, I had a question come through on tech. So we'll talk about that at the end as well. Develop our high-grade gold deposits. So starting off here, update on where things are, [indiscernible], nice high-grade resource, good looking cash flow even with the updated economic situation, changes in gold price and everything else. There's obviously lots of questions on this, which will go into more detail, but during the quarter, we had the mining approval, the [ MCP and the GCP ] have been received, and the road use agreements are underway at [indiscernible]. Discussions have commenced with them in earnest and then coming down to our office and also [indiscernible] next week. So we're going forward to getting stuff into those and getting those wrapped up, so we can not only dig but we can also hold this material to the [indiscernible]. We had the resource delivered updated there, so just under 25,000 ounces, [ 5.2% ]. I know they're high grade, not nearly as high grades to are, but still quite high grade. I would just finished up delivering additional RC and diamond drilling results pending there. And that was sort of a combination of resource extension work, some network and some geotech and all sorts of different things. So it's a bit of an all-around sort of study-related program in addition with some additional resources advancing studies and approvals in parallel commercial discussions at [indiscernible], we had our mine and lease applications and they did well. So good progress [indiscernible] start. So certainly not as quick as we would all want with regards to [indiscernible] along nicely. [indiscernible] signed Importantly, as the new mining lease that we've applied for down there, which is pending, and we have the resource sort of outlined Importantly, what we added to the resource in our last update was a lot of shallow ounces in the we actually see up here in the northern end is where we added quite a few ounces that [indiscernible] North discovery. We've just completed an RC program, which is targeting a bit deeper up there and some infill as well as some other deeper holes down plunge testing as we unleash our structural group of [ Jamie ] on some of the better understanding and high-grade food controls. So looking forward to seeing the results of that work that drilling has been completed and results will be pending over the next couple of months. [indiscernible] pathway to production [indiscernible] or mining have been received. We're now finalized in the show agreements and commercial agreements progressing and hopefully, target production we were hoping, obviously, 2026 as we are now in September. Most likely, there's still potential for us to be breaking ground position, and I think production in earnest will be committing and completing 2 on [indiscernible], the study-related work is underway. And we already have quite a few groups in the room and having commercial discussions on [indiscernible] to see if there's someone who wants to take it on earlier rather than later. We will just see what the best outcome is the fees and again, targeting production commercial outcome, 2027 and 2028. So moving on, I guess there'll be, as you imagine, we've got some questions on [indiscernible] a bit later, and we'll answer all those. Moving on to delivering a large-scale gold discovery updates on [indiscernible] kicking off with Elara. Just to refresh some people Elara immediately next door to [ Oribenda ], [ Ballard ] and [indiscernible] Greenstone Belt [indiscernible] in the region. And we plan to also moving on discovery, sitting there. We've completed Phase 1, very wide-spaced drilling to identify these big halos, and we've just kicked off Phase II, which is a combination of infill drilling up around [indiscernible] as well as first pass airport there in the South and into the Eastern people obviously got some questions about focus and where we see things going to be picking up for us and what's capturing our attention. Prioritization is always a progressive thing when it comes to exploration, which is an iterative process. But Black Oak when it comes to what the results from our first round of drilling. Black Oak has certainly been probably a standout for us, and that's where we are currently drilling. Focusing that aircore drilling along that Black Oak horizon. We got 7-kilometer long mineralized corridor, infill drilling currently underway. We're currently drilling. I think we've just completed our fourth line, which is down there ILAC 139 and 483 where we had the 18.8% and some decent mineralization down there, [indiscernible] but it's gold, so we have to wait for the assays. Moving on. So we essentially were doing that aircore drilling and plan to have that infill drilling done, let's say, it's being done right now at Black Oak have results apps in October and be ready for Discovery drilling in November. So we're already talking to RC drillers, get into [indiscernible] locked in for around November so we can come out here and get in a good 3-, 4-week drill program, assuming success at Black Oak to make that discovery. If you want to see what good aircore looks like and then what we want to see from that first round of RC drilling. [indiscernible] Gateway and the great work that Rich and team is doing their [indiscernible]. They put their first pull in RC hole and underneath the airport anomalies got 40 meters at 2 grams or something like that. Fantastic just to the big cap rates. It's a good team. Their diagrams are fantastic. [indiscernible] in the past. And so if you want to see there are a couple of steps ahead of us. And so if you want to see what we have in mind, what we -- how this aircore transits to discoveries over time, looking at it [indiscernible]. There's been some great work being done there. And then those first RC holes going in, ensuring that discovery, what the significance of [ Weston Encore ] normal looks like for those first [indiscernible] some great diagrams there, gateway and strongly recommend it [indiscernible]. And that's what we're looking for. That's what we want to see is success here at Black Oak and we hope to put in those RC holes in by the end of this year to confirm that. When it comes to [indiscernible] that's [ Alaris ] the aircore and get to those new areas, chase Black Oak so it's continuing to explore and [indiscernible] the best areas. At Mangaroon, similar to [ Elara ], under explored, that's why we're out here. 7 camp-scale prospects as we have kicked off that target definition or generation work and definition work and our scale prospects, which were defined by streams. Now we're doing the soils. What we've seen I guess, where we got to focus on where are we getting excited about the board area the high range area in [indiscernible]. Speaking of the team, you're probably in the top 3 that they feel the best at this point in time, and we'll start to see our target definition with our mapping and prioritization of targets with drilling starting to focus on those areas. We're also waiting for first-pass soils of high range south. So it could always be a late contender. But right here, right now, [indiscernible] really good. There's some very large deal normals in there. We're pretty excited to get stuck into that. We've actually just expanded our team here at [indiscernible] picked up a project Geo to help out with [ Alara ], and then we also have 2 project geos that have joined us to run Mangaroon in parallel. So we're quite excited about what's evolving here and looking forward to getting these targets, the target definition work done, ranks prioritized and ready for drilling. By the end of this year for drilling most likely start of next year at [indiscernible]. Talking through some of those. [indiscernible], what do we like here the 15-kilometer long zone, our recent infill solo samplanes exceeded expectations and define that is really tied to the 300 to 400-meter wide corridor along the major seat structure, up for about 15 kilometers to not hang a couple of plays along the way but long strength in that [indiscernible] we have confirmed gold. We've got 25 1, 12, 1.4. And then we have several kilometers of gold [indiscernible] strike from that in the same structural setting in that same zone. [indiscernible] is just a point where the rough stick up in that year zone. Having gone over that mention recently, [indiscernible] really is the only spot where those mineral structures to kind of ground proudly, which is why it was the first one, first area sound. So very excited to follow up this area, good gold intercepts, good thickness, good scale, good pathfinder associations. We're quite excited to do the mapping find the small cell crops, find any strong indications that there could be good monetization we buy and prioritize those areas for drilling later this year for drilling next year. Looking forward to getting stuck into that. At Bordah, Board has started off of Steve's Rewards. So [ Steve Valet's ] my first boss one of the founders of Helix Resources also responsible for discovery in [ Generg ] that [indiscernible] kicking goals on at the moment. One of the areas, Steve was always a big believer in the Gascon region. And Steve's Rewards named after him at Helix, when they were discovering Glenburg. They also came up here and started doing stream sets. Stream set program right its difficulties, and I didn't follow it up. But as part of the infill stream sets, they did identify some outcropping gold vans, which is up near what we call Steve Rewards. That's where we focused our efforts initially. And since then, we've stepped out usually when we do exploration, we like to close in, start big, broad and close back in because we had outcropping loans there, we started there went out the other way. And Board where does Steve Reward in and where the wider board of things, again, it's just gotten larger and larger and larger. We have comforter -- you can see where we drilled Steve's Reward initially. And then you step back and look at that now, that certainly would not be where we would start drilling. So the fact that we've got gold there. We know it's a live system. It's a very large scale normally. It's [indiscernible] some of the oldest rocks out there, the leads bring metamorphic. So we're quite excited to get stuck into this area. And some of the most -- more recent comes that we saw there is down the Bordah intrusion gold in order Tungsten. When we look at that intrusion cold and tungsten system. So look at these can be quite large-scale systems historically sitting around that sort of 0.5 gram to 1.5 gram large, big, big bulk mining, like you see up in Alaska, Snow line Gold led by just been reading his papers and watching Mr. [ Dr. Hart ] for the last couple of years, you just written a book on these intrusion [indiscernible] now the Chairman of the company, and they've just look over a beautiful high-grade gold system out there at the Valley deposit and Rogue. And that's sort of the one of the working hypothesis we've always had out here at [indiscernible], something that we're looking at [indiscernible] this is really the first one that sees like big, big scale opportunity for the sort of intrusion type system where in the carats in the top of the deposit intrusion has probably been eroded down to expose the intrusion. So we still have the carats of the intrusion and the roof rock on top of it which tends to be where the gold mineralization is preserved in these systems, and we see potential for that out here in the intrusion growth targets, and these also tend to be associated with tungsten mineralization and immediately next door, we had to port a tungsten target, which is a similar size and stronger than the tungsten we see it about 50 kilometers along strike, and so that's very clear. Tungsten that's on right, but also as part of this wider mineral system as we seek to understand the mineral systems active out here at [ Mandarin ] and again, to help us prioritize rank these targets with [indiscernible] migration drilling. I'm actually heading -- I've been staying awake at night dreaming about this one. So looking for I'll be out in Elara right now next week back in the office. And then next week after that, I'll be heading up here talk over intrusion gold and then camp out at Bordah Tungsten to do some of the short waving lighting or some sheet out there. Very excited with the large-scale target. I mean that than both things, I think, [indiscernible] kilometers in size. And the Bordah of tungsten things or meters of strike a big system, big aromas some of the strongest pathfinder [indiscernible] we've seen. Very excited to get stuck into this and see if there's something sticking out of the ground, so then we can put a tool hold in too soon. Just to High Range North and Northwest is there is some kind of merged together with the Edmon group kind of pinch together and gets cut up by quite a bit of full and faulting. We have essentially a series of 20 kilometers now of gold in soil anomalies. There's a little prospect in leased right in the middle of this thing, where people have pulled out nuggets for years and news. So we know there's broad in the area. This has never been gold exploration in its for prospect is here. It's the first time [ Golden Almitas ] been identified. Never been drilled clearly. And it's still a bit earlier stage. We still have those high-range Northwest oils are still, I think, 400 by 100 sort of space soils. So we have a bit more work to get this more advanced. So if I have a soft spot for high range. [ Mingabar ] and Bordah are probably ones that we will have ready for drilling and sooner in the high range that we'll do the work out here as well and seeing for different torturous are done and we're going to see how they rank and [indiscernible] others and when they get through. Part of that work, we had the -- we did our first pass assessment at Mangaroon South, the old Kingfisher [ McWill ] project. We picked up this ground because of uncertain. We had to confirmation part of the regional consolidation, and that sits right there in the middle in the green. And then the other reason why we picked up this ground, the [indiscernible] zone, there was a historical 1980s observations of sheet light mineralization in this area. No asset is where ever taken, I know what the work was done. And we saw that big published year zone similar sort of aid of reworking on that share zone similar to the [indiscernible] at the [indiscernible]. We have [indiscernible], we have like Bordah so the golden tungsten system sort of see it being part of a similar mineral system. We'll see if that actually plays out, but I guess sort of the idea going into this ground. We've confirmed some of that tungsten migrate assets looks a bit [indiscernible]. We'll have C. We have a group at [ UTAS ] doing some detailed ptography and pathology work on that at the moment, come back and give us a better idea of what the other system looks like. And we did a string severe as well and looking forward to seeing new areas that we generated and if there's associated if it's a bit noisy. It takes us to [ Differ Creek ]. So with the mining license have applied for over yen now and supporting general purpose in [indiscernible] lease. There has been a significant increase in interest. [indiscernible] may have seen there has been news AFR, whether it's leaked or official, I don't know, but the process that [ Wilen ] is running to sell the 6 stake in [indiscernible] and people that might or may not be in the room on that. We do have some upcoming work on exploration targets. There's commercial discussions ongoing, which I'll touch in a bit more in the Q&A. And all these commercial discussions are ongoing. Our [indiscernible] work is on hold, keeping the costs associated with that and focusing on some of the commercial discussions to see if the regional consolidation you can play with us [indiscernible]. So that's a bit of the update on the quarter with [indiscernible] where things are coming up. And a work plan summary comes out in ASX announcements start of [indiscernible], Yes, it's a bar across 3 quarters. We need to get the agreements in place. Once the agreements are in place, then Black [indiscernible] can update the economics schedule it in and then we can have a date. So that's staying up. We expect that still to be mined and done by the end of next year. It is a short mine life. [indiscernible] Discovery drilling looking at actually drilling on getting targets do fine. I don't think we'll actually get the RC drilling done at [indiscernible], this year. We will see, depends on how compelling those are but definitely getting the hedge surveys and things done and ready for drilling at the start of next year and then mainly in exploration, you target definition work, you've got 2 people starting, obviously, a lot of work up there. Getting these targets mapped out, getting them ranked and prioritized and in surveys [indiscernible]. At the Laura Gold, the [indiscernible], all that study work in the background. And as we advance that through studies and approvals and the Elara aircore program that through aircore program has ticked off, will run until the end of the year. And hopefully, with litho behaves the way we we'll have the RC rig out in the December quarter to put some of the first discovery holes into Black Oak.

So jumping into the Q&A. All right. So we had about 18, 20 questions submitted. As you can imagine, half of them around [indiscernible]. So we'll start getting stuck into that. Will [indiscernible] generate any income this year? And are there enough funds to get to production with [indiscernible]? Unlikely at this stage regarding the [ SOM ]generated income this year. The current study shows 4 months to commencement of mining to first cash flow which means even if we started today, first cash flow would be start of next year. Regarding the are there funds production, no bonds are required from try to get into production or spend is discretionary exploration spend, which is currently forecast out through the end of calendar year 2027 and can be adjusted further in. The spending is showing we will run out of money on 2026 [indiscernible] will be another credit rating in the next 6 months. Will be produced by the sale going into on the company? I assume by this, you're referring to line item 8.7 in our quarterly cash flow report. That is not a cash flow projection. That is an ASIC obligation. They added to the 5 Bs a year or 2 ago, which is absolutely core [indiscernible] leads to confusion and lots of questions like this. That is an equation based on our current cash balance and divided by whatever we spent to previous quarter, which is, for our case, discretionary and variable depending on the work that we're doing. So refer to the response above. Our internal cash flow forecast as is well funded through the end of calendar year 2027, and that's keeping up a pretty healthy exploration beat, which can be adjusted as required. Therefore, no capital raising in the next 6 months, and we couldn't anticipate having cash flow before cash runs out. A longtime shareholder here. How soon will we -- how soon will we start mining at SOM. [indiscernible] you and the team have a conference so far of the great work. Thank you. We still anticipate all mines be completed by the end of next year at [indiscernible]. More questions on [indiscernible]. Please elaborate on why mining start-up at [indiscernible] has been delayed, so much in the original schedule? Fair question. And do we have a revised start of mining time frame? Delays to start making cash flow may cause a capital raise requirements if it extends past quarter 2 calendar year '27, please discuss. Quarter 2 calendar year '27 being the same as end of financial year '27. So material delays in government approvals, MDCP. So why has there been delays from our original schedule? First, they were material delays in the government approvals for the mining development closure plan and the [indiscernible] clearing permits taking longer than any of us anticipated. We took guidance on [ Black Hat ] or mining experience partner on that one. And clearly, there's still waiting for approvals for over the year as well. Delays in not starting the road user agreement earlier, this is probably the one that's playing out at the moment, most acutely. Under our original understanding. We delivered the main road assessments that the routes call route can take [indiscernible] that was completed last year. And PC as the operator would handle the road user agreements is usually based on operational decisions such as frequency of trucks, number of trucks. Are they going to mine over 9 months to [indiscernible] months? Are they going to campaign hole or all throughout the year? Those will tend to be operational things. So that was the understanding at the time. But we have now taken those agreements on board and getting those move through quickly. We do have good relationships with the [indiscernible] when we said they're coming to the office next week and looking forward to working through that with John and his team. In addition, to dry officially taking on responsibility [indiscernible] under the new old management like I also made clear that they would not run things in parallel. When we first started this, there were sort of intent of running things in parallel to get started up [indiscernible] running quickly. the new old management preferred to wait until everything was in place before commenting the next steps. It is a bit more of a responsible approach, but it does make things drag out a bit more. And as explained in the previous answer, the money does not run out in Q2 next year. Debra would kill me if that happened and all [indiscernible]. So and I assure you that, that won't happen. Next question. Now that Black [indiscernible], [ James Busy ] has been terminated can we expect to start going quite soon with the new MD and housing. As much as I would love for the delays of [indiscernible] to be the reason for the change. I would venture to say that a joint venture of a small high-grade gold deposit is not why 100,000 ounce [indiscernible] gold producer with 2 operations and 1 in planning with a near $1 billion market cap, [indiscernible] MDs. [ BCA ] have now had 2 management changes in the last 6 to 8 months, and they're still looking for a new ending CEO, which I would venture to say is a higher priority for the organization than didn't start making the production tomorrow. So how will things change going forward? I can't tell you. But what I can say is that one, mining approvals are in place. [indiscernible] continues to look very attractive even at this gold price. [indiscernible] continues to confirm interest in development and processing less book to the management team at Diggers just a few weeks ago. We continue to receive interest from other mills. We do like having an option BC and play, as you never know. [ Wiluna ] is a fantastic example of that. And if you're you are relying on [indiscernible] doing your toll treatment and they have a catastrophic failure at their cyanide tanks, then SOL. So as the business runs, we're, of course, very friendly with Black Caps. And we want that to work out. But as a business, we always had to make sure [indiscernible] place. And so encouragingly, we do have mills reaching out to us for the high-grade feed. Those options are seminal. And we are sitting down with the sales and other stakeholders to get the fund agreements in place. In hindsight, do you think [indiscernible] should have had more input or control with the start-up of [indiscernible]? Good old hindsight, always only [ 20-20 ]. But even in this case, I'm not sure of hindsight for 2020. It's a tough one. Firstly, on these arrangements, the most important aspect is the middle mill space is what people are fighting for and what these sorts of small operations actually our main [indiscernible] are avoiding having to build to generate cash flow. The mills are the big capital CapEx costs. They are the big long-term lead items approval items and so we have a small hybrid deposit like us, we're leveraging our high grade to try and squeeze into some meal space. So ultimately, no owner once is how it's going to go and the profits and they want that profits were. If you're a mill, and you're running 1 gram dirt, 1.5 gram, 2-gram dirt even, and someone pops up with some 10-gram material due to a 50-50 process split. That's still 5-gram dirt to them, and that's higher grade than there too. And that's why things like [indiscernible] can get space in the mills because there is interest for the high-grade component. With how it has turned out, with where we are right now in regards to the road user agreements. We did have people Stephen, who was working on that and had already started discussions with the Shire on the review agreements. We started doing that last year. And then going to have the project manager come in and they sort of took over but change again. But that doesn't change all the other delays in that -- so where we are right now. Yes, we feel like that we ran with the agreements with one push stronger on as well. And again, with insight. We probably could have had these done a bit earlier. So on that side a little bit better if we had more control over that, and we probably could have switched for that as well. Personally, I still think all of this would have gone sooner if it had -- if we had less involvement from the it by the way to that. Once something like this is in the hands of operators, the actual doors, they can be doing their things, which they have experience and deliver getting approvals and doing the work for a small mine is how much different [indiscernible]. So we, I, are explorers and experience in delivering others like [indiscernible] or joint venture plant are experienced in delivery mines. If we handed over as the management to the actual people doing the then try not to continue to focus on exploring, which is what we do and the doers of our joint venture partners are focused on delivering the mine and having that ownership earlier. So this is what we're currently looking at for next. Yes. [indiscernible], I think [indiscernible] should have had more control. In regards to the [ ROG ] agreements, [ Republicas ] overall, I think, would have been better for that ownership -- clear ownership from day one. Not a very solid answer. Muddy answer, but it is a [indiscernible]. Hi, Dean. I will do that need to update the scoping study to reflect the likely higher cost is a last-minute question. So sorry for the short answer on this production. One example of cost increases is fuel with the scope, I sat use 156 there's 250 today. So study and final economics will be updated once the approval agreements are in place, and we could have updated the 1 million times. So we actually have internally. We've run multiple updates and that price hasn't hedged a profound impact on the amount of cash flow coming to you. It still makes a lot of money. So -- but one solid approval is in place, part of that joint venture agreement, commission precedents with Black Hat at least [ 117 ] in place, hand it over to them. They update the economics, the schedule all the costs, again, update on the cost. Once again, as well, the mining cost and then that's in place decision made and [indiscernible]. That will be done at that point. Like many others, I would like [indiscernible] for every day before when gold production will commence. Also, are there any current plans for minds such as interest on potential mine developers. [indiscernible], as I previously answered, agreements, scheduling for [indiscernible]. We do not currently have plans to mine the rare earths ourselves. Just simply duplicates and why? Why because to simply duplicate where [ Yangabana ] is now in relation to the approvals, tailings storage facilities, processing facilities, the camps, the air strips, everything the offtakes they have in place, the finances have already secured from made funds and things like that, EFA grants and construction would take tens of millions, if not more, and investment in years of work. There's no point in us duplicating that process. However, mining approval for [indiscernible] to go through [indiscernible] and all that approved mill space and transcends the rest would only take 1 to 2 years, which is about how long it would take to build in commissioning at the [indiscernible]. And [ yen ] is one of the thickest and highest grade deposits of that area. The [ yen ] could add significant mine life and NPV to that operation, so the recent DFS put up for [ Wailua Hastings ], plus yen or different [indiscernible] adds critical metal optionality, for example, [indiscernible]. There is currently a significant consolidation opportunity in play for which there is interest in potential mine develop at some time. On to the next question. There'll be a few more here on [indiscernible] as well as GCC. Permits to mine, permits for road hauling has river construction become and when its completion date we'll first go at happen for Christmas. [indiscernible] question mark, question mark. Is there any interest in the ground? No, the rows already exists. They belong to Shire, hence the agreements we're negotiating with them. No previously answered. And yes there's tests [indiscernible] talking about. What are the next steps? What next steps are happening [indiscernible]. So no is work is on hold while we focus on the commercial discussions. Any commercial outcome for [indiscernible]. First require the sell process and want to run its course, which is currently underway through Bank of America. As I said before, there has been some news, I assume leaked in the AFR once or twice already on that process. Once a new owner is in place, the consolidation and value creation that comes from that consolidation can be discussed with the new owner, hopeful owners are speaking to us now. If a value-creative outcome is on the table for dray, a deal will be announced. If not, we will recommence that test work on an [ Odium ] to continue to prove the value of the refiners there, not only to the rest the critical numbers as well. So inspections are ongoing. We've announced the mining lease applications have gone in. We'll finalize those agreements and everything was to [indiscernible], to be very similar, I assume to the agreement on [indiscernible]. So should you process hopefully. Good relationships there. And we will update the exploration targets on the back of the resources on the ironstone to clarify that a bit more as well and potentially run some studies on the [indiscernible] again looks like going to the environment and the value creation and putting [indiscernible]. Next question. I think this was a compound question. So I split up this is all one multiple questions. Any interest in are earth past monetization, [indiscernible] exponential transport? Yes, I answered that previously. What's happening with [ Kimberly Grass ], it's a good one for [indiscernible] it seems to have gone off radar? Are we selling and exploring our whats. Company is no priority compared to Elara and Mangaroon and we're still working on defense on the [indiscernible]. What's the holdup with the roads and Blake Gold deal? How will the recent second CEO change things that's already been discussed. Need to address the failed time lines and estimates for the company. If expected time lines or targets are not achieved, that's tolerable, but don't like the reason for them blowing out not addressed or explained when they felt to me completely understandable. We have addressed this already. And one of the things that we're looking at have had lots of questions over the last couple of weeks, last couple of months on some of these out time frames. They get buried on the web page and the Investor hub attached to announcements that those questions don't really pertain to. So I think that every time we put out an announcement at the moment, I get a question about [indiscernible] no matter what the announcements on. So we are looking at some improvement with the websites and the investor Hub platform to make questions more readily accessible and a bit more upside. So I think I've answered over a dozen ways from -- for reasons for the [indiscernible] but it's all buried in there in the Q&A, not out there. So we look at ways to making that a bit more accessible and [indiscernible]. Thank you for the good work so far. Thank you. Next question. So that would get to [indiscernible] related questions. So when do you expect the share price rise in 2027? And what are financial gurus and [indiscernible] performance in the past 2 to 3 years? I'm not sure if this is the first question, not sure if that's when in 2027, do I expect the share price to rise? Or do I think will only raise in 2027 perhaps referencing fiscal year '27, which you're currently in. Regardless, my answer is largely remain the same. The sides from market forces outside our control, lifting all boats. We are working towards these items, trading value in 2026, 2027, either on delivery or progress toward delivering the commencement of mining the [indiscernible] that's clearly on delivery. All the progress steps have been done have installed at the moment. the commercial and commencement of mining at [indiscernible]. That will be a progress towards delivery. So will have updated resources, we'll have met test work, we have approvals, we have [indiscernible] deals, we had the commencement of mining and things like that. So there's quite a bit of news flow to run on there. Value creative commercial deal for yen if one materializes that could make a pop up at any time, and that could be quite as quite a nice check price performance. [indiscernible] into destructive if we want to. So gold discovery at Elara could be the holes we're drilling right now. I'll show an example 2 examples here, and then it's only one drill all away from the discovery. [indiscernible] and gold discovery at [indiscernible]. Yes, I can start with is in this year as we progress and build some of that and then drilling early next year would certainly be delivering valuation there. Regarding the financial gurus. I'm not sure which financial gurus, talking about -- we're talking about us. Our analyst coverages from 2024 through 2026 all sit around that $0.05 mark, which is based largely on the rare earths and resource and the golden resource at those times. And then, of course, with plenty of exploration upside. If you don't have any financial gurus talking about us, please let me know. Next question. So that I may have more confidence in my investment in [indiscernible]. How many years does has [indiscernible] been going since the start [indiscernible] 6 or 9 years. So we are not picking up a price value, how does day compared to other similar stock? A compound question here. And one that gets -- allows me to share some slides I presented a new so last year. So I'm kind of excited for this one. So [indiscernible] has been around since April 2019, when I came on board and the name change and everything else. The company before that was [indiscernible]. The company for that was [indiscernible] going on back in 2006. So the ABM around for mono we have so many shares on issue. So looking back, there is a wonderful share price that which was exciting a couple of years ago and not so exciting now. But over the past 7 years, when we first started, we had a share price of 0.2%, 0.3%. So we have over 1 billion shares on issue, market cap 3 million and the Board at that stage had invested just under $1 million into the company, mainly driven by Paul, [indiscernible], keeping the seller float and [ Paul Chapman ], which is working on [indiscernible] which was into those acquired [indiscernible]. We hit our peak of October 2022, at $0.14. We had 3 billion shares on issue at that stage, a market cap of just over $425 million. At that stage, the board management have put in [ $10 ] million investment. Jumping forward to today, we've dropped down in the order of magnitude, which is the present were down to [ $0.14 ]. We had [ 5.7 billion ] on issue on market cap per $80 million and boarded management have significantly increased our shareholding in the company, our investment into the company, up to $7.9 million of cash invested. So it has been a journey. We continue to -- to believe in the board of management, not trying to be a nonprofit company, actually trying to deliver something -- we certainly continue to invest in the company, we believe in our future and what we have in front of us. How does that look compared to other companies. So this is from a couple of slides from presentation [indiscernible] last year. So here, we have 2 companies, 7 years at a double peak and a 10 bagger the second time around and drops of over 90%. It looks like Dreadnought [indiscernible] over and the one on the right, 5 years, this company went into administration twice while producing gold. They had rises of 7 to 8 bags over this history, and again, drops of 90% or more, looks quite similar to Dreadnought. And then on the left is Gold Road Resources on the right [indiscernible]. When these companies have their successes, you tend to lose a sense of the scale of the price chart from before they had their success. Those look like near bumps and hindsight. But at the time, those significant drops and rises we've been very similar journeys that we've been on now. That's why they say junior resourcing is a roller coaster ride and not for the week, but they have the potential to outperform and resources there. On discovery is always quite there. Talking about discovery. So 2013, that's when Gold Road started on the Greer discovery, first [indiscernible] and 6 meters at 0.3 and the first RC holding that 52 meters at 1 [indiscernible]. Spartan resources, they're actually mining never, never at this stage. They were gas going resources. The first RC hole into [indiscernible] aside from historical note was put in the back in the 90's. The first RC hole that's are put into its 18 at 1.2 to that [indiscernible]. They get on load sitting back -- the first hold into that was [ 182 ] and that's on a little while to work out because that was one of the best things in the world just sitting right next to the pit exploration is fantastic. On greenfields exploration [indiscernible] system manage get out there and drill baby drill side of this team at the main job tying the importance in drilling. And we talk about greenfields exploration, like what we're trying to do to have something like never sitting there, 50 meters from a pit to an area that's been operating as a mine and been explored for decades to have something as beautiful as never sit in that it's waiting to be drilled. It shows what sort of stacked against us sometimes in greenfields exploration. But a fantastic story. One thing people may or may not remember from Spartan at that time, they actually had to shut the mine to focus on the near mine exploration to prove up [indiscernible]. So there's 2 examples there, 2 others. It's been 5 years. They've had some big drops in big moves along the way. Was that sort of 5 bag or 6 bagger, 10 [indiscernible] on the left and right, running for a couple of years, up and down. And when the left became [indiscernible], we won the right degree mining. The [indiscernible] discovery, unlike the other 2, it's a bit of a it took a little while to work out what was going on and match on to that and start producing those amazing grades and show that could scale that both of them have [ Sandfire ] into gray is kind of like the other end of the spectrum, the first hole of [ DeGrussa that Margo ] put in, back then, 22 meters at 3.6 copper, 3.8 grams per loan gold like passive substrate. That's what you want. And then [indiscernible]. Like [indiscernible], the great mines at the time they had that big run on the Water Mountains. They actually raised the money on it. They got the fantastic U.S. investors in there. And they did the best thing anyone did on the back of that watermelon hunts driven by the Canadians, and that was to use the money to actually fund real exploration [indiscernible]. And they had that [indiscernible], they're looking for tower look like they had [indiscernible], they're drilling all those things that have good grades, good thicknesses. But it was balancing that with the greenfield exploration and first aircore hole into [indiscernible] in a [ 4 ] meters at 3.7 I had to go back and recheck on that in the slide like -- that's what we want for the line, right? That would be geez, that's fantastic. I mean the first [indiscernible] at [ 2.2% ]. That just beautiful. Yes. That shows what went from complete revamp and other companies, it's a long slog. It takes a lot of work and a lot of time to become an overnight success. But greenfields exploration, even when the mining like important case, or doing the hard slog in the exploration like [indiscernible] and [indiscernible] that only that one deal away. [indiscernible] now has a large number of opportunities across [ Elara ], Mangaroon, [ Differ Creek ], including the major [indiscernible] program, Black Oak, [indiscernible]. From a capital allocation perspective, I love these questions. It's good which one opportunities do you believe have the greatest potential to create material shareholder value over the next 12 to 24 months? And what evidence of milestones should shareholders look forward to determine whether these opportunities are succeeded? It might not my favorite question on the path. Thank you [indiscernible] one. What has the greatest potential to create material shareholder value discovery. I think the slides I just showed to underscore that well. Discovery is the single greatest value creation we've been to this industry has stayed by that. Which opportunities given where our exploration maturity is at the moment, I got to say a lower never [indiscernible] question but as I explained on that exploration is progressive prioritization. So with Elara, the airport and [indiscernible], including the first pass we [indiscernible]. Having said that, of the dozen or so names that have come from that initial first pass program that we've talked about. Black Oak is clearly getting our focus, captured our attention our imagination. And we're aiming to have -- we're chase first, we're hitting out on hard going for an extra hard on the infill so that we can cut those discovery for those [indiscernible]. Again, what do what does progress look like on these if we can gateway mining. We want to see the aircore drilling, while airCore may not always give you the 30 meters at 3 grams that [indiscernible] gives you. And you're looking -- actually looking for the broad halo, looking to zoom in on that. So we want to scale. We want to see -- we want to have those hundreds of major kilometers of scale of mineralization from that aircore drilling. Hopefully see some grade and some of the airocre. It depends on, again, how tightly spaced you drill. If you look into something that's 20 to 40-meter stake, which would be a good-sized gold deposit with good sales [indiscernible] systems. Join [ 50-meter ] [indiscernible] so it is about hitting that smoke with the aircore and then getting enough confidence to put those our [indiscernible] and hit that bedrock anomaly. And again, the gateway example from [indiscernible] just came off. I think the peak aircore hole there was like 18 meters at 1.2%, very similar to what we hit in Black Oak and then the first RC hole underneath that into [indiscernible], right? That's the trend what we're going for. And so as we do this aircore, we want to see a few more economics for benefits. We see good, but mainly we want to see that scale. And then really, once we stole that RC drilling, that's where we want to see the economic [indiscernible]. At [indiscernible], so target generation and definition work is ongoing. Our favorites are starting to appear by [indiscernible] and High Range. They're proving gold and large-scale anomalies there. It's important to say that these are still competing. And they're competing through low-cost [indiscernible] work for [indiscernible], which will lead to their future prioritization. I'm talking about prioritizing early and things like that. It's important to recognize that [ YAM 14 ] was the priority target of [indiscernible]. And even throughout the initial discovery drill holes, [ M14 ] still there that had a bit more grade than [indiscernible]. The gray had plenty of other known high-grade opportunities when they're pursuing in parallel with greenfield is finding that balance. You don't want to put all your eggs in one balance because exploration is a game of failure ultimately. And it's about prioritizing those things and making sure you're chasing the right thing. And never took a month to become the focus. They had like -- I mean, they were drilling the crop of everything out there. They had Western winds or something like that and other loans that are going through. They just drilled [indiscernible] and but it took off that to become the focus. When things -- things become the priority, they are in the priority. So why does that matter? Why that matters from a capital allocation perspective is early stage exploration, there's lower cost per unit [indiscernible] from words and exploration is supposed to be an area reduction and prioritization process, and that means this progressive prioritization. You look at [indiscernible] said sample it essentially tests like a 1 to 5 square kilometer area, and it costs $120 to do that. Soil sample tests like 0.1 to 0.05, depending on the scale of the soil sampling it cost $60 to $80. So you start aircore drilling, you're adding depth to that, you're adding also additional approvals and things like that along the way. And drill hole is going to cost you $3,000 to $4,000, and you start doing RC drilling, you obviously want to test deeper but again, RC [indiscernible] is going to cost $10,000 to $30,000. And all of that is looking for a gold deposit with a footprint that's less than [indiscernible] square kilometer. So it's an area reduction process. And so with Elara, it is the big aircore program, that's why we needed a big cap rate to deliver the exploration program here to low. I believe the prize is there. [indiscernible], we have people joining us [indiscernible]. Looking forward to having them about on site here shortly. And that's going to be mapping it's going to be [indiscernible] and it's going to be a few more soil samples in these areas. That's a very low cost to have a target defined in [indiscernible]. So while there's not a -- I can't have a top 2 to 3 at the moment asides from that scale of sort of border manger high range or another that work that's been on [indiscernible] is much cheaper. And of course, [indiscernible] having our focus up here at the moment, but we're still needing to balance that against testing the rest of the grid. Tech [indiscernible] first question. First one, when will the company transform to an explorer to a producer. It is regarding [indiscernible] and then I think it's been address already this is more of an existential question like wind has to not become a producer. I would argue that producing from [indiscernible] or even net defined with a joint venture partner over a [ 1224 ] require farm does not make us a producer nor will it deliver the shareholder returns we are in the market to achieve that will be achieved through discovery. Those are means to fund exploration without having to have the additional dilution for further cap prices. We are still an explorer, which is why our exploration activity and the key focus of myself and the team as they are paramount to our treat success and future shareholder returns. What is the status of the tech joint venture? No update for this in 18 months. Is it still valid? It has been quiet on the tech front and great timing because exactly 12 months ago on the 9th of September 2205, the Anglo tech merger of equals is not. This understandably pushed activities into a period of uncertainty for the people and projects involved which is not a nice thing. It's been through a corporate merger or takeover could I understand that's never a nice thing to have paying off your head for over a year. So all while work has slowed down, but I'm just showing signs of life here. It is still valid. So yes, absolutely. And once we know the next steps that tech had in place some medians kept coming up soon we will look and provide an update to the market on that. So that is still there. It's just gone into -- every time we're going to joint venture partner up there, is it something happens First Quantum [indiscernible] and tech got a merger. So anyway, that's the way things go for that. But the tech team is fantastic, continue to be great. And in light of copper opportunities and things like that out there. They've actually changed the main grown for nickel copper project [indiscernible] means 50-50 copper and then potentially more copper than nickel in that now. So excited to see what continues to evolve there. Next question. Why are investors in the company and price going down? If you know, let me know. People buy and sell for a number of reasons. For every seller locking in a loss of profit, there's a buyer looking for a profit and that's a net positive. We ran up last year because numbers in owes buying on markets. And of course, the momentum [indiscernible] that followed for April markets. And why did [indiscernible] come in? Because the [indiscernible] opportunity. While it was weak, is where it was last year and with signs of showing signs of improvement and the gold strategy going forward. long-term viewpoints for the goal that we have in progress and, of course, for the rent opportunity that could happen and evolve there around [indiscernible]. We have had more buyers than sellers. So moving back at our actual numbers there, how you test fired investors having the company. We usually had looking at the numbers down there past 90 days in the past 12 months. We've had more buyers than sellers, more new shareholders, the most shareholders, more upgrading shareholders, downgrading shareholders. And I would say that is more optimism than apatite. I'm not sure if that a good answer, but it's an attempt to answer for that question that probably no one knows the answer to except for the people selling them, buying them. And that's the last pre-submitted question. Looks like we've had a lot of people stay through all the way to the end. So thank you for that. If there are any additional questions or follow-up questions, please fire away. Otherwise, we can wrap up and we'll go about our days. [indiscernible] rig and see how [indiscernible] going. Hopefully hitting [indiscernible]. People talk about gold exploration, gold discovery. So I hit massive solid black smoke and it's exciting, it's heavy, and you can [indiscernible] you get. Every discovery history, you hear about gold I was sitting around the office and the assays came in and, oh my gosh, everyone ran over to a computer, [indiscernible]. But we're out here the [indiscernible]. What would it mean for the company if you discover a very large high-grade tungsten resource that is open [indiscernible]?. That's a great question. So we never pegged [indiscernible] to look for the rare earths and [indiscernible] came on board in a fantastic time where share prices and sentiment skyrocket in. We had the approvals. We had the momentum. We had the work going. And that took us -- we picked up [indiscernible] and the rare earth took to us to the moon and back. So we are in Explorer. We're greenfields explore. You never know what you're going to find. [ Luna ] was a fantastic copper-gold target. [indiscernible] was looking for gold, polar bear in the rest of it. [ Carloinda, the Tecan ] project now that's been run rate is operators and games that was [indiscernible] WMC. So you often make discoveries and banks that you're not looking for. So we're there. The tungsten expert real. It is part of the system. We want to understand that system. And at the same time, tungsten to be worth a craft ton of money. So what could have made for the company. Look at the very resisted. We went there for that and [indiscernible] tungsten seems having learned from rare earth and how wonderful the complex mineralogy and OPEC supply chains are. Tungsten seems much like a cakewalk compared to that. So our focus is gold. But if the high-grade function is there, guarantee I'm going to drill it. And if things keep up the way they are, it could have a very positive and profound impact for us. [ Marcell ] any significant change in the top 20 shareholders? Thanks for today. Significant changes in the top 20. There's been one that has been selling down a little bit to them and sold out in the side from that, no significant changes. So I don't think anyone's dropped out of the top 20. Can you find [indiscernible]? Yes, I think that's a very important plan follow-up question on that. When you look at these intrusion-related gold deposits, you can have gold and tungsten as part of the same deposit as well as next door to each other. So one of the things that characterized is intrusion both in association with things actually like in business to [indiscernible]. So yes, we can find gold with the [indiscernible], one of the reasons why we first went out there and did the soils of [indiscernible]. I was because one of the rock chips that the company catalyst did back in the early 2000s. I actually came back with the gram gold on that [indiscernible] itself. Again, is it an orogenic system so you have things like Queen Deposit downsell that Rumble is working on. You can have an organic old system that has [indiscernible] liked in it and can be quite significant in terms to drop out with more calcium drugs or going to be part of this intrusion system. So we believe we have some form of both operating at [indiscernible] and intrusion rate systems and orogenic systems. So are they over printing each other? Are they distinct? Is it just 2 systems, it's similar minerology, signature we're seeing up there, more work we do, the more we'll find out. But absolutely, the [indiscernible] in the gold occurred together and they can also occur adjacent to turn as part of the same system. Which is, again, why our focus is on gold, but [indiscernible] there. It's part of the system [indiscernible]. Excellent. Well, it seems like for the first time all the questions came through ahead of time and not too many on the backside. So thank you all for tuning in. That's taken exactly an hour. So I'm getting better at this, hopefully not taking up too much of your time. Anything further, please don't ever hesitate to reach out to us an e-mail and look forward to delivering on [indiscernible] and, of course, all of our discovery things. Thank you all.