Nova Minerals Corp (NVA) Earnings Call Transcript & Summary

Good morning and welcome. My name is David Hersham, Chairman of Nova Minerals Limited, and I will be chairing today's meeting. Nova Minerals Limited acknowledges the traditional custodians of country throughout Australia and their connections to land and community. We pay our respects to their elders past and present and extend that respect to all aboriginal and Torres Strait Islands people today. Thank you all for attending today's meeting. Just as last year, this meeting will be conducted entirely online. While this online format may be familiar to some shareholders, I acknowledge that it may be less familiar to others. I can assure you, however, that you will have the same opportunity to participate today as you would at a physical meeting. This includes being able to ask questions through the online platform and to vote using an electronic voting card. I'll discuss these processes a little later. If you haven't already done so, I would also encourage you to download the online portal guide from the virtual meeting platform. If we experience technical issues that impact the meeting, I'll assess the circumstances and communicate further with you. If this isn't possible, you will be e-mailed instructions on how and when to rejoin the meeting. The purpose of today's meeting is to deal with the formal business set out in the notice of Annual General Meeting dated the 22nd of October 2021. Having been advised by the company Secretary that there is a quorum, I declare the meeting open at 11:02 a.m. Let me introduce my fellow directors and senior executives: Mr. Christopher Gerteisen, Chief Executive Officer and executive director; Mr. Louie Simens, executive director; Mr. Colin Belshaw, nonexecutive director; Mr. Avi Geller, nonexecutive director; Mr. Ian Pamensky, Company Secretary; Mr. Romy Hersham, Co-company Secretary; and Mr. Michael Melamed, Chief Financial Officer. Also present are representatives from the company's auditors, RSM, Jason Croall and Aimee Whittingham, who are available to answer questions in respect to the accounts. Additionally, you may direct questions to Mr. Croall in relation to the conduct of the audit and the conduct of the auditor's report, the accounting policies adopted in relation to the preparation of financial statements and the independence of the auditor. I would now like to take you through the order of business for the meeting. First, I'll say a few words about the past year. Then we'll turn to formal business and the resolutions at the meeting. After that, there will be an opportunity for any general shareholder questions to be answered before I close the meeting. Once the meeting has been formally closed, we'll hear from the CEO. When we reach ordinary business, the resolution will be open to discussion prior to putting the motion to the floor. For questions of a general nature, the floor will be opened to discussion at the completion of ordinary business. Questions should be directed to me as the Chair. Ladies and gentlemen, we bookend this globally uncertain calendar year proud to report an increase in the aggregate size of Nova Minerals' inferred gold resource to 6.2 million ounces, close to double the 3.3 million ounces reported this time last year. The close of this calendar year has also witnessed 2 remarkable events in the evolution of your company. The first is the discovery at Nova's RPM north prospects of 10.1 grams per tonne over 132 meters internal, with the overall hole returning 3.5 grams per tonne, to a depth of over 400 meters from the surface. This, we are told, is one of the gold industry's biggest intercepts in the past decade. Consequently, we intend returning to the RPM prospect for further drilling to see whether the north and south side targets will merge. The second is the successful IPO on NASDAQ of Snow Lake Resources, the Thompson Brothers Lithium projects majority owned by Nova. The effect of this has been to add substantial ongoing value to Nova shareholders while providing further funds to accelerate Snow Lake's development program. The company's priorities for 2022 are now to release the long-awaited JORC-compliant scoping study which is due following the upcoming resource upgrade of the Korbel prospect. Supply chain disruptions, laboratory delays, demand for engineering services and now winter weather have meant waiting on the final information we require to produce the comprehensive scoping study that will inform our next stage. The continuation of our drilling program: Our objective is to further expand resource at the merged Korbel prospects and, as mentioned earlier, to establish whether both south and north areas of the RPM prospects are part of an extended larger system as we currently perceive. We are also evaluating additional prospects within the Estelle district. To ensure that the company is well financed in an ongoing fashion to pursue its program. This last year is a case in point, with your Board having to make difficult-yet-judicious decisions to keep the company adequately funded when financial markets were showing signs of instability. Following on from our initial sustainability report released in September, to enhance our engagement with the environmental, social and governance issues as a core component of the company's philosophy. Nova's management is centered on agile, effective decision-making which provides the executive with direct access to operations and empowers the field crews to meet their objectives. The remarkable work ethic of the executive and the company's officers is, in my personal view, something of a guarantor of future success. A good number of our employees are also shareholders with a stake in the future success of the company and therefore common interest with all investors. I thank all members of the executive, the Board and the field personnel for their hard work, but most of all, I would like to thank our shareholders for their support as we have sought to capitalize on the good and manage the not so good of the past year. We hope and believe your trust and patience will be well rewarded. I wish you and your families a happy holiday and look forward to reporting your company's further progress to you in the coming year. We will now move to the formal business of today's meeting. After this, we'll address any general shareholder questions to the Board, the CEO, the CFO or any other member of the leadership team in a question-and-answer session. For resolution-specific questions, we'll answer these as we move through each of the resolutions. Our company Secretary has confirmed that the notice of meeting has been sent to all shareholders and other persons entrusted to receive it within the notice period. The matters requiring consideration today are outlined in detail in the notice of meeting and explanatory statements. The notice will be taken as read. Nova Minerals Limited financial statements for the 2021 financial year, together with the auditor's report, are in our annual report, which is available on our website. All resolutions, with the exception of resolution 4, are ordinary resolutions. This means that, to pass, they require more than 50% of votes cast by shareholders entitled to vote and voting on resolution. A special resolution is a resolution of the company's shareholders which requires at least 75% of votes cast by shareholders entitled to vote and voting on resolution. Pursuant to the updated ASX Guidance Note 35 that came into effect on the 1st of December 2019, all listing and all resolutions will be determined by a poll. This affects all resolutions being put to shareholders today. Nova's share registry provider, Link Market Services, will conduct the voting by way of a poll, and Mr. Timothy Farag of Link will act as returning officer. Votes will be counted after the end of the meeting, and results published on the ASX and Nova's websites. And now some guidance on using the online platform. Voting on resolutions will be conducted by way of a poll using the electronic voting card. Shareholders can cast their votes using the electronic voting card received after validating online registration. To validate registration, you'll be asked to enter your security holder reference number or holder identification number, that's SRN or HIN, plus post code if you're in Australia or your country if you're outside Australia. To then cast your vote, click the "get voting card" button. If you are intending to vote, you'll be able to finalize and submit votes up until 5 minutes after the meeting ends. I'll remind you of this at the end of the meeting. The proxy votes that have been submitted will be set out on the slide shown for each resolution. For some context: The current number of Nova Minerals Limited shares on issue is approximately 1.8 billion. And proxy votes of just over 361 million have been received, representing approximately 20% of ordinary shares on issue. Shareholders have appointed the Chair of todays' meeting, that's me, as proxy for approximately 60 million shares voting either for, against or with discretion for all resolutions. As indicated in the proxy form and the notice of meeting, my intention as Chair is to vote all discretionary or undirected proxies held by me in favor of each resolution. The proxy votes received on a resolution will be detailed on the screen. Where a proxy vote has been given to the Chairman without voting instructions, I intend in all cases to vote in favor of the resolutions. This year, shareholders will be able to ask questions online during the meeting. And we have introduced a new functionality to allow shareholders to dive in and ask questions verbally. [Operator Instructions] To ensure questions reach us in time, I ask you to submit them now if you haven't done so already. [Operator Instructions] Again, any general shareholder question submitted online by phone during the meeting will be addressed after the formal business is completed. If we aren't able to get through all of them today or if there are specific questions that would be better addressed on an individual basis, we'll respond to them after the meeting. If we receive multiple questions that are similar, we'll try to amalgamate them into one or choose to answer the broadest question to cover off the others. If you have any trouble using the online platform or phone system, please check the online portal guide on the website or contact the help lines shown on the screen. Can the presentation please be moved to the second slide? First item of business is the adoption of accounts. Agenda item #1 is to receive, consider and adopt the annual report of the company for the year ended 30th of June 2021 and the reports by the directors and of the auditors. Although a formal resolution is not required in relation to agenda item #1, the Board is willing at this stage to take any questions relating to the 2021 accounts. Please send in your questions if you have any.

David, there are no questions.

If there are no questions, we'll now move forward to the formal resolutions contained in the notice of Annual General Meeting. Resolution #1, adoption of the remuneration report. Resolution 1 is to consider and, if thought fit, to pass, with or without amendment, the following resolution as a nonbinding resolution: that the company approve the adoption of the remuneration report included in the directors' report for the year ended 30th of June 2021. If not, so far, submitted, I would like to invite shareholders to submit any questions regarding this resolution. I now refer shareholders to the screen displaying the received proxy results. We haven't received any questions. Accordingly, I now propose resolution 1 set out in the notice of meeting and put the motion to a vote. Please cast your votes. [Voting]

A voting exclusion and proxy voting prohibition as set out below in this notice applies to resolution 2. So resolution #2, the reelection of director, Mr. Avi Geller. Resolution 2 is to consider and, if thought fit, to pass with or without amendment the following resolution as an ordinary resolution: that Mr. Avi Geller, who retires by rotation in accordance with the company's constitution and, being eligible, offers himself for reelection, be reelected as a director of the company. If not already submitted, I would like to invite shareholders to submit any questions regarding this resolution. I now refer shareholders to the screen displaying received proxy results. We haven't received any questions. I now propose resolution 2 as set out in the notice of the meeting and put the motion to a vote. Please cast your votes. [Voting]

Resolution #3, election of director, Mr. Colin Belshaw. Resolution 3 is to consider and, if thought fit, to pass with or without amendment the following resolution as an ordinary resolution: that for the purpose of the company's constitution and for all other purposes, Mr. Colin Belshaw, a director appointed to fill a casual vacancy on 18th of June 2021, who retires in accordance with the constitution of the company and, being eligible, offers himself for election, be elected as a director. If not already submitted, I would like to invite shareholders to submit any questions regarding this resolution. I now refer shareholders to the screen displaying received proxy results. We haven't received any questions. And I now propose resolution 3 as set out in the notice of meeting and put the motion to a vote. Please cast your votes. [Voting]

Resolution #4, approval of 10% placement facility. Resolution 4 is to consider and, if thought fit, to pass the following resolution as a special resolution: that for the purposes of ASX listing rule 7.1A, shareholders approve the company having the capacity to issue fully paid ordinary shares in the capital of the company up to the maximum number permitted under ASX listing rule 7.1A.2 at an issue price which is not less than 75% of the volume-weighted average closing market price of the company's ordinary shares calculated over the last 15 days on which trades of the company's ordinary shares were recorded on ASX immediately before the date on which the issue price is agreed or the date the issue is made as described in the memorandum which accompanied and formed part of this notice. If not already submitted, I would like to invite shareholders to submit any questions regarding this resolution. I now refer shareholders to the screen displaying received proxy results. We haven't received any questions. And I now propose resolution 4 as set out in the notice of meeting and put the motion to a vote. Please cast your votes. [Voting]

Resolutions 5a to 5c, approval to issue performance rights. It is noted that the terms, performance rights is subject of resolutions 5a to 5c, that were included in annexure A to the notice of 2021 Annual General Meeting contains an error. Clause H of those terms stated that a performance right does not lapse upon the termination or resignation of the holder. This clause should have instead stated that a performance right does lapse upon the termination or resignation of the holder. The change as a result of correcting that is not considered to be adverse to shareholders. Resolution 5a, approved -- approval to issue performance rights to Colin Belshaw; to consider and, if thought fit, to pass the following resolution as an ordinary resolution: that for the purposes of listing rule 10.11, chapter 2E and section 194(4) (sic) [ 195(4) ] of the Corporations Act 2001 and for all other purposes, shareholders approve the issue of up to 8 million performance rights, each expiring 5 years from issue and which, upon achievement of the revenue milestone, entitle the holder to 1 fully paid ordinary share in the capital of the company, to Mr. Colin Belshaw and/or nominee, as described in the new memorandum which accompanies and formed part of this notice. A voting exclusion and proxy voting prohibition as set out below in this notice applies to resolution 5a. Resolution 5b, approval to issue performance rights to Louie Simens; to consider and, if thought fit, to pass the following resolution as an ordinary resolution: that -- for the purposes of listing rule 10.11, chapter 2E and section 195(4) of the Corporations Act 2001 and for all other purposes, that the shareholders approve the issue of up to 8 million performance rights, each expiring 5 years from issue and which, upon achievement of the revenue milestone, entitle the holder to 1 fully paid ordinary share in the capital of the company, to Mr. Louie Simens and/or nominee, as described in the memorandum which accompanied and formed part of this notice. A voting exclusion and proxy voting prohibition as set out below in this notice applies to resolution 5b. Resolution 5c, approval to issue performance rights to Christopher Gerteisen; to consider and, if thought fit, to pass the following resolution as an ordinary resolution: that for the process of listing rule 10.11, chapter 2E and section 195(4) of the Corporations Act 2001 and for all other purposes, shareholders approve the issue of up to 8 million performance rights, each expiring 5 years from issue and which, upon achievement of the revenue milestone, entitle the holder to 1 fully paid ordinary share in the capital of the company, to Mr. Christopher Gerteisen and/or nominee, as described in memorandum which accompanied and formed part of this notice. Once again, a voting exclusion and proxy voting prohibition as set out below in this notice applies to resolution 5c. If not already submitted, I would like to invite shareholders submit any questions regarding these resolutions. I now refer shareholders to the screen displaying received proxy results. We haven't received any questions. And I now propose resolutions 5a to 5c, inclusive as set out in the notice of meeting; and put the motion to a vote. Please cast your votes. [Voting]

Resolution 6, approval of consolidation; to consider and, if thought fit, to pass the following resolution as an ordinary resolution: that for the purposes of section 254H of the Corporations Act 2001 and for all other purposes, the issued capital of the company be consolidated on the basis that every 10 fully paid shares be consolidated into 1 fully paid ordinary share, with any resulting fractions of a share rounded down to the next whole number of shares, as described in the memorandum which accompanied and formed part of this notice. If not already submitted, I would like to invite shareholders to submit any questions regarding this resolution. I now refer shareholders to the screen displaying received proxy results. We haven't received any questions. And I now propose resolution 6 as set out in notice of meeting and put the motion to a vote. Please cast your votes. [Voting]

Resolution #7a, ratification of prior issue of shares; to consider and, if thought fit, pass the following resolution as an ordinary resolution: that for the purposes of listing rule 7.4 and for all other purposes, shareholders ratify the prior issue of 109,090,910 fully paid ordinary shares at an issue price of $0.11 per share to unrelated institutional and sophisticated investors who are clients of or identified by Evolution Capital Advisors Pty Ltd, as described in the memorandum which accompanied and formed part of this notice. I now refer shareholders to the screen displaying received proxy results. We haven't received any questions. And I now propose resolution 7a as set out in the notice of meeting and put the motion to a vote. [Voting]

Sorry. There is a question. One moment, please. Chris, if I might ask you to respond to that question.

Okay. Where do I see the question?

We're just trying to locate it for you.

David, are you there? David?

Chris, it's Romy. The question at the bottom here says, "Does the company feel the reputation has been tarnished by associating ourselves with the likes of Evolution Capital? And I understand that we will no longer be dealing with Evolution. Who will be Nova using instead?" I actually don't think that question can be answered in the context of this resolution and for issues of defamation or anything like that, so we're going to actually move on.

Resolution 7b, ratification of prior issue of options; to consider and, if thought fit, pass the following resolution as an ordinary resolution: that for the purposes of listing rule 7.4 and for all other purposes, shareholders ratify the prior issue of 12 million unlisted options, each having an exercise price of $0.22, expiring 2 years from issue and which upon exercise entitle the holder to 1 fully paid ordinary shares in the capital of the company, to Evolution Capital Advisors Pty Ltd and/or nominee, as described in memorandum which accompanied and formed part of this notice. If not already submitted, I would like to invite shareholders to submit any questions regarding this resolution. Okay, we haven't received any questions. And I now propose resolution 7b as set out in the notice of meeting and put the motion to a vote. Please cast your votes. [Voting]

We now move on to other business. And I will now allow shareholders to ask any general questions they may have before we close the meeting.

Please be aware that, once the meeting concludes, Christopher Gerteisen will be making a shareholder presentation. And he will be answering all of your questions at the end of that presentation as well.

That brings us to the end of Nova's 2021 annual meeting. In a moment, I'll formally close the meeting. If you're intending to vote in the poll at the end of the meeting, you should now finalize and submit your votes as voting will close 5 minutes after the CEO's presentation. As mentioned earlier, the results of the voting will be released on the ASX once the votes have been collected after this meeting. Ladies and gentlemen, that concludes the ordinary business of this meeting. The results of the poll will be announced on the ASX as soon as practicable. I now declare the formal part of the meeting closed; and will now hand over to our CEO, Mr. Christopher Gerteisen, to make a presentation.

Please move to Slide 3.

Thanks, David -- yes, that's correct. Well, actually let's start on Slide 1 there, Romy, and just show that. So glad to be with you today. I wish we could be doing this in person. However, in this day and age, this is how we'll do it. Hopefully, next year, we can actually meet in person. We have so many new shareholders that have joined us this year; and very pleased to have you onboard and joining us on our journey, the Nova Minerals journey out at the Estelle Gold project. Now you haven't come too late. Don't fret. We're only getting started. So we look at that, the presentation here, on the first slide. And you can see this picture. That is actually drilling, with the orientation of that drill rig. That's actually drilling at RPM prospect at the Estelle Gold project. And we'll go into that in a bit more detail, but that's drilling at RPM005 hole, where we really hit the bullseye with our headline intercept 132 meters at 10 grams per tonne. And so that just gives you a bit of perspective of the terrain out there and what it looks like. So now to Slide 3, please, Romy. So we're located in the Tintina gold province, which is one of the most prolific belts in recent times with over 200 million ounces of documented discoveries and production; the last frontier for a behemoth, a very large -- the land of the intrusive-related gold system. To name a few other very large projects in our neighborhood will be the Fort Knox deposit at Kinross, just north of us; on the Yukon side, the Dublin Gulch Victoria Gold project; the Pogo mine. That's Northern Star, another Australian company operating there in the belt. And to the west of us, the Donlin creek project, Barrick, NOVAGOLD, 40 million ounces there. So 10 million-plus ounce deposits not uncommon here in the Tintina gold province. And that's certainly what we believe we're on to here at the Korbel deposit alone. Slide 4, now zooming into the Estelle Gold project. This yellow shaded area here, this is our 324-square-kilometer claim block. And just with this slide, a bit on the infrastructure in terms of access and power and the options there. So currently we support the site with a 4,000-foot airstrip. We can bring in very large planes like the DC-3. And the CASA is another type of aircraft we use and to support the project in the summertime. In the winter time, and we're coming into that season now, we access the site via snow roads. And so this is very common in this part of the world. You've seen the shows on TV perhaps, Ice Road Truckers on Discovery Channel. This is what we do here. And this is how we bring in our very large equipment, heavy equipment, drilling rigs, camp units and such. We've been doing this for several seasons now, where we're getting very good at it. We know the terrain very well. And we believe that we can construct a mine as well as operate any mine utilizing the snow road, plenty of analogs for this in the region, but in addition to that, there is also the West Susitna access road. Now the West Susitna access road would -- we just finished Phase 3 studies on that, and that will be submitted for EIS next year. It's not just Nova Minerals. We have a whole consortium of beneficiaries and stakeholders in this; a number of other industry partners; a coal project, a copper project out in our area; timber concerns; also lots of support in really pushing the project, this West Susitna access road, is the local government, the local Mat Su Borough. They'd like to open up that area for land sales, agriculture, recreation. The local population here is very keen to open that area for recreation out in the valley; and also fire control. There have been fires out in that valley in recent years. We'd like to -- you have to have sort of fire control. And now the state government is also very supportive. They've allocated now in the most recent budget $8.5 million, so this road is fully funded now for EIS, to go through the EIS process, and the way this road will be built. So it will extend from Port Mackenzie, which is just across from Anchorage there; and tie us into the major Alaska rail system, the Alaska highway system. And then the -- and then that's the deepwater port for Anchorage. And then it will extend out, and the terminus will be at the Estelle Gold project. The -- and the $8.5 million will be fully funded through EIS. And then after that, it will be funded through AIDEA. This is the Alaska industrial export and development authority. They do all the public-private partnerships here in Alaska; numerous projects, Red Dog, zinc port and mine road, the Ambler road up in the north there going out to the Ambler district. And so it will be funded through state bonds. And it's basically a toll -- you pay a toll, so user fees for that. So funded through EIS and then be funded through state bonds, and we'll pay a user fee. And we would be -- in early days, we would be a heavy user in construction phase but then after that, because we will be producing gold doré bars, not a very heavy user. Now that would be a bonus. So West Susitna access road looking to come online, at this rate, about that 2025 time frame, which suits us quite well with the schedule that we're on as well on our path to production. So it will be a big bonus, to have this all-weather, all-year-round road. Nevertheless, we can construct and operate the mine just using our snow road and our airstrip work, which we're actually looking to expand now as well. So that's access. In terms of power, many options in terms of power. We have the -- a -- the Donlin creek project to the west of us. We'll be building a -- the plan is to build a natural gas pipeline which will pass about 5 to 10 miles to the north of us. And we're already in talks with them for some kind of offtake. In fact, Dan Graham there, the Donlin Gold GM, he's just a neighbor of mine here in Palmer, Alaska. And we've already discussed that. And they'd be very keen to have us involved with an offtake in that project. There's also geothermal resources to the south. Several companies are moving those projects forward as well. The coal project, which is about 20 miles before you get to our Estelle Gold project, the coal project, they want to build a thermal -- coal-fired power plant so, as that valley starts to open up with -- and starts to open up with development to provide power to the valley. And certainly it would add to their economics to bring that coal-fired power plant online if they had a project like ours to tie into their grid as well. And so they're very open to that as well. We know them quite well and have talked to them about that. And then we're -- the important thing is we're working with Aggreko. Aggreko is a power solution company. And they have numerous analogs which are much more challenging than the Estelle Gold project throughout in the northwest territories, in the Yukon, where they're producing power and providing power for these projects at $0.09 to $0.12 per kilowatt hour. And so we're working very closely with them to utilize some of these power options as well as some of their proprietary systems and technologies for natural gas generators and battery storage to provide efficiencies. And so lots of options on the table, and we'll be choosing what fits our time line and fits our needs working with Aggreko as we move forward. Let's go to Slide 5 here. So let's zoom in further to the actual Estelle Gold project. This is a 324-square-kilometer claim block. We currently have 2 resource deposits, which are namely the Korbel deposits. That's these red dots to the north. And then 20 miles along mineralized strike due south of Korbel lies the RPM deposit. And so I say mineralized strike because, as you -- it's an intrusive -- mineralized intrusive corridor through there. And as you fly over that area, we have 15 other known prospects at various stages of advancement. And we'll talk about a few of those recent discoveries there. And also as you fly over that area, not much vegetation, lots of color anomalies just screaming back at you that are unnamed to date; and so we're really -- what you have to understand is that we're really unlocking a district here. It's not just a one-hit wonder with Korbel and even now RPM. We're unlocking a district, and the idea is to continue advancing these. We have a pipeline of these projects coming online as the years progress, as the decades progress indeed. So currently the resources stand 4.7 million ounces at Korbel, and the maiden resource recently 1.5 million ounces at the RPM prospect to the south, and so for a total of 6.2 million ounces at the Estelle Gold project currently, a small step towards much larger resources as we continue forward here. So now let's zoom in to the Korbel. Let's talk about Korbel. So here's an image of the Korbel valley. We believe we're under one of these 10 million-ounce-plus deposits here in the Korbel valley. That image you see there is the IP chargeability. We did a ground survey out there. This is the best targeting tool, by far. The anomalies that come out of the ground geophysics with this correlate directly with gold mineralization. And so based on that initial geophysical survey that we did, we identified a number of geophysical anomalies, Block A, Block B, Block C, Block D; Isabella there to the north; and Cathedral to the south, which is another hot target. And so we started our drilling in earnest in 2015 -- or sorry, 2019 and on Blocks A and Block B. That's -- the result during -- in that first initial drilling program was above and beyond even what we expected. And we came out with a maiden resource of 2.5 million ounces, and so since that time, we've just been drilling nonstop. And in 2 short years, we've increased that resource by over 2 million ounces; and that's just on Block A and Block B alone. Those 2 blocks have now converged to become the 4.7-million-ounce Korbel Main deposit. And so now that -- now as we progress here into next year, we're going to be starting to step out in Korbel Main; and to hit some of these other anomalies, Block D, Block C, Isabella, with drill holes. And so if Block A and Block B are any indication, and we believe they are, many of these other anomalies will begin to converge into one. And at the end of the day, some type of super pit anomaly or super pit scenario is definitely possible. And so that's the Korbel valley. Let's zoom in to the Korbel Main and explore that a bit further. So here's Korbel Main. This is -- the black outlines that you see there, this is what we've been focused on since the 4.7-million-ounce resource was released in April of this year. And we've been concentrating mainly on infill drilling, all these black traces you see there. So all the drilling that we've done to date, we've completed approximately 80 additional holes for almost 40,000 meters. By the end of the year, we'll have completed since the last resource update was completed. And many -- most of it has been done in the southern portion of the Korbel Main deposit there, where we've completed the "100 meter space line" infill program. And we've seen -- a number of things have come out of this. This red outline is a 0.3 gram per tonne total resource red-shaded area of the Korbel Main deposit, but what the infill program has now shown is that this purple-shaded area. We've hit a very continuous zone of much higher-grade material, 1 gram per tonne plus, within -- we can follow over 500 to 600 meters now. And these intercepts are running 50 to 100 meters in thickness at 1 gram per tonne; and then internal to that, zones of 2 to 5 grams per tonne as well stretching over 100 or 200 meters. And so this will be direct mill feed, which we'll, I'll explain that later when we talk about what our flow sheet looks like. But this will be direct mill feed material that will be bypassing the ore sorters. And so just keep that in mind, that now with this 1 gram per tonne material here, a continuous zone, what that will do is that will lift the average grade of the total resource. So when you're dealing with a resource the size of Korbel Main, 500 million tonnes, and you can lift that average grade by as little as 0.05 grams per tonne or 0.1 gram per tonne, you're talking about adding an additional 1 million ounces to the total resource just by lifting that average grade. And so we think we'll find success here in this next resource update coming up. Here's a long section through Korbel Main, and there's a number of things I would like to point out here. So you can see the blocks. That's the existing 4.7-million-ounce resource. Those radiating holes off the drill pads, the blue-colored assay values there, that was the data. That was the drilling for the 4.7-million-ounce resource. So since that time, now we've been drilling these infill holes, the red lines on 100-meter space line. We completed all of the southern area. So on the right-hand side on the southern area. And now we're moving to the middle and heading up towards the north. And so I've already shown what that infill program has achieved in terms of being able to lift the average grade of the -- within the existing resource constraints, but also you can see in the resource these holes. There's a number of holes there. And one of the main reasons that those holes are there is because there is not enough data there during the resource modeling process that -- there was no blocks generated there. And so now with the infill drilling, what was assumed previously to be nothing or waste will now be converted to tonnages of ore that will be included in the resource. So we'll also lift the tonnages by filling in those holes. So increase in the average grade based on this higher-grade feeder zone that we've seen in the south, so far; also adding -- starting to fill in these holes, so adding tonnes in those areas, within the existing resource constraints. And then also the third key thing I'd like to point out here is, with the infill drilling now, in the next resource update coming out in the coming weeks here before the end of the year, we'll also be proving up a significant portion of the resource to the indicated category. So a significant portion of the total resource will now be in the indicated category in the next resource update, we expect. So that's the within the existing resource constraints: Add tonnes. Fill in those holes. Increase the average grade of the resource and prove up some of it to indicated category. In addition to that, the current strike length of the deposit is 1.8 kilometers, so quite a very large ore deposit. Now it remains open to the north and the south, so now what we're also doing is we're continuing to step out to the north and to the south. And so if there's -- if the deposit continues to remain open, then we could see, by the end of next year, upwards of 3 kilometers of strike length on just the Korbel Main deposit as -- alone. So here you can see -- for those not so familiar with the intrusion-related gold system. These are very large deposits. And you can see here on the section this pink outline was the previous Block A and Block B resource. And now since that time, these drill holes, you can see how they've converged now to become the Korbel Main deposit. The geometry of these deposits is such that it's not a small vein or a vein that you're chasing around; or with some kind of structure, you're rooting around for. It's the entire intrusive is mineralized, so it's just a sea of mineralization. It's just sheeted veining throughout the entire deposit. Right on the surface, the geometry is such that it's like a large ellipsoidal shape, and so very low strip ratio. So everything you dig up is some type of [indiscernible]. And long life on these, 20- to 30-year mine life on these type of deposits, if you look at our peers. Both minable systems, right, very much bulk minable systems moving dirt. You can see some of the intercepts here, 250, 270 meters at 0.5 grams per tonne. Just intercepts like that are plentiful. And then also now you can see here the 46 grams at 1 -- at 46 meters at 1 gram per tonne, 70 meters at 1 gram per tonne, 67 meters at 1 gram, 113 meters at 1 gram per tonne. So these are the holes that are the -- those represent this higher-grade feeder structure that we've seen in the southwest. And that zone is going to be what looks like we'll be lifting the average grade of the resource at Korbel Main. And it will be direct mill feed. And so let's discuss that, the flow sheet. If you look at the deposit, it's all one rock type. It's granodiorite. And you can see in this picture here. You can see the wall rock. Now the mineralization fits in the sheeted veins. Very consistent orientation, very discrete, very distinct mineralogy, these veins are; they are quartz, arsenopyrite, with gold associated with them. We know, when we selectively sample those veins, that they are bonanza grade. So they're running ounces per ton. And so when you -- logically when you sit back and look at it, you think the challenge is how do I separate those out and concentrate them. And so the answer to that: Enter ore sorting. So ore sorting technology has been around for a long time in various industries. And it's now being used more and more by many mining companies and very successfully. And so when we did our ore-sorting test work, the results were just exceptional. Our ore-sorting test work, our sample was 0.5 gram per tonne material. Put it into the ore sorter. And on the other end, the accepted portion, we were able to upgrade this material to up to 6 grams per tonne. So that's over a tenfold increase in the upgrade in the grade. Now when we come to -- now that we've optimized and we want to capture most of the gold, what we're looking at in our flow sheet now is we're looking at putting in 0.3, 0.4 gram material; and capturing approximately 80% of the gold. So a higher mass pull to capture most of the gold. And then out the other end, the accepted portion would be between 1.5 to 2.5 grams per tonne. And so as I said previously, bulk minable-type deposits. Our peers do a lot of heap leaching. And we initially envisioned ourselves as a heap leach-style deposit. We had good results from that, but when you're talking about ore sorting and you can upgrade the material to that 1.5 to 2.5 grams per tonne per -- range, certainly we're still bulk minable, but now we're looking at a milling operation and going through conventional milling and plants type operations where you can achieve 90 -- upwards of 90% recovery, as opposed to the, say, 60% recovery with a heap leach pad. This stuff, ore sort, is remarkably well. In fact, our partners there at TOMRA were just blown away by it. I can't say it any other way. They're blown away. You can see these images there, the red with the blue dots. That's the vein material, and the ore sorters just picked this out just beautifully. And so that will definitely be part of our flow sheet, the ore sorting, and it makes us capture much more of the resource by using the ore sorting and being able to mine at such a low cutoff grade, right? So that's why we report at the 0.15 cutoff grade, because everything above 0.15 is economic due to ore sorting. Maybe we'll be able to possibly move that down to 0.1. We'll see as we progress here. So after the ore sorting, our flow sheet looks like this. It goes through then a milling circuit, looking like some kind of conventional ball mill circuit. And then our test work showed, we did gravity and then we also did flotation. We had good results through gravity, but better results through flotation. With the arsenopyrite, it just floats very well using just reagents off the shelf. We were getting upwards of 95% recovery through the flotation circuit. Then what happens is you take it, you do a regrind. So you grind it down to 22 microns. That's what we did our test work at. And we got over 92% recovery then when it goes to the intensive leach. So it's like a funnel, right? It's a funnel. We have massive amounts of material. Obviously, we've very large ore deposit, hundreds of millions of tonnes. It goes through that ore sorting step. Then it goes through the flotation step, and now you have a very low volume of material, but running at extremely high grade. And because it's such a low volume of material, you can intensively leach it, really crank up the reagents there, the leaching reagents, and achieve 92% recovery here. And this is all scoping level test work, right? This is scoping level test work. Now that we're commencing our next level of test with the PFS level, we'll be optimizing this and honing in on efficiencies, and we see these numbers only being able to go up as we move forward here. So the flow sheet is looking very solid and we're getting very, very good early results in our scoping level test work. So that's Korbel in a nutshell. And there's opportunity to answer questions here at the end. So now let's move down to the RPM prospect, 20 miles to the south, right at the southern end there of the claims. So the story of RPM is that we always had a historical drill hole there running 120 meters at a gram per ton. So there's always the next cab off the rank for us. And so what we did last year with our yearly reconnaissance exploration programs, is last year we went out and did a surface rock-chip sampling program. And the results came back fantastic. 9 to 10 ounces per tonne in some of these rock chips right on the surface. But what we were able to do is not only at the historical RPM North area or RPM 1, as it is here in the picture, we also identified a whole new zone we call RPM South or RPM2, here in the picture on the right-hand side. And actually, RPM South has a much larger surface footprint than RPM North did. But RPM North has that historic drill hole there we want to follow up. And so that's what we did this year with our drilling program. Usually, it takes several goes at it before you really hone in on the good stuff. But we really hit the bull's eye on this first program. If we would have known this -- we didn't want to divert from our work at Korbel with all the infill of drilling and trying to prove up these resources as indicated. So we just diverted a rig to drill this, this year, and then we move back to Korbel. If we would have known the gravity of what we would have hit there or what we did hit there, we would have left the rig there and had much more additional drilling, our program would have been much, much bigger. And so now that we know this, of course, the planning is already in progress -- we've digested it now, the planning is already in progress to follow this up as soon as possible next year. It remains wide open to the west. So this thing is striking east to west more or less. And so to the west is where that extremely high-grade 130 meters at 10 grams per ton, which is part of a much larger intercept, 400 meters at 3.5 grams per ton, not too shabby in its own right. And so that zone that we hit in RPM005 is open to the west. And so we have drill hole planning to step out on 200-meter space lines heading out to the west. And we've already identified that in the regional geophysics. It's so obvious now that, that zone continues out there. We see that in our geophysics and our mapping, even just on the topography, there's a topographic anomaly there, and you can really see it now that you know what you're looking for, that, that continues to extend down the ridge there and across the valley. And so we think that will be quite large. It remains open to the east as well. Not of the tenor that we hit at RPM005, but the 120 meters at a gram that type of mineralization remains open to the west. And also because the mineralization started right on the surface, right at the top of the drill hole, we know it's at least 100, 130 meters dig. But who knows how big it is, and so we'll be stepping back from that drill pad as well to see if it continues in the width -- in thickness as well. When you look at the these type of drilling programs and intercepts that are reported, it's always there are several boxes you kind of like got to check off. One is the grade, the width of the intercept, and we check those boxes for sure. But the other one is importantly that lots of good intercepts come out, but usually, they're quite deep. This is right on the surface. So we're right on the surface. Again, when you come to mind, this open pit, right on the surface, it has the added advantage of being right on the top of the hill. So certainly, in the early years, you'll just be daylighting. You won't have to deal with any pit walls, you'll just be knocking the top of the hill on. And so I will be following up this drilling program at RPM North and also we'll be finally in our next drilling program next year going to RPM South and put the first drill holes in the RPM South, which remember, as I said, has a much larger footprint on the surface as well. If you look at it in sections, you can kind of see it's interesting. It's an intrusion-related gold system as well but some differences to Korbel. Remember, at Korbel, we're just inside the intrusive. There's no contacts or other rock types or anything like that. Whereas in RPM, we're on the hanging wall contact of the intrusive, the contact with hornfels sediments. And so this is obviously an ideal site for very high-grade mineralization. There's a structure there that contacts plus there's some kind of lithogeochemical reactions going on there to deposit very high-grade mineralization, and it's so important because now we're taking this ore deposition model and we're taking it to Korbel. We have a number of targets for these contact zones at Korbel now as well and we're working with our geophysics consultant to reprocess the data to find these contact zones for us. And if it's there at Korbel, we have a number of drill targets as well. We'll be drilling those next year, hopefully. And if it's there at Korbel, we're going to find it in the same type of contact to the intrusive. And then we have another one of these down at RPM South. So it's the contact zone at RPM that makes this one different. And then we released our first maiden resource at RPM this year based on those 7 holes that we had, a very tight resource model, just around the 7 holes, and the result was 23 million tonnes at 2 grams per tonne, which for over one and not too shabby a start at RPM North, just in that small constrained area where the drilling is. And so it's set to grow and it will be quite a large deposit in its own right by the way things are shaping up here at RPM. So let's touch on a lot of the upside across the Greater Estelle project. As I said, every year we do reconnaissance exploration. And so it's virgin terrain out there. There's no complex deep searching exploration techniques required just yet. It's old school, geologists on the ground, boots on the ground, chicken rocks. And we've already made a number of discoveries. And this year, we released 2 of these, which are very, very significant. These are all between Korbel and RPM, and the first one being the Train and Shoeshine prospect area. What we have there and we've discovered there, and these were news releases that we released this year, is 20 to 30 grams per tonne area, they're exposed at surface of the Train prospect, exposed at surface of a kilometer and strike, we can map it, and 500 meters in width at Train. And at Shoeshine, we've managed to trace a kilometer and strike of 1 gram to 7 gram material as well. So what it looks like there is we're on another one of these very large intrusive related gold systems and it's probably all of the same system. It's also showing the Shadow and Discovery, which are some other prospect areas there. And so it's one large intrusive related gold system and it's just being exposed from what we've seen so far at Train and Shoeshine, and so another very large gold system that will be progressing through the years. And then the other discovery we made this year, and this one here at the Stoney prospect adds a whole new dimension to the Estelle project. What we have there is we have a vein, a vein there that we've mapped and we can follow over 4 kilometers in strike, 300 meters in vertical extent. We see it up to 10, 12 meters in the thickness in certain areas. That's the main stony vein. And then on either side in parallel, we see sticking up through the cover, and we've been able to map additional veins that are running in parallel in there. And the sampling came back exceptional as well. And it's not just high-grade gold. There's thousands of grams per tonne silver and 2.4% copper in these vein systems. So some kind of polymetallic stacked vein system, very large system there at Stoney. It has brought in a whole different kind of interest of investors that are looking at the Estelle gold project now, or should we say the Estelle polymetallic project. But we're focused on gold, but this will be definitely one that will continue to progress at Stoney. So this just shows you the upside. We'll continue these recon exploration programs next year as well. We have more targets to go to next year. And we expect to just keep racking up the discoveries as we move forward. So no shortage of targets. Unlocking the district. And to kind of talk about our vision of unlocking the district, I present this map. And so what we have there is we've talked about Korbel there, we've talked about RPM, and then Train, Shoeshine, and Stoney. And so our vision is that we'll have a central mining and processing center at the Korbel deposit. This is where all our big tonnes are, and that's where we see the hub of processing would take place. And then have a system of haul roads. We've already mapped these and surveyed these out where these haul rows would go through the valley there to access these other prospects. And that's our vision as it stands. Now like I said, RPM is still pretty new. We'll see how this develops. RPM could potentially -- it could be a game changer where we actually maybe change the whole vision and we start at RPM. That will be seen in our studies as we progress. But for now, this is how we see it. Central processing hub at Korbel and with a high-grade sweetener coming from RPM to be fed into the Korbel processing center. And I've been involved with a number of projects that have these high-grade sweeteners and this totally changes the economics in the sense that you can exploit more of the Korbel resource now, becomes economic, adding material down to 0.2 grams per tonne average grade, let's say, for example, which adds another 100 million tonnes of economic material. So you might have a situation where you have, okay, you have your 1 gram plus material, that's just direct mill feed. We know that. We have a significant zone like that. But that material between 0.2 and say 0.8 or 0.2 and 1 gram per tonne, you put that through the ore sorters, and you capture 90% of the gold, the accepted portion is running 0.5, 0.6, 0.7 gram material. So then you have a scenario where your recipe fed into the mill is 4 buckets of 0.6 grams per tonne ore sort of material from Korbel, 1 bucket of 3 gram per tonne high-grade sweetener from RPM, and there you go. And so the average grade of what's actually going through there could be 1.5 gram or 2 grams, because now you have this high-grade sweetener so you can capture and take advantage and exploit much more of the resource at Korbel, all those tonnes, those big tonnes. And so that's our vision. And we'll be moving forward with that. We already have our Korbel Highway from the camp to Korbel. And then as we progress here and RPM starts to open up, we'll start to put in these further track and eventually haul roads as we unlock the district. Here's a few photos. I've mentioned that we're a year-round operation. We committed early on to being a year-round operation. We have a permanent fully winterized camp out there. This picture is actually a bit dated. We're now a 50-man camp and we're about to expand that to 80 man camp, bringing out additional camp units on our snow road this year. Also, there's our air strip with all the core processing facilities on site, logging, cutting, all these things. And one of those buildings there is actually our on-site prep labs. So we commissioned that this year. And this is such a huge development. It's really significant in the sense that we were dealing with the commercial prep Labs last year where our turnaround times were 4 to 5 months to get the results back. And now this prep lab, now that we've commissioned it, not only have we improved turnaround times , but importantly, we used to send off 10 kilos per sample. Now that we do all the crushing and splitting on sites, we've taken that from 10 kilos down to 250 grams. Now that's what we send outside, bypassing the commercial prep lab, straight to the analytical lab and improving turnaround times. So this thing has paid for itself many times over. Turnaround times have gone from months to weeks now, right? So 2 to 3 to 4 weeks that we're getting results back now. And so this has been our trajectory, our resource growth. This is really the Nova Estelle project story. It started with 2.5 million ounces. And that was in 2019. And in 2 years, we've increased that now, with RPM maiden resource coming online, to 6.2 million ounces, the global resource inventory at the Estelle Gold project. Now exciting because this is set to grow in the short term with the next Korbel main resource update to be delivered here before the end of the year. And so we expect to add to that total, as well as significantly, a significant portion of it to now be going into the indicated category, which of course, then can be translated into reserves as our studies progress. So that's kind of the update on the Estelle Gold project and just a brief note on some of our strategic investments, which would be Snow Lake Lithium, the recent IPO, Torian Resources, and RotorX. Let's touch on a couple of these. So let's touch on Snow Lake, that would be Slide 24, Romy, just to let you know. So Snow Lake is situated in Manitoba, Canada. The location is perfect. It's right on the rail system to tie us into North American market, tie us into auto alley. We've had the serious interest from the battery factories, the EV car factories, all of them seem to be going EV for our product there. So we're on the rail system. We can deliver to customers there. Also, the rail line extends north to the Port of Churchill. Lots of interest from our European customers and we can deliver that through the Port of Churchill as well. Also, it will be the first zero-carbon spodumene-type mine, and that's without even trying. All the power in Manitoba there is hydropower. And so having a zero-carbon electric-type mine, we can do without even lifting a finger, really. And so that's another bonus for all the ESG players there in Manitoba. So very well situated. Slide 25. The resource, now the lithium market is very hot. We've completed the IPO. The current lithium resource is 11 million tonnes at 1% lithium and it's only set to grow. The current dyke that we're on is wide open in all directions, as in the last couple of years, haven't done much drilling there, wasn't much value to add with the way the lithium market was. Now of course, this is the time to drill. So we just completed the successful IPO. And one of the first things to do, of course, is start the drilling program, which as I understand it to happen here shortly. And so on the existing Thompson Brothers Lithium Dyke 1, but also these things occur in swarms. So we already know about the TBL Dike 2 and TBL Dike 3, and many more there or right there in parallel have good surface results there. And so the drilling program will start to hit that Thompson Brothers Lithium Dyke swarm. And there's other dyke swarms on the site as well. There's the [ grassy river ] dyke swarm, there's the [ shared Gordon ] dyke swarm, and good surface results from both of those as well. And so in short order, we expect to increase the total resource here to 20 million to 30 million tonnes. And you'll think about the recent Tesla Piedmont deal. That's the type of thing we're looking at ultimately. And this has a whole different management team. Phil Gross has done an exceptional job as the CEO over there, and they'll be progressing the drilling. And the PEA in short order to be coming in due course. So really exciting times for selling lithium. Of course, it has already added value to Nova and the potential to add more as the lithium market continues on a brisk stride here up and up to add considerable value to Nova. We may look to monetize some of this, as we've a lot of parties interested in a block trade and also some have been interested in buying it outright. And so we don't think we'll be doing that anytime soon. But a block trade perhaps to monetize at the right time, right? So we're not in a rush with this as it continues to add value to Nova here. And then the last strategic investment, I'll just mention here briefly, is the RotorX aircraft manufacturing. And for those of you who aren't familiar with the story, we use helicopters, a lot of helicopters at Estelle Gold project. Always looking to save cost and so we began working with a company that was developing these heavy lift transporter-type drones, they could be manned or unmanned, and they are 1/3 of the price -- they are 1/3 of the operating cost, and so we were developing this, and the opportunity came up for them to acquire a whole manufacturing facility to be able to fast track development of these and acquire an existing business. And that's how we got involved with this. And we have 9.9%. And as I understand now, those drones will be flying -- those heavy lift transporters should be starting to fly next year with the first prototypes. And we're on the list there to get one of the first ones of these to use it at a site. So it's this commercial application that we're interested in, of course, but other developments in this space have come along, where there's an existing business, of course, generating millions of dollars. Their kit helicopters are all over the world, in Australia as well. They sell parts. So generating revenue like that. Also, the urban air taxi space. The urban air taxi is the way of the future to avoid traffic congestion and these have been multibillion-dollar deals with the likes of Joby, and Volocopter, and Lilium, to name a few. And so these guys are getting this ready to lift now. They're getting all the books in order to be lift ready within 6 to 9 months. And so my personal opinion is, you thought Snow Lake Lithium was exciting. RotorX has some real, real potential to be a big one for value-adding to Nova through our 9.9% shareholding. But mainly, operationally, we're interested in these heavy lift drones. So I don't want to dilute the Korbel and the Estelle Gold project story there. Those are the strategic investments which already are starting to come to fruition for us. And so I'll just leave it there, and I'll open it up for questions. I think I'll open it up for questions here. And where is my dashboard.

Thank you, Chris. Chris, you should have a number of questions that you answer. I am not operating the presentation, so I'll ask the Link team to revert back to Slide 1, please.

What was that, we're moving back to Slide 1. Okay. Okay. So I'll just work through the questions here, I suppose. So we've got here. Okay, here. What is the latest update on the resource upgrade and the scoping study. Okay, so resource upgrade for Korbel Main is in process now. As I mentioned, we drilled over 80 holes, almost 40,000 meters since the last resource upgrade. This resource upgrade will include approximately half of those holes. So about 40 additional holes, mainly infill holes in that southern area where we have that higher grade feeder structure. So approximately an additional 20,000 meters of drilling in this next resource upgrade. We expect to have that in early to mid-December, before the end of the year for sure and early to mid-December. I'm just waiting for a couple of critical holes we want returned. I'm told by the lab that those will be returned here in the next week, and that will be the data cutoff. And so then we'll pass that on to the independent resource estimators to begin the process and report that new resource update in December. And then from that, that's the piece that will then be given to the engineers to continue on and complete our scoping study. And so it depends on the engineers, and we want them to, of course, complete that process as soon as possible. Shortly thereafter, the scoping study will be completed. Next question. What's the...

Hold on, Chris. There is a little comment on that question, if you could answer that as well. You'll see it.

A comment on that question?

If you press the blue text box on the top right-hand corner of the question.

I see. Okay. Also, how many results do you need for the formal results... Oh, wait. I just answered that. So we're waiting. It's about a week away for the data cutoff. So we want to have the data cutoff. November 30, will be the data cutoff, and then that will be given to the resource estimators. They would need approximately a week to 10 days, and then I would like to have the resource delivered and reported on by mid-December, the week of December 13 is our target. So that answers that. Okay. With the delays, could this -- with the delays in the asset --- the resource which will delay the pit design and would it be wise to push back the scoping study to allow the engineers to do their thing and get a true reflection of the economics of Korbel as much as I and the market wants to see. I don't think this should be rushed. Well, I mean, certainly, we don't push back things or delay anything on our side, but of course, we'll allow the engineers to take it and do the job right. So it won't be half baked, that's for sure. And so once we -- the engineers are just waiting for the resource model and then they'll continue their work with the pit optimizations, and then we'll release that in due course once the -- so that's pretty much out of our hands once we pass that over to the engineers, all independent work, and we'll wait to see the result at the end of the timing. I wouldn't expect it to be too far out after that, maybe early next year in January, February. But we'll continue to update as we get our first step complete this resource model. Okay, next question. Why was the capital raised on? Who was it done? What's the reason behind the timing? Here are 2 of them. And then there's another 1 relating to the same thing. A lot of accusations being posted on social media around the Sunday CRAs and the 3 ASX queries within a month. Can you please provide a detailed explanation around this so that their concerns can be laid to rest and stop all the speculations once for all? Yes, I've heard this. I know a lot of people -- so this was just a general capital raise like any other. We were offered $4 million on this Sunday by the Cornerstone Institutional Investors out of Hong Kong. We decided to take that because the way we saw the market is like this, so there's so much uncertainty right now. Quite frankly, still now, even back then it was. That was when this -- we're talking about Lehman moment and real estate crashes over in China, there's talk about debt defaults in the U.S. And none of these even, quite frankly, till now, none of these have been resolved and they're still out there. They're still on the surface. The debt default issue is coming up again here, I think on December 3 here in the U.S. Congress. So much uncertainty. They're printing these currencies into oblivion. Who knows? We talking about hyperinflation. Certainly, inflation is upon us here. So there's so much uncertainty. We have to ensure that Nova Minerals does not lose momentum because we're trying to take -- remember, we're trying to take currency and invest it to create real assets, i.e., gold. That's our mission, right, that's our mission here. And so this capital raise was open to all. It was on fresh equities in 180 markets. So it was open, it was offered to all. Any shareholder could have taken advantage of this. So to talk about the ASX queries. Now I've heard some criticism of the company, that the directors are sketchy and all of these type of things. I think, people, instead of criticizing the company, would be to look at the ASX and say what a great job they've done as a regulator. This is their job to regulate, to make queries, to provide awareness, and we're happy to comply. We understand, absolutely. And so we work very well with the team over there. There was a lot of things happening during that time, the capital raise. When it rains, it pours. The capital raise, we had a press release on Korbel, inflow results came out very shortly after the RPM results came out with that wonderful RPM 005 hit. In hindsight, if we would have known about RPM005, we would have never done the capital raise at that point in time. But we were looking at the broader macro implications and looking to secure Nova to fight off any of these economic headwinds and to not lose momentum. And so there was a lot of things that happened during that week. And the ASX provided some awareness. All of those questions were answered and laid to rest for the ASX. And we're open to any queries that they have at any time. And so there's a lot of speculation out there that perhaps there was something going on there that wasn't above board. Absolutely not, and that's been borne out in our dealings with the ASX, who we've answered their questions and they're happy and we're moving forward on that. So that's what I have to say on that. Okay. Next question. First of all, I want to congratulate your hard work. Thank you very much, anonymous. You compare yourself to Victoria Gold and Fort Knox. Why not projects like Livengood owned by International Tower Hill Mines? Livengood, okay. So it's been a while since I've looked at Livengood, but now... Livengood certainly has its challenges. So I would say, the analogs for what we're doing in Estelle are certainly Victoria Gold and Fort Knox. Let's talk about the geology. Okay. So we looked at RPM. We looked at Korbel. I discussed how Korbel is just intrusive rocks, right? Just inside the intrusive, one rock site with sheeted veins. RPM is intrusive sitting right on the contact with the hornfels sediments, one type of hornfels sediments. The geology of Livengood is quite a bit different. Also considered an intrusive related gold system, I believe, still. But they're all out in the sediments, they're out in the country rocks. They're away from the source intrusive. And so they're out in the sediments, metamorphosed sediments, volcanics, I believe, is in their stratigraphic packages. What that's created for them is a number of things. The really good mineralization, the high grade, is undercover. I believe there's a better mineralization spotty in the coverage. So they have 2 years of strip and stockpiling before they get to the mineralization that they'll be processing for the mill. So there you go, 2 years of strip and stockpiling before any production would start. That would be the first thing. With all of these stratigraphic units, sediments, volcanic units, it's not a nice clean package like you have at Korbel. They have, if I remember correctly, 7 or 9 different ore types. And each one of these ore types is very complex. Each one of these ore types has a totally different processing profile, different recoveries. Some of which host a very significant portion of their actual resource, are just loaded with talc and other clay minerals, which just clog up the process. And so they have different processing routes. I think they have 2 processing plants or at least they split off into 2 different processes. It's somewhere in their flow sheet where they have to have 2 different power stations there at Livengood. They have a lot more pyrite versus arsenopyrite. Most of theirs is pyrite, which does not float as well as arsenopyrite. So they do flotation as well in their flow sheet, but it just does not float like arsenopyrite does, much more difficult to float, so they don't achieve those 95% recoveries as we do at Estelle. And this goes to show you that it's a great deposit. And there's a solution, it's a great deposit. 8 million ounces, I think, is their total resource there. There's a solution for them. When there's challenges with any project, there's a solution there. I believe that eventually, they'll find a solution there. But it's certainly not a clean exercise like we have at Estelle. And I think their tenure, I believe I remember their tenure is lots of different types of landholdings, federal lands, and patented mining claims for different parties, a whole complex royalty structure on some of that. So a very different target. It just goes to show you that -- I've heard it said that, just the old adage, "grade is king". Now certainly, grade is in the king's court when you look at these projects. But there's so many other parameters to look at and consider when you're looking at these projects. Livengood does not use ore sorting. They can't. It doesn't ore sort as good as ours. I mean, maybe they could, but I don't think it can ore sort. They don't have the nice sheeted veins. And so there's so many things. There's strip ratio. There's how well does an ore sort, in our example. There's the mine life. There's the type of mineralogy. There's a float well if you're using a flotation exercise. There's so many things to look at with the deposits that go above and beyond a grade. And certainly, that's what people need to consider. Okay. Next, what is the logic -- this is from Bob Jay. What is the logic behind the share consolidation? So we're making a transition here from explore junior's post to developer. And so we're kind of moving out of that speculative stock realm. And so what this consolidation will create for us is stability, stability in our trading and our share price. And the stability has been requested or advised to us by numerous institutional potential investors. And we've spoken to a lot of them. They're just lining up. We have at least $140 million of mandates and funding facilities on the table whenever we're really ready to take them. And some of them are still on the sidelines saying we want more stability. And others on the sidelines saying that it's a perception, right? So in the North American market, the penny stock has a stigma associated with it. Regardless of your underlying assets, the penny stock and their internal policies just do not allow them to invest or have any weight into the penny stock. And so it's a perception. And so with the higher share price into the dollar range, if you did it 10 to 1, it will change that perception and allow a lot of these institutions that are on the sidelines to take up Nova on market even, right, on the open market. And it really reflects our transition here into the developer by giving us that stability and having many more funding options and institutional investors. They're already interested, but now actually having them on board to be able to tap into as we move forward. So that's what I'd say on the consolidation. Okay. Next question from Mr. Craig Bentley. Chris, looking at GoldMining Inc.'s presentation, it appears to me that the Whistler Gold asset is not really an important one for them and seems undervalued. Just wondering has Nova considered offering to maybe purchase it, or alternatively could Korbel have a central processing hub that could maybe process the ore from Korbel, RPM, Whistler, and GoldMining Inc., maybe share the capital and operating costs. Wow. Okay, you're looking into a crystal ball here, Craig. So let me just say that this is an obvious synergy, obviously. There is no plan right now to do that. There's no open talks to do that. GoldMining Inc. has a new CEO, Alastair, over there. They just came to site. We hosted them. Their camp is right there. Their deposit is right there next to ours. They came to site. We hosted them there at our camp, spent a couple of days out there with Alastair and his team there discussing numerous things. We all see the synergy of a Whistler-Estelle type of partnership, but haven't really discussed it in detail. But let's just put it this way, it's definitely not off the table. So I'll just leave it at that. It's definitely not off the table. What that would create is a serious player. You'd be like a 15 million-ounce equivalent company plus copper. The synergies here, as Craig pointed out, with CapEx, OpEx, processing facilities that you can share, it's so obvious. But have not progressed that in any meaningful way at this point, but not off the table. Okay. So have NVA completed any further met test work to confirm the compatibility of Korbel and RPM ore bodies? It has previously been amassed the presence of an epithermal body at RPM. Is it possible this will be compatible with the type of collector that will be used in the Korbel flow system or would require a separate plan? So we haven't done ore sorting test work at RPM. That will be forthcoming here as we include RPM in our PFS level studies as we move forward. But RPM right now, it's a major interest to us because of the high-grade nature of it. I'm not sure you'll have to ore sort any of RPM. We'll see what the economics are. And when you're talking about 400 meters at 3.5 grams per tonne, that's definitely direct ore feed, as direct ore feed that material. Now there are some zones, a halo there, some internal zones that do run between that 0.3 to 1 gram material similar like we have at Korbel. I just don't know how well the ore sorts. But there is arsenopyrite there and quartz as well. The veins don't seem to be as nicely sheeted as they are at Korbel. As you're on that contact zone, things are a little bit more disrupted. But you mentioned the epithermal. So the epithermal was an interpretation that we made based on a nearby project that has epithermal mineralization, quite a high-grade project down there and the grades we were seeing. So now that we've drilled it, we can safely say that it is an intrusive related gold system and what appears to be the reason for the much higher grade tenor of RPM has to do with the site, the location of being on a contact zone. And research have looked into this. And actually, you see this at Fort Knox, which also sits on a contact zone, and Victoria Gold. So they have lots of tonnes inside the intrusive and some of the higher-grade material sits on that contact zone as well. So it makes sense. And we'll be doing further test work all around ore sorting, all of these things to be able to start incorporating RPM in our greater Korbel mine plan, for sure. No doubt. What is the expected recovery from the ore sorter circuit? This is from Graham Perks. So currently, the expected recovery is 40. So we put in 0.3, 0.4 gram material. The accepted portion out of the other side is approximately 47% mass pull, right? So 47% gets accepted. So it's not linear necessarily. And then the recovery of the gold there is around 80% of the gold gets recovered from that in the accepted portion and the average grade is running -- we're kind of looking at optimizing it around. I think it's around 1.7 grams per tonne. So we're capturing 80% of it. And half of the material gets accepted, which captures about 80% of the gold that runs at about 1.7 grams per tonne. So there's the numbers for the ore sorting that we're looking at, and that will be fed into our scoping study, which will be coming out as soon as we get this resource model completed. And there's different ways to optimize that. Graham, you might be interested in this. There's an assigned bypass that doesn't go through the ore sorter. They're looking at ways to take that assigned bypass and not just include it with the accepted portion of the ore sorter, look at some kind of concentration technique for the assigned bypass as well, maybe dense material separation or something like that, that we'll be able to increase that grade even further from 1.7 to over 2 grams per tonne. Okay, next question from Jason Blundell. When will you start drilling at RPM again after the melt in May. So, the big question. As soon as possible. As I said, we would continue drilling out there, and if we would have known this, we could have gotten another drill pad in perhaps. But what we will be doing. Yes, it will be in the springtime, I hope by as early as April, to be honest. So one thing you don't want to do here. You know we drill through the winter. And if you prepare yourself and you start and you're drilling and you can continue through winter, no problem. One thing you don't want to do is start a drilling program in the middle of winter before you prepare yourself. When I say prepare, the things we have to do at RPM to have a much longer, if not year-round, drilling season at RPM is to, one, establish a groundwater source for drilling because right now, we just use surface water there, and of course, that freezes up, which is why we couldn't go back to RPM. So we'll be drilling in the first drill holes that we drilled, we'll cap those off, maybe put a downhole pump and to have year-round water there in RPM. And also to put similar, like we have at Korbel, we have to put some simple bug out shacks, some safety shacks up there. And so in case a snowstorm comes, the guys can go on there and be cozy and no problem. And we're already setting that up. We have all that ready to go. And yes, that's right, Jason, to answer your question. As soon as possible, perhaps March, April, and perhaps somewhere in that March-April-May timeframe. As soon as possible is all I can say. And it's going to be exciting. I mean, it's going to be exciting following up on this whole RPM005. Okay, next question by Benjamin Semi. Can you please explain the process from drilling to receiving assay results, including how long it takes and why and how the on-site prep lab shortened this timeframe. How to further shorten the timeframe? So yes, on-site prep lab has gone from months to weeks. Now in terms of assay results. So we have further assay results since our last release, but with the queries and our working with the ASX, unless it's material, our preference was not and it's not required to just keep putting out assay results unless they're hugely material. If it's just the same old, same old infill results, 50 meters at a gram. We know we're getting that. And so it's not material and we're so close to the next resource update coming out in the next few weeks that that's the ultimate result, right. It's the actual resource result. And so all of the assays and all of the results will be -- we'll put those in an appendix in the upcoming resource update. And so we've gone from months to weeks. And just the releases of 1 or 2 holes or you're in the middle of a very large infill drilling program like that. We've been advised that that's not the way that we'll be proceeding here as we move forward because we're moving into the developer type of space here. And so the speculation on different infill results that aren't hugely material or are game changers, we don't see a need for that. So we'll do those in larger batches. Let's just put it like that as we complete our drilling program and we move forward. Okay, next question by Craig Bentley again. Now that Snow Lake is listed on the NASDAQ, is there any intention to list Nova over there as well? No immediate. All options are on the table for Nova to add value. We look at that, Craig. But at this stage, we're okay with where we are at ASX. And so possibly kind of something in the future, but not imminent. And last question asked by Grant Morrisey. When will the fifth drill rig arrive to site. It has been mentioned in a number of announcements. Is it on site yet? The answer to your question is, yes. Now again, the fifth drill rig will not commence drilling this winter because what are we going to do is we're starting our -- it's on site, it's sitting there. Actually, what they've done is they've pulled one of the other rigs off and put this new drill rig to start drilling and they're doing maintenance. This is their time to do maintenance and start rotating the rigs that have been drilling all year, and they're doing maintenance on some of these other rigs. So yes, it's on site, it's a much smaller impact rig. So it drills the same depth, has the same power as the other rigs, but it uses 3-meter drill rods as opposed to 6-meter drill rods, so you can build much smaller drill pads and get in kind of those nooks and crannies and steeper areas like, say, RPM, and get into more hard-to-reach areas. So we're pretty excited about that. And we're also looking at -- it's hard to get drill rigs, and so we need to make a decision soon for potentially a sixth drill rig, and need to order that now. Remember, I ordered this fifth drill rig back in April of this year, it just arrived like a month ago. And so very long lead time on drill rigs. So we might make a decision for another drill rig that hopefully will then -- if we do that order now, we'll get that by next summer. So yes, always looking to add drill rigs. We're ramping up. We're in no way ramping down here into 2022 with RPM coming online, Korbel, and that Korbel Valley, going to hit Cathedral next year. Cathedral is a big target. We're going to finally drill that area that looks like the next very big potential area to add serious ounces throughout that Korbel Valley. And so more drill rigs, not less. And so with that, I'll just leave with that. I can go all day. You know how enthusiastic and excited I've been. We're really just getting started here. I welcome all of our new shareholders. I think we've added thousands of new shareholders. We really welcome you on joining us on this journey to develop a world-class resource into a world-class mining project. Remember, we're on the path to production. Our objective is to be an aspiring gold producer and that's what our prime objective is. In the short term, there's been a few frustrations with share prices and these type of short-term things. We're in the long game here, okay? So we're here to build value over the long term. And I can assure you, our fundamentals are strong, and only getting stronger. I hope you've seen that in today's presentation. They're only getting stronger with that. We keep our shoulder to the wheel and the share price and these things will follow. Our time will come. With that I'll sign off, and I hope that our next meeting can be in person face-to-face, the way things used to be, and really get to know many of you and spend a lot of time. So that wraps up my portion, CEO report today. Signing out. Thanks. Romy.

Thank you very much, Chris. I'll now instruct the Link team to commence a 5-minute timer in which you will have to finish submitting your vote. And once the 5 minutes is up, the meeting will automatically close. Thank you to all of the shareholders who attended the meeting.