Nova Minerals Corp (NVA) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. Welcome to the 2022 AGM for Nova Minerals Limited. Nova Minerals Limited acknowledges the traditional custodians of our country, throughout Australia and their connections to land, sea and community. We pay our respect to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islanders people today. Thank you all for attending today's meeting. Just as last year, this meeting will be conducted entirely online. Given the significant health concerns attributed to the COVID-19 pandemic, in addition to guidelines and restrictions issued by Australian state and federal governments, the company considers that it is appropriate to hold the 2022 AGM as a hybrid meeting in a manner that is consistent with the temporary modifications to the Corporations Act 2001 introduced by the Commonwealth Treasurer. It is now 11:00 a.m. EDT and there being a quorum present, I declare the meeting open for business. I confirm that the meeting has been properly constituted. In opening the 2022 AGM, I would like to introduce the Board of management team of Nova; Anna Ladd-Kruger, myself, Chairperson Virtual, Ian Pamensky, Company's Secretary Virtual; Louie Simens, Director in-person; Chris Gerteisen, Director, Virtual; Avi Geller, Director, Virtual; Rodrigo Pasqua; Craig Bentley, in-person; Michael Melamed, CFO, Virtual. As this meeting is being conducted as a hybrid meeting, I would like to welcome those shareholders that are joining us via the Link platform, and I ask that you please submit any questions or comments via the Q&A function, which can be found at the bottom of your Zoom screen. When you submit a question or comment, please start by typing which resolution it relates to, so that it can be addressed at the appropriate time. Questions which relate to the general business of the company will be collected and addressed after the close of the formal business of the meeting. The agenda for today's meeting will be as follows. I will provide the Chairperson's address, after which we'll proceed to the formal matters to be conducted at today's AGM. Once the meeting has been formally closed, we'll hear from the CEO, who will make a presentation and take questions. Beginning with the Chairperson's address. 3 years after Nova Minerals Limited started on its new journey, the company is clearly achieving its goal of industry-leading fundamental value creation through resource growth and development. To our valued shareholders, as your new Chair of the Board, I've had numerous opportunities to work with the team and participate in various company endeavors over the past few months. And I could not be prouder to join a group of people who support each other and enthusiastically give back to our communities like the Nova team does. I believe the strong Nova culture, which is based on a distinctive partnership both within the company's Board and management team as well as relationships with external parties has been central to the team's ability to deliver operational superiority regardless of the circumstances inside of their control. Consistent results like this are only possible because of the dedicated teams and shareholders and stakeholders who nurture this commitment each and every day. These united accretes have placed NOVA in a very strong fundamental position to continue delivering into the future better than ever before to the benefit of all stakeholders. Discovery of the Estelle Gold trend has provided the company with an incredible unique opportunity, very rarely seen since the Carlin and similar trends of the past, upon which world-class companies like Barrick and Newmont have been built. It's disappointing that Nova's robust growth nor its outstanding prospects are reflected in our hard share price. Very few mining companies are left with owning a Tier 1 gold asset in a Fraser Institute ranked top 4 investment jurisdiction with decades of opportunity to potentially multiple mines across one single project site, like we have at Estelle. Although much has been achieved over the past 3 years, there is still a great deal of work to be done, and we've established a 10-year business plan to guide our management team as we continue on our path towards becoming a world-class gold producer. I would like to thank Christopher Gerteisen, our CEO and the team for the great progress they have already made. I have every confidence in their ability to continue to deliver on the road-map we have set out. The economic effects of the pandemic still exists. These effects, in our case, include, but not limited to, the shift in labor shortages, supply chain bottlenecks, global inflation and in the US to its highest level in 40 years. After careful consideration of both our short and long term capital allegations, the Board has placed priority on strong fiscal responsibility. And we have managed to keep our costs in line by finding efficiencies and cost savings wherever possible whilst continuing our exceptional record of exploration success identifying many opportunities for new greenfield and brownfield discoveries across the wider Estelle Gold trend. We've also maintained our portfolio in other minerals, including our investments in listing explorer Snow Lake Resources and Rare Earth and Gold Explorer Azure Minerals as well as our holding an innovative aircraft manufacturer, RotorX Aircraft Manufacturing offering further high-growth diversification to create long-term value for all our shareholders. Additionally, Nova is committed to responsible and sustainable development and mining operations within the communities it operates in. Despite being early in the growth stage, we again this year published an open and honest assessment of our actions in the form of our sustainability report, providing stakeholders with valuable insight into this important part of our business. In this report, we proudly demonstrate Nova's embedded commitment to environmental, social and governance, leadership and our Alaska First policy. As I write this letter to you, the world is also undergoing a monetary transformation. Central banks are weighing difficult monetary policy decisions between balancing inflation against interest rate hikes. They face a dilemma they have not seen in decades, which has been worsened by geopolitical conflict and the resulting energy shock of whether to live with higher inflation or the slow economic activity and employment to a lower inflation quickly, which fundamentally we believe will lead to higher demand for gold as a storage of wealth. This in turn will lead to higher gold prices. As announced last week, following an extensive due diligence process, we are delighted to welcome the support of our new investors. The caliber of the gold fund and institutional investors, which came into this placement shows another strong endorsement for the project and management's strategic plan. With this financing now complete, Nova will continue to forge ahead with our fast track strategy of unlocking the Estelle Gold trend with the potential of building multiple mining centers across the one gold trend. Our strategy, which we regularly review as the Board and management team remains rooted in our commitment to serving the local Alaskan community, our shareholders and all stakeholders now and in the future. While I am new to the position of Chair of Nova's Board, I have known the team for quite some time now and on a personal level, each member is passionate about what we are trying to achieve and driven by unified vision we all see as the Estelle Gold trend. As someone once told me, a test of a team is not where things are going successfully, but rather when times are uncertain and there are challenges, this is when the resilience of a team is tested. The Nova team, they come together, forge ahead and shine. I cannot think of a time when it's more important to live our principles, stay true to our purpose and focus on the needs of the communities we operate and have an interest in our employees, our contractors and our shareholders. If we do our job well and commit to our vision, the people of Alaska and our shareholders will be the biggest beneficiaries. I would also like to thank my fellow directors for their close engagement with the company, the diverse background experience they all bring to Nova and the resetting advice to make sure we continue to hold ourselves to the industry best practices of corporate governance. It is a privilege to write to you to reflect on the path and look ahead into the future. On behalf of the Board of Nova, my fellow directors, I thank you for your support in 2022. We look forward to exciting years to come as we continue to unlock the Estelle Gold trend. We now move to the formal business as set out in the notice of meeting. The notice of Annual General Meeting was mailed to all registered members on or about 25th of October 2022 and is taken to be read. Voting on all resolutions will be conducted by poll. For the purposes of the call, I appoint Mr. Tim Farag, the company's share registry, who have examined and prepared summaries of the proxy forms received to act as returning officer and conduct the poll. Shareholders in attendance via the Link platform that have already submitted a vote by proxy should note that your votes will already be counted towards the poll. You do not need to lodge another vote unless you wish to change your proxy instruction. Shareholders in attendance, the Link platform that have not submitted a vote by proxy and wish to vote on the resolutions being put to the meeting today can do so by following the instructions provided in the notice of meeting. On your screen, there are instructions for how to log into the online voting portal. Please note that the online voting portal is now open and will remain open until the poll is declared closed. Your votes must have been submitted prior to the poll being closed for them to count. On your screens, there are instructions on how to register and vote using the online voting portal. Those shareholders in attendance that are entitled to vote on the poll are all shareholders representatives and attorneys of shareholders and proxy holders who hold yellow voting cards. If you are attending in more than one of these capacities, you will have been issued with as many voting cards as you have separate capacities. If anyone believes they are entitled to vote on this poll in any capacity and does not have a yellow voting card in respect thereof, please raise your hand now and a member of our share registry team will assist you. At the appropriate time, I will ask that your mark to vote for the resolution on the yellow voting card. If you are a shareholder and wish to cast all of your votes to resolution, please place a mark in either the for, against or abstain box next to that resolution. If you wish to split your vote, please write the number or portion of votes you wish to cast in the corresponding form against and abstain boxes. Please note that the sum of the split votes must not exceed your total holdings. If you are a proxy holder, a summary of the votes to which you are entitled has been attached to the voting card. If the summary of votes includes discretionary votes, that are yours to cast at your discretion, if you wish to cast the discretionary votes, please place a mark in the corresponding for, against or abstained boxes. If your summary of votes does not have any discretionary votes, you do not need to mark your voting card and will simply meet the hand it to the returning officer at the end of the resolution. After all resolutions have been read and voted beyond, please place it in one of the ballot boxes that will be circulating the room. Are there any questions in relation to the voting process? Are there any questions received via the phone?

There are no phone questions.

Are there any questions received online?

No questions, Anna.

Thank you. Proxies have been inspected, and all those validly lodged have been accepted. Proxies have been received, representing 47.8 million shares or 23.3% of the issued capital of the company. All undirected proxies or open votes that have nominated the Chairman of the meeting as their proxy will be cast in favor of each resolution in the notice of the Annual General Meeting. We will now proceed to the resolutions set out in the notice of the Annual General Meeting. The first item of business is to receive the company's annual financial report for the year ended 30 June 2022. The financial report and the reports of the directors and the auditors are now laid before the meeting. There will be no vote on this item, and it is a discussion item only. The company's auditor for the 2022 financial year, Jason Croall of RSM is present to take questions relevant to the conduct of the audit and the preparation and content of the independent auditor's report. Are there any questions or comments on the financial report or the reports of the directors and auditors. Are there any questions or comments on the management of the company? Are there any questions relevant to the conduct of the audit and the preparation and content of the auditor's report to be put to the auditor? Hearing none from all, we will now proceed to the resolutions set out in the notice of the Annual General Meeting. Resolution one. To consider and if thought fit to pass, with or without amendment, Resolution one, adoption of the remuneration port as an ordinary resolution. I note that the vote on this matter is considered to be advisory only and does not bind the company's directors. However, as noted in the Notice of Meeting to this AGM under the Corporations Act, there is a 2-strike rule requiring a board to spill if the report received 2 no-votes of 25% or more over 2 consecutive years. Nova did not record a strike at last year's AGM. If you wish to discuss this resolution, please raise your hand or can virtually make your questions via the Q&A. Are there any questions received via the phone?

There are no phone questions.

Thank you. Are there any questions received online? Hearing none. Thank you. The proxy received in relation to this resolution are on the screen. The proxy votes received on this resolution are currently displayed on the screen. I intend to vote undirected proxy votes available to the Chairman of the meeting in favor of this resolution. If against vote is less than 25%, then next year's AGM will proceed as norm. If against vote is greater than 25%, Nova will have received a first strike and at next year's AGM, if this happens again, it will result in effecting strikes, which result in a spill meeting motion being voted on for the reelection of the Board of Directors. Given the personal interest of all directors in this resolution, the Board makes no recommendation to shareholders regarding this resolution. I now put the motion. Those physically in attendance, please mark your voting instruction on a yellow voting card. Those attending virtually can vote via the online portal, however, are reminded not to click on the next until you have selected your vote for all resolutions. Resolution number two, reelection of Louie Simens as a Director. Resolution number two is as follows; to consider and if thought fit to pass, with or without amended resolution to reelection of Louie Simens as a Director as an ordinary resolution. Details on Mr. Simens is included in the notice of meeting. The Board, excluding Mr. Simens, unanimously recommends that shareholders vote in favor of this resolution. If you wish to discuss this resolution, please raise your hand or who are attending virtually submit your questions via the Q&A. Are there any questions received via the phone?

There are no phone questions.

Thank you. Are there any questions received online?

No questions.

Thank you. The proxies received in relation to this resolution are on the screen. I now put the motion. Those physically in attendance, please mark your voting instructions on your yellow voting card. Those attending virtually can vote via the online portal, however, are reminded not to click on next until you have selected your vote for all resolution. Resolution number three. To consider and if thought fit to pass, with or without amendment, Resolution 3, election of Director, Mr. Craig Bentley, as an ordinary resolution. Details on Mr. Bentley is included in the notice of meeting. The Board, excluding Mr. Bentley unanimously recommends that shareholders vote in favor of this resolution. If you wish to discuss this resolution, please raise your hand or if attending virtually, submit your questions via the Q&A. Are there any questions received on the phone?

There are no phone questions.

Thank you. Are there any questions received online?

No questions.

Thank you. The proxies received in relation to this resolution are on the screen. I now put the motion. Those physically in attendance, please mark your voting instructions on your yellow voting card. Those attending virtually can vote via the online portal, however, are reminded not to click on the next until you have selected your vote for all resolutions. Now move on to Resolution 4 is as follows; to consider, and if thought fit, to pass with or without amendment resolution, election of Director, Mr. Rodrigo Pasqua as ordinary resolution. Details on Mr. Pasqua is included in the notice of meeting. The Board, excluding Mr. Pasqua unanimously recommends that shareholders vote in favor of this resolution. If you wish to discuss this resolution, please raise your hand or if attending virtually submit your questions via the Q&A. Are there any questions received via the phone?

There are no phone questions.

Are there any questions received online?

No questions.

Thank you. The proxies received in relation to this resolution are on the screen. I now put the motion. Those physically in attendance, please mark your voting instructions on your yellow voting card. Those attending virtually can vote via the online portal, however, I remind it not to click on the next until you have selected your vote for all resolutions. I will now hand over to the Company Secretary, Mr. Ian Pamensky for the next resolution.

Hi, Anna, thank you very much. And Resolution 5, election of Director, Ms. Anna Ladd-Kruger. Resolution 5 is as follows. To consider and if thought fit to pass, with or without amendment, Resolution 5, election of Director, Ms. Anna Ladd-Kruger as an ordinary resolution. Details on Ms. Ladd-Kruger is included in the notice of meeting. The Board, excluding Ms. Ladd-Kruger unanimously recommend that shareholders vote in favor of this resolution. If you wish to discuss this resolution, please raise your hand or if attending virtually, submit your questions via the questions and answer portal. Aare there any questions received by the phone?

There are no phone questions.

Are there any questions received online?

No questions.

The proxy received in relation to this resolution are displayed on the screen. I now put the motion. Those physically in attendance, please mark your voting instructions on your yellow voting cards. Those attending virtually can vote via the online portal. However, I remind you not to click on the next until you have selected your vote for this resolution. Thanks, Anna. I'll hand back to you.

Thank you, Ian. We now move on to Resolution 6 as follows. To consider and if thought fit to pass, with or without amendment, Resolution 6, approval of 10% placement facility as a special resolution. Resolution 6 seeks shareholder approval by way of a special resolution for the company to have the additional 10% placement facility provided for in Listing Rule 7.18 to issue equity securities without shareholder approval. If Resolution 6 is passed, the company will be able to issue equity securities up to the combined 25% limit in Listing Rule 7.1 and 7.18 without any further shareholder approval. Resolution 6 is a special resolution and therefore requires approval of 75% of the votes cast by shareholders present and eligible to vote in person, by proxy, by attorney or in the case of a corporate shareholder by a corporate representative. The Board recommends that shareholders vote in favor of Resolution 6. If you wish to discuss this resolution, please raise your hand or if attending virtually, submit your questions via the Q&A. Are there any questions received via the phone?

There are no phone questions.

Are there any questions received online?

No questions.

Thank you. The proxies received in relation to this resolution are on the screen. I now put the motion. Those physically in attendance, please mark your voting instructions on your yellow voting card. Those attending virtually can vote via the online portal, however, are reminded not to click on the next until you have selected your vote for all resolutions, as an ordinary resolution. Details of the options to be issued is included in the notice of the meeting, the full Q&A. Are there any questions received via the phone?

There are no phone questions.

Are there any questions received online?

No online questions.

Thank you. The proxies received in relation to this resolution are on the screen. I now put the motion. Those physically in attendance, please mark your voting instructions on your yellow voting card. Those that have been virtually can vote via the online portal. However, I reminded not to click on the next until you have selected your vote for all resolutions. Resolution 8 is as follows: to consider, and if thought fit to pass, with or without amendment, Resolution 8, approval to issue 250,000 unlisted options to Rodrigo Pasqua as an ordinary resolution. Details of the options to be issued is included in the notice of meeting. The Board, excluding Mr. Pasqua unanimously recommends that shareholders vote in favor of this resolution. If you wish to discuss this resolution, please raise your hand or if attending virtually, submit your questions via the Q&A. Are there any questions received via the phone?

There are no phone questions.

Are there any questions received online?

No online questions.

Thank you. The proxies received in relation to this resolution are on the screen. I now put the motion. Those physically in attendance, please mark your voting instructions under yellow voting card. Those attending virtually can vote via the online portal, however, are reminded not to click on the next until you have selected your vote for all resolutions. I will now hand over to the Company Secretary, Mr. Ian Pamensky, for the next resolution.

Thanks, Anna. Resolution 9, approval to issue options to Ms. Anna Ladd-Kruger. Resolution 9 is as follows, to consider and if thought fit to pass, with or without amendment, Resolution 9, approval to issue 250,000 unlisted options to Ms. Anna Ladd-Kruger as an ordinary resolution. Details of the options to be issued is included in the notice of meeting. The Board, excluding Ms. Ladd-Kruger unanimously recommends that shareholders vote in favor of this resolution. If you wish to discuss this resolution, please raise your hand or attending virtually, submit your questions via the Q&A. Are there any questions received via the phone?

There are no phone questions.

Are there any questions received online?

No online questions.

The proxies received in relation to this resolution are displayed on the screen. I now put the motion. Those physically in attendance, please mark your voting instructions on the yellow voting card. Those attending virtually can vote via the online portal, however, are reminded not to click on the next until you have selected your vote for this resolution. I'll now hand back to Anna. Thanks, Anna.

Thank you, Ian. Resolution 10, 10.8F is as follows; to consider, and if thought fit to pass, with or without amending Resolution 10. 8F approval to issue 5,750,000 unlisted options to directors as an ordinary resolution. The full terms of the option, the subject of Resolution 10.8 to 10F other than the exercise and expiry dates are set out in the notice of meeting. The directors do not make any recommendations with respect to Resolution 10.8 to 10F, as such recommendations are in connection with the remuneration of each director of the company and therefore, may be considered a conflict of interest as set out in the ASIC guidance and ASIC regulatory guide 76. If you wish to discuss these resolutions, please raise your hand or if attending virtually, submit your questions via the Q&A. Are there any questions received via the phone?

There are no phone questions.

Are there any questions received online?

No online questions.

Thank you. The proxies received in relation to these resolutions are on the screen. I now put the motion. Please vote for each of the resolutions 10.8 to 10F separately. Those physically in attendance, please mark your voting instructions on your yellow voting card. Those attending virtually can vote via the online portal, however, are reminded not to click on the next until you have selected your vote for all resolutions. Resolution 11 is as follows: to consider, and if thought fit to pass, with or without amendment, Resolution 11, increase of Non-Executive Director remuneration pool as an ordinary resolution. That for the purposes of ASX Listing Rule 10.17, the company's constitution and for all other purposes, the maximum aggregate annual sum that may be payable collectively to the non-executive directors of the company be increased by AUD 150,000 from AUD 350,000 per annum to AUD 500,000 per annum. The company will disregard any votes cast in favor of this resolution by or on behalf of the director of the company or any associate of that person. If you wish to discuss this resolution, please raise your hand or if attending virtually, submit your questions via the Q&A. Are there any questions received by the phone?

There are no phone questions.

Are there any questions received online?

No online questions.

Thank you. The proxies received in relation to this resolution are on the screen. I now put the motion. Those physically in attendance, please mark your voting instructions on your yellow voting card. Those attending virtually can vote via the online portal. However, I remind you not to click on the next until you have selected your vote for all resolutions. Resolution number 12 is as follows: to consider, and if thought fit, to pass with or without amendment Resolution 12, amendment to the constitution as a special resolution. That for the purposes of Section 136.2 of the Corporations Act 2001 and for all other purposes, the constitution of the company be amended as set out in next receipt of the memorandum, which accompanied and formed part of this notice with effect immediately upon passing of this resolution. Resolution 12 seeks the approval of shareholders to modify the company's existing constitution. The proposed modifications to the existing constitution will incorporate recent amendments to the Corporations Act regarding the holding of meetings of shareholders using virtual meeting technology as part of the new regime for making of offers and connections with an employee share scheme under Part 7.12 of the Corporations Act. The directors believe that it is preferable in the circumstances to simply modify individual provisions of the existing constitution rather than repealing the entire existing constitution and replacing it with a new constitution. The directors believe these amendments are not material nor will they have a significant impact on shareholders. Resolution 12 is a special resolution and therefore, requires approval of 75% of the votes cast by shareholders present and eligible to vote in person, by proxy, by attorney or in the case of corporate shareholders by a corporate representative. The Board recommends that shareholders vote in favor of Resolution 12. If you wish to discuss this resolution, please raise your hand or attending virtually submit your questions via the Q&A. Are there any questions received via the phone?

There are no phone questions.

Are there any questions received online?

No questions online.

Thank you. The proxies received in relation to this resolution are on the screen. I now put the motion. Those who physically in attendance, please mark your voting instructions on your yellow voting card. Those attending virtually can vote via the online portal, however, are reminded not to click on the next until you have selected your vote for all resolutions. I will now allow shareholders to ask any general questions before we close the meeting. Are there any questions received via the phone.

There are no phone questions.

Thank you. Are there any questions received online.

No questions Anna.

Thank you. This brings us end of Nova's 2022 Annual Meeting. In a moment, I'll formally close the meeting. If you're intending to vote on the formal business 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 collated after this meeting. That concludes the resolutions to be voted on today. As noted, we are conducting a poll on all resolutions. I note that the poll is already open. Can all shareholders voting online please now ensure that they have submitted their votes. I will now another minute before the poll is closed. If you have any questions in relation to the submission of online votes, please send them through to the Q&A function now. For those shareholders sending physically, I will now invite you to collect from Link to collect your voting cards. Have all persons that intend to vote submitted their cards. There being no further questions, I declare the poll is closed. The staff of the Link will now process the poll, and the results will be announced once available. There being no further questions, I'd like to thank all shareholders for their attendance and will now end the formal part of today's meeting. I declare the meeting closed. I will now hand over to our CEO, Mr. Chris Gerteisen to make [ introductions ].

Thank you, Anna, and thank you for all your great work and support this year. Christopher Gerteisen, company CEO here, and welcome to the 2022 Nova Minerals CEO presentation. The backbone of Nova Minerals is the Estelle Gold project, our flagship, where we're developing North America's next major gold trend in Alaska, gold trend being the operative words. So not just one mine, we're really developing something very large district scale. Next page, please. Usual disclaimer. Please read at your leisure. Next page, please, Page 5. At a glance, the Estelle gold trend is a 35-kilometer long mineralized intrusive corridor, where to-date, we've already defined almost 10 million ounces in 2 deposits that being the very high-grade RPM resource as well as our bulk tonnage resource at Korbel. In addition to that, there's 20 other known prospects at various stages of advancement and massive resource upside across those. We're located in Alaska, of course, a Tier 1 jurisdiction, so important these days with the geopolitical climate and other things being in a -- with the solving risk component is a very important consideration in projects. So being in Alaska also typically in the top 5 in the Fraser Institute investments as well as geological potential. I believe it was #2 this year, Alaska. We're focused on the gold mainly being a gold company. However, as you'll see, we're having very exciting copper and silver results as well coming from the project. So not to dilute the Estelle gold project, but Nova Minerals does have some strategic investments in the portfolio, but what we really want to focus on today are the -- what we've achieved to-date and some key upcoming milestones. And so let's get into it. A quick snapshot. Very, very good cash position, of course, with the recent capital raise. And I'll just mention the shared distribution, directors and management hold a sizable portion, 12%. This group is always committed to capital raising through the years, so still in the game. And then the chart on the bottom, as you see there, you can see very challenging gold market recently, as we all know. However, if you look at it over-time, you can see that the value we've built in Nova were up almost 400% over the last 4 years. And so all of that is on the backs of the Estelle Gold project. If you compare that to some of the key indices, the All Ords Gold and VanEck Junior, you can see we're up quite considerably above those indices. Just a brief note on the recent capital raise with the cornerstone investor, the Nebari Gold Fund. We see them as more of a partner than just an investor. Nebari is committed to Alaska. They've been involved in Alaska before. They are involved with the Alaska Future Fund. This is the State of Alaska investment, sovereign investment fund. And so the state of Alaska also has skin in the game at this stage. So Nebari, they performed an excruciating due diligence process, site visits, include site visits and then through our data rooms with a fine tooth comb. And so this should -- that whole process and their eventual investment based on that should provide confidence to all our shareholders that the project is certainly something special. And on that basis, the rest of the book was run out by Petro Capital with some very significant additional investment funds with Petro as well. A lot of that based on the Nebari due diligent work as well. Page 8, please. Board of Directors. Our Board of Directors, we've spoken to Anna today, some of them. So we have all the key experience, ticking all the boxes to push the project, achieve our objectives and move forward on our path towards production to get to the finish line here; technical expertise, corporate expertise, capital markets, corporate governance. It's a really stacked board, and we're very comfortable and very positive on this group. The project, where are we, in Alaska, the Tintina Gold province, one of the most prolific belts in recent decades with over 200 million ounces of documented resources defined. To name a few, the Victoria Gold, Dublin Gold project, a recent very successful start-up there on the Yukon side. Fort Knox, one of Kinross' flagships to the north of us, they've been producing for decades out there. That's probably the tight deposit for these intrusive related gold systems. Also Nova Gold, to the west of the Estelle project with 45 million ounces there. And so 10 million-plus ounce deposits not uncommon in our neighborhood. It's the country for the -- it's elephant country for the very large intrusive related gold system and that's certainly what we're on to at Estelle on the southern end of that belt. Zooming right in, the shaded block there is our 450 square kilometer of claim block, very sizable piece of land, very large. And infrastructure in terms of access and power access, we have at the site, the Whiskey Bravo airstrip, 4,000-foot plus airstrip where you can bring in very large capacity aircraft. That's how we support the project year-round. Also, we utilized the winter road. We're coming into that season now, which we've run successfully for the last 3 years. But now we're becoming very excited about the West Susitna access road. This road project is a state of Alaska project. It will run from the deep-water port of Anchorage, Port Mackenzie there and the terminus out at the Estelle Gold project. It's fully funded by the state to go through the EIS process, AUD 8.5 million and is really gaining steam, lots of momentum building, gaining widespread support across all sectors here in Alaska, of course, the state government being a state project as part of the road to resources mandate as well as the local borough is very supportive of the project and that whole economic corridor runs through local [ Matanuska Borough ] land. And so the economic benefits are numerous across there. And also, wide-spread public support now as well. The local community here really wants to get out there for recreational purposes. And so we're very encouraged how that's progressing and we'll continue to support that project, of course. In terms of power, numerous options there. The proposed gas pipeline going to the Donlin project to the west of us. We'll pass 10 to 15 miles to the north of us. That was all permitted to allow for offtake and we're in early-stage discussions with Donlin on those. Also the state is really pushing for micro-nuclear reactors and we've been speaking to Westinghouse as well. The first one is to be installed shortly in the Fairbanks area to the north. And so a lot of the remote Alaska native communities want these micro nuclear reactors. So the state has really been asking us to look into that as a possibility as well. And then there's other options also in the works. And so we'll of course choose what suits our needs and our timeline the best. We're working with Aggreko which is one of the world's premier power solutions firms, and they're advising us as well. A bit of project history in the -- historically, in the '80s, '90s and the '80s, Canaca was out in this area and in the '90s and early 2000s Teck Cominco. Those guys were mainly after base metals, mainly after base metals and then Teck dropped the project in the early 2000s due to the market conditions, zinc price. They dropped a lot of noncore assets. They didn't have a gold arm at that stage. They dropped a lot of noncore assets worldwide. And so the project -- the claims were stated again in 2017. And then Nova really became involved in earnest in 2019 with our first drilling program at the Korbel Main deposit. And so based on that resource, with maiden resource of 2.5 million ounces with that first drilling program, we were all in. We all committed to just going forward non-stop. And so over the last 3.5 years, we've drilled now over 85,000 meters, over AUD 30 million spent, and we've increased the resources not only at Korbel Main, but a second resource now, the very high-grade RPM deposit, where we've defined across both of those resources, almost 10 million ounces. And so we just continue to drill and continue on with our economic studies, which have already commenced, now finishing that up with our Phase II scoping study to include RPM. We've kept the cost very low. One of the reasons for that is that it's virgin country there, mostly outcropping. It requires no complex, expensive deep searching exploration techniques. It's literally old school geologists, boots on the ground, kicking up new gold finds every day and that has allowed us to keep the discovery cost per ounce at a very, very -- I don't know if industry-leading, but very competitive, AUD 3.50 per discovery ounce due to that situation. Also our costs are very low down. As I said, early on, we committed with the infrastructure on-site. We have a full winterized camp out there, a year-round operation. We don't mobilize and demobilize every year that's kept our costs way down. And on-site, we have all the site process, sample processing facilities and on-site prep lab, all these things have helped to keep the cost way down. We drill at $150 per meter, very competitive even if you compare it to something like Calgary as a benchmark, which is off the road side drilling for $200 per meter. And so that's a bit of background on this all. But this really tells the story. Page 12, please. Sorry, I haven't been telling you to move the slides. Page 12, growing gold resource. Yes. So this slide really tells the story, a very steep upward trajectory in our resource growth from 2.5 million ounces to almost 9.6 million ounces today. And just to note that does not include the additional 30,000 meters that we've drilled this year. And so now as we've concluded the drilling for this year, we're now working on resource updates, waiting for assay results and working on the next resource update. And so we expect that number to exceed 10 million ounces potentially this next go, and we're really truly only getting started. Next slide please, Slide 13. Where do all those ounces come from? RPM. This is really the jewel in the crown at the Estelle Gold project, it's a very high-grade resource. The previous resource was 1.5 million ounces at an average grade of 2 grams per tonne. And you can see here some of the spectacular intercepts, just world-class, 132 meters at 10.1 grams per tonne within a larger intercept of 400 meters at 3.5 grams per tonne. And I could just go on and on through this slide, very continuous, very thick high-grade intercepts. Next slide please, Slide 14. And so this is a plan view of RPM North, where we've hit this very large bonanza zone, as we call it, and we've defined that zone, a very high-grade zone now, 150 meters in strike 50 meters in width and 300 meters down dip. And you can see here on this slide, those pink, orange units, those are the intrusive units ripping through and the gold is centered on those units. That's what controls the gold mineralization. There's a thin skin of mineralization that goes into the surrounding hornfels country rock, but mostly contained within those intrusive units. And you can see within the AA prime line, we've drilled a deeper hole there, a couple of deeper holes and we've intersected a second mineralized intrusive in those deeper holes. And so we'll expand on that in a later slide. So next slide, please, Slide 15. Here's a typical cross-sections through RPM North area. And you can see on the left-hand side, right on the surface, all of our deposits are right on the surface. And as the funnel shape, the mineralized zone is the funnel shape. So we're very wide on the surface and then it funnels down. And you can see it's open at depth. And with the drilling that we did this year, which is on the section there, you can see that the orientation of that mineralized intrusive is vertical to actually south dipping a bit. So next year, we need to go back and continue and come to the and drill in the opposite direction and chase that down dip because it remains wide open down dip. You can see the Bonanza Zone, the very high-grade mineralized zone is very thick, 168 meters stick, 140 meters thick, 132 meters thick, very continuous within that, within a much larger halo of relatively lower grade. And then on the right-hand side, this section here, again, you can see the smaller, the skinnier mineralized intrusive, which is the RTM North Bonanza Zone. But the deeper hole, RPM-025, you can see where we now intersected the second mineralized intrusive showing itself to be much thicker, the intrusive itself. And the results that we've only on hold, which we have results from there, but the results, 76 meters at 1.2 grams per tonne, very reminiscent of the early holes that we had in the early days at RPM North. And of course, then, eventually, we hit the very high-grade bonanza zone. So we're very, very encouraged by that second mineralized intrusive. Next slide please, Slide 16. And so this is a planned view zooming out now. And you can see here that RPM North, that zone there, where that very close space drilling is. The drill spacing in that area in this next resource upgrade, we feel that's sufficient to not only get indicated resources but also perhaps some measured resources at RPM in this next go. And so you can see there also coming off that pad is RPM-025, intersecting that deeper outer second mineralized intrusive. And to really put this into context now, I want to take you down to RPM South and RPM South there last year, we did a rock chip sampling and the surface anomaly actually showed a much larger footprint than even RPM North did. So that was very encouraging. And this year now we followed that up with drill holes. Still waiting for assays. All the dashed line holes on this plan view all the dash-line are assays still pending, waiting for assays. So waiting for assays there at RPM South. However, the geology in those drill holes look very good, similar style of mineralization as RPM North. And all of our drilling is, of course, the best quality HQ oriented diamond core, where we can get very good structural information and what that structural information shows us is that there's a very strong Northwest orientation to the mineralization as well as that mineralized intrusive and so RPM South connects up to RPM-025 hole, that deeper hole that we drilled off the RPM North pad. And so what that does is that opens up now over 600 meters of strike length of mineralized intrusive in between RPM South and RPM North, which is our number one priority target for our drilling programs next year. And so that's a very huge development and just the resource upside is immense. And you can see the Bonanza zone there at RPM North, the size of that, and you can fit numerous of those type of bonanza zones in the area between RPM North and South or one large one perhaps. But that is our number one priority drill target and opens up a huge swath of territory for resource upside. We know that second mineralized intrusive is mineralized, and we'll see what the drilling results come back with, but that's something we'll be following up. Next slide please, Slide 17. So in addition to RPM, very exciting there at RPM. We also of course, have our Korbel bulk tonnage resource, 8.1 million ounces there and at a lower average grade of 0.3 grams per tonne and it's a typical intrusive related gold system, very similar to Fort Knox and Victoria Gold. And you can see some of the intercepts that we get out of there, 429 meters at 0.6 and included in that is 101 meters at 1.3 grams per tonne. And that's typical and it goes on and on from there. We looked at Korbel as a stand-alone before we had much data on RPM, and we weren't able to include RPM. We looked at Korbel as a stand-alone, of course, in our Phase I scoping study. And the result there is a 3-year payback. And within that payback period, we have a strip ratio of less than 1:1 186,000 ounces per annum production at a very low ASIC. And so of course, that's not really what we're doing at Estelle alone because now with our Phase II scoping study coming up, we'll be including RPM, of course. So more on Korbel, to really understand that resource, you can see here the Korbel main deposit, that red -- sorry. Next slide please, Slide 18. You can see here the red shaded area, that's the Korbel main resource. And then within that, there's a much higher grade, the purple shaded area is a much higher-grade feeder structure. We typically get 50 to 100 meter intercepts running 1 to 1.5 grams per tonne in that purple higher-grade zone. There's over 1 million ounces sitting right in that purple zone and that will likely be direct mill feed. But we include the larger resource, 0.3 grams per tonne because why do we include that because we can make money on it, a lot of money. Our test work has shown using ore sorting that we can take 0.34 gram material and upgraded up to 6 grams per ton. Because if you understand the deposit, it's not a great issue per se at Korbel, it has to do with vein density. We know that these -- it's a seated vein complex, very continuous, very consistent veins, very discrete, very distinct mineralogy. When we selectively sample those veins, they're running ounces per ton. And so it's all about the vein density. And so to pick out those high-grade veins, we use ore sorting to be able to do that. Now of course, the project doesn't rely on that. And the beauty of having Korbel Main in the resource inventory is, of course, the earlier production will be out of RPM and some of these areas. However, when most mines at the end of their mine life are looking around at different waste dumps and stockpiles, we have 15 years of resource at the back-end to continue the operation from Korbel Main in that deposit. Also within the larger Korbel Valley, it's still exciting, lots of targets there. One to point out is the Cathedral prospect. So Cathedral, we have some of the best rock chips to-date have come out of Cathedral up to 114 grams per tonne, 90, 80, 30, 40 grams per tonne there in Cathedral And we've drilled that now as well. And so assays still outstanding, still pending, waiting to get those back. However, the geology in those holes shows a very dense veining in some zones, very dense veining and also a disseminated style of mineralization throughout some of those holes. So very interesting geologically, and let's see what the results are to be forthcoming here shortly as well. So if we go back to the Korbel area next year, it will be going to follow up what we see at Cathedral, if that's warranted. But Korbel Main has been drilled out to indicated status now and so for the time being, we're done at Korbel Main, that's drilled out. So our focus is on RPM and perhaps we'll come back to Cathedral. So big picture, just to note, we're all on state land. So this is such an important point to make. We don't have any federal lands or any native corporation lands to deal with at the Estelle Gold project, all on state land. What that means is that it's a much more pleasant, shall we say, streamlined operating environment, working with the regulatory state agencies. We have a great relationship, they're very supportive of the project. Of course, resource projects like this being a key pillar of the Alaska economy, which is a resource economy. Also when it comes to permitting, being on state land, it's a much more streamlined process as well. And so with permitting, of course, you have to do all the environmental studies, and we're well ahead of the curve on that. So with the environmental studies, wetlands mapping complete at RPM and Korbel, check that box, rock geochemistry looking at potential acid mine drainage, we've done the initial test work on that, and it looks very positive. All of our host rock and waste rock is just a granite, basically a granitic rock, so it's very neutral to actually acid neutralizing. And so having carbonate veining running through some of that waste. And so what that means is we'll be able to use this material as construction material for roads and infrastructure. And so that's a very positive outcome on the rough geochemistry front. Also, Fish studies, fish surveys are required every year. We've been doing those for several years now. And the big one there is always salmon. So no salmon in our prospect areas, that's been established. And then also, probably the biggest component to the environmental studies is hydrology. In hydrology, we're well advanced on that. Our surface monitoring stations have been installed to look at all the drainages coming from the deposit areas. And also this year, we drilled our first hydrology wells to do the groundwater monitoring as well as hydrologic modeling. Some of this stuff requires 12 to 18 months' worth of data and modeling to be able to submit for permitting. We believe that we'll be in a position to have all the data complete that after PFS, we'll be in a position to submit for permitting after PFS in 2024 sometime. In terms of the concept of the project, of course, in the scoping level stage, we're still considering Korbel central processing facility. And then Phase II scoping study will have that RPM material, which, of course, will be the early stage production to get that early payback, and we'll haul it over to the Korbel facility. Just to note, we're also looking at some trade-off studies. So as we move towards PFS and the RPM resource starts to grow and that whole south area around RPM starts to -- is showing its potential that in PFS stage, we're looking at the possibility, and we'll do all these trade-off studies, looking at the possibility to put a plant and put the plant down at RPM area because not only is RPM growing there, but also we're having some very good success nearby RPM at the train prospect there. And so that South area, RPM South area is really turning out -- shaping up to be its own mining center, and that will be where we'll probably start and then as we get that early payback and cash flow into the company, then we can branch-out and expand perhaps a Northern mining center at Korbel, but that will all come out in PFS, but just be aware of that. Sorry. Next slide, please, Slide 20. So our flow sheet, this was proven starting in Phase I and continuing on with just extensive metallurgical test work that we've done. It's a very simple off-the-shelf conventional technology, nothing fancy going on here. What we do is we crush and then we mill, well, of course, in the later years when Korbel lower-grade material comes in, that will be ore-sorted, rejoined the stream with RPM and Korbel high-grade material, then we mill to 75 microns, then it goes through a concentration step, utilizing a flotation circuit where we get over 95% recovery, our test work has shown. Then we regrind to 22 microns, which is still quite course and then we leach. So the leaching this test work is showing we get over 96% recovery through the leaching. Now we're moving on to our next level metallurgical test work as well. And so we believe these numbers are really honing-in on a few optimizations and that those numbers are only set to go up. We then take that through a typical gold plant, gold extraction plant and produce dore bars. And the dore bars should be quite a nice golden color. It should be quite pure. Our ore bodies are very clean, metallurgically clean. So there's not any copper in the system or silver or not much silver to speak up or any deleterious elements. Our gold can be very easily liberated. Our test work has shown. And so the gold bars should be very pure, 70%, 80% dore bars I expect at the back end. Next slide, please, Slide 21. And our plans over the next 12 to 18 months, of course, as noted, the RPM is the highest priority. That's where we'll be doing 90% of our focus of our drilling programs, expanding and proving up that resource, of course. And then perhaps we may go back to the Korbel area just to follow-up Cathedral depending on the results that are returned from the drilling that we've done this year. Also at train, we plan to drill our first drill holes into the train prospects in this upcoming year. It's ready for a drill hole. We've had some very good results there in last year's sampling program, and we followed that up again this year with further surface exploration, and we're still waiting on assays there, but the rocks just look fantastic. I expect some decent results of that, but we're ready to establish a third resource train. And so the first holes will be drilled there. And then we might go back to Stoney just to do some surface exploration work there. But the main focus next year is on RPM and to really start to build the case for that South mining center to put the plant down there. I would just say that -- next slide please, Slide 22. So drilling that we've done this year, it's almost 30,000 meters drilled. We've only received results for RPM North, but they should be flooding through and coming through here in the coming weeks, I would expect some more results to be reported from RPM South from Cathedral, more from RPM North, of course, and then some of the other programs that we did this year. Next slide, please, Slide 23. The schedule for our path towards production, of course, drilling, just continued drilling and upgrading resources every time we've drilled and done a resource every year. We've increased the resource inventory by 1 million ounces or more. So we'll just continue doing that. Scoping study, well, is entering its last phase, Phase II to include RPM now. And so we expect the results from that Phase II scoping study with RPM included just to blow the numbers off the charts. In the background, concurrently, pre-feasibility study has commenced with test work, that next level metallurgical environmental test work is ongoing as we speak. So I expect as the results from the Phase II scoping study are released and come-out, and we expect trying to get that out by March next year that people will want to see that PFS study very soon thereafter. So we've already started all that background work. Remember, with all of these timelines that it's really assay results have just been painful. I know we keep saying it, but it's just truly pushing all of our schedules back. And so it will be dependent on assay results returns. And so once we complete the PFS, I expect early 2024, we'll try to get that PFS, but sometime in the first half of 2024, PFS straight into the DFS and we want to have a decision to mine in 2025, 2026 sometime and the first gold for 2026, 2027. Again, assay results have pushed all of our schedules back at least 6 months. Just be aware of that. It's one of those things we've had to deal with. Next slide, please, Slide 24. And of course, we talked about RPM. We talked about Korbel, but we have a whole pipeline of additional prospects across the site. I mentioned Train and Shoeshine where we've already to-date had 20 to 30 gram per tonne rock chips over a surface exposure of 1 kilometer and strike 500 meters in width, looks to be another one of these massive intrusive related gold systems that are trained. We follow that up again this year and watch out for more results to come from that train area. And so that's ready for its first drill holes as stated. And then Stoney area. We want to go back there. Stoney adds a whole new dimension to the Estelle Gold project because it's not only high-grade gold there, but it's very high-grade silver, thousands of grams per tonne silver and high-grade copper up to 2.4%. And so that main vein there, we can track that over 2 kilometers in strike and there's additional veins we see running in parallel. So it's a poly-metallic stacked vein system. And the thing with the Stoney-type poly-metallic deposits is if you recall back to the flow sheet, utilizing flotation, what we'll be able to do when it comes time to extract these type of deposits at Stoney and I expect more in that area is that this will require producing a concentrate. And so since we have a flotation circuit in our flow sheet, what that will allow us to do is just slight modifications to the existing plants and then utilize the flotation circuit to produce a concentrate. So that's an added bonus to the flow sheet that we've proven up now. And then additional prospects, what is the news flow there. We did a lot of further recon exploration this year, mainly around the train area and in that southern area, but I expect more discoveries. Muddy Creek, that's one to watch out for Muddy Creek. The rocks look really good coming out there. So exciting times on discoveries ahead. Next slide, please, Slide 25. And at the end of the day, when you sit back and if you think about what's building here, what's developing at the Estelle gold project, I spent a lot of time in my career on the Carlin trend in Nevada, and the Carlin trend is probably the preeminent gold trend in North America for sure, that is also up there in the world, and the Carlin trend made companies like Barrick and Newmont. And so certainly, the geology differs. However, in terms of scale and potential resource endowment, I see many similarities to what's shaping up here at the Estelle Gold trend. And what that means for Nova as a company is that as we continue to do our work and move towards production and expand our resources, that Nova will be propelled into that exclusive club of global gold producers, Tier 1 global gold producers. That's our vision, and that's our mission. Next slide please, Slide 26. And this is really the opportunity. Nova is so undervalued relative to peers, even peers that are not even as advanced as the Estelle project? And what's the reason for this? Many reasons have been floated around. One was no institutions on the register. We solved that problem. So potentially a rerate happening on that basis. However, in my opinion, one of the reasons is that we've been so busy on the ground out there, building the resource inventory, starting and continuing our economic studies really focused on the ground that we really haven't been out there marketing to the right people and the right groups. And so that's what we're really starting to do now with Nebari on board and Petro and investors through there. And also we recently went to the Precious Metals Summit in Zurich, and we planned more of that. And so getting out and marketing our story, I think as people appreciate what we've accomplished and what we have here at Estelle, as they're already starting to do, I believe, with this latest capital raise around that you will see that there's a near, medium as well as long-term opportunity as we just continue on our path towards production. Next slide, please, Slide 27. And of course, our Hire and buy Alaskan policy, Alaska first is so important. Just with all of these ESG and social license, we're so committed to Alaska, myself, I'm from Alaska and I grew up here after spending almost 30 years around the world working on these projects. I'm back home, the projects literally in my backyard. And so we support so many things here in Alaska, including that iconic event that sled dog race, the iron dog race, Alaska use sports programs, hockey teams, soccer teams, swimming teams, you name it. So we're really getting recognition and a very strong social license here in Alaska more and more. And I think that's one of the reasons why we're getting so much community support, I see on the West Houston Access Road as well. Next slide, please, 28. And just remember that we're a year-round operations out there. We have a full winterized 80 man camp and all the on-site prep lab facilities we can operate year-round. Now I did mention that we have stopped drilling this year. And the reason for that is that the assay results. We have so many outstanding assays. We just have to regroup, get these assays back, do our updated resources to complete our Phase II scoping study and start our planning for next year's drilling program focused mainly on RPM. But we are a year-round operation, and there's a picture of our camp and some of our facilities there in the background. Next slide, please, Slide 29. And to sum it all up, why invest in Nova Minerals. As you've seen, we have multiple deposits and just massive upside potential, 9.6 million ounces and counting. And so resource updates on the horizon here. I'm trying to get RPM out before Christmas. I don't know if that will -- if the assay results will be there, but trying to get that out before Christmas. But certainly, I think we'll get out a new RPM update out in January, I believe. Board of Directors, myself, we are on this 24/7, I can assure you because our objective is to be the next world-class global gold producer. And certainly, we have the project to be able to do that at Estelle. We're in a Tier 1 jurisdiction being in Alaska in our tenure. We can't discount that and really focus on that being all on state land is a huge bonus for the project. So please note that. And not to beat my own drum, but myself, over 30 years of experience, taking resource stage projects into production all around the world, around the US, Australia, Asia, you name it, finally come back home, and the project is literally in my backyard, only 80 miles away, which is your backyard in Alaska scale terms. And so I'm on it. It's what's managed to allow us to keep pushing over the last couple of years of craziness in the world and so we'll continue to do that. Very low-cost ounces. We're always looking for efficiencies to keep those costs down and actually do better as we move forward. Ongoing drilling campaigns, big campaigns planned for next year at RPM, of course, trained to establish that third resource at train and potentially cathedral and then drill intercepts. So we expect more intercepts forthcoming here shortly from the RPM North Bonanza Zone everybody is excited about as well as hopefully cathedral and RPM South. So expect more in the news flow with that. And then additional discoveries, watch the news flow for that with all the exploration work that we've done this year. Next slide, please, Slide 30. And with that, I thank you for joining us today in the 2022 CEO presentation for Nova Minerals Limited. We'll see you next year.

Chris, a couple of questions here for you online. Can you provide an update on the [ western seasonal access road ] specifically regarding anticipating timing for development. Chris?

Yes. So the timeline itself is a bit in flux. And so with [ ADEA ] the state running the program on their own, their timeline was to have that road built by 2027-2028. However, now, the state and the governor's office are really pushing the road and the industry partners are involved as well as -- I don't know if it's still a correct term for it, but a public-private partnership. And so it looks to be expediting that process. And so it's a bit influx, so I can't give an exact date what the exact schedule is to somewhere between 2026 and 2028, I would expect. And with the current trajectory and so that's all I can really say on that. But what I can tell you is that is now going through the environmental permitting process. The application was accepted by the Army Core of Engineers and which means that it basically is going through the NEPA process here, which is the environmental permitting process. So all systems go on that road and gaining widespread support.

I understand that GoldMining Inc. are looking to commence one development for the project need Whiskey Bravo history. Can you please discuss anticipated synergies and complications with both Nova and GoldMining making use of the same trip in time to come, [ not in ] complications, but synergies definitely we could have synergies.

Well, yes. So GoldMining, I mean, I'll let them speak for themselves, however, I will say. GoldMining is active out. They were active this year. And so one of the reasons this is back to the West Susitna Access Road, they're also a large supporter of the road. They see that it's moving forward now. And so they've started their work out there again this year, not so much just fixing up their camp, but they're planning from -- what I know, they're planning drilling programs out there. They recently spun-off US GoldMining Inc. and the single asset and that company is the Whistler project there. I know them very well. In fact, there is site visits of their CEO and their team-out to site when they were first starting this year. I took them out there. And so we have a great relationship. Numerous synergies helping them out, get their camp going again. They've helped us out in the past. And so we've discussed working with the same contractors to get synergies there. And so we have a great working relationship and the airstrip is large enough. Our camps are on either side of the airstrip. The airstrip is large enough for both parties to work there, and we're working closely together to make it work. So I think it's a great relationship so far, and it will continue to be so as we move forward. It's a great district. And so I think with the West Susitna Access Road, you'll start to get a lot more activity out there in addition to Nova and GoldMining.

There's one more. Please provide a little context to Revelation. It is quite decent from other prospects and seems to be quite different setting.

Yes. So Revelation is also in that south area. To the west of RPM, we have done some exploration surface work there as well. There's a large iron stained outcrop there. It looks to be a monzonite intrusive for the geologist and we are hitting some interesting numbers there. There's definitely gold in the area, so it's mineralized. We don't have a lot of data out there, but it's mineralized, but the significance of that is it's in the south area. Remember, I discussed the South mining center centered around in between RPM train, Revelation, all those southern area type deposits and prospects are coming into focus to build the case by PFS for a plant site down south and how that South mining center be the start of operations at the Estelle Gold project when the time comes.

I think Chris one more for compliance. What was the reason for the company to advise assay labs on November 2, not to forward any true results until company lodges second cleansing statement on or around November 29.

Well, the reason why we asked the labs not afford any assay results was obviously because we were starting to go through a fundraising or funding capital raising, and we didn't want anything leaking out. Last year, the unfortunate thing happened. Well, it was a great thing, obviously. But we had RPM come out that was straight after a capital raising and we ended up with ASX queries and alike. So the lawyers this year advised us this year to put it into a blackout period, extra-cautious, as a caution until we have those cleansing notices out. So we've actually notified the labs today and have told them they can start sending results. And now that's obviously going to go through QA, QC, assuming there are some results that have come in during that period from the labs. So that will take probably another at least a few days to a week before we have nothing from that period.

Done? Any questions here? Done. Chris, enjoy your time in Alaska. Anna, thank you very much. Ian, wherever you are, enjoy.

Thank you.

Thank you. Logging out.