Nova Minerals Corp (NVA) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. Welcome to the 2023 AGM for Nova Minerals Limited. Nova Minerals acknowledges the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to the Elders past, 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 was conducted entirely online. The company considers that it's appropriate to hold this meeting as a virtual meeting in a manner that is consistent with the temporary modifications to the Corporations Act introduced by the Commonwealth Treasurer. It is now 9 a.m., 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 2023 AGM, I'd like to introduce the Board and management team of Nova who are in attendance. Mr. Louie Simens, Executive Chair and Director; Mr. Chris Gerteisen, Director; Avi Geller, Director; Craig Bentley, Director. We have received an apology from Mr. Rodrigo Pasqua Director; and Mr. Michael Melamed, the CFO. As this meeting is being conducted as a virtual meeting, I would like to welcome those shareholders that are joining us via Zoom and 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'll provide the Chairman's address, after which we will proceed to the formal matters to be considered at today's AGM. And finally, there will be an opportunity for questions and a presentation by Mr. Chris Gerteisen. The Chairman's address. Dear Fellow Shareholders, in our inaugural 5 years' operating Estelle, we achieved remarkable growth by developing 2 substantial resources on modest budgets and minimal dilution in difficult capital markets for gold equities. These include Korbel value bulk tonnage and the RPM high-grade deposits. With a further 20 additional known prospects, we possess a robust exploration pipeline spanning well over a decade. Furthermore, recent findings indicate the present of antimony, a strategically significant metal, prompting thorough exploration and examination in collaboration with our bankers and strategic advisers. Nova was established to provide gold investors massive leverage to high gold prices. In doing so, we knew we had to create intrinsic value through corporate activities for our investors, while strategically trying to avoid dilution where the intrinsic value presented the opportunity. Our early investments in projects, notably Snow Lake Lithium, reflect our dedication to this principle. Our primary objective has always been to expand the resource base at the Estelle Gold District, which has now grown significantly and holds immense potential, offering substantial leverage to the rising gold prices and the above investments have allowed for such to occur. I extend credit to all individuals past and present for reaching the significant milestone of establishing a 9.9 million ounce gold resource in a relatively short time frame. The focus now shifts to adding further value by advancing these ounces through the value chain. A strategic review is underway to ensure the prudent allocation of capital, continued derisking of the project and the establishment of a solid foundation for future growth. While there's a lot of work ahead, we have positioned the company for success with the U.S. listing back on track and promising outcomes from our strategic review with the aim of establishing a right-sized operation with expansion plans well understood. Our critical path will be establishing upon the review and further test work now underway to be completed that they're required to fill the gaps during the PFS. Coupled with the dedication of our exceptional management, consultants and operations team, instill confidence in our future path to commercial production. The global landscape is undergoing fundamental changes marked by shifts in financial trends, economic paradigms and global geopolitical risks. The end of the 40-year plus era of falling in interest rates and disinflation coupled with the substantial increase in debt globally presents challenges. In this dynamic environment, we remain optimistic about the rising importance of gold. As the next bull market appears imminent, we anticipate an evolving role for gold, solidifying its position in the global financial system. Nova Minerals stands out amongst gold companies to leverage these elevated gold prices, thanks to our growth prospects, extensive scope across the project and unwavering commitment to the progress -- to progress to production. We eagerly anticipate sharing updates on our journey focusing on our future. Our dedicated team, supporting stakeholders and experienced Board of Directors collectively contribute to Nova Minerals, delivering the long-term growth and value we have been working tirelessly to achieve. I express gratitude to all these stakeholders and look forward to an exciting future together. We'll 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 the 25th of October and is to be taken as read. Voting on all Resolutions, for the purpose of the poll, I appoint Ms. Bridgette Lopez from Automic, the company's Share Registry, who have examined and prepared summaries of the proxy forms received to act as Returning Officer and to conduct the poll. Shareholders in attendance via Zoom 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 the proxy instructions you previously provided. Shareholders in attendance via Zoom 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 are instructions on how to log in to 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 counted. On your screen are instructions for how to register and vote using the online voting portal. Are there any questions? I don't see any questions at the moment. Proxies have been inspected -- checking for any questioner. Proxies have been inspected and all those validly lodged have been accepted. Proxies have been received, representing about 13.3 million shares or roughly 6.3% of the issued capital of the company. All undirected proxies or open votes that have not -- that have nominated the Chairman of the Meeting as their proxy will be cast in favor of each Resolution in Notice of General Meeting. We'll now proceed to the Resolutions set out in the Notice of Annual General Meeting. Chris, can you please put the proxy votes on for everyone to see. The first item of business is to receive the company's annual financial report for the year ended 30th of June 2023. The financial report and the report of the Directors and Auditors are now laid before the meeting. There will be no vote on this item as it is a discussion item only. The company auditor for 2002 (sic) [ 2022 ] financial year, Aimee Whittingham, of RSM is present to take any questions relevant to the conduct of the audit and the preparation and content of the Independent Audit Report. Are there any questions or comments on the financial report or the reports of the Directors and Auditors? No, there are no questions. Are there any questions or comments on the management of the company? I don't see any questions. I will move on. Are there any questions relevant to the conduct of the audit and the preparation and content of audit report to be put to the auditor? No questions. We will now proceed to the Resolutions set out in the Notice of the Annual General Meeting. Resolution 1, Adoption of the Remuneration Report. Resolution 1 is as follows. To consider, and if thought fit, to pass with or without amendment Resolution 1, Adoption of the Remuneration Report 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 Corporation Act, there is a 2-strikes rules, requiring a Board 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 please put a question in the Q&A box. Are there any questions in relation to this? The proxies received in relation to this Resolution are on the screen. The proxy vote received on this Resolution are currently displayed on the screen. I intend to vote underrated proxy votes available to the Chairman of the Meeting favor of this resolution. 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 attending virtually can vote via the online portal. However, I remind that not to click on next until you have selected your vote for all the Resolutions. I'll just give you a second. Resolution 2, Re-election of Avi Geller as a Director. Resolution 2 is as follows. To consider and if thought fit to pass with or without amendment Resolution 2, Re-election of Mr. Avi Geller as a Director as an ordinary resolution. Details of Mr. Geller are included in the Notice of Meeting. The Board, excluding Mr. Geller, unanimously recommend that shareholders vote in favor of this Resolution. If you wish to discuss this Resolution, please raise your hand or please put a question in the question and answers box. Are there any questions? No, I don't see any. The proxies received in relation to this Resolution are displayed on the screen. I now put the motion. 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 3, Approval of a 10% Placement Facility. Resolution 3 is as follows. To consider and if thought fit to pass with or without amendment Resolution 3, Approval of the 10% Placement Facility as a special resolution. Resolution 3 seeks shareholder approval by way of a special resolution for the company to have the additional 10% placement facility provided by Listing Rule 7.1A to issue equity securities without shareholder approval. If Resolution 3 is passed, the company will be able to issue equity securities up to the combined 25% limit, Investing Rule 7.1 and 7.1A without any further shareholder approval. Resolution 3 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 corporate representative. The Board recommends that shareholders vote in favor of Resolution 3. If you wish to discuss this Resolution, please put your questions in the Q&A box. Are there any questions? The proxies received in relation to this Resolution are displayed on the screen. I now put the motion. 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 the Resolutions. Resolution 4, Adoption of the Employ Incentive Scheme. Resolution 4 is as follows. To consider and if thought fit to pass with or without amendment Resolution 4, Adoption of the Employee Incentive Scheme as an ordinary resolution. That for the purpose of ASX Listing Rule 7.2 Exception 13(b) for all other purposes, including Sections 259B and 260C of the Corporations Act, approval is given for the company to adopt the Employ Incentive Scheme as described in the memorandum, which is accompanied and form part of the Notice of Meeting. Resolution 4 seeks shareholder approval for the Adoption of the Employee Incentive Scheme being the Employee Share Option Plan 2023 ESOP. A summary of the 2023 ESOP is set out in Annexure A and a copy of the 2023 ESOP can be provided upon request from the company. The 2023 ESOP has identical terms to the ESOP adopted by shareholders at the 2020 AGM. The company will disregard any votes cast in favor of this Resolution by on behalf of persons who are eligible to participate in the Employee Incentive Scheme or any of their associates. If you wish to discuss this Resolution, please put any questions in the Q&A box. Are there any questions? The proxies received in relation to this resolution are on the screen. I now put the motion. Those attending virtually can vote via the online portal. However, I remind that not to click on next until you have selected your vote for all the Resolutions. This 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 allow another minute before the poll is closed. If you have any questions in relation to the submission of online votes, please send them through the Q&A function on the screen. I'll just give everyone time to submit their votes. Are there any questions? There being no further questions, I declare the poll close. The staff of Automic will now process the poll and the results will be announced to ASX once they are available. I will now allow shareholders to ask any general questions before we close the meeting. Rather than allowing shareholders to ask any questions now, what we'll rather do is we'll close the meeting formally right now and then I'll hand over to the CEO, Mr. Chris Gerteisen to make a presentation and after which questions can be asked, including questions that were submitted prior to the meeting. These will be addressed at that point in time because some of the issues may be addressed within the presentation by Mr. Chris Gerteisen. Bridgette, I'll hand over to Chris now to make the presentation. Chris?

Okay. Thank you for that, Ian. The Estelle Gold project, where Nova is developing North America's next major gold trend and trend is really the operative word here as we'll see with the scale of this project. It's not just one deposit, there's multiple numerous opportunities for gold and other elements across the property. Of course, we've been focused on the gold. However, as you'll see, we also have multi-element opportunities, most recently antimony as well as gold or silver and copper at some of the other prospects that we'll go through in detail today. Disclaimer for forward-looking statements, please read at your leisure. Before I start going to the project, I just wanted to take a moment to look at some of the really significant achievements how far we've come in just less than 5 years. In less than 5 years, we've taken a greenfield project and we've now defined almost 10 million ounces of gold in a district scale play. These ounces come from, of course, 2 deposits, Korbel up in the north bulk tonnage, one of the largest bulk tonnage deposits in the world with 8 million ounces and then RPM down south, which has really become the jewel in the crown with that very high-grade core. In-between, 20 other known prospects at various stages of advancements with exciting gold, silver, copper and antimony showings. We've drilled almost 90,000 meters to date, with just world-class results at both Korbel in terms of the size of that deposit and an RPM with just exceptional record-breaking results by any measure. We've established a camp, a fully winterized 80-person camp with all the facilities. That's a big one. That has enabled us. We committed early on to that. That has enabled us to operate at a very low cost, not having to mobilize and demobilize every year. We've completed 2 robust economic studies, scoping studies to date. The first, of course, was just looking at Korbel alone and then the second, looking at both Korbel and RPM at the scoping level. Now, as part of those studies, we've proven the flow sheet. We've proven that we can economically produce gold at the Estelle Gold project. And now we're moving into the PFS level studies and we expect those -- the scoping study to only show improvements as we move forward with further refinements and test work. We've built strong relationships across the spectrum politically with the local government here and our local departments in terms of operating permits and laying the groundwork for future permitting. The Governor has been to site, very supportive of the project. We've also built a lot of relationships across the finance and investment community. We have funders along the way. Raising capital has never been a problem for us and we don't foresee that in the future. Of course, we're very cognizant about shareholder dilution. And so, main -- the ones I'll point out there is, if you recall, in the past, we've tapped into some of our strategic investments like Snow Lake Resources in the past to fund ourselves. So, shareholder dilution is first and foremost on our mind with any capital raisings in the future. Let's look at the project. It's in the Tintina Gold province in Alaska. This has been one of the most prolific belts in recent decades, over 200 million ounces of documented resources in exploration, advanced exploration as well as operating mines. It's the land of the intrusive-related gold system. The type deposit for these intrusive-related gold systems would be Kinross Fort Knox. This mine has been operating for almost 30 years now. Another direct analog to what we're doing at Estelle is the Victoria Gold, Dublin Gulch project on the Yukon side. That project is all heap leach. At Fort Knox, they heap leach and they also process through a processing plant. But you can see, if you want a direct comparison of what we're trying to achieve here at Estelle, I urge the shareholders to look at those 2 projects, in particular, Kinross Fort Knox and Victoria Gold Dublin Gulch, technically, geologically very similar. But you can see that 10 million-plus ounce deposits are not uncommon in our neighborhood and that's certainly what we're on to at Estelle that just sits on the southern end of that belt there. Now, zooming right into the project. Here we are looking south, looking down to the south, project to the west, infrastructure, always so important with these projects. In terms of power, we have a number of options there. The blue line you see there is the proposed gas pipeline for the Donlin project. That's the Barrick NOVAGOLD project, 45 million ounces resources, just to the west of us. That proposed pipeline will pass about 10 miles to the north of our project, potential offtake opportunities there for gas. We've also more recently been looking at running a transmission line straight to the Beluga Power Plant, which is the main power source that feeds into Anchorage and the valley, which is the main population center here in Alaska, just 100 miles away from the project site. Interestingly, in terms of transmission lines and other potential power opportunities, here, I'll just mark up the screen. Here sits a coal project. Now this coal project has been -- they've been urged by the state to look into building a thermal coal-fired power plant. This is the cleanest thermal coal basin in the world today. And for energy security for Alaska, they are now looking into building a coal-fired power plant there. This project is also looking to be subsidized by the federal government for carbon sequestration. Out in the Beluga fields, very close by are spent gas wells, all the geology, all the data is there perfect for carbon sequestration. And so that potential opportunity exists to take the transmission line from 70 miles down to 25 miles. There is no better baseload power or cheaper power than a thermal coal-fired power plant. Not only will it benefit our project and the other projects in the West Susitna Mining District, but also on the retail level for Anchorage and the population settles, it will half the power cost. And so that's why the state is so keen to look at that opportunity. So that's an option. Also, we've been looking at micro nuclear reactors. The state has really encouraged that, big push in Alaska for these micro nuclear reactors. We've been talking to Westinghouse and NANO Nuclear company that are looking to bring these into Alaska. All the native remote Alaskan villages are clamoring for these micro nuclear reactors to get away from the diesel generators. The first one is set to go into Alaska in 2025, up north. Us talking to these -- some of these companies that do these micro nuclear reactors, the technology is there. I mean they've been putting them on nuclear submarines and such for decades and decades. And so it's a regulatory issue at this stage. But those are coming online very, very fast, and we're looking at that as an option. And of course, there's always the diesel generator option. Caterpillar and some of these other companies make very efficient, very clean diesel power generators these days as well. So, a number of options there. We'll, of course, choose what fits our time line and our needs to the best. Let's talk about access.

Just on that slide, it's a good slide to show that all that is state land. If you want to touch on that.

That's correct. Good point, Louie. So yes, we are all in state land. To put that into context, in Alaska, you have 3 types of land claims roughly. There are some subdivisions, but you have federal land, native corporation land and state land. The best, most easy to operate land is state land. Just to give you an idea, in terms of native title, there's no native title as such in Alaska as is in Australia or Canada. That was all sorted out in the '60s with the Native Corporation Land Act. And so -- but nevertheless, we have no native corporation land or federal lands to contend with here. It's all on state land. What that means in terms of just day-to-day operating is it's a very pleasant environment, very supportive state government. We deal with state entities only, state departments, Department of Natural Resources, Department of Environment. And Alaska being a resource economy, they've been very supportive and they're really pushing this project. Also, when it comes to permitting, when we get to that stage, it will be a much more streamlined process dealing with state agencies as opposed to federal government agencies. So that's a good point, Louie. Thanks for pointing that out. In terms of access. So at the site, we have a 4,000-foot plus airstrip where you can bring in very large aircraft like the DC3. And we're also looking to expand that. With some slight expansion, we can bring in DC4 aircraft. The difference there is currently, we can bring in 1,000 gallons of fuel per flight. With a DC4, you can bring in 3,000 gallons of fuel per flight. And that requires just a short improvement to the airstrip -- extension to the airstrip. The pink line is our winter road. That's our snow road. Very common in this part of the world. The most recent project, which is utilizing a winter road for construction and operating way up north in Nunavut province in Canada, that's the Sabina project. And so that is an option for us in terms of constructing and operating a mine. However, we're becoming very encouraged and excited about the red line. The red line is the West Susitna Access Road project. Now this project is gaining major momentum. It's a state-funded project. It's currently going through EIS. The first part of the road from Port Mackenzie, which is the deepwater port for Anchorage here, along that route across the Susitna River to about this point is currently now in the DOT, the Department of Transportation, STIP, State Transportation Infrastructure 5-year plan. So that funding and that part of the road is in the STIP, soon to be approved. Many other projects in that STIP as well, soon to be approved. And so that looks very encouraging that, that part will be built through DOT, through the Department of Transportation. The remainder of the road out beyond, or I should mention that there is talk also to include in the DOT STIP to get it up to the Susitna River here. And so that -- there's talks of that now. The remainder part of the road, industrial access road out to the terminus, the Estelle Gold project and other projects, of course, we're only one of many beneficiaries, the whole West Susitna Mining District to access these resources is being led out. That approval process is being led out by AIDEA, the Alaska Industrial Development and Export authority. They do all the public, private partnerships for all these projects in Alaska. I'll name a few. The Red Dog zinc mine port and Access Road, the current Ambler Road to access resources up north in Alaska. So that's being run there. The overall project schedule is to break ground on this road in 2025. That's the current schedule, in 2025, and to have it completely open for business by 2028. Now, we only require a frontier road. When I say completely open for business, I'm speaking of concentrate haulage, coal haulage, these type of things, of course, which we don't require, we require just a simple access road for construction and then we produce the doré bars with the current project. So that's the West Susitna Access Road. Moving right along, zooming into the project now, looking north, looking north, you can see our direct neighbor is U.S. GoldMining's Whistler project. A recent successful IPO on the NASDAQ. They've been -- their deposits are mainly after porphyry copper gold systems. And so our geology is like geology, similar geology, and we also have porphyry copper gold targets across the Estelle project as well, one of them being West Wing here. Also, here's the Whistler project. This ridge here where we found recently discovered stibium, antimony gold project. This ridge here has very similar geology to Whistler. So, porphyry copper gold is also potential on our site to note. Now, let's move into the south area and look at the deposits, at RPM. Relatively recent discovery. We've been working on this for 2 years now. At RPM, here's the drilling. RPM North, some of the drilling results. Spectacular, absolutely spectacular, world-class results. 400 meters at 3.5 grams per tonne, including 132 meters at 10.1 grams per tonne. We've all seen these numbers. It never gets boring to repeat them, exciting. 258 meters here, 258 meters at 5.1 grams per tonne, including 117 meters and 11.1 grams per tonne. I could go on and on. It was -- we drilled this now, very dense spaced drilling and the results were repeated over and over. That's a very high-grade starter core zone there, which we continue to work on. It remains open. At RPM South, you hear this, this zone here, a new zone recently discovered, also exciting results. Very thick intercepts. You can see here, 333 meters at 0.9 grams per tonne from the surface, all of these deposits on the surface. That's certainly economic material, including in that 94 meters at a gram. You can see here more thick intercepts, 344 meters at 0.5 gram and included in that, a couple of intercepts of almost 40 meters at a gram. Certainly, we haven't hit the very high-grade bonanza material that we have at RPM North yet. However, that zone remains open and we continue to look for that. But let's focus on that RPM North, really exciting RPM North, high-grade bonanza zone in that core. So, what you see here is a cross-section looking west and with the 1 gram per tonne cut-off grade shell and even at that very high cut-off, you can see that, that zone, that high-grade bonanza zone still hangs together very nicely, very continuous, very thick, very broad zone. From that drilling pad up there, we've also drilled some holes deeper down into the valley. So, it's not that it's coming from the ridge down into the valley, not that deep under the surface out there in the valley. And what we see there is another 1 gram per tonne zone starting to take shape in the valley, very exciting. If I put on the 0.3 gram per tonne grade show, now it really starts to bulk out. For those interested in geology, you can see here some of the rocks in the core. It's the lighter colored, the white rocks that you see in those images that we're after. That's the intrusive, that's the mineralized intrusive. In general, more often than not, the darker rocks are the Hornfels, the country rock. That tends to be barren. However, around the bonanza zone, we do see mineralization, a thin skin of mineralization into that Hornfels a little bit. But 99% of the time, the Hornfels is barren and it's the intrusive, the lighter color rocks that is mineralized. So, it's very visual and very easy to identify, which is great when you're drilling to identify that you're hitting something. But when it comes to mining, it will be very, very visual to minimize dilution and things like this. Now spinning around, these are our pit shells from our scoping study that were generated. And of course, they drive down on those grade zones. If we were looking at the resource classification, of course, the measured portion where we have that dense drilling, the measured and indicated portion of the resource focused in that north -- that RPM North bonanza zone. And then the remainder of the deposit remains inferred. So, lots of work to do there remaining to prove up these resources and expand them. One of the things to do that, this year's drilling, if you look at the drill traces, the lighter color gray traces are last year's and previous year's drillings. The black traces are the drilling that we completed this year. And so with the drilling that we've completed this year, we've been focused on looking up dip of the bonanza zone here to continue to prove up and expand the up dip portion of that bonanza zone. We've drilled some holes down dip here. You kind of see one of them showing through there, down dip. And I believe we've seen some of the rocks there. I believe we may have intersected a down dip or shoot at depth. So, there's potential upside there. We've drilled some holes to the west, fanned out to the west, these 2 holes here. We have closed it off to the west, the bonanza zone. However, to the east, it remains wide open. So that's very exciting. And then our drilling this year has also been focused on RPM valley down here to continue to prove up and start to follow up some of those deeper holes we had last year there. That's where potential resource upside. And then RPM South up here, we have drilled some holes to in this direction mainly to look between this link zone between RPM valley and RPM South. All of our drilling is the highest quality HQ-oriented diamond core and all the geological information from that core shows all indications are is that these 2 are linked. There's a massive intrusive in here linking these 2 and the resource upside for RPM for massive amounts of volume is here between RPM valley and RPM South. And that's why -- that's our target intrusive 600 meters of potential resource upside. You can see in these drill results that we've drilled into the valley just clipping the northern nose of that target intrusive 76 meters at 1.2 grams per tonne here, 103 meters at 1 grams per tonne, including 30 meters at 2 grams per tonne. So it's there, it's mineralized. And our current thinking in terms of the geological interpretation is you have RPM North here, you have RPM North here, this zone, you have the valley zone here, and you have RPM South, these 2 are linked. And what is happening here is there's a fault ripping right through here and it's moved this RPM North bonanza zone and offset it from the main intrusive, which sits here, the main intrusive. And so the resource upside potential is here. And so with that type of a model, this is a 1-kilometer strike length deposit, which remains wide open, remains open to infill drill and continue to prove up the resources and increase the resource as we move forward. And so it's quite a sizable deposit, potential multimillion ounces here remaining with further drill programs. Okay. So that's RPM. Now, let's move with short distance to the north and one of our exciting exploration targets here in the Train area. And at Train now we're looking north. And at Train -- this is the Train area. Some of these prospects drive me crazy sometimes. It's really -- we reported several prospects in this area. You have the Train area [ Proper ] here, then you have Trumpet out here, then you have the Shoeshine area here, you have Shadow, Discovery and then Muddy Creek in the back here. It's really all part of the same system, another massive intrusive-related gold system here at Train. At Train, prospect Proper, you can see rock chips up to 80 grams per tonne, 20s, 30s, 40s, very consistent, very widespread across Train, even seeing some antimony showings there, and we'll go into a bit more depth about that later. At Trumpet, look at some of the results here, up to 132 grams per tonne at Trumpet. Numerous high-grade gold samples here. What's really exciting at Trumpet is that we're not only seeing the gold, we're also seeing high-grade copper, 6.6%, 2.3%, 6.7%, 1.7%. High-grade silver up to 1,945 grams per tonne silver, many over 200, many over 500 grams per tonne and also antimony, very good antimony, 0.1% antimony consistently. And just to put it in perspective, 0.1% antimony when you have an economic gold deposit, anything over 0.1% antimony, 1,000 PPM has significant potential to provide byproduct credits, byproduct credits. And so you can see even here 3.8% antimony. So, potential polymetallic system there at Trumpet. Over here at Shoeshine, this is where we received one of our highest grade rock chip samples anywhere on the site, 1,290 grams per tonne, very exciting and other high-grade samples there as well, 96 grams per tonne. Good silver showing up there as well, 500, 100 and some antimony and copper. Here at Shadow, more of the same, high-grade gold rock chips up to 44 grams per tonne. And then I didn't mention much because we haven't released any number, still waiting for some samples there, but there's, of course, Muddy Creek, which is very exciting. And I'll leave that up to yourselves, but you can see it's very hot there, very hot there. What is our first target in this Train area? Our first target is between Train and Trumpet. We have a target intrusive there to 1.5 kilometer strike length and what we see this photo on the right-hand side, this is what we see. Thick high-grade sheeted veins ripping through that area. And so that's our main target, next-drill target to establish a third resource at the Estelle project to add to our resources at RPM and core belt. So, we're very excited about that and we think this is where we're going to be able to find that third resource. Okay. Zooming out, that's the south area. Now, what we'll be doing is we'll be flying along our proposed Haul Road system, proposed road network. And we've done the high-level surveys for this. These are all suitable sites and we hope to break ground on that hopefully next year, start breaking ground on that. Flying up north, down the Susitna Valley, passed our 80-man camp, all the processing facilities there, year-round rep lab on-site and up to Korbel here. Okay. So at Korbel, we have numerous prospects and anomalies we've been working on and developed through for the year, but I really want to focus on the black dots. This is where we have our resources. Korbel Main, absolutely massive deposit, bulk tonnage, 2.5 kilometer strike length. The geometry of the deposit lends itself to a very low strip ratio, which is an important aspect to look at when looking at the economics of a project. In the early years, the strip ratio is less than 1:1. So, almost everything you dig up is some kind of pay dirt. Now, it's overall lower grade. So, the average grade of the deposit is 0.3 grams per tonne. However, internal, there is a higher-grade feeder structure. What do I mean by that? I mean by that, these results here on the bottom, 101 grams at 1.3 grams per tonne, including 30 meters at 2.4 grams per tonne. 113 meters at 1 gram per tonne, including 21 meters at 2.5 grams per tonne, 94 meters at 1 gram. Those are within, of course, the broader bulk zone of just massive thicknesses, 429 meters at 0.6 grams per tonne, 308 meters at 0.7 grams per tonne. But that higher-grade feeder core is important to note. If I put on the 0.5 gram per tonne grade shell, this encompasses that higher-grade feeder course through the center of the deposit, very continuous there. And then if I put on the 0.3 gram per tonne grade shell, it really starts to bulk out. So, what's our plan there? Our plan there is here's the higher-grade feeder core sitting here. And so that will be direct mill feed straight to the core and then this lower-grade material, you have to understand this ore body. What you have here at Korbel are sheeted veins, very consistent orientation. It's not even stock work or complex, very consistent orientation, very continuous. These veins can run our millimeter hairline fracture [ to ] we've seen up to a meter think. They tend to be between 1 to 3 centimeters, very continuous. We can follow them over hundreds of meters, even these smaller centimeter scale veins. When we selectively sample those veins, they're running ounces per tonne. And so it's not a grade issue alone per se here at Korbel, vein density is less out here in this bulk material. And so we intend through our test work that is shown that we can use ore sorting. Through TOMRA, density ore sorting works exceptionally well. Our test work has shown that we can take 0.3, 0.4 gram material and upgrade it up to 6 grams per tonne separating out those high-grade veins. And so that's our intention there. And we'll elaborate a bit more on that here in a bit when we talk about the process. Resource classification. Most of the in-pit resources there are indicated status. Of course, we were working on this years before we even found RPM. So mostly indicated, also some inferred, some upside remains there around the edges. In particular, up north here along strike. This is the Isabella target, geophysical and sampling target up here. So, upside remains there at Korbel. And then throughout the Korbel Valley, of course, Cathedral here. This was our maiden drilling program, first drilling program last year at Cathedral. And it was a good start. At a minimum, at a minimum we see another Korbel main deposit starting to develop here, very thick intercepts, no super high-grade intersected yet. However, it requires follow-up because it's still an inferred resource. And what are we following up there? We're following up these rock chips. And back to my point of ore sorting in some of these very high-grade veins. You can see from these results, some of these samples are taken from those high-grade veins. And this is what we're separating out with the ore sorting, 114 grams per tonne, 98 grams per tonne. That's what the ore sorting is separating out. That's what we're after there. So, at a minimum Cathedral, another Korbel Main, this Korbel Valley is over 1 billion tonnes of resource. Absolutely, it's just a massive system, massive system. But let's talk about the processing now. So down here, this is our site layout from our scoping study, a suitable site survey there. And right next to the pit, another important aspect to look at short haul, when it comes to mining, come out of the pit and straight into the process. Here's the flow sheet that we've developed from our metallurgical test work in the scoping study. And there's nothing fancy going on here. What we found is the gold is particulate gold, very easily liberated. And we can utilize off-the-shelf conventional technology. What we do is we crush, we mill and then we go through a concentration step through the flotation. Then that concentrate, we regrind that down to 22 microns. So that's still quite course. It doesn't require ultrafine grind or anything like that. Through 22 microns, we then take that and we leach it and we've seen over 96% recovery in the leach, which -- this is scoping level test work. Now, we're moving on to PFS for that next level test work to find improvements. And we're working with METS Engineering, metallurgical and processing genius really, and they've already seen in the test work that we have numerous areas where we can make improvements, so much low-hanging fruit here to make improvements to this flow sheet and our recoveries. And so there's lots of work to do on that with METS and that's upcoming here in 2024, some of those results. So that's how we'll process RPM as well as that higher grade material like Korbel. Then later on in the mine life, at the end of the project, then we will employ the ore sorters where there's a lot of mines running around frantically looking for old stockpiles to process. We've added 10-plus years to the mine life by utilizing the ore sorting to process a lot of this lower grade material. The ore sorting, as I mentioned, you can upgrade up to 6 grams per tonne. Now that, of course, comes at a cost of recovery. When you upgrade up to 6 grams per tonne, that captures 45%, almost 50% of the gold. The optimal tends to be upgrading to about 1 to 1.2 grams per tonne and you capture 90% of the gold that way. One of the options that we're looking at with METS Engineering is agglomeration heap leach. Now we talked about heap leach years ago, but then the ore sorting test work was so positive that the economics were there that we focus mainly on ore sorting. Now with agglomeration heap leach, METS has advised us that this method of heap leach where you crush down to 6 mill and then agglomerate with some type of binding material, you're not receiving normal heap leach recoveries like 60%, 70%. Now with agglomeration, you can achieve 70% to 80% recoveries of heap leach. So, one option might be to ore sort material. If you take let's say, 0.6 gram material, you can ore sort, get a 6 gram per tonne fraction accepted portion that can go through your processing plant. The remainder of the material is still around 0.4 grams per tonne and that can be then heap leached. So that would be close to utilizing 100% of the material, very little waste. And so that's one option. And those type of studies and those type of optimizations are what we're working on now as part of our PFS test work here moving forward. So, some exciting developments happening there. Stay tuned. Now moving on from Korbel, let's move back to the exploration. Here in the center of the project, we have the Stoney prospect area. A number of prospects there. Here, the Stoney vein system, the T5 area, Trundle, Tomahawk and a new Discovery, we don't even have a name for yet here. And in this area, it's a little bit of a different beast. Not only do we have high-grade gold here but also high-grade silver and copper. Polymetallic stacked vein systems running through here, almost massive sulfide. And also, we've started to see, as we go back to the multi-element data, antimony showings here as well. So, very exciting. Speaking of antimony, let me take it to a new discovery, which is the Stibium prospect. And we're quite excited about this prospect. One reason being that you're right next to the camp. The camp is just here off the screen to the right. So, very proximal to the camp with our Korbel road system going up to Korbel, a short spur will take us straight up to there. And at Stibium, we not only have very good gold up to 12.7 grams per tonne, but this is where we really started seeing the antimony. The antimony there, I remember when the team called me and said, Chris, I think we have some antimony here. And so antimony, what's the big deal? We have a lot of elements. But they said to me, no, you don't understand, there's massive stibnite veins out here, massive stibnite veins. Stibnite, of course, being the primary ore source for antimony. And you can see from these results, 60.5% antimony, 2.1% antimony, Again, when you have 0.1% antimony, that provides significant byproduct credits to a gold deposit. Once you get into that 1% and above, now you're talking about a co-product and potentially a stand-alone antimony mine if you didn't have any gold, we didn't have any gold there. So, the exciting thing about this with the antimony is that it's not a diversion. I want to make it very clear. It is not a diversion of our normal operating business looking for gold. We're a gold company. The antimony is coincident with the gold. It's in with the gold. So, as part of our normal course of work, if we see the antimony, we will be focused on that as well for those byproduct credits. Moving on to another antimony new discovery here it sticks. The gold, okay, it's very anomalous gold, no high-grade -- super high-grade there yet, but look at the antimony, 19%, 21%. What we've seen here is more massive stibnite veining all over, all over this area. So definitely, an area to follow up. And let's talk a bit more in depth about the antimony. So I'm a gold, silver, copper guy. So, when the antimony came up, I was like, okay, antimony, I've dabbled in other things, but never antimony. We've done a lot of research over the past few months. And antimony is one of the most strategic and critical elements known to man for those that don't know. It's heat and flame resistant, anti-corrosive. It's used to harden materials, your iPhone, your iPad. Why isn't the glass scratch so easy? That's -- antimony is a key component in that. So, it's using so many civilian applications. The battery, long-term storage battery. So, the leading -- one of the leading long-term storage battery technologies are liquid metal batteries, antimony calcium batteries and the leader in that -- and with those batteries is a company called Ambri, which is Bill Gates and crew, and they are the leaders in the liquid metal battery. So, there's that. Then I mentioned strategic. What do I mean by that? It's used in many defense applications. All the ammunitions, this is kind of a bittersweet part of the demand component, but all the ammunitions, your javelins, your 155 mill artillery shells, the HIMARS, all these things you might have heard about, all of these use antimony. It hardens the lead and all the ammunitions use it. A number of other military applications, the glass in the night vision goggles. So, the important thing here, opportunity for Nova is that there's no U.S. domestic supply of antimony. 70% comes from China, 20% from Russia and then a few smaller players like Burma, Myanmar, which produces about 5%. However, they just have a moratorium now on all their mining, so they're not producing it anymore. So, this is a supply chain issue for the U.S., and there's opportunities for potential Department of Energy and Department of Defense grants and we are pursuing that. We are pursuing that. Certainly, there's a lot of money in grants being handed out now to various mining companies to secure the supply chains for all kinds of critical metals and antimony is one of the big ones on that list. The market is growing at 4% a year for antimony, is expected to reach $4.5 billion by 2032. And so that obviously presents a great opportunity for Nova. It's coincident with the gold and we intend to pursue all this. Our global growth -- our resource story. We started with 2.5 million ounces and a maiden resource of Korbel 4 short years ago. And since that time, we defined almost 10 million ounces in 4 short years. Now, we understand and we get it, it's not just about the quantity of your resources, it's the quality of your resources as well. And so our main objective over the last couple of years, certainly this year, has been to start proving up these resources into those higher confidence, measure and indicated categories at the site. And with that work, that further drilling, of course, there will be a secondary bonus we feel, of further resource growth. Upcoming catalysts. We've gone through some of them, watch the news flow. There'll be further discoveries reported from the 2023 exploration programs. The drill results will be forthcoming shortly from the drilling we did this year at RPM North and RPM Valley, those black traces we were looking at in the previous slides. The U.S. listing is progressing, the ADR to list in the U.S. here on one of the big boards. This is so important. We believe it will be a catalyst. If you look at some of our peers in this space, our direct neighbor, U.S. GoldMining Inc., listed on the NASDAQ as well as one of the highest profile intrusive-related gold system plays recently here, Snowline Resources, also listed in North America, they're receiving -- they're getting valuations multiples of ours. And so we believe there's an opportunity there and that is progressing very rapidly now. Also, we're undergoing strategic review as part of our PFS to look for the optimal mine. Be assured, we are looking for the quickest path to production [Technical Difficulty] of that. And a lot of our PFS studies and trade-off studies that are happening now will determine what that path is and really start to fine-tune that time line. So that's underway. Here's the value opportunity. We did release our last scoping study earlier this year, $650 million NPV, 11-month payback out of a 17-year mine life. That payback comes from RPM high-grade, 360,000 ounces of production in that first year and then the balance of the mine life of 130,000 ounces, 53% IRR, less than $400 million CapEx, producing almost 2.3 million ounces over that 17 years. Now, we haven't received much love from that scoping study. It's just been a brewer market. We all know it. You would hope that's baked in here at some point. Nevertheless, we keep pushing forward on our path to production. And so our path to production sees us currently with the decision to mine in 2026 and looking to produce late 2027 somewhere around there. Now, we're really on 2 tracks. There's that path to production, but don't forget, we also have the path of the exciting new exploration discoveries and more resources being defined as some of these prospects that we've discussed today. So, we'll be moving more resources to measured and indicated, more drilling, ongoing studies and test work and, of course, those exciting exploration discoveries there. One thing I wanted to mention today is our team. You're in good hands here. Our team has a vast experience across all the spectrum and the areas that we need to get this -- move this company and this project forward. You got Louie Simens. Louie in the civil work side. Louie is a dirt mover. Louie builds things. Multiple. I'm always hearing about another $100 million project in that construction project that Sydney is -- Louie is involved in with his construction business. I think he's built half of Western Sydney by now. So, Louie a dirt mover. Louie, if you think of it in terms of trains, Nova is a freight train that can't be stopped. I might be the conductor of that freight train, but Louie is the actual freight train moving along. So that's what I got to say about Louie. Craig Bentley. Craig has vast commercial and finance experience, senior roles being Ernst & Young in the past, auditing the likes of Bank of America. He's been so critical and involved with all of our capital raisings, working on the ADR and the U.S. listing, is our compliance guy. Have you noticed that a lot of our ASX releases, he works very closely with the ASX. There's no hang-ups in any of our ASX releases, very compliant. They're going right through. So, thank you for that Craig. Rodrigo, mining engineer, so critical now that we're moving into the advanced stage, looking at mine optimizations. Rodrigo is critical with Evolution Mining, is right-hand man over there, instrumental in the Red Lake acquisition and turnover and turnaround of that project for Evolution Mining. Avi Geller, who's on the call today. That's our finance guy in New York. This is how we tap into the big money with Avi, they're in New York. Hans Hoffman, this is our Head of Exploration. I can't say enough accolades about Hans. Hans has the most experience on this project on the ground than any of us. He was involved in the early days with some of the other companies that were scouting around out there, Tec Cominco, Mill Rock. He knows where all the mineralization was. We used Hans on a campaign style through the years to do our exploration. Now, he's come earlier this year. He came on-board full time as our exploration manager. He knows and he's honed us in and taken us to all the areas that he recalls that previous companies have defined mineralization, which is why we've had such a rapid discovery rate due to Hans' work. And then most -- perhaps most importantly, the image you see in the background, that's the team. Those are the guys, that's the guys and gals that do the actual work on the ground. These are heavy-duty hardcore Alaskans. I understand sometimes when you talk to the Australian shareholders you see some snow, you see some mountains, a lot of people can't freak out of it. I assure you, these guys live and breathe this stuff. That's our team, so proud of them. Many of them have been with us since the very beginning, most of them actually, and the team is growing. And so that's our team in the background. You're in good hands with them. Remember, that management and directors have personally invested over $5 million in this. We have the skin in the game as well. So, concerns like dilution and these type of things, we understand that. It affects us as well. Our main objective is to develop this project, bringing us into production as fast as possible to minimize dilution and for us all to reap the gains. And so there's a big story, whirlwind tour. I implore you to go to our website, you'll find all this content and more, dig a bit deeper. And I think you'll find that there's -- we're on to something very special here and there's near -- maybe the gold market is turning now with these gold prices, but there's near, medium and long-term opportunity here for the investor with Nova Minerals. And with that thought, I thank you for that today. What's next, Ian?

There's a question -- already, you have the question -- you are going to read the question, Ian? Or...

Well, yes, there was a question shared before the meeting and then there's one question shared today. The question from today is -- sorry, about that from one of the shareholders. While we're looking for a third resource as a priority, should we not be spending all our money to get into production as soon as possible?

Yes, we're doing that.

Yes. I will add to that, that the scoping study we provided, it was close to a PFS and that's the first bottom line. From there, certainly upside. There's small studies, filling the gaps, as Chris mentioned, to get to PFS. Environmental studies are done. Chris, do you want elaborate? How deep we are in the PFS? There's not too much to go. We just want to make sure it's optimum mine plan possible.

Yes, that's right. So, we're moving into PFS now. What's required to get into production. PFS, finalize the flow sheet, whether that includes heap leach agglomeration, finalize, fine-tune, find optimization and improvements to the flow sheet. So that will take the course of most of next new year, complete the PFS and then submit for permitting, but it's all permitting related. We expect the permitting to take 12 to 18 months. And so, we'll advance with the permitting process. The biggest component with the permitting is always the environmental studies. We're well advanced with that. Wetlands mapping, complete. Fish studies, which are required to do every season here. We've been doing that for a year -- a couple of years now. The big one there is always salmon. So, there's no salmon in the areas where we'll be working and downstream, there are no commercial fishing interests, which are always a bit of a conflict. There's no commercial fishing interest downstream of us. And so that's a big one. So that looks very positive. Also, rock geochemistry. Rock geochemistry is also very positive. Our waste rock types are neutral to acid neutralizing. So, there's no concern about any asset mine drainage. We can actually use the material for -- construction material foundations for our plants and these types of things. And then the largest component is [ hydrogeology, ] of course. Hydrology, we've already installed all the surface monitoring stations in the tributaries draining the deposit areas and groundwater monitoring wells as well has begun. Putting those in place, so you can do some of these things, you have to have 12 to 18 months' worth of data and then do the modeling. So, we think that we'll be prepared once PFS is completed that we'll have all that background data. So, we're well ahead of the curve there. All that data that's required to submit or permitting, to submit for permitting. I'll say this. We are on a mission, like many of our shareholders, we are looking for the fastest path to production. The details of that are being worked out with some of the things I mentioned there. Any other question?

Any question, addressing of the questions that were posed prior to the meeting that we shared earlier. Those are in the check box. I've got the question posed for yourself.

Oh, I have to look in the chat box. Okay, hold on. I see here. Apologies. Let's see what we've got.

Chris, I'll do the second question.

You want to do it now, Craig.

Okay. The question is, what is the estimated difference in total CapEx/OpEx for West Susitna Access Road scenario versus Snow Roads scenario? Okay. So, right. West Susitna Access Road versus Snow Road. The project -- and there's numerous examples of this, the project can be constructed and operated on the Snow Road. However, the West Susitna Access Road is a better option in my mind, and I'll explain that a bit. The Snow Road will involve some CapEx. And because there's only a limited window, depending on the season, it can be 2 months, usually less than 3 months of haul time, you're hauling in lots of large bulk heavy items. So, you have a 2- or 3-month window. And so that -- and depending on the winter, it might be drawn out, if you decide to go on the Snow Road, you might be drawn out over 2 years of construction and freight haulage. So that will bring the time line out of construction over 2 years rather than 12 months or less. So, there's a time line. Also, you'll have to get a lot more serious than we are now with the weight of freight, the weight of the freight increasing, bringing in haul trucks and plant material and excavators that you'll have to get a lot more serious about the whole road. That in itself will require more permitting. So again, conditional upon permitting, also getting a lot more serious will require the Snow Road route to involve some CapEx and OpEx, of course, maybe potentially over 2 years. With the Winter Road or with the West Susitna Access Road, you can definitely get it done all year round, so in less than 12 months. The actual time line and there's no CapEx because it's a state-funded project and it's just the OpEx, it will be a toll, you pay a toll. And of course, we would use that West Susitna Access Road a lot in the construction phase. But after that, it would just be mostly light vehicle terrific. And so it's about the time of the construction schedule, keeping that nice and tight and also the CapEx and OpEx component. The CapEx/OpEx is more with the Winter Road than it would be with the West Susitna Access Road. And so that's our preferred option. But again, those details are being worked out. If we have to get the Snow Road and do it like that, then certainly we're open to that. Thanks, Chris. Craig?

Chris, there was the second part of that question as well. Is the preferred pathway to production test Train and RPM areas and prove up to indicate where applicable to be able to design optimal startup at plant design. I think it's more asking about the Train.

Okay, right. So, Train is not -- is currently not included to the pathway to production. There's no resource there yet. So, the pathway to production is all about RPM and Korbel where we have our resources and we continue to prove up those resources. Yes, there is infill drilling like we did this year to prove up more RPM resources than indicated. Korbel is good to go. Korbel has proved up to indicated, sources as you saw there. Design and optimal starter pits and plant designs, yes, that's what the PFS process is all about. That's what we're doing with the PFS process. Starter pit, plant designs, metallurgical test work going to that next level, finding improvements, optimization is the word there. So, absolutely. So, take out Train, put in Korbel and the answer is yes.

Okay. I'll answer the next question. Somebody asked why is it that the claims are being held at just 85%? And why should shareholders be fully funding new claim exploration and discovery, giving away 15% of future potential in these specific new claims? To answer that, the JV was set up initially as an entity to explore the area. Obviously, not just the existing claims at the time of the JV. The JV allows for new claims to be added through the agreement into it. And what we've actually done at the moment is we only have the one U.S. company set up for taking claims. So, it made sense at the moment administratively to put these extra claims into the JV company. And if we had to set up for a new company for these claims then, obviously, there's got an expense, et cetera, evolved in that. Now having said that, the intention is that sometime in the future, we are looking to [ bend in ] the 15%, so that Nova owns 100% of the Estelle project. We've been talking to U.S. bankers that going over the U.S., it will be better if we have 100% of the project over there eventually. But they've also advised us that at the moment with the U.S. listing progressing, it's not really the time to do it at the moment because we don't want to muddy the waters and things like that when you're going through all the legal process and documents in that with SEC. And just to add on to that, we've got every faith that, that is going to happen. Shareholders may not be aware but currently, at the moment, Nova, technically, under the agreement should have only owned 70% of the project. But the JV being in good faith over, I think, about 2 or 3 years ago, even put the project up to the 85% level, which is the maximum under the JV agreement that Nova can actually get. So, we're confident that this is going to happen. That eventually, it will be 100% owned by Nova. But as I said, at the moment, that's something we're looking at in the future. We don't really have a time frame for at the moment. The other question related to that is had Board members been declaring their conflict of interest regarding the new claims. Absolutely 100%. Louie introduced me to [ Bill Cortis ], who is the head of the other side of the JV for AK Minerals. I've had a couple of conversations with him. I've had a couple of things. Every time I've had those conversations, Louie and Chris have both said, can't do nothing about it. It's for me to talk. So basically, the discussions will be -- I will start the discussion with Bill at some time. We were going to do this over the last few months. But with the U.S. listing progressing at the moment, we haven't risked any further. And then once I've had those discussions, then a vote will be done with myself, Avi and Rodrigo, the 3 Directors that are not part of the JV. So, I hope that answers that question.

Okay.

A search and then looking at Chair. Do you want to answer that one?

Yes, [indiscernible] we're looking for the U.S. listing process, we'll be going through the different stages for additional Board members. We need a couple of independent directors.

I think also just to add to that at the moment about the Chair. I mean, Louie has got more experience or a lot of experience on this project. He's obviously been on the project from word go basically, as soon as we got the Estelle project. And it's just a cost saving at the moment as well. We don't feel like we need another Chairperson at the moment with where we are. But like we said, once we get to the U.S., we will and there will be different requirements for a Chair when we do that too. So, it makes sense to hold off on that until that -- that's happened.

Okay. Seeing that there are no further questions, I just thank everyone for their attendance for today's meeting and thanks for everyone and additional thanks to Aimee for attending as the auditor. Have a good day, everyone. Thanks very much. Thanks, Bridgette.