Resolution Minerals Ltd (RML) Earnings Call Transcript & Summary

Good morning, everyone, and welcome to the Resolution Minerals Investor Webinar. I'm Jane Morgan, Investor and Media Relations Manager. And today, I am joined by Craig Lindsay, our recently appointed CEO of U.S. Operations; and Bill Breen, our Technical Lead. We're excited to update you on our U.S.-focused strategy, in particular, the transformational potential of our flagship Horse Heaven Antimony-Gold-Silver-Tungsten Project in Idaho. Following the presentation today, I will be hosting a Q&A session. [Operator Instructions] Craig, I'm going to hand to you.

Great. Thanks, Jane. I appreciate that introduction, very kind of you. Welcome, everyone, to this webinar. Really happy to be here. Very happy to be with Bill Breen, who's the Technical Lead of the Horse Heaven Project. And what we want to do here, there's a very long presentation that's on the website. We're going to -- what Bill and I want to do is hit the high points of the presentation and really speak to you about why we're excited about Horse Heaven, why we're passionate about the story, where we think this thing has the potential to go and talk to you about what we're going to be doing over the next couple of months to add some real value to the project. Just as a -- first, as an introduction to this story, as you folks know who are listening and who are investors in the deal or who are interested in becoming investors, Resolution Minerals is listed on the ASX. And they've acquired, historically, a number of projects that are precious metals, antimony, tungsten in Australia, and they've been -- have an announced goal to grow the number of projects that they've got in both precious metals and critical metals. And this opportunity presented itself to the company a couple of months ago, and they jumped on it. Why are they excited about it? Well, this is a project that covers about 57 square kilometers. It's 5,644 hectares located in the Boise National Forest in Idaho in the United States. It's immediately adjacent to the Stibnite Mine that's operated by Perpetua Resources. And as you folks know, Perpetua has recently achieved a permit to build what's going to become one of the largest mines in the United States. It's going to produce about 450,000 ounces of gold. And just as importantly, it's going to supply about 30% to 35% of the United States antimony requirement. What we have acquired at Horse Heaven is a project where we own 100% of this project, number one. It is a past producer of antimony and tungsten. They're a historic gold resource on the project. The gold that is on the project has only been explored right at surface. So it's only been -- the deepest tools out there have been 500 feet, and they've only drilled into the oxide material. We think there's significant potential to both expand the mineralization of gold in the oxides as well as drilling down deeper into the sulfide mineralization where you get some of the best mineralization at Stibnite. What else do we have? We've got excellent road access into the project. You've also got significant infrastructure that our project is going to benefit from. Specifically, there's a new high-voltage power line that's coming across from the western side of our project. It's going to cross right through Horse Heaven to the Stibnite Mine, and there's a new road that's being built to access Stibnite that goes right along the southern portion of the project. We -- I did talk about this project being a past producer. So I want to use the term, where there's smoke, there's fire. So in the First World War and during the Second World War, this actually produced antimony. The U.S. government produced that antimony for the war effort in both the First and the Second World War. It was just out of shallow open pits. It was basically hand cobbed right at surface and processed off-site. And then fast forward to the '50s, through the '80s, this project also produced tungsten, both from underground -- there was some underground workings as well as some open-pit workings. So that has really -- when you look at the whole potential for critical metals in the U.S.A. and the fact that we're right adjacent to Stibnite, we really think there is some significant potential to capitalize on this growing interest in critical metals. Resolution acquired this project. It was announced, the acquisition, where we're issuing about 440 million shares to the vendors as well as $1 million in cash for 100% interest in this project. And you will have seen that it is subject to a 3% royalty burden on a large portion of the project, and a very small portion of the project, there's a 4% royalty burden. Both of those have buybacks. But it's fantastic that we do have 100% interest in this project. Gold is at a record high. Antimony is at a record high. I'm not going to get into the details of the antimony and the tungsten story. But as you go through this presentation, when you look at antimony, when you look at tungsten, both of these are critical metals from a defense spending perspective. And what's happened is China is the largest producer of antimony. They have cut off supplies of these critical metals to the United States. And the United States has reached this critical supply crunch arising from this, and there's a significant push on in the United States to identify, develop and grow domestic supplies of both antimony and tungsten. And that is what is really driving the excitement amongst investors and ourselves in this project. You will also have seen Mr. Trump's Big Beautiful Bill that I can tell you was just passed in both the Senate and the House of Commons (sic) [ House of Representatives ] last week. It's a very significant bill. It's got a lot of expenditures around increased defense spending. But one of the interesting things is there's $2.5 billion in that Big Beautiful Bill that has been dedicated to the development of critical metals. So that is something that Resolution Minerals is going to be capitalizing on. Very specifically in terms of the strong tailwinds in this sector, we have actually appointed some folks in Washington, D.C. to help with the lobbying effort to start introducing this project both to the federal government in Washington as well as what they call the Idaho delegation, which is the Idaho senators and the Idaho House of Representative folks in Washington, D.C., who represent Idaho. And the idea there is to introduce the project to the government, let them know what we've got and start knocking on doors and looking for some support for what we're doing out at Horse Heaven. So right place and the right time with respect to antimony and tungsten. Now what we've got here, we talk about this slide here as being surrounded by success, and I just wanted to briefly talk about Idaho itself. And I'm a guy, I'm based in Vancouver, Canada, but I spent a lot of my career developing gold projects in the state of Idaho. And what I -- 15 years ago, when I first got into the state of Idaho, I would spend literally 45% of a presentation pointing out where Idaho is on a map. Today, everyone gets Idaho. It's very highly ranked by the Fraser Institute as one of the 7 best mining districts in the United States. There's a significant amount of gold. It's high-grade silver and what we call the Idaho Silver Valley up in the Panhandle, up by Coeur d'Alene, been a long-time producer of silver. Down in the southeastern portion of the state, there's a very significant open-pit phosphate mines. There's a significant amount of activity in gold. You got the Stibnite Mine developing a significant gold project, but Integra Resources is developing the DeLamar mine. Liberty Gold has the Black Pine mine. Excellon Resources has Kilgore. There's just a significant amount of activity in precious metals. And then you look at base metals, you look at molybdenum, you look at copper, there's just a lot going on in Idaho. And it is a mining-friendly state. And one of the things that has happened, the governor of the state, who is a Republican governor, in January, introduced something called the SPEED Act. And really, what he's trying to do is help the federal permitting authorities, the state permitting authorities and local permitting authorities speak to each other and work together to permit large projects faster. And that, I think, is going to have a significant impact on projects like Horse Heaven as we move through various permitting cycles. The other thing that we've got and the -- I am very excited about this. I can't overplay it, but the fact that we are right next door literally butting right up and adjacent to what's going to become the largest gold mine in the United States and a project that's going to produce 30% to 35% of the United States antimony requirements is -- creates just an amazing opportunity for us. And Bill will talk to you, folks, about this in a few minutes. But what we have at Horse Heaven is a real look-alike from a geologic perspective to the Stibnite Mine. And a lot of folks talk about the concept of closeology. What Bill told me one day was this isn't closeology. This is exactology. So we've got very, very similar geology to Stibnite. And I think that the fact -- a lot of people have asked us why has Horse Heaven not been developed in the past 10, 15 years. Really, I think it's largely around the fact that the Stibnite Mine has been subject to a very long permitting process, and that's created some uncertainty as to where that project will go. Now that in January, they received their decision notice to build a mine out there, we've -- Resolution Minerals has hit this project at exactly the right time. We're in the very final -- the last mile of permitting for our project. I'm very confident we're going to have a permit in hand in the very near future, and it's going to allow us to get out there and be the first people to be working on that property in over 30 years. So it's really right place at the right time. Right now, I want to hand things over to Bill. And Bill, if you would just talk to us a little bit about the Golden Gate target and Antimony Ridge. Folks, when you look at this map here, Golden Gate and Antimony Ridge, which is the 2 near-term, the low-hanging fruit out of our project, it really covers a postage stamp with respect to the whole project size. But this is what the 2 areas that we're going to be targeting in the very near future. So Bill, if you would like to just talk a little bit about the history out at Golden Gate and why you like this project?

Well, thank you, Craig, for that introduction. And I'm really pleased to let the viewers learn the story here on Horse Heaven. What we have here is a structurally controlled gold mineralization with antimony and tungsten, same thing you have over at Stibnite. We also have the same orientation of the structures over at Golden Gate Hill. Our Golden Gate fault goes north, south, bends to the northeast. Over at Stibnite, the Meadow Creek fault goes north, south, bends to the northeast. Our Antimony Ridge target is a northeasterly structure, with north-south intersections of fracturing. So that's one of the reasons why I call it an exactology play. Same rock, same structure, same suite of minerals. Golden Gate is -- was last drilled in '94. There's been 2 times of drilling there. Like Craig mentioned, it was shallow drilling, looking for heap leach oxide gold. As soon as they hit sulfides, they moved on. And so this large structure is 3.5 kilometers long. There's up to 7 grams of gold found at the surface. We ran a soil mineralization, a soil survey along the whole 3.5 kilometers of structure. And along that, we found anomalous gold, the whole length. We came back, and we ran a CSAMT geophysical survey. And that gave us, we could see -- at surface, the -- at depth along the structure, we could see that the structure is continuous and gave us great insights into our future drill targeting. What we've laid out here on Golden Gate Hill in our permit is 19 drill pads, 3 drill holes per pad for 57 holes, and this will allow us to -- in a 2-phase period, hopefully, we will start drilling in August and September and then get out of there for hunting season, which is required by the government, and then we will come back next year and continue on. During this time, we will focus on exploration at Antimony Ridge, and doing a soil sample grid is going in. We've -- in the past few years, it's been sampled by previous operators, and up to 19% antimony has been found in the veins and stuff. And these are open cuts, about 3,000 meters long of just gaseous in the mountains where they would hand cob the antimony, the stibnite out of the ground and take it, truck it and put it on rail head. And it produced about 60 railcars in the past. And there's also a gold credit here. And the one thing I did not mention over back to Golden Gate is our tungsten. There are some tungsten there. None of these tungsten and antimony by past operators that were done in the '80s and in '94 ever even did any sort of sampling or assaying of these because at that time, these minerals weren't necessary. Now this map here that Craig has up, you can see those circular features around there. That comes from an airborne mag survey that was done in 2012. And those circles are basically a subtle magnetic high. You can also notice that the creek drainages are all outlined in blue. And so what this shows is you have a magnetic high, which we feel is looking at an intrusion at depth that has come up into the overlying rocks, created a bulge, and you can see that the creeks all drain off this topographical high. What we think this is, is the -- one of the major driving forces for the mineralization found over at Stibnite and also found over at Horse Heaven and Antimony Ridge. And that's another reason why we call it exactology. That sort of gives you the 30,000-foot lookout.

Yes. So thank you very much, Bill. And folks, we're -- just wanted to finish things off here by giving you a couple of ideas about what's going on. Actually, this week, we're starting a mapping and sampling project. That's going to cover ground at Golden Gate. It's going to cover ground to Antimony Ridge. And we've also announced that we're going to be doing some work on another target called Vibeka Creek, all in the same general area, but it's going to help us with future drilling and also permitting activities that we're going to be implementing over the next 12 months. And then what's really exciting is, as Bill has said, we're going to start in August, we plan to start a 20,000-foot, a 6,000-meter drill program. It's going to be 20 holes. It's going to be focused at Golden Gate. There are going to be 1,000-foot holes, 300-meter holes. It's going to go through the oxide into the sulfides. And just as importantly, we're going to be testing for tungsten, and we're going to be testing, assaying for antimony. And there is an antimony anomaly that runs parallel to the Golden Gate fault zone. So what are we trying to accomplish this year? Well, we want to take -- prove up the historic drilling that was done there, ensure that what was reported historically was there, and we want to be stepping out on that, both to the north and the south. It's a 3.5-kilometer target area. And thirdly, we want to be drilling down underneath the oxides into the sulfides to expand gold mineralization vertically. So we're really excited about what's going on there. This year, that will lead into a second-phase drill program in the spring and summer of next year. And then on a parallel basis, we're going to be taking the steps required to upgrade the permit so that we can start doing an expanded drill program at Golden Gate, which will include the construction of new roads, and we'll also do work on permitting for drilling out at the Antimony Ridge target. The last thing I want to say before we get into Q&A, this company, firstly, really want to recognize the Board of Directors and the senior leadership of Resolution for their kind of prescience in identifying this opportunity; number two, the support that they're giving to us on the ground in the United States as we develop this project. So the fantastic leadership at the senior level. But in the United States, Bill has a long history of exploration in the United States. He's got an encyclopedic knowledge of this project. He's been involved with it from day 1. Eric Klepfer is our Permitting Lead. Very, very important in the United States. It's really important in any mining project anywhere in the world, but Eric is an Idahoan. He's got a significant amount of experience, permitting everything from grassroots exploration right up to mines. That's very important. And then we've brought on a guy named Al Roberts, who's a geologist. But one of the things I love about Alan is that he's a hands-on explorationist. He's very good at logistics, and he's going to be running our drill program on the ground. And then the last person I want to mention, and he's not on this slide, is Austin Zinsser. We've announced his appointment as a consulting geologist. One of the things that's really neat about Austin is that he's worked at the Stibnite Mine as a field geologist for 12 years. So he's got a very, very good nose for where we should be moving the Horse Heaven project. So just in closing, I really think this is just a fantastically exciting opportunity for investors. I mean we are adjacent to Perpetua. It's probably one of the most exciting development stories in North America. It's going to play a key role in meeting the United States critical metals supply. There's going to be a lot of eyeballs on Stibnite. And when there's a lot of eyeballs on Stibnite, there's going to be a lot of eyeballs, as a result, on Resolution Minerals and the Horse Heaven project. You've got a lot of exciting things on the horizon with respect to the field work that we're starting right now. Mapping and sampling is one thing, but the upcoming drilling is what should get people really excited and the fact that the U.S. government is strongly behind projects like ours that are developing these critical metal resources. So right place, right time, fantastic group, great valuation, and I think we've got a very exciting future ahead of us. With that, Jane, I'll pass it over to you for leading a Q&A.

Wonderful, Craig and Bill. Thank you so much for the presentation. Craig, I'll just get you to stop sharing your screen there. [Operator Instructions] Before we actually go into the Q&A section, I'd just like to touch on some of the developments since this presentation was actually lodged, and I know you touched on this in the presentation now, that last week, we announced the maiden exploration program is going to commence at Horse Heaven. Bill, I might hand to you for this one. So can you just elaborate on the actual exploration program? And how do you see this setting up the drill program, which is expected for August?

Well, I'm leading there. I'll be on the ground on Wednesday, along with Alan and 2 other of his geologists. We're going to start out with a soil sampling program up on Antimony Ridge, and this will get them acquainted to the rocks there. They'll be taking rock samples, too, as they soil sample it. We'll also -- as they finish that work up, they'll move over to Golden Gate and start to get acquainted and rock sampling areas that we don't have as much data on. They'll be able to see where we have sampled, see the anomaly, see the soil anomalies, see the rocks that we've already sampled and stuff, and we've already laid out all the drill sites. So they'll be well acquainted. So when we start to drill early August, we can hit the ground running. So that's what is happening starting Wednesday.

Wonderful. And another development, obviously, throughout the period, the appointment of Austin, and I know you touched on this again, Craig, but tell us about his appointment as Lead Consulting Geologist. And what does it signal about the operational readiness for the U.S.?

Sure. Well, I'll take that one, Jane. The fact -- I guess, at the end of the day, the fact that Austin is super excited about joining this project when he's known Bill for quite a long time. He's been very aware of the project simply because of its proximity to Perpetua. He's always kind of looked over the border at -- from the Stibnite Mine over to our mine, and he's always been very excited about what he's seen there. He knows the geology. The fact that he sees a lot of similarities between what he's worked on for 12 years at Stibnite and what we've got at Horse Heaven has just got me very excited about it because when I talked to him and said, "Austin, would you like to join the team?" he jumped at it. So that, I think, says a lot about this project that someone with his level of technical expertise and his understanding of Stibnite that he wants to get involved with this project. I think it's a strong signal from a technical perspective. He's also a wonderful guy. So really looking forward to working with Austin.

And gentlemen, we've obviously spoken about the OTCQB listing. So how does that play into the broader U.S. strategy? And what does it mean for accessibility to new investors?

Well, I think, Jane, the reality is that we love the Australian investor content that we have. Australian investors have been amazingly supportive of this company. They seem to be activated by what we've got going on, and they're excited by what we're doing, which is absolutely fantastic. But the United States does represent a very, very significant pool of capital. It's underinvested generally in mining critical metals, and it's just starting to become aware of this opportunity. And so getting a listing in the United States and starting to warm U.S. investors up to our story, making them aware of this, it's just a logical thing for them to get behind simply because this has the potential to play a critical role in meeting the United States' growing demand for critical metals.

And then just finally, so can we speak to the strategic importance of initiating the work now? And any updates on the U.S. federal engagement?

Sure. Well, I mean, one of the things that has really impressed me with the Resolution management is that this transaction will be closing in a couple of weeks, yet in advance of closing, they're very confident that it will close. There's no material impediments to its closing. And this company has been spending money in advance of that to make sure we hit the ground running and get an exploration program under our belt this year. So that says a lot. And then to the point -- the second point of your question, we brought on a couple of groups based out of Washington, D.C. to really help with the whole -- it's referred to as lobbying, and they play a critical role in helping companies like ours introduce ourselves to the federal government. So it's the Department of Energy. It's the Department of Defense. It's advancing some of our stories with the U.S. Forest Service. And just as importantly, it's introducing ourselves to some of the decision-makers, the politicians who support the policies that are getting -- or who are developing the policies that are getting implemented. So it's -- we are -- there's a lot of moving parts to this, and it's an exciting time, and these guys will play an important role. And we're looking forward to hitting the ground running in Washington, D.C. in the fall.

Well, thank you, gentlemen. I'm going to take some questions now from the webinar attendees. First one here, Bill, I might actually hand to you for this one. So can you walk us through the geological similarities between Horse Heaven and the adjacent Stibnite project?

Well, like I said, briefly touched on it, is we're in the same rocks. We have the same general tectonic features that took place in both. And this has created the same orientation of the structures. We believe there's an intrusion at depth that we've picked up in the geophysics. And we think that is the driving force of the last stages of mineralization. Stibnite's -- Perpetua has done a lot more work on their ground. And we've also -- have information that's been done on ours. We have the same ages of mineralization. We have the same ages of the rocks on our ground. And what this shows is that we have a long period of maybe 30 million years of different mineralizing events have taken place. And so what this means is the ground has been very well prepped. These same ancient features have been, over and over again, been used, and the mineralization comes up along these structures. So it's like a mirror image.

Thank you, Bill. Just another one here. It's another technical one. So I'll stick with you for this. What specific targets are you prioritizing in the upcoming drill campaign at Golden Gate and Antimony Ridge?

Well, we're going to focus -- all our drilling is going to be on Golden Gate Hill. And our first drill holes that are planning on doing is to look at some of the historical drilling that's been done and see if that is dependable information in the assays because there are some pretty nice intercepts there. And if we can -- and we'll be core drilling in the beginning. And we'll also be using orientated core so we can figure out where the orientation of the mineralization is coming from. And after that, we will start to move ourselves along strike to expand our mineralization and to get widths, depths and see what the assays are. We're hoping that we will be drilling deeper, and we hope in some of our drilling to be successful in hitting the feeder zones that give us the upper levels lower-grade oxide deposits.

Bear with me, gentlemen. There's quite a few questions coming through. I'll give you a break, Bill. This one, I'll go to you for you, Craig. The question is, why now? Why has this project not been developed before?

Well, I think it's largely been the fact that the Stibnite Mine has taken 15 years to permit. So there's been a lot of uncertainty around permitting at the Stibnite Mine and whether or not they would be successful in permitting that project in that particular location. And so we just happened to have acquired this project right at the time that Stibnite has received its final approval to move forward. So they are digging a hole in the ground. They will be digging a hole in the ground. And that just makes it a perfect time for us to get involved. And it's simply the fact that the whole permitting question, can you permit out in this area, has been answered. And so we expect to have our permit approved very, very shortly so that we can get out there and start working August 1 approximately. And it will be the first drilling that's been done since the 1980s out there. So it's really an exciting time.

Wonderful. And I mean, I think this question has been answered in the presentation. But again, how does the presence of antimony, tungsten, gold and silver at Horse Heaven enhance the strategic value?

Well, I think it doesn't just enhance the strategic value. I think that is the strategic value. It's -- what you've got when you're looking at Resolution Minerals and you're looking at Horse Heaven, you've got a significant historic gold mineralization at Gold Ridge that we are looking to expand in this first phase of drilling, and we'll expand it further in the second phase next year, and we're going to be expand -- it's open to the north, it's open to the south, the east and west, and it's open at depth. So number one, we're going to be taking that existing historic gold resource that's out there and expanding it. And secondly, we have a high level of confidence that tungsten and antimony is going to be present on that project. We hope to find it. Why? Because this project has produced antimony and tungsten historically. And yes, there is some silver that's been identified out there as well. So we've got -- there's a lot of different reasons, like 4 different reasons that I've just mentioned to get excited about this project.

Thanks a lot, Craig. Again, sorry, there's quite a few coming through. This one's quite technical, so I'll hand it to you, Bill. Through the historical work and your desktop studies, what type of mineralization are you seeing so far, vein-hosted, disseminated, replacement style? And how does this affect the exploration techniques?

Well, I think what we're seeing is it's structurally controlled in quite a very extensive 3.5-kilometer wide, long, along strike shear zone. This rock has all been altered, crushed. And mineralization is probably maybe up to 50 meters wide. And it basically is dipping steeply to the east. And so it's not -- there's veins within this. But we also believe, in this general shear zone, you have many parallel zones. So it's not just one zone. It's a series of zone en echelon. And so -- and a lot of the -- and some of these areas have never been drilled that we will be testing. The main zone has been drilled, but we're going to extend it basically in an east-west direction, basically widening the mineralization within the shear zone and also along strike, so along the length of it, and at depth, down dip.

Thank you, Bill. These are -- a lot of this is for you actually, in fact. So what are the key differences between the Antimony Ridge and Golden Gate fault zones in terms of exploration maturity and mineralization style?

Well, the mineralization at Antimony in this area is the last phase of the mineralization there. So this is a later phase. As the mineralization is winding down, the -- not the tungsten. The antimony is what's come along these structures. It's -- the main area that was mined back in the previous mentioned World War I, II and the Korean War was basically along a northeast structure. But one of the interesting things that we found in sampling in the past in 2021 is we found an area that goes the whole length of the Golden Gate shear zone of anomalous antimony in soils. And that's a totally unknown feature that we never knew existed. So some of our drill holes will be testing this area. So we might be expanding the antimony tremendously.

Thank you for that. I can also see quite a few hands being put up in the wait room. If you just would like to put your questions into the Q&A function at the bottom, that would be great. Let me keep going. Again, this one has also been answered, but Craig, I'm going to hand to you for this one. Can you provide an update on the -- on your engagement with the U.S. government agencies and potential access to strategic funding or permitting support?

Great question. So the -- all of the work that we've done to date has been with the U.S. Forest Service, and it's around our exploration plan of operations. So that is really the only organization in the federal government that we've dealt with so far. And we've retained these 2 consultants to help us start opening up doors in Washington, D.C., and that program where we'll be going in to see folks at the Department of Energy and the Department of Defense, and they are the folks that are putting out grant money to support the development of critical metals. And they have -- it sounds odd, but they've actually been supportive of some early-stage projects such as ours. So it's not -- we're hopeful. There's no guarantee at all, but we're hopeful that we'll be able to get some of that grant money to provide us some nondilutive financing to help fast-track the growth of this project.

Thanks, Craig. I'm actually going to stick with you for this one. Why do you believe that Resolution is an attractive investment compared to some of the other juniors in North America right now?

Well, I think we're the only junior in gold, antimony and tungsten that's sitting right next to Perpetua and that's got the exact same geology that they've got. So if I'm throwing my investment dollars into a critical metals play in the U.S., I think this one has a significant amount of growth potential. I do want to caution investors that this is an exploration story. So we're very -- and it is a past producer of tungsten, it's a past producer of antimony. Yes, there's historic gold showings. We think there's all sorts of potential to grow the gold endowment and identify some actual resources of antimony and tungsten, but it is an early-stage project, and there are all the risk that are associated with that. That cautionary statement out there, this really has some significant potential to capitalize on all of the demand for this metal. And that, I think, is what makes it exciting. It's -- we are in a fantastic -- from a U.S. perspective, a fantastic ZIP code, a fantastic area code.

Thank you, Craig. Bear with me, there's lots of questions coming through. So I'm just mindful of time as well. Okay. This one's come through a few times. So how does the U.S. focus complement the Australian portfolio? Or is this a pivot towards North America?

Well, it's a -- that's a great question. And I think whenever you're managing a junior exploration company, you're putting money into all of your different projects and advancing each one of them on a parallel course. And when you get success with one project, that starts to become your focus of the project. So will this become a significant focus of the company going forward? I think it definitely has the potential to be an absolute company maker. Do the projects in Australia have potential? Absolutely, they do as well. But just from a locational perspective and given the United States' strong interest in supporting the development of critical metals, it is an obvious place to dedicate resources.

Thank you, Craig. Again, this one seems to be coming through quite a fair bit. I'll ask this one. So how is the company positioned financially to execute on the maiden drill program and next phase of development?

So there's a number of options that are out there that are in the money that we've got some commitments on to raise about AUD 3 million to AUD 4 million, which would fund the exploration plan that we've got in front of us in 2025.

Wonderful. There's just a question here about Perpetua's government grants or government funding. Do you know the number that they happen to have gotten?

Off the top of my head, they've received a number of sums in the past. And I think going forward, they are looking at a $2.2 billion capital investment at that project. They've just raised about $475 million in equity from investors, and they're looking to raise a little over $2 billion in project financing. And it hasn't been announced, but I suspect there will be some participation from the U.S. government to support that. I'm not -- it's not public. I'm not party to any of that information, but it would be an obvious project for the U.S. government to support going forward.

Absolutely. There's actually a few questions here just on the OTC listing, but I could even potentially answer that. We are expecting to be listing in the next couple of weeks. So we will be updating the market with that information as it comes to hand. I'm just mindful of time here. Look, I think, gentlemen, we've covered a lot of the questions that have come through. I think let's just cover off with what news flow catalysts should investors expect over the next, even earlier, 3 to 6 months?

I think the thing that should get investors most excited about is the drill results that we'll have outcoming following our maiden drill program out there. So that project will run August through September. And then we'll be going through the process of splitting and logging that core, submitting that core for assays. And we would be hoping to get news on assays before the end of the year, probably not the full suite of assays, just how the labs are backed up in the United States. I think you'll see news coming out into the new year for drilling. And then we'll be updating the market on how we get along with some work that we're going to be doing in Washington, D.C. from a lobbying perspective. This mapping and sampling program that we're doing, you'll see some news on. And then we're also -- we -- the CSAMT work that has been done historically out at -- core 7 has only been done in 2D. So Zonge Engineering is going to be updating that work and putting together a 3D model for us, which will provide some interesting information about the project. So there's a whole range of stuff that's going to be coming, but drilling results, I think, for investors, that's always #1.

Look, absolutely. Craig and Bill, thank you again for your insights today, and thank you all for joining us. Pivotal time for the company. We've got boots on the ground in the U.S., growing technical team and this strategy to unlock value at Horse Heaven. So a copy of today's recording will be available online in the coming days and on our website. If we've missed any of your questions, please feel free to reach out via the contact details on the bottom of our ASX releases, but we do look forward to hosting you again next time. Thanks again.

Thank you, Jane.

Thank you, everyone. Really appreciate you joining us.