Robex Resources Inc. (RBX) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. Welcome to the 2025 Annual General Meeting of the Shareholders. It's now 8:00 a.m. in Eastern Canada, and I ask that the meeting be called to order. I'm Jim Askew, the Chairman of the Board of Robex Resources. In accordance with the bylaws adopted by the company, I have been appointed by the Board of Directors to preside over today's meeting. Before getting started, I'd like to introduce my fellow Board members. We have Matthew Wilcox. Matt needs no introduction, CEO & Managing Director; Howard Golden, Gérard de Hert, Thomas Lagrée, Thomas is also Chair of the Audit Committee, John Dorward, who is Chairman of the Remuneration -- RNG, the Remuneration Nomination and Governance Committee, and I act as the Chair of the Technical Risk and ESG Committee. I've got the easiest job because the great strength in the management team and all matters are related to technical provides an easy path for me. We have a couple of senior -- of the senior leadership team also in attendance. I'd like to introduce Alain William, who is the CFO. Welcome and Clinton Bennett, our Chief Operating Officer. So moving on. As you know, the company has decided to hold the meeting virtually again this year, committed to ensuring that the shareholder meeting, whether being held virtually, in person or a hybrid format, encourages shareholder participation and engagement. We believe that the use of technology to communicate with shareholders will facilitate the presentation to investors and make the meeting more accessible and attractive for all those participating. In addition, conducting the meeting virtually will provide an equal opportunity for all shareholders and duly appointed proxy holders to attend and participate in real time and vote at the meeting online via a web-based platform regardless of geographic location and potential barriers to participation. Guests are also welcome to attend and listen to the meeting, but will not be able to ask questions or vote. After my introductory remarks, we'll move on to the agenda items, including receiving the financial statements, appointing the auditor, electing the directors and presenting the resolutions described in the Notice of Meeting circulated to the shareholders on July 30, 2025. After the formal portion of the meeting, I will close the meeting and pass the meeting across to Matt Wilcox, who will then provide a detailed operation and strategic update on the company. So before getting started, I'd just like to make a few opening comments. A little over a year ago, Richard Faucher chaired the last Annual General Meeting of the company. And at that time, there was a changing of the guard subsequently, major changes to management and to the Board. And that was done to provide or to address a strategic vision that had been embraced by the company to move forward with the development of our mine in Guinea. So at that time, our vision -- the company's vision and the management's vision was to finance and develop the Kiniero mine. It was to address a bridge loan that we had outstanding, was to achieve an ASX listing within the next year, was to sell the Nampala mine in Mali. Was to reposition Robex as an emerging new producer, built around a management team and Board with deep experience of West African resources development, and finally, to broaden the investor base. Many of those targets have been achieved, just to summarize, but Matt will go into more detail, of course. Kiniero is on track to deliver production at the end of this year. The bridge loan is now gone. We have achieved an ASX listing. A lot of work involved in doing that. The sale of the Nampala mine has not occurred. The Mali government in consultation with us, we kept the mine and we continue to operate it successfully, and it's a source of meaningful cash flow to the company. The other objectives of repositioning Robex, et cetera, were all, I think, are well on the way to being achieved, and there's a much broader investment base. On behalf of my fellow directors and you, the shareholders, I would like to thank the management team for the enormous effort that you've made over the year to achieve all that you have. It's been difficult at times, but it's been delivered. So on behalf of us all, thank you very much. I've -- going back to the appointment of the Chair and the Secretary of the meeting, I've been appointed by the Board to act as Chair, and I hereby appoint Matthew Foy to act as Secretary to the meeting. Also in scrutineering, I appoint Patrick Gauthier of Computershare Investor Services, the company's transfer agent, to act as scrutineer for the meeting. The notice of this meeting, management proxy circular, the form of proxy, our annual report, including our annual financial statements and related management discussion and analysis and all other documents required for the meeting were made available to all the shareholders of record in the company on July 30, 2025. All these documents are available under the company's profile on SEDAR and at www.sedarplus.ca and on the key documents database on our website. The notice of the meeting and notice of available meeting materials, a form of proxy and a voting instruction form were also sent out on July 30, '25 to all shareholders of record for the company at 5:00 p.m. Eastern Time, Canada on July 22, '25, this was 5:00 a.m. Western -- Australian Western Time on July 23, '25. As evidenced by a statement of mailing provided to us by the company's transfer agent, Computershare Investor Services. A statement of transmittal is available to any shareholder who wishes to consult it. I ask the secretary to attach a copy of this statement to the minutes of today's meeting. A quorum for the transaction of business at the meeting is one or more holders of shares carrying not less than 5% of the total number of votes attached to all shares entitled to vote at the meeting present in person or represented by proxy. The scrutineer informed me that there were today -- Matthew, can you -- sorry, Patrick, can you tell me the number of shareholders, please?

Yes. Okay. So Mr. Chairman, thank you. I, Patrick from Computershare as scrutineer, I can report that there are at least -- there are 6 shareholders in attendance or represented by proxy at the meeting. So that represents in total with the proxy votes, 101,563,849 shares, that being 46.55% of the total 218,202,805 outstanding shares of Robex Resources.

Thank you. Accordingly, a quorum is present. I ask the secretary to attach a copy of the audit Commissioner's report to the minutes of today's meeting. Notices have been properly given and a quorum being present, I now declare the meeting to be regularly called and properly constituted for the transaction of business. Just running through the procedures for the meeting. If you have any questions or comment, please select the e-mail icon at the top of your screen, type your question or comment into the text box at the bottom of the e-mail screen, then click the send button. Please read the instructions in the text book before sending your question or comment. We also ask that you submit your questions or comments as soon as possible at the meeting so that we have time to receive them. We will limit questions and comments to matters that are directly relevant to the resolution being considered at today's meeting. Questions of a similar nature or repetitive nature may be grouped and answered in a single manner at the appropriate time during the meeting. The company reserves the right to modify or reject questions that are deemed inappropriate or to limit the number of questions per shareholder or a duly appointed proxy holder in order to ensure that as many people as possible have the opportunity to ask questions. For example, the company does not intend to discuss at this meeting matters that are either irrelevant to the business of the company or the subjects of meeting related to material nonpublic information or of a personal nature, including any matters relating to personal claims, derogatory references to individuals or in poor taste, hostile or disruptive to the orderly conduct of the meeting out of order or inappropriate to the conduct of the meeting, all in my reasonable judgment as Chairman of the meeting. A representative of Robex will contact you after the meeting if your question is of a personal nature. If we're unable to answer your question or comment during the meeting, a member of management will contact you after the meeting. I will give the opportunity to ask questions after each resolution has been called and before we vote. Each shareholder or proxy holder is entitled to 1 vote on each resolution or to instruct an agent to one vote on each resolution. Questions or comments will be limited to 2 minutes per quick speaker at my discretion. The voting procedure in order to facilitate the conduct of this meeting, steps have been taken to have certain shareholders and proxy holders propose and support the resolutions to be considered. This is not to impede the discussion in any way. Each item of business requires that the resolution be passed by a majority of votes cast. Registered shareholders and proxy holders can vote through the online platform. Shareholders and proxy holders who have already voted by proxy do not need to vote again unless they wish to change their vote. As mentioned in the press release issued by Robex on August 1, '25, the proxy circular and form of proxy previously distributed to registered shareholders confers discretionary authority on management or any other person designated as a proxy this document to vote on any amendments or matters brought before the meeting. Management intends to reply on the discretionary authority conferred by the management proxy circular and the form of proxy to vote in favor of the election of the 6 nominees to be proposed as directors at this meeting. Voting online will be opened shortly during the formal portion of the meeting. We'll ensure that there is sufficient time for online votes, and you will be able to vote until I declare the vote closed. When the online vote is open, the poll icon will appear in the navigation bar at the top of your screen, the text of the resolution on which you're invited to vote and the voting choices will then appear after voting, you will see a message confirming receipt of your vote and change your vote by simply clicking on the other available option. If you wish to revoke your vote, click cancel. The first item of business is the presentation of the audited financial statements of the company for the year ended December 31, 2024, together with the auditor's report thereon. The notice of availability of these financial statements was previously sent to shareholders. These financial statements have been reviewed and approved by the company's Audit Committee and by its Board of Directors. Are there any questions about the financial statements or the auditor's report? Floor is open. Thank you. I declare that I have presented and received the audited financial statements of the company for the year ended December 31, 2024, together with the auditor's report. The first item of business on which shareholders are asked to vote is the appointment of the auditor. If there are no questions, I will now ask someone to propose a resolution appointing Grant Thornton Audit PL, the company of chartered professional accountants, as independent auditor for the company until the next Annual General Meeting of Shareholders and to authorize the Board of Directors of the company to fix their compensation.

Thanks, Jim. I propose that Grant Thornton Audit Pty Ltd, chartered professional accountants, be appointed as independent auditor of the company until the next Annual Meeting of Shareholders and that the Board of Directors of the company be authorized to fix its compensation.

I have a seconder?

I second the motion.

Thanks, Alain. Is there any questions, please? We will then proceed to vote on this matter. Shareholders and proxy holders who do not abstain from voting on the resolution online via the voting portal are encouraged to do so. The scrutineer will tabulate the votes once all proposed resolutions have been voted on. [Voting]

Moving on to the next item of business, which is the election of the directors. The number of directors to be elected at today's meeting was fixed at 6 by a resolution of the Board. I will now receive the nominees for election as directors to hold office until the close of the next Annual General Meeting of Shareholders of the company or until their successors are duly elected and appointed. All directors currently serving on the Board of Directors of the company are standing for reelection at this meeting. Further information about each of the nominees can be found in the company's management proxy circular, a copy of which is available on our website and SEDAR under the SEDAR+ CA website. The vote will be held for the election of each individual standing for election of the Board of Directors.

I propose the persons named in the management proxy circular and press release issued by the company on August 1, 2025, for election as directors of the company, namely James Askew or Jim, John Dorward, Howard Golden, Thomas Lagrée, Gérard De Hert And Matthew Wilcox.

Are there any other nominations? Thank you. I declare the nominations closed. I'll now ask some of you to propose that each of the 6 appointees be elected to serve as a director.

I propose the election as directors of the corporation of each of the following nominees: Jim Askew, John Dorward, Howard Golden, Thomas Lagrée, Gérard De Hert And Matthew Wilcox.

Thank you. Seconder, please?

I second the motion.

Thanks, Alain. There are no other questions. We will proceed to vote on this matter. Since 6 directors are to be elected and 6 have been nominated, this election is assured. However, in order to comply with the policies of the TSXV, we will still proceed with a vote on the election of the nominees by way of ballot. To be elected, each nominee must receive the approval of at least a majority of the votes cast by the shareholders present in person or by proxy at such meeting. We now invite shareholders and proxy holders who will not abstain from voting online for the election of each nominee via the voting portal. [Voting]

The next item of business is the Omnibus Equity Compensation Plan. To support the resolution ratifying and approving and confirming the adoption of an Omnibus Equity Compensation Plan for the issue of a maximum of 16,772,560 common shares under the plan. Matthew?

Be and it is hereby resolved that the company's Omnibus Equity Compensation Plan adopted by the company's Board of Directors on March 25, 2025, and for the purposes of ASX Listing Rule 7.2, exception 13(b) and all other purposes described in the management proxy circular dated July 29, 2025, and a copy of which is filed on the company's corporate profile on SEDAR+, be and it is hereby ratified, approved and confirmed and for the issue of a maximum of 16,772,560 common shares under that plan, that any one or more of the directors or officers of the company is authorized and directed upon the Board resolving to give effect to this resolution to take all necessary steps and proceedings and to execute, deliver and file any and all declarations, agreements, documents and other instruments and do all such other acts and things that may be necessary or desirable to give effect to this resolution.

Thank you. Could I have a seconder, please?

I second the motion.

Thanks, Alain. Any questions, please? There are no questions, we'll proceed with the vote on the matter. Shareholders and proxy holders who do not abstain from voting on the resolution online via the voting portal are encouraged to do so. The scrutineer will tabulate the votes once all proposed resolutions have been voted on. [Voting]

The next item of business is the Conditional Grant of Performance Share Units. The resolution ratifying, approving and confirming the grant of an aggregate 2,650,000 performance share units to members of the company's management under the company's Omnibus Equity Compensation Plan. I ask Matthew Foy to present this motion, please.

That the issuance of performance share units described below by the company under its Omnibus Equity Compensation Plan on March 25, 2025, and described in the management proxy circular dated July 30, 2025, and a copy of which is filed on the company's corporate profile on SEDAR+, be and is hereby ratified, approved and confirmed that 2.65 million securities be issued that any one or more of the directors or officers of the company is authorized and directed upon the Board resolving to give effect to this resolution to take all necessary steps and proceedings and to execute, deliver and file any and all declarations, agreements, documents and other instruments and do all such acts and other things that may be necessary or desirable to give effect to this resolution.

Thank you. Can I have a seconder, please?

I second the motion.

Thanks, Alain. Any questions? No questions, we'll proceed to vote on the matter as shareholders and proxy holders who do not abstain from voting on the resolution online via their voting portal are encouraged to do so. The scrutineer will tabulate the votes once all proposed resolutions have been voted on. [Voting]

The next item of business is a resolution ratifying, approving and confirming the grant of an aggregate of 2,500,000 PSUs to Matthew Wilcox, Managing Director and Chief Executive Officer of the company under the company's Omnibus Equity Compensation Plan. Matthew?

That the issuance of performance share units or PSUs described below by the company under its Omnibus Equity Compensation Plan on March 25, 2025, and described in the management proxy circular dated July 29, 2025, and a copy of which is filed on the company's corporate profile on SEDAR+, be and it is hereby ratified, approved and confirmed 2.5 million PSUs to Matthew Wilcox and that any one or more of the directors or officers of the company is authorized and directed upon the Board resolving to give effect this resolution to take all necessary steps and proceedings and to execute, deliver and file any and all declarations, agreements, documents and other instruments and do all such other acts and things that may be necessary or desirable to give effect to this resolution.

Thank you. Seconder, please?

I second the motion.

Thank you. Any questions, please? There are no questions, we'll proceed to vote on this matter. Once again, shareholders and proxy holders who do not abstain from voting on the resolution online via the voting portal are encouraged to do so. The scrutineer will tabulate the votes once all proposed resolutions have been voted on. [Voting]

Next item of business is the resolution ratifying, approving and confirming the issuance by the company of 989,289 common shares to SCP Resource Finance LP in connection with the termination agreement entered into between the company and SCP on 28 February 2025. Matthew?

That for the purposes of ASX Listing Rule 7.4 and for all other purposes, shareholders ratify, approve and confirm the issue by the company of 989,289 fully paid common shares to SCP Resource Finance LP, a Canadian limited partnership formed under the laws of Province of Ontario as consideration for services previously provided by SCP under the advisory engagement agreement dated September 26, 2023, which was subsequently terminated by agreement between the company and SCP dated February 28, 2025, and that any one or more of the directors or officers of the company is authorized and directed upon the Board resolving to give effect to this resolution to take all necessary steps and proceedings and to execute, deliver and file any and all declarations, agreements, documents and other instruments and do all such other acts and things that may be necessary or desirable to give effect to this resolution.

Thank you. Seconder?

I second the motion.

Thank you. Are there any questions, please? No questions. We will proceed to vote on this matter. And once again, shareholders and proxy holders who do not abstain from voting on the resolution online via the voting portal are encouraged to do so. The scrutineer will tabulate the votes once all proposed resolutions have been voted on. [Voting]

Ladies and gentlemen, we'll now resume the meeting. I have received the deputy returning officer report on the ballots. I'm pleased to confirm that all resolutions presented today have been officially adopted. A substantial majority of the votes cast at the meeting were in favor of the appointment of the auditor, and I therefore declare that the Grant Thornton have been appointed as the auditor of the company, that the Board of Directors is authorized to fix its remuneration. In addition, a substantial majority of the votes cast at the meeting were voted in favor of the 6 nominees listed in the management proxy circular and press release issued by the company on July 30, 2025. Accordingly, I hereby confirm that all 6 nominees for election as directors are duly elected. And finally, in conclusion, this is -- the formal business of this meeting is now closed. And I -- as indicated, following this meeting, the company will now have a presentation from Matt Wilcox. I therefore ask you to move a motion to adjourn the meeting.

I move that the meeting be adjourned.

Seconder, please.

I second the motion.

Thank you, Alain. All those in favor of the resolution are requested to vote online via the voting portal. I declare the resolution adopted and the meeting adjourned. I'll now pass across to Matt and take it away, Matt. And at the end of Matthew's presentation and questions -- any questions associated with that presentation, we will close the meeting. Thank you. Over to you, Matt.

Thanks very much, Jim. Yes, it's a very exciting time for Robex at the moment. We are heading towards our first gold pour. We have construction progress moving. Can we just move down through the disclaimers, the technical resource and disclaimers. Kiniero has an indicated resource of just over 2.2 million ounces at just under 1 gram a tonne, that's including the stockpiles and a reserve of 0.97 gram at 1.4 million ounces. It's sort of 80% oxide ore body. We are looking forward to starting up. And we've executed this job flawlessly to date. We still have 3 months or more of construction to go and we're -- but I think it's moving through, and it looks to be on time to get the first gold pour late this year. Nameplate 5 million tonne per annum CIL processing plant, and we're hoping to achieve an average of over 150,000 ounces a year over the first 6 years. It is just a magnificent ground for exploration. There is gold everywhere. It's target rich. We've been busy infilling and doing grade control on our resource, but we are hoping to get exploration rigs spinning, and we've recently appointed a new Chief Exploration Officer to lead that effort. That's Justin Rivers, who's in the room with me tonight. And yes, we're very confident of growing this resource and keeping it operating for well past our current life of mine. That's -- I guess that's construction from about a month ago, but -- that's our register. The [indiscernible] are still there as significant shareholders exited and still came on. Almost all of the funds that came on in the original round of capital have stayed on. There's been almost nobody sell shares out of the entire group. So it's been a very resilient register. It's a very supportive register and they're there for the long haul. And our recent price rises have really set the scene for what's going to be a very accretive company as we move forward. So it's -- that's our leadership team, led by myself, Alain, our CFO; Clinton, who's also sitting opposite me as Chief Operations Officer; and Dimitrios has been leading the project build as Chief Development Officer. Gwendal, who's also joined us by the Zoom call is our GM of People and Communication. And we're a team that's gelled and worked together very nicely over the last 6 months and our Board led by Chairman, Jim Askew, our Nonexecutive Directors, John Dorward, Howard Golden, Gerard and Thomas and working towards growing this company into something bigger than it currently is. That's the history of the builds that I've led into the last, I guess, it's 15 years now, but from being Project Director of Bissa, General Manager of LEFA, Project Director of Bouly, Project Director of Gross in Southern Siberia at about 2 kilometers altitude back to Burkina Faso as Chief Development Officer to Abujar as COO and eventual MD and now to Robex as the MD. It's been a history of achieving projects on time and on budget in difficult jurisdictions or at least challenging jurisdictions. And we're a team that stayed together at not just the top levels, but probably 3 or 4 levels down from supervisor level and up for the last 15 years. So we're pretty proud of what we've done over several companies. And yes, we're hoping to continue the success at Kiniero. In terms of the overview of the projects, we're 85% owned by Robex shareholders and 15% free carried by the Government of Guinea. It's 1.2 million ounces reserve and the reserve will grow. It will certainly grow. Just how much it will grow is open to interpretation. But yes, we are going to be actively exploring and searching for new resource and reserves over the next 6 months. So we're hoping to update those numbers. We've got basically recognitions that are pretty standard at 15% government free carry, 30% corporate tax rate, 5% government royalty and 1.5% other royalties and a Mansounia royalty that peaks out at 4% as well. We are still very much on track for first gold in 2025, and we're quietly confident the mill will start up in [ Anger ] and achieve its nameplate capacity in short order. That's our FS update. The mine grade is just over 1 gram a tonne. All in oxide at the moment, it's got a very low all-in sustaining costs. We're confident we can achieve that. The consensus NPV with a 5% discount at $2,431 gold price was $647. At the current gold price, that's just over $1.2 billion, I believe. And it's only going to grow and get better as we expand the resource.

Sorry, Matt, it looks like just got the poll results here.

Sorry, quickly, we get...

100% for you. 100% for Howard Golden.

Sorry, we're having some technical difficulties.

100% for the ratification [indiscernible].

As said, we've been ticking boxes through 2024 and 2025. Of course, the Mansounia permit still remains elusive to us. That doesn't majorly affect us at this stage. We're pivoting to mining Sabali first. Although we finished our migration to the ASX, we've well and truly been through detailed design into construction. Our project financing process is finished. And yes, we're a little bit less than 4 months away from first gold. First debt has been drawn. We've been working with our lenders Sprott Lending, and they've been very supportive to date and being great partners during the whole build. So the TSF is more or less complete, a bit of lining works to go as soon as the rain stops on site in October, but it's essentially ready for first slurry to hit the dam this -- pretty much already. So it's not going to slow us up. And yes, we're looking at, hopefully, first gold -- well, definitely first gold at the end of this quarter -- end of next quarter. Yes, sorry, [indiscernible] ahead of myself and hitting commercial production very soon after that. That's the SAG mill going in there. This is a little bit old. I think the Ball mill shell has started going as well, but it's -- we've done almost 4 million hours with no lost time injuries on the site to date. It's been a safe site. It's been a happy site, and it's been a productive site. I think our mining equipment has been started to arrive on site. We're due to commence mining probably with a soft start towards the end of this month and towards really mining hard in October. Our goal is to try and have significant ore on the ROM pad for start-up to keep the mill fed and yes, it's -- there's a lot of surface ore. It's pretty easy mining. There's very little drill and blast required at the current time. So we're confident we're on top of everything, and it should be a very smooth start-up. Yes, what we've got to the next, I guess, is install pipe, cable and get the majority of -- the rest of the steel up. Everything is on the way to site or actually on site. The power station has arrived on site. All the engines are on site. The power station is under construction and we're going through. And yes, we hope to have our solar PV plant to augment our electricity production by sometime next year. That's recent construction photos. You can see that someone on the construction team chose green tanks. It's the first I've ever seen green tanks, but it's an interesting concept. I think they'll have to grow on me. You can see the SAG mill going up. You can see the crusher chamber for the primary crusher in the bottom is ready to essentially start putting in the ROM bin and putting the crusher in place. And you can see in the top right, you can see the power station in the foreground, the stick building going up around it. The engines are sitting there as well at the back in the very bottom foreground, and they'll start going in there very soon. So we're on track pretty much for a smooth start-up. You can see the TSF there, the tailings storage facility. It's still under construction. Obviously, we're just building that wall. And the saprolite crusher is the last bit of concrete to be finished on site. The reclaim chamber and stockpile is more or less waiting. We're just waiting for the last bit of multiplant tunnel before it gets finished off and we start covering with dirt. The Sabali grade control, you can see the RC cutting lines there. It's pretty much grade control complete, and it's almost shovel ready. The haul road, you can see we're running past the pit there off towards the plant. And I expect to be moving ore towards the plant, hopefully, the first bucket load by the end of this month. That's the current reserves of the Kiniero project. We've got Sabali and Mansounia, but it looks like from our last round of infill drilling that those pits join up and form into one contiguous pit that will develop over the time. But at the moment, the pit is approximately 500 meters wide across the long -- the widest part, and it's almost 5 kilometers long. It's going to be -- it's a 1:1 strip ratio pit across the whole thing, and it's going to be a very highly cash-generative pit. It's oxidized upwards of 80 meters, and it just makes for easy mining, easy processing and high cash generation. You can see that there's our exploration ambitions. And again, Justin has been brought on to further expand these. But you can see there from our blank samples that there is some -- there is a lot of gold in the ground. There's gold pretty much all over the project. There's some strong splays that run down across the project. To the north is [indiscernible]. And if you go further north, it hits -- that splay eventually hits on to Fekola and Loulo and to the south, the splay extends towards [indiscernible]. So it's a very prospective region, and it's a highly prospective permit. We've got strong targets in the north that we hope to get some rigs into now to find those targets to move forward. And we've got a lot of other potential oxide targets around [indiscernible] and West [ Balam ]. So it's a lot to go. There's also some diamond drilling scheduled for under SGA. And SGA was mined by [indiscernible] for about 10 years or 8 or 9 years at about 3.5 grams per tonne. We've got a fair idea that the strike extends and there is real potential for an underground mine there that might supplement our open pit operations and kick some extra ounces into our average life of mine production profile. These are our objectives for 2025. We have listed on the ASX. I'm not sure why anyone didn't tick that box. We are working towards our mining convention with the government of Guinea, and we are well and truly under construction of the CIL plant at Kiniero. We have an exploration strategy in place. And yes, we are going to be drilling holes for exploration over the next 6 to 12 months and hoping to expand our resource base significantly. That's the milestones, and these remain unchanged since we started in 2024 since I took over, I think, in June. I assure you the secondary buildings have been constructed. I'm not sure why that box remains stubbornly unticked. But the last milestone we've got to achieve at the moment is the first gold and then commercial production. So we are working feverishly towards that, and we're hoping to have this done. Well, we're on track to have it done by December this year.

I'll open up the floor to questions. I'll answer one by [ Ryan Cherneski ]. Okay, has any progress been made on getting the establishment agreement completed with the government? If not, when do they anticipate this being completed? Well, there's 2 stages to sort of the Guinean approval process. And the first one is the mining permit itself. Now we've secured a mining permit for the Sabali Kiniero permit. We've applied for an extension to the south. That's yet to be granted, but it has gone through the entire approvals process and is sitting on the President's desk. And then there's a mining convention where certain fiscal concessions are sometimes made with the government. We haven't anticipated any concessions being made to us and the government have told us they're waiting on our permit to be issued to begin mining convention negotiations. So at the moment, we're confident we're still going to achieve the mining permit for Mansounia later this year and hopefully have a mining convention signed very soon after that. Any more questions? Okay. The move to the TSX. So yes, Robex does plan to move from the venture exchange to the TSX. I think we've outgone the TSX as we are now, and we have very little -- there is no upside to being on the TSXV when you're also ASX listed. So it is something we're actively planning. And I think I don't like to speak about time lines when lawyers are involved, but I think it's something we'll achieve either later this year or early next year. And that's it. Thanks very much for listening and for your attendance tonight. There's no more questions. I'll officially close the presentation.

Thanks, Matt, and well done. I think the meeting can be terminated. Patrick, you'll be circulating the final votes.

That's correct. I'll be tabulating everything, finishing the tabulation prepared to report and sending it off during the day. Yes.

Okay. You'll get it done by the end of the day, you think?

Well, it's going to be done probably before the -- hopefully, by this afternoon in Montreal time. So yes.

Okay. Very good. Thank you, everybody.