Earnings call transcript: Dreadnought Resources targets production in Q2 2025

Dreadnought Resources Ltd (DRE), with a market capitalization of $43.42 million, recently held an earnings call that highlighted its strategic focus on advancing the Star of Mangaroon Gold Project towards production by September 2025. The company did not disclose specific financial results during the call but emphasized key operational and exploration activities. While the stock saw a slight decline of 3.57% following the call, closing at 0.014, it has shown strong momentum with a 7.69% gain over the past week and 16.67% year-to-date, as investors evaluated the company’s future prospects.

According to InvestingPro, the stock has demonstrated significant return over the last week, with 10+ additional exclusive insights available to subscribers.

Key Takeaways

• Dreadnought Resources is targeting the commencement of production at the Star of Mangaroon Gold Project in September 2025.
• The company completed a recent capital raise to fund exploration and development activities.
• Negotiations are underway for mining haulage and processing agreements, with plans to process ore through the Paulsens Mill.
• Extensive drilling programs are planned for 2025-2026, focusing on gold and critical metal prospects.

Company Performance

Dreadnought Resources is actively progressing its exploration and development activities, particularly at the Star of Mangaroon Gold Project. The company has completed a capital raise to support these initiatives, emphasizing its commitment to bringing the project into production. Additionally, Dreadnought is exploring multiple gold targets and planning drilling programs at several prospects, including Popeye, Two Peaks, and Lead Mine.

Financial Highlights

• The company did not provide specific financial metrics during the earnings call.
• Recent capital raise completed to fund exploration activities.

Market Reaction

Dreadnought Resources’ stock experienced a modest decline of 3.57%, closing at 0.014. The stock’s movement reflects investor sentiment as they assess the company’s strategic plans and potential future production. With a beta of -0.17, the stock typically moves in the opposite direction of the broader market, potentially offering diversification benefits. The stock remains within its 52-week range, with a low of 0.01 and a high of 0.029.

Outlook & Guidance

Dreadnought Resources is focused on commencing production at the Star of Mangaroon Gold Project by September 2025. The company is also planning extensive drilling programs for 2025-2026, targeting gold and critical metal projects. The strategic farm-in with Teck on the Manyinga Intrusion highlights Dreadnought’s focus on critical metals.

Executive Commentary

• "Mining something small and high grade for ten to twelve months is not gonna make Dreadnought a billion dollar company. Delivering a major discovery is what will change our future." This statement underscores the company’s focus on significant discoveries to drive growth.
• "Drill baby drill. That’s what we’re here for. This is what’s really going to change our fortunes." This quote emphasizes the importance of exploration and drilling in Dreadnought’s strategy.

Risks and Challenges

• Approvals and social license are key risks that could impact project timelines.
• Market interest in rare earth and critical metal markets could affect the company’s strategic focus.
• The potential for supply chain issues and macroeconomic pressures remains a concern.

Dreadnought Resources is positioning itself for future growth through strategic exploration and development activities. With an overall Financial Health score of FAIR from InvestingPro, and its next earnings report due on June 5, 2025, investor attention will likely focus on the successful execution of its plans and the potential for significant discoveries.

Get access to the comprehensive Pro Research Report and detailed financial analysis for DRE, along with 1,400+ other stocks, through an InvestingPro subscription.

Full transcript - Dreadnought Resources Ltd (DRE) Q3 2025:

Presenter/Company Representative, Dreadnought Resources: Alright. It’s 10:02.

We got 45 people in the room, and just give another minute. People still coming in. Alrighty. Numbers are flattening off, so I guess we will get started. Thank you everyone for joining us.

I hope that everyone can see me and hear me, which I believe they can. And I believe there’s a presentation on the screen that says finding more gold faster, webinar presentation, May 2025. Hopefully, this all goes smoothly. So thank you all for for joining. This is our our second webinar and part of something that we want to roll out at least every quarter on the back of the quarterlies and then also on the back of any sort of significant news or change in strategy or or major events.

So we will continue to get out this this webinar platform, live q and a, two way conversations, get in front of our shareholders, answer any questions, and give live updates. So thank you all for joining, and please thank you all who submitted questions and and answered the polls going into it. Certainly helps us tailor the presentation to the audience. In particular, everyone who’s said they they’re signing in are quite familiar with the Dreadnought story. So I will, as alluded to last webinar, I’ll try and keep this, stop repeating, over who we are and background information and all the rest of that and just focus on getting the updates and answering the questions that, people are interested in.

So with that, we’ll get started straight into it with the Star of Mangaroon development. So I guess we’ll talk about Mangaroon gold project that’s front and center for us here at Dreadnought. So we’ll break that up into three components. That is the Star of Mangaroon development, adding ounces to that mine production plan, and then finding more gold faster, which is our exploration and discovery. We’ll then talk about some of the other projects.

Of course, talk about the tech deal, which we’re very excited about, and Alara and the critical metals and wrap up with the q and a at the end. So getting started with the mangroon development. So lots of questions around this. Since announcing our self funded explorer strategy back in July of twenty twenty four, we’ve been working steadily and consistently to to get the star of Mangroon, The resource is proven up, metallurgy done, the scoping studies delivered. We have that subscription agreement with Black Cat Syndicate in place.

Looking at that option to go up to Pulsans and use the mill up there. We’re currently sitting in the June. Everything is still tracking to plan. We will have the mining proposal and mine closure submissions to the mines department here in just a a matter of weeks. We will also be looking we’re currently negotiating the mining haulage and processing agreements, joint venture agreement.

So we’re in the negotiation phase of that, hoping to have that cleared out in this quarter, again, as as promised and as projected. And then, from the submission of mining proposals and mine closure plan, Demir’s currently estimates ninety days, and we expect mining approval and the commencement of mining occurring in the September. Everything remains on track. Our work plan focus for getting the starved mangrove into production is at this exact moment, finalizing the proposals and mine closure plans, finalizing the negotiations on the mine haulage and processing agreements, and then commence mining once all approvals and agreements are in place, ideally, in the September quarter of this year. It’ll be, great to see, a pit to get developed on the star of mangrove and, of course, producing free cash flow for Dreadnought and our shareholders.

Moving on. With that, everything ticking along smoothly for the mine development. Our focus has turned towards adding near term production ounces. Starved mangroon, nice, high grade resource. Has certainly has potential to print us significant money, but it has a mine life of ten to twelve months.

And if we can extend that by finding more ounces, proving up more ounces on the existing mining leases, we can extend that production to two, three, four years, and that would clearly have a significant cash flow implications for Dreadnought and our shareholders. So we’ve looking at that and how they relate to each other, M 09175 down here in the corner. This is where Starve, Mangaroon, and and then this northern north south trending soil anomaly, that’s Popeye. We have the lead gold mine sitting here, two peaks sitting right up here, and then per charge well sitting on these mining leases. So all of this is within around a five by five kilometer area.

And that’s where the blue dots is where our most recent drill program was completed here just last month, and that was the initial drill program. And we are planning to commence that follow-up drilling, May, June ’20 ’20 ’5 once we get the assay results in. So all samples are at the lab. They’re churning away through ALS. We should expect those hopefully all in May.

And once those are in, we can get back out there, do follow-up drilling at each of those each of those mining leases. So looking through some of the drilling that we’ve done. Looking at the star of mangaron, which is the areas that we started, our focus here was adding shallow high grade ounces within the pit. So looking at this long section over here, this red polygon is the resource that the that that was put out and, of course, the scoping study was based on. And this open pit is the pit that was developed for that scoping study.

And what we have highlighted here are the historical drill intercepts that were outside that resource but inside the pit. So we designed drill programs, rotating the rig to hit these hit the load at the optimal angle, and we were quite encouraged by what we saw. And so we look forward to getting these assay results. And, again, if any of these once these drill holes come off, these will add ounces to that resource. And importantly, those are shallow high grade ounces that can bring forward more significant cash flow throughout the throughout the mining process.

And so these are quite quite high value ounces to add to that resource and just improves on the already robust economics of the Starmangril pit. We’ve also drilled a couple holes as it transitions to the north. Now based on historical observations and historical workout here at the star Of Mangroon, as it transfers north, it appears to go off in sort of fault structure and then turns into the more stockwork style veining. So while the star of mangaru in itself was this sort of narrow high grade gold system, as it got to the north up there, some of the historical holes hit quite broad, lower grade mineralization, sort of twenty, thirty meters thickness. And could that be smoked to to a system?

Is it stock work? Could be quite interesting, quite shallow mineralization there as well. So we put a few holes in up there to get a our first holes up there to get a feel in in for that mineralization, and that could extend extend the pitch to the north as well. We’re quite excited by what we saw up there. We’ll see how the assays come back before we start celebrating too much because it is gold.

Moving down, so Popeye, also located on the same Star Of Mangaroon Pit. We have a schematic here of what the, the mine infrastructure will look like over the Star Of Mangaroon. And Popeye, sits down here in the Southeast corner. And what we have down there is historical drilling. Popeye, there was a historical bore sink for for water that hit high grade gold.

We put the first drill holes into that at the end of last year, hit three meters of 22 from just 13 meters down. Popeye certainly has a chance to turn into another shallow high grade pitch within within the existing mining lease there at Star Of Mangaroon. In this drilling program, you can see little arrows on the blue dots that we have on there. We drilled quite a few different orientations trying to figure out what the what is controlling that mineralization. Are these East West veins.

Is it running along? We have this fault offset mafic dike that’s running up through here. You can see a major fault offset coming through here. There’s a mineralization within within the dike. We did see veining within that dike, mineralized veining within the dike.

We also potentially saw thicker veins developed along the side of that. So there’s real intense north south shearing running up and down along that that major intrusion and, of course, the brittle offsets within that. So are these wings are extending up to the up to the west? So these holes over here tested. And, of course, there were some historical trenches over here on the other side just off the edge of the mining lease where there was some some gold in there, so we put some holes out there.

Any gold that we found outside of here, clearly need additional mining leases and things like that as as we progress, but anything within in this main trend in here is on that existing mining lease. Popeye, intense alteration, some really attractive looking veining. We’re very excited by what we’ve seen and mapping up and down that intrusion, that’s that that structure that’s running up and down that along that mafic dike, all looks very, very exciting, and I certainly imagine that we’ll be doing more exploration drilling all up and down that mafic dike, which as we saw in some of the previous slides, that thing runs for about 1.8 to two kilometers in strike. And so I certainly see us doing a lot more work along Popeye. Really nice alteration, really nice feigning.

We’ll see how the assays come back, but if we continue to get those nice high grade gold results, it could be quite significant for us. So very excited about what we saw with Popeye. The other side to that is that follow-up drill program that we have coming up next. So once we have these positive drill intercepts from this drilling, we have two rigs coming up in June. ’1 will be an RC rig to continue extension drilling, follow-up infill drilling, and also a diamond rig, which will go in twinning some of these, any any significant intercepts that we get, again, to help us unlock and and understand the structural controls, the orientation, the vein and alteration, and the rest.

So we’ll be able to move quickly on this, decipher what’s controlling mineralization and get stuck into it and get these things converted to resource very quickly. Two Peaks. Two Peaks is a historical mine up to the north. This was essentially a a drill, blast, and detect operation. There’s a historical mining void that was running sort of to the northeast up along this, so it runs up this way for a couple hundred meters.

It’s around ten, twenty meters wide and five to 10 meters deep depending where you are within the pit. And sort of when you go inside the pit, you see a lot of veins that are in the pit walls. And when you look at the historical descriptions of two pigs when it was being mined and by people who visited it while it was being mined, those interpretations range from East West veins all the way to North Northwest trending veins. And and, again, you look at that in the pits running northeast. So, generally, people tended to mine in the orientation that gave them the most gold.

So previous drilling that had been done up here by some of the prospectors in previous previous groups had drilled sort of parallel to these pits targeting essentially an east west vein orientation, and they were not overly successful. And so the two explanations for that is that because it’s nuggetty gold, because it is quite nuggetty, so drill blast and detect, Or is it because that’s not quite the optimal orientation or the main control on gold mineralization? And so what we wanted to do with this drill program was actually look at that and say, well, if this is plunging, if that is the main orientation of the gold, it would potentially very easily be going underneath that drilling, dipping underneath the previous drillings. It’s only about 20 meters deep. And so we swung the rigs around, tested underneath the trend of the mineralization, And each of those holes, all three of those holes actually hit quite significant mineralized veins.

So the mineralization appears associated with a lot of lot of galena, a little bit of copper. And, generally, like, a lot of these base metal systems that we have appear like a lead gold mine, for example. That was originally fine by mining for the lead, and then the gold sort of infills around that around that lead. So still free gold, but we hit some very thick base metal mineralization within some of these holes. Very exciting.

Exceeded expectations. We’ll wait and see how the gold assays come back, but we’re very excited about what we saw and that interpretation that it may be been drilled the wrong orientation and be dipping under that that previous drilling. It’s certainly supported by what we’ve seen visually, and we’ll wait to see what we get from the assays. We’re very excited by by that two peaks drilling. Perchard 12, another one that we were quite excited about.

This was alluvial gold mining back in the nineties. I’ve tried to reach out to to the people that that started the mine, but haven’t gotten a response. I’m not sure if they’re still clear. But we have, you know, essentially, from what we understand, alluvial gold was produced here, and they got to the base of the creek. And there was outcropping loads, quartz free gold in quartz loads sitting underneath it.

Again, with the base metals like we see a lot of the other prospects, Galena tends to be the most common. And what we have here, Fox Resources in in February, came up and drilled a hole, backed up the rig to the load, and drilled a hole towards the Northeast and got three meters at 10 from 65 meters. These holes were then twinned by by a prospector Tony Stinn who had the who the ground and didn’t get as much love. So, again, you sit here and go, is this because the gold is snuggling, or was it not quite drilled in the right orientation? And one of the things that stood out to us is they backed the rig up to the loads.

They’re only about five five meters away from that load horizon where the workings and diggings are, and they hit the load down at 65 meters depth. So to me, that said that, that’s either not the load they were hitting or the load dipping back the other way. Now we don’t know what the downhole trend is on those, but we took the interpretation, that the load that they backed up to and hit at 65 meters depth is not vertical or dipping back down to the to the Southwest, but is probably either vertical or dipping back down back towards the Northeast. So we took the rigs to the other side of that load horizon, the orientation that hadn’t been tested before, and all four of those lines intersected the load dipping to the Northeast, a mineralized load. We don’t know if it’s called bearing just yet, wait for the assets.

But with both all all four all eight of those holes all hit load horizon that could be traced across the the two lines. So we’re very excited by that. So it looks like we have that interpretation is probably holding a bit stronger. Will there be gold in there? It certainly helps out.

It certainly put a lot of gold from the surface on it. So, again, wait to see how the assays go. But, again, very happy with that first drill program to test that orientation. Nice, consistent geology and observations in the drilling on the mineralized veins. But, again, as always with gold, we’ll wait and see how the assays come before we celebrate.

Oops. Sorry. I’m clicking the wrong things. And then oh, lead mine. Sorry.

Don’t have lead mine in here. Lead mine mined by Bob Dory. Let’s go back up real quick. So lead mine sitting down here. This was mined by Bob Dory.

He’s actually been out here since 1979. We’re the first company to to do a deal with old Bob. And they mined the alluvials and went underground and out there at the lead mine. A lot of the the lead mine was the first area, actually, gold was discovered in this region, and that was essentially Alan McDonald identifying lead to take down to the Northampton lead smelter, which is the government battery, which was built in 1954. And in the late nineteen fifties, Alan McDonald went out here to a lead appearance and took some of that lead down to Northampton.

And the story goes that when they put it across the battery for the lead, over an ounce per ton gold came out from that lead concentrate, and that was the first indication that there was gold out here at at Mangaroo. And then that became a more of a gold focus than the lead. So those lead veins that sit there at the lead mine are these sort of stacked flat line shallow dipping veins, but they happen to sit in in a structure, a shear structure that runs off here to the to the Northwest, the West Northwest that comes through here, goes past what we call Hudson, past Gilmore’s, and all along this all along this shear structure. And so what we did was a number of drill holes to to test closer to a cross cutting mafic tank that runs through them, and then we also drilled some of the holes to the north to test the the actual shear structure itself. While the the lead mineralization is mostly hosted in sort of flat line shallow dipping vents, that shear structure, which could be controlling mineralization as well, is is quite vertical and dipping down to the south the Southwest.

So we put some holes into that different orientations. Quite excited about what we saw. Again, mineralized veins associated with Galena, and, we’re quite excited to see what those assays come back with. So we all those assays are at the lab. We should see what, is coming up from those here in the next couple of weeks.

So going back to our timeline, so this is for our our strategy of adding near term production ounces. So we’ve shifted this time frame over now. So June, this is where we are right now. We’ve completed that first drill program on the mining leases. We expect the asset results hopefully this month.

We’ll then get back up there in the June as soon as we get the asset results, do further drilling on the mining leases following up those drill results. That’s Diamond and RC. Get that framework drilling in place, get those asset results in. And in September, we’re doing a resource drill out pending the results, of course, of all that drilling on the mining leases. Also, with this program in June, all the diamond drilling and and our sea samples will be used for metallurgical test work, so we expect to get those assay results back in September.

And then in September, December, with the resource drilling asset results in hands, pending results, get out those initial resources on the mining leases, get the additional studies done, and have approvals in place for the March 2026, which will be right in line with the Star of Mangaroo into production. So I’d to highlight there’s quite a few things in here that are pending results, but I just wanted to paint the picture of should we have success. These are granted minor leases. They did mine gold, so, hopefully, there’s gold on them. So should we be able to hit that with the drill rig, we will have the first round of drilling completed, have a second round of drilling to set the framework, confirm we know the orientation and controls on mineralization, get that diamond core results to help us understand that, and also give us material from test work and geotech and all the approval materials.

Have another resource drilling program in September. The nice thing about small high grade gold is they tend to be, they tend to be pretty quick to drill out, have initial resources, and then studies, and, again, everything lined up so that we can have mine approvals and get these near term production ounces added to that production profile while the star of Maine runs in production. So that is our focus on adding near term production ounces, which you’ll see is very busy and a lot of focus for the remainder of this year. Moving on to finding more gold faster. Now this is our exploration and discovery.

This is, why we did the most recent, capital raise. There’s a lot of money in the market to fund gold exploration. And instead of, getting just focusing on getting the star of mangrove into production, becoming a self funded explorer, and then funneling that money back into exploration and discovery, which is ultimately what drives the share price and and market capital company, for a junior explorer like ourselves. This has allowed us to bring all that exploration and discovery drilling forwards a year to a year and a half to to now in parallel with what we’re bringing the start of main grid in production. Allows us to have more rigs, more drilling, more meters, and, and hopefully, discovery to go with getting, free cash flow generation from start of main grid.

So, recycling some of these slides from previously, talking about underexplored. You know, this is, Mangoren doesn’t have a whole lot of drilling on it. It took any other gold region. Lots of drilling. So how much gold are we going to find out here?

There’s never a guarantee. But knowing there’s a a very fertile gold system, we continue to find more gold. It’s a very exciting place to put drill holes into trying to open up that greenfields to scrub these holes. Historical workings, there’s lots of gold that hasn’t had any drilling. There’s significant cover.

This gives us walk up drill targets and also, undercover targets to go after with the aircore, and there hasn’t been any historical aircore drilling out here. So that could be quite, quite successful, quite a useful tool. Our stream sediment sampling, target definition work, generation work, all of this is is still going in the background. We’re hoping to finalize a lot of this target generation work, the stream sets this quarter. I’m heading out bush again next week or the week after, and we’ll be finalizing, getting rid of, getting a lot of these stream sediments done at Borda and the high Range.

And, of course, our target definition with this next drill program getting stuck in some of the walk up drill targets at Borda, Mingampar, and around the star. So, again, looking at some of those targets like Midnight Star, Midday Moon Cullens, we have heritage surveys kicking off on those very, very shortly. Get stuck into those and and get those. I think that’s locked in for June. And then we’ve just completed heritage over Steve’s Rewards out of Porta and a few other targets around the Star of Mangaroon and the Porta of the Thudgrees.

So very, Frank did a great job working with, Thudgrees out there on that one. And we’re all clear, so looking forward to getting stuck into Steves’ reward and getting into, you know, bringing forward some of these discovery drilling to see what we’re actually gonna pull out of this. So quite very exciting to see what the discovery drove it will come with us. And, of course, as we continue to do more soils and more streams, there’ll be more targets filling this pipeline. So target generation, that streams and the geophysical surveys, are ongoing at the moment, We hope to have all that target generation work or the vast majority of it done this quarter.

And then in the background, in between drill programs, delivering those soils with the help of all with the Ozex And and, of course, mapping with ourselves out there, getting stuck into these targets as we define them and get ready for the drilling. And as far as the targets that we already have defined in June, as part of the follow-up drilling on the mining leases, we’ll also put first drill holes into Steve’s reward and inevitable. We’ll get those asset results come July, August, September as part of that drill program. Any follow-up drilling at Steve’s and inevitable pending results. And our initial drilling at McCarthy’s, which is the new mining lease we picked up down at, down at Cobra, Midday Moon, Midnight Star, and Cullens.

Depending on the timing of that heritage survey, we might be able to bring some of those forward to the June program. We’ll see how that goes. Again, asset results, constant news flow, multiple drill programs, lots of results coming through December, start of that December, follow-up drilling, on any of those successful programs and potentially any new targets that we define in the meantime. And, of course, the assay results, you’ll see a gap there. That’s when we’ll head down to alarm and get stuck into alarm.

It gets pretty hot and pretty miserable at Mangaroon, and so it’d be a good time to look down to the goldfields. And then June, June, we’ll be back up, back up to Mangaroon, follow-up any areas of the aircore drilling along the Mangar Bar and Edmond Faults, and, of course, any RC drilling. And, hopefully, we’ll have our targets defined and approved at this stage for the high range. Very excited for what the high range will will provide for us. Some very strong stream set anomalies up there and get that initial drilling done up there.

One of the things that’s really important I wanna I wanna pull out to this because that we have done the the recent capital raises, all these programs are funded. So this is all work that we can now commit to, and, you know, there are a lot of results in here that are pending results, but we’re going to generate new targets. There’s gonna be successes. There’s gonna be some that aren’t successful. But, this is all funded work as part of, as part of the cap prices that we have completed.

So we have a solid year plus in front of us, of doing multiple drill programs, lots of assets, lots of bites in the cherry in addition to getting the start of main green into production, which should be well generating cash flow by by that time. So that work plan focus here, build the pipeline quality targets and drill them, line them up, and drill them down. Drill baby drill. That’s what we’re here for. This is what’s really going to really gonna change our fortunes.

So while we’re still at Mangaroon, talk about the tech farm in and joint venture. You’ve heard me repeat myself a lot over the last few months about how we’re doing deals in the background. This tech farm in took fifteen months of going back and forth with tech. So it’s it has very, very happy day to actually have this put out there and confirm to people that I’m not just lying when I say I’m talking about doing deals in the background. So this has been fifteen months in the working.

Very excited. I personally love the money intrusion. It’s not a great market to be, trying to fund nickel exploration ourselves. So to have a partner like Teck come in, and work with us to advance this, I’m I’m extremely happy. I’m extremely excited.

Andrea and her team there at at tech, the technical team, they’ve been chomping at the bit to get out here since the end of last year. So very excited to work with them and and see what what comes up from the from further work out here at the money intrusion. So $15,000,000 farm in. So one of the things that’s quite important about the money intrusion, it’s not a it’s not a commodity on nickel. It’s not a nickel play.

It’s actually copper and nickel. It’s a 50% copper and nickel ratio. And so what we have with that, you have the potential for a project that can stand on its own two feet based on the on the copper, and then the nickel gives you that what does the saying go? Well, nickel makes money once every seven years. So it gives you a chance to make the super profits once every seven years.

So it’s a it’s an attractive copper and nickel play. We’ve got a partnership there with Teck, fifteen million dollars, for them to earn a 75% interest, committed to $1,000,000 in the first eighteen months. We’ll be meeting with them, I believe, next week or the week after, to talk through access, boots on ground, see how they can interact with some of our rigs that’ll be on-site, see if we can finish up that program that was left half finished by First Quantum. And, of course, I think they have some pretty exciting geophysical surveys planned up as well. So looking forward to working with them, managing all exploration, which allows the much smaller team here.

Try not to stay focused on delivering the gold strategy at Tamingo and Malar. So this is strongly aligned with our with our gold strategy. It’s continued low risk exposure and to the base metal potential with the money intrusion, and, it does not impact any of our key gold prospects nor does it impact on Dreadnought’s, capacity to deliver on our drill programs and our work programs focused on gold. So very excited. I’d work in tech.

Looking forward, really excited as well to see the money intrusion. And after fifteen months of negotiations, it’s quite cathartic to have that done. So very excited with the tech, and, hopefully, we’ll see some success continued success from the money intrusion and some massive sulfides. There’s nothing more exciting than seeing massive sulfides in the droplet. Which takes us to the Alara Gold Project, which is also part of our finding more gold faster exploration and discovery funding, that was done on the back of the recent capital raises.

The Alara project, quick overview. It’s been in our portfolios. It’s one of our original assets from 2019. However, not much work has been done out here since 2021, start of ’20 ’20 ’2 when everything became focused at Mangaroon, in particular, on the rare earths and critical metals. So we’re right next door.

We’re in a fantastic neighborhood. We’re right next door to Mount Ida, RN. You have Delta Lithium who’s currently spinning out to the gold assets right there just a couple kilometers away, next being still built over, or Abanda who’s finally they managed to crack the code there and actually kicking goals left, right, and center, getting those mills filled and and printing money. So we’re in a we’re in a very good neighborhood. We’re right next door to all these very successful explorers.

And similar to Mangaroon and developers. And similar to Mangaroon, again, almost no drilling on Alar. It’s probably the least drilled green stone belt in in the Yilgarn. We are extremely excited. There’s never been an Air Corps program out here.

That’s what we’ve been wanting to do on these dual core programs since 2019, ’20 ’20 when we started. But back then, we didn’t have the funds to commit to an Air Corps program across the across the belt, so we’re extremely excited to get stuck into that, later this year. A lot of that groundwork’s been done, a lot of the project generation definition work. And so we have essentially gotta get out there and put the drill holes in to the areas we wanted to drill for for quite some time. Meske’s fine.

We also have the small high grade resource sitting out there, which remains open to the north. I haven’t put any open arrows on this one. Oh, there is a couple. But, yeah, there’s plenty of plenty of opportunity to to add to Metzky’s resource and extend that to high grade, and we’ll be doing that as as part of our work programs. We’ll find more gold faster over the next couple of months.

In the background, we’ll be reviewing, targeting, and drill planning. And then once we finish up at Mangaroon, for the year, once it gets too hot, we’ll migrate back down like Grey Nomads to the Central Yogon. December Quarter, the initial Air Corps program across Black Oak, Homestead, Central Alara. Been, again, been dreaming about this sort of Air Corps program for quite some time. That’ll be very, very exciting to see what that pops up.

And, of course, additional RC drilling at Metzkys and any of the other, targets should we feel they they rank high enough, to take place of over the aircore or any other work. As a result from that over over Christmas, start of next year, And first thing next year, while it’s, still pleasant in Central Yogaran and still bloody hot and covered in flies up at Mangaroon, we’ll start drilling, out at out at Central Yoga, out at Alara, follow-up aircore drilling, RC drilling, and, of course, additional assay results. So we’ll be nonstop at Mangaroon, consistent presence until the end of this year. Our last drill programs this year will be at Elara, and our first drill programs next year will be at Elara before getting back up to Mangaroon in the June with the drill rigs during the exploration. So our work plan focus here, it’s pretty simple.

It’s exploration, build a pipeline of targets, drill. So that’s our that’s our our strategy here for Alora. I’m very excited to still have that in in our portfolio. It takes us to the Gibbard Creek Aquantide Complex. There has been lots and lots of talk of critical metals and things like that around the place lately.

So the chance to sort of talk about the Gibbard Creek Aquantide Complex, our focus is on gold, but we do have this leverage and this this opportunity sitting here within our portfolio. But the Gifford Creek Quabontide complex, it’s a significant critical metal potential. It’s a very large Quabontide complex, one of the largest in the world. We have multiple zones of of rare earths, niobium, titanium, phosphate, and scandium mineralization. You see people talking about all those at the moment.

We we have a lot of them at the at the Gifford Creek. You know, for example, 12 meters at 320 ppm scandium from 48 meters, 10 at two seventy. We have eight percent, 12 percent titanium. We have meters out there over 22% titanium. And, of course, six meters at a percent zirconium.

And that’s one of the reasons why carbonite complexes have such a high proportion that actually end up as mines. It’s sort of one in 10 versus one in a thousand or one in 10,000 for other commodities. There is a lot of critical metal potential at the Gafford Creek carbonite complex. There’s a lot of a lot of value, a lot of upside, a lever sitting here for for, you know, for doing a commercial deal or when sentiment changes for a lot of these critical metals. Sometimes you see sentiment change, but the prices aren’t changing, so it’s not quite reality.

But we’re seeing that for a few metals. Gifford Creek carbonatides, we had the stinger discovery somewhat recently, some fantastic Niobium hits. Some companies out there putting out the point 2% in our resources. We put on exploration targets at over 1% and and then point 6%. That’s quite significant tonnages.

These are opportunities waiting for commercial opportunities. And as we see this return and and and sentiment towards critical metals, be it the rare earths, the titanium, the niobium, the scandium, the fos, or or whatever else, zirconium, Gibbard Creek Bontide Complex has a lot to offer. And so I don’t want people to forget about this sitting here, and, hopefully, we can find a commercial outcome that benefits all Dreadnought shareholders, for this asset. So in summary, so hopefully, going through some of the more detailed timelines back there, finds a bit more, detail on on what I mean when we put up we’ll continue to put up this work plan summary with our with our announcements. Starve, Angkoran development, get that agreement done this quarter, approvals, commencement of production, second half of the year, continued production through 2026, adding near term production ounces, the granted mining leases at Starve, Angkoran, Popeye, precharged lead mine, two peaks, get those drilled, deliver resources, and do studies, all pending results, and get the approvals and commencement of production next year.

Finding more gold faster at Mangaroon and at Olara, this is where we’ll see our our team migrate and forth. So we’re drilling quite a bit out at Mangaroon for the rest of this year. We’ll finish up this year and start next year at Olara, drilling Metzkys, Lawrence’s, and all the aircore drilling, and then back up to Mangaroon in the June for high range traditional aircore drilling. Lots of drilling, lots of programs, lots of news flow, lots of results, and hopefully, of course, gain that cash flow into production. So work plan focus, number one, get the star Mangaroon into production, add ounces, and deliver gold gold discoveries and continue to build that pipeline of quality targets for additional discoveries.

That takes us to the end of the presentation. Thirty six minutes, not too horrible. And, also, thank everyone. We had quite a few last minute polling responses and questions received, so hopefully, got most of them in here. Again, today, I’m worth time.

Perth time works for most of our respondents. We’ll continue to target this time for people, and the recordings will be made available on the back end. All respondents are somewhat to very familiar Dreadnought, so I’ll continue to keep these webinars, try and keep it away from repeating myself on some of the background information. Then the announcements we put out to the market will still have the background information for the shareholders. Interest from respondents was I thought this was quite interesting.

Was it roughly fifty fifty regarding, their strategy for near term gold production, which I misspelled, and, of course, the latest exploration updates and drilling plans. So we have about 5050% of our shareholders really wanted to hear about the gold production, and the other 50% really want to hear about exploration. So that’s good. That is what we are focused on, and, hopefully, I covered off quite a bit of that in this presentation. So our question themes, the timeline for SOM production, I’ve covered a lot of that.

I’ll talk a little bit more about it now. Our reasons for the cap raise, again, I’ve spoken to quite a bit of that. Updates on the other projects, I’ve spoken to part of that. Where is Dreadnought on the Lassonde curve? I should just have a constant slide for all of our presentations on the Lassonde curve.

That seems to be a repeating question everywhere we go. And, of course, some questions on our upcoming news flow. So webinar questions, timeline. So I I just stole this repeated this slide from the last presentation. We remain on track for everything that we’ve put out since the beginning of announcing the strategy.

Everything does remain on track for getting those agreements done and the approvals and commencement of production by the end of this year. So other questions related to that, have we secured the relevant diggers, haulage trucks, labor force, and has the haulage roads been completed from a to b to haul our high grade gold for mining later this year? We are first wanting to finalize the operational agreements, which we’re currently negotiating prior to locking in any contracts. We’ve also received numerous quotes and tenders for the work, so we do have we do have the quotes and the interest there to get the work done and the and the and the quality teams and quality companies to get that work done. The status of appointments of mining manager, project manager, and managing mining transport to milling contracts and the status including timing of mining transport and milling contracts.

So everything at the moment is still being managed by by Alistair from from Black Hat and, of course, with contributions on our side from Stephen Foley. Again, we’re wanting to finalize the operational agreements prior to locking in any additional personnel that we may or may not need and negotiating the agreements, several quotes and tenders received for for all of those aspects. And how are the haul mine process agreements proceeding? Approvals and commencement of mining are still on track. We’re in the process of negotiating agreements, and all approvals and commencement remain on track.

So I guess, one of the things with the ERP, we really want to have the agreements bedded down before we start signing contracts or committing to things. If we don’t have the agreement in place so we have a very close relationship with with Black Hat at the moment, and by all means, it looks like we’re going to finalize an agreement, and all this ore is gonna end up going through the Paulson’s Mill. But until such time as those agreements are signed, I’m not gonna put all my eggs in one basket, and we’re going to keep to make sure we have all of our options open. So we always have to have a plan b, plan c because you never know what’s going to happen. So, for example, if we start signing these haulage agreements and we for whatever reason, a deal with Black Hat doesn’t come through and we end up processing something on-site, then we’ve entered into a contract that we’re not going to execute.

So that’s why we’re waiting to finalize all these operational agreements. Once we have that that structure set up for how, this ore will be mined, where it’s going to go, again, by all means, Black Cat’s a significant shareholder now. So we certainly envision all this going to Paulsens, which would, certainly love to have the high grade feed coming from the star of Mega Run. Once we lock that once we lock that agreement in and have clarity around that structure for how this will operate, we have all of the tenders and the quotes in for for all for the camps, for the mining, for the haulage, for all of the rest of it. Once we have that management structure overarching agreement signed, we will then, enter into all those agreements, get any people that we need to to help deliver, the operation.

So until then, we’re not signing anything. We’re not in a rush to sign anything until we have all of our eggs, in place. Why the recent capital raises? Hopefully, talked about that a bit in here, and that really was to allow us to bring forward the exploration discovery drilling by a year to a year and a half While mining the Star of Mangaroon provides us with the means to change our future, a major discovery is what will change our future. And so mining something small and high grade for ten to twelve months is not gonna make Drenaud a billion dollar company delivering a major discovery and being able to bring that discovery forward by a year to a year and a half, and certainly bring that forward a lot faster.

That’s what we’re here for, and we’re very, very excited by what this funding position’s allowed us to do. As you can see, we have quite a quite an extensive exploration plan ahead of us for the next year, year, and a bit while we get the Starving Ground into production. That extra capital also provides us with the flexibility and a stronger negotiating position for getting these agreements, mine development timelines, and negotiations all completed. Share price recovery. Not much of a question, more of a statement.

So, how are we going to get the share price to recover? As we’ve stated several times. One, get into production and produce cash flow. Number two, make a discovery. And three, the free kick, the leverage seat, return, and sentiment for prices for critical mass.

Are you happy with the results we’ve seen so far? I talked about some of the drilling programs. Yes. The visuals from drilling met were exceeded expectations, but gold is gold, and we’re waiting for the assays before we pop in a saber and a champagne. What outside interest is there in our Kimberly project?

So we have received some unsolicited inbound interest and companies are currently reviewing. We have not, as a company, made a decision whether or to divest, the Kimberly at this stage. We remain quite optimistic on Kimberly. So but if a good deal came across, a good partnership or whatever, then we’d certainly consider that, but we haven’t made an official decision. We have not gone out to advertise the Kimberley project to anyone at this stage, but we have received some unsolicited inbound interest.

What we got here? Shared price is heavily leveraged to the rare earth market. What is the outlook for demand and price, and what are the main factors to both demand and price? This is almost a loaded question, and I think if we listen to all the all the all the experts or supposed experts out there, they would all give contradictory comments. Certainly, if you listen to Adamas, the, neodymium price would be four times higher than it is now.

So, you know, it’s kind of a loaded question to to ask, but the rare earth market is just some things to point out. You know, the rare earth market’s even smaller than the lithium market, and what I have to do is look back over the last ten years of how that supply and demand pricing imbalances that has gone through as a mine comes on board, floods the market, market catches up, another mine comes on board, floods the market, market catches up. These critical metals will be rocky roads because they are such, historically such small markets, and it doesn’t take much production to flood the market and then play catch up. And lithium for the last couple of years has been a great example of that. Rare is even smaller, so I expect to see sort of similar, similar pathway, I would say.

The rare earth market is also much more complex than lithium, in particular, given the spread of rare earth elements that occur together and the different applications and prices. There is certainly no demand for lanthanum and cerium, but there is a infinite demand for dysprosium and terbium. So, unfortunately, there’s a lot more of bathroom and stream around with all these rare earths, and you don’t get one without the other. So, there’s a lot more complexity in the rare earth market as well, which adds which adds to, demand and and price fluctuations. And what the market wants demand, another important thing, that a lot of people seem to not, fully appreciate in in in the news and the rest of it is that the market doesn’t want rare earths.

They they want rare earth magnets. There’s it’s a very big difference, especially to get from rare earth to rare earth magnets is a very long supply chain of which is completely controlled by China. So there is no material Western rare earth manufacturing, and so the pricing for rare earth is completely set by China. So even if you have western mines coming into production, it’s still going to go to China to get processed into the materials that end up in the magnets, which are also made by China. So that’s, I think there’s a lot of hoo about rare earths.

There’s no shortage of rare earths. There is a shortage of of demand for diversification of rare earth magnet supply. And a lot of that’s around, you know, what where’s the demand to anything that’s electronic. Anything that requires conversion of physical energy to electric energy or electrical to physical energy, requires, a rare earth magnet to a magnet rare earth magnets for more efficient ones. So your EVs, your robotics, your, wind turbines, even the you know, they talk about EVs having big rare earth demand, but, even if you took out a rare earth an EV, there’s still a lot of rare earth magnets inside a car because your electronic window up and down and your seats moving all around and, essentially, they all have rare earth magnets in them.

So it’s it’s really driven by rare earth magnets, not rare earths. And until we see an emergence of a non China controlled rare earth processing and rare earths magnet manufacturing stream, you know, is going to continue to be set by and controlled by China. So who knows? You know, look at the things that have sparked, you know, most of the price runs that we’ve seen in Reuters in the in the past ten, twenty years has been set by China trying to control things. So we will continue to see what happens there as geopolitical events play out.

How does the government’s recent announcement of strategic critical mineral reserve affect the near term plan? Probably agree with a lot of Amanda Lacaz on this one, but it does not change our plans for seeking a commercial outcome for the Gifford Creek Biotech Complex. It perhaps will create the incentive for other parties to make attractive propositions that return or provide value for our shareholders. So I won’t talk too much more about that one. I’ll let Amanda continue to fight the good fight there.

Please outline here we go. The song curve is always here. Please outline or clarify the stage. Dreadnought is at with regard to production. Is it in the very early stage, I.

E, late development, or have we gone into core production and earning cash? State the position in regards to the sine curve with actual sine curve picture. Also, if we are in early production, why are we still at $1.04 cents? Firstly, we are not in production, so we are hoping to be in production by the end of this year. And as I said to the last webinar, I’ve I’ve taken the slides modified the slides from the 2023 presentation that I gave.

The Lassonde curve is for discoveries in mineral properties or projects. It’s companies don’t sit on the Lassonde curve projects and discoveries sit on Lassonde curves. If you’re a single company project, then it might seem like you’re on the Lassonde curve. But if you’re a multiple project company like like Dreadnought, we have a pipeline of prospects, a pipeline of discoveries, each one of those at a different stage of the LASON curve. And I think that’s, you know, that’s quite important.

You know? You know, just think about, you know, the amazing success that we’ve seen with with Spartan, you know, Gascoigne that was a, you know, that was a producer. That was that was up here mining, going when it goes into receivership, and then you have this sort of concept prediscovery thing sitting 50 meters away from the pit edge, come up and just boom, ramp up and run this thing. So where what stage was was that at? Again, it’s it’s prospects, discoveries, and projects that sit on the Lisson curve, not companies.

So, so with that said, I’m sure there’d be some debate if people wanna get pedantic about some of these things, but I had a quick little stab of of where things might be sitting. Stars of Mangaroon, furthest along, hopefully coming into development at the end of this year. So hopefully coming up out of that trough period. The Yin, rare earth, c three, all got to the top of that and fell to the trough, and then prices tanked and sentiment tanked for rare earths. And so it’s sitting down there in the trough just rocking back and forth at the moment.

And Metzkys is sitting down there, so I think we’ll see a revitalization of Metzkys by the end of this year and get that going and get that following in the star of mangorin project trajectory as well. Moving further back down to the sun curve discoveries, things like Stinger, Niobium, Orion, and Kimberly. Sitting right here at the early stages of discovery, I’ve got things like the money intrusion. You know, we have the drill intercepts there, but we don’t have multiple in there proving a discovery on a three economic intercept showing scale sort of guide to to use the word discovery. Popeye, Pritchard’s, Two Peaks, lead mine, McCarthy’s.

These are all sort of prediscoveries. So discoveries been made. They’ve mined gold from them, but there’s no really drill intercepts in there showing scale. So I have all those down there at that early early stage discovery phase. We hit some good gold there.

I think we’ll see some some good reactions out of that for multiple reasons, adding the production ounces. Who knows what that will turn into? Very, very exciting stuff there. Prediscovery, things like Steve’s reward, midday mood, midnight star, a lot of the stuff for Alara. That’s, you know, that prediscovery phase.

You know, that’s targets defined, targets being generated. We see we’ll see a lot more. There’s a lot more in that space. Just don’t wanna fill up the room with with all those targets. And then, of course, the concept stage, this is our sort of camp scale targets.

That’s the Borda. You know? So while inevitable and Steve’s are in Borda, Borda has a lot more to give. So there’s a lot more to come out of their high range. I think we’ll see a lot of good targets come out of that, the Minga Bar, the Aircore drilling, and, of course, Alara.

So we have quite a few prospects all along the Lassonde Curve. We’ll fill that pipeline. And anytime we we get a major discovery sitting there, that could really, really drive us with Starman Green in production and everything else. We have multiple drivers, multiple prospects, seen at multiple stages on the zone curve. Well, probably discontinued to have this slide in all our presentations.

I seem to get this ask this all the time. How often will you be publishing announcements this month onwards? Are you doing more scoping studies on the other gold tenements? And will we do more with drilling, with the grants given by government? So no slow should be fairly consistent from from this point on.

Hopefully, some of those more detailed, timelines show that every couple months or, I guess, every couple weeks, I should say, we’ll have, quite a few, quite a few announcements coming through on drill results and commencement of drilling and the rest. We did have quite a few shareholders and institutional funds request less and more meaningful announcements. One per week was probably a bit too much. So probably aiming for probably once a fortnight or as determined by significant results as they come in. Once we confirm super mineralization and deliver the resources on the mining leases, we will then, at that stage, undertake the additional studies.

And at the moment, there is no further way of drilling being considered at this time. Excellent. Well, that’s all of the prequestions that have come through. Room’s filled up a bit more since we started. So I don’t know if there’s any other questions from from anyone.

We can open up the chat or see if any other questions come through. Give that a couple minutes. So I think it’s again, thank you everyone for for for getting on board. We got the first drill program underway, anxiously awaiting those drill results. We’re already planning up that follow-up drilling and, of course, drilling of inevitable steve’s reward and the rest.

And as the the rest of the year comes through, we have lots and lots of drilling ahead of us. Hopefully, some discoveries to be made. The aircore drilling of both Mangaroo and Olara, I think, would be quite game changing. It’s the first time these areas have been been drilled with aircore. Go to any other gold province anywhere in Australia, the place will be just absolutely peppered.

So who knows where we’re gonna pop up from that drilling, and that’s part of the excitement of exploration. So we’ll be defining targets and getting those targets drilled, and we’re fully funded to deliver all that. And and, of course, the star of Mangaroon get into production is on track. That remains approval’s underway. Agreements getting finalized, and so we remain pretty consistent in getting through this for this year.

Question from Charlene, are you not presenting at the Gold Coast this year? We have scaled back on conferences this year, trying to do more more webinars and webinars like this. We I am presenting next week at Brisbane at an AUSTEX AUSTEX launch with AUSIMM. And so we’ll be I think that’s Wednesday next week. We’ll be presenting there.

I’m trying to target these lower cost conferences. Conferences can be quite pricey. And so we do have Noosa. We are in for Noosa this year, so in June. So very excited to thank those guys for for letting us in.

So we’ll be at Noosa in June, and then our third conference for the year, will be Carrie’s Gold Conference down in Sydney. I believe that’s in October. So that’s given us our AU at the start of the year, Noosa midyear, and Carrie’s, at the end of the year. And I’m trying to do a lot more of these webinars and get in front of people. That doesn’t cost thousands, tens of thousands of dollars like a conference does.

So but we’ll be over at the, over Brisbane next week and at NEWSA in in June or July whenever that conference is. Question from Gary. What is the also, thank you, Charlene, for that. I look forward to seeing you. Hopefully, we’ll see you at Noosa or at or in Brisbane.

Gary, what is the single biggest bottleneck or risk to unlocking the value of our most promising assets, and what would it take to remove it? What is the single biggest bottleneck or risk to unlocking value? Jesus. There’s so many ways to the single biggest bottleneck. Look.

In this day and age, risk there’s always technical risk. You know, that’s exploration. So, you know, the single biggest risk is is that there is a nut, and that’s a technical risk, and that’s what we’re in in the field of of doing. We define good targets. We line them up.

We get them drilled. What is the single biggest risk sort of outside the technical risk, you know, and to me, it’s always the social license to operate. It’s always approvals. Approvals aren’t getting any easier. We have quite a few initiatives that we work with.

Have great relationships with other native title groups. We’re always trying to build on those. We recently started publishing a community newsletter, which actually goes out to the specialist, the stations, the native title groups, and also also the Shires. Again, just trying to keep people having that open line of communication, what we’re doing, how we’re communicating with everyone, how we engage with the stations. You know, it’s it’s really a social license to operate.

Frank does a great job. I like getting out there with the TOs and and getting things done. And I think we have some good relationships there, but I think, you know, when it comes to the government, red tape, green tape, all that tape is always a bottleneck and a risk to anything. What keeps me up at night, anything, it’s it’s always approvals. So, whether or not something’s there, you know, we’re chipping gold and and getting things drilled, that’s the excitement, that’s the game.

That’s that’s what we’re here for. There’s never technical guarantees, but biggest risks is always approvals, always, %. Sorry for the tough question. Much appreciated. No.

No. It’s it’s something we don’t talk about much. It’s we never made a we made a never made a a thing to talk about approval process. The heritage surveys that we’re doing, the relationships, all the environmental work that we do in the background, is something that’s always front of mind for us. It is, you know, our our license to operate, and we try to view it as competitive advantage that if we can have good relationships, do the right thing, come to mutually beneficial outcomes, then we can have these approvals and and get on with our job, which is the main risk is is it there or not.

So we are here to drill and do everything we can to ensure that we can drill. Alright. I don’t think there’s any other questions coming through. Oh, we got one. Could Stinger be a standalone project by itself?

Have you had any discussions discussions lately concerning Stinger and the Niobium? Absolutely. From a personal view, I think the critical metals, I would love to see that as as a as a standalone a standalone company. I think the rare earths, the critical metals, and that would be could absolutely stand on its own. I think it needs a a focus to go forward.

But timing has to be right, the people has to be right, and whatever outcome is there has to be beneficial to Dreadnought shareholders. So wanting the project to stand on its own to the detriment of Dreadnought shareholders is not attractive. So, we will wait and see, to how that could actually, stand alone on itself, find the right partnership. We have had, inbound interest on titanium, rare earths, and niobium, over the over the past couple last month or two, really. And so, yeah, there there is, discussions going on in the background.

There are CAs in place and, you know, hopefully, they move faster than the fifteen fifteen months of tech. But, you know, it’s there’s always discussions going on in the background. I think the critical metals could absolutely benefit a lot from having a dedicated team and vehicle and deliver good value. But that vehicle and that team and everything would have to be set up in a way that could benefit TrendLite shareholders. In the meantime, it sits with us, and and we have more options to leverage we have more control over delivering value for our shareholders when it’s under our control.

So once that time comes, you know, we’ll see what comes from that. But, yes, we have quite a bit of inbound interest. That is something that we we do actively go out and talk to groups about. And especially with Wailu, having recently, taken 60% control of Hastings and Gabbana operation. Once they figure out what they wanna do there, is there a chance to amalgamate and create a Pilbara Altura sort of situation out there, critical metal powerhouse?

Who knows? I I think they belong together, but, you know, will corporate decisions and and everything else align to to the value for all parties? You know, that’s where that’s where the detail is. So I think there is a lot of value in the critical metals in Cripple Creek. I think it’s a fantastic opportunity.

Critical metals are are challenging, and I think it needs the right team and the right people and the right sort of right sort of pricing and everything else in place there. But I think that that’ll be you know, the rare earths really require if you remember going back to lobby analyst source of the incentive price for rare earth projects was 80 to a hundred dollars, neodymium, the clinical currency in around $50.55, 60 maybe. Whereas the niobium, right here, right now, could could make money. You know, that’s that’s a fantastic space. It’s a fantastically priced commodity.

A lot of things to CBBM and their monopoly pricing of of setting the price. But, you know, that’s it’s a very attractive thing, and a lot of the infrastructure that’s been bought by by Hastings could, you know, flotation circuits and processing. It’s exact same as it would be for the Nodebeum. So I think there’s a lot of there’s a lot of value, a lot of opportunities there. And I think as the year progresses, we’ll see some very interesting corporate and commercial opportunities.

Alright. Anyone else? Any last minute? Right on an hour. So thank you guys for taking an hour out of your days to to listen to me ramble on.

I hope I didn’t mumble too much, and thank you. And we’ll look forward to getting the results essay results out, and, I’ll see whoever’s in Brisbane might see what the Austech’s launch, and, look forward to seeing you at the next, webinar.

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