be someone else. And this has been an opportunity in the region, and a fairly competitive opportunity in the region. And, and we just feel that being there will give us that, that option value. We own the land, so there's no landowner issues to get this in place. There's already a exploration decline approved, so we can start a decline, and that would be to draw it out further to ensure that we got the grade control drilling done. So nothing stops us to start early, but we've just been conservative in our view on sometimes the timing of getting approvals for these takes longer than normal. Wirlong is a, it's a good deposit. It's already 4 million tons. We do have a view it needs more drilling. It would be a future project, but it would not be the priority project in the short to medium term. It will be a project. We will do more drilling, really to make sure we understand the geology, and then we'll start to put a mine plan around it. Now, when I talk about 10-year mine plan, it doesn't include Wirlong in that plan, so that is further upside beyond 10 years. The transaction overview, and I know it's very complex, but I'll try to summarize it at a simplistic level. So we will buy Peel Mining at a listed level. So we – they traded at AUD 0.16. We offered AUD 0.19, which is a 19% premium, which our shareholders would pay for it. So, then what we'll do is there will be a demerger of the other assets, which we don't put a lot of value on because we don't see that there's any value for us in the region from the current mill we got, 'cause it's, it's copper and other, other base metals, gold and other base metals. Then the, the current Peel shareholders will get opportunity to continue exposure in that, to NuCo, and current valuation of that is about AUD 0.044, and that gives them a total premium of around that 46%. But for us as shareholders and for Aeris as shareholders, it is not a 46% or major dilution. At that sort of level, we are diluting the current shareholders by around that 20%. So you can see the pro forma, pro forma ownership. NuCo, as I said, will do an in-specie distribution, and then they will go again and set up an exploration company with their remaining assets. We have got support from the Peel board and the major shareholder, and really welcome their support and them as shareholders in Aeris once this deal is done. Just to be clear as well, that there's no employees coming across to Aeris as part of this process. It's really just the assets, the properties, and the associated tenements. I'm not gonna spend too much time on this. I think we already discussed this, but it does enhance the Tritton operations. It gives it stability, de-risk the business, and really that focus on ten years and consolidation of the Cobar region does set us up as a business with a much, much more lower-risk business. Then there's a value to the Peel shareholders. Obviously, you're getting a good premium. There's a logical co-establishment. You get exposure to Aeris as well as an operator, so you can see your assets being developed and get the benefits of that as we grow. And then, obviously, being part of a newly listed company, you can further get exposure to the assets, which we don't put much value on. This is sort of just a pro forma snapshot. So currently, our market cap as of yesterday was AUD 670 million. We're paying AUD 0.19 or AUD 175 million to equity to Peel shareholders, which should give us a pro forma basis of about AUD 850 million. What we get for it, of course, is significant increase in both in copper resources, also some gold. But clearly, when you look specifically at Tritton, is that, that extension of mine life. The NuCo highlights, as I just said, you can see on that map, there is the tenements which will go with NuCo. And, basically, the opportunity there is for Nick and the team to take those and the current shareholders to actually extract value out of those assets, going forward. We did give a timeline because there's, it's, it's the, it's a demerger and it's a scheme of arrangements. There's a process currently targeting completion sort of late June, early July. And, and that is just because it's got to go through various processes and court, court approvals. And we'll keep the market up to date on hitting those timelines as we move forward. I thought I'll take some time just to, for those who don't know Aeris, just to give you a bit of a feel for Aeris in itself or the assets and what we are planning to do with the various assets and work underway. Currently, we have the two operating mines. We got Tritton Copper Mine and the Cracow Gold Mine. Tritton do about 24,000 tons of copper metal, Cracow around 40,000 tons, and as a group, targeting that sort of 45,000 copper equivalent tons. We got two other projects. We got the Jaguar Copper Zinc Mine, which is a mine we put into care and maintenance a few years ago, and we'll talk in a bit more detail in that later in the presentation. Then we got a very good quality reserve-backed project in Victoria, which is busy with a feasibility study. Good operating assets in this price environment, obviously doing really well in cash, in operating cash generation. We're investing in Tritton, starting up the Murrawombie and also Constellation. But really the company has seen significant growth over the last, call it, 8 months from September. You can look at that slide, where we've gone from below AUD 0.20 all the way up to around AUD 0.60. Current cash in the bank is AUD 86 million. We raised money in November. We repaid our debt, so we're debt-free and really the company's in the best position it's been for a very long time to actually take these opportunities and execute on these opportunities. And we're very happy with the outcome. Looking a bit at Tritton, so that's the photo of the plant. That's a 1.8 million ton process facility. You can see the regional map. We sort of talked about it earlier. So now as a group, we will have over 3,000 square kilometers of exploration ground. We've got various projects at Tritton in production. So typically, at Tritton, we'll mine 2-3 mines to fill the plant as much as we can. And then the future projects as they come online, will step up the production and life of those, of course. So the Murrawombie, that's a cutback we're doing, also using the waste to close old heap leach pads, saving ourselves AUD 8 million. The pre-strip is nearly done. We'll be in production by the end of this quarter, and there's a significant amount of tons, which will come out very early in FY 2027, but processed across FY 2027. So we'll see quite a full plant in FY 2027, driven by this Murrawombie pit and the outcome of those. Constellation is the key asset in the portfolio. It's been discovered about 4-5 years ago. Currently, already 8 million tons at 2% copper and really good gold grades. Current indications are that we'll start with an open pit mine. It starts 8 meters below surface, and at the right time, we'll go underground and keep mining it. Currently, this plan would be a 10-year plan mining Constellation. It's still open at depth. We know that there's high-grade intersections down the bottom, and this would be part of that, what I discussed. The two baseload projects will be Constellation and Mallee Bull feeding into the mill and keeping it at nearly 1.5 million tons without any other sources coming in. As you've seen on the previous slide, there's quite a few other sources at current mines we're mining in going forward. One of them is, of course, Avoca Tank. Avoca Tank is a small, high-grade copper deposit, currently mining between 2% and over 3% copper. We're spending a lot of money in areas. Currently, we're putting about AUD 25 million into exploration across the group, with a specific focus to increase the resource base of all these assets. So the drilling we're currently doing is looking down dip, but also we've tested an opportunity outside of the current, the resource structure. We intersected good copper grades, as you can see there, 22 over 3%. We keep on drilling. There's others who've already intersected copper, which we're waiting the results back. So there's indications there that this is potentially another ore source or a step out of the Avoca Tank ore body, which will give it additional life. So we are working on those, drilling the holes and extending the resource at Avoca Tank. The other work we're doing, as I said, a lot of money is going in to extend this resource life. So we got Budgerygar currently in production. We got a drill rig drilling that out, and we're finding bigger and thicker intersections than expected. At Tritton, it's still, it's already 1,300 meters deep. It's still open. We've got a drill rig running South Wing and Tritton, and then, there's also work being done. So we currently got 4 drill rigs running, another one coming in, and it's all about extending those resources so that we've got the port- the profile to run with the two baseload assets from potentially these or other assets, which is al- already been, like, Kurrajong, Budgery, is already defined resources within the business. Stepping into Cracow, that's in Queensland. Really well-looked-after gold plant, producing about 40,000 ounces. Over the years, we bought it 5 years ago, it had 3 years life, and 5 years later, we say, "Well, we think there's a lot more than 3 years life." So it's just one of those high-grade narrow vein ore bodies. You look at the slide, you can see there's still a significant resource left, but it is just one of those which doesn't necessarily have the reserve backing at the time to put a 5-year plan out, for example, at Cracow. But what we're working on, and is a real opportunity, is the Golden Plateau target. This is an old historical underground mine, mined in the 1930s at 10 gram a ton. We've done a lot of work. There was an open-pit mine put in the 1980s, so someone mined 2-3 million tons at around 2.5-3% a gram a ton gold. We've done a lot of work with historical drilling, and we think that there's an opportunity to do a further cutback and extend the resource, for example, to Furney Side, and really put another bigger pit over there and targeting an increased life to an open-pit mine through this. You can see some of the results. So we got a drill program running currently. So the two results we got back, you can see there on the screen, 5 meters at 12 gram, 19 at 0.9, with some high grade in between. It's what we expected, so we're actually trying to drill to see what we expect to get. And so far, it's proven correct, and once this is defined in the next six months, we'll start to put a plan around it and we can see if this works, that there will be, you know, four or five years of open pit mining defined for Cracow, plus what we mine in this Western Mine Field, which is the current production area, will allow us for a substantial increase in mine life for Cracow. What that does, though, it allows us to look at the greenfields exploration, specifically the Southern Mine Field. It's obviously to the south of the current mining areas. All the work has been done, the target has been identified. We will start drilling in Southern Mine Field in this quarter or within this financial year to start to test some of those targets. The view is, if you find something, it's potentially a much larger deposit, and potentially another western mine field or similar, if, if you find something. So within the group, this is one of the real exciting exploration opportunities within the business. At the project level, this is a Jaguar Mine in Western Australia, which is in care and maintenance. So what we've made the decision, so just so maybe take a step back. So we put it in care and maintenance about three years ago now, when the copper price... or when the zinc price dropped by 30%, and we needed to put more capital in, but there was just not enough resources to keep them all full. And we decided, look, we'd rather put in care and maintenance than losing money. And then we sort of this year worked up. That left this really great exploration target for base metals. You can see in that map, all those yellow, yellow markers are base metal targets never been tested, and create a 10-year plan before we actually start up. So right now, we've put AUD 2 million aside. Drilling will start there within the next few months, and we'll test those targets. If you find something, obviously we'll drill it out, but clearly for us, the best for us to start is if you got life, and not try to start with a short life and think it will increase. What it does, the other opportunity, of course, remember, this is in Western Australia, it's in gold country. You look at the tenement package, it sits between Thunderbox, which is 4.7 million ounces, and King of the Hills, which is 3.5 million ounces, and opportunity and current resources sitting close by. Each one of those yellow markers there is a gold anomaly. So the other option, which is great for JAG, is it's also a gold opportunity. So there's an opportunity to draw that gold out. There's also gold explorers around us. You can always turn that base metal mine into a gold mine if that's what you wanna do. So really great optionality. We need to define that and decide which way we go, but clearly from where we sit, that's a real opportunity. And then Stockman, I'll just touch briefly on it. So Stockman is nearly a 10 million ton, 2% copper, 4.3% zinc, with gold and silver ore body. It's a reserves base, a 10-year mine plan on reserves. We've done a lot of work in the last two years to look at technical opportunities to improve the recoveries. We've landed basically on an improved flotation circuit, which is low, low cost capital, lower capital cost and operating costs, and we're busy finishing off the feasibility study on that basis, and not going to try to use expensive technology to get the improvement and recovery, but the cost outweighs that improvement. So holding cost is minimal. A lot of exploration upside around that region. Currently, we're only looking at this one mine called Krajong. There's also Wilga, there's also 50 other targets, and four or five real good targets we wanna look at. But right now, we wanna finish off the feasibility study so we can start to talk about the opportunity for Stockman. I guess that sort of summarizes the presentation. Look, for us, we are excited about this. We always... and for people who's been in this business for a long time, know that we've always seen that Cobar region as a consolidation opportunity. We always worked on how do we improve the life at Tritton, so we could talk about it and get real value behind it, and this is the opportunity. I think where we're looking at from adding the value and creating that life for Tritton, which you can then put right infrastructure in place because you know you've got the life. And in this environment, where both copper and gold is at really good, nearly record prices, I do believe this is an opportunity to de-risk these businesses, put more money into exploration, create this life of mine so you can sustain the cycles, because they will come, and I think this is how we look at it from an Aeris point of view. Thank you very much, and thank you for joining the Aeris webinar.