Everyone, thank you for joining us today for the Challenger Gold Investor Webinar. I'm Jane Morgan, Investor and Media Relations Manager. Today I'm joined by our CEO and Managing Director, Kris Knauer, our incoming Non-Executive Chair, Peter Marrone, and our incoming Chief Operating Officer, Yohann Bouchard. Today we'll be running through the investor presentation, which was lodged on the ASX this morning, followed by a Q&A session. To ask a question throughout today's webinar, please use the Q&A function, which can be found at the bottom of your screen. Kris, I'll hand to you. Thanks, Jane, good morning, everyone, and thank you for joining us today. It's my pleasure to welcome you to Challenger Gold's June 2026 webinar. Before we begin, I'd like to introduce the team presenting today. Joining me is Peter Marrone, our incoming Non-Executive Chairman. Peter brings over three decades of global mining and capital markets experience, including founding and leading major gold companies and consistently delivering strong shareholder returns. Also joining us is Yohann Bouchard, our incoming COO. Yohann brings more than 25 years operational and technical expertise across the Americas with a proven track record of building and optimizing mining operations and driving them through free cash flow. Together, Peter and Yohann significantly strengthen Challenger's capability as we transition from explorer into development and production. Today, we'll walk you through the strategy, the strength of our asset base, and the disciplined decisions we're making to maximize shareholder value. Our focus is the Hualilan Gold Project in Argentina, a large, high-scale quality system that's rapidly advancing towards standalone production. Over the course of this presentation, we'll show you how we are positioning Challenger Gold for long-term growth underpinned by strong fundamentals and a clear pathway to value creation. Before we get into the detail, just a quick note on the usual disclaimers. Today's presentation includes forward-looking statements which reflect our current expectations but are subject to change based on market conditions and project execution. We'd encourage everyone to keep that in mind as we walk through the opportunity. This presentation builds on our recently completed pre-feasibility study, which represents a critical milestone in transforming Hualilan from a resource to development-ready asset. The critical milestone is transitioning Hualilan from a resource. The pre-feas establishes a technically and economically viable pathway forward, confirming that the project can be advanced through to definitive feasibility study and into production. It defines a clear operating concept, capital framework, and economic profile while also identifying areas for optimization as we move to the next phase. Importantly, the study demonstrates that Hualilan has a sound foundation for development while still retaining substantial upside. I'll now hand over to Peter, who will walk you through the strategic rationale behind the deal and the broader positioning of the company. Kris, thank you very much and thank you, ladies and gentlemen, for participating on this conference call and webinar. This is a compelling combination. We are talking about scale, grade, growth across two high-quality assets. We are in the process of completing an AUD 85 million equity raise. This is a reset of the company. It is a combination of a management with an existing management, a combination of management competency, and systems together with a company with these two high-quality assets, one in Argentina and one in Ecuador. That AUD 85 million equity raise is a reset of the company. It repositions the company to take advantage of the opportunities that are presented from these assets. Gone will be the days of hand-to-mouth in terms of financing. We are now fully financed for this phase of the development of the company. That means that we can properly explore this project, particularly Hualilan. We can upgrade inferred resources to measured and indicated. We can expand mineralized zones, and we can conduct a regional exploration program and at depth. This deposit is open at depth. We can validate what is assumed in the feasibility study to be leaching recoveries of roughly 69%-70%, but it also demonstrates that there are higher recoveries in the range of 80%-85%. We can validate how we can get those higher recoveries from heap leaching. We can optimize the mine rate and sequence. We can develop trade-off studies that create a balanced approach between proper and efficient mining, how we stack processing stockpile management, and ultimately net present value optimization. What does it all mean? It means that we have a project that has high prospectivity, considerable value. It is deeply discounted in terms of that value that is represented in the project, and a value that can further increase as a result of these plans that we have for the optimization of this project. What it means in the end, though, is we intend to develop this as a mine. We are bringing the competency and skill set of an entire management team to take this company to the next level and to develop this mine. In the meantime, we have all of that optionality of that exploration program at Hualilan. Of course, the exploration program that exists at Ecuador. Historically, the company has indicated in the case of Ecuador that the plan is to sell it. Let us put that away. We do not intend to do that. It is rare to find a deposit that has 9.1 million ounces already attributable to the company, almost 7 million ounces. We intend to spend some of that AUD 85 million on an exploration program to properly understand what we have. We think we can significantly increase the resource. Do not be surprised if in these resources, if historical examples, if precedents are true to this particular situation, if we double that existing resource that exists at the project. There is considerable prospectivity. Our objective is to determine what is that prospectivity and how to deliver value from it. We have a pathway to production. There is significant exploration upside and optionality. We have significant resources, and with a conversion of inferred material to measured and indicated, that resource will increase. Our objective at the end of the day is to develop Hualilan into a mine to determine what we have in Ecuador and, of course, to maximize value. I am an investor in this company. I'm coming in with a significant equity investment. I'm leading the charge on that AUD 85 million financing. In the end, my position in this company will be amongst the largest of the shareholders in the company. Bringing with that, of course, is the management. A management that has demonstrated that it can deliver value from projects and from public companies before. Yohann, along with others that are joining the company as this program develops, have been instrumental in the development of Yamana, that went from an AUD 100 million market capitalization to AUD 5.5 billion when it was sold in 2023. Similarly, some of that management that formed Allied Gold in 2023 as Yamana was sold, with an initial market capitalization of roughly AUD 800 million, AUD 900 million, in progress on selling that company for AUD 5.5 billion. Let's wish everyone here on this call and who are represented as shareholders, the success that takes this from the market capitalization that we have to something that is substantially more valuable, I see this as a multiple of the existing market capitalization of the existing share price. With that, let me pass it back to you, Kris. Thanks very much, Peter. As we move through the pre-feasibility study highlights, really this pre-feas is a watershed. What it demonstrates is that Challenger has no longer got a resource in Hualilan. It's got a credible and investment-ready development project. Importantly, the pre-feas is the starting point for value creation, not the end. It demonstrates that even under these conservative assumptions, the project delivers strong economics while leaving considerable upside. In terms of the pre-feas, I'll talk to Argentina first. One of the key pillars underpinning the transformation of the company is that Argentina's now a strong and go-to mining destination, particularly San Juan, which was always one of the established mining regions in South America. It's got excellent infrastructure, proximity to major operations, strong logistical access. What makes this particularly compelling is that Argentina's undergone a structural transformation in its investment environment. With the removal of currency controls, you've got improved fiscal terms with the introduction of the RIGI regime. The country shifted from being a challenging environment, that's what it was when we first came into Argentina, to one that's now considered a premier destination for mining. For Challenger, this means we're developing a large-scale gold project in a jurisdiction that's now offering greater certainty, lower cost, and improved capital returns, all of which directly enhance our investment base. Pre-feas highlights are there on that slide. It demonstrates that we've got a robust, large-scale open pit with strong economics and manageable capital requirements. At the base case gold price of AUD 3,500 gold, the project delivers an NPV of approximately AUD 1.45 billion. This increases significantly at higher gold, that project NPV is a multiple of the current market cap of the company. Project benefits from low operating costs, all-in sustaining cash costs of just over $1,600 per ounce, and in the early years, that's much lower. We've got a rapid payback period of just over two years, and first production averaging 100,000 oz from our start-up over the first two years, then increasing to 135,000 oz. The project's underlying fundamentals are high returns, low cost, and fast payback, which is the core of the investment thesis. What's particularly compelling is the high returns in capital efficiency. We're looking at a project with relatively modest upfront capital requirements, $232 million, yet it delivers multiple that in NPV. It's also worth noting that if the power grid is constructed by a third party, initial CapEx is reduced by almost $58 million, with those costs paid for over the life of mine operating costs. You combine these elements, low NPV, fast payback, long mine life, abundant exploration upside, you've got a project that stands out as both robust and highly financeable, even under these conservative assumptions. I'll move on to the next slide. Looking at the broader operating concept, Hualilan is a long, life flexible, and resilient operation. Again, underpinned by conservative assumptions with strong leverage to upside. At its core, it's a simple open pit mining operation using well-understood contract mining and proven processing technologies. The integration of a high-margin flotation circuit for the higher-grade material, alongside a low-cost heap leach pathway for lower-grade material, allows us to capture value across the entire ore body and generate doré on site. Key takeaway here is that we're delivering a project that combines operational simplicity, strong economic performance. It's a long life asset with low all-in sustaining cash cost, robust margins, significant free cash flow, even at conservative gold prices. Just as importantly, this is not a static plan. We have a clear pathway to enhance and grow the project, which Yohann will touch on later, through infill drilling to upgrade resources, optimization of the processing performance, and continued exploration at depth and along strike. What this means today from an investment perspective is that Hualilan is not only robust and financeable today, but also positioned to improve over time. With multiple levers available to increase production, extend mine life, and ultimately drive higher returns for shareholders. The project generates significant cash flow over $1.8 billion post-tax in the base case and demonstrates strong leverage to gold prices. Importantly, the stage development approach enables early production from heap leach, followed by expansion funded through internal cash flow, which significantly reduces financing risk. I've just got the production profile up now. This production profile again reinforces the strength of the project as a long-term asset. We're looking at consistent, meaningful gold production over more than a decade, delivered at a competitive all-in sustaining cost. Particularly attractive is the visibility and predictability this provides. The project is not reliant on short-term, narrow spikes, high-grade zones. It's a large-scale system capable of delivering steady output over time, which is highly valued by institutional investors. At the same time, we've got clear upside levers. These include extending the mine life through resource conversion, improving recoveries, expanding the resource base through exploration. What you're really seeing here is a project that combines scale, stability, and growth potential. That's a rare combination that underpins a very strong long-term investment case. I'll now hand over to Yohann, who will walk you through the opportunities and path forward. Well, thank you, Kris. I will now take you through the opportunities and path forward. While the PFS demonstrates a strong base case, it is important to emphasize that it represents a foundation, not a final outcome. As we move into the FS, our focus is on identifying and capturing the value across the operation and improving both efficiencies and the economic. The pre-feasibility study highlights not only the strong base case, but also a broad set of clearly identifiable opportunities for further improvement. This is a project that has already delivered a strong economic, yet still offer multiple tangible levers to drive additional value. One of the most immediate opportunities lie in the capital optimization, particularly around power, where there is a potential to reduce upfront capital by approximately $48.5 million through alternative grid and power solution. At the same time, we have significant opportunities to extend mine life and improve operational sequencing through the conversion of inferred resource and to resource into indicated categories, which enhance confidence, increase flexibility, and support higher value planning decision. Beyond that, we see opportunities across the full value chain, such as improving heap leach recovery, accelerating plant construction, optimizing pit design, and enhancing contractor performance. There is not a risk concept here. These are practical, executable improvement that will be pursued through DFS process. The key takeaway is that we are working from a well-established, low-risk foundation, but with a very well and credible pathway to unlock material incremental value in the next phase. Going to slide 13 now. What underpins all of these opportunities is the fact that Hualilan has a very strong foundation, both in terms of resource and geology potential. We are operating within a large land package that has not been systematically explored for several years, which mean there is a high probability of additional discoveries and meaningful resources expansion. Importantly, the PFS should be seen as a starting point rather than a ceiling of value. It defines a robust and bankable base case, but it does not yet fully capture the scale of what the system could become. Our immediate focus is on infill drilling to upgrade resources alongside targeted exploration to test extension at depth and along strike. At the same time, we will continue to evaluate alternative mining and processing scenarios to ensure we are extracting maximum value from the asset. What this creates is a very compelling narrative, a project that is already economically attractive, but with substantial embedded upside that can be unlocked through disciplined technical work. Turning now to slide 14. On the next three to six months, we are entering a very active and important phase for the project. The objective here is to take a strong PFS and turn it into a fully optimized development-ready DFS. This includes a significant drilling program in a range of 35,000 m focused on both infill and exploration, which is expected to increase resource confidence and potentially expand the overall resource base. From an engineering perspective, we will be refining every aspect of the operation, validating heap leach recovery, optimizing mining rates and sequencing, and developing a detailed trade-off scenario across mining, processing, and stockpiling. These scenarios are critical because they are to identify the optimal balance between capital intensity, operating cost, and production profile. We will also undertake comprehensive sensitivity and optimization work to ensure that the final development plan is maximizing NPV while maintaining a disciplined approach to risk. What you should take away from this slide is that we have a clear structure and near-term pathway to further enhance the project. Importantly, the work program is already well-defined and actionable. Turning now to slide 15. This slide really brings together the strategy rationale behind the deal and the direction of the company going forward. The central theme here is that the company is now fully funded following an AUD 85 million equity raising. This provides the flexibility to prioritize the most value accretive development pathway as toll milling progresses. We have identified an opportunity to accelerate the standalone phase 1 heap leach development, which is clearly the most value accretive development pathway. The rationale for this is very clear. A standalone heap leach operation provides a low-cost, more scalable processing model, a full operational control, removing reliance on third-party processing, and a material uplift in net asset value driven by lower unit cost and the ability to capture value across a larger portion of the resources. Importantly, this is not a change in direction. It is an acceleration of the strategy that is aligned with the market expectation. We aim to move more quickly from an interim capital-light approach to our full integrated development model. This builds a strong momentum to our objective of first standalone production, supported by funding certainty, operational learning, and a clear strategy focus. The key message is this. We are taking a project that is already robust and financeable, and we aim to maximize its full potential both operationally and in terms of shareholder value. I will now hand over the presentation to Kris that will give a brief overview on the Ecuadorian assets. Thank you. Thanks, Yohann. I'll briefly turn to Ecuador, which represents a significant strategic asset within our portfolio. While the near-term focus is very much on Hualilan, Ecuador provides substantial long-term optionality. I've got a slide that details Ecuador there. Now, look, the asset hosts approximately 9.1 million ounces, almost 7 million ounces net to us. Project adjoins what is a Tier 1 asset, Lumina Gold's Cangrejos deposit with 26 million ounces gold equivalent. Only a small portion of the project is being drilled today. We've got 15 large, regionally significant gold and soil anomalies. We've drilled 14 of those. All of them except one are mineralized. That 9.1 million ounces resource comes from drilling four and a half of sort of the first of those 14 anomalies. Rather than divesting prematurely, we're now focused on fully understanding unlocking its potential. I'd like to pass over to Peter, firstly for his initial thoughts on Ecuador, then general closing remarks and to field questions. Kris, if I may, I'm not sure that I've got the slide number correct, this is the PFS overview. It may be slide nine. That's the one. That one? The one that follows this one. The one that follows. This one, Peter? That's the one, yes. I want to conclude with these comments. I refer to unique opportunity, a path to production, and significant exploration upside. We will encourage questions that deal with how we get to where we get to. The deal is designed effectively as a repositioning, a combination of a company that this management has that is integrating into Challenger Gold. That brings experienced leadership, secured funding, access to further capital, establishes a strategic direction and access, possibly in the event that it becomes relevant to build the platform of the company, to other assets and other opportunities for our shareholders. The objective remains simple. The objective is to maximize shareholder value. I hope everyone can see on the screen, on the bottom of the screen, below the line that reads LOM, all-in sustaining costs. The post-tax NPV, all in United States dollars at $3,500 gold is $1.1 billion. It is sensitive to gold price. If we said, let's look at $4,000 gold, then that number increases to roughly $1.4 billion-$1.5 billion, all the way to $1.8 billion at $4,500 gold. I'm a gold bull. I believe the gold price is stabilizing. There are good reasons why it is doing what it's doing today. I think we'll be seeing in a rearview mirror that $4,500 gold. There's an impressive opportunity here for further value creation. As Kris and Yohann mentioned, this is the foundation here. This pre-feasibility study is only foundational. It is an excellent base case, but we think we can optimize and we can improve on that. With exploration successes, those optimizations and improvements, the sensitivity to gold price, and with a view that gold price is at least $3,500, when we look at a company with a market capitalization today, again, in United States dollars of roughly a couple of hundred million dollars, one can see why this is a deep value play and the value proposition is there. Let me conclude with what I began with. The objective here is to maximize shareholder value, and we think we have all the ingredients here to achieve that objective. With that, perhaps Jane and Kris, if we can open it up to questions. Yes, wonderful. Thank you for that, gentlemen. I will make a note as well that webinar attendees just mentioned that the audio might have some issues. I will let you know that we are recording today's webinar, and it will be circulated following the presentation. Let's jump into questions. Once again, if you do have questions for the team, please use the Q&A function, which can be found at the bottom of your screen. Let me jump into it. Looking beyond Hualilan, do you believe the market is assigning any meaningful value to Ecuador today? How should investors think about that asset over the next few years? We probably- Yes. Sure. should be first, I think. Thank you, Jane and Kris. Excellent question. The answer at this point is, I don't know what value to ascribe to it, but I do know, or at least I certainly strongly believe, hand on heart conviction, that the market is assigning a zero value to this asset. A model might show that there is some value to it, but I don't believe that the market capitalization of the company, the share price of the company, is reflecting any value for this asset. Yet we have 9.1 million ounces. It is open in many directions. The attributable ounces of the company is already 6.9 million ounces. With what we think is a modest exploration plan, let's say 30,000 m of drilling, possibly AUD 5 million-AUD 6 million, we think that there's an opportunity to significantly increase that resource, possibly even doubling it. The result of all of that is, it's difficult for me to say what the value is, but there is zero value ascribed to it now, and there could be significant value ascribed to it into the future. Assets such as these are rare. Companies such as these with two high-quality assets, with multimillion ounces of inventory, are very rare. An asset with 9 million ounces with the potential for that to increase, possibly even double or more, if we look at other situations and including transactions with assets such as those, they've gone into the hundreds of millions of AUD and possibly even close to AUD 1 billion of value. That type of optionality requires that we spend some time on it, understanding it, drilling it, and making sure that we can maximize that value for it. Here's the good news. My view, certainly as I modeled this, as I came in with my investment, I didn't ascribe any value to it. The rest of it is all upside, and I think there's a lot of upside. Wonderful. There is quite a few questions coming through just on the tolling. Kris, I might go to you for this one. Is Challenger going to let the three-year toll milling agreement play out to assist with funding, or are we looking to get into production quicker by raising more capital? No. Look, at the moment, tolling is continuing. What we are doing at the moment is we have just finished a big infill program. We are integrating that. We are updating the near-surface block models. As we had sort of said in the quarterly, the Magnata pit looks really good. We are moving as quickly as we can into the Magnata pit. We have done the first blast there. Go forward plan, definitely continue with toll milling and after we integrate that, it will take another, sometime late third quarter, we will be able to come out with an update on toll milling in terms of expected production over the life of toll milling. No, look, at the moment, toll milling very much continuing as planned. Thank- Jane, I want to volunteer some comments on that as well. Toll milling does give us some understanding of the ore body, gives us an understanding of the recoveries as we process that ore. It does provide some cash flow to the company. The value here is not in toll milling. The value is in the opportunities that Kris, and in particular Yohann described. Treating this as an integrated project. Yes, it is wonderful that we can generate some cash flow. It is wonderful that we can generate some understanding or better understanding of the ore body, that we can start mining effectively and processing through the Casposo plant. At the end of the day, the success here and the value, that AUD 1.8 billion of value, AUD 1.1- AUD 3,500 as the baseline and then the increase on top of that, comes from treating this as an integrated project and accelerating some of the aspects that have been touched on in this presentation. A significant one being taking that inferred to measured and indicated, determining what is at depth along strike, and increasing that 2.8 million ounces. Looking at satellite deposits where we know there is mineralization, because of a cash-starved situation has not been explored. Looking at those recoveries, because we do not believe that the recoveries are 69% or 70%, we think that the recoveries are significantly higher. Wonderful. I'm jumping around a bit here. There's quite a few questions. I'm going to stick with tolling activity now as well. Can you address the status of the current tolling activity? How is the trucking functioning and what kind of tonnage and grades are involved? Yeah. Look, at the moment, we're comfortably trucking at 1,000 tons a day, which is the trucking rate that we were originally forecast. In terms of treatment, you look at our last quarterly, we're treating an average of around about 2.5 g material for the first batch. I think toll milling is definitely going to be a second batch story when we get into the Magnata pit where grades are significantly higher. Where we don't have issues in the resource due to the use of the near-surface channel samples. At the moment, trucking proceeding as planned, processing proceeding rates as planned. Recoveries are slightly better than we'd hoped. I think the second batch of toll milling will demonstrate its real potential. Thank you, Kris. Just another one here. On one of the charts in the presentation, the all-in sustaining costs jumped significantly over time before falling back. This webinar has just asked if you could describe why. Yeah, look, that's just a simple function of the grade of the material we're mining. It's a relatively fixed cost to process a ton of ore, either through the heap leach facility or the processing cost. Grades are variable. If we're mining 1.5 g material in year four, five, and six, then we're mining 3 g material in years sort of seven, eight, and nine, what you see is a significantly lower all-in sustaining cost in those years where the grade is higher. It's just a function of the grade of the ore body. Having said that, I know that's one of the things Yohann is working on with sort of looking at mine scheduling where we can flatten out that grade profile, aren't we, Yohann? Yeah, you're correct. And- Yeah, Kris, I mean, just also want to add to that, this is mostly based, I mean, driven by production basically. The costs are pretty much fixed as Kris mentioned. For sure it's mostly related to kind of stripping ratio and grade. Let's explain that. The idea would be to smooth that out, and that's part of the activation process that we're going to undertake. Thank you, gentlemen. Just one here. Are there plans to release a detailed exploration program update at Hualilan? They've said this is clearly a huge opportunity along strike and at depth to significantly grow the production base over time. Yes, yes, and yes. Absolutely. We think that there's more ounces here than that 2.8 million ounces. The starting point is this brings some of that inferred into measured and indicated. There's a reason for that more than just the certainty of an upgrade of resources. It will also mean that that strip ratio might change, actually improve. That also means that we have more ore coming out of the heap leach pads rather than removal of waste to get to ore. That goes to the question that was just asked about the costs. We should be able to blend out the production and to improve the costs. At the end of the day, however, this is about optionality. That's what the gold play is all about. That optionality improves if we can take that 2.8 million ounces to something more. We think that there's an excellent potential for that. We have a budget for that infill drilling from inferred to measured and indicated, and we are working on a budget for that exploration plan, both regional and along strike and at depth. Let's not forget Ecuador. Wonderful. Another one here. What are the timelines to implement phase 1 heap leaching production, and how much of phase 1 is funded by tolling and existing funding? This one's just asked, will there be a requirement for future funding to complete phase 1 and drilling? I can take that one here. I mean, for sure. I mean, we're building on a really strong PFS, which is really nice to work with, and I had the chance to visit the operation as well. I would say the camp is well-established. Again, solid block model. Technical information is there. We're redoing pretty much everything our way, but I really like, I would say, the concept that's been put together. From my view, we're going to for sure work on a DFS, but at the same time, we're going to start to work on detailed engineering, because we pretty much know the capacity of the pit, the size of the leach pad, crushing. We know exactly what it should look like, so we can start to work on that. The goal would be to put the leach pad in production, I would say in Q1 2029. If we can even do better than that and be in production in Q4 2028. We believe that we have some good understanding of what's a leach pad need. I mean, the way to manage a leach pad in South America, and I think that did it in the past, and I think that we can do it again. I think it's a pretty straightforward process. Thanks, Yohann. Peter, I'm going to hand to you for this one. This webinar attendee's just asked how your team became aware of Challenger Gold, and if there's a longer-term plan to pursue a TSX listing. Excellent questions. I first became aware of Challenger last year. It is the largest individual shareholder in the company, an Argentine, very well-established businessperson. I've done business with him before, he brought this opportunity to my attention. I really wasn't paying that much attention to it at the time. I began to pay more attention to it earlier this year when Kris reached out to me. He reached out around the time that we had announced that my company, Allied Gold, was in for sale on this transaction that we've announced with Zijin Mining. As I described before, we took the company public in late 2023 for just about $800 million, $900 million. We have an offer that has been approved by shareholders going through the regulatory review approval process. Most of those approvals are in place at this point. That takes us to completion with a sale of $5.5 billion. As that transaction was in progress, Kris approached me, I began to take a more critical eye on the assets in Challenger Gold. I began to see that value play, what I described earlier as that deep value play. Yohann, with whom I'd worked before, there are several others that are not yet in management, but that are in progress in coming into management. Yohann, to start, who's worked with me before, Yohann was the Chief Operating Officer of Yamana Gold. As you are aware, Yamana went from a modest company, as I mentioned before, to something very substantial. He is the instrumental driver of the operational success that took that company from about 2015, 2016- 2023, taking it to the success that we achieved. An example, we built a mine in Argentina. We built a mine in San Juan Province. We're the last management to build a mine in Argentina, with our Cerro Moro mine. He's built mines. We've worked together on that. We've optimized projects. A project in Brazil that went from 78,000 oz- 200,000 oz with an incremental phased approach to expansion. A couple of months ago, a little more than a couple of months ago, I guess, Yohann, we reached out to each other and decided that perhaps we can work together. With his expertise, competency, knowledge of South America, it became very apparent that this would be an excellent fit. That's how Yohann became involved. But stay tuned. There will be other members of the management of Allied and Yamana that will be joining the management of this company, technical services, exploration, supply chain, that will further optimize and improve and get us to that point that I mentioned of getting this project built and delivering that shareholder value. Thank you, Peter. Next one. Given the recent capital raising, can you help investors understand your expected funding runway and under what circumstances the company might need to raise additional equity before reaching key operational milestones? Well, for feasibility purposes, detailed engineering, long lead time items, and some of the work that has been described in this presentation, the answer is we're funded. More capital will be required for the purposes of the actual development, the final development, but that's under evaluation at this point. What you see in the feasibility study, in our view, is a high-end number because we are looking at do we need that flotation plant or do we go for heap leaching for longer, particularly if the recoveries are closer to 85%. One can do the math and say, well, if you're going from 69%- 85%, can you get the same level of production without having to build that plant? That saves significantly on capital. The other one, interestingly, is power. There's an allocation for a power line, but the pre-feasibility study assumes that the company is footing the bill for that. We're looking at it from the perspective of how can we have a third party do that. Is there an opportunity for other power sources, renewable power sources? This is a warm climb with lots of sunshine, can we rely, in some respects, on solar with a battery backup? These are some of the things that we're evaluating presently. Yes, more capital will be required, not immediately, but it will be required at that point in time when we're going through the full development phase, and that would be some time out. We're already developing a plan on how to do that. If we look at the success of the management in prior situations, we've been able to build mines and finance the development of those mines in Mali, in Côte d'Ivoire, in Ethiopia, in Argentina, in Chile, in Canada. We certainly think that we can, in a very effective way, in a way that is not offensive to shareholders, including myself, including Yohann and Kris as shareholders, we can bring that capital expertise to bear to complete the project. Thank you, Peter. A few questions just coming through on the share price, I might combine a couple of them together. Why do you think the Challenger share price does not reflect the company value? Secondly, what factors would trigger a re-rate in the share price so it's more accurately reflected? Well, thank God it doesn't yet, otherwise we would not be having this conversation. Oof. The value play is there, that's why we are investing. My view is that companies that transition from advanced exploration to feasibility and development, often there's a lag to the true value potential and realizing the value potential. I hope I'm not being unfair in saying that the company has suffered from a chronic under-capitalization. It has lacked the resources and the funding to be able to pursue its projects in a way that is efficient. In addition to that, I think it's normal and natural for shareholders to be a bit concerned and even suspicious if they're saying, "Well, you intend to develop a project, but where's your management team?" I think some of the milestones that will develop into an increase in share price were already in place, and it's just a matter now of having these discussions, these communications with investors, the people that are on the line, and that will begin to reflect itself in a higher share price. Yeah, absolutely. I think we've gone through all the questions here, but any sort of final words and perhaps what shareholders should be looking out for from a news flow perspective over the next 6- 12 months? Exploration, very important. Again, on the two, perhaps three fronts. Inferred coming into measured and indicated, along at depth, along strike, and some of the regional areas of mineralization at Valle Grande. The exploration potential in Ecuador. Those would be some of the items that would be milestones that are very near to present day. Some of the work that we will be doing on the recoveries. Again, Yohann, as you said, a considerable amount of work, high-quality work, has already been done. Those column tests have already demonstrated that there is a recovery potential that is significantly greater than the conservative assumption in the pre-feasibility study. Part of the work that we have to do then is making sure that we have a proper block model that is designed for operational success, and that then will give us a better understanding of which ores we should be putting through heap leaching that provide us with a better recoveries and provide us with a faster return and payback. All of that I expect to be announceable events over the course of the next, let's say, a couple of months to the end of the year. Wonderful. Well, gentlemen, I think we have answered all the questions, and we've run out of time as well. I want to thank you for your insights today, and I want to thank you all for joining us. 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