Sarah Standish on my right. She's going to get up and give you the housekeeping issues, and then we'll get back to the more formal part of the meeting. So I will just ask, please turn your mobile phones off so that we're not being disturbed by mobile phones. So I'll just introduce you to Sarah, and she will take you through the next part. Thanks, Sarah. We're just about. Thanks, Simon. Good morning, everyone. Welcome to our AGM. For those of you who haven't met me before, I'm Sarah Standish, General Counsel and Company Secretary of De Grey. For today's meeting, we have an audience here in person and online, and we're pleased to provide shareholders the opportunity to attend and participate in the meeting virtually through our online meeting platform powered by the company's share registry, Automic. The platform enables shareholders and proxy holders to participate in the meeting as well as to ask questions online and verbally and to submit their votes. For those of you joining us in person today and in the unlikely event of an emergency, you'll hear an alarm. If you need to evacuate, you'll receive instructions from hotel management. During an evacuation, please don't use the lifts, and hotel staff will guide you out to the exit through the main entry. Should the meeting need to be adjourned for any reason, we'll reconvene at 12 o'clock Perth time. For those of you joining us online, text-based questions can be submitted via the platform at any time during the meeting. To ask a question, press on the Q&A icon. This will open a new screen. Please start your question by typing your shareholder SRN or HIN, as this will allow the moderator to identify you as a shareholder. When typing your question, please also include the resolution number to which your question relates. If you'd like to ask your question verbally, after typing your SRN or HIN, then type "I'd like to speak." Once you have finished typing, press Enter to send. Please note that while you can submit questions, they will not be addressed until a relevant time in the meeting. Questions may be moderated to avoid repetition, and if questions are particularly lengthy, we may need to summarize them in the interest of time. If we run out of time to answer all questions asked today, we'll respond by email provided we have your email address. When we reach the formal business of the meeting, voting on all resolutions will be conducted by poll. For shareholders and proxy holders attending in person, your yellow admission card is your voting paper. If anyone believes they're entitled to vote on a poll in any capacity and they don't have a yellow card, please raise your hand, and one of the Automic team will assist. If you're a shareholder and wish to cast all of your votes for a resolution, please place a mark in either the for, against, or abstain box next to that resolution. If you wish to split your votes, please write the number or the portion of votes you wish to cast in the corresponding for, against, or abstain box. And obviously, the split can't exceed your total holding. If you're a proxy holder, a summary of the votes to which you're entitled has been attached to your voting card. If the summary of votes includes discretionary votes, these are yours to cast at your discretion. If you wish to cast the discretionary votes, please place a mark in the corresponding for, against, or abstain boxes. If your summary of votes does not have any discretionary votes, you do not need to mark your voting card, and we simply need to hand it to the returning officer when the cards are collected after the resolutions have been put to the meeting. Shareholders attending virtually that wish to vote on the resolutions being put to the meeting can do so through Automic's Investor Portal. If you have not already logged into the portal, instructions on how to do so can be found in the Notice of Meeting, and a summary is also on the screen. Shareholders are reminded not to click Next until you vote on all resolutions. If you've already lodged a proxy vote, please note you do not need to vote again through the online portal, as the votes are already counted in a poll on each resolution. You do not need to lodge another vote unless you wish to change your proxy instruction. I confirm that Emma Collins of Automic Group, the company's share registry, who has examined and prepared summaries of the proxy forms received, is in attendance today and has been appointed the returning officer for the poll. To allow shareholders time to log in, I now declare the poll open. Online voting is open and will remain open until our Chair declares it closed at the end of the formal business. Your votes must be submitted prior to the portal being closed for them to count. If you have any problems registering your shareholding with Automic, please call the support number on the screen. Thank you for bearing with me as I made it through the formalities of today, and I'll hand back to Simon, who can attend to the formal business. Okay, thank you, Sarah. So to start the acknowledgment of country, I think I can just leave that up on the screen there. And I always like to particularly acknowledge the traditional lands that are on the ground on which our tenements are held. But firstly, acknowledge the Whadjuk people of the Noongar Nation, upon which land we are on today and where our head office is. Going up to Port Hedland to the Hemi Project, most specifically the Kariyarra traditional owners, and all of our tenements for Hemi are on their land. So we only have the one traditional owner group to work with, and we have a good relationship with them. And through James and Neil that are here, we hope to retain that. But also across our tenement area, we've got the Nyamal, the Ngarluma, the Ngarla, and the Malana people. So we thank them and look forward to support from them into the future. One of the issues, Sarah, with all of our pre-work was maybe the font size next year could be a bit bigger. Following the formal proceedings of the meeting, as Managing Director, Glenn R. Jardine always does get up and give us a presentation, and you can ask questions of Glenn and indeed anyone from the board and some of the senior management that are here after the meeting. There'll be questions during the meeting at the end of the reading of the resolutions. So firstly, let me introduce our board of directors. They've been with us for a while, so most of you probably do know them. Obviously, Glenn Jardine, immediately on my left. Next to him, we've got Paul Harvey, who is up for re-election. Next to him, we've got the newly named Andrew Beckwith, and he's always known as Andy, but in the name of the meeting, he's Andrew, so Emma Scotney next to him, and next to her is Peter Hood, so they're the board of directors at the moment. I shouldn't say at the moment, but as we are at this AGM, so there's also a number of our senior management team here, and you can meet with them afterwards as required and talk to some of them more specifically about some of the operational issues. They'll know where they can and can't go, so in terms of information flow. I have an apology from Pierre Dreyer, who is our auditor from Ernst & Young, but we do have Gemma Newton here representing Ernst & Young and the company's auditor, and they are available to answer any questions on the annual accounts as required. We also have our solicitors, Roger Steinepreis from Steinepreis Paganin, and Sarah Turner from Gilbert + Tobin here. And I sort of, I can't really avoid this, but we need to acknowledge Marcus Freeman and Tim McCormack, who are from Canaccord, who have been very significant in our large amount of raisings that we've had in the last 12 months. And I do need to note that Argonaut haven't turned up, so you'd be happy with that. But having said that, Argonaut and Canaccord have worked very well together on those capital raisings and have been a terrific team for us. So anyway, welcome to the two of you. So we can now move to the more formal business as set out in the notice of meeting. The notice of meeting was lodged with the ASX on 18th of October 2024 and has been made available to all shareholders. I advise that as chair of the meeting, I will be voting all available proxies in favor of each resolution that are directed towards me. All undirected proxies are open votes that have nominated the chair of the meeting as their proxy will be cast in favor of each resolution in the notice of the annual general meeting. Proxies have been inspected, and all those validly lodged have been accepted. We have received valid proxy appointees' appointments representing 1.7 billion shares, or just over 71% of securities on issue, which is quite a significant number, actually. It's a good response from our shareholders. I feel at the time that it's a good time to thank Gold Road, who have a large chunk of those shares with 17.5%, and they've actually been a very supportive and positive shareholder toward us. I think during the year, they put in probably nearly AUD 60 million in the last capital raise, and prior to that, probably AUD 30 million. They've contributed a lot of capital to the company as well, and they have voted in favor of all the resolutions except for the one on the, yeah, the Rem Report, sorry, thank you, where they have chosen to abstain, which is what it seems to be happening in the corporate world these days. We'll move forward. First item of ordinary business is to receive the company's 2024 annual report, including the annual financial statements, directors' and auditors' report for the year ended 30th of June 2024. Copies of the annual report are available at the meeting today and can also be viewed on the company's website. A company copy has also been sent to all shareholders who have requested one. So I now need to give you a reasonable opportunity to ask any questions that you might like on the annual report. Are there any questions on the annual report that can be directed towards me or through the auditors? Oh, we have one online. I need to ask you, Sarah, don't we? Okay, what's the online question? The auditors, sorry. The auditors were appointed nearly five years ago because Pierre's coming up for rotation, isn't he? And that was at a time shortly after our discovery when we chose to move from a mid-tier to a more significant auditor, which is Ernst & Young, so. Okay. Okay, so there's no voting on this item. We have had a question. We've answered that. There's no questions to the auditors specifically. Okay, so I would ask that any questions on the other items of business. What we're going to do is read all of the resolutions, of which there are nine, and then we're going to take questions on them afterwards. I'm told that will allow the meeting to go through more quickly. So if you're going to have to bear with me while I go through those. For those in attendance, when we get to the question period, if you wish to ask a question, raise your hand. There are microphones in the room, although I suspect we can all hear each other in the size of the room anyway. So you'll need to state your name for the record, whether you're a shareholder or a proxy holder or who you are representing. And Sarah will have to go to you for any questions that are online at the moment. So. Okay, we've done that. All right, so I think we can then move ahead with the various resolutions. And some apologies. Am I meant to be reading the resolutions? Well, it's a font of about eight. That's all right. Maybe that's better. All right, so resolution one. To consider and if thought fit to pass the following resolution as a non-binding resolution that the remuneration report for the year ended 30th of June 2024 as set out in the 2024 annual report be adopted. You can see the percentages for and against. There's a significant abstain that we touched on. So that's comfortably in favor of that resolution. So resolution two is to consider and if thought fit to pass the following resolution as an ordinary resolution that Mr. Paul Harvey, who retires in accordance with clause 14.2 of the Constitution and being eligible for re-election, be re-elected as a director. Mr. Harvey is next to Glenn on his immediate left. You can see the proxies are firmly in favor of that. So I thank shareholders for voting with him. The next resolution is to consider and if thought fit to pass the following resolution as an ordinary resolution. Mr. Andrew Beckwith, who retires in accordance with clause 14.2 of the Constitution and being eligible for re-election, be re-elected as a director. Again, the proxies are firmly in favor for him. There's a few against, which gets to independence. But the proxies are firmly in favor of Andy there. Resolution four, to consider and if thought fit to pass the following resolution as an ordinary resolution that for the purpose of Listing Rule 7.4 and for all other purposes, shareholders ratify the issue of 312,526,508 shares at an issue price of AUD 1.10 each pursuant to the placement on 16 May 2024 on the terms and conditions set out in the Explanatory Memorandum. Again, the proxies are firmly in favor of that, and that's referencing the significant capital raising that we had with Canaccord and Argonaut that was previously mentioned. Resolution five, to consider and if thought fit to pass the following resolution as an ordinary resolution that for the purpose of Listing Rule 10.14 and for all other purposes, the directors are authorised to issue up to 490,700 incentive performance rights financial year 25. That's 30 June 2025. For no cash consideration with each FY 25 incentive performance right having a nil exercise price and an expiry date of five years from the date of issue to Mr. Glenn Jardine, Managing Director or his nominee under the Employee Incentive Securities Plan on the terms and conditions set out in the Explanatory Memorandum, including annexes A and B to the Explanatory Memorandum. Again, the proxies are firmly in favor of that. Resolution six, to consider and if thought fit to pass the following resolution as an ordinary resolution subject to the passing of resolution five that for the purposes of Part 2D.2 of the Corporations Act, including sections 200B and 200E of the Corporations Act, and for all other purposes, the potential termination benefits in relation to the FY 25 incentive performance rights described in the Explanatory Memorandum, including Annex A to the Explanatory Memorandum, which may become payable to Mr. Glenn Jardine, Managing Director or his nominee on the terms and conditions set out in the Explanatory Memorandum be approved. Sorry, the proxies also still in favor there, as they are in each resolution. I maybe don't need to keep saying that. Resolution seven, to consider and if thought fit to pass the following resolution as an ordinary resolution that for the purposes of Listing Rule 7.2, Exception 13(b), and for all other purposes, shareholders approve the Non-Executive Director Share Plan, a summary of the rules of which are set out in Annex C to the Explanatory Memorandum, and the issue of equity securities under the Non-Executive Director Share Plan on the terms and conditions set out in the Explanatory Memorandum, including Annex C to the Explanatory Memorandum. Resolution eight, to consider and if thought fit to pass the following resolution as an ordinary resolution subject to the passing of resolution seven that for the purposes of Listing Rule 10.14 and for all other purposes, the directors are authorised to issue share rights in lieu of director fees for the 2025, 2026, and 2027 financial years, calculating in accordance with the formula in the Explanatory Memorandum to Ms. Emma Scotney, director or her nominees under the Non-Executive Director Share Plan and on the terms and conditions set out in the Explanatory Memorandum, including annexes C and D to the Explanatory Memorandum. Finally, resolution nine, to consider and if thought fit to pass the following resolution as an ordinary resolution subject to the passing of resolution seven that for the purposes of Listing Rule 10.14 and for all other purposes, the directors are authorized to issue share rights in lieu of director fees for the 2025, 2026, and 2027 financial years, calculating in accordance with the formula in the Explanatory Memorandum to Mr. Paul Harvey, Director or his nominees under the Non-Executive Director Share Plan and on the terms and conditions set out in the Explanatory Memorandum, including annexes C and D to the Explanatory Memorandum. Okay, so that finishes the resolutions having been read. There's the proxy holder numbers in summary there. They've been set out. Okay, so now it's time I would like to ask for questions or discussions on any of the resolutions put to the meeting. As we noted, for those in attendance, if you wish to ask a question, raise your hand and wait for the microphone to be given to you. Then please state your name for the record and whether you're a shareholder or if a proxy holder who you are representing and the resolution to which your questions relate. And we would ask that you try and keep those questions so that they are related to the resolution or a resolution. We'll then address, after we've gone through that process, any questions received via the Automic online platform, and the company secretary will let me know if any questions have been submitted. So firstly, are there any questions within the room on any of those resolutions? No? All right, I think I've given you enough time. Raise your hand by now. Sarah, do we have any questions online through the Automic platform? I have some questions, but they're all of a general nature, so none specific to any of the resolutions at this point. Right, are they operations related, or are they better addressed to Glenn later? We have some general questions from Stephen Mayne. So we have a question around whether any proxy advisors recommended a vote against any of the resolutions and why. I don't mind answering some of those questions. Roger, are they relevant? Do we need to answer those questions? They're so complicated to the clients we pay for those. So the recommendations of those people aren't for their clients. So what we're speaking to today is the resolutions. So you would suggest that we don't. Okay, well, I don't mind that. There was one consistent, which gets to corporate governance principles and that gets to independence as much as anything, and there was some discussion, and not about Andy, actually, but he has been approved. So anyway, the advice is that the proxy advisors are confidential to the people who pay for their reports and that we shouldn't actually be answering that question. Can you give us another example, Sarah, or maybe not examples? They're actual questions. They are questions. There's a question on why we don't disclose our proxy voting prior to the meeting. I don't think there's a trend towards that. I don't believe we need to. I don't see the point, and the proxies are firmly in favor as well. If it was closer, it might be interesting, but no, we don't need to legally. We have no legal obligation to do so. That's right. And then, yeah, maybe we' ll ask a question of Glenn later. There's a question more around the impact on gold price, so we can address that one. Okay. Some support, please. Okay. All right, so conducting of the poll, please vote now. So there have been no further discussions on the resolutions. I will now ask everyone to complete their poll voting as previously detailed. And I'll shortly close the online voting system. So please ensure that you have cast your vote on all resolutions. And I'll now pause to allow time to finalize those votes. Emma here is going to go around and collect any polls. I don't think I filled mine in, actually. So I'm giving myself time. All right. So it's just my proxies that I've got to give now. I'm sorry. That's all right. Sorry, needs. Yeah. I was going to ask you that. All right. So in the absence of any further business, any further questions, I'm comfortable to declare the meeting closed at 11:25 A.M. And as we always do, we're now going to have Glenn Jardine provide us an update as to where the company is at, where the project is at, etc. I think with Glenn, let's leave it till the end of the presentation that he'll swing through it and he will take questions at the end, or he'll be available to take questions as he wanders through the room afterwards as well. So Glenn, thank you. Okay, good morning, everyone. All right, we'll get started. I'll just let you know for some people who are online in the room, I will skip through some slides that Simon's already dealt with in his opening presentation. And there's other slides that I'll skip through given people's knowledge of the company and the project. Obviously, there are some people that might be online and/or in the room who are new to the company. So I'll touch on important points as we go through. Okay, so there's two slides on disclaimers. Please take note of those. I will be making some forward-looking statements, and you should be aware of the disclaimers that are associated with those. Simon's already acknowledged the traditional owners of the land on which we're meeting today and on which we'll work up in the corporate, so I won't dwell on that. So in terms of the corporate overview, this covers the number of shares on issue, our market capitalization, and also cash that we have on hand. A couple of important things to note on this. The register has moved over the last few years from a predominantly retail shareholder base to institutional and corporate, with Gold Road sitting now at 17.3%. We thank them for their support, also the support of our retail shareholders, and particularly around Canaccord and Argonaut for bringing in some very good institutional investors on a world scale who've come into the company to support it and the development of the project. Simon mentioned that we've raised AUD 900 million in the last 12 months, and that was into two separate raisings, one for AUD 300 million in September last year and then AUD 600 million in May this year. With the cash that we did raise and then the debt facilities that we are putting in place, we expect that that will be sufficient funding to develop the Hemi Gold Project. One thing that's been important around having that cash in place while we go through our approvals process is that the interest that's generated by that is well and truly covering our fixed overheads. So we're not seeing a diminution of that equity raising that'll be set aside for the project being used up on fixed costs. It's not necessarily somewhere we want to be, but it is a benefit. There's also been benefits around our capital raisings and other areas which I'll talk about later in terms of having that cash at bank. I won't go through each of the slides on the board of directors and management team, but just to note, as Simon mentioned, that some of the management team are here today, and if you'd like to ask any questions, just do so. Okay, so we're up in the Pilbara, and we're located about 85 km south of Port Hedland. The tenement package is around 150 km long. And with the tenements on which we have influence with Novo, they run north-south by about 100 km. So in total, around 2,500 sq km of exposure to gold discovery just south of the Pilbara sorry, in the Pilbara, just south of Port Hedland. And just to remind everybody why we continue to explore up there, the main resource at Hemi grew at around 500,000 ounces per month, which is quite extraordinary from discovery to the first resource. At the moment, Hemi is running at around 25,000 ounces per vertical meter. The cost of that discovery and inferred resources is just over AUD 10 per ounce. One of the other things that's really good about this project's development is that it'll be regionally important. And we've also got an option agreement in place with Kalamazoo over their Ashburton project. I'll speak to that a little bit later. But also, in terms of Western Australian context, there are a lot of what you would call stranded refractory deposits in Western Australia. And the Hemi Gold Project's pressure oxidation plant will be a regionally significant asset from that point of view. Okay, so this is our range track in terms of project highlights in the last 12 months. And we've presented this a couple of times in recent conferences. So I won't go through everything that we've done in the last 12 months, but we'll touch on a couple of things. First of all, in terms of capability, we've been very pleased to have been successful in having quality people like Ivan Mullany join as the chair of our Project Committee, and also Geoff Fenton, who's here today, who's joined as our general manager of operations. And I'll talk about operational readiness a bit more later on. In terms of recent announcements, we recently announced some outstanding results of infill grade control drilling at Brolga. We submitted or resubmitted documents to the state environmental regulators, late October, early November. And we also put out an MRE update in November this month, which showed that the Hemi resource increased to 11.2 million ounces. So in terms of the growth strategy, we continue to want to be a tier one gold producer at Hemi to achieve a share price re-rating. So at the moment, the company trades at a discount to the net present value of the project. When we get in production and we're producing at that plus 500,000 ounces per annum, we will expect that the share price will re-rate and be a multiple of EBITDA rather than a discount to an NPV. And that's the financial basis of why we're developing Hemi. Okay, the other thing we want to do is just complete our project implementation, head towards a final investment decision, which will come after environmental approvals. We want to continue to grow the resource base and future production profile of Hemi through exploration. And we want to continue to grow that organization capability to allow us to deliver the project and to operate it efficiently. Okay, so this slide just talks about that resource growth. It shows the growth of Hemi after discovery into that maiden resource of 6.7 million ounces. And since then, we've grown the resource base at Hemi by around 1.25 million ounces per annum. And it's only when you put these sorts of charts together and you have a look at those numbers that you realize how exceptional Hemi and the exploration upside there is. This is a provincial scale opportunity. We don't just find resources or add to our resource base for the hell of it. And I'll go through production rate upside a little bit later. But in terms of Hemi itself, on a world basis, there aren't too many deposits like Hemi floating around anymore. Or if they are, they haven't been discovered recently. And this slide just shows that decrease in discovery of large scale deposits over the last 30 years. So its scale is quite rare. And obviously, its location in the Pilbara in Western Australia makes it a tier one jurisdiction. And from a risk perspective, that's obviously very important to us and our shareholders. Okay, I'll just go through some of the DFS outcomes and note a couple of things on these two slides. This is the physicals. We're looking to build a plant that will be 10 million tonnes per annum as a nameplate throughput. We expect the throughput to actually increase beyond that without any additional capital expenditure due to the conservative nature of the design. The reserve there, 6 million ounces at 1.5 grams per tonne. That reserve is based on a gold price of AUD 2,700 per ounce Australian, with the current gold price around AUD 4,000 per ounce Australian. The pit shell optimizations that we ran that led into the pit designs in the DFS were actually sitting at around AUD 2,170 per ounce. And so you can see there's quite a bit of upside in terms of the potential profitability of Hemi with increased gold prices compared to the DFS going forward. And that leads into the next slide here. So to those undiscounted free cash flow numbers, you can add another AUD 1,300 per ounce over the 6 million ounce reserve. So we're getting to some big numbers there. The payback period, even at AUD 2,700 per ounce, is under two years. And when we've run those numbers at the current gold price, that's looking at under one year payback on total capital. So it just shows you how extraordinary this project is. And I think as far as that's concerned, we're talking about the rarity of Hemi. It's not just scale, but it's also profitability. So when you look at the capital cost of the project and the annual ounces of gold that we're proposing to produce, the capital intensity of Hemi on that basis is one of the lowest capital intensity gold project developments in the world. And on a margin perspective, because of the operating costs that we've estimated in the Definitive F easibility Study, which is under AUD 1,300 per ounce, we're sitting well below what you would see at the moment in terms of Australian gold producers and their operating costs. Even some larger producers are sitting at around maybe just under AUD 2,000 per ounce. So not only do we have scale here, not only do we have production rate, but in terms of profitability, this will be one of the most profitable gold mines in Australia on a per ounce basis as well. And I think that's something that's not necessarily focused on too much. Okay. In terms of contribution elsewhere, so Hemi's going to make a big contribution to the state, obviously. But there are other things that are perhaps not so quantitative that we can talk about. So having Hemi where it is will actually help the Pilbara quite a lot. First of all, in terms of direct contributions to some stakeholders such as the Shire businesses in Port Hedland, native title holders, other stakeholders. Independently of that, we'll be helping contribute to the expansion of the Pilbara power grid, which is really important to that part of the world and an integral part of the state and federal government's desires to develop Northern Australia. And the other thing it'll be doing is it's going to be diversifying the commodity mix up there. So at the moment, it's predominantly iron ore mining with some lithium mining. This will be the first time that some large scale gold mining will be taking place using flotation and pressure oxidation, which are two technologies that aren't currently undertaken in the Pilbara. So it'll be really good in terms of training opportunities for the local population. Okay, just in terms of current activities, we recently put out an announcement on infill grade control drilling at Brolga. And this is really part of our operational readiness piece. We undertook the infill grade control drilling to really help us on detailed monthly planning around that critical commissioning and ramp-up period. We want to be able to deliver that rapid payback. This is why we undertook the drilling. I think when we were putting the announcement out, I was worrying Simon about whether we'd use the word exceptional in the headline, outstanding in the headline. After doing a little bit of a vox pop around the place, it was confirmed that we should stick with outstanding and those results were outstanding and some of them were shown there. In terms of the reason why Hemi is paid back so quickly, it's all around this Brolga starter pit. We might have an average operating cost at Hemi of around AUD 1,300 Australian dollars per ounce, but the Hemi starter pit has an operating cost of around AUD 900 per ounce and a strip ratio of 2.4 to 1. So that's why it's such a good payback on this project. It's not financial wizardry. It's based on the physical attributes of the project. The other thing that that infill drilling has allowed us to do is to declare our first maiden Measured Resource at Hemi at Brolga of approximately 600,000 ounces. And that's corresponding to the first year of production at Brolga and at Hemi. So it's just really important. It gives us a lot of information to do that detailed planning. It obviously provides further confidence to our banking syndicate and to our shareholders. So other things we're doing at the moment, project financing, you've heard quite a bit about. We're working with our advisors and the bank syndicate that we have to finalize documentation for that AUD one billion debt facility and the AUD 130 million overrun facility. So that's proceeding well. And we expect to have that in place in the December quarter. And as we said earlier, that equity and that debt is expected to fully fund us to gold production at Hemi. Now, project approvals is one thing everyone's interested in. I just wanted to touch on that. So first of all, we've had a mining agreement in place with the Kariyarra people since December 2022. We've had a mining lease since August 2023. And in terms of the environmental approvals processes, we put our initial submissions in back in May and June 2023. We've been in this process for a while. We received the levels of assessment that we were expecting from those regulatory authorities. We've resubmitted documentation to the federal regulators in August. We've just resubmitted documentation to the state authorities earlier this month. We're in this space now where with discussions with the federal regulators, we came out in the September quarterly report and said that we were expecting final approval in the March quarter. Now that we've resubmitted the state documentation, we'll have discussions with the state regulator now and for the rest of November. We should be able to update the market on our expected timing around the state approval either this quarter or in the December quarterly report. Okay, other things that are going on. Some of these things are in the September quarterly, so I won't dwell on them too much. A couple of things that are really important is that we have put out tenders now for both the plant construction contract and for the mining contract. So these are two major contracts for the project. We're expecting tenders to come back in this quarter. And then it'll take a little bit of time to normalize all those, deal with clarifications. And we're expecting in the March quarter that we'll have a better understanding of what those tenders look like. And at that point in time, obviously, those tenders will give us a line of sight on any changes that we might be seeing from the capital costs that we previously estimated and the DFS and operating costs as well. Interestingly, in terms of the organization capability, we've now got about 125 people employed directly with the company. That increase has been around the project area, but also other areas within the organization so that we've got the business systems in place and so forth to allow us to efficiently develop and then operate Hemi. One of the things we've been doing is ordering long lead items. And there's a few people in the company that have had the pleasure to go to Germany, for example, and see some of the major mill items being manufactured there in Düsseldorf and go through that facility and look at all their quality control around the manufacture of those items. And you can see some photos of those on the right-hand side of the slide. But what's also been really pleasing is that we've ordered long lead equipment and also committed to a permanent camp manufacturing construction contract. It takes us to around AUD 170 million of the project capital. The great thing is that there's been very little difference between what we've ordered and the cost that we had for those items in the DFS. So what that means is in terms of the initial growth and contingency allowance in the DFS of just over AUD 160 million, when you add that to the AUD 130 million cost overrun facility, we've got somewhere near around AUD 300 million in those two buckets to now apply against the reduced capital cost of AUD 962 million from the DFS. And that's excluding the cash buffer that we've got on top of that due to the capital raising that we did in May. So it's putting us in a really good position. We've spoken about this in the quarterly, so I won't talk too much more about this, but we have refurbished a 200-person camp at Mount Dove, owned by Atlas Iron, and we have a lease agreement in place with them. And that will be quite handy, particularly when it comes to exploration and project studies that we'll continue to do around at Hemi. And it also puts that workforce on the western side of the Turner River and the main Great Northern Highway, which from our point of view is really good from a safety perspective, getting people from where they are accommodated to the site. We've spoken a little bit about operational readiness, but we're doing a lot of work not just on the project area, but elsewhere in the business to get ourselves in a really good space. Okay, but wait, there's more. We're continuing to do exploration and resource extension and resource extension drilling, and I'll just touch on a few of those opportunities now. So I mentioned before these resource increases that we've been achieving over the last few years haven't just been for the sake of it, so the brown lines you can see on this chart are associated with the DFS production profile, and then the slightly yellow bars there come out of the Regional Scoping Study. So we added about another 800,000 ounces to our DFS Hemi production profile through that Regional Scoping Study, and that takes the annual gold production that we'd be forecasting from those two areas from over 500,000 ounces a year to touching 700,000 ounces a year. One of the other things we did at the end of the 2023 resource update was a new pit shell optimization on the Eagle Deposit. We found that we could come up with a cutback there. Again, that was run at AUD 2,700 per ounce. That cutback delivered another approximate 700,000 ounces to the DFS production profile. Yeah, some pretty impressive metrics there. That's why we do the exploration drilling and resource extension drilling is to show an increase in our production potential. One of the things we've been working on for a while is potential for underground production as well. This is a long projection of the pits at Hemi joined end to end. It runs for just over six kilometers. I mentioned earlier that in the top part of the resource there, we're running at about 25,000 ounces per vertical meter. To our way of thinking, you don't get a deposit that's running 11 million ounces at 25,000 ounces per vertical meter, and that mineralization at that resource would stop just simply because we don't have any more drilling below that area. Obviously, drilling at depths is quite expensive, and we don't need to drill up to resource stage at the moment, but we do want to keep doing wide space drilling to demonstrate that mineralization continues and that the potential for underground production is still sitting there. So we're doing a conceptual study now on that opportunity, and we expect to release that this quarter. One of the things that we're looking at is a couple of declines from surface, and that'll come out in the conceptual study. And if I go back to the previous slide, we've got a lot of optionality here because there's so much gold around to look at how we sequence our production. But we would look at, for example, not waiting until the end of the current resource life or reserve life to start mining and processing ore from underground. We'd look at making that be coincident with the open-pit production. Any of these options in terms of additional production, though, would come out of cash flow from operations. We're not looking at doing anything that would increase the current capital cost to bring these opportunities to bear. We continue to explore around Hemi, in the Greater Hemi area. We've got one aircore at the moment that's just moving from Brolga South to go to regional. We've got RC drilling currently at the moment at Scooby. We've got diamond drilling currently going on beneath Eagle to help support the underground conceptual study. Then when it's finished there, that'll go to Scooby to look at any opportunities that might exist at depth there. We've previously reported in the last quarter these results at Crow Aquila. Some of these are really good, and they've been following up some high-grade shoots that are in Crow and to see what that looks like beneath Crow. We've had some really nice intersections in Crow and also at depth. Those thicknesses and grades are clearly an opportunity for underground mining. It's just one of those things where we're continuing to demonstrate the potential below the open pits. Okay, on a provincial scale, we're looking for Hemi-style intrusion where we can, on a provincial scale, either immediately around Hemi or further afield. One of the reasons that we did enter into a joint venture with Novo on the ground that is shown in orange is because we can see the same structures and geology heading to the southwest of Hemi through West Yule out to Heckman and Berghaus. We're continuing to do exploration there, but that's the reason we went ahead with that joint venture. We've had some really good, I guess, what you would call encouragement in aircore and RC drilling, and we'll be looking to follow that up in 2025. Okay, just in terms of that regional opportunity that we previously discussed, we do have that option over Kalamazoo's Ashburton project. We have completed the diamond drilling program into the resource there. The idea of doing that diamond drilling was to get some samples for metallurgical test work to see whether the concentrate that could be produced from a small concentrator there would be amenable to the Hemi back-end pressure oxidation circuit. This is just an example of one of the deposits in Western Australia that currently doesn't have a home for its refractory mineralization because there isn't a plant in Western Australia of the kind that we're proposing to build at Hemi. I'm saying on that drilling should be completed shortly, and you can expect an announcement out on that in the near future. This is, as I said, just one example of the sort of opportunity that we have to add to Hemi's own production profile that we generate off our own tenements. Okay, and finally, for 2025, some key objectives for us. We want to complete the project financing piece. Obviously, we want to secure the primary federal and state environmental approvals. That'll lead to awarding major contracts around mining and plant construction and a final investment decision, and then we just want to keep continuing de-risking the project. We've done a heck of a lot of de-risking. We're fortunate that we've been in a position over the last few years where we've been able to raise the money to conduct a significant amount of drilling into the project, well over a million meters of drilling, continuing with that infill drilling at Brolga and also undertaking metallurgical test work and all the other studies that we need to do to continue project de-risking, and obviously, we're going to keep exploring. We're looking for deposits of a Hemi-style around the two million ounce scale so that it makes a difference to our resource base and also our future production. And on that point, I just want to thank the board for their support during the year. I want to thank the executive management team for their support and also our employees. There's a heck of a lot of work that gets done that doesn't get announced and may not be particularly sexy to our investors or shareholders, but it's really, really important work. And I just want to thank them for all their work over the last 12 months. So thank you. Any questions? Yeah, not so much technically. We've been in this process for a long time with both federal and state regulators and been in constant contact with them around technical issues. And the environment team under Neil, with Sarah and John, I've been in touch with those people like on a monthly basis. So we'd like to think that the technical issues have been raised and addressed over that period of time. So to my way of thinking at the moment, it's around the approvals process and just getting through that. And there's a number of different steps you have to go through, but I think that's really the risk. It's really just around the process, not so much technical issues. Does that answer the question? Yeah, so each of those things are matters that we've had to address in the initial submission and then the resubmissions. I'm not sure there's any one in particular that is currently causing a technical issue, if that makes sense. We are somewhat encouraged that the banking syndicate, for example, has had two cracks at the due diligence process on the project. One was after the pre-feasibility study, and the second one was after the DFS, and they didn't come up with any red flags or any risks from an environmental perspective or from a community relations perspective that they regarded as high risks, so they categorised things as low, medium, and high, and we didn't have anything in the high column. The Northern Australia Infrastructure Facility conducted their own additional due diligence on the project before they agreed to lend AUD 150 million as part of that AUD 1 billion senior debt facility, so that was encouraging as well, and as I mentioned earlier, we've had a very good relationship with the key traditional owner group on which Hemi sits, which is the Nyamal. There's been a lot of engagement there. Yeah, we look forward to that continuing. From a couple of general questions, both also from Stephen Mayne again. The first question is around the structure of the last capital raising. The question really relates to whether next time we would undertake a pro-rata accelerated rights issue to allow higher retail shareholder participation or otherwise include an SPP. All licenses would be considered at the time. In terms of developing Hemi, we're not expecting to need to undertake an additional capital raising because we expect the current funding to achieve that. Thank you. The last question, which we have online from Stephen Mayne, relates to the impact of the Trump presidency and cryptocurrencies on the gold price. Do you have a comment on that, Glenn? I've got a very simple one-word answer to that. No, I don't have a comment. Fair enough. Not one we want to speculate on, I don't think. There's nothing else online. All right, good. Thanks very much.