All right. Still a few people coming in. Morning, afternoon, everyone. Welcome. I always love sitting here talking to myself and a blank screen. Oh, got a question already. Getting in early. Well done. Thank you. No worries. All right. Still have people coming in. We will just give it another minute or so, and we will get stuck into it. I am sure most people are here for the Q&A anyway, so they will not mind if we get started too early. The weather. It is cold and a little drizzly. There is still a fly. Usually, they stay away. All righty. Numbers have leveled out. It has been two minutes. Thank you everyone. We will get started. Good afternoon, good morning, everyone, and welcome to our quarterly webinar. I apologize for this webinar being slightly delayed. I have been traveling around, but no time like the present to get stuck in. Thank you for joining us. Like usual, I will go through a bit of an update on the quarter, where some of the things are, what I am looking forward to seeing. Let us get moving fairly quickly, assuming a baseline of knowledge from the people in the room, and then we will get stuck into the webinar questions, which we have had about 18 - 20 submitted pre-webinar. Then get stuck into any live questions that come through. Thank you all. Typical snapshots, fairly similar here. Nothing much has changed. Quarter by the numbers. At the end of the quarter, we had AUD 15.7 million cash. We spent AUD 3.9 million of that in exploration spends. We had about AUD 100,000 worth of interest rebates and grants come through, and our overhead spend was around AUD 100,000 as well. Which means we put around 90%-95% of the money in the quarter was in the ground, if you will. That is a good performance for us as we have been hitting exploration in full gear across Mangaroon and Elara. We put out 13 announcements. We had the 94% increase in the indicated resource at Metzkes. Mine lease application going in at Metzkes as we look to push that to catch up to Star of Mangaroon. We have kicked off and completed aircore RC and diamond programs across Elara, and significant target definition work across Elara and Mangaroon. Those Mangaroon results have been coming through and still some to come. We delivered almost over 27,000 m of drilling, predominantly aircore, but also RC and diamond, and almost 8,000 surface samples as part of that target definition work up at Mangaroon. Quite a busy quarter for us. Field season was in full swing last quarter and continues to run into this quarter. Been very busy getting the targets exploration work underway. As always, developing the high-grade deposits at Star of Mangaroon and Metzke's Find, which we will have lots of questions on a bit later, as I am sure everyone has anticipated. We will continue to deliver the large-scale gold discovery, which has been a lot of the team's focus, I should say. A lot of us have been busy on the Star and other things. But the team, Chappy and Frank and Claude and the team, have been focused on getting those large-scale gold discoveries underway, delivering the aircore programs at Elara and in the Mangaroon camp-scale prospects up there. Progress on the Gifford Creek carbonatite component site. We will talk about this a bit more in a minute. Some of that progress is on hold pending commercial discussions and what is evolving in that region. Of course, actually had a question come through on Teck. We will talk about that at the end as well. Develop our high-grade gold deposits. Starting off here, update on where things are. Star of Mangaroon. Nice high-grade resource, good-looking cash flow, even with the updated economic situations, changes in gold price, and everything else. There is obviously lots of questions on this, which we will go into more detail. But during the quarter, we had the mining approval. The MDCP and the NVCPs have been received, and the road use agreements are underway with the shire. Discussions have commenced with them in earnest, and they are coming down to our office in Osborne Park next week. Looking forward to getting stuck into those and getting those wrapped up so we can not only dig, but we can also haul this material to the mill. Metzke's Find. We had the resource delivered, updated there, so just under 25,000 oz at 5.2 g/t Au. Another high grade. Not nearly as high grade as Star, but still quite high grade. We just finished up delivering additional RC and diamond drilling. Results pending there. That was sort of a combination of resource extension work, some met work, and some geotech, and all sorts of different things. So it was a bit of an all-around sort of study-related program. In addition, with some additional resource as well. Advancing studies and approvals in parallel with commercial discussions at Metzke's Find. We have had our mine lease application submitted as well. Good progress at Metzke's as well as Star, though certainly not as quick as we would all want with regards to Star. Metzke's is moving along nicely. At Metzke's Find, importantly, there is a new mining lease that we have applied for down there, which is pending, and we have the resource sort of outline. Importantly, what we added to the resource in that last update was a lot of shallow ounces. I am not sure if you guys can actually see my thing. Anyway. Up here in the northern end is where we added quite a few ounces. That Metzke's North discovery. We have just completed an RC program, which is targeting a bit deeper up there and some infill, as well as some other deeper holes, down plunge testing as we unleash our structural guru, Jamie, on some of the better understanding and high-grade shoot controls. Looking forward to seeing the results of that work. That drilling has been completed, and results will be pending over the next couple of months. Pathway to production, Star of Mangaroon. All mining approvals have been received. We are now finalizing the Shire agreements and commercial agreements progressing, and hopefully target production. We were hoping obviously 2026, as we are now in September. Most likely, there is still potential for us to be breaking ground this year, and I think production in earnest will be commencing and completing in 2027. On Metzke's Find, the study-related work is underway, and we already have quite a few groups in the room and having commercial discussions on Metzke's to see if there is someone who wants to take it on earlier rather than later. We will just see what the best outcome is there for Metzke's. Targeting production or commercial outcome 2027 and 2028. Moving on. I guess there will be, as you would imagine, lots of questions on Star a bit later, and we will answer all those then. Moving on to delivering a large-scale gold discovery. Updates on Illaara and Mangaroon. Kicking off with Illaara. Just to refresh some people, Illaara is immediately next door to Ora Banda, Ballard, and RM. Dreadnought Resources is the next greenstone belt over. It is one of the most explored, under-drilled greenstone belts in the region, and we believe there is a multi-million ounce discovery sitting there. We have completed phase one, very wide-spaced drilling to identify these nice big halos. We have just kicked off phase two, which is a combination of infill drilling up around Black Oak and CRA, as well as first-pass aircore there in the south and into that eastern horizon. People obviously got some questions about focus and where we see things going to be picking up for us and what is capturing our attention. Prioritization is always a progressive thing when it comes to exploration, which is an iterative process. Black Oak, when it comes to what the results from that first round of drilling, Black Oak has certainly been probably a standout for us, and that is where we are currently drilling. Focusing that aircore drilling along that Black Oak horizon. We have a 7 km long mineralized corridor, infill drilling currently underway. We are currently drilling, I think we have just completed our fourth line, which is down there near ILAC 139 and 483, where we had the 18.8 g/t Au and some decent mineralization down there. Rocks look juicy, but it is gold, so we have to wait for the assays. Moving on. Essentially we are doing that aircore drilling and plan to have that infill drilling done, let us say it is being done right now at Black Oak, have results out in October, and be ready for discovery drilling in November. We are already talking to RC drillers, getting some RC rigs locked in for around November so that we can come out here and get in a good three, four-week drill program, assuming success at Black Oak, to make that discovery. If you want to see what good aircore looks like and then what we want to see from that first round of RC drilling, go look at Gateway and the great work that Rich and team is doing there at [Ketza]. They put their first hole in, RC hole, in underneath one of their aircore anomalies, got 40 m at 2 g/t Au or something like that. Fantastic, just did a big cap raise. It is a good team. Their diagrams are fantastic. I have worked with Rich back in the past. If you want to see, they are a couple of steps ahead of us, and so if you want to see what we have in mind, how this aircore transcends to discoveries over time, looking at Gateway, there has been some great work being done there. Then those first RC holes going in and showing that discovery, the significance of what some aircore anomalous looks like when you put those first RC holes in. Some great diagrams there at Gateway. Strongly recommend checking that out. That is what we are looking for. That is what we want to see, is success here at Black Oak. We are hoping putting those RC holes in by the end of this year to confirm that. When it comes to Mangaroon, that is Illaara. Illaara has drilled the aircore to get to those new areas, chase up Black Oak. It is continuing to explore and hone in on the best areas. At Mangaroon, similar to Illaara, underexplored, that is why we are out here. Seven camp-scale prospects as we have kicked off that target's definition or generation work and definition work at our seven camp-scale prospects, which were defined by stream sets. Now we are doing the soils. What we are seeing, I guess where we are going to focus on, where we are getting excited about, the Bordah area, the High Range area, and Minga Bar. Speaking with the team, those are probably the top three that feel the best to us at this point in time. We will start to see our target definition work, our mapping and prioritization of targets for drilling, starting to focus on those areas. We are still waiting for first-pass soils from High Range South, so that could always be a late contender. But right here, right now, Bordah, Minga Bar feel really good. There are some very large scale anomalies in there. We are pretty excited to get stuck into that. We have actually just expanded our team here at Dreadnought. Picked up a Project Geo to help out with Illaara, and then we also have two Project Geos that have joined us to run Mangaroon in parallel. So we are quite excited about what is evolving here and looking forward to getting these targets, the target definition work done, ranked, prioritized, and ready for drilling by the end of this year. For drilling, most likely start of next year at Mangaroon. Talking through some of those. Minga Bar Shear Zone, what do we like here? It is a 15 km long zone. Our recent infill soil samplings exceeded expectations and defined this really tight sort of 300 m- 400 m wide corridor along the major shear structure up for about 15 km, shooting off on a couple of splays along the way, but a long strike from that Cullen's Find where we have confirmed gold. We have got 25 m at 1 g/t Au, 12 m at 1.4 g/t Au, and then we have several kilometers of gold anomalies and a long strike from that in the same structural setting, in that same zone. Cullen's is just the point where the rocks stick up in that shear zone. Having gone over that shear zone recently, Cullen's really is the only spot where those mineral structures stick out of the ground proudly, which is why it was the first area found. So very excited to follow up this area. Good gold intercepts, good thickness, good scale, good pathfinder associations. We are quite excited to do the mapping, find the small subcrops, find any structural indications that there could be good mineralization nearby, and prioritize those areas for drilling later this year, for drilling next year. Looking forward to getting stuck into that. At Bordah. Bordah started off with Steve's Reward. So Steve Elliott, my first boss, one of the founders of Helix Resources, also responsible for discovering Glenburgh, that Benz Mining is kicking goals on at the moment. One of the areas, Steve was always a big believer in the Gascoyne region, and Steve's Reward is named after him. At Helix, when they were discovering Glenburgh, they also came up here and started doing stream sets. That stream set program ran into difficulties, and they did not follow it up. But as part of the infill stream sets, they did identify some outcropping gold veins, which is up near what we called Steve's Reward. That is where we focused our efforts initially. Since then, we have stepped out. Usually, when we do exploration, we like to close in, start big, broad, and close back in. Because we had outcropping loads there, we started there. We went up the other way. Bordah, where does Steve's Reward end, and where does the wider Bordah thing begin? It has just gotten larger and larger. We have confirmed gold there. You can see where we drilled at Steve's Reward initially, and then you step back and look at that now. That certainly would not be where we would start drilling. The fact that we got gold there, we know it is a live system. It is a very large-scale anomaly. It is in some of the oldest rocks out there, the Leake Spring Metamorphics. So we are quite excited to get stuck into this area. Some of the more recent anomalism that we saw there is down at Bordah intrusion gold and Bordah tungsten. When we look at that intrusion gold and tungsten system, a lot of these can be quite large-scale systems. Historically, sitting around that sort of 0.5 g- 1.5 g. Large, big, bulk mining like you see up in Alaska. Snowline Gold led by, I have just been reading his papers and watching Mr. Hart, Dr. Hart, for the last couple of years. He has written a book on these intrusion golds. He is now the chairman of the company, and they have just discovered a beautiful high-grade gold system up there at the Valley deposit in Rogue. That is one of the working hypotheses we have always had out here at Mangaroon. Something that we are looking at here, and this is really the first one that sees big scale opportunity for this sort of intrusion-type system, where the carapace in the top of the deposit, the intrusion has not fully been eroded down to expose the intrusion. So you still have the carapace of the intrusion and the roof rock on top of it, which tends to be where the gold mineralization is preserved in these systems. We see potential for that out here at the intrusion gold targets. These also tend to be associated with tungsten mineralization. Immediately next door, we have this Bordah tungsten target, which is a similar size and stronger than the tungsten mineralization we see at Nina, about 50 km along strike. So that is very exciting for tungsten in its own right, but also as part of this wider mineral system as we seek to understand the mineral systems active out here at Mangaroon. Again, to help us prioritize and rank these targets for which one is going to go after for drilling. I am actually heading. I have been staying awake at night dreaming about this one. So looking for, I will be out driving to Illaara right now. Next week back in the office, and then the week after that, I will be heading up here to walk over intrusion gold and then camp out at Bordah tungsten to do some of the SWIR lighting to see if we can confirm some scheelite out there. So very excited. This is a large-scale target. That intrusion gold thing's a 1.5 km - 2 km in size, and that Bordah tungsten thing's what, in the meters of strike. So big system. Big anomalism. Some of the strongest pathfinder anomalism we've seen. I'm very excited to get stuck into this and see if there's something sticking out of the ground, and something we can put a drill hole into soon. Takes us to High Range North and Northwest. Those areas have kind of merged together where the Edmund Group kind of pinches together and gets cut up by quite a bit of folding and faulting. We have essentially a series of over 20 km now of gold and soil anomalies. There's a little prospecting lease right in the middle of this thing where people pulled out nuggets for years and years. So we know there's gold in the area. This has never been gold exploration aside from prospectors here. This is the first time gold anomalism has been identified. Never been drilled, clearly. It's still a bit earlier stage. We still have those High Range Northwest soils are still, I think, 400 m by 100 m sort of space soils. So we have a bit more work to get this more advanced. So I have a soft spot for High Range. Minga Bar and Bordah are probably ones that we will have ready for drilling sooner. Then High Range, we'll do the work out here as well and see if we get some targets out here. I'm sure we'll have some targets from drilling out here, and we'll just see how they rank and prioritize to others and when they get drilled. Part of that work, we did our first pass assessment at Mangaroon South, the old Kingfisher Mick Well project. We picked up this ground because of, on the surface, we had the confirmed worth mineralization, part of a regional consolidation. That sits right there in the middle in the green. Then the other reason why we picked up this ground, the Chalba Shear Zone, there was a historical 1980s observations of sheet-like mineralization in this area. No assays were ever taken, no other work was done. We saw that big Chalba Shear Zone, similar sort of age of reworking on that shear zone, similar to what we see at Mangaroon. At the Mangaroon, we have Nina and we have Bordah or the gold and tungsten system, sort of see it being part of a similar mineral system. We'll see if that actually plays out. That was sort of the idea going into this ground. We confirmed some of that tungsten nice high-grade assays. Looks a bit sparning. We'll have to see. We have a group at UTAS doing some detailed petrography and petrology work on that at the moment. Come back and give a better idea of what this sort of system looks like. We did the stream sets out here as well, and looking forward to seeing new areas that we generated and if there's gold associated with this tungsten system. A bit breezy out here, sorry if it's a bit noisy. Takes us to Gifford Creek. So, with the mining leases I've applied for over Yin and supporting general purpose and miscellaneous lease. There has been a significant increase in interest. As people may have seen, there has been news in the AFR, whether it is leaked or official, don't know, but the process that Wyloo is running to sell their 60% stake in Yangibana, and people that might or may not be in the room on that. We do have some upcoming work on exploration targets. There are commercial discussions ongoing, which I will touch on a bit more in the Q&A. While these commercial discussions are ongoing, our niobium work is on hold, keeping the cost associated with that and focusing on some of these commercial discussions to see if the regional consolidation is in play with us or not. That is a bit of the update on the quarter, where things are and where things are coming up. Little work plan summary, comes up in all of our ASX announcements. Star of Mangaroon. Yes, it is a bar across three quarters. We need to get the agreements in place. Once the agreements are in place, then Black Cat can update the economics, schedule it in, and then we can have a date. That is staying up. We expect that still to be mined and done by the end of next year. It is a short mine life. Mangaroon discovery drilling. Looking at RC drilling, looking at getting targets defined. I don't think we will actually get the RC drilling done up at Mangaroon this year. We will see. Depends how compelling those are. But definitely getting the air to surveys and things done and ready for drilling at the start of next year. Then Mangaroon exploration and target definition work. We have two new people starting. [Elvis] doing a lot of work up there, getting these targets mapped out. Getting them ranked and prioritized and drilled. Same for air ridge and surveyors with [Thenmar], [Budgery] and Bordah. At the Elara gold, the Metzke's Find, all that study work is continuing in the background, and as we advance that through studies and approvals and the Elara aircore program, get that through. That aircore program has kicked off, so it will run till the end of the year. Hopefully, if Black Oak behaves the way we believe it will, we will have the RC rig out in the December quarter to put some of the first discovery holes into Black Oak and following up on the aircore. Some of that message is traveling. Jumping into the Q&A. All right, so we had about 18- 20 questions submitted. As you can imagine, half of them are on Star of Mangaroon. So we will start getting stuck into that. "Will Star of Mangaroon generate any income this year? Are there enough funds to get to production with SOM?" Unlikely at this stage regarding the SOM generating income this year. The current study shows four months from commencement of mining to first cash flow, which means even if we started today, first cash flow would be start of next year. Regarding the are there enough funds to get into production, no funds are required from Dreadnought to get into production. Our spend is discretionary exploration spend, which is currently forecast out to the end of calendar year 2027 and can be adjusted further if required. "The spending is showing we will run out of money by 2026- 2027 financially. Will there be another credit raise in the next six months or will we be producing by then selling gold and being a self-funded company? I assume by this you're referring to line item 8.7 in our quarterly cash flow report. That is not a cash flow projection. That is an ASIC obligation they added to the Appendix 5B a year or two ago, which is absolutely horrible because it leads to confusion and lots of questions like this. That is an equation based on our current cash balance and divided by whatever we spent the previous quarter, which is for our case, discretionary and variable depending on the work that we're doing. So refer to the response above. Our internal cash flow forecast has us well-funded through the end of calendar year 2027, and that's keeping up a pretty healthy exploration beat, which can be adjusted as required. Therefore, no capital raising in the next six months, and we currently anticipate having cash flow before cash runs out. Hi Dean, longtime shareholder here. How soon will we start mining at SOM? Love what you and the team have accomplished so far. Keep up the great work. Thank you. We still anticipate all mining completed by the end of next year at Star of Mangaroon. More questions on Star. Please elaborate on why mining startup at Star of Mangaroon is being delayed so much from original schedule. Fair question. Do we have a revised start of mining timeframe? Delays to Star of Mangaroon cash flow may cause a capital raise requirement if it extends past quarter two calendar year 2027. Please discuss. Quarter two calendar year 2027 being the same as end of financial year 2027. Material delays in government approvals, MDCP. Why has there been delays from our original schedule? First, there were material delays in the government approvals for the mine development closure plan and the native vegetation clearing permits, taking longer than any of us anticipated. We took guidance from Black Cat, our mining experience partner on that one, and clearly they're still waiting for approvals from over here as well. Delays in not starting the road use agreement earlier. This is probably the one that's playing out at the moment most acutely. Under our original understanding, we, Dreadnought, delivered the main roads assessments that the route, whole route can take RAV 6 road trains. That was completed last year. BCA as the operator would handle the road use agreements, as road use agreements are usually based on operational decisions such as the frequency of trucks, number of trucks, are they going to mine over nine months, 14 months? Are they going to campaign haul or haul throughout the year? Those all tend to be operational things, so that was the understanding at the time. But we've now taken those agreements on board and getting those moved through quickly. We do have good relationships with the shires. Like I said, they're coming to the office next week and looking forward to working through that with Big John and his team. In addition, to Dreadnought officially taking on responsibility for these agreements under the new, now old management, Black Cat also made clear that they would not run things in parallel. When we first started this, there was this intent of running things in parallel to get Star of Mangaroon up and running quickly. The new, now old management preferred to wait until everything was in place before commencing the next steps. It is a bit more of a responsible approach, but it does make things drag out a bit more. As explained in the previous answer, the money does not run out in Q2 next year. Debbie would kill me if that happened. Paul would kill Debbie. I can assure you that won't happen. Next question. Now that Black Cat's MD, James Bruce, has been terminated, can we expect Star to get going quite soon with the new MD and how soon? As much as I would love for the delays of Star of Mangaroon to be the reason for the change, I would venture to say that a joint venture over a small high-grade gold deposit is not why a 100,000 oz gold producer with two operations and one in planning, with a near billion-dollar market cap, changed MDs. BC8 have now had two management changes in the last six to eight months. They are still looking for a new MD and CEO, which I would venture to say, is a higher priority for the organization than getting Star of Mangaroon into production tomorrow. How will things change going forward? I can't tell you, but what I can say is that, one, mine approval's in place. Star of Mangaroon continues to look very attractive, even at this gold price. BC8 continues to confirm interest in development of processing. I spoke with the management team at Diggers just a few weeks ago. We continue to receive interest from other mills. We do like having option BC in play, as you never know. Wiluna is a fantastic example of that. If you are relying on Wiluna to doing your tote treatment and they have a catastrophic failure at their cyanide tanks, then you're SOL. As a business runs, we're of course very friendly with Black Cat. We want that to work out. But, as a business, we have to always have to make sure plan B and C are in place. Encouragingly, we do have mills reaching out to us for the high-grade feeds and those options are sitting there. We are sitting down with the shires and other stakeholders to get these final agreements in place. In hindsight, do you think Dreadnought should have had more input or control with the startup of Star of Mangaroon? Good old hindsight. Always 20/20, but even in this case, I'm not sure if hindsight would be 20/20. It's a tough one. Firstly, on these arrangements, the most important aspect is the mill. Mill space is what people are fighting for and what these sorts of small operations like Star of Mangaroon and Metzke's are avoiding having to build to generate cash flow. The mills are the big capital CapEx costs. They're the big long-term lead items, big approval items. When you have a small high-grade deposit like us, we're leveraging our high grade to try and squeeze into some mill space. Ultimately that mill owner wants is how it's going to go, and they want that profit split. If you are a mill and you are running 1 g dirt, 1.5 g dirt, 2 g dirt even, and someone pops up with some 10 g material. If you do a 50/50 profit split, that is still 5 g dirt to them, and that is higher grade than their 2 g and that is why things like Star of Mangaroon can get space in the mills. Because there is interest for that high-grade component. With how it has turned out, with where we are right now in regards to the road user agreements, we did have people. Steven was working on that and had already started discussions with the shires on the road use agreements. We started doing that last year. Then Black Cat had the project manager come in and they sort of took over. Which has then changed again. That does not change all the other delays and work that has gone on. So where we are right now, yes, I feel like if we ran with the agreements, which we could or would have pushed stronger on as well, and again, this is hindsight, we probably could have had these done a bit earlier. So, yeah, on that side, probably would have been better if we had more control over that, then we probably could have pushed for that as well. Personally, I still think all of this would have gone sooner if we had less involvement from the get-go. Less involvement at get, by the way. Sorry for that. Once something like this is in the hands of operators, the actual doers, they can be doing their things for which they have experience and deliver. Getting approvals and doing the work for a small mine is much different to a big one. So we, I, are explorers, and experienced in delivering. Others, like Black Cat or joint venture partners, are experienced in delivering mines. If we had handed over, passed the management to the actual people doing the work, then Dreadnought can continue to focus on exploring, which is what we do. The doers of our joint venture partners could focus on delivering the mine and having that ownership earlier. So this is what we are currently looking at for next piece. So, yeah. In hindsight, do I think Dreadnought should have had more control in regards to the road use agreements? We probably could have. Overall, I think it would have been better if it had clear ownership from day one. Not a very solid answer, money answer, but it is a topic. Hi, Dean. Will Dreadnought need to update the scoping study to reflect the likely higher costs? This is a last-minute question, so sorry for the short answer on this one. Production, one example of cost increases is fuel, where the scope of study used AUD 1.56 as compared to AUD 2.50 today. So study and final economics will be updated once all approvals and agreements are in place. We could have updated the study a million times. We actually have internally. We have run multiple updates and that price has not had a profound impact on the amount of cash flow coming through. It still makes a lot of money. But once all the approval is in place, part of that joint venture agreement, conditions precedents with Black Cat is once everything is in place, hand it over to them. They update the economics, the schedule, all the costs. Again, update all the costs once again as well, the mining costs, then get all that in place, decision made, and schedule it in. It will be done at that point. Like many others, I would like a firmer date for when gold production will commence. Also, are there any current plans for mining the rare earths such as interest from potential mine developers? As I previously answered, agreements, scheduling, firmer date. We do not currently have plans to mine the rare earths ourselves. Why? Because to simply duplicate where Yangibana is now in relation to the approvals, tailings storage facilities, the processing facilities, the camps, the airstrips, everything. The off-takes they have in place, the finances have already secured, the NAIF sums and things like that, EFA grants. Construction would take tens of millions, if not more, of investment and years of work. There is no point in us duplicating that process. However, mining approval for Yin to go through Yangibana and all that to prove the mill space and tailings storage facilities, the rest would only take one to two years, which is about how long it would take to build and commission at Yangibana. Yin is one of the thickest and highest grade deposits of that area. Yin could add significant mine life and NPV to that operation. See the recent BFS put out from Wyloo and Hastings, plus Yin or Gifford Creek carbonatite adds critical metal optionality, example in the niobium. There is currently significant consolidation opportunity in play, for which there is interest from potential mine developers if I want as well. On to the next question. There will be a few more here on Star as well as Gifford Creek carbonatite. Permits to mine, permits for road hauling. Has road construction begun, and when is completion date? Will first gold happen for Christmas? Rare earths? Is there any interest in the ground? No, the roads already exist. They belong to the Shire, hence the agreements we are negotiating with them. No, previously answered. Yes, there is interest, as I just talked about. What next steps are happening with Gifford Creek carbonatite? Niobium metals test work is on hold while we focus on the commercial discussions. Any commercial outcome for Yin, Gifford Creek carbonatite to Mick Well, will first require the sale process for Yangibana to run its course, which is currently underway through Bank of America. As I said before, there has been some news, I assume leaked, in the AFR once or twice already on that process. Once a new owner is in place, the consolidation and value creation that comes from that consolidation can be discussed with the new owner. Hopeful owners are speaking to us now. If a value creative outcome is on the table for Dreadnought, a deal will be announced. If not, we will recommence that test work on niobium to continue to prove the value that we think is there, not only to the rare earths but other critical metals as well. Discussions are ongoing. We have announced the mining lease applications have gone in. We will finalize those agreements and everything within a month. It will be very similar, I assume, to the agreements already in place with Yangibana. It should be a simple process, hopefully. Very good relationships there. We will update the exploration targets on the back of the resources on the ironstones to clarify that a bit more as well, and potentially run some studies on what Yangibana looks like, or what Yin looks like going to Yangibana and the value creation of putting that material through that plant. Next question, I think this was a compound question, so I split it up. This is all one multiple question. Any interest in the rare earths past the monetization? Future development, exploration plans for it? Yes, I answered that previously. What's happening with Kimberley ground? It's a good one for Kimberley. Seems to have gone off radar. Are we selling, exploring, or what? Kimberley is low priority compared to Illaara and Mangaroon, and we're still working on defense on the deeds of access. What's the hold up with the roads and Black Cat gold deal? How will the recent sacking of CEO change things? That's already been discussed. Need to address the failed timelines and estimates for the company. If expected timelines or targets are not achieved, that's tolerable, but don't like the reasons for them blowing out, not addressed or explained when they fail to meet. Completely understandable. We have addressed this already. One of the things that we're looking at, I've had lots of questions over the last couple of weeks, last couple of months, on some of these blowout timeframes. They get buried on the webpage and the investor hub attached to announcements that those questions don't really pertain to. I think every time we put out an announcement at the moment, I get a question about Star, no matter what the announcement's on. We are looking at some improvements with the websites and the investor hub platform to make questions more readily accessible and a bit more upfront. I think I've answered over a dozen ways for reasons for the Star of Mangaroon, but it's all buried in there in the Q&A and not out there. We'll look at ways to making that a bit more accessible and a bit more clear for folks. "Thank you for the good work so far." Thank you. Next question. Now we get into more Dreadnought-related questions. "When do you expect the share price rise in 2027? And what are financial gurus saying about Dreadnought performance in the past two to three years?" Not sure if this is the first question. Not sure if that's when in 2027 do I expect the share price to rise, or do I think it'll only rise in 2027? Or perhaps referencing fiscal year 2027, which we're currently in. Regardless, my answer is largely remain the same. Asides from market forces outside of control lifting all boats, we are working towards these items creating value in 2026- 2027, either on delivery or progress towards delivery. Commencement of mining at Star of Mangaroon, that's clearly on delivery. All the progress steps have been done. It's stalled at the moment. The commercial commencement of mining at Metzke's Find, that'll be a progress towards delivery. We'll have updated resources, we'll have the met test work, we'll have approvals, we'll have commercial deals, we'll have the commencement of mining, and things like that. There's quite a bit of news flow to run on there. Value creative commercial deal for Yin, if one materializes. That could pop up at any time, and that could cause quite a nice share price performance. Unless it is value destructive, which we won't do. Gold discovery at Illaara, could be any of the holes we're drilling right now. I'll show a few examples here in a minute. You're only one drill hole away from a discovery, and a lot of drill holes to get there. Gold discovery at Mangaroon. That could start with rock chips here in this year as we progress and build some of that, and then drilling early next year could certainly be delivering value creation there. Regarding the financial gurus, not sure which financial gurus we're talking about. We're talking about us. Our analyst coverages from 2024 through 2026 all sit around that AUD 0.05 mark, which is based largely on the rare earths and resource and the golden resource at those times. Then of course, with plenty of exploration upside. If you know of any financial gurus talking about us, please let me know. Next question. "So that I may have more confidence in my investment in Dreadnought, how many years has Dreadnought been going since the start? six, seven, or nine years. So we are not picking up a price value. How does Dreadnought compare to other similar stocks?" Nice compound question here, and one that allows me to share some slides I presented at Noosa last year. I'm kind of excited for this one. Dreadnought, as Dreadnought, has been around since April 2019. That's when I came on board, and the name change and everything else. The company before that was Tychean. The company before that was Eromanga Uranium, going all the way back to 2006. The ABN has been around for a while, that's why we have so many shares on issue. Looking back, there's our wonderful share price chart, which was exciting a couple of years ago, not so exciting now. But over the past seven years, when we first started, we had a share price of AUD 0.2, AUD 0.3 of a cent. We had over a trillion shares on issue, a market cap of AUD 3 million, and the board at that stage had invested just under AUD 1 million into the company, mainly driven by Paul Payne, Ian Gordon, keeping the shell afloat, and Paul Chapman, with his work in Iron Ringer, which was the entity that was acquired by Tychean to become Dreadnought. We hit our peak in September 2022, up at AUD 0.14. We had 3 billion shares on issue at that stage, and a market cap of just over AUD 425 million. At that stage, the board management had put in AUD 1.8 million invested in the company. Jumping forward to today, we've dropped down on the order of magnitude, which is depressing. We're down to AUD 0.014. We have 5.7 billion shares on issue, our market cap's currently AUD 80 million, and board and management have significantly increased our shareholding in the company, our investment into the company, up to AUD 7.9 million of cash invested. It has been a journey. If you believe in the board of management, not trying to be a non-profit company, actually trying to deliver something, we certainly continue to invest in the company. We believe in our future and what we have in front of us. How does that look compared to other companies? This is from a couple slides from a presentation I gave at Noosa last year. Here we have two companies. Seven years, had a double peak, had a 10-bagger the second time around, and drops of over 90%. It looks like Dreadnought twice over. The one on the right, five years, this company went into administration twice while producing gold. They had rises of seven to eight bags over this history, and again, drops of 90% or more. Looks quite similar to Dreadnought. The one on the left is Gold Road Resources, on the right is Spartan Resources. When these companies have their successes, you tend to lose sense of the scale of the price charts from before they had their success. Those look like mere bumps in hindsight, but at the time, those significant drops and rises would have been very similar journeys that we have been on now. That is why they say junior resourcing is a rollercoaster ride and not for the weak. But they have the potential to outperform. The resources there on discovery is always quite there. Talking about discovery, 2013, that is when Gold Road started on their Gruyere discovery. First rab holes into Gruyere, 6 m at 0.3 g/t Au, and the first RC hole into that, 52 m at 1.2 g/t Au. Spartan Resources, they are actually mining Never Never at this stage. They were Gascoyne Resources. The first RC hole into Never Never, asides from historical Lomax hole that was put in back in the 1990s. The first RC hole that Spartan put into it, 18 m at 1.2 g/t Au into that chase in remaining load 50 m north of pit. They hit a load sitting back. The first hole since that was 18 m at 1.2 g/t Au, and that took them a little while to work out, but that was one of the best things in the world, just sitting right next to the pit. Like, oh, exploration is fantastic. When I talk about greenfields exploration, Spartan's story is just amazing. Get out there and drill, baby drill. Simon and his team have done an amazing job in showing the importance of drilling. When we talk about greenfields exploration, like what we are trying to do, to have something like Never Never sitting there 50 m from a pit, from an area that has been operating as a mine and been explored for decades, and to have something as beautiful as Never Never sitting there just waiting to be drilled, it shows what is sort of stacked against us sometimes in greenfields exploration. But a fantastic story. One thing people may or may not remember from Spartan at that time is they actually had to shut the mine to focus on the near mine exploration to prove up Never Never. There are two examples there. Two others, between five years. They have had some big drops and big moves along the way. Was that sort of five bagger, six baggers, 10 bagger on the left and right, running for a couple of years up and down. One on the left became Sandfire Resources, and one the right became De Grey Mining. The DeGrussa discovery, unlike the other two, took a little while to work out what was going on and latch onto that and start producing those amazing grades and show that good scale that both of them have. Sandfire and De Grey is the other end of the spectrum. That first hole of DeGrussa that Margy put in, back then, 22 m at 3.6% Cu, 3.8 g/ t Au. That is the stuff dreams are made of. That is what you want. Then De Grey, Hemi. Hemi, De Grey Mining, people forget at the time, they had that big run on the watermelon seeds. They actually raised the money on it. They got the fantastic U.S. investors in there, and they did the best thing anyone did on the back of that watermelon hunch driven by the Canadians, and that was to use the money to actually fund real exploration and not go chasing watermelon seeds. They had their Tyranna. They are looking for Tyranna lookalikes. They had Mallina. They were drilling all those things that were good grades, good thicknesses, but it was balancing that with the greenfields exploration. The first aircore hole into Hemi was 43 m at 3.7 g/t Au. I had to go back and recheck on that when I was putting out the slide and man, that is what we want from Elara. That would be, wow, Jesus, that is fantastic. Then the first RC hole into that, 93 m at 3.3 g/t Au. That is just beautiful. Anyway, that shows what really one drill bit away from complete revamp and these other companies, it is a long slog. It takes a lot of work and a lot of time to become an overnight success. But greenfields exploration, even when they are mining, like in Spartan's case, or doing the hard slog in the exploration like Sandfire, De Grey, and Gold Road, they are only that one drill hole away. Dreadnought now has a large number of opportunities across Elara, Mangaroon, and Gifford Creek, including the major Elara drill program, Black Oak, Metzke's, Star of Mangaroon, and the [Ganrare] project. From a capital allocation perspective, I love these questions. It is good. Which one or two opportunities do you believe have the greatest potential to create material shareholder value over the next 12 - 24 months? What evidence or milestones should shareholders look for to determine whether these opportunities are succeeding? This might be my favorite question of the batch. Thank you, whoever submitted this one. What has the greatest potential to create material shareholder value? Discovery. I think the slides I just showed underscore that quite well. Discovery is the single greatest value creation event in this industry. I stand by that. Which opportunities, given where our exploration maturity is at the moment, I got to say Elara and Mangaroon. I know that is a bit of a cop-out question, but as I was explaining then, exploration, it is progressive prioritization. So with Elara, the aircore is still evolving. One in four, including the first pass could get the goods, like Hemi. Having said that, of the dozen or so anomalies that have come from that initial first pass program that we have talked about, Black Oak is clearly getting our focus, captured our attention, our imagination, and we are aiming to have, we are chasing that up first. We are hitting that one hard, going extra hard on the infill so that we can have those discovery tools holes in later this year. Again, what does progress look like on these? If we look at Gateway Mining, we want to see the aircore drilling. While aircore drilling may not always give you the 30 m at 3 g/t Au that Hemi gives you are actually looking for that broad halo. You are looking to zoom in on that. We want to see scale. We want to have those hundreds of meters, kilometers of scale of mineralization from that aircore drilling. Hopefully see some grade in some of the aircore. It depends on, again, how tightly spaced you drill. If you are looking for something that is 20 m-40 m thick, which would be a good size gold deposit with good size gold mineralization in those systems. If you are drilling 50 m- 100 m wide zones, you have a one in 5- 10 chance of hitting one. It is about hitting that smoke with the aircore and then getting enough confidence to put those RC holes in, hit that bedrock anomaly. The Gateway example from Cowza that just came off, I think the peak aircore hole there was like 18 m at 1.2 g/t Au, very similar to what we hit at Black Oak. The first RC hole underneath that hit the 40 m of 2 g/t Au. That is the dream. That is what we are going for. As we do this aircore, we want to see a few more economic sort of intercepts. We want to see a bit more grade, but mainly we want to see that scale. Then really once we are still in that RC drilling, that is when we want to see the economic intercept stack up and really announce that discovery. At Mangaroon, target generation and definition work is ongoing. Our favorites are starting to appear. Like I said before, Bordah, Minga Bar, and High Range. We have proven gold and large scale anomalies there. It is important to note that these are still competing, and they are competing through low-cost exploration work programs, which will lead to their future prioritization. When talking about prioritizing early and things like that, it is important to recognize that YAM14 was the priority target over Gruyere. Even throughout the initial discovery drill holes, YAM14 was still there. It had a bit more grade than Gruyere. De Grey had plenty of other known high-grade opportunities, when they were pursuing in parallel with greenfields, it is about finding that balance. You do not want to put all your eggs in one basket because exploration is a game of failure, ultimately. It is about prioritizing those things and making sure you are chasing the right thing. It never took months to become the focus. They were drilling the crap out of everything out there. They had Western Winds or something like that and other lows they were going through. They just drilled, baby, drilled. It took a while for that to become the focus. When things become the priority, they earn the priority. Why that matters, why that matters from a capital allocation perspective is early-stage exploration is lower cost per unit search area. Aside from Sirius Resources, exploration is supposed to be an area reduction and prioritization process, and that means it is progressive prioritization. You look at a stream set. A stream set sample, it essentially tests a 1 sq km-5 sq km area, and it costs AUD 120 to do that. A soil sample tests 0.1-0.05, depending on the scale of the soil sampling. It costs AUD 60-AUD 80. As soon as you start aircore drilling, you are adding depth to that. You're adding also additional approvals and things like that along the way. A drill hole is going to cost you AUD 3,000-AUD 4,000. You start doing RC drilling, you're obviously able to test deeper. But again, RC drilling is going to cost you AUD 10,000-AUD 30,000. All of that is looking for a gold deposit with a footprint that's less than 0.1 of a square kilometer. So it's an area reduction process. With Illaara, it is the big aircore program. That's why we needed that big cap raise to deliver the exploration program here at Illaara. I believe the prize is there. But with Mangaroon, we have our team of people joining us, Captain Owen, looking forward to having them about on-site here shortly. That's going to be mapping. There's going to be rupture sampling. There's going to be a few more soil samples over these areas. That's a very low cost to have a target defined and be able to rank them. So while I can't give you our top two to three at the moment, asides from that scale of Bordah, Minga Bar, High Range or Illaara, Mangaroon, that work that's been done at Mangaroon is much cheaper. Of course, Black Cat is having our focus up here at the moment. But we're still needing to balance that against testing the rest of the greenstone belt. Teck gets a mention. Here we go. First question first, though. When will the company transform from explorer to producer? If this is regarding Star of Mangaroon, then I think that's been addressed already. If this is more of an existential question, like when does Dreadnought become a producer? I would argue that producing from Star of Mangaroon or even Metzke's Find with a joint venture partner over a 12 - 24-month timeframe does not make us a producer. Nor will it deliver the shareholder returns we are in the market to achieve. That'll be achieved through discovery. Those are means to fund exploration without having to have additional dilution for further cap raises. We are still an explorer, which is why our exploration activity has been the key focus for myself and the team, as they are paramount to our future success and future shareholder returns. What is the status of the Teck joint venture? No updates for this in 18 months. Is it still valid? It has been quiet on the Teck front, and it's great timing because exactly 12 months ago, on the 9th of September 2025, the Anglo Teck merger of equals was announced. This understandably pushed activities into a period of uncertainty for the people and projects involved, which is not a nice thing. Anyone who's been through a corporate merger or takeover can understand that's never a nice thing to have hanging over your head for over a year. So while work has slowed down, it is showing signs of life again. It is still valid. So yes, absolutely. Once we know the next steps that Teck have in place, we have some meetings coming up soon, we will look at providing an update to the market on that. So yes, that is still there. It's just gone into every time we get a joint venture partner up there, something happens. First Quantum had Cobre Panamá, and then Teck's had a merger. Anyway, that's the way things go sometimes. But the Teck team's fantastic, continue to be great. And then in light of copper opportunities and things like that out there, they have actually changed Mangaroon from a nickel copper project to a copper nickel project as it is 50/50 copper and potentially more copper than nickel in that though. So, excited to see what continues to evolve there. Next question. Why are investors doubting the company and price going down? If you know, let me know. People buy and sell for any number of reasons. For every seller locking in a loss or a profit, there is a buyer looking for a profit. That is a net positive. We ran up last year because Tim Robertson and Farjoy was buying on markets, and of course, the momentum chasers that followed. Yay for markets. And why did Tim and Farjoy come in? Because they were at the opportunity while it was weak, which is where it was last year, and we are showing signs of improvement and the gold strategy going forward. Long-term viewpoints for the gold that we have in progress and of course, for the rare opportunity that could happen and evolve there around Yin. We have had more buyers than sellers. So looking back at our actual numbers there, how do you test why are investors doubting the company? We have actually had, looking at the numbers down there past 90 days and past 12 months, we have had more buyers than sellers, more new shareholders than lost shareholders, more upgrading shareholders than downgrading shareholders. And I would say that is more optimism than negativity. So I am not sure if that is a good answer, but it is an attempt at an answer for that question that probably no one knows the answer to except for the people that are selling and buying. That is the last pre-submitted question. Looks like we have had a lot of people stay through all the way to the end, so thank you for that. If there are any additional questions or follow-up questions, please fire away. Otherwise we can wrap up and go about our days. We have to go out to the rig and see how Black Oak is going. Hopefully hitting some juice. People talk about gold exploration, gold discovery. So you hit massive sulfides, you have black smoke and it is exciting and it is heavy, and you can pXRF it. What you get. Every discovery history you hear about gold, it is, "I was sitting around the office and the assays came in and oh my gosh, everyone ran over to the computer to look at the assays." So gold is a bit of a bastard, but we are out here, the rocks I am chasing if there is any gold there. Good day. Glenn, "What would it mean for the company if you discover a very large high-grade tungsten resource that is open pitable?" That is a great question. So we never pegged Mangaroon to look for the rare earths. Yin came on board at a fantastic time when share prices and sentiment is skyrocketing. We had the approvals, we had the momentum, we had the work going. We picked up Mangaroon for the gold and the nickel. The rare earth took us to the moon and back. So we are an explorer. We're a greenfields explorer. You never know what you're going to find. Lone Star was a fantastic copper gold target. Sirius was looking for gold, Polar Bear, and the rest of it. Karla winda, the Capricorn Project now that's being run by some of the best operators in the game. That was a nickel target drilled by WMC. You often make discoveries in things that you're not looking for. We're there, the tungsten looks very real. It is part of the system. We want to understand that system. At the same time, tungsten would be worth a crap ton of money. What could it mean for the company? Look what the rare earths did. We went there for that and it ran wild. Tungsten seems, having learnt from rare earths and how wonderful the complex mineralogy and opaque supply chains are, tungsten seems much like a cakewalk compared to that. Our focus is gold, but if that high-grade tungsten's there, guarantee I'm going to drill. If things keep up the way they are, it could have a very positive and profound impact for us. Marcel, "Any significant change in the top 20 shareholders? Thanks for today." Significant changes in the top 20? There's been one that has been selling down a little bit today, but sold out. Besides from that, no significant changes. I don't think anyone's dropped out of the top 20. "Can you find gold with scheelite in mineralization?" Yes. I think that's a very good point, Glenn. A follow-up question on that. When you look at these intrusion-related gold deposits, you can have gold and tungsten as part of the same deposit, as well as next door to each other. One of the things that characterizes intrusion-related gold, it's association with things like scheelite and bismuth, tellurium. Yes, we can find gold with the scheelites at Nina. One of the reasons why we first went out there and did the soils over Nina was because one of the rock chips that, what was the company? Catalyst, did back in the early 2000s, actually came back with a gram of gold on that scheelite. Again, it is an orogenic system. You have things like that clean deposit down south that Rumble's working on. You can have an orogenic gold system that has scheelite in it. It can be quite significant, tends to drop out with more calcium and the rocks. Or it can be part of this intrusion-related system. We believe we have some form of both operating at Mangaroon, an intrusion-related systems and orogenic systems. Are they overprinting each other? Are they distinct? Is it just two systems with a similar mineralogy signature we're seeing up there? The more work we do, the more we'll find out. Absolutely, the scheelite and the gold can occur together, and they can also occur adjacent to each other as part of the same system. Which is again, why our focus is on gold, but scheelite's there. It's part of the system, helps us understand and can be worth something. Excellent. Well, it seems like for the first time, all the questions came through ahead of time, and not too many on the backside. Thank you all for tuning in. That's taken exactly an hour, so I'm getting better at this. Hopefully not taking up too much of your time. Anything further, please don't ever hesitate to reach out, send us an email, and look forward to delivering on Star of Mangaroon and of course, all of our discovery things. Thank you all.