Director, Nick. The two Leighs. Leigh Ryan from Horizon Gold and Leigh Wardell-Johnson from MineScope. This study is the culmination of over 18 months of hard work from the team. Thank you to those, particularly the two Leighs and all of the disciplines and experts that contributed to this study. Today, we will just be focusing on our open pit DFS to start with. We're pretty confident that this is a mine that will also deliver underground opportunities as well as sulfide opportunities. The large-scale free milling open pit restart will include 962,000 oz to be mined over a 10-year period. We'll be looking at producing around 880,000 oz. An average of 88,000 oz per annum. In particular, the first five years at 98,000 oz per annum. We have, in particular, made this as simple as possible. We're focused on free milling open- pit mining. The idea is that this is a very conventional gold project development in Western Australia, and it is as simple as they come with respect to the metallurgy open- pit mining. Then on top of that, we've also got a number of these underground mining opportunities. We have free milling underground resources of over 400,000 oz at 3.6 g per ton. They currently sit outside of the DFS. We also have Wilsons, which is a sulfide underground resource and refractory ore body that has another 400,000 oz at 4.3 g per ton. Over 800,000 oz of underground mining opportunities currently sit outside of the study, and we'll now look to bring them into the mine plan and further study work over the coming months to integrate them into our studies and our mine plan going forward. We think that these underground opportunities will only improve the project and will increase the head grade. At the moment, we're looking at around 100,000 oz per annum from open- pit mining. The ability to bring in these undergrounds will increase that ounce profile by displacing open pit feed with high-grade underground mining opportunities. Outside of that, we have an 80-km long underexplored greenstone belt. It's quite a unique opportunity where we have what I believe is a forgotten greenstone belt, and we're currently drilling. We're looking at drilling 80,000 m. We're particularly liking the idea of extending the underground opportunities at Kingfisher and Swan. We're also using RC drilling to expand the open pit oxide material along strike. We have 37 deposits. They're all open along strike and at depth over that 80-km belt. Well-positioned to extend the mine life well beyond the current 10 years that we announced in the DFS. Just some of those high-level numbers. NPV, which is the net present value of AUD 1.3 billion, internal rate of return of 53%. These are some of the best economics I've seen in my career, and we're not alone. A lot of our peers are looking at very similar economics, and it just shows you the opportunity that we have in the WA gold mining industry to really produce gold at probably some of the best margins I've ever seen in my career. We're looking at producing gold for an all-in sustaining cost of just under AUD 3,000 per ounce, and we're looking to sell gold into the current spot price, which is around AUD 6,000 an ounce. You're making significant margin on your gold mines, particularly in Western Australia at the moment. We have an open pit production target of the 962,000 oz at 1.2 g per ton. 1.2 g per ton is quite a good grade for open-pit mining. A lot of our peers are mining at much lower grades than that. We're quite happy with our grade profile. Pre-production capital of AUD 350 million. This includes a contingency and the commissioning phase. Our max drawdown of the capital is also AUD 350 million. We're quite confident that that can be easily funded with the current debt and equity markets. Looking to first gold production in the second half of 2028. A lot of numbers on this slide, but basically what it's saying is we have a technically robust, very economic project. Very manageable for a junior, I think with the capital number, I think right in the sweet spot of a junior mining company. It's a number that we can achieve and fund quite easily. Strong recoveries driven by that free milling oxide and transitional and fresh. The other key number here is the NPV to CapEx ratio. That's another very important number. Your NPV to CapEx of 3.7x, which basically means that this project is very economic at the current gold prices. We've used a gold price of AUD 5,500, which is slightly below today's spot price. If you use higher gold prices, we can see NPVs in the order of over AUD 2 billion. At lower gold prices, it's still very economic at gold prices much lower than today's prices so, t echnically robust. You can see the NPV sensitivities around gold price. That's the biggest lever, really. Operating costs and grade, another two important sensitivities to look at, but nowhere near as important as that gold price. At today's gold price, we're quite happy. AUD 7,000 an ounce is a gold price that we only saw about six months ago, so there's no reason why we couldn't see that again over the coming months and years. You can see here we have the 10-year mine. We're mining and delivering 880,000 oz over the 10-year period. Most importantly, 94% of that is indicated. It is a very well-drilled out ore system. We've made sure that there's only a very small portion of inferred in our mine plan, and it's all coming from two major mining areas, being the Gidji Shear Zone and Howards. About 560,000 oz come from the Gidji Shear Zone, which is within very close proximity to the proposed processing facility. Howards is our main satellite ore body, which is about 28 km from the processing plant, and that's about another 200,000 oz coming from Howards. Those two mining areas, delivering 80% of our production just from those two mining areas. We've also announced our maiden reserve, and you can see there that around 50% of our reserve is in the oxide and transitional, which is the simple metallurgy. The fresh is also free milling as well. Very good recoveries. You can see you've got the good oxide and transitional dirt, particularly in the early years, which will go through the mill nice and easily. You can see here, this is a snapshot of the belt. You can see Howards down to the south. The Gidji Shear Zone is sort of centrally located within the belt. We are bringing in some of the northern deposits, but we're really just particularly focused on the Gidji Shear Zone and Howards in the first seven years. The last sort of two to three years is where we head north and bring in some of the other free milling ore bodies up to the north. At the open pit reserve grade of 1.24. Very good grade for open- pit mining. This is just open- pit mining for the first 10 years. On top of that, we've got a total of 2.3 million ounces, which over time we think we can bring into the mine plan. Really that's just about further study work, bringing in the undergrounds, bringing in the sulfide refractory ore bodies. There's no reason why we wouldn't be able to convert a significant portion of the 2.3 million ounces into the mine plan over time. This is the Gidji mining area. This is our flagship sort of ore system. There's multiple stacked loads across a 1.6-km wide trend. Swan and Swift are our real flagship assets. Kingfisher as well. Swan, Swift, and Kingfisher combined have another 400,000 oz at 3.6 g per ton in underground resources, which are currently outside of the mine plan. We will look to bring the Swan, Swift, and Kingfisher undergrounds into the mine plan as quickly as possible. Within this Gidji mining area, there's over a million ounces at + 2 g per ton. It is a well-mineralized system. We're currently drilling in between the gap between Eagle and Kingfisher, and that is continuing to deliver. We can see a significant amount of ore to be found, particularly in that gap between Eagle and Kingfisher. Conventional processing, simple, free milling metallurgy. We've made this as simple as possible. Gold recoveries of + 90%. Gravity gold of 30%, which is a high-gravity component. This is off-the-shelf bread and butter, open pit, and simple CIL metallurgy. We have also allowed the opportunity to expand to 3 million tons per annum. For a very small incremental capital increase, we could increase the throughput from 2.4 million tons per annum, which we used in the study, to 3 million tons per annum. We have the mine life to do that, which would allow us another 25% increase in the ounce profile. It would push us well above the 100,000 ounce per annum run rate into the sort of 120,000 ounce per annum run rate. There's no reason why we wouldn't look to do that potentially in the final engineering and design process. We are on track for approvals in Q2 2027. We've done extensive work on the flora, fauna, and heritage already. We're well over 12- 18 months into this process. We also have granted mining leases. There's an established footprint here. 37 open pits have been previously mined. We have some areas that have been approved, and have also got a clearing permit. We do have the ability to use existing permits if we need to. The outstanding approvals for the majority of the DFS is still in process, and we're looking to a final investment decision in Q2 2027. That would then set us up for the build phase in the back end of next year, looking to build about a 12-month period of process plant construction and commissioning, and then looking to our first production and operations in the back half of 2028. This is a Swan underground. You can see the hashed line is the current DFS 4,500 DFS pit design, and below that are significant underground ore bodies over 233,000 oz at over 4 g per ton. This is a well-mineralized system. We see that this will be an underground again. You can see there's existing underground workings. We're currently drilling at Swan along strike of some of these very high-grade hits. You can see ounce and 2 oz per ton historic drill intercepts. We'll be making sure that we're drilling along strike and down plunge of those existing high-grade ore bodies. Yeah, really excited to look at the underground opportunity here. This is completely outside of that DFS open- pit 10-year mine, which is delivering an AUD 1.3 billion NPV. On top of that, we think, yeah, many years of underground mining here at Swan, as well as Kingfisher. We're currently also drilling at Kingfisher, where there's over 100,000 oz at 3.4 g per ton and this will also be an underground mine. The previous owners have set up the underground, we have existing underground infrastructure that we can hook into very cheaply. This is an underground opportunity that would be very low capital and very strong return on investment. This is also outside of the open pit numbers in the DFS. The numbers I like here are when this was previously mined as an underground, and this wasn't back in the old days, this is only sort of 20 years ago. They were mining it at 14 g per ton, and their open- pit mine here at Kingfisher was previously mined at 4 g per ton. It just shows you the high-grade nature of Kingfisher, and we have very similar high grades over at Swan. Yeah, actively drilling out Swan and Kingfisher underground opportunities, and we look forward to continued exploration success at these two ore bodies. We also have Wilsons. Wilsons is an underground sulfide resource. We have done a lot of metallurgical test work. We're getting recoveries of 87%-90% using conventional processing routes for refractory ore bodies. This is a well-defined ore body. You can see 97% indicated. It is the most well-defined and most deeply drilled of all the ore bodies in this belt. It's a great little mine. We think this mine could do 50,000 oz- 60,000 oz per annum. As an underground, you can see it's got three parallel all sort of shoots which makes for a really strong ounce per vertical meter and just a nice, neat little underground mine. This is all outside of the open pit DFS numbers as well. Significant upside here at Wilsons and other refractory ore bodies throughout our belt. Particularly, we like the opportunity to bring Wilsons in. What we could do is add a concentrator to the existing facility at the CIL plant, which is we could add a concentrator, then we could look to produce a concentrate and sell the concentrate from Wilsons and other refractory ore bodies. Outside of the DFS numbers, we have these really interesting and exciting upside opportunities. The underground resources, the free milling resources at Swan, Swift and Kingfisher, over 400,000 oz there. We have the ability to expand to 3 million tons per annum, that could bump our ounce profile up to well over 100,000 oz per annum, as would the underground resources. Bringing in the undergrounds would increase grade, expanding to 3 million tons per annum would increase the throughput. There's a number of levers to push us well beyond 100,000 oz per annum. We could also bring in Wilsons if we were to add a concentrator to the processing plant. Another 400,000 oz there at Wilsons, and we're confident that Wilsons could do another 50,000 oz- 60,000 oz per annum. This is a significant mineralized belt. We have shown the base case, which is 100,000 oz per annum of open- pit mining. We will look to bring in undergrounds. We will look to bring in sulfide ore bodies. This is a significant greenstone belt, 80 km long, 37 deposits, all open along strike and at depth. We also see opportunities for consolidation of the Gum Creek Greenstone Belt and the broader region as well. A lot of opportunity to expand on the base case, which is that 100,000 oz per annum of open- pit mining for the first 10 years. In summary, large scale, free milling, open pit. We've made this as simple as possible. The idea is that we get into production and get built on a very simple strategy, which is open- pit free- milling. We look to bring in underground mining and refractory ore bodies over time. They will significantly increase the ounce profile, also increase the net present value. We're also very excited about the drill bit. We continue to deliver at Kingfisher Swan in the underground opportunities, we're also excited about the RC drill rigs, which are expanding the oxide open pit potential throughout the belt as well. We're on track for an FID in Q2 that will then allow us to go into the build phase looking to deliver our first gold in the back end of 2028. We have a board and management team that have built, owned, operated gold mines globally, particularly at Resolute in the past. We're really excited and privileged to be able to look at developing the Gum Creek Gold Project, which is in our backyard, and in probably the best capital markets I've seen in my career. The time is now to build another gold mine and looking to be one of the next gold producers on the ASX. Thank you, Stuart. Over to you for questions. Scott, thank you, mate. Fantastic presentation. I know there's a lot of work goes into getting out what you've done, so well done on that one. We've had some great questions come in, so we'll get straight onto those now. The DFS has outlined a clear pathway to restart Gum Creek. What do you see as the key factors that move the project from feasibility stage into development decision-making? Yeah. There's sort of a parallel process from now where we complete the permitting and approvals process, but we also need to now run the project financing piece. What that looks like is going out to the banks and looking at what the debt will look like. Completing that in parallel over the next six to nine months. That will then put us in the position for an FID in Q2. Yeah. Obviously, throughout that period, we'll also be looking at early works, we'll be looking at expanding the camp. We've currently got about 50 rooms in the camp. We want to expand that to over 100. We'll use the existing camp as a base. We'll also look to build a new camp. There's a lot of early works. We'll also consider long lead items and it's all about really just making that timeline, condensing that timeline as best we can to try and get this into production as quickly as possible. The project requires approximately AUD 350 million of pre-production capital. How are you thinking about the funding strategy and the balance between debt, equity, and other potential funding options? We think that this will attract a conventional project financing facility, which we would typically look at sort of 60%-65% debt and then the remainder in equity. We are considering other opportunities. I think this is the reason we have made this as simple as possible from a technical perspective is to attract the best terms with respect to the project finance and how we fund this. I think it'll be quite conventional. Typically, it's a 60/40 debt equity split. The DFS highlights 880,000 oz of recovered gold production over a 10-year mine life, including an average of 98,000 oz per annum over the first five years. What are the key operational assumptions supporting this production profile? That number is based on just on the open- pit mining, so delivering in the order of 2.4 million tons per annum. Those numbers are, I think, quite conservative, particularly if we were to increase the throughput or increase grade through underground mining. It is a base case. It is based on that 2.4 million tons per annum of open- pit mining. Very likely is that we will bring undergrounds in well before the end of that 10-year period. This is the base case. It goes for 10 years, but we'll look to bring in underground mines as quickly as possible because they will increase our ounce profile and displace open- pit mining. We may even look at increasing the throughput beyond the 2.4 million tons per annum. The project economics show a pre-tax NPV of AUD 1.307 billion and IRR of 53.1%. Which assumptions within the DFS do you believe are the most important for investors to understand when assessing the project? I think we've used the gold price, which is slightly under today's price. I think if you were to use anything around today's price, I think is a good price to use. We've used AUD 5,500, which is slightly below today's gold price. I think most importantly, we have been quite conservative in our CapEx and operating costs. Some of our peers have lower all-in sustaining costs, but we're confident we've added everything into those numbers. We haven't sort of done anything to make those numbers better than they are. They are the real numbers, particularly on all-in sustaining costs and CapEx. We were very focused on making sure they are numbers that we can deliver and potentially do better then. Gum Creek has significant resource upside, sorry, outside the current DFS mine plan, including underground resource at Swan and Wilsons. How important could this additional resource base become as Horizon looks beyond the initial open- pit operation? The underground's exciting because what we would do is if we brought in an underground mine, it would be quite a low capital intensity because we've already got existing infrastructure, particularly at Swan and Kingfisher. What we could do is we bring in 3 g-4 g per ton from the underground and displace the 1.2 g from the open pits, which means that your ounce profile significantly increases. It is something we will look to do and trying to bring into the mine plan as quickly as possible because it's about bringing high- grade ounces into the mine plan early and at very low capital intensity because we do already have the existing underground infrastructure. Scott, the project is supported by an 80-km long underexplored greenstone belt. How much exploration upside remains across the broader Gum Creek tenure, and where are the highest priority targets today? Yeah. Leigh Ryan is quite excited about being able to really give the belt what it deserves. We're looking at 80,000 m. We've recently raised AUD 30 million, and a big portion of that, around AUD 20 million, will go into exploration. I suppose from my perspective, the ore bodies that I'm most excited about are probably Kingfisher and Swan, just trying to really understand those high-grade veins and what they could deliver. Yeah, keep an eye on those two. On the oxide sort of assets as well, or the free milling, I like Howards. We're getting some good numbers out of Howards as well. Yeah, it's really those flagship ore bodies, Swan Swift, Kingfisher, and Howards that probably excite me the most. The DFS outlines a low-cost operation with an AISC of AUD 2,995 an ounce. What are the main drivers behind the cost profile, and where do you see potential opportunities to further improve operating margins? Yeah. Our numbers are quite similar to our peers on the mining and processing. We've been told our G&A is quite high, so I think that's where there's an opportunity. We've gone in with a number that I think is very defendable. The last thing you want to do is put a G&A number there that you can't deliver on. I think the opportunity is to get that G&A number as low as possible. I think that's where we've got room to move, and there are different ways you can do that. Yeah, we think the G&A is one thing that we can potentially get a little bit lower, but we're happy that the number in there is defendable. With first gold production targeted for H2 of 2028, what are the major milestones investors should watch out for over the next 12- 24 months? The big milestones will be FID, looking for FID Q2, then looking at starting the build in the back end of next year. In about a year's time, we'll be looking to start the build phase. That will be exciting. It's really also about building the team out and bringing in the people that are going to deliver this. We often need to make some big hires over the coming months, get on with it. It's really FID and commencement of EPC build phase in sort of 12 months' time. We've got two more questions that have come in. A large portion of the production profile is underpinned by the Gidji Shear Zone and Howards deposits. What gives you confidence in the scale and continuity of these mining areas? I think one thing the geos have done very well is they've defined these ore bodies through significant drill out. 94% indicated means that we are well-drilled, particularly in those key areas. I think also the fact that all of these ore bodies, except Howards, have all been mined previously. There's decades of production data that has allowed people to learn about these ore bodies. These are not ore bodies that haven't been mined, that gives us very good confidence that our block models and our drilling is representative of these resources. That does significantly reduce the risk associated with mining, the fact that they've been mined before, we've also drilled them quite aggressively and well-defined. Scott, lastly, looking at Horizon Gold today, what do you believe is the biggest misconception investors have about Gum Creek? What is the key message to take away from the DFS? There is a misconception that this is a refractory gold field, I also had that view, even till sort of a few years ago. Now I realize that this belt has never had a refractory ore body mined. There are refractory ore bodies. They're not in this study. They're not in our base case. This is a free milling open- pit gold field, simple as they come. There is a bit of a misconception about this project, it has been quite forgotten. That's why we've really focused on making that study as simple as possible and focusing just on open pit and free milling. We'll look to bring in the undergrounds, we'll look at refractory as well. A lot of upside on that AUD 1.3 billion NPV obviously a big gap for me to fill between the current market cap and the fair value of this asset. Scott, thank you so much for participating in today's webinar. Fantastic presentation, thank you for taking part in this Q&A also. A recording of this webinar will be available on Market Open and Horizon Gold's communication channels within the next 24 hours. For more information about Horizon Gold, you can head to the company website, horizongold.com.au, you can follow the company's social media channels. Thank you to everyone for attending today's webinar. I'll keep you updated on future webinar opportunities. Scott, wishing you and the team all the very best, I look forward to chatting again soon. Thanks, Stuart.