Please welcome Ed Ainscough, Managing Director of Lunnon Metals. Their ticker code is LM8. Just waiting for the slides. Thank you. Fantastic attendance. Really, really pleased to be back here in Noosa. Beautiful spot. I'm here to remind you of the Lunnon Metals story and take you through what we've achieved. We've had a massive 12 months. We've kicked some amazing goals from when we stood up here in July last year. Just a reminder, our project is in Kambalda. Kambalda's about 50 km south of one of the world's most famous gold camps, the Golden Mile. According to Northern Star's website, there's over 100 million ounces mined and remaining at Kalgoorlie in the Golden Mile. You drive 50 km south from Kalgoorlie. You're basically tracking a very famous fault called the Boulder-Lefroy Shear Zone. You end up in Kambalda. St Ives is what I like to call the best gold camp in Australia that you never hear about, and that's because it sits inside Gold Fields. There's a portion inside Westgold Resources. St Ives has now produced or mined 18 million ounces, and there's 12 million ounces left. This is a camp that only started in 1980, unlike the Golden Mile over 100 years up there. It's only been going really for 40-odd years. Gold Fields have been amazingly successful. I'll take you through that. We've got 10% of that belt. We think that belt's underexplored because it was a nickel camp. Again, I'll take you through our rationale for believing that. 30 million ounces at one end, 100 million ounces at the other. It is a world-class address. We're on the south side of Lake Lefroy here. Each of those gold dots is a gold deposit. There's some bigger dots, which are the bigger camps. One I'll touch on in a minute is Invincible. In the last 12 months, we've generated meaningful cash flow, and I'll take you through how we've done that. We do believe this is a world-class district that you just don't hear enough news about. I firmly believe that if St Ives was run by Genesis or Emerald Resources or Northern Star, my share price would be a lot higher because you'd hear all about the amazing discovery and the amazing geology, and the amazing endowment at St Ives. We think our leases are underexplored for gold. I'll take you through that in a moment. It is a fantastic example of location, and you never hear about it. I'll finish up at the end with a single slide on our nickel opportunity. Just briefly, Invincible, it's four kilometers long, it's 2 km deep. It was found in about 2010 by Gold Fields. It's going to be, already is, but it's going to be the biggest gold discovery at St Ives, bigger than everything else put together in the preceding 30 years. Order of magnitude, it's probably going to be about 10 or 15 million ounces. Again, if it sat inside an ASX-listed company, you'd hear all about it. Other than one or two slides at Diggers in a few weeks' time, you barely hear about Invincible or St Ives from Gold Fields. Zooming into our project, it's the yellow polygon. It's 23 square kilometers. Field of view on that image, the 7 million ounces of the 18 million ounces mined to date that sits on that image. Three and a half to our immediate north at Victory-Defiance. I started work there in 1987. To our immediate south, Apollo, Argo, Hamlet, and Athena is another 3.5 million ounces. There's virtually no gold exploration, meaningful gold exploration on our 23 sq km because it was a nickel belt. Foster and Jan were two nickel mines mined by WMC in the 1970s and 1980s. This area, as you can see, a heap of infrastructure. It was the focus for nickel mining on the south side of Lake Lefroy for many years. WMC built their first gold plant here, which you can see those tailings facilities. There's areas here that not only were underexplored but were inaccessible for exploration, and I'll take you through that in a moment. Our goal is to make a significant discovery. Our thesis is that it's underexplored. All of those black dots are drill holes. You're sitting at about 100 meters below surface here, and it's a 50-meter slice through the rock. What I'd like you to look at is that brown dashed line. All the nickel in Kambalda and Widgiemooltha sits at one very particular contact. On our ground, it's called the Kambalda nickel contact, and all the nickel sits there. I'm going to drop down to 300 meters below surface, and you'll see all those black dots. All that drilling starts to focus in on that brown dashed line. If I drop down to 500 meters, pretty well there isn't a single drill hole away from that nickel contact. From a gold perspective, sitting in the middle of an 18 million ounce mined camp with 7 million ounces on our doorstep, there isn't virtually a single bedrock hole, meaningful bedrock hole for gold. Just at the end of June, we announced an AUD 13 million drill budget for this financial year, approved by the board. That's a significant commitment on a small area of ground, 23 sq km for a junior company. The basis of that was we wrapped our arms around the numbers we believe can be there. We think the order of magnitude is between 1.2 and 2.4 million ounces of gold potentially left to be found. That could be a number of smaller things, or it could be one big thing. The beauty of St Ives is it is underexplored. Invincible, remember, was the biggest thing ever found, and it was found last. We're going to drill 43 km of drilling. That's more drilling than has ever been drilled in a single year at our project, and that includes the years where WMC was drilling out the nickel mines at Foster and Jan. That's a massive commitment. The reason we can make that commitment is we found a deposit this time last year when I presented. It was at scoping study stage. It's very modest. It's quite small, not very sexy for the ASX, but it generated some fantastic cash. On the table there, you can see the cashflow margins we were expecting to make at the gold price we used in the feasibility study in January. We thought we'd make AUD 40 million. Costs have been slightly higher than that, and the gold price has come off ever so slightly in the last couple of months. We're still on track to get within very close to that high AUD 30 million number. Like I say, this time last year, on the left of the page there in June, we were at scoping study stage. In the space of 7 months, we permitted the asset, we negotiated with the traditional owners, we negotiated a commercial agreement with Gold Fields, our major shareholder, to process the material through their plant, which wasn't full. We negotiated the commercial agreements for contracting and technical supervision. We haven't added a single person to our staff. It's all been outsourced. Had clearing started in January, first blast in February, first ore also in February, and that pit at the end of June is about 90% complete, but only two-thirds of the gold has been mined to date. Far, we've invoiced Gold Fields AUD 42 million, and been paid that AUD 42 million for the cost of about AUD 13 million out of our pockets. Order of magnitude, again, we've put close to AUD 29 million in the bank in the last 5 months. That pit has about a month to go. As I say, it's quite small and it hasn't shifted the share price, but it's a massive enabler for us to then tackle what we think is a significant discovery opportunity on an area in one of Australia's best gold belts. Just on nickel. We keep a watching brief on nickel. We did list in 2021 as a nickel-focused company. We did make a discovery called Baker. It was the first nickel discovery in Kambalda since 2010. It's very high grade, it's high quality, it's very low deleterious elements. We're keeping a close watching brief on what may or may not happen with the Kambalda concentrator. Media reports continue to suggest that there's a sale process underway. If that concentrator ends up in nickel-friendly hands, that will be a massive impetus and massive leverage for our share price. We don't get any value for our nickel interests and our nickel assets, I believe, in our share price currently. In the right market, the nickel for our share price isn't the cherry on top, nickel actually could be the whole cake. It's significant our assets will be part of whatever shakes down in the nickel sector in Kambalda and Widgiemooltha. As I say, we listed 5 years ago. At the end of June, we've got AUD 22 million. That's probably closer to AUD 29 million now from our own activities, from mining that small and modest pit. 5 years ago, when we listed, we had less cash than this. The nickel price was lower than it is today. The gold price was substantially lower than it is today. Since that time, we've made a high-grade nickel discovery. We've made a small but very cash-generative gold discovery. As I put that slide up, our enterprise value is less today than it was the day we listed. We think there's massive value upside. Value upside from the discovery opportunity for gold in one of Australia's best gold camps you never hear about, but also value upside from that nickel portfolio. That's our mantra. Discover, define, and deliver. That's what we do. It's what we've done. We found a nickel deposit, and it will be part of the future for nickel in Kambalda. We found a gold deposit that's going to enable us to drill what we think is a really fantastic, significant discovery opportunity. The goal is obviously to repeat that. Thank you
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