Well, a very good afternoon, everyone. Thanks very much indeed for joining us. On behalf of Minerals 260, ASX ticker MI6, a very warm welcome to today's shareholder and investor webinar. My name is Nicholas Read from Read Corporate, and it's my pleasure to introduce the company's Managing Director, Luke McFadyen, and also to welcome the company's recently appointed GM Investor Relations, Josh Hain. Well, MI6 barely needs an introduction. The company has been, without doubt, one of the standout success stories in the Australian gold sector over the past 18 months. Since acquiring the Bullabulling Gold Project in April last year, MI6 has moved at extraordinary pace, growing the mineral resource, establishing a 2.5 million ounce reserve, delivering a compelling PFS, and now pushing ahead with development activities towards first gold targeted for late 2028. Just last week, the company's achieved several other major funding milestones, which Luke is going to take us through shortly. The market has certainly taken notice. Minerals 260 shares have risen from below AUD 0.20 over the past 12 months to trade around the AUD 1 level, giving the company a market capitalization of approximately AUD 2 billion. So there's plenty to talk about today, not just about what the company's achieved, but more importantly, what comes next for Bullabulling as it moves towards development. With that, it's my pleasure to hand over to Luke to take us through the presentation deck. Just a reminder that this is an interactive session, so once Luke has finished presenting, we'll go to Q and A. Please use the Q and A tab on your browser to log any questions, and we'll run through those as soon as Luke has taken us through the presentation. Luke, great to see you as always. Thanks for joining us, and congratulations on all the recent success at Minerals 260. Thanks, Nicholas. Thank you everyone for taking the time to join us today. It's certainly a pleasure to engage in this forum and in this means. Yeah, look, today I'm going to run through the company's capital raising from last week, what it means for shareholders and the SPP, where we're at with the project development, and then exploration. So, thank you for taking the time, and let's get into it. Look, I've used this slide quite a few times to talk about Minerals 260. The way to think about us is we've got four key pillars or reasons to invest in Minerals 260. The team has been well talked about. Proven board, proven management with a track record of success that we continue to leverage and benefit from from Minerals 260. The shareholder support last week really showed you what a strong shareholder register can do, to raise capital, AUD 250 million at last close at a premium to the 10-day VWAP, which is unprecedented on the ASX. What we continued to show our investors, both retail and institutional, is that this register is there to build firstly this asset and then longer term the business. Of course, the interaction and the deals that we have now done with Franco-Nevada for two deals in the last six months for AUD 420 million of their investment. Franco-Nevada are a phenomenal global partner. This is now one of their 10 largest investments globally in the history of their company, to put it into that perspective. The next pillar being the asset itself, and really nothing else matters unless the rocks are unbelievably fantastic, and that is what we have got with Bullabulling. As Nicholas said in the introduction, growing from 2.3 to 6.2 in under a year and a half is phenomenal. We have added more ounces to this resource than any other resource in Australia in the fastest possible time. Both the resource and reserve are now the largest not owned by an existing producer in Australia. Again, to put it into that category of tier one, it absolutely sits into that category. Unique to us is that we started construction before we even finished the PFS. That was enabled by Franco-Nevada's investment earlier this year. The construction of the village and the water bores is going fantastic. I have got a video to show you today of some activities that occurred in the last couple of weeks there. The DFS and FID targeted for the first quarter of next year is on track. That first production target by the end of 2028 is on track. We are talking about funding and overall funding of the business today as well, so I will touch on the debt funding process when I get to that. We look about longer term. Where does this asset go? We have got an incredible opportunity with Bullabulling to grow the resources as we have, but continue to grow the operation as we get into it in the years to come. That is what the team has been designing over the last 12 months with firstly the PFS and now the DFS. What did we do last week? We raised AUD 250 million at last closed price, AUD 0.88. An incredible achievement for the company and all the advisors that supported us. It came off the back of announcing a further investment by Franco-Nevada of AUD 170 million the day before. Franco-Nevada also invested AUD 30 million into that 250 to bring their total investment to Minerals 260 of AUD 420 million. They are a fantastic partner. For those unfamiliar with Franco-Nevada, it is a Canadian-listed royalty company, the largest royalty company in the world. Fantastic partner to deal with, and obviously they are there for the long term. It was included in the announcement too, that they are going to start investing alongside us in our community projects too. I will go through those later on in the presentation as well. It is just another strong sign that we have got a long-term partner here and investing some serious dollars into the project to support us getting it into operation. What does all this mean? Well, this chart was at the back of the announcement of the cap raise last week to show everyone how we think about funding this business. There are multiple ways to fund businesses. What we have with Bullabulling is a large-scale asset sitting in a single asset company like Minerals 260. So it is incredibly unique. It is a large-scale project typically found in larger companies. We have to think about funding this project to get it into operation, because that is our strategy to unlock value for shareholders. As a board, we sat down from the very beginning about how we unlock this project through investment and through capital, of course. The PFS estimate of about AUD 855 million, including the AUD 70 million of contingency. Once you add in exploration, corporate and general working capital, the total funding requirement for the business is around AUD 905 million to first production. We work through all the options available to us. At one end of the spectrum is fully funding this with equity, which would obviously then be highly dilutionary to shareholders such as yourselves. Then the other bookend is try and leverage this up with as much debt as possible, which has some positives about dilution, but it has some negatives about some strict hedging and covenants and growth investment, which we have seen other companies in the industry with large assets come unstuck by more recently. We have taken an approach of equity, royalty, and debt to fund this business, and that is really what that expected funding stack or funding plan is all about. We have got a debt amount which is completely appropriate for any business, not just a developer business. We are very clear about staying well and truly away from a hedging requirement put onto us by banks. That is absolutely still not part of the plan. What we have got with the funding now is that we know where banks sit with about funding this business. We know AUD 300 million is absolutely achievable. Then one of the other parts of the funding stack is the SPP. The SPP will go live next week. This timetable was included in the announcement that we put out last week. But I thought today was really well timed to be able to talk to you about that timetable going forward. All the SPP information will be released to shareholders within the next week. The SPP itself opens Monday next week. We expect to keep it open for a couple of weeks. But as that caveat down the bottom says, that we are targeting AUD 30 million. Once that is reached, or if that is reached, the board will likely seek to accelerate that SPP. We expect the results to be announced by mid to late October, and then the appropriate meetings and approvals to come in the last week of October. Before we get into the video about construction coming up in a moment, I thought it just important to talk about the gold markets itself and why we still believe as a business it is valuable to invest in a business like Bullabulling and Minerals 260. Yes, the gold price has absolutely been volatile in the last couple of months, but if you look at what's underlying the gold price trend for decades, not just the last two years since we bought Bullabulling, those structural changes have not changed. If we look at the devaluation of currencies, that trend is still absolutely real, and every day you see a government with a budget that isn't balanced, you know devaluation is coming, and you know inflation is coming up behind it. Then we look at central bank buying. Central bank buying is actually only increasing at the moment. We're seeing that globally. Again, that's been a trend for the last five or six years. When we look at risk premium relative to other assets, we know gold continues to be attractive. All these trends have not changed. Whilst that gold price is a little bit more volatile than it has been in the last two years, what's pushing this gold price forward, and one of the reasons why the board has confidence about investing AUD 850 million into Bullabulling, is that we believe these trends will continue into the future. It's one of the reasons why we bought Bullabulling to begin with. We bought it for AUD 166 million in April last year. As Nicholas said in the introduction, our market cap now sits at AUD 2 billion. Certainly we believe we've got the timing right, and we continue to believe these trends will push the gold price forward in the future. Just got a little video here. It's going to go for a couple of minutes. I'll try and not talk over the top of it. What you're going to see in a moment is activities on the ground, both on the construction side and the water side. We announced earlier this year an AUD 60 million contract to construct and install a village for 400 rooms. This will be the main village that we will both construct and then operate from. From a water perspective, we're up to 13 bores that we've installed and pump tested, and the team continue to de-risk the project through this part of the business. This will go for a couple of minutes and then I'll jump back. Thanks, Nick. Hope you enjoyed that video. In the project itself, like I said in the introduction, what we're working on is an operation that can be expanded through time. This image was included in the PFS presentation and documentation around how the team has thought about this over the last year. It's important to remember, we started our PFS when the resource was still only 2.3 million ounces. We expected it to grow through time. We planned for design from the very beginning. To now sit on over 6 million ounces, obviously a fantastic outcome for the company, but it doesn't stop us thinking about how do we grow this operation going forward. What we've done in the design of the processing plant in particular is think about a large crusher or the large front end from the very beginning. The crusher will be 7.5 million tons. The materials handling will allow that material to move at that scale as well. Where we haven't allowed for infrastructure to be installed from the beginning, we've allowed for space. Whether it's a secondary crusher or an additional ball mill, and additional leach tanks at the back end, we've allowed for space. That gives us an opportunity to move through five and then up to 7.5 as quickly as possible once we get into production. Community's becoming really important in the industry, and we certainly believe that a strong community will support a strong company going forward. It's one of the reasons why Franco-Nevada is supporting us in our community as well. It's really a pleasurable part of the business to be able to invest in community. Just right at the moment, we've got ear checks going on in local schools. We'll be doing dental checks. It's really about integrating yourself into the community. Like I said, we believe that a strong community can only support us going forward. It's really a great part of the business that we've only just started to deliver, but it's been a really fun part of the business. Looking forward on the project, the reserve update will come out with the DFS and FID in the first quarter. How we get to the expansion will be better defined or further defined with a study as well at the same time in that first quarter of 2027 calendar year. We then go straight into the larger scale production, sorry, construction of the processing plant and other infrastructure, leveraging that early construction that we've already started and that you just saw on the video. That first production target of late 2028 is still the same target that we had when we bought Bullabulling in April last year. We are holding that target. We are fixated on it, and everything we do maintains that target. We think that's an important milestone to maintain for shareholder value. We know, and everyone knows, that once you go through development and into operations, there's a valuation change and an improvement in valuation, and that's really what we're focused on over that next two years. This has become my favorite slide. I think I first presented this at Diggers a couple of months ago, and this is really the story of Bullabulling over the last 15 months since we bought it in April last year. Image on the left-hand side shows scale, shapes, and then also, more importantly, the tenure size. Tenure acquisitions has been something that we've been incredibly busy on over the last 12 months, something we don't release quite often. We've released a couple of our tenement acquisitions, but certainly not all of them. We've grown the tenure package from 130 to 1,500 km in 12 months. That's been about It must be at least 10- 12 different transactions with prospectors and other smaller companies to piece together this tenure package to now unlock Bullabulling. If you look at that northern and southern boundaries on the left-hand side in the April resource, you can see the tenement boundaries are nearly touching the top of the resource. Geology doesn't stop at a tenement boundary, and so we've continued acquiring tenements both north and south to unconstrain the growth of Bullabulling. It is one of the reasons why we are confident about growing Bullabulling in the future, because we see a lot of the features on the tenure that we have already acquired. From an acquisition of tenure perspective, we certainly think we have probably got enough for now, both near mine or near future mine, and regionally. You will see us drilling and exploring on Bullabulling, of course, but stepping out regionally on some of the tenure that we have already acquired. We think AUD 1,500 is about right for now. Then from one of the other reasons why we have been successful at compounding value over the last 12 months has been that discovery cost. We have obviously invested significant amount of capital into exploration, and that has delivered the growth, but we have delivered it with value. We can find an ounce now, or we found an ounce in the last resource for about AUD 12 an ounce. We are trading at about AUD 300 an ounce at the moment. You can see how we think about value, that if we can find ounces for 12 or anything under 20 is a fantastic outcome and be trading at around 300. It is a great value uplift for the exploration. This is the resource today, 6.2 million ounces, 4.4 sitting in indicated. That is an important number because that is the portion that can be converted to reserve for the DFS. In the PFS, we used the 4.5 million-ounce resource for the 2.5 million-ounce reserve. We had about an 80% conversion rate. We continue to work through the work on the indicated portion of this resource to convert that into our next reserve. To put that 6.2 million into context, like I said in the introduction, that is now the largest resource not owned by an existing producer by a long way. To get the same amount of gold exposure, you have got to buy at least three other developers in this space to get the same amount of gold exposure. It is one of the reasons why, again, we have outperformed the rest of the pack and a lot of indexes because that leverage to the gold price is now embedded in the resource with 6.2 million ounces. We certainly believe there is an opportunity to continue to grow this resource both north and south and then regionally. Regionally, we have been active about picking up tenure on the Mount Ida fault, which is that left line to the west of Bullabulling itself. We think there is a lot of prospectivity out there. We continue to believe there is a lot of near mine resource growth both north and south, north of Dixon, south of Kraken, and then connecting Kraken to Gibraltar is also a key target or a key goal for the company over the next 6- 12 months. We still believe that there is a lot more growth in this resource to go. That is all I had on the sort of formal part of the presentation. I look forward to the questions over the next 10 - 15 minutes. Nick, over to you. Thanks very much, Luke. Great presentation, as always. Well done on a fantastic set of achievements in the last few weeks as well. Let's get straight into Q and A. We have a lot of questions here, so we may not get through all of them, but we will give it a good crack. Luke, we had a shareholder email a few questions in on funding, and I know you did deal in some detail with that in, I think it was the second or third slide. I will ask these questions anyway, just for the sake of clarity and completeness. The first question is, following the AUD 250 million raising and the AUD 170 million Franco-Nevada funding, how much additional funding is still required to bring the project into production? Yep. Somebody has just changed my settings. About AUD 300 million, Nicholas. We expect to achieve that via project financing or debt. But about AUD 300 million is the number. If we think about the PFS capital estimate of being AUD 855 million, we will have around AUD 630 million in the bank after the completion of the capital raise and the SPP if we are successful at targeting AUD 30 million. Then the balance being working capital, exploration, general corporate expenses, and then the balance of the project. Fantastic. Thanks, Luke. Again, I know you have sort of answered this, but I will ask these two questions. What proportion of that would come from debt rather than equity? Will you need another equity raise before first gold? Let me go to that funding stack slide for you. This is the way to think about how we are going to fund the business. AUD 300 million from the project financing. The plan today is to fully fund the company with that strategy rather than anything else at the moment. Fantastic. That's crystal clear. Let's get into some of these online questions, Luke. Just a reminder to people out there, if you want to fire a question in, use that Q and A tab. First question here, Luke. Do you think you could move into production any earlier than what you've advised the market, i.e. mid-2028? Look, we're working as quickly as possible, Nicholas. I think with all projects you put a base plan down and you work as quickly as you can to make it faster. But certainly what we see today, we think the last quarter of 2028 is achievable, and that's what we're working towards. If we can go faster and be earlier, we absolutely will. But I still think the last quarter of 2028 is reasonable and that's the plan we're working towards. Maybe a sort of a related question there, Luke, in terms of the next 6-12 months, what's actually happening on-site. What are the hurdles or the challenges that you might foresee in the next 6-12 months in terms of getting into construction? With all projects, Nicholas, there's lots of moving parts. So we've got construction of the village underway, which is a significant de-risking moment for the company because we're able to get ready for the main construction period earlier than anyone else in the industry. No other developer has built a camp and water infrastructure before their main build. So I think we're doing everything we can to manage the early construction period. But all projects is all about a bit of a Rubik's Cube. There's moving parts every single day, and I think from a risk perspective, it's just about making sure everything's moving in the right direction and what does pop up, we manage quickly. But certainly from my perspective, we don't see technical risk or technical hurdles. It's just the culmination of all the pieces of work coming together at the right time and moving forward. I think if you'd asked us maybe a couple of months ago, funding would've been in that sort of response. But now with what we've achieved in the last week, we certainly feel very confident about funding the business with the strategy that I've outlined on the slide above. Thanks, Luke. There's a question here from a shareholder just around the relationship with Franco-Nevada. Obviously, a great strategic partner for the business. The shareholder says, "Is there an opportunity for Franco-Nevada to provide debt funding? Or are you looking at more conventional commercial funding options on the debt side?" I think with debt, we're looking at more vanilla sort of commercial bank style funding. So all your very typical Australian banks and project financing banks. Franco-Nevada are a fantastic partner. They've invested AUD 420 million into this business, so they've certainly shown how they back the project. But I think on the debt side, we'd go down the more conventional side around all the very typical Australian banks and maybe a foreigner or two. So no, I don't expect them to be involved from the debt side. Thanks, Luke. Question here from an investor, "Are there any plans to look at other tenements around Bullabulling?" They've mentioned a specific company. I won't give that company a plug here. Are you looking at other options? You've already announced a number of expansionary transactions, but are you still looking at further afield beyond what you already have? I think our tenure package today of 1,500 squares is substantial enough. It's larger than many producers. We've been very deliberate about picking up tenure both north and south and about the Mount Ida fault to give us that regional exploration potential. No, I think at the moment, Nicholas, there's nothing on my list that I think we need to go and acquire. We're certainly happy with what we've got today. Fantastic. Luke, there's a question here about if you can just sort of give us a quick overview of what's actually happening on-site at the moment in terms of development or construction activity. Yeah, so the village is under construction. Then, of course, we've still got multiple rigs drilling for both water and mineralization at the moment. So, the rigs are drilling between Kraken and Gibraltar in that trend that I talked about with the exploration slide. Then it's all about getting the project ready for that main construction period, too. So whether it's relocating camps or offices, that's all happening on-site at the moment. But the main activities is around the construction of the village and ongoing exploration and water drilling. Excellent. There's probably, Nicholas, probably 80 or 90 people on-site today, so it's definitely a busy site, that's for sure. There's a question here, Luke, around just how confident you are that your studies and your DFS is tracking in line with your published timetable. Very confident. I think I've presented this timetable. This timetable hasn't changed for quite some time, Nicholas. I think you helped me put it together when we first bought Bullabulling. No, it's a timetable that originally was informed by a lot of information and a lot of people stress-testing that schedule. We do a schedule review every single week, so we track it quite closely. And we're confident that that end of 2028 target is achievable. It's certainly fast. If you benchmark our PFS, our DFS, and then our ramp-up period, it's certainly achievable. But it's definitely going to push us, but that's part of the opportunity for us to prove to shareholders that that's what we can do. Fantastic. Thanks very much, Luke. Okay, here's a couple of interesting ones. Do you think the company is currently fairly valued, and if so, do you see any upside leading into production? I think, like I talked about, one of the reasons why we have this very laser focus on that 2028 first production target. Because as companies become de-risked, their value improves. And so we see that through all time. That's not a Minerals 260 thing. That's an industry thing. If you look at companies that have moved through this phase over the last five years, and that are now operators, there is an improvement in valuation all the way through time. Now, I can control that. The one thing outside of our control, of course, is the gold price. We know we've got a strong leverage and a strong correlation to the gold price. As that continues to improve over time, we expect value to improve, of course. But what's in my control is moving this asset into production. It is expected to see an improvement as we move from where we are today into operation over the next two years. Thanks, Luke. Well, look, I think you probably answered a couple of other questions that popped up there about what sort of value uplift you expect to see as you go into production. So we might sort of wrap it up because I think you've actually covered everything off pretty comprehensively there. There was a question about your outlook on the gold price, but I think you had a slide on that and you gave us your views pretty clearly. So, I might just ask you to sort of give us a couple of closing thoughts, Luke. I know you and Josh are heading off to the Denver Gold Forum shortly, so some more marketing on the horizon as well. But perhaps give us your sort of closing thoughts on where to next for MI6. Thanks, Nicholas. And thanks again for everyone for joining today. Look, we continue to believe we've got a strong value proposition for shareholders, both institutional and retail. For the four reasons outlined above, the strong team, the strong balance sheet, a phenomenal asset that continues to deliver and has delivered since we bought it. That production pathway is key to valuation and then growing that operation through time, leveraging that or benefiting from such a large-scale resource, is really what excites us every single day, Nicholas. It's a fantastic company to work with, a fantastic team that we've now got in place. That, from our perspective, one of the reasons why we think it's a highly investable company, for all shareholder types. We get on the plane in the next couple of days. There's a global gold conference in Denver over the next couple of days. Our schedule is full. When you do a deal with like what we've done with Franco-Nevada, it certainly does put you on the map in North America. So I think our calendars are full from 7:00 A.M. to 7:00 P.M. type of thing. So it's a great opportunity for us to talk to new shareholders or existing shareholders about where the company is at, in the same way that we can engage with shareholders here at your conferences or online today. So, it's going to be a busy month, but that's the great opportunity for the company. So, thanks for your support, Nicholas and Read Corporate, and thanks to everyone for dialing in today. Thanks very much, Luke, and thanks Josh as well for joining us. We do appreciate you making the time available to come onto this webinar and hopefully we will get you back towards the end of the year for the next big milestone. Good luck with the upcoming travels and a reminder to everyone that we will release a recording of this later today. Of course, stay tuned for the SPP that goes live next week. So thanks very much everyone for joining us and we wish you a very good day. Thank you.
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