For those of you who haven't seen the new Christopher Nolan Odyssey movie, it would've been remiss of me not to watch it. I had a Captain Cool on the weekend. Three hours long, thoroughly recommended. Go and see it in a cinema. The biggest cinema, noisiest cinema you can find because it is an absolute cracker. In fact, if we get a presentation up. We do have a glitch, of course, we'll give you more time. I notice the clock hasn't started. That's good. No concern. The Odyssey is of course based on the epic poems of Homer. Right. Yeah. Ancient Greek poems of Homer. Well, my name's Jason. I keep getting, "So where's the gold? There you go. Yeah. I didn't see anyone from Argonaut out there. In fact, why do so many junior mining companies draw their inspiration from ancient Greek mythology? There we go. Well, I think it's a more interesting topic than geology when they were kid geos. Take it away. That's actually the ship from the movie. If you're not familiar with it, as I say, the story of Odysseus, the King of Ithaca, goes to Troy for the Trojan Wars to recover Helen, the face that launched a thousand ships. 10 years they spent before they came up with the bright idea of the Trojan horse and sacked and destroyed Troy. Then it took the poor bastard 10 years to get home through whirlpools, gods, Cyclops, all the wrath of the gods. Which the poor bastard, by the time he did get back to Queen Penelope in Ithaca, he looked like I'm going to feel in two days' time after the end of this conference. That's actually the ship from the movie, which is a Viking ship in reality. It wasn't Greek. Of course, the point there is Odyssey Gold, which is in fact 20 years old, so the same timeframe as the Iliad and the Odyssey. We're setting sail, although at the end of our journey is not Penelope, but something the ancient Greeks also liked, which is, of course, gold. I'll give you a very high-level overview. We're in a booth outside. Come and talk to our terrific Technical Director, Matt Briggs, and I if you want some more detail. In a nutshell, I suppose we are emerging as very low risk, near term, low CapEx gold exposure with an increasingly long life outlook ahead of us as well. We just published a scoping study for our starter pit, Stage 1, mining the cable deposit at Tuckanarra there. The basis of that study is toll treating down at Kirkalocka, South of us. We'll produce, at today's gold price, about AUD 180 million pre-tax. We're not planning on paying much tax. Given 20 years of history, we've accumulated a few losses on the way. We own 80% of the asset, so you can work out for yourselves, that's AUD 140-odd million. We have a market cap of AUD 40-odd million today. That works out at AUD 140-odd million our share pre-tax. Works out at AUD 0.09 or AUD 0.10 a share. It's an AUD 0.03 stock today. You can do the arithmetic yourself. That's based on production of 79,000 oz over a couple of years. Of course, a toll treatment model. Very little CapEx to get us into production. I suppose the analogy we really like to think about for us and we aim to emulate unashamedly is New Murchison just up the road, orth of Meekatharra, who of course, they have an Ore Purchase Agreement, but essentially the same structure with Westgold. In fact, to draw that analogy out even further, New Murchison struck their Ore Purchase Agreement with Westgold in December 2024. Had their first blast in July, first production in September, and they've trousered AUD 100 million in the last six months. Of course, it's a fantastic deposit so there's a limit to the analogy, but it tells you a lot about what's possible for low CapEx, relatively low risk, open pit mining propositions in that part of the world. I'll come to exploration at the end, but again, I make the point that if you really want to understand it, come and have a talk to Matt Briggs, one of Western Australia's great gold geologists, outside later. I'll also tell you about why we think there's a lot more multi-year potential emerging there. For those of you who don't know anything about Odyssey, it's one of Ian Middlemas' companies in the Apollo stable back in Perth. Five Directors, all of whom have more experience than John Welborn had playing rugby for the Wallabies. Which was what? Four games? Five games? Six. Six games. Thank you. Yeah. That's the study outcome. A brief explanation, if you need it, as to why toll treating works so beautifully for us. We've got a 451,000-oz resource today, and 2.2 g, essentially all open-pitable, so it should be a very profitable resource. Of course, the key has been to find a processing solution in the area. Toll treating works beautifully. Very limited CapEx, very accelerated timetable to production. Our Toll Milling Agreement requires us to have 150,000 tons of ore on the ROM pad at Kirkalocka in March of next year. So, if we hit that timeline, we're talking cash flow in March of next year. It's low-risk open-pit mining just on the cutback on the Cable deposit. Very good metallurgy. We've got real permitting advantages with no native title and no significant heritage or other issues already on MLs. I'll come into those things in a bit more detail. Again, that's the scoping study outcomes that we just published. Starter pit, Cable deposit, 1.35 million tons over a couple of years, 1.9 g a ton. If you know the gold business, you know that's going to make a lot of money in an open-pit environment, even with toll treating. Cost 79,000 oz recovered, AUD 180 million pre-tax cash flow from AUD 7 million of capital. Just to give you a bit of context, we're slap bang on the highway between Cue and Meekatharra, surrounded by Westgold, Ramelius. Over to the East of us is our joint venture partner Monument's Burnakura plant. That gives us a processing option down the track. There's no deficiency of options within haulage distance, especially given the Great Northern Highway, for those of you who haven't been there, permitted for quad road trains. So it's a very efficient haulage environment. We zoom in a little bit on our project there. You can see the two red areas in the North and South of the tenements. They're both of our MLs. Most of the action in the short term is down on the Southern ML, where there are four of those, five historic open pits. Company called Metana Minerals mined those in the 1990s and processed them over the highway at what was the Reedy's project at the time. They averaged about three and a half gram dirt there that was just supergene material they mined down to the water table. This is a very historic district, particularly Tuckanarra. There's still a lot of old high-grade shafts like these shackle workings that tell us there's a lot more gold in the area. The other thing about that history is, both of those MLs actually were gazetted town sites back in the 1990s, and that's why native title is extinguished in that area. That's an increasingly important factor in Western Australia. The absence of native title, of course, gives you scope for very accelerated development pathway. Zooming in even further in the South, this stuff in the 1990s was drilled to 40 m, 30 or 40 m on average. Metana's objective was just to mine down to the water table, not pump anything out. There was quite a lot of RAB and air core drilling back in the day. We came along, identified the broader geology, the stack of sediments, and on an anticline hinge, which of course is a very good environment for gold because it opens up the hinge fold, opens up the fluid flow and allows for gold deposition. It's a very good geological setting. We drilled out from the historic pits at Cable, Bollard and Bottle Dump, and also over here at Maybelle and our existing 451,000 oz resource, 300,000 oz is in that main 2 km zone in the middle, down to 150 m, so about 2,000 oz a vertical meter in that area. Each of those historic deposits really were just a surface expression of high-grade shoots that go much deeper. There's a lot of exploration yet to do more broadly through the project. The scoping study outcome, once we struck our Toll Milling Agreement with Kirkalocka, we did a starter pit scoping study. It's a two-year Toll Milling Agreement, one year with a one-year option. We've limited it to two years. That means the starter pit is just based on the Cable deposit. 11.9x strip ratio. You'll understand that when you see a cross-section of the geology. That's pretty normal in this sort of environment now. It's 94% oxide and transitional material before we get into the top of the fresh rock. That material, same as what used to be processed over at Reedy's by Metana, 97%-98% recoveries. Even the fresh material here, which is sometimes associated with pyrrhotite, we average 96% recoveries for the small component that's fresh there. Very good metallurgy, no refractory or anything of that type. Very low CapEx, of course, is the other critical thing. Without having to build a plant, it's basically some grade control, a camp for the mining contractor, although we may not even have to invest that capital given there are some other camp solutions nearby. The upshot of all that is 79,000 oz of gold over two years, AUD 3,400 an ounce All-in Sustaining Costs. Even with high toll treatment costs, it's going to cost us about AUD 110 per ton to haul and process down at Kirkalocka. That's AUD 191,000. In fact on an on-site processing cost basis, that number will come down very significantly. That generates AUD 180 million pre-tax, as I say, of which our share would be AUD 144 million-AUD 145 million pre-tax. As I say, the thing has considerable permitting advantages, the absence of native title. It's already on MLs. We've got an approved mining proposal. That's the last stage in the Western Australian regime from a previous owner in 2014. That was the basis of the grant of that ML. The only significant permit outstanding is a new native vegetation clearing permit that expired in 2024 after 10 years. We put that new application in in April. We'll get that sometime in the next couple of months. No known heritage or environmental considerations, particularly in that area. You can see in the picture, and as you can imagine with the five pits in the air, it's a very disturbed environment. A good place for us to get started and right next to the highway. 94% oxide and transitional material. The section on the bottom right over there is instructive because it tells you a little bit about the geology overall. These things come from high-grade shoots. The one on the right-hand side of that section we call Cable East. That's a sulfide replacement shoot on the contact of a couple of the lithologies there. Then a sequence of high-grade quartz veins going out to the West. Of course, up there in the zone of the water table, there's a supergene effect and then also a lateritized or laterite pisolite layer. That's important because, in fact, in that scoping study and the scheduling, we are in ore in the first month. There's next to bugger-all pre-strip before we're into ore and making money. That's the total material movement. You can see we get a lot of the gold out in the first 20 m. That's Kirkalocka. The plant went into administration in 2022. It's owned by a private firm, which in turn is owned by a multibillion-dollar international credit fund. They're putting AUD 50 million into the restart, and building in some flexibility for third-party ore while they drill out their own stuff. Obviously, very good economics in that. In the longer term, we're going to address the open pit potential in that stack of quartz veins out to the west. There's lots of upside for more open pit material, and then lots of targets where there's historic workings or the occasional bit of grade in some of these shallow RAB holes in the past. Then all of these main deposits go deeper, as you can see there. That step-out hole at the bottom there, 130 m below the resource, is 7.65 m at 11.8 g. It will go deeper and add mine life over time. Thanks.
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