You can submit those questions via the Q&A tab at the bottom of your screen. A recording of this webinar presentation will be available on Market Open and Warriedar Resources' website and social media channels within the next 24 hours. I'd like to introduce our guest, Amanda. Welcome to Direct Connect, and over to you. Thank you, Stuart, and thank you to everyone joining in today. I think one of the best ways to start your day is with some good drilling results, and that's what we've done today. I'm delighted to actually be speaking with you, having put out the RC results from our drill program last year. This morning we announced results from, it was a 17-hole scout drilling program, and by scout I mean we were going out to just get a sense of what is there, what is the opportunity, can we hit any gold, where do we need to plan to go in 2025, and we were delighted with what we saw. You can see here there's a long section through the southern part of the Golden Corridor. Now, for those who've been following our press releases and presentations, this is a, I guess, a schematic that I've shown before, but I like it because it really shows the growth opportunity at the southern part of our main focus area. You can see Ricciardo, the big blue deposit up the northern end of the long section. We doubled Ricciardo at the end of last year. There is almost a million ounces of gold as a standalone deposit. In the broader context, Ricciardo is surrounded by other deposits that simply have not had enough drilling yet. We drilled 13 holes into the Golden Corridor, 12 of them were at Monaco, Saint-Tropez, Sprite, and, and we got some really good results: 10 meters at 2, 4 meters at 5.5 grams per ton, up to 11.7 grams per ton gold, a great start for this area. In terms of what Warriedar has now and what we achieved at the end of last year, we now have 1.3 million ounces of gold in WA. That was a 58% increase to our resource, and that resulted from us doubling the Ricciardo deposit in November last year. Now, we were delighted to go out with that result, and we would like that to be the track record that we set and that we stay on in terms of growth across this project. Importantly, we have 427,000 ounces of oxide and transitional ore, and then 860,000 ounces of fresh, and that's important as we move forward, as we start to think about how we might set ourselves up for a development pathway. What we're starting to do now is to look at each of these individual deposits and work out which deposits we can add gold to immediately. Now, we're going to go back out to Windinne Well in about, I think the rig's turning up in about 10 days. We're going to drill Windinne Well again. We drilled there at the beginning of 2023 when we took on these projects. Now, the reason we like Windinne Well, A, it is high grade. It has a grade of 2.9 grams per ton. B, it's already almost 100,000 ounces, and I know that's not a standalone operation, but it's a fantastic starter pit. It's high grade. It's got a decent resource currently. We've already extended it considerably, and we're going to go back out there and drill first and see if we can push that closer to 200,000 ounces. It'd be a fantastic start in terms of getting back into development. Importantly, it's only 5 km from our existing plant, so we really like Windinne Well, and we're going to head out there and start to drill in about 10 days. Now, many of you have seen this slide often. I keep coming back to it because it's very important to understand where we sit in a regional context. We are surrounded by long-life, deep tapping gold and base metal mines. Many of them have really healthy production histories. Ramelius, Mount Magnet, it's labeled as Checkers Gold Mill on the map, 8-million-ounce production history, mining at 1,500 meters below ground. It says 14; it's actually 15. That is a fantastic example of what we would like to get to within the southern Murchison. Likewise, Capricorn Metals, their Mount Gibson Gold project is immediately to our south, and they've had a fantastic track record of growing that resource. They've had the capacity to drill constantly, and they've doubled—they've doubled? They've increased their resource significantly. We doubled Ricciardo last year, and we plan to continue on that path this year. Surrounded by long-life, deep tapping mines, but importantly, there's considerable infrastructure in the southern Murchison. You can see those two green processing plants I have highlighted. They both have flotation circuits. That's what we need for our fresh rock gold. Likewise, the two yellow highlighted processing plants, they represent latent infrastructure. Processing plants that are not currently in production or in operation but could be on a restart. That includes our own processing plant, our own mill, right alongside the M1 deposit. So we have an existing resource of 1.3 million ounces, clear growth potential, an existing plant. We're surrounded by examples of success. Our deposits are all on permitted mining leases, all connected by a haul road back to the mill. We tick all the boxes in terms of a fast-track pathway to development on the back of solid resource growth. Once again, our strategy. Now, this strategy, it is not changing for this year. Why? Because it works. Part one of our strategy that we went out with last year was to grow the resource at Ricciardo. We achieved that by doubling that resource. Are we finished? No. We think there is considerable growth to be had at Ricciardo still. We have not yet drilled any deeper holes into Ricciardo. We do not know how deep our grade chutes go, and there are still considerable gaps within the resource. This strategy is working for us. Likewise, along the Golden Corridor, we now have 1.21 million ounces. Every single one of those deposits we have drilled and expanded or infilled. What do I mean by that? When you look at that map, you can see the corridor from Austin in the north to Bugeye in the south. That is the Golden Corridor. Six deposits, 18 historic pits, 1.21 million ounces. Every deposit has been expanded or infilled by Warriedar drilling. We will progressively work through and update those JORC resources on the back of further drilling during the first half of this year. We plan to push ahead. We have our, I suppose, our goal of 2 million ounces for this key focus area. It does not mean we have to get there all at once, but that is where we are headed with our drilling, and as we plan each program, that is what we have in mind. Importantly, part three of our strategy that has not changed, that is probably the part that I enjoy the most, it is the opportunity to find new deposits. We own the entire central greenstone belt. It is a 70 km long shear, mostly covered, and by that, I mean the rocks do not stick out of the ground. You cannot see the appropriate rocks or the alteration, or certainly not the gold. You need to be clever about how you explore. What this also means is that because it is not exposed, it is quite an opportunity. We can use geophysics. We can use bedrock geochem. We can narrow in on particular focus areas to find more gold deposits, and we had some success recently. There was an aircore program that we carried out in the southern part of the Golden Corridor, actually the southern part of the project, at the end of last year, second half of last year, and we intersected 6 meters at 4.3 grams per ton in aircore. Now, that's a fantastic result. You may say, "Oh, look, it's just a sufficient enrichment or close to surface without any depth extent." Maybe, but what we noticed is that there was the right halo around that gold. We had elevated arsenic and antimony, silver, so we had the right components for the making of a gold deposit. So I'm quite excited to go out and chase up that result when we have the RC rig on site in about 10 days. Looking at Ricciardo, this is a new view of Ricciardo, a simple view, a long section. It's very clear where those two high-grade chutes are, and it's also very clear if I were to overlay all the drilling, and I will get to that, that those chutes are not closed off. There's no sense of where they end. In fact, we would like to go out and drill further and understand the potential there. Likewise, there's a lot of gaps in the Ricciardo deposit that we plan to drill, so I believe there's still considerable growth opportunity at Ricciardo. It is still wide open at depth. Importantly, the open cut resource that we now have, 75% of that is in the measured and indicated categories, so it's a really well-constrained, high-confidence resource in terms of the open pit scenario. Antimony. Antimony is a fantastic addition to our story. Now, I think I've told several of you before. It was something that came about in about September last year, and initially I thought, "Oh, look, this won't last. We'll end up, you know, every time you get a good result, you need to—the right mindset for exploration is always to try to kill something. You don't want to spend time and money on a prospect that is not going to come in for you." I think it's a very healthy philosophy. Go out, try to kill it, move on. We simply can't kill this antimony story, and now even I'm getting quite excited. We have a zone of about 1 km long with either high-grade or decent width antimony. In the northern part at Ardmore, it sits just above the gold. We have met work now that shows we can both get good recoveries of the antimony and produce a concentrate with a decent grade, 49%, so we can find it, we can process it. We are now in the process of working towards a maiden antimony MRE. Towards that, we managed to find about over 4,000 samples, and what I mean is the drilling that was done by previous explorers, it was not assayed for antimony, but you keep the pulps on site. Our team rummaged through old sea containers looking for the appropriate drill holes so that we can send those pulps to the lab and assay them for antimony. Those results are due in, I think it's about the 17th of February, I can't wait to get that information in, and that will lead into the maiden MRE for antimony. What this provides is a fantastic addition to our gold story. It does not change our gold focus at all. If anything, it's just a fantastic addition to the story that will improve the economics going forward. The Golden Corridor, our main focus area, I've spoken about this already, but I like to come back to it because it is where most of the gold is. There are significant opportunities for growth. In fact, more recently, we've been actually mapping the structures, the shears, where are the pathways for gold-bearing fluids. What I like about our project area, we're not only seeing gold on the main shear. We're getting significant deposits like Windinne Well on a parallel splay. What that means is there's a lot of opportunity. The search space for new gold deposits is wide open on all the parallel splays. There is a lot of work going on in terms of prioritizing targets to find gold deposits on secondary splays. Windinne Well, I have spoken about, and we will be back out drilling at Windinne Well within about 10-12 days, but I love this deposit. You can see there is a long section looking east through Windinne Well. It has quite a high-grade core below the pit and a northern extension that we drilled in early 2023, and we got 8 meters at 2.3. There is a lot of infill drilling and extension drilling to be done here with a view to updating the JORC resource and tying a neat bow around Windinne like we did with Ricciardo. I would like to double Windinne Well and move on to the next deposit. As I said, good grade, good processing properties, very close to our mill, almost 100,000 ounces with significant growth potential. M1, we all like a high-grade deposit right next to a processing plant. We drilled here one diamond hole that went into the resource last year. We got 9 meters at 9 grams per ton. Now, that grade was a lot higher than we anticipated, which was great, so we need to go and revisit this whole resource. You can see there, you can basically walk to the M1 pit from our offices. Actually, our office is off the photo to the south, but there is the plant, the ROM. You can see the top drill rig drilling for us. Fantastic location. Still open, plenty of growth opportunity. I have spoken to you about the southern part of the Golden Corridor. This is a nice photo of us drilling at Saint-Tropez. The results we put out today show there are clear growth opportunities. We simply have not drilled below these pits the way we have at Ricciardo. Incredible opportunity for more growth. I would love to repeat the Ricciardo success. I see no reason there cannot be another Ricciardo to the south, but we need to get out, drill again, and really build this story. As I mentioned, there is considerable opportunity for new discoveries. We drilled some aircore last year, and we got a good hit in an area that we were not entirely expecting to find gold, a shear that we had mapped based on geophysics, and we ended up—just move the heads. There we go. 6 meters at 4.3 on a shear that is well defined by the magnetics. I have been encouraged by the aircore results. Why do you do aircore? It's a very cost-effective way of doing drilling, drilling that gets deep enough to give you a good indication of whether or not there's a gold deposit. We like cost-effective ways to progress our project. We'll be back out doing some aircore drilling the first half of this year, possibly up in this northern area. We're looking at the moment to see if we can get a program together. There's a nice bend in the shear where quite a few different data sets are coming together to show it as quite a high-ranked target. I'd love to get some aircore drilling up there. I'd say what I said last year applies for this year. We are focused on solid resource growth, building our resource towards 2 million ounces, but we will still make sure we assign 15-20% of the budget to exploring for new deposits. We don't have to find them all now. We can find most of them later once we're in development and production, but I'd like to show a pathway to both solid resource growth like Ricciardo and also the task of finding new deposits along the shear. What do we have immediately coming up? This is a photo, actually. I got Thomas, our exploration manager. He's very good with the drone, and I think it's really nice to show people what our project looks like and with a bit of labeling. You can see here where our offices are, where the plant is. You can even see Golden Grove, the Golden Grove operations in the distance, the lights. Camp is off to the left, and of course, the core yard and fuel farm. We are really well set up on site. In terms of news immediately, we put out RC results today. Fantastic. We will have the antimony assays coming in about mid to late February, and that would lead into the maiden antimony MRE. We will be drilling again at the end of February and into Q2. We have a steady stream of targets to drill, growth opportunities to be had, and of course, the corresponding results that we hope to have flowing in at regular intervals. Really, our focus is on growing the gold, updating the MREs, bringing the antimony into play properly with a maiden MRE, and then we'll continue to drill for gold and antimony through the year. In terms of the Warriedar opportunity, why would you invest in us? What do we have that really sets us apart? There are quite a few key factors here, and I wanted them to be on one slide at the end. We do own these projects 100%. We have 2.3 million ounces of gold, 1.3 million in Australia. These are high-confidence resources. In fact, Ricciardo is a standalone, almost million-ounce resource on its own. In conjunction with that, we have an emerging antimony opportunity, and we are very close to putting out a maiden antimony MRE. We have demonstrated the growth potential. We drilled consistently last year, and we doubled our main resource. We have shown the market and our shareholders what we can do, and that's what we plan to repeat this year. We sit, as I often show you, in a fantastic neighborhood. It is a world-class gold mining neighborhood, long-life deep tapping gold and base metal mines. We do not own small mining leases with nowhere to go. We own the entire central Greenstone Belt. That is a 70-kilometer-long shear with exceptional scale potential. All our deposits are on permitted mining leases. We have demonstrated processing pathways for both gold and antimony. We sit in an infrastructure-rich region, and we own our own processing plant. We are currently funded to do what we plan to do during this year, and we will have a drill rig back out on site again this month. There are a lot of reasons to be part of the Warriedar story. I cannot wait to have the rig back on site and be drilling again. Thank you. Amanda, thank you so much. Fantastic presentation. I have heard you say before that there has never been a better time to be a shareholder in Warriedar Resources. It's an exciting time, and we have had some great questions come in, so we'll get straight on to those now. What were the key drivers behind the 471,000-ounce increase in the Ricciardo MRE, and how do you plan to continue expanding the resource at depth? Yeah, so the key drivers, I think it's quite important to say, the first drilling program into a deposit, you don't get everything right. I mean, and that's why we actually did a scout drilling program in the southern part of the Golden Corridor recently. The first drilling program we did at Ricciardo was in the first half of 2023, and we got gold, but we weren't getting those really high-grade, decent width intervals. We had to understand the deposit, and that is key. While I say we're drilling under shallow pits, it makes it sound very easy. What we're actually doing is we're interrogating all the possible data, understanding the controls on the mineralization, where are the high-grade shoots, where should we plan in 3D to target. There is a lot of planning, a lot of understanding. I think we managed to double Ricciardo because we really understood what was controlling the high-grade shoots, where the gold is. With that understanding comes our ability now to plan the next drill program and to chase those high-grade shoots further. A lot of data interrogation, a lot of understanding, and iterating your knowledge of where to go. With Ricciardo's success, how do you intend to replicate this growth across the other nine deposits along the 25 km Golden Corridor? We are delighted with what we achieved at Ricciardo, but we're not becoming complacent in any way. It is very important that we apply the same strategy to the other deposits, and that's what we'll do. We'll get all the data, understand the controls, plan careful programs to target the high-grade minable gold below the pits. I see no reason that we can't replicate Ricciardo's size and success at several other deposits. Ricciardo had more drilling, and that drilling went deeper. If you look at all the other deposits, they're all open, both in terms of depth and mostly along strike. We will carefully grow key deposits within the Golden Corridor. As I mentioned, I'd like to push towards that 2 million-ounce mark as quickly as possible. One here on the antimony. What are the commercialization pathways you're considering for this emerging opportunity? Yeah, so antimony, it's actually quite good. What do I mean by it's good? Our fresh rock gold at Ricciardo needs flotation. Likewise, antimony needs flotation. It is a very parallel, similar processing pathway. We just put out met results for antimony that show we can recover most of it, greater than 80%, and we can produce an antimony con that has a grade of 49%. That is fantastic. We can find the antimony and we can process it. The pathway is quite similar to what we would need for our fresh rock gold at Ricciardo. As I said, gold is our focus, but if we can define a development pathway that integrates both gold and antimony well, then that is a fantastic outcome for us and our shareholders. What are the next steps for dual testing greenfield targets along the 70-kilometer main shear, and which areas show the most promise based on recent exploration results? There are two points to note there. We were delighted to get quite a good hit from the aircore program, so we will be going back out with aircore. I would like to go, and the team has agreed. We had quite a good two-day targeting session recently. I want to start doing aircore in the northern part of the tenement because there is basically no work up there. It is the part that is closer to Golden Grove. There is a really big bend in the shear. Simply no drilling. Also, I would like to save a few little surprises. There are a few other key areas that we have noticed. The good pathways in terms of gold, good structural complexity, and some sniffs in old soils that have not been followed up. Yes, we're going to head north, but I'm also going to save a few surprises to delight shareholders with some results over time. How do the recent metallurgical test results, particularly regarding antimony resource recovery rates, influence your development and processing plans at Ricciardo? There's two key factors to, I guess, putting ourselves on a sustainable, profitable development pathway. We need a solid resource, so we need to find it, and then we need to show it's viable to a processing pathway. We have made sure we address both of those criteria. We drill to find more gold and/or antimony, and we also do network to understand how we can process and extract the gold and antimony in a meaningful, profitable way. We have actually done both of those things well. We've shown viable processing pathways for gold and antimony. We've shown high-grade gold and antimony with a doubling of our gold resource. I think at the moment to date, we're balancing that well, both de-risking further drilling and discovery by understanding the processing pathway, but also then that leads into how do we do this as a standalone operation? How do we get to 2 million ounces? How do we have a 100,000-ounce per year operation based on our resources? That's always what is going through our head. I'm not saying we have to go there without realizing other opportunities in the district. We're always on the lookout for ways to optimize what we have and to work with other parties in the southern Murchison. Right now, we understand how to find more gold and antimony, and we understand how to process it, and we're very focused on defining a development pathway that works for us. With an all-in discovery cost of approximately AUD 16 an ounce at Ricciardo, how do you plan to maintain such cost efficiency in future exploration programs? The old saying, "Running off the smell of an oily rag," it does apply to us. We are very careful with how we spend our money. We spend as much money as possible in the ground drilling, and we were very pleased to see that we came out with a AUD 16 discovery cost per ounce. It also means we can plan. We have got numbers around what sort of funding we need to assign to certain growth opportunities. Yeah, it is just good to get to that stage to know what it will cost us, where we are headed. Now we are at 1.3 million ounces. We know, for example, the drilling that we're going to do in Q1 and Q2, we're going to target significant growth, and we know what that will cost us. It is always good to have numbers around things, Stuart. Amanda, what is the current status of the drilling pipeline at Windinne Well, M1 in Valencia? What milestones are you targeting for Q1 in 2025? Yeah, we will be drilling at Windinne, M1 in Valencia, and then back to Ricciardo, actually, in terms of the pipeline. Initially, the first program is about 6,000 meters, and that will flow on to the second program. In terms of news flow immediately, we got assay drilling out today. We have antimony pulp assays coming back mid to late February. We've got an antimony MRE coming out, drill rig back on site with further drilling results coming in as soon as we can get them. In fact, there will be a lot of news coming in from now. Given Warriedar's existing processing infrastructure, what are the costs and time estimates for refurbishment, and how soon could this support production? Good question. We've actually been doing quite a bit of work in terms of our infrastructure and our pathway. We had a fantastic group on site with us at the end of last year to just give us a—we wanted to understand what a restart, a refurbishment of our mill would cost. Somewhere in the sort of AUD 13 million-AUD 20 million range is what we would be looking at to refurbish. If you had to build from scratch, our processing plant brand new would be more like AUD 80 million, I believe. That's still work in progress. What is important is that we are now filling in gaps in our understanding. What will it cost us to refurbish? What will it cost us to upgrade? How many oxide and transitional ounces do we have? What sort of confidence are the various resources? If we had to lay out a development pathway today, what would it look like? We are really understanding how we can move forward in parallel with resource growth. Everything hinges on solid resource growth. If there's small opportunities to do something in the shorter term, we are all ears. We love the Southern Murchison. We love the fact that it is an infrastructure-rich area, generally underexplored, significant growth opportunity, and we are in there in the middle of it, putting out good results. How does the updated mineral resource at Ricciardo impact the overall development timeline and potential production strategy for the Golden Range project? I think it brings it forward a little. I mean, we did not anticipate doubling Ricciardo. We thought we were hoping for 70-80%. We got a bit more gold than we realized. It gave us the understanding and confidence to get straight back out there and do it again. We will be on a fast-track path to resource growth. Every single hole is planned in terms of the category of resource growth and development. Every hole is planned to add minable ounces to our resource, and we will be doing that in the shortest possible timeframe. In terms of new discoveries, that's a completely different category, and I love that category. That we can continue to work on. Our resources will get into development and production, and most of the funding required to find new resources, that can come out of cash flow once we're producing. While I'm determined to make sure we progress our understanding of where new deposits are, we don't have to find them all now. I think there's a great opportunity to grow our existing resources, get us into development and production, and with the cash from that, continue to understand the opportunity within the broader shear. Amanda, as antimony is above the gold reserve, would you start producing antimony first to fund expansion in the next couple of years? Mining engineers can laugh at this as my interpretation of this, because we have actually got people looking at that for you, Stuart. The antimony at Ardmore sits above the gold. There is a scenario, there are various scenarios, but there is a scenario where we would mine oxide and transitional ore first, get some cash flow, dig up the antimony stockpile, and it would be separate to the fresh rock gold. At whatever was optimal, we would either float the antimony or the fresh rock gold first, but that would all be well planned. We are certainly thinking about how that should work. The fact that the antimony is separate to the gold is a very favorable situation. Still, a lot more work needs to be done, but right now, we have hit no hurdles. In fact, any work we do to advance both our understanding of gold and antimony has been very favorable to date. We are delighted with how our understanding is progressing. Can you expand on Nevada at all and what the plan is there? Yeah, certainly. Look, Nevada, it's a changing or it's a moving landscape in Nevada. It's probably the best way to state what's happening there. We have 1 million ounces on a permitted mining lease in Nevada, and we've been speaking to various groups about we've been open about finding the right partner to progress that asset. There are a lot of changes in terms of permitting. We are pleasantly watching with interest in terms of some developments in Nevada. We are very open to speaking to groups who might be interested in assisting us with the development of that asset. Nevada sits on a permitted mining lease with incredible growth potential right alongside a 10 million-ounce mining center. It is, as the crow flies, about 70 km from the Carlin Trend. The Carlin Trend, it's the land of giants. Individual deposits can be 30-40 million ounces. It's one of the largest gold-producing regions globally each year. It is a fantastic area to be in. We love that asset, but it's not our focus area at the moment. We believe, and we've demonstrated, the most growth we can achieve is via drilling and expanding our resources in WA. Amanda, the gold prices basically are all-time highs. Why do you think that hasn't necessarily filtered through to some of the small-cap companies? Yeah, great question and one I continuously try to answer. I think there's still a disconnect between the gold price, the producers, and the explorers. There is still not a market where investors are confident to get out there and invest heavily in explorers. I recognize that. It has not flowed down yet. I suspect things are going to change this year, certainly the first half of this year. I take advice from quite a few analysts who look at this in detail. Key gold explorers with solid resources in tier-one locations with significant growth opportunities, particularly if you have got something like antimony as well, I think there could be some incredible growth coming. I put Warriedar Central in that category. I am optimistic about, I guess, how the market will look at key gold explorers this half, the first half of this year. The last one that has come in is around some capital management. With AUD 10.6 million in cash as at December 2024, how will this funding support your exploration resource growth throughout 2025? We plan to drill heavily through 2025. We also plan to—we have budgeted to allow that money to last the year and to fund our drilling programs for the year. What it gives us is it allows us to be funded with that money, allows us to be proactive rather than reactive. By that, I mean we can plan and execute optimal programs that we know are ideal for delivering high-quality gold. It means that my focus can be where it should be, speaking with investors, assisting the team. We can design and carry out an optimal program to really grow these resources without needing to go back to the market in a short timeframe. Being funded, having demonstrated to the market that we can double our main resource, getting back out there and drilling within 10 days with a growing antimony opportunity to add to the gold, I think there are some fantastic growth opportunities for Warriedar. One more. With undervalued explorers, would aggressive M&A be on the horizon for larger producers? Yeah, look, our door is always open for interesting conversations. When I took on this role, a key achievement or something I really wanted to push was to know our neighbors, to know who is doing what, to have an open dialogue with everyone in the belt and the wider area so that all opportunities can be discussed and pursued. I think there has been some fantastic M&A, and I think there will be more on the horizon. In terms of Warriedar, we are currently a funded standalone explorer with a fantastic record, and we would like to obviously build Warriedar into something far more substantial first, but we're always open to interesting conversations. I love seeing the M&A that's possible at the mid-tier and junior levels as well. There's no reason the small end of town can't come together and work, execute cunning plans to deliver on assets for shareholders. Amanda, thank you. That's all that's come through today. A fantastic presentation earlier and some great questions there from attendees, so appreciate you sending questions in, but also taking part in this Q&A today. For more information about Warriedar, you head to the company website, warriedarresources.com.au, or you can follow the company on their social media channels, LinkedIn and Twitter. Amanda, thank you so much. Keep up the great work. Great time out there at the moment in the gold space. You said earlier that it's never been a better time to be a Warriedar shareholder. I have to agree there. Keep up the great work and look forward to chatting again soon. Thank you, Stuart, and thank you to everyone who joined this morning.