That code again is YAR, Yari Resources. Today we are talking about Yari, we are talking about coal in Queensland and the world's best coal jurisdiction, the Bowen Basin. On the line we have Yari's Managing Director, Ms. Courtney Taylor, and Courtney will give us an update on the latest news from Yari, which is the recent acquisition of the Arcadia Coal Project, plus the exciting expansion across the Bowen Basin. First up, some housekeeping. This event will run for approximately one hour, hopefully less. Please submit any questions you have via the panel on the side of your screen. Love your questions, the more the better. We have already got some questions in advance, which we will address as well, but please feel free to ask questions via the panel. A recording will be made of this event, so I will get that underway right now. Without further ado, I would like to now run the survey of today's event to see how many shareholders of Yari are on the line. Let us have a look at our survey. Here we are. Okay. Are you a Yari shareholder? Pretty simple question. Yes or no. Yes, was previously, considering buying. We love all our shareholders, so, the more the better. Whether you have been one before, thinking about it, we would love to have you as a shareholder in Yari, and now is your opportunity. As you can buy us on market, pretty straightforward, but of course, no financial advice given. Full disclaimer. Quite a few responses on this question. Okay, that is great. Looks like everyone has answered. I will just end the poll and I will share the results on screen. Yes, we have got a few shareholders on the line, which is great, and a few considering, which is awesome. Thanks a lot for your support. Okay, now to the main event. I would like to hand over to Yari Resources Managing Director, Courtney Taylor, to give us an update on Yari following the recent acquisition of Arcadia and its expansion plans for the year ahead. Now to hand over to Courtney and let Courtney run her presentation. I will just get the presentation on screen. Thank you very much. Now presentation. Let us go. Now to hand over to Courtney to run. Hang on. Where do I run this thing? Share screen. That is it. Okay. All right, guys. Now to hand over to Courtney. Thanks, guys. Hi, everyone. Thanks for joining. I am going to apologize in advance that I am getting over another cold that is circulating through Brisbane. So if I need a break for some water or some coughing, just bear with me, and my apologies. Well, thanks all for joining. A special thank you to all shareholders that have joined us today. It is great to be able to give you an update. I know I do not get to see you all, but I have been trying to make an effort to travel around and present to everyone. Yari, unlocking a district-scale value in the Bowen Basin. So there is our disclaimer. No forward-looking statements. Just to start with, I would like to go through our board. A lot of you will be familiar with Eduardo and Albert. Eduardo is highly experienced MD and chairman of Yari, and Albert is our extremely experienced technical director. For those of you that haven't met me, Courtney, I'm a geologist by background. I started with Anglo American when I first entered my coal mining career in Central Queensland. I've lived in Middlemount and Moranbah. After Anglo, I moved across to Vale. From there, I went into some consulting roles, and then I moved across to BMA or BHP, and from there I have had the opportunity to come join Yari. I think it's a really exciting project. I wouldn't have come across if I didn't think so. BHP, it's really the opposite end of the spectrum. We're looking at really large scale, but it's also a really interesting background because for all of their success, you can see all the things you'd be doing differently to really get up and running a sustainable and cost-effective operation. It's a really, I think, a strong background, technical background, as well as the commercial and corporate background that I'd like to try and bring through to Yari. Our capital structure. As you know, we've just had a recent raise and we have our EGM coming up next week. The key factor of that raise is that Arcadia acquisition, and the thing I want to bring everyone's attention to is our EV resource tons and how low they've become by acquiring all of those extra tons at Arcadia, and I'll go through that in a bit more detail shortly. Why invest in Yari? I think the key factor is, in quite a short amount of time, we've got over 500 million tons of coal. We've established our coal resource at Rolleston South, about 382 million tons total there, and now combining Rolleston South and Arcadia, we've got 198 million tons of indicated resource. The plans there are obviously to increase that confidence level and continue to grow those resources. One of the other key things is we're looking to get into production. We're actively pursuing consolidation opportunities in the Bowen Basin, and we want to get the coal out of the ground. Proven infrastructure. We're in an absolutely fantastic location. For those of you that are familiar with the Bowen Basin, you'll know where Rolleston is, and for those of you that aren't, it's just about an hour and a half south of Emerald. We've got the town of Springsure about 45 minutes away. There's sealed roads all the way through. There's a rail line out there already. We've probably got between 20 km- 40 km worth of rail to install from our initial Rolleston South project. We're in a great area. Emerald is probably the biggest town in all of Central Queensland. It's got hospitals, it's got a major airport. It's really well-supported as a township. One of the other key things here is we're looking at JV and exit pathways. I think one of the key things for me is I really like coal mining, and I'd like to stay in this for a long time. I'm actively talking to operators, for a strategic joint venture partnership. So one of the other key things we need to, I guess, understand is as we continue to grow, we do, I guess, become attractive for a takeover. While Yari isn't actively looking for that, my role as MD is always to provide value to shareholders. If the right opportunity comes along, that's something I'd definitely be putting to our shareholders. But the main objective for us is to stay in it, to find joint venture partners with operational experience to help us get that coal out of the ground. On that note, that growing external interest is, I think what's key at the moment is we're the only coal exploration company on the ASX. We're active. We're not just passively sitting there. A lot of coal in the Bowen Basin sits in two camps. It's either being held by major mining companies, or it's been tied up privately, and it's just been sitting there for a really long time. As a junior exploration company, who is really active in this region, we attract so much attention from groups looking to come in, wanting to partner with us, wanting to operate mines for us. We've got all the coal traders in Brisbane reaching out. The Rolleston coal itself is the thermal coal there that Glencore produce has a reputation as some of the best thermal coal in the world. I've got traders saying, "We're really looking for a new place to get our Rolleston spec coal from." So we're looking very attractive in the long term there. The other exciting thing is we know that area's hot because Glencore just extended their mining lease. They put in a MDL application just to the northwest of us. So they're looking to expand into the region as well. Now, discipline capital model. We've got some cash in the bank. We've obviously got the Tranche Two, which we'll be voting on at the EGM. So if you haven't please already make sure you register your votes for that. We've got quite a bit of money in the bank to do what we need to do. One of the, I guess, things that I'll go into a bit more detail is we know the geology of the Bowen Basin quite well. There's regional models. We know where the coal is. We're really lucky that it's a really well-studied area. UQ used to have a full dedicated coal research team, basically working on the Bowen Basin full-time for a really long time. There's a lot of data available, and there's a lot of understanding about where the coal is. So for us, it's about not just necessarily growing our resource base through drilling. We can use that money to get us into production by assigning it to starting some early environmental studies and looking at some data share agreements. Why the Bowen Basin? Why now? I think everyone would've seen how active everything is in the Bowen Basin at the moment. It's the best coal district in the world. We've produced in Queensland over 228 million tons of sellable coal across 59 active mines in 2025. 83% was produced in the Bowen Basin. So it's the best place you can be located, and we are pretty much smack bang in the middle of it. Global demand isn't going anywhere. If anything, we're seeing record levels of global demand, China and India accounting for 71% of total global consumption. Infrastructure rich. The Rolleston District's surrounded by operating mines. We've got Glencore. We've got the Meteor Downs South, the MDS pit, just nearby. They've both got rail along the Blackwater system and direct access to the Port of Gladstone. That rail as well has capacity on it. It's probably got the most capacity out of any existing rail line in the Bowen Basin. So we're really lucky that we'd be able to rail our coal straight up to Gladstone. I've had some early discussions with the port there as well, which is great. One of the other key things is we've got a supportive regulatory environment. You might have seen, I guess, some changes in New South Wales with regards to new exploration and new developments, and that's not something we're seeing in Queensland. I've met with Dale Last a few times in the past few months and years. He's a really supportive minister, so we're lucky to have him. I think we're seeing a lot more approvals coming through, a lot less red tape, and just a supportive government that's keen to see mining and really sees the benefits of particularly coal mining in Queensland. I think, if anything, I know there's a lot of, I guess, discussion around the royalties. We're not one to argue with that. I think we're understanding of what they do for the state. I think every Queenslander's benefiting from those royalties. We're seeing those, you know, AUD 0.50 bus fares everywhere in Brisbane. So I think if anything, as much as there's a lot of, I guess, discussion around what the royalty's doing to the Queensland coal sector, I think the way that they've tied them to the AUD 0.50 bus fares actually gains a lot of support for the mining industry, where it previously might not have existed. I think we're seeing, I think, a lot more positive outlook to the Queensland coal mining sector in the last 12 months in Brisbane. Our original project, the Rolleston South Project, I actually worked on this project probably about eight years ago, so I was quite familiar when they asked me to come across, or when I applied for the role. There's two EPCs there. As you would've seen previously, we've got 222.9 million tons of coal there. That's only a small part of the project that we have defined that resource in. One of the, I guess, key things that we need to look at here, and probably understand a bit more as we go on, is we've got an area with shallow coal, and that's thermal. As that coal gets deeper across to the east, we actually see our rank increase, and we're seeing a semi-soft coking coal potential product there. So we're really lucky that we've got that split of coals. We've got really high energy thermal coal. The ash is super low. It's really just an amazing coal product. What that means as well is when you've got this really low ash product, we can direct ship this product. So it basically turns a mine into a quarry. We can ship it. We don't need to pay AUD 500 million to build a processing plant to get our production underway. We also aren't paying, I think, the standard rates at the moment are about AUD 30 a ton to wash coal. On top of that, I mentioned the royalties earlier. There's got to be a balance point where, for us, if we're not selling a premium hard coking coal, we're not meeting that upper tier of those coal royalties. It actually puts us into a really effective cost-based position. Again, we're right next to that Rolleston project. You can see the blue in the middle there. That's where they've peaked that mineral development license. In Queensland, we have three different stages of licensing, which is a bit different to other states. We have our EPC, our exploration permit for coal, our mining lease, and that MDL is the mineral development license, where we're kind of sitting in between those two leases. Resource growth, I think when they acquired the project, we saw the project came in with 190.1 million tons of coal. That grew 17% to 222.9 million tons following a small drilling campaign. I guess one of the key things is there's been some questions about why there isn't more drilling done, and I think the answer there is we got the information we needed. The geological models in that area showed the coal was a bit deeper traditionally. We've discredited those models and shown that the coal's actually a bit shallower through that area. That was great news. I think as much as I love drilling and I love planning exploration programs, we need to be really clever about where we spend our money. In future drilling programs, I think we need to make sure everything has a really strong outcome based off that drilling program. Some of those things might be doing some line of oxidation lines, which is where we work out where the fresh coal starts and the weathered coal stops. That's where we know we can start defining and designing a pit from. The other thing, sorry is we'll start looking at some geotechnical holes and things like that, which we'll build into future mine designs. The big leap you see there is not through drilling, as we know. It's through adding the Arcadia Coal Project. Upon acquisition, we've added 282 million tons of coal. That brings us to 164 million tons of indicated and 118 million tons of inferred. That is a great resource just there. Again, that's not including the whole EPC boundary. We've got more exploration we can do there in future to increase that resource size. I'll go through that shortly. Just bringing that to a global resource of 504.9 million tons at that district scale. That's, I think, what I announced when we first started, looking for district scale, and that's why we're starting to make those steps to get there. The Arcadia acquisition, that gives me that big and first-step goal of 500 million tons that I had said I was chasing for a project. You can see it's right near our Rolleston South, our original project. The asset includes three tenures. Only two of those are shown on the plan just there. One of them is slightly further away. I guess if you're wondering why that is, in Queensland, under our tenure legislation, we have to relinquish sub-blocks every few years. It's not something we can avoid. It's just part of the legislation, and it gives us somewhere we can relinquish from without impacting our major resource area. It's a really good strategic move for us. It really starts to build that district scale like I've been chasing in the region. The other, I think, key thing is the cost of this acquisition. It is such a low upfront cost for Yari. For those that read the documentation associated with it, we paid AUD 50,000 upfront, then we've got some shares on issue, some production milestones. Those are things like converting it to a mining lease, and upgrading the resource by a certain size. Then also, when we take it into production, we've got some major milestones there that we will work with the vendor on. I think the other key thing here is, like I said, at the Yari original project, the one which has got the Yari logo on it, we have that split between thermal and semi-soft, and that's what we're looking at here. Again, with the rank increasing to the east, we're looking at a semi-soft product, and some of you would've seen that in our recent announcement. We again are just looking at some of the lowest ash thermal coal that exists. We're really lucky again that we've got a large amount of coal with some of the easiest production you're going to see. No plants, no ongoing washing costs until we look at that thermal coal. Sorry, that semi-soft coal. What that means is we can start generating cash flow a lot earlier. We're not needing to find an extra AUD 500 million to build a plant. Not sure if anyone's worked at Sedgman or knows the current going rate, but they're pretty expensive to build. That just means shipping that raw product, we've got cash flow coming into the business, and if we decide to go down that path and extract that semi-soft, then that gives us the option to fund some of that ourselves, which is a great position to be in. One of the other really fortunate pieces of this puzzle is we have overlapping petroleum leases in this part of the Bowen Basin. Actually, probably throughout most of the Bowen Basin, we're seeing overlapping petroleum leases and exploration permits for petroleum, and what that means is two sides to that story. The first one is we've got a lot of exploration data available for us that we can partner with the petroleum companies with, and we can bring that into our data sets. We've been meeting with those companies and looking to start sharing that data. For us, that's an easy way for us to get additional drill holes, and increase our resource scale without us needing to drill ourselves, which is a huge benefit. The other side of that, it also means that when we get into production, that coal is drained. The gas is being removed, and that reduces our fugitive emissions from that area of the Bowen Basin. That's a huge advantage to us. It also means that, should we wish to develop at the same time, we can share some of those costs of development. It really is a great move for us to build those partnerships nice and early, reduce costs to both companies, and help each other to get into production. I do not like looking at photos of myself, but I think one of the key things is we are getting a lot of momentum, a lot of external engagement at the moment. We have had a lot of discussions with various potential partners, whether they are rail or coal traders and operators. We are getting so much, I guess, reach from globally. I have had meetings with Japan, China, India, and Indonesia about working with Yari in the future. I think they can see that we are on a really good thing. They want to be involved and they want to help us and help themselves, I guess, be that partner to get into production with. I have had several meetings with the Minister. He is very casual meetings, but he is a really big supporter of Yari. He really wants to help where he can, and I guess the key thing for us is going to be approvals. Regional stakeholders, I have been in touch with local MPs. We have got really good landholder relationships at the moment. For those of you that saw, I think we had some videos come out about the rehabilitation program we did from that drill program. You will see that the land was left in immaculate condition, and I think it is really important, particularly for a coal company that is quite heavily under the spotlight, that we really demonstrate that social license to operate. We do the right thing by our landholders and by the environment to make sure we have got a long life and a long support. We do not want to have any issues when it comes to environmental authorities or simply hurting the environment. Local activity. We are seeing ground pegged and advanced in that Rolleston region at the moment. I think one of the other things is we are seeing so many deals in the Bowen Basin. We saw the Anglo American deal. There has been Yancoal. We have seen some of the other companies sold recently, which shows how much interest there is in the Bowen Basin. Coal is definitely not going anywhere. If anything, it is coming back really strong, and I think we are about to see a really big resurgence in the coal mining space and coal exploration space, and I am really happy to be with Yari to be one of the first and one of the leaders getting that Bowen Basin junior exploration space moving again. Now value realization. The strategy at the moment is building scale and position for a strategic transaction, with a major coal operator. It might not be one that we have known potentially before. It might look a little bit different, like some of the newer groups that are coming in with that operational partnership model, which we are seeing a lot through the Bowen Basin at the moment. And that is where we are looking for our joint venture partner. Someone that wants to come in, get coal out of the ground, produce coal for us, and they might have only previously done that overseas, but there's a lot of those companies trying to get a foot in the door in the Bowen Basin at the moment, but Yari still wants to be there as that partner. We're having those discussions. We're talking to the majors in the region as well. We're in discussions with them. The other, I think, key thing that I'm seeing is because I am one of the first people in a private, sorry, a public company to start looking at deals again and getting things moving, is I'm getting a lot of opportunities, I guess, said to me, up to two a week at the moment, where projects have It's a lot of work to keep up with. Projects have been sitting held privately for a really long time. I think one of the other things is where you've had private investment previously in some of these project, there's no exit strategy for those companies, so they sit there privately because how do you get out if you invest in? That's the benefit of Yari, is if you come in, there's an option to leave. While we don't want you to leave, I think it produces a lower risk for shareholders of a public company versus a private company. The other reason I think we're really lucky is I've been in the Bowen Basin for 17 years. I started on site. I worked there for a long time. I know a lot of people in the region. I'm quite an active volunteer in a lot of resources sector groups. That means that people who I worked with when I was 17 and underground or on a rig, we're all running companies and looking after projects these days. It really helps to have that really strong network where people are willing to come to me because they know I'll look after a project if they hand it over, and let Yari assess whether it's going to be the right fit for them. I can't stress how much opportunity there is in the Bowen Basin at the moment and how lucky we are to be in there and have the availability to pursue opportunities that come to us. I think the other reason is that we are looking for a strong partner is it reduces capital burden on Yari, and it accelerates our development timeline. There's a lot of money being put into the Bowen Basin at the moment, and it's the time to really start capitalizing on that. Strategic partnership. Again, we're looking at when we can sign some offtake agreements with commodity traders. We are a very hot property for thermal coal. As much as we've got that semi-soft product, as I mentioned, thermal coal is where we will start our production at. It's the closest to surface. It's the cheapest to mine. It makes sense. Going from there, I guess, corporate asset sale, we've got at least 500 million tons of coal, slightly over, and we're looking to increase that in the next few weeks. We're really setting up for that district, and I haven't stopped at this 500 million tons. I'd really like 1 billion tons of coal and looking to really increase our footprint in that region. And what that also does is it creates a whole new region. As much as there is Glencore in the area, it's not a large-scale district like we see at Moranbah. But I think that region has the best potential to become that. We're progressively de-risking via exploration and studies, and you might not see some of that every day. There's a lot of work to be done in the background. So, trust me, as I've got my geologist hat on a lot of days, and I'm working with some really supportive team members to help me improve our understanding of the asset and increase our confidence and our tons. So again, looking at potential M&A, if it happens, it happens. My preference, as I've mentioned, is to stay with Yari and to keep Yari's footprint in the Bowen Basin. But again, I won't turn down an opportunity that provides the best value for our shareholders. And just to recap, we are really lucky to be I was saying the only ASX-listed coal exploration company, but for those of you who follow the news, you might have seen White Energy trying to make a bid to come back into what's technically not the Bowen Basin, but into Queensland, with their Wandoan project. Our project, much better. So much better off with Yari. And here's our appendices, as I went through in the presentation. Now, I will take some questions. Thank you. Can I suggest some water? I think you Yes. Here we go. So- Thanks. You got water ready? Okay. I've got water. Excellent. Thank you. That was excellent. Thank you, Courtney. That was an excellent presentation. Thanks everyone for your time. Hope you enjoyed the presentation so far. Now it's on to questions. I'd like to now check for any questions you might have. Please feel free to submit them to us. We'd love to see them. I'll just stop sharing briefly. Thank you. A few questions have come in. Thank you very much, ladies and gentlemen. First up, we have from Matt Morgan. Thanks, Matt. How many tons could you truck by road to a current CHPP and rail facility? I can't remember the number, but at the moment there's a capacity on public roads. That's something that we would need to strongly consider and talk to the local council about getting approval to increase that. We are talking to current rail operators. We do have a path, but I'm not currently at liberty to share any more information about that. I will say that trucking by road is something we're in discussions with. Great. Thanks, Matt, for the question. Next one we have is from Lawrence. Thanks, Lawrence. Could you confirm whether a semi-soft product will not require washing from the resource as it gets deeper please? Thanks, Courtney. Yeah. Look, I think we might have to wash a semi-soft product. The thermal coal we can direct ship. The idea there is to generate cash flow with that thermal product, which we could ship raw before heading underground. Great. Thanks, Matt and Lawrence. Please, any more questions, please feel free to submit them now while you've got Courtney. Now's your chance to ask questions. Some more questions have come in previously. First of all, Courtney, the current coal market, how are you seeing the current market for coal, whether it's thermal, PCI, coking? What's the current situation in the market and I guess the outlook going forward? I think I've actually got the Commodity Insights Coal Forum tomorrow. So they'll be telling me about all of the, I guess, the market information there. I think coal production, every time we thought it was going to decrease, it happens to increase, the coal demand. I think there was quite a last few years, people thought we'd see coal production drop off, and we'd see renewables take its place. I think in the last probably 12 months, we've come to a more realistic understanding that there'll be a split in energy demands. I think as we see demands for things like data centers and the energy requirements of AI increase, we really need to accept that there is a place for coal. We need energy security and stability and I'm a big fan of all energy. I don't discriminate, but solar only runs when the sun's out. Energy, I think, security is becoming probably a much bigger concern for Australians and the world generally. 100%. Another question's come in. Thank you very much. Anonymous question. Thank you sir or lady, whoever you are. Is the shallow thermal coal suitable for dry screening? As far as I understand it should be. There's a dry screening plant going into the Bowen Basin at the moment as a trial. I think it's the first one that's come in. I'll be closely watching that, see how that goes, to then utilize their technology if it works and look at this going forward. I'm really lucky to know the geologists that are looking after that one as well. Excellent. Thank you. Another question from Emma. Thanks, Emma. How have Queensland's royalty rates, this is political, how have Queensland's royalty rates shaped New Hope Group's growth strategy and investment decisions in the region, if at all? Look, if I was a betting person, this is not advice. I don't know if they will remain at the same level forever. I think I'd like to see, and I think I'm not, sorry, my camera slipped. Coal Australia are doing some amazing work. Like the badge. Yeah, with the government and really advocating for operators and now me, as the only listed explorer coming into the region. I don't think they'll be around forever, but at the same time, I think that's what really cements my position on thermal coal, is it's a lower cost base to produce and we don't hit those high royalties. So I see it as a lower risk to sit there. We're not seeing any reduction in, I guess, investment decisions. If anything, I think New Hope had a recent raise, and I can't remember how much over. Subscribe. Yeah. subscribed that one was. We look to some of the more advanced players for guidance. They're not seeing a huge impact there at all. Excellent. So it's positive from Courtney. Now looking forward to Lawrence. Another question. Thanks, Lawrence. Do you need to do more on-ground survey/economic study work to identify the best place to start shallow mining? Look, I think I know where most of it is. That's the very confident geologist in me. But it's about, I guess, testing those. We will need to do some more drilling to get our resource levels up over those areas. But we know where most of it is sitting, thankfully. Yes. You've worked on it before, right? Yeah. Like I said, we're really lucky. We've got a lot of regional studies. We've got geologists that have dedicated their whole career to working here. Find any geologist over the age of 70 wants to tell you everything because they worked there for a really long time. You take them out for a beer and it's better than drilling. Okay, so the best gossip comes from over a beer. Yeah. Thanks, Lawrence. Thought you might know the best place. Yes, indeed, Courtney does have a few ideas, which is great. More questions. We've got time for more questions if you've got any more. Yes, thank you again, Anonymous. Okay. Have you done any LOX line drilling to date? What do you think the initial start mining rate might be? Lots of technical questions. I haven't done any LOX drilling yet. I don't think we will be sterilizing any of the resource with that. I think we've got quite a shallow. I think the weathering profile should be fine through there. It just depends where we start and where we expand to. Start-up mining rate. Again, I've got a friend who started a mine, 8 million. That's the number. Excellent. Okay. Another question here that's come in about your plans for Yari. You've announced plans of district-style scale consolidation. What does this mean for Yari, firstly? And secondly, what does it mean for the basin in terms of jobs, investment, all those kind of good things? Look, Yari is looking at expanding its footprint in that part of the Bowen Basin. As I mentioned, I think Rolleston's a great area. Rolleston's got a small township already. It's got a pub. It's got a caravan park, which has got suitable mine accommodation in it. And it's got some facilities there. Springsure's 45 minutes down the road. It's a much bigger town. There's accommodation. There's a pub, a grocery store. All the important things. All cities for a coal mine. Look, it's a really well-established area. Then Emerald, another 45 minutes down the road, which is basically a city. The reason I think Rolleston is great is because it's really well-serviced by Emerald. One of the things with Emerald is it's not just a mining town. You've got a lot of the hubs for the main equipment operators have workshops based out of there. It's got a really strong farming district as well. So it's a really self-sustaining town. A lot of people from there are happy to commute on that drive-in, drive-out basis. The Bowen Basin doesn't necessarily love fly in, fly out, and having that drive in, drive out is a really big advantage for an operation. There's a lot of people in Emerald as well, which is great. A lot of those people don't want to have to move. They want to stay in Emerald, and this gives them somewhere to, when their current mine ends, mines don't last forever they've got somewhere to go. Looking at the amount of coal in there, I think we're looking at probably 70 years' worth of mining operations there to sustain. That is older than us. Yeah. I would be looking for a new MD by then. Possibly. That is great. So that is excellent. Thanks, Courtney. More questions. Thank you again. How do you plan to finance. Gee, more technical questions. How do you plan to finance an 8-million-ton per annum start-up? This is a tough one. I am looking for a partner to come in with cash. That is not just a dream. There is a lot of those demonstrated models in the Bowen Basin, and we are having some of those discussions already. Excellent. Another question. Thank you. Fantastic webinar. Well done. Thank you very much. Thank you. Wondering when we can expect to see Yari and Courtney presenting in-person in Queensland? Any upcoming conferences or mining events? Oh. Yes, very soon, right? Which one? You've got the one, Bowen Basin, this week. Oh, I'm not presenting. I'm just attending. Oh, okay. Okay. Yeah. I am heading to the Bowen Basin Mining Club on Thursday. Okay. I- 17th. Yes. Yeah. That is great. I have accidentally accepted an invitation to present at the AIG conference in November. Excellent. For that one, though, I will be putting on my geologist hat. Probably not the most interesting. I regularly attend and present at Rob Murdoch's lunch. I will be looking to sign up to present at that one. Hopefully, the Brisbane Mining Club next year also. Good. I am putting my name down to present at a few conferences. I was at the Gold Coast RIU this year. I will aim to be at that one again next year. I am on a very long wait list for Noosa. So keeping my fingers Come on, girl. Come on, girl. crossed. You might see me there. Great. You are busy? Yes. We are also looking to do some more intimate lunches and events between Brisbane and the Gold Coast. Also, if you ever need me, feel free to reach out to Anthony. Yes. He can get in touch. I am happy- Not forgetting Sydney, Melbourne, Adelaide, right, as well. Yeah. There's a few events. I take calls, and organize some more smaller events like this going forward to keep everyone updated. Please reach out. Thanks, guys. More questions. Thank you again. You mentioned the Minister's support. Yes, Mr. Dale Last has been excellent, so thanks, Mr. Minister. How important has AMEC been for Yari and the greater Queensland mining explorers industry? We love AMEC, right? Has Kate joined? This is Kate Dickson, right? That's Kate. We love AMEC. Yeah, AMEC's fantastic. Look, AMEC haven't been strongly, I guess, a coal advocate, but I'm sure Kate's got that under control, and she's going to be advocating. But I think one of the key things she, and the whole team at AMEC- Yes do, is really work on that approval side, and also gaining access to the minister. I'm overwhelmed at how much support AMEC gets from the minister. It's really not hard these days to be able to plan when you'll see the minister next, which is fantastic. I think it really brings the industry and the government together really well. I'm really happy for that. Great. More questions. These are pretty technical as well. Do you want to touch on these? I'm doing. I don't know yet. As I mentioned I better read the question out. Yeah. The question is a pretty common one for investors. When do you anticipate your next capital raise? We just did a capital raise recently, right? So there's not an urgent rush. Yeah. So Yeah, no, look, we don't have an urgent rush for a capital raise, but we are not producing coal yet. So we will need money at some point. As I mentioned, what I'm working on is really low-cost initiatives to increase our resource base through data-share agreements with the petroleum companies. They're petroleum, but just they're coal seam gas. Right just for anyone that wasn't aware what the petroleum leases do in Queensland. There's no oil coming out of the ground there. There's a lot of ways for us to really increase our resource without having to spend a lot of money. We're good for the next 12 months easy. Yes. That's great. That's great news for shareholders. Another question, if you want to touch on it, do you plan a share consolidation? I guess it's a question for down the track, right? At some point- I guess- in future maybe one day. But it is not Yeah something we are actively planning at the moment. Yeah, that is great. Okay, guys, we are nearly out of time, but there is still time for more questions if you have any more. Another question, another feedback. Thanks again for the presentation. Thank you guys and girls for attending. Another question I have had put to me in advance is what are the key milestones for investors for the next 12 months for Yari? Key milestones. Key milestones. Yeah. Look, I did set the first milestone as 500 million tons. Done. I am going to be pretty wild and set. These might not be technical. This is not a JORC compliant exploration target. This is off the record, guys, off the record. This is a personal goal of 1 billion tons of coal. Billion tons. Yeah. Okay. You heard it here first, guys, a billion tons. That is our investor milestone for the next 6 - 12 months. You heard it here first. I think we have answered all the questions. Unless there are any more coming in, now is your chance, last minute. Unless you want to go to lunch, which is always tempting, but I think we have answered all the questions. Unless there is anything else you want to touch on, Courtney, you are pretty good? I am all good. I am on- Excellent I am pretty active on. Actually, I said that. LinkedIn I am pretty active on LinkedIn. Yeah. If you want to see where I am, where Yari Yeah is presenting, it is always Good chat. published on there. Follow the Yari page. Good. Follow me as well. I am terrible at Twitter or X, but it is all on LinkedIn. Do not forget our website, too, and please sign up to our news service on our website, where you can get all our announcements, all our ASX releases via our news releases. Please sign on to that. Please yeah, please follow us on LinkedIn. We are also on X, the old Twitter, so please follow us on those things, too. Again, thanks for your time today. It has been great having you online. Thanks, Courtney. Great presentation. Thanks for having me. Thanks, everyone. Have a great day. A recording is being made, so if you missed anything today, you can play it back later. We will get you the recording. Thank you again for your time. Thanks, everyone. Have a nice day. Thank you. Cheers, guys.