Nova Minerals Corp (NVA) Earnings Call Transcript

Okay. Chris, I think you're ready to go.

Okay. Welcome to Nova Minerals webinar. Very exciting time for the company. We've just recently successfully listed on the NASDAQ. NVA is the code there. And we wanted to come with our Australian shareholder base and do an Australian-specific webinar here. And because even though we're in the U.S., that's opened us up to larger capital markets, lots of opportunity there. We, of course, still -- this is where it all started in Australia. So we always want to keep our Australian shareholders in the loop. So with this presentation, what we'll do, it will be quite detailed because some of you perhaps are very familiar with the projects, others not so much. So we'll go through and give you the latest update. It's all about the Estelle project. We were developing North America's next major gold and critical minerals district here in Alaska, and it truly is a district. It's not just a one-hit wonder. It's a large-scale play. We've been focused on the gold. We're a gold company. And that story is strong and getting stronger. However, as you've seen from recent news releases, we've made very significant discoveries of antimony. That's a big one, drawing a lot of interest. Silver, copper and many of these other critical elements that are so highly sought after these days. At a glance, it's a 514 square kilometer claim block, quite a large project area. They're all state of Alaska mining claims. To date, we've defined almost 10 million ounces. Now within that, that 10 million ounces, according to S-K 1300 guidelines, that's the equivalent to JORC in the United States. And under those guidelines, you must report inside economic pit shells. And so within that 10 million ounces at a $2,000 gold price, there are 5.2 million ounces inside the economic pit shell at a $2,000 gold price. Now those, of course, can be converted to reserves and upcoming production scenarios. It's across 2 deposits, Korbel bulk tonnage, large deposit up north and then what's really become the jewel in the crown down south at RPM, very high grade there. And we're laser-focused on getting RPM into production and getting cash flow as soon as possible. In addition to that, 20 other known prospects at various stages of advancement, and one to point out there is the Stibium prospect, where we've made one of these high-grade antimony discoveries, which has drawn so much interest from the Department of Defense and other U.S. agencies, and we'll talk a little bit more in detail on that as we move forward. This slide here sums it up. This is what -- where the opportunity that presents itself at the Estelle project. So ultimately, it is a larger project. We've been called, the Carlin trend of the North. And if anybody is familiar with the Carlin trend, that's in Nevada. That's what made companies like Newmont and Barrick, and it's the premier gold producing region in the United States. And so ultimately, in terms of scale and potential resource endowment, that is the Estelle project. And so for that reason, there's not many of these projects left in the world. A lot of the major companies, mid-tier companies were on their radar. They're knocking at our door. They're getting into our data room. We've had discussions. They need a project like this because some of these producers have depleting gold reserves, they need to fill that gap. It's the kind of project that one day will be producing 500,000 ounces a year, certainly hundreds of thousands of ounces a year. It's that type of project where you'll be out here for decades and decades and what a major company really requires. Now the project does benefit from having optionality in terms of how we attack this thing, right? So the larger projects, we've already seen in our scoping study, which is a bit dated now. It was over 18 months ago we released that. And we just wanted as a company to take a snapshot in time, see if we're on to a viable project, and certainly, the result was very positive. What we found there, we've come a long way since there in terms of resource growth. But we had -- what we found there in our scoping study was almost 20-year mine life with less than 1-year payback period just shows you how rich that RPM material is when it comes in those early years where we're producing 360,000 ounces in the first couple of years with RPM and then it tapered down to about 130,000 ounce production per year over the life of mine. That project there showed at the time at an $1,800 gold price, a $650 million NPV. And we did the sensitivity analysis and it showed at a $2,000 gold price, almost $1 billion NPV on that project and certainly at current gold prices, that NPV would be significantly higher than that. Now the challenge, especially in this market, these current conditions, the finances are tight out there is that it's the price tag. And so the CapEx there was approaching $400 million. And so in this market, that is a bit of a challenge for any company at our stage. So as I mentioned, the project does benefit on having the option to go after just RPM first. And we're laser focused on that right now. We're working on a PFS to get into RPM, get into production and get cash flow as soon as possible. With that option, we're looking at something that's a much lower CapEx, very high margin. Recall, already the last resource update, RPM had 330,000 ounces at 2.4. We've done a lot of drilling since then. Our target for the next resource update incorporating last year's drilling and this year's drilling, which we've just completed is 500,000 ounces at 2 grams per tonne. And inside of that is that much higher-grade shell of about 150,000, maybe 200,000 ounces at 5 grams per ton, very rich material, high margin. And then the intention is we can get that into production in very short order. And the intention is to then grow ourselves into the larger project through that cash flow and/or taking on one of these strategic partnerships with one of the major companies or some of these other mid-tiers that we've been talking to. So that's the plan with the gold project, and we never want to dilute that story. That's our mission being a gold company. Now another opportunity has presented itself more recently, and that's with the antimony. We've made very significant antimony discoveries out there at several prospects. And one of the main ones there is at the Stibium prospect, antimony record high prices. This is drawn. There's no U.S. production of antimony. So the U.S. is absolutely in dire straits in terms of antimony to feed into defense applications, just the industry, all industries in general. And if we -- if you look at antimony, it has so many applications, clean tech, green tech, with the liquid metal battery, Ambri Bill Gates and crew, all antimony based. Solar panels are probably the fastest part of the growing part of the demand but also defense technology. So this has drawn major interest from many U.S. agencies, but mainly the Department of Defense. We've been pursuing these with the Department of Defense and other U.S. agencies. These grant opportunities to develop our antimony. Now we believe that in very short order, we've submitted applications for DoD grants. And in very short order, we could be producing a particular antimony product that they require for the munitions because we're used in all the artillery shells, HIMARS, javelin, even small arms you can buy off the shelf. And so that product there is antimony trisulfide. And so that's the first urgent product that they require. And so we have submitted grant applications to do exactly that. It's technically feasible to get the antimony trisulfide and have that in production within 18 months. And that's what we've sent a proposal to the Department of Defense to do exactly that, and we're waiting for a decision on that. That product there is simply Stibnite. What we've discovered on the surface out of these prospects at Estelle is massive stibnite veining all over the surface. And so stibnite is antimony trisulfide, and it's a matter of just digging up the stibnite, concentrating it, pulverizing it and then it's -- and it's got a few military specifications there, and that's basically the product that they require for the munitions. So that's as a Phase 1, we've proposed that to the Department of Defense. And then the Phase 2 of the project, which is several years of a project is not only producing the antimony trisulfide but producing all of the antimony products, including oxide, antimony compounds for semiconductors, antimony metal. And we were working on that with the DoD since the beginning of the year. When we first started talking, we said we are looking for a grant to produce -- to mine antimony. And at their behest, said, "No, we don't just want you to mine it. We want you to refine it as well because our mission is to fully secure U.S. supply chains. What's the point of mining it, concentrating it and then sending it off to China or who knows where else with to be processed. That does not fully secure supply chain. So please give us a proposal where you not only mine it, but refine it." But we want to develop an antimony hub in Alaska. We love the location. It has -- it's so mineral-rich. Other prospects and mines have antimony. This creates an incentive for them to produce the feedstock and send it to that antimony refinery here in Alaska. So the longer-term Phase II of the antimony project is exactly that. Mining and refining of antimony with our project here as the main supplier to that antimony refinery, but then bringing in feedstock from throughout the state as well over time. Now this antimony trisulfide project -- product is Phase 1 for the munitions. And the reason it's so urgent is because China about 3 or 4 weeks ago announced that they -- China who control the antimony market, and the U.S. is 100% import reliant on China, China announced that they are curtailing all antimony experts, and that happened on September 15. And so to fill that gap and ensure that there's no shortages, which is coming very, very close from what I'm hearing, the Department of Defense has urged us to fast track and they are ready to support. So you don't know until the money is in the bank, of course, but that proposal has been submitted. We are working with the Department of Defense to receive that grant, to get into the antimony. Now there's gold in that prospect as well. So all these prospects with antimony have gold. So there's gold credits there. So that lays the foundation of what we're working on currently at the project. Let's keep moving. In Alaska, the Tintina Gold Belt, one of the most prolific belts in recent decades. Here's our neighborhood. You can see many of the majors in the belt. It's the land of the intrusive-related gold system. So you can see Kinross-Fort Knox, that's probably the type deposit for these IRGS systems, and they've been operating successfully for over 30 years. They're Newmont on the Yukon side with the Coffee project. Barrick and NOVAGOLD with their Donlin project. So the -- almost 40 million ounces there, 10 million-plus ounce deposits, not uncommon in our neighborhood, and that's certainly what we're on to at Estelle. Northern Star, another Australian company working with Pogo deposit also in the belt. Now we're zooming in South Central Alaska, looking east we're 100 miles west of anchorage. First thing to note is we're all on state land. This is a big point to make. No federal land, no native corporation land to contend with. What that means is just day-to-day operating. The state is so supportive. We work with our state agencies. We're a resource economy up here. This is how we eat, right, these type of projects. So they're so supportive getting our just day-to-day permits and that. And when it comes to permitting the project, it will be a much more streamlined permitting process. This is one of the aspects of our project that the Department of Defense really likes as well because there is one other antimony project in the United States that the Department of Defense has been grant funding, and that would be a project down in Idaho. And they've been funding that project for about 4 or 5 years now, and that's perpetual resources. And ever since they started getting DoD grants to the tune of almost $60 million to date, and more to come, as I understand, perhaps, they've run up to almost $600 million market cap now. And so it just shows you how lucrative these DoD grants are. And certainly, with my discussions with investors, they always ask a lot more about the potential for DoD grants. And so that project, just to compare, it sounds like the DoD is quite frustrated a little bit with that project just due to the fact that it's on federal land. It's an old mining district, has some cleanup issues. The native tribes down there aren't too happy from what I hear. And it's also tied to the $1.8 billion CapEx gold project. So it has -- so the time line there seems to be drawing out. Even when it's fully producing, it produces about 5 to 7 years of 30% of U.S. antimony demand. So there was always room for other players, which is why the DoD was already initially talking to us. And so infrastructure, let's talk about infrastructure. So important with these projects. We have a 4,000-foot plus air strip on the site, which will support the project year-round. The pink line is our winter road, Snow Road, very common in this part of the world. We do a lot of heavy freight haul on that road and drill rigs, these type of things. We're getting very excited now with the red line. That's the West Susitna Access Road project year-round all-weather road, 100-mile road. There's a whole economic corridor in there. We're only one of many beneficiaries out here in the mining district, but they're looking to break ground on that next year. So that road project will start next year, and that will come online -- and start to come online. Now with just the winter road, especially with our plan, just to start at RPM with that smaller footprint, lower CapEx project at RPM, we can start that on the Snow Road. So in terms of power, lots of options there. The blue line is the proposed gas pipeline heading out to the Donlin -- Barrick's Donlin project to the west of us, that will pass about 10 miles to the north of us. So potential offtake there. We've also looked at our own transmission line as an option. So that's the yellow line heading over to the Beluga power plant, all gas fields. So gas powers Anchorage in the valley here where I live. So that's a 70-mile transmission line. Also gaining momentum here is this coal project along that route. So not averse to coal in Alaska. 60%, 70% of our power does come from coal. The most recent coal-fired power plant in the United States was built in Alaska about 4 or 5 years ago. This is also a project that the federal government is looking to subsidize. One of 3 or 4 new coal-fired power plants in the United States that are slated for carbon capture and sequestration technology, so which the federal government is looking to implement and perfect geology for that out here. These are gas fields, plenty of data, perfect. Some of these gas fields are empty and they're perfect for carbon capture. So that will take our transmission line down to about 20 miles, probably one of the most cost-effective solutions. Interestingly, we're also looking at micro nuclear reactors. So the states really asked us to look into those. There's a big push for that here in the State of Alaska, al the remote Native Alaska -- Alaskan native villages want these things, the first one set to go into the big Air Force base up in Fairbanks in 2026. We've been talking to Westinghouse, Nano Nuclear out of the U.K., rating it here out of Wyoming in the U.S. All the technologies there. They've been using them on nuclear subs for decades in one shape or form. It's just a regulatory issue at this stage. But that's moving quite fast, like I said, the first one is set to go in 2026 up north of the Air Force base. So all those options I just discussed, those are all options that -- where the CapEx is borne by the power provider and then just -- we just go into a long-term power purchase agreement and becomes part of our OpEx. And so in the longer term, we'll be looking for those options. In the meantime, there's diesel generators. This is how most mines do it. And so with diesel generators and the Winter Road, we can get RPM started, that smaller footprint mine started in very, very short order here. Best-case scenario, I think, 24 maybe 36 months, and that's what we're feverishly working to do. Okay. Zooming into the project. It's a 35-kilometer long mineralized corridor here. We've been focused on 4 main areas: Korbel and RPM, of course, where we've defined our resources and then Stoney and Train have been -- most of our exploration focus has been there. Some outer-lying prospects like Stibium and [ sticks ] where we've discovered the antimony, but those have been the main areas of focus. Spinning around now, we're looking north. Our direct neighbor there is U.S. Gold Mining Inc., NASDAQ-listed company with the Whistler project. They're on the porphyry copper gold deposits there. We have the same geology. So a number of our exploration targets are these large porphyry copper gold systems. It's interesting. This is one of the reasons we came to the NASDAQ. If you look at U.S. Gold Mining Inc., a project that's been dormant for almost 10 years. They're just now starting to get out there. They did some work this year, but those guys are running 4x our market cap currently. 4x our market cap with a project that's been dormant for almost 10 years. And so we're much more advanced. And once people appreciate what stage we're at. And what we have here at Estelle, we believe and already we're seeing indications that investors are appreciating that and a potential rerate. This is really the opportunity for the investor. Let's take a closer look down south at RPM. So to date, our drilling has defined 3 main zones, North, South and Valley, all having the potential to merge together into 1 large deposit as we move forward. To date, at RPM North, so this is a relatively recent discovery, remember. We've only been working on this about 2 years now, and so with great success. So at RPM North, we've already defined 780,000 ounces with that higher grade core of 330,000 ounces at 2.4. That was the last resource update. That was at the beginning of 2023, I believe. So since that time, we did drilling last year, we just finished up a drilling this year. And so our target again is 500,000 ounces at 2 grams per ton. And that's what we're focused on with this quickest possible start-up and early, early cash flow, that zone right there. And then we've discovered another zone very recently at RPM South. And so initial drilling there yields 350,000 ounces, geologically similar looks genetically linked to RPM North. So we continue to work on that zone as well. Here's the actual drilling -- and you can see most of it has been focused around RPM North, very close-spaced drilling to get that into production as soon as possible, and then we keep chipping away at RPM South in the Valley zones. All future upside once we start mining there. We'll continue here are some drill intercepts. These are spectacular world-class intercepts, some of the best intercepts globally for the last 10 years for sure. And I'll just read a couple up because it never gets old. RPM-005. 400 meters at 3.5 grams per tonne, including 132 meters at 10 grams per tonne. Let's take another one here. RPM-015, 258 meters at 5 grams per tonne, including 117 meters at 11 and 45 meters at 25.3 grams per tonne. As I said, I mean, you get the idea. I could go on and on here. We repeat that over and over as we step out and infill drill this RPM North zone. RPM Valley, hitting it there for sure, like RPM-037, we're getting 103 meters at a gram, 79 meters at a gram, including 30 meters at 2 grams. So in this RPM Valley and RPM South here. And those -- we haven't hit the big bonanza holes yet as we have at RPM North. However, they do look very geologically similar, genetically linked. And so we're certainly on the pay dirt at any rate. RPM South, RPM-023 hole, 333 meters at 0.9, including 94 meters at a gram, 15 meters at 2.3. That's pay dirt, right? You can make money of that, good money. And those zones are wide open. So we continue to infill and drill those out as we move forward here. Cross-section looking north through RPM North, and I have the 1 gram per tonne cutoff grade shell here, and you can see the RPM North zone, even at that very high-grade cutoff, it still hangs together very nice, very thick, broad, continuous. That's the zone we're focused on for this early quick startup. Right there. That's the -- that's high, high-margin material. Now we've also drilled from the ridgeline down into the valley. So it's not that deep under the surface. It's right there. You can see at RPM Valley, another high-grade zone starting to take shape here in RPM Valley. Still got some infill work and things to do there. Now I put on the 0.3 gram per tonne grade shell really bulks out. This is much more aligned to a mining cutoff. Here, you can see the rocks on the right-hand side. It's those light colored rocks that we're after. Intense veining, visible gold in that stuff, the mineralized intrusive, and then the dark-colored rocks in the bottom is the hornfels. That tends to be barren. So it's a very visual deposit. We know we're in the right stuff when we're drilling it, which makes it very nice, minimized any waste drilling. We know we're in the right stuff. So we generate economic pit shells for along the way and for S-K 1300 in particular, because S-K 1300, again, you have to report -- resources you report are in pit-constrained resources. So this particular pit is an $1,800 gold price. And -- but you can see the deposits are much larger hanging outside the pit here, hanging off over the side here outside the pit. All presents future upside. We continue to infill drill those areas as well as with the rising gold price currently at over $2,600, these pits will just get larger and deeper and we'll be capturing more and more of that -- this resource as we move forward. Resource classification, the very high confidence measured and indicated resources at RPM North, where we've done all that close-space drilling. And here, you can see this drilling outside of that resource. That was last year's drilling. So that is not inside the resource that we -- the last resource update. So we'll be including that drilling as well as the drilling we've been doing this year here, infill drilling and stepping out further. And so this is how we arrive at that target of 500,000 ounces at 2 grams per tonne, which we're targeting in the next resource update to be released before the end of the year. Most -- the remainder of the deposit remains inferred, and so still some infill drill work to do there to prove those ounces up. And those zones are wide open. We do all the highest-quality HQ diamond fully oriented core. And we -- all the data indicates and we map that mineralized intrusive between South and Valley. So 600 meters of strike length between South and Valley, big volume of potential upside. And between Valley and North, this still remains open. And that's really what we've been drilling a bit this year is this zone here around RPM North. So currently, this deposit is around 1.2 million ounces in total. We see this easily as a 2 million, 3 million-ounce deposit. Just got to get in there and infill drill and do the drilling and prove that up. So that's RPM. And again, that's what we're laser-focused on that RPM North zone into getting into production as soon as possible, and we're working on that PFS right now as we speak to get that done and get that cash flow going. Moving -- taking you now a short distance 5 kilometers to the north of RPM is some of our exciting exploration potential. And this is really what the major companies when they look at the project, this is really what they look at. Of course, they love the resources, but knowing all this upside for decades of mine life and future resources is what they really look at when they consider these projects. So here in the train area, what you're looking at is another one of these massive insurance-related gold systems. Really lighting up here. And what you're looking at are surface samples, rock chips from outcrops, soils. And you can see that at the train prospect proper, very high-grade gold throughout. Up to 80 grams per tonne, 20s, 30s, 40s, all over the place and then a short distance away 1 kilometer to the north. And we actually believe that Train and Trumpet merge, they connect. We map the intrusive between both. We just have to get in the infill. You can see some of these data points here in between that are showing high-grade gold. But at Trumpet same story high-grade gold up to 132 grams per tonne, and we're really starting to recognize the multi-element potential out of Estelle here at Trumpet in particular. You can see hundreds of grams per tonne silver percent of copper up there -- over 6% copper in many of these samples. Antimony, look here, 16.8% antimony, 5.3% antimony, all coincident with the gold. So it's a multi-element prospects. Gold, silver, copper, antimony and many of the other critical elements here. And then on the east side, we have Shoeshine, which again, here multi-element potential, but look at the rock chips, the highest rock chip ever, 1,290 grams per tonne here shows you the extreme high-grade potential also silver, copper, antimony, many of the other critical elements we see there at Shoeshine. And then on the north side, the last prospect in the train area is Muddy Creek. This one tends to be gold only. little bit of silver, but very clean metallurgically, you might say, and very high-grade gold up to 127 grams per tonne 90. I mean, on average, the rock chips there run grams per tonne over 1 kilometer strike length, 18 grams per tonne. Even the soil samples, which tend to just be like usually an indicator to get a bit of an anomalous zone to generate a target. But even the soil samples are running ore grades. 25 grams per tonne on average at Muddy Creek. So those prospects there are all future upside to establish a third and fourth resource to join RPM and Korbel. And these are all drill-ready targets. And so we intend to do exactly that as the years progress. That's the south area now. And again, with the south area called the South -- around RPM, we're focused on getting RPM into production. We already have many -- much of the infrastructure kind of surveyed out where we would put that like the processing plant right here, ideal location. All these things we're working on to get this into production as soon as possible at RPM. We're heading north now pass our fully winterized 80 man camp, all the facilities there, airstrips you see, on-site prep lab, to year-round operation and heading up to the Korbel Valley up North. And it's the same story here at Korbel, many prospects and anomalies and things we're working on. But let's focus in on those black dots. That's where we have our resources defined. So to date, at the Korbel Main deposit, 2.7 million ounces of in-pit constrained resources and then a short distance away, Cathedral, new discovery. The initial drilling there yields 1.3 million ounces already, and it's this noir. That's what we're after. That's the Cathedral deposit. So Korbel Main, bulk tonnage. It's a 2.5-kilometer strike length, a huge deposit. It's not just one of these narrow vein things he's chasing around a vein. It's a sea of mineralization. The entire host rock is mineralized with the sheeted veins and it lends itself being right on the surface, lends itself to a very low strip ratio. Almost everything you dig up there, especially in the early years is some kind of payer, ideal economics. And then a short distance away, Cathedral, just getting started there, early days. But at a minimum, we see another Korbel Main taking shape at Cathedral. So now we're going long section through Korbel Main looking east, 800 million tonnes average grade 0.3 grams per tonne. So bulk tonnage, lower grade deposit. Now there is a higher-grade feeder core through there. And by that, you can see here some of these intercepts, 95 -- 94 meters at a gram, 101 meters at 1.3 grams, including 32 meters at 2.4 grams, 113 meters at a gram. And so that's very representative of that high-grade feeder core that goes to the center of the deposit. And when I put on the 0.5 gram per tonne grade shell, it encompasses that core, very continuous down along strike through the center of that deposit. Putting on the 0.3 gram per tonne grade shell, it really bulks out. Like I said, 800 million tonnes here. So what do we intend to do with this? So first is, of course, get going at RPM, lower CapEx, get that cash flow going and then we'll grow ourselves into this deposit. I mentioned the high-grade feeder core right on the surface. That's our starter pit straight to the mill. The remaining portion of -- the lower grade portion of the deposit to understand there's the sheeted veins going through there, consistent orientation. When you selectively sample the veins, they're running ounces per ton, very high grade. It's just in the lower grade portions of the deposit, the vein density is less. And so the challenge is how do you separate out those high-grade veins. So lowest grade portions of the deposit will send off to a heap leach, very low cost recovery method. And then we'll classify a medium-grade material and we'll utilize ore sorting. And as we presented in our scoping study, we've done extensive test work using XRT density ore sorting to be specific, and the results were exceptional. So by separating out those high-grade veins, what we're seeing is a 10x upgrade. Our test work, we took 0.4, 0.5 gram material and upgraded it up to 4, 5 grams per tonne by separating out those high-grade veins. And so that's what we intend to do with this Korbel, and why we include this large resource because we can make money out of it. We've shown that. Most of the in-pit resources are high confidence indicated. We're working on this years before we even discovered RPM. Still lots of inferred around the edges. Plenty of room for upside as we step out and continue to grow that deposit. And then at Cathedral, again, early days, still all inferred. Here are some rock ship samples at Korbel, and you can see these grades, 114 grams per tonne, 98 grams per tonne. At those -- that's what we're separating out with the ore sorters. Those samples would probably be taken from that vein material. And you can see at those grades how we readily achieve that 10x upgrade by using those ore orders and separating out that high-grade vein material and it just works exceptionally well. Our test work has already shown. And we continue to -- we plan to do more test work in that realm as well. So more on the process. We've done quite a bit of metallurgical test work. Again, that was presented in our scoping study, and we've developed a flow sheet. It is particulate gold, quite easily liberated, and there's nothing fancy going on here. It's conventional off-the-shelf technology. We crush, we mill then we produce a concentrate through flotation. We take that concentrate and we regrind it down to 22 microns. It's still quite coarse but we just see really good gold liberation at that grain size. And then we leach and we're getting over 96% recovery already in scoping level test work. Now we're in that feasibility study stage as we speak having next level test work happening now, we're honing in, finding efficiencies. These numbers are always set to improve as we go forward here and get this feasibility study. So to recap, early days, RPM straight to the mill, of course, then we grow ourselves into the Korbel deposit, the starter pit, higher-grade materials straight to the mill, lower grade portions of the deposits off to a heap leach pad. And then once we get into the medium grade, mainly at Korbel, we'll use these ore sorters, put them into the ore sorters, focus on maximizing the grade. And so the accepted portion out of the ore sorter is running 4 to 6 grams per tonne off to the mill and then the reject portion out of the ore sorters, which still has some gold in it off to the heap leach pad. Lots of options in the processing for all the material types. Very efficient resource extraction, maximizing the total gold recovery over the life of mine, all straight to the bottom line, of course. So that's the process. Another exploration area just south of Korbel, Stoney prospect area. So it's Stoney, a bit of a different beast here. This is a lot of polymetallic stacked vein systems, big lenses of massive sulfide. And you can see high-grade gold at numerous prospects in this Stoney area but also multi-element potential. Some of these prospects, we're seeing thousands of grams per tonne silver, up to 12% copper, particularly here in the Stoney Rainy Day vein set up to 12% copper, 1.3% antimony there and many of the other critical elements here at Stoney. So all of these is our pipeline of prospects as we move forward into the future. Again, the reason why a lot of these major companies love these kind of prospects -- these kind of projects because of all of the future upside. Wombat, I mentioned porphyry copper systems early on. We believe we're onto one of those here. You can see high-grade gold and up to 6% copper at Wombat. We believe that's a very porphyry there. And then Stibium, the last -- our most recent discovery and the last one. I'll show you we discovered this. This is where we found gold and then you might say the antimony found us, right? What we see there on the surface, massive stibnite veining. You can see the photo that is massive stibnite ore running 60%. Massive stibnite meaning this has drawn major interest from the Department of Defense. I've already mentioned we're pursuing these grants with the Department of Defense to get this one into production for antimony and those gold credits as soon as possible in a very short period of time. If we get the grant, we could be delivering antimony to the DoD within 18 months, that trisulfide product, which is that stibnite ore just crushed up in pulverized basically. And then scale. As we move then from there, scale it up and start to produce all the remaining antimony products with the refinery here in Alaska. The first of its kind, state-of-the-art antimony hub based here in Alaska with Nova Minerals at the center of that. So there's the project. As I said, district play, be out here for decades and decades with multiple mining centers and producing multiple commodities here as we move forward. I've been mentioning some of the critical elements, and what I mean by that is gold antimony, of course. But some of the other ones we're seeing highly elevated concentrations. I mean, we recognized it, but we also work with the CORE CM Group out of the University of Alaska Fairbanks who themselves -- and that CORE CM is a Department of Energy initiative, and they themselves at UAF have received tens of millions in DoE grants to identify and commercialize critical mineral projects here in Alaska, and we're their main project now. And so these guys have looked at these elements and just say some of these numbers are eye-popping. We're talking about bismuth, cobalt, gallium and indium, key for the semiconductor industry, lanthanum. Starting to see some of the lighter rare earths and we're looking a bit deeper into that, maybe some of the rare earths out there, scandium, Department of Defense is all over this one, stealth technology. F-35 jets require scandium, tungsten to hardened steel for the tanks and the war ships. And same story, when you look at it, we produce basically none to negligible amounts in the United States, import reliant on China and Russia and also reserves. Reserves have not been working on these. And so the reserves in the United States are very much lacking. And so as part of our longer-term proposal with the Department of Defense, we're also talking -- we're also discussing some of these other elements and how Nova Minerals can help out. Here's the flow sheet again, and we talked about most of this flow sheet. The beginning part for the gold where we've already -- but once we've already spent the time, the energy, the money on processing for gold, we have the opportunity at the back end to take off critical minerals. This is how the Chinese do it. At our mines, we tend to just focus on the primary element and then you just throw the rest out. But in our situation, with these highly elevated concentrations, we can take off critical elements as a concentrate of our flotation circuit and like antimony is a big one for that and send it off to a refinery. Also, after we leach the gold out, we have this waste stream, which normally just goes off to a tailings facility. We divert that to a critical minerals extraction plant. This is the piece we're working on with the Department of Defense for grant funding, for the development studies and the CapEx to put in these critical mineral extraction plants and the refineries like an antimony refinery. And to put it in perspective, an antimony refinery, just imagine, it's not like the scale $1 billion project like a copper or nickel smelter is on hectares and hectares of land, $1 billion projects. Antimony smelter fits on a few acres and for less than $100 million, you can get all the bells and whistles and be a major producer -- major hub in the world, a major global producer and definitely even produce enough to fully fulfill U.S. demand. So that's what we're talking about taking that on the back end and producing critical elements and getting DoD grants to do exactly that. Now with the Stibium start-up that I mentioned, that Phase 1, we're just talking about putting in a small flotation or gravity circuit to concentrate the stibnite. And so it's just basically this little piece here that we're asking for grant funding to urgently produce that antimony trisulfide product and then grow ourselves, scale it up into a larger one. So we're -- when we talk to the DoD for national security in the U.S. here, and for fully securing U.S. supply chains, we're all in on that, but it also provides significant byproduct credits for the overall economics of the project, of course. And so we're definitely pursuing those opportunities. I'm not sure -- I think we've been over that. But yes, this is a double up. But we've been through that. Again, larger project. Ultimately, we're focused on RPM start-up as soon as possible, early cash flow, low CapEx, high margin and then grow ourselves into the larger project with our cash flow or strategic partnership. And then also there's the antimony gold opportunity as well. That antimony opportunity where we would start at Stibium, all DoD grant funded, of course, if we pursue that. So here we are. We're in the right place at the right time with the right commodities. Both antimony and gold seem to be moving into a bull market. I've always said there's no bull market like a gold bull market, but perhaps the antimony bull market we're into right now will top even that type of frenzy. Even this slide is dated, I just checked the antimony spot prices running more around $25,500 currently. So both commodities, we've got them in copious amounts. Here's the time line and the value opportunity. So currently, we're in that feasibility study stage focused on RPM, just finished our last round of drilling. Watch the news flow in the coming weeks as drill results start to come in and then get this resource update before the end of the year. Concurrently, we have the next level of metallurgical test work happening now. Everything converging on delivering this feasibility study for RPM by the end of 2025. All of our resources are going towards that. Now being on state land and also well advanced with our environmental studies. At that stage, we'll submit for permitting and being on state land, that process should take about 12 months. And then during the permitting consideration stage, bridge finance, construction finance. We have a lot of these relationships already and a lot of these groups lined up. There's -- everything just waiting on this feasibility study. Secure that and then tie up any loose ends with a definitive feasibility study during that time as well to be producing at RPM by 2027 -- around 2027 best case scenario. At some stage, take on a strategic partnership, perhaps one of these major companies move in, and we can fast track the larger project as well and the best case scenario for that for the larger project to come online is 2028. In the meantime, we have the antimony opportunity, of course, and we've discussed that with the DoD grant funding, and that first product, as I said, could be happening here what the grant funding could be coming before the end of the year on that Phase 1 and we could be producing and actually getting cash flow from that within 18 months from that point. And of course -- so that's all the path to production with -- there's also the exciting exploration opportunities. We've only scratched the surface out there. We have limited resources. But as we continue, we did more exploration work this year with a surface sampling. So more discoveries in terms of gold, antimony and these other things, watch the news flow on that and that's -- all those exciting discoveries will continue along the way as we continue to go out into other areas of the claim block. And here's really the opportunity for the investor as well. And one of the reasons that we listed on the NASDAQ. You can see here peer comparison with similar projects, North American assets, North American listed companies. And you can see the valuation discrepancy. Our direct neighbor there running -- it's actually about $100 million now today, running 4x our market cap. Some of these companies are running 10, 12 multiples and multiples of our market cap. And many of them not even close to being as advanced as we are. No resources reported. No technical studies commenced yet. And so that's really -- once people appreciate what we have here at the Estelle project, and that's why we're getting out doing -- hitting the pavement in the U.S. and talking to a lot of investors. People starting to appreciate what we have here, just a rerate is an order. And that's really the opportunity for the investor because we're much more advanced than these companies, right -- than many of these companies, much more advanced. We have production on the time -- on the horizon, cash flow in our sites and a plan to get their feasibility study coming shortly to lay all that out. Here's our team and myself, I'm an economic geologist. I've been around 30 years around the world doing -- taking these projects, taking the resource stage projects and bringing them into production, long list of those. Richard and Rodrigo on the Board, mining expertise, engineering, metallurgy. Louie, on the construction side, on the civil side. Craig is also on the call, our finance, legal, compliance. Avi, he is our guy in New York working in those capital markets. And then the secret weapon, Mr. Hans Hoffman, our Exploration Manager. So Hans has been working in this ground for over 15 years now. He's been the one advancing in and making the discoveries. And so it's great to have Hans Hoffman on Board full time now as our Head of Exploration. And you can see it's a small team. This is basically the team that we've been working with to get us up to this stage. In less than 5 years, we've taken this project from greenfields, nothing out there to what you've seen today in less than 5 years, and we're only getting started. I mean this small team has achieved a lot in this period of time, but that's really something to take into account. That's the team right there. We don't have departments of 20, 30 people or 50 people. This is our company, and we do it with these people, and contractors when we drill. And that's it, and we've achieved a lot. And I'm real proud of them. So quite a deep bench, and we think what we have to do is we have what it takes to propel us forward and meet our objectives and get us into production there at RPM as soon as possible. Quick corporate snapshot, brutal over there on the ASX, just absolutely brutal where currently, our market cap is $38 million. About $38 million there. That's valuing our resources in the ground at less than $5 per ounce. So to put that in perspective, you look at our peers, some of those ones I showed on the previous slide, I mean these resources are being valued anywhere between $50 and $100 in the ground. And some of us haven't even reported any resources as well. But our peers that have resources between $50 and $100, their ounces are being valued in the ground. We're at less than $5. So certainly, on that basis, a rerate is an order. We got about almost $10 million in cash. Half of that in is cash. The other half is equivalent and what that mainly is our holding in Snow Lake Resources. So Snow Lake Resources, a NASDAQ-listed company, lithium and uranium company, that our team, actually, we built that company and spun it off on the NASDAQ a few years ago. And we've tapped into that post-IPO for about $18 million and funded ourselves to a large degree up to this stage. But that -- there's still liquid assets sitting there in our 37% holding in Snow Lake. Currently, our top holders, directors and management, we hold almost 10% of the company. We've always participated in the capital raisings along the way and outside those capital raisings buying on the open market. There's lots of skin in the game. Institutional holders. So our main institutional holder is Nebari Gold Fund. So they also hold this debt piece here, which isn't due until the end of 2026, but they also have a sizable equity piece, almost 5 million shares, I believe. And they really got involved to take a bigger slice of the pie, get involved bigger. When I spoke about bridge financing and construction financing, this is one of the groups we have lined up, ready to go once we deliver this RPM feasibility study to the market. And just to sum it up, with all the geopolitical and sovereign risk in the world today, being in a favorable jurisdiction is so much more of a consideration and Alaska certainly is that. And also not just in Alaska being on state land. I can't say it enough. No federal land or native corporation land to contend with. We're an aspiring gold producer. We're not here to flip the project, not this one. We're not here to flip the project. Now we would consider, as I said, a strategic partnership at some point with one of these major companies, and they're starting to line up and take a lot of interest in this project. Myself, I'm actually from Alaska. I live here, I work here, come full circle, back home again. Pushing the project 24/7 and the trenches out there, low discovery cost per ounce, anything less than about $10 in this business is amazing. And we do it for about $5 per ounce, our discovery cost. And the reason for that is because it's mostly outcropping, doesn't require a complicated deep searching expensive exploration techniques just yet. It's old-school, geologist, boots on the ground. We're going after the low-hanging fruit and there's plenty of it. Open pit, low strip, thick high-grade zones on the surface. We've demonstrated that particularly at RPM there. There's significant resource upside potential. The deposits RPM Korbel remain open plus that pipeline of prospects at Stoney, Train, Stibium, all that's future upside, and the multi-element potential. As I said, the gold story is strong, getting stronger. But now with some of these other elements, we're talking about antimony, silver, copper and some of these other critical elements certainly, that's adding additional value. So that wraps up the presentation. At this stage, I have a few questions here, and I'll go on them.

So question one -- well, first of all, I want to say all of that content and much, much more is all on our website, I urge you to go there, you can dig a lot deeper and really have a closer look. So to the questions. Number one, why didn't Nova Minerals release any metrics studies on the use of the [ Snow Road ] only? A lot of confidence will be gained if investors could see a viable project utilizing the Snow Road for access. Well, so we already know we can utilize the Snow Road to develop RPM. We've been using the Snow Road for 3, 4 years now, getting better and better at it and we've hauled 60,000 pounds on that road. And so by utilizing the Snow Road to develop RPM, which is our intention, if the West Susitna Access Road isn't fully complete yet and we need to start production. We know we can use it, but just need to get a bit more serious in terms of the construction of the road. So we've proven it. That is the metric in study. We've proven that the road could be Snow Road. The only concern with the Snow Road is it is seasonal, right? It is seasonal. So we only get like a 3-month window there. Number two, is the project dependent on the all-weather road being built? No, RPM can be built just on the Winter Road and diesel generators. Now the larger project, it will be a big bonus to have that West Susitna Access Road. And like I said, they're looking to break ground on that next year. And so that will be a big bonus. But for us to start on our RPM strategy, small footprint, lower mine, certainly. We do not need that weather road to be built -- to start. Number three, can we get more detail on exactly what grants you've applied for exploration funding, construction funding? So the grants we've applied for are Department of Defense grants and they include a grant for full development, all of that stuff you mentioned there, drilling, the studies, the processing facility, all of it. It includes all of it. These grants are -- include all of that from the drilling to -- down to refining. Number four, it sounds as if RPM can go straight from PFS to development. Absolutely. Like I said, in this process, I mean, I've done these many times. You get a very -- we're doing a very robust PFS, very robust, ticking all the boxes, delivering a very robust product to the market. And so at that stage, then you submit for permitting and over the course of that next year, while the permitting is happening, that's when you like -- you fill in a few gaps with a definitive study and just finish it off. But yes, from PFS, that's where you get your bridge financing and the construction financing, you're basically on the road to development. That's correct. Few questions -- okay. Number five. A few questions on the financing capital raise, I've wrapped into one. Okay, just on financing and capital raise. So in these current market conditions, we're very cognitive of dilution. And so you can see that as we do these capital raises, we're taking on just very small portion. So we minimize the dilution, and that's why -- and we're using these funds, all these resources are focused on RPM, to get into cash flow. So we can take on financing facilities that will stop dilution. That's our intention. That's what we're focused on doing. We're very aware of that, and we are on a mission to minimize dilution. And that's why we're only doing these small capital raises. The last capital raise we do I might add was to get us in a stronger financial position to do these studies like the optimization studies, the metallurgical test work to deliver the most robust PFS to the market by the end of 2025. That was one intention. Another intention was to increase the liquidity of our ADRs over on the NASDAQ. And of course, it was $2 million. So minimizing that dilution at these current valuations. So yes, we're very, very aware of that. And that's why we need to get RPM into production, and that's our primary focus right now. You got anything else, Ian?

Chris, there are two more questions just in the Q&A at the bottom of the screen. I can share them for you.

Sure, yes, that would be great.

So the first question just relates to the share price, whilst the company signed up. I mean I think you've mentioned that in your presentation. Is there anything you want to add?

You get this question some time. From what you've seen today, if you like the project, it's a good time to buy. That's all I got to say. Next?

And the second question just related to management buying of shares.

Relates to management buying of shares?