You can probably start whenever you're ready, Dean.

Right. Thank you, Robyn.

All right. Welcome, everybody, to our March quarterly webinar.

Thank you for joining us. I'm currently out at Illaara in my happy place, looking forward to running through this presentation with everyone and of course going through the questions that were submitted ahead of time.

Thank you for those who did. I think we had around 10, 12 questions submitted.

Of course, we'll open up at the end to any additional questions that pop up throughout the course of the presentation. Company snapshot, I assume if people are on here, they're familiar with Dreadnought.

Not much has changed there. We still Paul, myself, and Crutchy on the board.

We still have lots of cash in the bank. Money keeps getting put in the ground, and we maintain a fairly significant shareholding aligned with our shareholders.

The quarter by the numbers, we have about $19.6 million cash as of the end of last quarter. We had $1.9 million spent in exploration.

Debby, our CFO, earned about $300,000 in interest, which is fantastic. Go Debby.

Our general overheads were around 24% at $0.6 million. We're at 15% for the 9 months.

The first quarter is always a bit slow as we get exploration up and running after the summer and cyclone seasons. We should see that improve in the coming quarters.

We had about 9 ASX announcements for at least 9 price-sensitive announcements for the quarter, major one being, of course, the mining development and closure plan approved for Star of Mangaroon. We had some fantastic gold results from both Mangaroon and Illaara in the quarter, and our critical metal results from Stinger.

We had a rare earth consolidation in the region with the Kingfisher ground. We've drilled 18,000 meters of aircore in the quarter, and I think that number is well above 20,000 meters now as I'm sitting on-site and the drill rig is going heavily.

It's fantastic to see the rocks that are coming out of the ground and really looking forward to seeing what the gold assays have to say for the work that we're doing and what we think's a very significant program. Also during the quarter, or maybe slightly subsequent to the quarter, we had our first Investor Hub shareholder evening in Perth, which appears to be a big success.

As a result of that, we will be coming soon to Brisbane, Sydney, and Melbourne doing a similar evening-style catch up. I'll do a little prezo, some live Q&A, meet and greet with fellow shareholders of Dreadnought, and I think hopefully it'll be well received in Brisbane, Sydney, and Melbourne as much as it has been in Perth.

Looking forward to rolling that out. I think we're targeting June, keep an eye on the emails, and we will be sending that through hopefully in the next week or 2.

Getting stuck into our strategy has not changed: finding the metals for our future, developing the high-grade deposits Star of Mangaroon and Metzke's Find. We'll be talking about both of those things.

We'll talk about our large-scale discovery exploration programs at both Illaara and at Mangaroon, provide an update on the critical metals after seeing a lot of rising interest from shareholders and elsewhere on that asset. Of course, we continue to have Teck working in the background on the Money Intrusion in Bresnahan.

Developing our high-grade gold deposits. We now have 2 high-grade gold development opportunities: Star of Mangaroon, which we had our mining development closure plan approval just a week or 2 ago, and just waiting for that NVCP, and we are still on track for mining and processing to commence later this year.

Just having meetings with Black Cat next week, start finalizing all those additional steps and everything else that needs to get done to get this thing up and running. Really looking forward once that final approval is in place, we finally have that sort of go-ahead to start locking in whatever's left to get final approvals on, whatever's left to get contractors in, final quotes, economics, make that FID, and start breaking ground at Star.

Very excited. We're getting very much to the pointy end of what has been quite a long process, which feeds into Metzke's Find.

We are rapidly advancing that one to follow on the heels of Star of Mangaroon. We've just finished doing our RC drilling.

We had results come out from that yesterday, I believe first round, which had some nice surprises there. Always good to get the high grades.

Great to see that resource extension drilling doing what we wanted it to do. Once we get the rest of those results here in the next couple of weeks, we'll get that resource updated.

That resource update will then feed into optimized pit plans, and we'll then do our Geotech work, additional geomet work, and get the scoping study out and approvals and everything else. Looking to get that on track.

Everything's tracking nicely so far, and looking forward to keeping Metzke's Find going. Star of Mangaroon, everyone's seen this a few times.

It's going to be a nice tidy open pit, some nice high grades, all from surface. That should produce a nice cash flow once that gets up and running and through the Paulsens mill.

The scoping study on Star of Mangaroon, just to repeat some of the numbers, answers one of the questions a bit later on, but we'll repeat them there as well. It's a short mine life, but it's low tonnes and high ounces, it should be quite a money maker for Black Cat and Dreadnought, should everything continue to behave as we anticipate it in the studies.

Metzke's Find, adding this one in. A lot of our resource drilling, extension drilling to the north, closing in the gap between those 2 those 2 resource shells up here, got some nice grades in there, and of course really looking forward to what's going to come from Metzke's North, the other side of the dyke where we've already hits with the 10 at 1.5 and 6 at 1.2.

Looking forward to seeing if that holds together and add to that resource. Looking forward to seeing this resource grow and getting the studies done on this as we work through.

Be quite a bit of news flow: assay results, resource updates, study work, approvals, rah rah rah, as we march this towards approval and mining in 2027 on the backside of Star of Mangaroon. The pathway to production for both of these, looking at the timeline, Star of Mangaroon, we're very much nearly done with the mining proposals.

Need that native vegetation clearing permit, which shouldn't be too far away. If we look at Loded Metals who recently went through this process, they got theirs a couple weeks after their mining proposal was approved, hopefully it's received any day now.

Once that's done, finalize everything else with Black Cat, update all the financial models, lock in contracts, get quotes, make an FID, and start breaking ground still on track for targeting later this year. Metzke's Find, we're a bit earlier on in that process, we're doing those drilling and study work underway, get that resource update, get those studies done.

Once we have the studies, we can start the approval process. Hopefully, we have all that submitted by the end of this year so that we are receiving our approvals this time next year to start breaking ground at Metzke's Find.

Once we have those studies out and the resources updated, we can start looking at commercial discussions on who we could partner with and what is the ultimate economic outcome from Metzke's Find, and again targeting an economic outcome out there in 2027. That takes us to delivering a large-scale gold discovery.

Talk about Illaara and Mangaroon. Illaara first up, since that's where we are at the moment.

Just a refresher on the Illaara, it's a belt-scale opportunity next door. We have Ora Banda kicking goals, RN kicking goals as well, according to the news, since they're private and will never see whatever's public.

They're certainly printing money hand over fist at the moment, and Bullard Mining having lots of great wins next door. That greenstone belt next door, it's got millions of ounces of historical production, resources in place, and multiple mills.

We have the entire greenstone belt next door. We believe there's a multi-million-ounce resource potential, discovery potential at Illaara.

The drill programs that we're doing right now is the programs that will light up that sort of discovery. Very, very exciting opportunity at Illaara, and the program that we're doing right now.

Illaara has got a very underexplored history. It was last explored even by Dreadnought back in 2021, 2022 before we made all the rare earth discoveries and Orion discoveries up in the Kimberley, when gold was back at even at that time a very very hot 2,200.

It was originally held by iron ore companies when iron ore or when gold first had a big run in the early 2000s, early 2010s, and then when iron ore sort of crashed, Newmont came in because of big anomalies and again the belief that there's a multi-million-ounce discovery to be made in here. They did their proprietary geochemistry, they cleared a bunch of tracks for aircore, and then that aircore program never actually achieved.

When we took over this project from Newmont in 2019, the pegs were actually in the ground for that aircore drilling. Their aircore drilling program was never done.

Dreadnought came in in 2019, we acquired this belt from Newmont, and we also consolidated the belt from other landholders, doubling the landholding, and pretty much consolidating the entire belt. We did our first drilling out here at Metzke's Find, getting some good grades, and delivering our first resource in 2023.

Now with the gold price continuing to skyrocket, our attention has come back as part of our finding more gold faster strategy, getting Metzke's Find into production behind Star of Mangaroon, and commencing the big aircore program that even Newmont was wanting to do back in 2016 to 2018. Very, very excited to be undertaking this program and seeing what comes from that in addition to getting Metzke's Find into production.

It's one of the most underexplored greenstone belts. Again, just love showing these images.

There's a lot of resources next door because there's a lot of drilling next door. Where there's no drilling, there's no resources.

I got 450, 550 holes going in at the moment with Phase 1. Phase 2 will roll in straight on the back side of this, which will include extensions as well as, hopefully, infill drilling should we get any good gold hits, good sniffs from that first wide-spaced first-pass drilling.

At 800 by 200 meter spacing, that's about as wide spaced as you can get. It's a very effective and efficient spacing program to cover as much ground as possible.

All we need is 1 or 2 holes across 1 or 2 lines to light up something that could be very significant. We're very excited to see what comes from this.

I think 18,000, 20,000 meters of drilling now. We got some 6,000, 7,000 meters of samples 6, 7,000 samples at the lab.

There's going to be a lot of news flow coming from Illaara in our drill programs. Looking at Mangaroon.

Moving on to our other major projects up and around Star of Mangaroon. Again, very underexplored, another major underexplored projects, significant landholding up here.

The work up here has been a lot of the early-stage greenfields work, identifying these big camp-scale targets, trying to zoom in to the areas that have the most potential, good lithostructural setting, good evidence of gold mineralization, good pathfinders. We have identified those, 7 camp-scale targets, and we're working very heavily towards defining targets on those now.

We have crews on-site, which was announced this morning. They're marching through the soils program extremely well, knocking out the Minga Bar soils, and I believe they're starting to get started on High Range North.

We also have, which I'm very excited about, a gradient-array IP survey which is going to be being done in here in the next couple of weeks over Cullen's Find. We can see if we can add a geophysical technique.

It gives us a target in 3D space to add to the surface geochemistry and surface expressions that mineralization, and that just helps us really prioritize our targets out here. We're going to get 7 camp-scale targets, each of these camp-scale targets has potential to host multiple deposits, we're anticipating a lot of targets from this.

By adding that geophysical technique, should that work, it gives us another screening method to add to have robust targets and make sure we prioritize our biggest and best targets with that next round of RC drilling, discovery-focused drilling, which should commence later this year. Takes us over to the Gifford Creek Carbonatite Complex: genuine scale potential, positive met, mineralogy, locality.

The critical metals originally ran our share price up to 10, 15 cents and a $500 million market cap. We then suffered through several years of lack of interest and downward price pressure on the rare earths, and that sort of sentiment and pricing is changing.

We've only continued to add to this project since that time. We have the Yin Rare Earth Ironstone Complex, multiple resources there, almost 30 million tonnes at a percent, 87% measured and indicated.

It's a study-ready resource. We're immediately next door to Yangibana.

People may have seen in the news yesterday or 2 days ago that Yangibana is looking to, or at least rumored to be looking to sell, their 60% of Yangibana on the back of acquiring that from Hastings. Whoever, if a sale is done there, whoever acquires that is probably very much so going to be driven to develop that.

That's going to start bringing some more attention back into this area. That is going to be a sort of an exciting development to see movement on the neighbor side, the other side of the fence.

Having said that, we are going to be doing some movement on our side as well. We have mining lease applications should be submitted here in the next couple of weeks.

Those are being prepared over Yin. That'll be able to get those clocks ticking, get that study ready.

If they pull the trigger on developing next door, the mining leases would be approved and ready to go at the same time. Getting that study ready, looking at what this would look like as a development in that area, especially through a consolidation, and also as part of that, updating our exploration target.

Our resources at Yin are only over about 4.5 km of strike of the ironstone, and we've defined over 30 strike kilometers of that ironstone. Quite a bit of it's been drilled with first-pass drilling.

We're currently in the process of updating the exploration target, actually creating our first exploration target for Yin to show what we think's the exploration upside that's both drilling constrained and also based on the undrilled ironstones so far. We also have the C3 rare earth and niobium resource, decent niobium in that.

We're looking at a niobium focus on C3 to include as part of an expanded exploration target for the Gifford Creek Carbonatite, which includes Stinger, C3, and probably Rocky Road, get that exploration target updated, include the expanded footprint of recent drilling, and also the other prospects in the area, not just Stinger. Also include the potential byproduct metals that are in there as well: titanium, the rare earths, phosphate, zirconium, and scandium.

Those mineralogical programs are coming to an end, and metallurgical programs are kicking off, there should be some good news flow across the niobium side and also from the rare earths coming out in the coming weeks. Whether it's the mining lease applications, our exploration targets, and mineralogical and metallurgical programs, we see good news flow coming out for the rare earths in addition to whatever happens with increased interest in the area with Yangibana next door and what happens in that sale process.

That's a quick summary going through all of the main components of our strategy and update on what's there. Work program summary for the year: We got Star of Mangaroon, get the approvals and commencement of mining, processing to Paulsens Gold Operation with Black Cat.

Our Mangaroon gold discovery drilling is planned to kick off in the second half of this year, allowing the Mangaroon target definition work, our soils and geophysical surveys, which are underway now to define good targets for us, allows us to rank those targets and prioritize which targets we go after with RC drilling. In the meantime, myself and the crew are out here at Illaara.

We got the resource update and additional assays coming through from the Metzke's Find development, and then we'll get stuck into the studies and the approvals, our Metzke's Find drilling, and of course the Illaara discovery drilling, which is our main focus. We've now taken back control of that aircore program, clouds out on the rig at the moment, and getting stuck into that Phase 1, should be drilling here now still for another month or 2, and roll straight into Phase 2.

Should see a lot of drilling out here, particularly if we hit some decent gold, we'll be able to scale up and hit this thing hard. Gifford Creek, mineralogical, critical metals, get the mining lease applications in, exploration target updates, and the mineralogical and metallurgical work in addition to whatever news flow comes from our neighbors.

That's the end of the update for the quarterly. Now get stuck into some of the questions that were submitted ahead of time.

As usual, I've got a few things on here. If you have any other questions, send it through.

I'll start off with our frequently asked questions since this seems to repeat every single webinar. Put these up front.

Why are your share prices going down drastically, even if you publish good news? That's a fantastic question.

If you or anyone else works this one out, I'd love to know the answer. Please feel free to share it with us.

Look forward to seeing what ideas and answers you come up with. More creative, the better.

This company seems to have a lot of dilution in shares. Is there a plan to consolidate?

It seems to be one thing that holds the share price back. Brightstar had the same issue.

Three things here: One, we do have a lot of shares on issue, that does not equal dilution. We started with 1 billion shares and have gone to around 5.

Had we gone from 10 to 50 or 100 to 500, we wouldn't be having this discussion. That's the dilution, the increase in shares from the starting point.

Do we plan to consolidate? No.

In regards to Brightstar, despite the fact that they are hitting goals and continuing to improve on their project and everything else, you can see in the share price there when they did their consolidation, they're down. Consolidations have a history of not performing well, and we're not in a rush to do one.

Other questions: How does DRE compare to other similar gold companies in the way of production, assets, or robustness in the field? Firstly, I guess our peer companies would be other companies that are looking to capitalize on the high gold prices at the moment and treating isolated high-grade deposits through third-party mills, in which case both Star of Mangaroon and Metzke's are high-grade open pits which are quite unique amongst our peers.

When you look at some of the other companies, London Metals, they're kicking goals at the moment getting Lady Harriet running through. They've got 54,000 oz at 2.1.

Lefroy processing at Lucky Strike, beautiful little BIF-hosted system there. They got just under 80,000 oz at just under 2 g.

Brightstar's been producing from the Fish underground, which is getting up there higher in grade, that's 4. They have 49,000 oz there at 4 g.

If you look at their processing to date since March 2025 through Genesis, they've produced 24,000 oz at 2.2. When you look at what Metzke's at 6.8, 6 to 7 g, and Star of Mangaroon at 10 to 11 g, you see much higher grade, and it's also in an open pit.

When you're looking at mill space and treating through a third-party mill, essentially, they don't mill ounces, they mill tonnes. Having more ounces in fewer tonnes makes better use of that mill space premium, and that means we also get more ounces through less tonnage process through the mill.

That's a win-win for the mills and a win-win for us. The assets compare quite favorably in that regard.

Star of Mangaroon is a bit further away from processing than some of the others, but again that high grade really helps with paying the travel ticket. Hi Dean, thanks for keeping us all updated.

Thank you. As a major shareholder yourself, how do you weigh the long-term value creation potential of Dreadnought eventually processing its own gold, particularly if the geology supports strong recoveries and scalable production?

I wasn't sure exactly where this was coming from. I'm not sure if this is talking about processing our own gold on-site from Star of Mangaroon and Metzke's because we have strong recoveries, or down the line.

I sort of tried to answer both sides of this. Small isolated high-grade deposits require a third-party mill.

Recovering that extra gold requires milling and also a CIL sort of processing plant, which requires a lot more approvals. A small, high-grade thing, while prints a lot of money, probably doesn't pay off the capital costs and get much of a return on investment for building our own on-site for those.

However, the cash flow that comes from those can certainly go towards development of a major discovery, which hopefully we make. Do we want to process our own gold?

Absolutely. Is that the best outcome for Star of Mangaroon and Metzke's Find?

Probably not. When will the first gold be poured and sold, and what could be the impact for DRE for this year?

Lots of caveats, forward-looking assumptions, and everything else. We are still targeting second half 2026.

Can't target any dates while waiting on approvals. Dreadnought currently has around $70 million in tax losses, we would expect the impact to roughly equal the expected cash flow.

Over down there to the right is a regurgitation of those cash flows from our last study. That's we sort of expect.

Yeah. Unless this gold price continues to go up or Star of Mangaroon outperforms and we get to the higher ends, in which case, always be happy to pay tax in the words of Warren Buffett.

I know the emphasis is on gold as the first priority, but when can you see critical minerals playing a larger role for Dreadnought? The stage is set, and with rising prices, international interest, and news that Yangibana is selling its 60% stake in Yangibana, we should start seeing movement in this region and on critical metals very soon, both from things that we can control, like our exploration targets, mining leases, and everything else, and of course whatever happens in the regional news flow.

Hi Dean, thanks for your ongoing efforts. Thank you.

Any additional info on your recent trip to the US at the rare earths conference? Also, with several rare earth explorers in your district, what are the chances of seeing a regional rare earth processing hub in your district to facilitate several operators?

First and foremost, if and when the region gets up and moving, a regional consolidation would seem inevitable, if not perhaps a requirement. In regards to additional info on the recent trip to the US, not sure what info looking for.

There's groups that we're chatting with on the back of that and groups that we've met with, but those have NDAs in place, not so much I can say there. What I can say, which may have not said before, there's certainly a lot of interest and a lot of support for getting the critical metals and strategic metals into production and developing those processing pathways and in security of supply chains on those critical metals in an ex-China sort of world.

How that will play out and how that will work, time will tell, but there is a lot of interest, there is a lot of money being thrown to it, and there is a lot of government and industry finagling to make those things happen. From what the governments are looking for, they obviously want material now.

That's when the shortages are, especially the strategic ones. The more missiles you fire, unfortunately you can't recycle missiles, anything that goes into those needs to be replaced.

You can recycle cars and magnets, but it's kind of hard to recycle explosives. The need for a lot of these things is now or within 2 to 3 years, which means that projects that are producing, like you're seeing Lynas getting lots of headline events and all the rest of it, and those that are very nearby, like Arafura, marching through, Iluka getting that support.

Essentially projects that have their feasibility studies completed and things like that are the projects that are going to be getting the government work, and they have quite a few projects to choose from and a lot of metals that they're looking for. Those metals change on a regular basis.

I think probably one of the more interesting ones to come from a lot of discussions is we all know about dysprosium and terbium, their need for the neodymium, praseodymium magnets, but there's also a lot of other magnets that are used and consumed in different applications, and samarium magnets are one that's getting much more demand and much more interest. The rare earths there, there are many and plenty, and lots of products that come from them.

Like everything, it's going to be an evolving round of interest and what's coming out from different things. Of course tungsten, antimony, and all the other critical metals.

Yes. Hope that answers the question.

Happy to talk about that more as things sort of evolve. Hi there.

I am looking at the rare earths. Do we have a particular plan here, and is there a timeline for works?

I would suggest a buy-in or sell-off would be more beneficial. Additionally, is there any external interest in our in-ground resource, and if so, what is the interest?

Timelines were discussed for news flow that's going to be coming out. I agree regarding buy-in or sell-off or spin-off would be very beneficial to shareholders.

These are things that we are always looking at and trying to figure out what's going to be best for our shareholders in this area. We'll be monitoring quite a few things that are happening across international markets and seeing if there's a potential opportunity for us to do similar things there or see what happens in our region first.

In regards to is there any interest in our grounds, based on things I can say or can talk about, yes, anyone who builds a mine next door would want the dirt, and anyone that has spare capacity at a mill in the region would also want the feed. That's pretty simple in those regards.

I think there's the last couple of questions that were submitted before. Oh, I got plenty coming through on the other side.

Share price predictions for the company are stated below. Where do you see the company in 3 years?

I like this. This is a great way to finish off here.

Do I foresee a bear case in 3 years, base case, bull case? We're an exploration company.

We're always here for the blue sky. If I didn't hand on heart believe in the blue-sky potential of Dreadnought, then I would not be the managing director of this company, nor would the directors and ourselves in management have invested so much cash into this company.

We are here for that blue sky and ideally higher than that. If DRE hits a blue-sky company maker, it relies on a positive surprise from Mangaroon or Illaara.

Yep, that's correct. What does this scenario look like?

I got Illaara up front. First-pass aircore at Illaara hits decent mineralization in 1 to 2 holes across 1 or 2 lines, hopefully multiple examples of that.

Infill aircore improves the intercepts and shows continuity, i.e., improves the scale and grades, and then RC drilling confirms that the bedrock source and confirms that discovery. That can all play out, should the rocks align and should our holes be in the right spots and should we get the gold and everything else, that blue-sky scenario can play out in 6 to 12 months.

At Mangaroon, Mangaroon soils and IP light up compelling targets plus/minus surface mineralization during follow-up mapping, RC drilling later this year plus/minus diamond drilling early next year confirms bedrock mineralization and makes a discovery, and then framework drilling confirms the scale and the grades. That's the potential blue-sky scenario in 12 to 18 months for Mangaroon, should our exploration be successful and progress as currently planned.

The other one on here is of course a major event on the critical metals. That brings an end to the pre-submitted.

Lots of flies are joining the group. Let's see if anyone else is in here.

Good day, Dean. Hope we have a good update for today.

Thank you. Thank you.

Hopefully you guys appreciated the update so far. Peter, I think I said that right, what are you going to do with the money from the short production run later this year, exploration dividend?

As I said before, we don't want to count our eggs before they hatch. We will get the money, get the approvals in, get into production, see how much money we make, and decide the best use of that capital, be that additional exploration, be that dividends, be that capital share buybacks, be that whatever.

Just get the money in first, see where we are as a company. As an example I gave I believe last webinar, there's no point in if Dreadnought pockets 50, $60 million, we make a major discovery that's going to require hundreds of millions of dollars to do a development, doesn't make sense for us to return $40 million to our shareholders.

Again, just have to see where we are when the time comes and make those decisions with that capital when we get them. Everything's on the table.

As shareholders ourselves, and generally markets don't like it when directors and managing directors and management sell shares, believe me, we're very motivated to pay a dividend, but ultimately do what's best for the company and our shareholders. From Robin, sending through a few questions that came through: Good day, Dean.

The agreement with Black Cat required all approvals to trigger the 60-day period for BCA to commence operations. Has that been triggered or the fact that DRE is waiting for condition is not satisfied?

That is correct. We are still waiting for the NVCP, and then we get going on the other items.

If not triggered, the announcement in December said all approvals be placed by 30th April. That's just passed.

Does that impact the agreement in any way? The 30th April was put in as sort of a target date for us.

The agreement's actually for 18 months. As I said, we've got a meeting with Black Cat next week to work through all the outstanding smaller approvals and plans and process forward and make sure everything's aligned.

Black Cat recently had new management, and so we want to make sure everyone's on the same page and getting this through. We had that meeting coming up soon, but everything stays on track.

Black Cat is still reiterated they are keen to have that ore through Paulsens as recently covered in the recent quarterly presentation, and we're certainly keen to continue to put it through there. Thank you, Dean, for the transparent updates and defined strategy.

Thank you. To my understanding, near-term gold production and discovery expansion is aimed at supporting background met work costs for Gifford Creek rare earth carbonatites, which would be transformational for us if successful.

Is that correct? The funding for the met work and the things like that that we have planned is already fully funded by the $19.6 million we currently have in the bank.

That's not needed. If we were to undertake significant study work or massive drill outs or something like that, then on the back of that, then perhaps that's what the money would be used for.

If we were to take the money from Star of Mangaroon and put it into that, it would to be support results we get. We spend our money, we get our mining lease applications in, we get our good positive metallurgy, Stinger and the niobium looks like something that has a very good opportunity to move quickly, then we could take money from Star of Mangaroon proceeds to deliver that drill out.

We rough that estimate that first-pass drilling will probably be around $1.5 to $3 million, get the resource and everything out and go on. That is one of the things that we would absolutely consider using the proceeds from the mining to fund that critical metals and deliver that study-related work and resource work.

All right. From Ian: Hi Dean, would you see self-development or joint ventures the best potential to extract maximum value of rare earth deposit rather than a straight sale?

From a personal standpoint, looking at the rare earths in particular the Yin, you have the other half of the exact same rocks already fully approved for mining, mill, waste dumps, everything. If we were to do that ourselves, that would take a fair bit of time on approvals.

Hastings's been working on that for over a decade. I see a lot of value, whether that's a third-party treatment, or whether that's bringing the assets together, or be that a joint venture, whatever that is.

I think the greatest value for the rare earths is the consolidation. I think everyone sees that.

You don't want a Pilbara Minerals-Altura situation where one company goes tits up and the other one takes over. I think a consolidation on the rare earths is very important.

What comes in as a bit of the wild card is what happens with that niobium. Should that niobium show to be economic, that could be an absolute game changer for the region, the economics of niobium fantastic, and all the infrastructure that has been used is also the same sort of infrastructure for processing: the crushing circuits, flotation circuits, et cetera, that are being used for the rare earths.

There's a potential for some great synergies there. With that, and that remains a big wild card.

Another one from Peter: What percentage of your market cap do you attribute to the rare earths versus gold? Shaw's recently put out a price target for us around 5 cents or something like that, based on what we have.

That sort of put, there's quite a bit of value should be a lot of value on the rare earths. When you look at the resource multiples that are starting to pick up around the markets overseas and in Australia, starting to see closer to sort of $1,000 a tonne for contained TREO, where currently sitting around 300 on a 100% basis.

I definitely think that there's a lot of room for the rare earths. The gold's catching up, and sort of one of these situations where are we more valued on the gold or on the rare earths, are we missing value on both?

I think the answer is yes. How do we unlock that value and do things: gold into production, make a big discovery; rare earths, find a a path forward to advance that.

What percentage of it? I think the percentage is this is not fully represented the value is not fully represented in our share price.

Hi Dean, how do you think the former Kingfisher ground would be prospective for gold, silver, and base metals, and is that something that may be explored in the future? Thanks, Glenn.

Watch this space. Absolutely.

We think that Chalba Shear Zone has a lot of similarities with the Minga Bar and the structures that we see going through at Mangaroon, and we believe there's potential there. As part of the soils program that's kicking off at Mangaroon, we also have the stream-sed program kicking off on the Kingfisher ground.

The rare earth consolidation in that area makes a lot of sense, but we also believe that there's potential there for gold and other critical metals. Watch this space as well.

We'll talk about those programs and that potential here in the coming weeks, too. All right.

The flies are certainly picking up as it warms up out here. I don't think had any other questions come through in a while.

Thank you all for joining us. I hope this was useful.

Give us some more feedback. We'll be back here next quarter.

If not, I will hopefully see some people over east in June at one of our shareholder events. Thank you very much for joining, and look forward to chatting to you all soon.

Cheers, all. Bye.