Sam Spring

So what we're looking for, there really is a new district multiple discovery opportunity and is important as that having the right ground, it's having the right partner to unlock that.

Within our portfolio we've got eight projects. We've done various deals today that has supported 10 million of partner funded drilling across seven different licenses. Um, that's over 20,000 m of drilling that our shareholders had exposure to that we haven't uh, had to fund ourselves

Our two flagship assets we've we've put majority of our shareholder capital to date in New South Wales being Trundle and Fairome. They're brownfields projects sitting in mineral camps that already host over 20 million ounce gold equivalent resource inventory.

and I guess within the Macquarie arc which is again a primary focus for copper porphyries you've got 160 million ounce gold equivalent resource inventory

We're looking for a new province. We're looking for potentially part of the Mcquary Arc that sits under a couple hundred meters of postmineral cover.

what we're looking for in that part of the Mcquary AR is an extension, which is sort of in scale potential twice the the size strike of what Vunia is

if we find what we're looking for, like a a 10 million 20 million ounce gold equivalent discovery, everyone's going to do well

Um we've got a technical team that's found a large copper-gold systems before, which is exactly what we're looking for.

Um and originally we were like the majority of the industry Rick um pursuing continual dilution at the equity level. Um and that's a particularly challenging scenario except for in a favorable market for copper gold porefree expiration which is our focus.

the predominant focus jurisdiction wise is central west New South Wales predominantly copper pfries

we're looking at the wider license, the 40k strike to systematically prove that up.

We had 7 million in Treasury at the last quarter, receiving another 2 million Aussie dollars.

We had 7 million in Treasury at the last quarter, receiving another 2 million Aussie dollars.

Noting we've already got $7 million on the balance sheet.

um with 7 million in the bank which is not a bad treasury given our partners fund most of uh our drilling activities

In the first year that we had partner funded drilling, we had 7 million of partner funded investment, about 16,000 meters of drilling, we received a shy of half a million dollars worth of management fees.

AngloGold Ashanti potentially sees them across two earn-ins, invest the first $100 million before Kincora has to put our hand in our back pocket.

The deal that we've only just announced sees us recycle capital, um, 10 million US dollars, um, on a tax-free basis from Mongolia, um, to New South Wales.

we've had over 20,000 meters of drilling funded by our partners to date over $10 million worth of investment

We just closed the Canadian uh le financing raised 4 million Canadian with 12-month hold period led by Rick Rule, Jeff Phillips.

You've received the first $1.5 million payment from the Mongolian asset divestment. Up to $10 million payable in total.

and indeed we've actually received a management fee of over half a million dollars from operating that for two of the earnings we've got with AngloGold Ashanti.

We just closed the Canadian uh le financing raised 4 million Canadian with 12-month hold period led by Rick Rule, Jeff Phillips.

Today, under this funding model, we've had 20,000m of drilling, $10 million worth investment that has been incurred by these partners, and we've received over half $1 million worth of management fees as well.

we receive a 10% management fee of expenditure um and if we find a new province our shareholders will get something material for that

We've just started drilling at our Condobolin project, 100% owned by ourselves, our own capital, seeing some pretty good interesting results.

We're drilling it with AngloGold Ashanti. We have been since the beginning of the year.

We've got Atomionics that's coming in and doing a second survey, the quantum survey, as you say, towards the back end of the year.

Um we're drilling at the moment at two projects. One in partnership with Anglo Gold Shanty

and I think that there should be some news ahead of your conference regarding that

we started drilling in the December quarter 24

We went in doing big stepouts within that immediate area. We tested a 5 km strike zone.

we've seen about six and a half million of that go into the ground today. three 1300 13,500 meters of drilling so far from the fourth quarter last year until 30 June this year

we're in the process of drilling seven different licenses at the moment over a 12-month period

He's joining us live from the field in West New South Wales, Australia where he is at their operation site

Historically, the company's focus was in Mongolia. We shifted focus to to New South Wales in 2020.

the predominant focus jurisdiction wise is central west New South Wales predominantly copper pfries one coobar style project our Kandobin project which we're doing some work on we have one pfrey project in Mongolia as well

using New South Wales where we are in the Mcquary arc you had gold fields you had Anglo Gold Shanty exploring here

he is at their operation site where they where the action is actually happening. Sam, thank you for coming on Liberty and Finance this first time. Oh, a fantastic opportunity to to introduce the story. We found out about you through a a channel that will be familiar to our viewers and subscribers because they know and love well, Rick Rule, who's been a regular guest here every month since we started this about 16 years ago.

We're looking at de d de d de d de d de d de d de d de dvesting those assets at the moment, recycling that capital into New South Wales where our focus is

the predominant focus jurisdiction wise is central west New South Wales predominantly copper pfries one coobar style project our Kandobin project which we're doing some work on we have one pfrey project in Mongolia as well

I'm out in the Central West having a look at drilling at the moment um with my technical director John Holliday. John's probably the foremost expert in these style of systems in this part of the world. He led the origination and discovery of Cadia, which was the flagship asset that Newmont bought Newcrest for

Um that's really driven by John Holiday, Peter Leman um two individuals who have found tier one copper gold systems before

We've got a very strong technical team. John Holidayiday, Peter Leeman, people that have found tier one copper gold assets before.

We're drilling at two projects, one funded by ourselves, one funded by AngloGold Ashanti.

My my background is very much on the finance side, chartered accountant, CFA, worked in uh the banking side of the industry.

we put a million dollars into our flagship Trundle project in 2023. We got some good results. We'd but by that stage done about 24,000 meters of drilling

Yeah, better resolution, more timely data. And it's consistent with the real theme that you'll see Stephen across our portfolio.

some of them is are advanced projects, 80,000 meters of drilling in existing brownfield settings and the shadow of a head frame of a existing worldass asset.

Katy Ridgeway that that's a 5.7 kilometer complex. Within that you've got four very profitable high-grade pries and two scans.

A key element for a junior is he could go bust really quick trying to explore something that big.

So a market cap circa 45 to roughly 50 at the moment.

We've got an earning um with Anglo Goldish anti. We've got actually two earnings um which covers 100k north south strike in the northern extensions of the mquary arc

Our market cap at the moment is about 40 million Australian or Canadian dollars.

Noting we've already got $7 million on the balance sheet. And our funding model is very much driven by asset level partners and dilution at the project level. So, I think that's a really material transaction for us in terms of cash consideration, but also simplifying the investment proposition, reducing Mongolia as a as a jurisdiction focus. Um, and I guess I'd love to think there's more deals that we're working on at the moment that will similarly unlock value for projects that sit in the portfolio that we feel aren't currently be being ascribed value. We had something happen in the past year. You mentioned tariffs from Washington that that came and went and was a very chaotic time. Left a lot of people with a lot of uncertainty across differe

We've we've got about 48 million shares outstanding, Rick.

what are your value drivers with each of those eight we've got very specific ific milestones

We just closed the Canadian uh le financing raised 4 million Canadian with 12-month hold period led by Rick Rule, Jeff Phillips.

we've got um on the board um a family office that's got two mining operations in New South Wales. um between them and the rest of the board reporting insiders there's 25% of the register

We'd love you mentioned there may be some additional drill results ahead of the conference.