As you get into commercial production, what does that do for your cashflow forecast vis-à-vis, um, the, the, what was stated in the economic study, which obviously at a, a much lower gold price than we're experiencing today?

Yeah.

Well, um, obviously the, the cashflow is gonna be significantly higher than, than, uh, than, than, uh, the model from the PFS study.

Well, that was done in July 2025, and the model that was done in July '25 as part of the Ausenco study assumed a gold price of $2,500 an ounce.

So, you know, we're significantly above that now.

Um, what are we today? $4,300 gold, something like that.

So we'll throw off quite a bit of cash.

What comes next for the company beyond the phase one expansion, beyond the phase two expansion, the hard rock?

What is the Tapajós Gold province in Brazil? Who's there, and how does Cabral fit in?

Um, okay.

Well, the Tapajós Gold province in northern Brazil, Michael, is the site of the world's largest ever gold rush anywhere, um, on this planet.

So back in the 1980s, there were about a million people that rushed into this, uh, part of Brazil.

It's the southwestern corner of, uh, Pará State.

And, uh, they were recovering gold from the streams.

And it's quite a big area.

How are you looking right now in terms of, uh, fitting that in, uh, within, uh, your broader plans for expansion?

Yeah.

But as I said, we expect to achieve commercial production sometime in November.

Um, and, and it's pretty exciting.

I mean, a- as you know, our, uh, this mine that we built is a heap leach mine, so the all-in sustaining cost is expected to be around $1,200 an ounce-

Yeah

... fields or in reconnaissance drilling.

So I, I'm quite optimistic that several of those will grow into, into additional deposits as we do more drilling.

So very aggressive drill program.

But will those be against kind of sticking with the oxides for now, or will some of that work be about phase two hard rock opportunities further down the line? Well,

this year, it's all about, the phase one however as you know we've got a big catalyst coming up here what we hope will be a potential catalyst and that is a a complete update on all of on the resource base for all the gold deposits in this district as you know matt we now have six gold deposits defined at Last time we did a global resource update here was four years ago, back in September 2022.

And we've done a lot of drilling.

We've done about 50,000 meters of drilling since then.

That resource is based on three gold deposits, Central, German Bargeau, and MG.

And this time round, we're modeling six.

So if there's significant growth in the resource space, and we certainly hope there will be, that will then... allow us to start thinking a lot harder about this phase two we already are thinking pretty hard about phase two but actually formalizing and launching a pa to start with on the much bigger price here which as you say is that is the phase two which is the hard rock material uh underneath the the the oxide material that we're currently mining and and the current resource back from 2022 that resource is 75% of the gold is in the hard rock.

So remind me of the numbers.

Qu'est-ce que vous en pensez? J'imagine, est-ce que vous avez déjà testé ça à l'École de technologie supérieure?

Oui et non.

Il faut comprendre, en fait, ce qu'ils ont essayé, c'est d'utiliser des matériaux qui se comportent différemment au niveau isolation.

Oui, parce que ce qu'on a besoin, c'est d'isoler la partie en dessous, le substrat où la chaussée est construite.

Il va y avoir de l'argile là-dedans, il va y avoir toutes sortes de choses.

Eux, ces matériaux-là sont sensibles à l'eau.

Donc, si on les protège du gel, il n'y aura plus de montée et de descente de la chaussée avec le gel des gels.

d'affaire, en théorie, sur papier, ça a l'air bien beau, mais en pratique, il y a des risques.

Qu'est-ce que vous en pensez? J'imagine, est-ce que vous avez déjà testé ça à l'École de technologie supérieure?

Oui et non.

Il faut comprendre, en fait, ce qu'ils ont essayé, c'est d'utiliser des matériaux qui se comportent différemment au niveau isolation.

Oui.

Parce que ce qu'on a besoin, c'est d'isoler la partie en dessous, le substrat où la chaussée est construite.

Il peut y avoir de l'argile là-dedans, il peut y avoir toutes sortes de choses.

Eux, ces matériaux-là sont sensibles à l'eau.

d'affaire, en théorie, sur papier, ça a l'air bien beau, mais en pratique, il y a des risques.

But ultimately, what's the plan? What's the timing on getting after the district and how you approach that? When do we get to understand your model? Good question.

As we've discussed before, Matt, Kuiuku is an entire district.

It's pretty exciting.

We've got six known gold deposits here, five of which we know have got weather caps to them, oxide caps.

But there's six known deposits and there's about 50 peripheral targets.

It's a true, true district.

There could be another six, ten gold deposits here.

How does it

And how you doing on money in term- in terms of overalls, et cetera? I mean, where, is that all on, uh, where as expected, shall we say?

Yeah, that's...

We're still largely on budget in terms of the original, original scope of the PFS.

Uh, we have identified some opportunities to upsize, uh, this initial phase one operation, uh, and we'll be giving some guidance on, on that, uh, in the future weeks and months.

So, um, you know, as you, as you build things, you think, "Well, hey, th- this is low-hanging fruit.

You know, this could potentially lead to, um, upsizing the production by X% if we do this now." So, uh, we've done some of that work, and as I said, uh, we'll give some guidance to the market on, on, on, on that in the coming weeks.

So, um, yeah, yeah, a lot going on on-site.

So sh- w- ne- next announcements should be what?

Have they made it slightly easier for you? I

wouldn't say if it's slightly easier.

It's certainly shone a big spotlight on the Tapajos.

Having such a massive mine being built very close to our project has definitely been beneficial, I think.

The amount of revenue that's generating has not gone unnoticed amongst the provincial and federal authorities.

I mean, it is a big tick for our part of the world.

There's no doubt about it.

In terms of the types of conversations that you had around access to capital, the cost of that capital, the type of profile of that capital, can you talk about how those funders viewed the Brazil discount?

And with regards to that kind of phase one, how much inventory do you, in terms of the run of mine, how much inventory do you intend to build up, either pre-commissioning or post-commissioning?

I don't have that figure to hand, but we don't have a massive run of mine area.

The actual first open pit is only a few hundred metres away from the plant.

So, you know, it's not like we've got a truck that's two or five kilometres or 10 kilometres or 20 kilometres.

It's very, very close.

So...

You know, it's contract mining.

Can you talk about where you are in terms of costs or cost overruns? And then what's your intention with regards to repaying that gold loan before you move into phase

So, Alan, going back to your farm, talking the day-to-day reality, what does it look like? And can you describe the emotional and practical weight of living with TB controls?

We had our first sort of major problem in 2008 and that was a jersey actually which was the first jersey I bought to start my herd which was an 11th birthday present so sort of the foundation cow.

That was very difficult and it's something that I'm aware of when I'm writing in the Farmer's Guardian about TB that possibly I can come across perhaps a bit sort of um hardened to it a bit sort of blasé about it but i think we have become like that because i think if we was having this conversation 15 years ago i would probably be very different but because i think we've lost 150 animals in the past sort of uh past sort of 10 years most of them really good animals not through our own choice and we have become so used to it now you know when we have TB testers come in and we have a reactor they're very sympathetic very thoughtful towards us and we're possibly a bit like well Now, this is something that we sort of expected to happen.

It's something that we have got so used to now that we try not to let it affect us too much, because I think after nearly 20 years of doing it, um it can be a real struggle if we just don't we always have to shut ourselves off to it a little bit and we have to accept that there will be animals every year that we will end up sending up the road that we didn't want to so It's very affecting.

I would love to be able to exhibit at this show, especially I've got children of my own, for them to have the opportunities that I had.

Now I learned so much by being able to show cattle.

That was something that really, I suppose, gave me a love of livestock keeping.

Yeah.

So between, between Texas, and California, and- and Nebraska, um, how- how did you get into boating in, to begin?

Really s- strange, I know.

Uh, well, growing up i- in, uh, Elkhorn, it's right next to Waco, so, uh, Lake Waco was, uh, my second home.

And although my mom was not wealthy enough to own any kind of boat, we never owned anything, but I'm skiing behind all ...

I, if you had a boat, you were my friend.

[laughs] It's a little bit shallow, but o- okay.

So, [laughs] so, uh, always out on the boat, skiing and just racing it, and doing stupid things that you do when you're a teenager.

... into contact with them?