John, at this stage of Altar's development, do holes like this change anything for you and Altar moving forward?

They don't change anything.

As I mentioned, they're really designed more to convert material to a higher degree of confidence so that we can use those in those studies.

Probably the thing that changes things more than anything is these price increases that we're experiencing.

Record highs in copper, again, several times this week.

And that will cause us to reconsider what copper values we use as we move towards the pre-feasibility study.

So the combination of confirming it's a large deposit, somewhat extending the mineralization, and with higher metal prices may allow us to look at this as a larger open pit as we move forward.

What are you learning from the geotechnical work about that balance between the open pit and underground mining at Altar?

What is your thought?

Well, I think that events have been favouring One Nation quite considerably.

That and the attitude of the coalition towards... how they work with One Nation and the move by Peter Dutton at the last federal election to exchange preferences with One Nation drove a lot of wealthier LNP voters out of the coalition pile and into Labor's pile so that hurt them.

Then we saw the attack at Bondi, which also drove the One Nation vote up quite considerably.

And that also came at the expense of the coalition.

Not much against the Labor Party.

And since then, we've seen the Farah by-election where Labor didn't front up.

So they're saying, well, if they're preferencing one nation and one nation wins seats, that's fine by us.

What is your thought?

Well, I think that events have been favouring One Nation quite considerably.

That and the attitude of the coalition towards how they work with One Nation and the move by Peter Dutton at the last federal election to exchange preferences with One Nation, drove a lot of wealthier LNP voters out of the coalition pile and into Labor's pile, so that hurt them.

Then we saw the attack... at Bondi, which also drove the One Nation vote up quite considerably.

And that also came at the expense of the coalition, not much against the Labor Party.

And since then, we've seen the Farah by-election where Labor didn't front up.

And we've seen the South Australian election where, again, we saw a deal between the Liberal Party and One Nation to exchange preferences.

So they're saying, well, if they're preferencing One Nation and One Nation wins seats, that's fine by us.

What are some of the things that are challenges of putting AI into that control loop? um, that, that you've learned, you don't have to share all your secret sauce here, but certainly everybody's sort of dealing with this sort of black box aspect of AI and the decisions it makes versus, uh, you know, the classic controls and safety, uh, architectures.

Yeah.

So, so maybe to start that is, um, uh, I'll say we, we, we went after, um, kind of intentionally, you know, the hardest problem first, which is the public space.

So I always like to start there and just to ground people on like the, the extra challenge that that brings.

So within the public space, you can't imply any responsibility onto people that are in and around and kind of interacting like with your autonomous robot, right? And that bar is incredibly high then.

You know, one advantage of the industrial back in the day was, you know, an industrial arm with a cage around it.

Then it was industrial arm with, you know, laser protection, like the the IR beams moving to collaborative, but even in like AMRs and collaborative robots within a warehouse or in a business, you can train your employees and you can include that as part of your overall application Hara.

So that even makes it simpler now for someone to deploy and manage the operation of a cleaning machine, for example.

Is that going to alter much, do you think, in terms of what's going to likely to happen?

Yes, look, I'd expect to see a bit of a bump in the Labor vote as a result of the demise of Jacinta Allen, who was, I think, had a satisfaction rating of about minus 42%, which was setting records of a sort.

There is a relationship between negative satisfaction scores in the primary vote.

You can normally divide it by about three and then that's the impact on the vote.

But that relationship has been breaking down a bit.

I would expect to see a bit of a bump in the Labor polling figures.

We haven't seen it yet.

What are you making of the black market in peptides going on at the moment, particularly in gyms?

But has it – well, if it's not burst, has One Nation peaked, do you think?

Look, when we modelled the results from South Australia where we had the coalition – head-to-head against Labor and head-to-head against One Nation, you know, we got some really strong footprints, if you like, you know, like templates, demographic templates which determine voting behaviour and votes.

And what we found was that there was sort of a natural limit, if you like, to the people who were voting to One Nation because, you know, they're not...

The numbers of One Nation voters, given demography, are not increasing.

They're diminishing, and they're diminishing as a proportion of Australians as well due to their age and other factors.

So there is a natural limit to them.

It's around about 40% or so.

What do you reckon the future of this is?

Can you kind of talk about finally getting to the point of what this spin-out is going to look like, what that pathway looks for current Aldebaran shareholders with expected access to Centauri?

Absolutely, and it's a good time for us to make a summary.

As most know, we spun assets out in Northern Argentina that we weren't active on.

We were focusing on the principal project.

Those made a lot of sense to put out, but we're already running two companies with our management team, so we looked for a new management to take that over, and we were very fortunate to identify Sam.

He's a perfect person for this.

He's off and running.

So what is your sense of the copper market? Are we about to see some rich big news with M&A in this sector here?

[laughs]

This is a, this is a, our project we've been working with our neighbors.

For those of you that might not recall, um, the Antakori project we have is a portion of a much larger deposit that extends onto the neighbor's ground.

The neighbors are a, a joint venture called Comalaice Mining Corporation that's, uh, Southern Copper, Buenaventura, and Xstrata.

So three companies in a joint venture working on that.

And we split the deposit.

They mine the oxides over their portion of the deposit, and then the sulfides beneath that extend onto our ground, and we have a portion of the deposit.

Have you had those discussions? What does that option look like? Is that something that potentially moves forward?

but anyway sorry i just i just want to point that out there is actual entity where you literally this is how you become politically connected vivek ramaswamy was part of it uh is is this group i believe he was the first hindu that he was the most notable for being the first hindu as part of this group where they literally meet with like rich jewish individuals and uh i believe the guy who runs the entity is like uh what's he like like the runs the organization that's like the largest donator it's like the friends of the idf or whatever like that guy like anyways so whatever back to you john

So now we have, you know, you tied it back into the reptile and him financing J.D. Vance and he's not going to be a presidential candidate from what I understand.

So it'll be interesting to see where he goes from here.

But with this guy saying that, it's all Russian propaganda.

I'm not all Russian, sorry.

Mixed up the red.

It's all Chinese propaganda.

Uh...

Uh, is what the government's doing what they want to do about it?

Look, under, the undercurrent that I'm, I'm picking up from all of the polling, and in particular from the rise in One Nation, uh, is the objection to the increase in migration, and that's linked to, uh, the, the rise in the number of students, you know, dodgy students.

It's not the formal migration program, but it's the rise of, of overstayers, uh, and people who are basically abusing the system.

So whatever, you know, if you, if you found a really well-qualified economist, they could argue quite convincingly that this isn't pushing up the price of housing.

But it doesn't wash with ordinary Australians who vote, uh, particularly in the country, particularly older, uh, older Australian-born, uh, persons who have been living in the country for a, for a long time.

They're in their 60s and 70s and that sort of thing.

Uh, they're seeing a, a, a fall in our fertility rate.

Mm.

W-walk us through what we need to know here with these results and really what the highlights were.

Okay, perfect.

Well, what we've reported is seven holes.

These are all infill drill holes from...

As I think many of the followers will, will remember, we, we're working on a very large porphyry copper deposit.

Uh, we've just completed our PEA last year, and we're working towards a pre-feasibility, which will be out in the middle part of next year.

And one important, um, uh, thing to note when you move to a pre-feasibility stage is, is that you can only use measured and indicated resources for your pre-feasibility study.

Uh, still private, but how are those discussions going, uh, with management and, and really, yeah?

Mm.

Uh, and in that case, the Liberal candidate allocating preferences, uh, and, and via the Liberals, the, the National Party's doing the same, you would then expect the, the One Nation candidate to be a really good chance of winning on preferences.

There's a cutoff point beyond which One Nation can't beat Michelle Milthorpe, but we'll get onto that later.

But when you actually have a look at what happened in South Australia, the recent state elections, which we did, which is an election, not, not necessarily an opinion poll where voters are a bit more liberal with their views about how they're gonna cast a protest vote.

Uh, they, they ...

You know, you tend to see a bigger vote for parties of dissent, if you like, or parties of protest.

When it gets down to the nitty-gritty of an election, uh, they're a lot more circumspect about, about ca- casting a vote for somebody they don't normally vote for.

Mm.

But can you talk about the delay in that resource assessment being completed?

Yeah, certainly.

This is something that we've been working in collaboration with Komalaichi next door to us for some time now.

And it's one that has taken longer than we anticipated.

It's a good opportunity for us to describe that process a little bit more.

And the good news is we're just finishing it now.

So it's nearing completion.

How could you conceptualize this for Regulus? What does that outlook look like for 2026?

Can you just kind of tell us, what can you share with us about where you are at in the process? The parties, if you can share, the parties involved and really, you know, is the anticipation for Antiquaria for 2026 being a catalyst of a year? Is that continued to be kind of, you know, also a catalyst for the company and management?

Yeah, I have to be a little cautious because of the nature of the confidentiality of agreements going back and forth.

But the things I can point out on this is that we're working with our neighbors under a collaborative agreement to evaluate what an entire deposit looks like as if there are no property boundaries with us.

That's a key step.

because it helps us have a better understanding of who has what portion of the project.

You could imagine if someone were to approach all of us with a proposal, we'd have to resolve who has what piece that might be available.

So that's a key step.

Is there any work being done on the ground or anything that would bring news, like new news cycle from the Antiquary Project? Or do you just kind of expect, maybe the other question is, would the next piece of news be something regarding a transaction of some sort?

Really, how's the company taking it? Where do you go from here?

Okay, well, great.

Well, just to remind everybody, the news release came out.

There were two components to it.

One is that we filed the official report, so that's available for people to take a look at right now.

And our base case does not involve Newton.

Our base case is conventional milling and concentration and flotation with real strong economics.

But I think from the cover of this and kind of reading tea leaves and passing around some ideas from other people watching these stories here, John, the people that you and I both know, it seems like these big producers are scrambling to potentially buy production and if they can't buy production like that cycle seems to be waning then the next likely source is to buy development um you know watching you know watching that kind of soap opera play out over the weekend Can you kind of see or maybe describe where the likes of Altar or even Antiquary kind of fall into this cycle and where it's at as far as the majors needing to find ounces and prepare for the next cycle?

But give us a sense, what does a mining scenario look like at a glimpse here? Yeah,

absolutely.

And what I'll start with is just kind of describing when we set out on this what our objectives really were to do.

produce a study like this, your first PEA, what you're striving for is showing a good economic path forward on the project.

You're trying to pick your best one.

And there are a number of variables that are involved in this, whether you want to make it really big or focus on your IRR.

So what we chose is we wanted to make sure it was a long life operation, what we call a multi-generational project.

for Altar development?