Listed on the ASX, got a market capitalization about AUD 4 billion. Silver Mines Limited is something I ran for a while. That will be one of the largest silver mine developments in the coming years, and that is doing pretty well. Strickland was a junior company that was a retail stock in Western Australia. We drilled that one project. We sold that to Northern Star. That crystallized about AUD 60 million into a junior company, and then we were looking for another asset. This project in Serbia came across our desk, and we are very excited about that. That was an asset which was going through an IPO, and then we pulled it out from before that happened. Rogozna is large. It is now clocking a bit over 9 million ounces gold equivalent. We have had a purple patch since we purchased the asset two years ago, a bit over two years ago. Last six months has been the opposite of that. We have had some difficulties, which I will explain in a moment. Disclaimer, I will leave that to you to read at your leisure. It is online. Rogozna is large, 9.2 million ounces and counting. Line of sight, 15 - 20 million ounces. It is that sort of deposit. If you know Serbia at all, there is large operations. Zijin are the trailblazers there. They have got two very large mine developments in Serbia. Zijin have seen our opportunity and now own 7.4% of our company. Dundee Precious Metals have got a cracking project in Serbia and have also just made a really interesting new discovery. We are cashed up. We have got almost AUD 60 million in the bank. We have also got about AUD 25 million in listed stocks, so we do not need to raise money anytime soon. We have got a market capitalization of about AUD 170 million. It was a lot higher than that, and I will take a break and explain what happened there. Serbia, early this year, announced it was going into an election mode. The previous election four years ago was messy, and messy in mining. It was all about Rio Tinto. Rio Tinto had a project called Jadar, a massive lithium project. It became very politicized in the last election, and at one point, there was 120,000 students protesting in Belgrade about Rio Tinto. In this cycle, the government has said to us, Zijin, Dundee Precious Metals, let us be a little bit quieter in this process for elections. That led to the curtailment of our drilling activities, which is what we were doing. We are a drilling company with a very large asset, and we are drilling it out. That hit us in the market, but the asset has not gone anywhere. The elections, we are now seeing light at the end of the tunnel. The elections are now being called 25th of October, so four weeks away. We hope to be getting back to work pretty soon. Best case scenario, we will be drilling again in November. I have mentioned cash. We are in a good position there. Listed stocks, whatever, so AUD 80 million roughly backing us up. Zijin have bought in over time. They saw the opportunity early soon after we took over the project. They approached us, and we did a placement with them for 2% of the company. They have then bought further parcels on and off market and also contributed into a placement earlier this year. Strong support from a very big mining company. Jupiter there. ARA and Ibaera were part of the vend of the initial asset. We bought the asset for AUD 34 million. That was a bit over two years ago. At one stage last year, we had a market capitalization of AUD 600 million. We are looking forward to getting back to those levels soon. The board, we are moving the board around a bit. We have expanded our board recently with the idea of moving into pre-development. We have been very much exploration heavy. I am stepping off as chair, staying on as non-exec. We have got a second to none board here to take us forward into the next phase of exploration, but importantly, as we transition into mine development. Locally, we are south in Serbia. We have got a great crew there. We have got 60-odd people working for us. Some of those were in the project before we took over, b ut a great local crew, highly professional and very technical. That crew will be expanded upon again as the board is expanding the team into the next phase into pre-development. Serbia, the Tethyan Belt is significant. I am sure many of you know about the big developments to the south in Turkey, where the Tethyan crosses into the Balkans, Greece into Kosovo, Serbia, Romania, and it is a prolific belt that is still growing. Zijin in Serbia, by far the largest. They have got two large mine operations, they have got 30 million ounces in reserves, and about 25 million tons of copper. These are big porphyry copper gold operations. Dundee Precious Metals got a very handsome project. They are the next cab off the rank, if you will. As I mentioned, they have just made a new discovery there, which is putting more of a spotlight into Serbia. When we got involved some two years ago, we were a cashed-up junior company, and we wanted to commit a lot into drilling. In the first 12 months, we spent AUD 30 million in drilling and pushing it hard. This is that sort of asset. At one point, we are adding about 500,000 ounces in gold equivalent per month in resources. As I mentioned, that is now clocking 9.2 million ounces. Serbia is positive in mining, about 2.7% of GDP, and they look to increase that significantly over the next decade or so. To the south of us, in Kosovo, we have Newmont. Putting it on the map, this is Jezerska. You see there in the yellow colors and red colors, that is the geochemical footprint locally. Shanac has been the largest deposit. That is clocking about 5.5 million ounces gold equivalent. Medenovac is more copper and zinc-rich, but still significant gold. Gradina is what we are focusing on at the moment. I will go in a little bit more detail on Gradina shortly. That is gold only. That will be the first mine development. When we look at Shanac being the large, 5.5 million-ounce deposit, that is going to be a big development. That project is still very much open. We are going to get back to drilling and drilling it out. It is going to be much bigger than what it is now, and in the future, that is going to be a large block cave, probably multi-billion dollar development. We do not pretend that that is going to be to our account. Yes, we have got to continue to de-risk it, drill it out, but we would think Zijin or one of the other majors will be interested in that. There's been quite a bit of discussion on where that project will go in the future, b ut for us, we'll drill it out. If we're sitting back and being a minority interest in a large block cave operation, that's very good and fine. Medenovac is similar. That's 1.3 million ounces. Just next to that, we've made a discovery, Kotlovi. Further south, we made another recent discovery, Red Creek. Both of those are pre-resource. Copper Canyon is a smaller resource that was drilled out many moons ago by Freeport-McMoRan. All of this mineralization is in skarn, which is particularly unusual. We are yet to see porphyry mineralization in any scale. Having said that, we did one drill hole last year which hit 400-odd meters that was weakly mineralized in porphyry. I don't like the saying, but it was a technical success, and that shows that we are in the mix of a porphyry system. However, you don't have that amount of skarn mineralization without a seated heat engine delivering that, and there will be a porphyry system part of it. That's when I say, yes, we're clocking nine, line of sight to 10 million ounces. As we move forward, and if we're unlocking that code further, it won't surprise us that we'll be at the scale of some of the larger operations that Zijin and others are holding on the other side of Serbia. F or 15 to 20 million ounces and beyond is not unrealistic. Gradina, I'll just focus on this for a moment. We've done a lot of drilling here. We're now clocking 20 million tons at 2.8 g, 1.8 million ounces of gold. It's just gold. That's inferred resources. We've got another 50,000 m to be drilled here to look at extensions and to move those inferred up to measured and indicated. That's going to be the first mine development. So we're in the mix of a scoping study at the moment. Pretty much at a pre-feasibility study level. We'll be looking at releasing that in the second half of next year. That's the PFS. We'll have a scoping study. We'll have information out on that later this year. So we're moving rapidly with that. The attractiveness for us, it's a meaningful asset for us, for a junior mid-cap to develop such an operation. Perhaps it might be 2.5 million ton per annum operation delivering up to, say, 150,000 ounces per year. That sort of scale of operation is in our wheelhouse, whereby the much larger northerly developments will be to others' accounts, b ut certainly, the de-risking of Gradina is important for us. As I say, the pre-feasibility and scoping study is well advanced, and we'll have a lot more information on that. Metallurgically, it's nice and simple, +90% recoveries. We don't have to use cyanide, so there'll be a lot more information to say on that. Copper Canyon, not far away. So this is a bolt-on to Gradina. There's 800,000 million ounces there. That's equivalent. There's a bit of copper in there as well. There is a gold-rich zone, but we see this as being a bolt-on to the Gradina development. It has been scouted as an open cut. We're more looking at it from an underground perspective, but there's more work to be done on there. Gradina and Copper Canyon will be around about 2.5 million ounces, but both those deposits are open. It wouldn't surprise us to see that well over a 3 million ounce set of deposits in the initial phase I development. Shanac, this is the big one. Almost 5.5 million, gold equivalent. It's large. It's going to be a bulk mining exercise. It's consistent. You see the broader mineralizations. Very consistent drilling. Drilling into these skarns. Skarns can typically be potty and with zones of high grade. What we see here is very large, consistent zones, sort of 300 - 400 m of continuous skarn mineralisation is not uncommon. Yes, we have zones of high grade, but it's not potty. We have very consistent grades. Very unusual. When you look at the deposits on the other side of Serbia, the Zijin operations, whatever. Yes, there's large, consistent skarn, but not to this scale. That's what leads us to that there's a large engine or porphyry system in place that has emplaced this. Anyway, we've got a lot more drilling to do here. That 5.5 million ounces will grow. We'll continue to de-risk. As I mentioned, a larger operation here is potentially going to be under the sights of one of the majors. Red Creek is a new discovery. Hitting 30, 50 m at 2, 3 g was exciting for us. This was an area that was highlighted by IP and geochem. Only a couple of holes has been into this, but it just gives you an idea that this is still very much open. Red Creek is a new discovery located to the west of the large Shanac deposit. We'll see where that goes. We'll be back drilling this early next year. Medenovac, t his has been around for a while. Most of the drilling was done by previous owners. We've gone to this and extended some of the drilling there. Again, not unlike Shanac, when you're getting these large zones of mineralisation + 200, 300 m zones at consistent grade, it's pretty exciting. Then within that, you're seeing sort of 100-m zones at 3, 4, 5 g, which is pretty interesting. Perhaps even more exciting here is Kotlovi, which is nearby, within a couple of hundred meters, and that's a new discovery that we've made in there, and that discovery hole was 270-odd meters in the initial hole. We're excited about that. Again, a lot more drilling will be done here to move that, and that may end up being the same name as Medenovac. It appears to be the same system. May well be the same system. Exploration upside is significant. We've recently been doing some geophysics here, and that's isolating more targets in skarn, porphyry mineralisation. I'll zip through this diagram. This is something we announced a couple of weeks ago. That right-hand diagram there. This is in the southern part of our tenure. Obradov is an area where there's been some surface understanding there, geochem and the geophysics is highlighting that very bright pink and red color directly underneath. At Jezerska, further to the west, that's the hole where we hit porphyry, so it's 400 m there at some grade. Not economic, but the fact that we hit porphyry is particularly significant. We might leave it there. We're in a pretty good position technically. We're getting back to work shortly. We're cashed up. This asset is one of the more significant assets globally in a junior company. We treat it as a major. We drill things hard, and we'll be getting back to work in ensuing months after we're through the elections. I'll leave it there. Thank you very much. Thank you, Tony. We do have time for one or two questions. If anyone from the floor would like to ask Tony any questions? If not, Tony, I've got a quick one for you. The upcoming scoping study and PFS, just for clarity, that's just on the Gradina deposit, the study will be out on? Yeah. That's an easy one for us. So yeah, it's 1.8 million ounces at 2.8 g. So it's got quality grade in there. It's simple for us as a junior developing into a mid-cap to take that forward. Metallurgically simple. It's not complexed by copper and zinc competing, whatever, b ut very much the tail end of that, there might be a bolt-on copper component, if we bring in Copper Canyon, b ut that's the sole direction in the scoping and the pre-fease is that initial phase I development. Great. You're on track for middle of next year for that PFS? It would be in the second half of next year. Second half. Yeah. Okay. Yeah. Excellent. At that current forecast. All right. Terrific. Tony, thank you so much for that presentation and for your time. Cheers. Excellent work, and look forward to seeing those study results. Thank you.
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