Transcript

Thank you very much and it's a privilege to be back here at home in Kalgoorlie to present the the Firefly story, which has been. Absolutely sensational in terms of the the rate at which it's developed and will continue to develop. So just as an introduction, a few of the investment highlights. This is a world class high grade copper gold VMS asset in Canada. It's in the province of Newfoundland, which is off the East Coast. It's an island very similar to Tasmania. It's beautiful part of the world. Our resource is up to 80 million tonnes, but what sets this apart is the grade which is more, more than 2% are copper equivalent. Unlike a lot of other copper deposits, we have a pathway to very rapid near term copper production. We have great exploration potential in the district and we'll talk through a bit about that later in the presentation. It is truly a Cheer 1 jurisdiction in every sense of the word and we we hear the term Tier 1 jurisdiction bandied around. Quite a bit, but this is genuinely a great place to operate, great team and we have a very, very strong financial position and a healthy balance sheet. So it's a great time to be have a copper development asset and to be close to being a copper producer. There is a real scarcity of high grade new production copper assets globally in the world and what we're seeing is jurisdictional risk increasing particularly in South America. We're seeing the expiration shortfall as you can see from the this chart, you know projected copper demand is far higher than the rate at which we're discovering and bringing. Their minds online, the new mines that are being bought online and the expansions that are being undertaken at the moment are low grade, they're low grade poor freeze. They are very capitally intensive and take a long time to to bring online. And when I say a long time to bring online, it can be more than 20 years from discovery to producing copper. And one of the advantages we really have at Green Bay is that we will be producing copper, you know. Likely within the next three years. So it's a fantastic opportunity to move into the realm of copper production. And what you'll see from this presentation is that we believe this is a company making asset. Now, I know everyone's going to hear a lot of presentations over the next few days and they're all going to start to blur into each other, but there's just three key takeaways that I want you to remember from this presentation and what makes Firefly really stand out. And the first thing is the scale alright when you take out all the byproducts? We genuinely have a copper and gold or body. Our resource is 1.4 million tonnes of contained copper with 1.1 million ounces of gold as a byproduct. But if you want copper exposure, what this chart shows is, is our resource and just the copper component of it. So what people really have failed to recognize is that we actually have more copper in our resource than Ernest Henry. We have more copper in our resource than Mac and Metals acquisition and Cobar, right. We have a lot more copper in there than a company called Foran. We may not be as well known in Australia, but certainly is in Canadian. It was the poster child of of base metal development stories. We've got more than twice the amount of copper in our resource than what they do it for and and they've just been taken out for over $3 billion. So you know, we have scale alright compared to a lot of other very, very well known copper deposits. The second point I'd like you to remember is that we have world class intersections and very, very high grades and that's probably one of the most distinguishing features of the deposit that we've got. So I'll just take you through a couple of the mineralization styles. Firstly, we have an upper massive sulfide and you can see those results there. 10.7 metres at 12.2% copper equivalent, 26 metres at 8.2, for example, and we routinely get grades in this zone over 10% copper equivalent. So you know, I've said this in a number of presentations that I've given, but I don't think there's been intersections like this in the copper space anywhere on the ASX since the grouser was discovered by Sandfire. And we know that was a company making asset for for those guys. And we feel similarly that this is going to be a company making asset for Firefly. So we have the massive sulphide up on top and beneath that we have a broad football Stringer zone. So instead of being massive sulphides. We have individual veinlets of copper the bulk out into incredible thicknesses and an incredible volume of rock that bulk out to anywhere between 1 1/2 and we've we've seen these zone up to 5% copper. You can see there some of the results, very different mineralization style and therefore most likely a very different mining method. This is more amenable to bulk scale mining and can support a very large mine life moving forward. And one of the things that we've discovered particularly in the last year is as we move down plunge in this deposit, those two zones are actually converging. And I'll show you a long section shortly, but where they converge, you're going straight from that massive sulfide. Into the copper Stringer zone and you're getting some incredible intersections there, such as 43 meters true thickness at 7.6% copper equivalent. So there's not many deposits in the world with intersections like that. And one of the other things that I'd point out is the deepest hole that's ever been drilled into this system that we put out last year, 49 metres, 6.1% copper equivalent. So we know that this has a combination of scale and grade. Now today, this morning we put out some more drill results to further highlight that this is infill drilling results. And the reason that's important is because we're currently working on our first mining studies and we wanna put these mining studies out with over 70% measured and indicated in them. It was really interesting. You can see how good these results are. I read in one of the the mining tabloids that they've pulled the old, you know our hits are so good that we're delaying our study line. It is actually genuinely true. When you look at these results, some of the highlights here, you know over 60 metres at 4% copper, 13 metres at 11.1% copper equivalent, you know, grades of up to 13% copper equivalent. We want to get that into measured and indicated for the study. And these are the final results that will form the basis of a new resource update that will underpin that mining study. And we have committed to the market that that will be out during August and the team is working extremely hard. Get that done. So you know these results are fantastic and there's more to come. We have 6 rigs underground at the moment and three on surface. The final point I want you to remember about this project and our company is that it's very rare, all right? So when you look at all the TSX copper producers, you look at all the ASX copper producers. And you look at that spot between 25,000 tonnes and greater than 75,000 tonnes of copper production per annum. There's just no assets in this group that are owned by junior companies. So we're a very unique investment opportunity. There's this is a very exclusive list. You can see how it can compare and what our studies will show that will come out this month as a pathway to be at the upper end of this graph. And we're very excited about how those numbers are looking. But if you want copper exposure in the junior end of the world, there is just nothing out there and this is a very unique investment opportunity. What I'd like to do now is to show people what it's like. A lot of people don't understand Newfoundland or what it's like. I want you to hear from some of our people and have a look at the site. This is already a mine. It's brownfields. We can get 900 metres below surface and give you a feel for some of our team that we have working on site. Problems like Newfoundland is that all the ingredients are there to make this a really clean and sustainable operation. We're trying to be part of the community and really build up the prosperity for the entire district. This is significantly higher grade than other projects out there. We've already grown up to be such a large or body already and we expect to grow much bigger than that. The next couple of years are really exciting for us. It's not only about growth, but we're looking to take the project through development and being VMS mineralised system. These deposits normally come in clusters, so we'll be expecting to find more of that. The Green Bay project is not a remote site. Lots of small communities around here in the and insula well connected to infrastructure. You can literally drive through paved road to the car park of the mine. Geologically, it had been under tested and we're gonna be making a lot bigger. It's copper. We've got the people, we've got all the professionals and expiration through development into production in our company already. We do go out and do a plotted studies, but we also do vegetation, air quality. We also spent a lot of time with communities trying to understand land and resource use from their perspective. If you look at the historic copper production, we actually have 8 past producing mines on our land package. Even though there was historic mining in the area, modern tools and techniques, systematic exploration hasn't been conducted on many of these areas. We have all the drills turning now and to to be able to work around a lot of these historic mines. The fact that there's the ground that could sustain this for generations, again, think definitely makes it very exciting. In the mine, we're adding resource through diamond drilling underground and here on surface we're looking for the next resource that will feed our project in the future. We have the support from the board and the shareholders to really hit the ground hard and find the next main line. So that gives you a bit of a feel for where we operate and what a great place it is. So look, just on board and management. This is a really highly experienced team with experience across many, many different operations, many jurisdictions and a team of experienced mine builders. We have our chairman, Kevin Tomlinson here today who you saw in the video, who's built mines in Africa, built mines all over the world, Steve Parsons, Mike Mayer that are very well known to people through Bellevue and other and a private enterprises. Previously, Leanne Haywood, who's one of our directors, used to really be heavily involved in the marketing of the copper in the Rio Tinto business and was on the board of metals acquisition previously prior to the takeout. Renee, who's got a very strong financial background and myself with Northern Star, Newmont and Barrick experience and a lot of experience here in Kalgoorlie. The key take away from this is we've got an experienced team that knows how to build mines and fund mines. But one of the things I really wanted to highlight today was that that management team, and you know, they're working incredibly hard on those studies at the moment. It's one of the best teams I've worked with and I've worked with some really good ones in the past at Northern Star and Barrick and Newmont. This is the team that will take it through to construction. It's a safe pair of hands for our shareholders. And I'd just like to thank them for all the effort that's going into the the mining studies at the moment. And you know we're looking forward to demonstrating that pathway to large scale production. So just in terms of the jurisdiction, for those that aren't aware, Newfoundland is a fantastic jurisdiction. We have government support, we have community support and you can see that through the latest Fraser Institute rankings where on policy perception we are rank every state and province in Australia and Canada is doing a great job in looking to unlock their mineral potential, particularly around critical minerals and they really understand how important the mining industry is and I hope to see Australia follow suit. Very shortly, we have great infrastructure. We have hydropower running through the property. We're only 1 1/2 hours from a regional airport, has multiple flights daily from outside of the province. And being a brownfield site, we can get to 900 meters below surface already. And there's been $250 million previously invested into this project and we can recycle a lot of that capital. So it's been an amazing journey for Firefly. You know three years ago we had a $70 million market cap we're exploring for gold in Ontario and with this acquisition we have absolutely transformed the company. Our current market caps 1.4 billion and the growth story for Firefly has only just begun. The strategy that we adopted was very similar to what we did building Northern Star in the early days. One was to focus on the resource growth and demonstrate the potential to significantly have a world class. Resource the second is to rebuild the mine at a much larger scale, which will be demonstrated in the studies that come out. And the third pillar that we've really been working towards has been the district scale discovery. And as Steve mentioned in the video, these VMS deposits always occur in clusters. This is just one of the long sections through the deposit. So you can see in the yellow colour the upper VMS, the red is that bulk football zone that's amenable to to transverse long haul mining and you can see. On the bottom where they converge, the scale of this all body is incredible. For a VMS, it's over 3 kilometres in strike and it is still open. We still have conductive anomalies beyond that and. How we've unlocked this value, how we've more than doubled the resource is we've done 200,000 metres of drilling from underground in the last 2 1/2 years. So it's been an incredible investment. We've done over 2 kilometres of exploration development from underground with our minor, our owner operator, mining crews and see that as practice for when we get into full scale production and they've really adopted Australian mining techniques very well. When we bought this, when we did the due diligence on at just over three years ago, there was 1 hole in front of the existing mine that was 102 metres at 1.7% copper. And you can see on this screen all the drilling that we've done. So it was a bit of a geological leap of faith. And, and one of the things that we've learned through all the projects that we've been involved in is that there's no geological reason that things get cut off. A lot of the times they won't be. And now our deepest hole into the system, which is over a kilometre down plunge is 49 metres at 6.1% copper equivalent, so. You know, all of that drilling is paid off and we've built a world class invented.