This is our Annual Report for the year ended 30 June 2026, and we want to give you a plain-English walk through it.

The net loss for the year was $4,890,885, down from $9,018,447 the year before. That improvement mainly reflects a smaller impairment charge against exploration expenditure, $1,985,891 this year compared with $5,561,341 last year, as we continued to rationalise our project portfolio. Net assets grew to $12,879,974 and cash on hand at year end was $2,085,501.

Our strategy centres on building a high purity alumina (HPA) business from the salt lakes of Western Australia, alongside a portfolio of precious and base metals interests. At Lake Hope, our flagship HPA project, we advanced from a completed Pre-Feasibility Study towards a Definitive Feasibility Study, with a government co-funded pilot programme underway at Edith Cowan University. Our 50%-owned associate Alluminous shipped its first significant HPA samples to battery-materials partner C4V for qualification testing, an important but early step with no binding offtake attached.

On the metals side, our joint venture partner Kuniko Limited delivered strong drilling results at the Commonwealth project and has now earned a 51% interest, funding further work without diluting our HPA capital.

We raised $6.1 million in equity during the year, and the report notes that further capital will be needed to continue as a going concern, a standard disclosure for exploration-stage companies at our size. Since year end, we've also completed a rights issue raising over $2.2 million, and Michael Jones has resigned as Managing Director, with Jim McKerlie now serving as Chairman.

We're happy to take your questions on any of this through the question box on this page.