On 18 November 2026, 2,374,767 of our ordinary shares will come out of escrow. These shares were issued as part of the consideration we paid to acquire exploration licence EL8024, and like any shares issued for an acquisition, they've been locked up under ASX rules for a set period before they can be freely traded.

This is a routine, scheduled step rather than a new corporate development. It doesn't change the total number of shares on issue, the shares already exist and are already counted in our capital structure. What changes is that the holder will now be free to sell them on market if they choose to, where previously they couldn't.

For existing shareholders, it's worth knowing that once these shares are released, there's a possibility some may be sold, which can add to the shares available for trading. We can't say whether or when that will happen, that's entirely up to the holder.

We're required to notify the market of escrow releases under the ASX listing rules, and this announcement is us meeting that obligation. There's nothing else attached to it: no change to our exploration programmes, our projects, or our financial position.

If you'd like to understand what this means for your holding, feel free to send us a question through the hub.