We've secured firm commitments for a $1.6 million placement, giving us a funding platform to keep moving on both our exploration ground and our technology programs.

The bulk of the money is earmarked for exploration: follow-up drilling at Cap Burn in New Zealand, progressing the Granite Creek tungsten target at Croesus, continued work across our Otago and Reefton portfolio, advancing the Northern Prospects at Mavis Lake in Ontario, and a soil geochemistry program at Mayview in New South Wales. The rest is split between our battery materials and thermal management technology work, and general corporate and working capital needs.

The placement is priced at $0.005 per share with a free attaching option for every two shares, a 16.8% discount to our last close. It's being issued in two tranches: the first under our existing placement capacity, settling in mid-September, and the second, covering director participation, subject to shareholder approval at a general meeting expected in early October. Our directors intend to subscribe for $475,000 between them on the same terms as everyone else, which we think says something about how we see the road ahead.

Worth noting: both technology programs, the battery materials work with South Dakota School of Mines and CSIRO, and the cooling technology licensed from Nanyang Technological University, are still early stage. Neither generates revenue yet, and there's no guarantee either will reach commercial scale.

As always, happy to take your questions on this announcement through the investor hub.