Half year exploration activity across our project portfolio kept moving during the six months to 30 June 2026, while we managed spending carefully in line with subdued lithium markets and stronger gold and antimony markets.

At Mavis Lake in Canada, our 8Mt @ 1.07% Li₂O resource is unchanged, but northern-area fieldwork identified 14 drill-ready targets and we engaged advisers to progress a permitting road map. In New Zealand, permit transfers were approved and drilling and sampling confirmed gold systems at Cap Burn, gold-antimony at Croesus, and high-grade tungsten by channel sampling. At Halls Peak in NSW, a major gold-antimony-silver system is emerging at the Amoco Prospect. Our laboratory-based battery and thermal management technology programs also advanced, including work with the South Dakota School of Mines and Technology and, after period end, a co-funded project with CSIRO.

Financially, we recorded a net loss after tax of $917,645 for the half, against $770,550 a year earlier. Cash on hand at 30 June 2026 was $1,219,533 and net assets were $29,819,337. Our auditor has flagged a material uncertainty around going concern, reflecting our cash position, a working capital deficiency and operating cash outflows during the period. The directors continue to believe the going concern basis is appropriate, pointing to our ability to scale back discretionary spending and our track record of raising capital.

Since period end, we secured firm commitments for a $1.6 million placement, subject to shareholder approval for the directors' portion, which is intended to fund working capital and ongoing programs. We also renewed our Board with the appointment of Teck Eng (Alfred) Chong.

The second half will focus on follow-up drilling in New Zealand, continued technical work at Mavis Lake, land access discussions at Halls Peak, and progressing our technology evaluation programs, all subject to available funding.

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