This has been a period of real progress for our flagship Bekisopa Iron Ore Project, and it's reflected in both the milestones we've hit and the funding we've put behind them.

The headline is the granting of the Mining Permit for Bekisopa, valid for 25 years and covering around 25 km2. This follows the Pre-Feasibility Study released in March 2025, which pointed to a six-year initial mine life, upfront capital of US$61 million, an NPV10 of US$147 million and an IRR of 86%. The permit is a genuine derisking step, moving Bekisopa from exploration towards development, and we've engaged Grant Samuel Corporate Finance to help us secure strategic partners and project financing.

To fund the work required under the new permit, we raised up to $3.3 million before costs through a placement and an entitlement offer, with the shortfall taken up by two new sophisticated investors after balance date.

On the financials, our net loss for the half-year increased to $1,214,414, up from $883,347 in the prior half, largely reflecting higher employee costs, contractor and consultant costs, and share-based payments as the team scales for this next phase. Cash at bank stood at $2,282,047 at 30 June 2026, up from $1,102,607 at the start of the year.

We do need to be upfront: our auditor has flagged a material uncertainty around going concern, given the Group's working capital position and the funding still required over the next 12 months. The directors remain confident in our ability to secure further funds or manage spending to meet our commitments, and we're actively progressing strategic partner discussions and a bank finance offer for permit-related payments, but this is a genuine uncertainty investors should weigh.

If you've got questions about any of this, we'd genuinely like to hear them through the question box on this page.