Good morning and welcome to the 2021 Annual General Meeting of Aeris Resources Limited. This is the last virtual meeting we will have for some time. Now I declare the meeting officially open. On behalf of the board, thank you for taking time to attend the meeting today via Lumi. As you know, today's meeting is a virtual event on an online platform because it allows you to join together safely and securely from the comfort and safety of your own homes as opposed to a physical location. You see, the reason for this meeting is an important health and safety measure during the pandemic.
This is known as a negative correlation because the reasons that are going back and the corporate regulations allow countries like the USA into promoting a potentially fatal future for our children and our grandchildren and their children. The company wants to deploy their own tailwinds. The companies wanting to own tailwinds are also businesses that are doing simulations of their own products. In essence, their own tailwinds have a reasonable chance of success in the global economy. The company has also developed a platform called the Binding to facilitate this. Instructions on how to use this platform can be found in the appropriate documentation, as well as in the virtual Q&A forum. This is attached in the notes of the meeting for the public's benefit and Lumi platforms. Users can submit their questions on our online platform now or email our help desk.
If you experience any technical difficulties, then please don't hesitate to contact us at 1800-222. Our contact form for the results is in the top right-hand corner of the screen in the participant list. On behalf of the board, thanks for taking time to attend the meeting today. I would like to thank our fellow directors, including Michele and Robert in the room, Mr. Colin Moorhead, and Ms. Sylvia Wiggins, who are online, and the other non-executive directors that are present on the call with us, who are able to attend today's meeting. Let me also introduce our other directors, Chief Financial Officer Robert Brainsbury, Associate Director Stephanie Loader, Chief Operating Officer , Ian Sheppard, Chief People Officer, Kim Grayling and Director of. Please welcome our internal auditors, PwC, and welcome to our visitors to the meeting.
Before I continue the formal section of this meeting, I would like to say the words thank you to Alastair Morrison for his 10 years of leading us. The board and myself would like to thank Alastair for her great contribution to the area of development of our community and to the areas where we are today. On behalf of the board, senior management, and the shareholders, we wish Alastair and his family all the best for the future. The current Coronavirus Economic Response Determination relative to the meeting details and implementation of the full notice of the meeting by email or mail to all registered members on 25th of February 2020. Our proposed notice is being placed in the board.
If anyone wishes to comment on the notice, board information sent through the notice of the meeting, please do so via our website, and we will respond in the quarter. We will hold a quarterly meeting at an appropriate forum in the near future. I also note that the minutes of today's meeting will be posted to the website of the company by 25th of March as a free and direct regular opportunity. I further advise that Rick and Peter, we will now attend to the business of the meeting. In meeting of the objectives, I don't want to read out the results of the proxies received by the board. However, these are now available on the company's website for any shareholder who would like to inspect them, and they will be displayed on the platform.
Details of all proxies received will be recorded in the minutes of our meeting that will follow today's session. Note that only our validly voted proxies have been received. Shareholders should be aware that any unvoted proxies submitted again will be counted again and counted in favor of the recommendation for approval of the proposal. The business of this meeting is to take note of the financial statements. In the context of the Coronavirus Economic Response Determination and in order for shareholders to focus on their investments, this board has decided to hold meetings in order to provide proper guidance and market updates. Please check our website for updates and other materials. The company's financial reports, including the director's report and auditor's report, are included in the 2021 annual report, mailed and emailed to registered members on 25th of February 2021.
As we all know, shareholders are informed of these exact details.
There are no current questions at this time.
In that case, I will move to agenda item one, which relates to the approval of the Remuneration Report. The report is consistent with the listing rules of the ASX, and the Remuneration Report for the company and its subsidiaries is submitted to ASIC for public disclosure. The audit committee reviewed and approved the audit report, which is unqualified for the company. The board has approved providing the remuneration information in the interest of full disclosure. Please note that there are both executive and key management positions for which remunerations are included in the Remuneration Report, and their costs are separately identified on those pages. Are there any comments or questions on the Remuneration Report? Are there any questions on the phone?
There are no phone questions at this time.
If there are no questions, I will proceed. I now turn to the one set of nominations of the meeting, which is agenda number three, to consider and approve first pass the following resolution as an advisory resolution to the company with ordinary resolution. The remuneration report for the year ended 30 June 2021, as set out in the table in the form of three pages. The audit of the granular elements of policy dimension, although it's part of the meeting, must be controlled. The poll for all resolutions will be conducted once all resolutions have been put forward to the meeting. We now move to agenda item two, which is the re-election of Mr. Michele Muscillo as an elected director of the company. On our business meeting held in the light of the meeting, the re-election of Mr. Michele Muscillo as director. Because Mr.
In light of the previous meeting, the board recommends that the shareholders at the same meeting make Mr. Muscillo's appointment as an elected director. Are there any questions or comments on this item? Are there any comments or questions on the phone line?
There are no questions at this time.
If there are no questions, I will proceed. I now turn to the first set of resolutions for the meeting, as a virtual meeting is being held today. To consider and approve the following resolution as an ordinary resolution of the company. That Mr. Michele Muscillo retire in accordance with rule 28C of the Corporations Act and be eligible to offer himself for re-election as a director of the company.
The poll for this resolution two will be conducted once all resolutions have been put forward to the meeting. We now move on to agenda item three, appointment of Ms. Sylvia Wiggins as a director. Because Ms. Sylvia Wiggins appears as set out in the notice of the meeting, the board recommends that shareholders at the same meeting make Ms. Sylvia Wiggins's appointment as an elected director. Are there any comments or questions on this item? Are there any questions on the phone line on the item?
There are no current questions at this time.
If there are no questions, I will now proceed. I now turn to item three, set out in the notice of the meeting which is being held today to consider and, if thought fit, pass the following resolution by way of an ordinary resolution of the company. That Ms.
Sylvia Wiggins having been appointed by the board as an extra director in the 24th of November 2021, in accordance with rule 28C of the Corporations Act, offers herself for appointment as a director under rule 28C of the Corporations Act. The poll for this resolution 3 will also be conducted once all resolutions have been put forward to the meeting. I now turn to the fourth resolution, which is actually taken today in full court. Because of the COVID issue which changed the form of the notice of the meeting, the board recommends that the vote take place today. Are there any comments or questions on this fourth resolution? Are there any comments or questions on the phone line?
There are no current questions at this time.
If there are no further questions, I will proceed.
There are no further questions at this time.
Thank you, Michele. We'll move on to agenda item six. In the matters of meeting, we take the approval of the minutes of the 2020 meeting. These are the minutes of the 2020 meeting held on the 20th of February, 2020. The board recommends that shareholders approve the minutes of the 2020 meeting. Are there any comments or amendments to the minutes as presented?
There are no further questions at this time.
Thank you, Michele. We will now proceed to item seven, consideration of fixed earnings letters issued in respect of fixed earnings.
We consider any offer made by the company in respect of fixed earnings letters must only be made as a special resolution that has the effect of permanently or the certain effect from 1,600 of the Corporations Act 2001, and for all other purposes, treats the increment as being rendered in accordance with and as required by section 38B. We will now go through the poll procedure. In accordance with the Coronavirus Economic Response Determination, all votes taken at this meeting must be by poll. The poll will be conducted in a manner that ensures you can only vote by poll. I appoint Michelle Muscillo, the Company Secretary, to conduct the poll. All eligible shareholders are authorized to vote. Register in advance using the online voting page included in the Lumi voting.
Shareholders and non-shareholders can either submit a full vote or a partial vote. To submit a full vote on the resolution, ensure that you are in a full vote tab, make your vote by ticking the for, against or abstain boxes. To submit a partial vote on the resolution, ensure that you're in the partial vote tab. You can enter the number of votes you wish to vote for all or any resolution. To total all the votes that you are currently voting for all the resolutions submitted for your attention, when you enter the number of votes in the voting box, it will automatically tally how many votes you have left.
Note that if you are voting a partial vote, as only the votes that you have voted for are counted, the unvoted partial will be considered as no instruction, and therefore will not be counted. Once you have finished voting for all the items, scroll down to the bottom of the box and click the blue Submit Vote or Cast Vote button. Please see the reference link in your notes for instructions. To conclude the meeting, click Exit now. There's a countdown timer that appears in the lower right-hand corner of the window advising the remaining voting time available to you. Please make any changes required to your voting card at this point and submit your voting card. Please note that if you click and submit the voting card, you will have five minutes to amend the poll if needed.
I would now like to officially close the meeting. Then we will have a new venture with Helix with Billy and. Our main focus for growth and looking for the company. This slide just gives you where we are today as at yesterday. Our market cap is AUD 250 million. People are calling it AUD 10 billion of cash in the bank. The beauty is in mining, top right on the right-hand side. When you bought the first mining delay. Since then we bought Cracow, we found some production. We had really good results in the H1 , which was a big bang for when we were in year four. It was the right thing as the premium continues growing and is a very high component.
You can see the cash outflow. What has also made the movement in the business is the support from the people at Sheldon. As I said earlier, we have 8,000 people at the winter time which is supportive of the more than 24. Significant growth in the business. The biggest highlights for opportunity number one was obviously that we did Cracow and bought it at stock price. The success we've had so far at Cracow and those as well. The exploration I touched on exploration on both sides and moving from one of the pits to the other. We started in 2020 developing too battling COVID. We started in the construction of the year and then we went over to our fund for better part of the company and focus.
Those are milestones to follow the success of the year. We took the challenge to set everything for future growth. I thought the real win that defined in 105 was the capital raise. That can be replayed whenever. It was very, very good. But we still sealed that and hopefully we can deploy assets. Of course, we then moved on to entering the next phase. You can see the significant improvement of cash flow. You can see the senior debt was AUD 48 million, zero. Most importantly, the dialing up to do with the start of the new projects and not internal entirely unique range of assets. These are first discussed by the quarterly report. We just got down but to guarantee any benefits of trying to retain them. That is our first report which you'll see on our website.
We have a second check. Turning to the horizon, we have more details. The first one is Tritton. Tritton has been a very successful business for us in the changing price of AUD 110. You can see there, Tritton is near the bottom right. Investing in AUD 4,260. We are investing quite a lot of money in starting up new projects and also the most fortunate ones are we have 5 pipe deals now. We have 6 of our own companies, and we are investing in smaller projects such as all of those to be invested in the next step. Talk a little about the pipeline. You can see the work on the right-hand side. Those are the projects. First, all those in the AUD 50 million to AUD 100 million set of projects that we currently pursuing for construction and mining.
Returning, as I mentioned, to operational control. That will be industrial in FY 2022. All the focus is on the quality. That will be construction in FY 2023. By one expressed in FY 2024. The other project is consolidation because the horizon is covering. We're moving to just to summarize, grade exploration at both grading exploration and further extension of 1 South in the mine 50+. Those are all kind of linked to doing as you can remember. We usually expect this year would have been 14-16. As we did for the transaction, we set up a set of initiatives to develop and build for the future. We have focused a lot on track record to date.
That's pushed the move to target the mining of 1 South and the results of second quarter 2020 on any return to 16. The mine support really pushes the need to run just the 160 putting more time to the RLSC impact base versus mine drive. Also the miners started to find that other long depth crosscuts sitting around the mine. There's no reason why you couldn't have long depth mining at 16 because that will drop too many areas to protect the long-term. The new mining exploration we've been talking about. That's basically it and then we call it new cycles. It's basically resources we're looking outside the current workings and there's a few options. So far we've had significant success on the surface. It's all about keep going on the surface.
Similar to what we had at Pilgrim, significant pipeline, a lot of potential for new exploration. We're working through a way to move those up from exploration to development to production. Those acquired have now been brought forward and will be exercised in the months to come. Working exercise into what was pretty golden matter. The project has been launched specifically to draw out the value of the project. This year it's been through a transition phase, finally to the development work. We talk about a new mining target. All the ones we've had as well as both of them. All the ones that we should be back to applying the full suite of programs.
There are a few mechanisms and five of the ones which really recognize working hard to understand how it works and effectively in the building to keep up with the program. Now you can see on the right-hand side the target price and the movement of it. Going to the new cycles. We've got fresh outback list and you see there the little blue area is the victim field. Looking at all those other areas. Currently, on the horizon we have a quick plan in place for all of those changes into a significant cycle. The team at the Brighton side is still learning, is still looking at various forms of prospecting and opportunity. It's been some amazing work done by that team in the last year.
Now, I think we spoke about this as part of designing the new semi delivery for the second. We must not have really seen those steps to take that small step forward. That is because I didn't know what grading was like. Now with those, we understand the benefits of more of that work. The team is looking at what is the goal within our life and things like that. As we always say, beyond looking at it, we always look for those opportunities as well. Thank you so much for staying with us as a company that keeps itself. We are producers, we are operators. That's what we are looking at. That's what our team is looking to do best in terms of activity. We will be thankful when we look at projects.
We will be more concerned in the costing, the cycle, the vendor. Hopefully that will be achieved as well. Project summary. FY 2021. Operations delivered. We had exploration success. We had very important sales to raise money for Tritton, but also raise money for the future development of Pilgrim. Interest in the potential to get through, and of course ongoing project FY 2022. The scope of that is important. It allows us to raise up to develop three new mines or three new projects, bring them into the pipeline. It's a good outcome for the project. At Tritton, all of that exploration has seen us underway in both improving the tonnage to the block. But that is the new we have to evolve when we build the mine working for the first few months since we built the mine. That's a good one for us.
The exciting plan for the project this year. Of course the related projects. What makes us excited? I think we have a team without any couple of times. We show that we've got a vision. We show that we want to go there further. We're well funded. We've got great global pipeline. We've got both gold and copper. We've got a team that's already excited about every day. And the finance and just work for it. That is my time for now. I'm trying to follow Tom. Hopefully something that we did. Are there any questions? If there are questions, I'll actually