Okay, thanks a lot for having us back again this year. It's wonderful to be back on the Gold Coast after missing last year. For those that have been following the CZR story, you've probably noticed it's been a challenging but ultimately rewarding last 18 months. We originally had a deal to sell the Robe Mesa assets. It effectively got held up through FIRB and through government regulations. Earlier this year, we really had quite a start with a couple of takeover offers, both at the corporate level and at the asset level, which ultimately resulted in Rio Tinto and the Robe River Joint Venture partners being successful. I'm happy to say that we finally closed that deal last week, $75 million cash just for that single asset. As you can see, we've got the cash in the bank now. As Paul just mentioned, we're embarking on that next phase of rapid growth. We just announced this morning that we're now off and running at Croydon, an amazing asset that has had very, very little attention over the past five years, but we're finally back out there now drilling. Just the normal disclaimers. Okay, investment proposition for CZR. It's a very, very simple investment proposition. You can see currently trading at $0.27 gives us a market cap of $64 million. Yet we've got cash in the bank of $69 million. We're effectively trading currently at a discount to our cash backing. Yet we've got an amazing set of assets as well. Obviously, the reason for that is we only just closed the deal last week. We have only just announced today that we're back out drilling again. Our assets, as I mentioned, have had very little exposure over the past four to five years because the focus was very much on monetizing Robe Mesa, which, like I said, we've now just done. The first cab off the rank is our Croydon Gold Project, only 50 km from the Hemi Discovery and sits within the same Mallina Basin area. We've just started drilling there this morning. We've also got a really highly prospective VMS deposit, our Eddamulla Copper Project. Again, sits in a Tier 1 location near Golden Grove in the Midwest of Western Australia. The intention is that we'll be out there in the coming months to start drilling at that project as well. The other important point is with our iron ore assets, while we sold off our primary Robe Mesa asset to Rio Tinto, we have retained a whole lot of other iron ore assets within the West Pilbara. We've got a large exposure there still. We know very much what to do when it comes to West Pilbara iron ore. We've just proven that we were able to monetize an asset for $75 million. Overall, given the iron ore, the copper, and the gold, we're really looking to go again. We're cashed up. We're looking to develop these assets and then effectively monetize them again. Just a quick look at our capital structure. Again, pretty simple, as I mentioned, $64 million market cap, $69 million cash in the bank. Trading below cash backing at the moment. We've been very, very strict on capital management. We haven't undertaken an equity capital raise for almost three years now. That's why we still only have the 238 million shares on issue. As I mentioned, it's effectively a nil or a negative enterprise value at the moment, nil debt as well. Just looking at the sources and uses, the proceeds from the Robe Mesa sale, $75 million, less the exclusivity fee we all paid back in April when we entered into the deal with Rio Tinto and the Robe River Joint Venture partners. We've effectively funded the company over the past two years through working capital facilities from our major shareholder, Mark Creasy, as well as Robe, which is the Rio Tinto joint venture, and prior to that, Fenex and Miracle Iron. All of those debt facilities have now been closed out. We have approximately $69 million cash in the bank. Now we've got around about $4 million in tax to pay on the transaction. That's due to the fact we have ongoing losses over the years. No huge tax liability. The amount of tax we finally pay will be very much dependent on our expenditure over FY2026. Given that we're very much now focused on exploration, discovery, development, and resource definition, we're expecting that expenditure to come up during FY2026. Hopefully, we'll see that tax bill come down a bit further. Now onto the interesting stuff, although $75 million is pretty interesting to me, at least, is our exploration projects. Like I mentioned, these projects have had very little attention over the past four to five years. We're very excited to be back again drilling as of today. First of all, just an overview of our Croydon asset. It's located in the Mallina Basin, which hosts the 11.2 million oz Hemi Discovery. As many of you, I'm sure, know, it was acquired through De Grey by Northern Star for $5 billion. As with most of our projects, they're located in ideal locations, close to infrastructure, Tier 1 mining jurisdictions. We effectively separate our project into the eastern and the western block. The eastern block is where we've just started drilling today, has all the similarities to Hemi with the granite intrusion into an ultramafic unit. It has never been drilled before. We're putting the very first holes into this prospect. You can just see on the image there in between that Murf and Martin. That's effectively where the drilling will be taking place, looking into that pressure shadow, as it's called, sitting in between or in behind the granite intrusion. The western block has been the focus of historical exploration for CZR Resources Limited. Back in 2019, 2020, there were two rounds of RC and a little bit of diamond drilling that occurred there, primarily at Top Camp. When we talk about our Croydon Gold Project, we're not talking about greenfields or neurology. We actually have a real live gold system there. 27 m at 3.2, 8 m at 1.7, 2 m at 22, 5 m at 3.2. This is existing drilling that's already been done. Effectively, we're going to be going back out there as well to expand that drilling and move towards resource definition. I'll just start on the eastern block first, given, as I mentioned, to start off with, this is where we've started drilling today. There's been no drilling in the past over at the eastern block. It is under shallow cover. Geochemistry doesn't really give us a good sense. What we've completed is a gravity survey. What you can see on the gravity survey there is on the right-hand side of the image, that's the granite intrusion coming in, very similar to what you see up the road at Hemi. On the left-hand side, you can see the folded ultramafic units coming through. In between that, we've got a large six-kilometer-long gravity anomaly that has no geochemistry, no drilling into it. The plan is that we'll be out there drilling those lines. We've got about 180 air core holes. It'll take us approximately three weeks to complete. We're expecting assays to start flowing in around November. Once we've got those results back and we define up the anomalies, we'll be back out there to do the proper RC drilling, looking to make a discovery out there for the first time. Over on the western block, as I mentioned, this has historically been where most of the exploration focus has been. There are two styles of mineralization that we're targeting. The first is the quartz-hosted gold, which sits in the Melanor sediment. Those grades I just had on the previous slide, that's the type of mineralization. It's like an epithermal style of mineralization sitting above what we think to be an intrusion. The second style there is your Hemi-type mineralization, so intrusion-style mineralizations. That's what they found up at Hemi and just up the road from us as well at Taorana, which has over half a million ounces, also part of Northern Star now. The image on the right-hand side shows the work that we've done over on the western block. What we're really chasing here is some structural complexity, giving an opportunity for those intrusions to punch up through the basement into the Melanor and then effectively dump the gold, which is what we're seeing. Unfortunately, I don't have the pointer here, but there's some folding within the Melanor sediments there. You can see our main prospects, so Top Camp down the bottom that's been truncated by a fault and up there at Bottom Camp as well. We just put an announcement out this morning that not only are we looking to start drilling at the eastern block that I've just mentioned, but shortly we'll be looking to also get out here to Top Camp and to Bottom Camp to do some extensional drilling, going deeper, chasing these Hemi-style intrusions, but also really focusing on getting the ounces and working towards resource definition. Just honing in on Top Camp now. The image on the right-hand side shows the soil geochemistry, obviously hot colors being strong and cold colors not so. The wireframes there show the mineralized lodes, and that's from the existing drilling that we've already done. The black dots, which might be a little difficult to see, that is historical drilling. We've got about 25 - 30 holes that have been drilled in there. It covers approximately 550 m- 600m of strike, remains completely open. The underlying geochemistry shows that it continues to the north, to the south. We also have these parallel structures and stacked lodes that you can see continuing off to the left-hand side and the right-hand side. The plan is that we'll be heading out there shortly, extending that drilling to the north, to the south, and off to the west as well. Importantly, the gravity work that we did some time ago back in 2022, 2023 showed there is a large anomaly sitting underneath it, which is interpreted to be a potential Hemi-style intrusion. What we're looking for is what's driving all of this gold that's sitting up near surface. Where is it actually coming from? We've also got some deeper holes planned into that. We plan to be out there drilling later in the quarter. At Bottom Camp, as I mentioned before, it sits on the western block as well. It's only about six kilometers away from Top Camp. We've got quite a lot of prospects to work up through here. We've only drilled three holes into this prospect, 500 m apart, so very, very wide scout-based drilling. This again was done back in 2020. It's been five years since we've been out here. We have all-grade intercepts through there as well, 500 m apart. We've now put the plans in place to drill that out on 100 m spacing, as well as extending it north and south. Overall, there's more than a one-kilometer gold and arsenic anomaly through there. We'll be going out and hitting that pretty hard as well before the end of the year. You can probably see why we're quite excited with Croydon, the location, but also we've been working up our other projects as well while we're waiting for the Robe Mesa transaction to complete. A really important one for us is down at Buddadoo, which hosts our Eddamulla Copper, it's a VMS deposit, as well as our Buddadoo Vanadium Titanium Magnetite project. Ideal location, again, all sealed roads just south of Yalgoo and a short trip into Geraldton, so ideally located. Importantly, you can see the geology map there. We're only 45 km away from Golden Grove, which is one of the largest VMS deposits going around. It's been mined since 1989. I won't go into too much detail because I know James from 29Metals will be speaking later, but a phenomenal asset. Also right next to us is the Deflector Gold Mine. It's actually believed also to be a VMS deposit that has a gold overprint. We are surrounded by VMS deposits, and Eddamulla itself is a proven VMS deposit with existing intercepts. It was first discovered back in the 1970s, around the same time Golden Grove was discovered. There are multiple lodes mapped on the surface. We've got zinc-rich lodes and copper-rich lodes, again, very similar to what you see over at Golden Grove. Drilling that's been done, 3.2 at 3.8% copper, 4 m at 1.5, 7 m at just under a percent copper, and so on. You can also see the zinc there as well. We're not talking about greenfields. We're talking about an existing mineralized system. What we're really trying to do now is focus on where is the massive sulfide, similar to a Golden Grove style, that's really going to look to try to drive some value in CZR . The image on the right-hand side shows a couple of things. The underlying image is the soil geochemistry. The orange and red colors are the zinc, and the green is the copper. Over the top of that, we have our drilling and our moving loop conductor plates. Back in June this year, we completed a moving loop EM survey over this, about 1.82 km long. What we've been able to identify is a series of very, very strong conductors, most of which have not been drilled before. Effectively, previous drilling has really just scratched the surface. The image on the right shows those conductor plates, but just in a 3D view, looking down. You can see the previous drilling and the colored discs are the copper discs there. Most, as you can tell from that image, most of that drilling has not intersected those plates. We have a plan to head back out there. We have about 3,000 m of RC to drill. 11 holes have been planned. We're really excited about this particular area because they can occur in clusters of VMS deposits. Just a little bit of a schematic section there as well where we've overlaid our conductor plates on the long section from Golden Grove just to show what it looks like. You can see, even compared to Golden Grove, it really is just touching the top of these VMS systems. In fact, it wouldn't have even hit Scuttles, which was the first deposit that was mined at Golden Grove. Another very, very exciting project for us to get out and start exploring. Now the third pillar of our exploration portfolio is Yarraloola. Obviously, this is an exciting project for us because it's already delivered $75 million cash to CZR . We only sold one part of this project to Rio Tinto and the Robe River Joint Venture partners, which was Robe Mesa. The retained tenements, you can see there in blue, and the red color is the channel iron deposit or the iron ore that still remains. Our focus is now going to be on developing up Peters Creek to the north and Darnells to the south. We know this area very well. We know what the market expects from export-grade iron ore. We still have our joint venture share in our Ashburton Link port export facility. We are going very hard at this as well, going to develop this up, look to rapidly move it to resource definition, and from there, look again to try to monetize this asset as well. We plan to be out here towards the end of the year. As with most things, and you might hear this a bit today, heritage dependent. As long as we can get through that, we'll be out there drilling. Just onto the last slide and bringing you back again to our investment proposition. Very, very simple. We've got a market cap of only $64 million. We've got cash of $69 million. We are fully funded. We have no requirement for a dilutive equity raise, and we haven't raised equity since 2022. It says here drilling's imminent. That's because we hadn't started yet. We've started today. Expect results to start flowing through in the next few months. We're really excited about the rest of our asset portfolio that we'll be exploring soon. I'll just probably finish off by saying we've got assets in great locations, and we've now got a proven track record of being able to monetize these. We look forward to being able to let shareholders know exactly what we're going to be doing with all of the funds in our exploration portfolio in the coming months. Thank you.
CZR Resources Ltd (ASX:CZR)
Australia · Delayed Price · Currency is AUD 0.2500
+0.0050 (2.04%)
May 12, 2026, 4:10 PM AEST