Gateway Mining Limited

Thanks, Kyle. Okay, Gateway is a new company. We've been going for 12 months now. Having said that, this is one of the older ASX listed companies, but it's rebranded in August last year. So Gateway, in this iteration, was spawned out of Strickland Mining. So, or Strickland Metals. Strickland owned a tract of land east of Jundee in Western Australia. We drilled that one prospect. We sold that to Northern Star, and there was a residual acreage position that was kept. Strickland moved on to other assets offshore and, in August last year, we vended this asset into Gateway.

Gateway was sitting there struggling on the ASX. Go figure, it had a negative EV on the market. We took it over, vended the assets in for 40 million Aussie, and today we've got a market cap of a bit over 200. Orogenic gold is the picture here. We're in the Yandal Belt, and we've just made a reasonably significant discovery which we're super excited about. I encourage you to read the disclaimer at your leisure. It's online.

So putting a team back together, so, myself, Andrew Bray, Richard Pugh were part of Strickland. I'm still on the board of Strickland. And this iteration is basically bringing the crew back together, plus the two Davids who are well-known in Western Australia. So, as I mentioned, we've got a market cap a bit over 200. We've just completed a placement. Jupiter came in with 20 million of that. So that's Jupiter Asset Management out of London. So well supported elsewhere. So we have a cash position of around about 60 million at the moment. So we've got an EV about $150 million.

We've had a good 12 months. As I mentioned before, we kicked off with a negative EV when we took over the company and we're sitting with, as I say, an EV of 150. Strickland Metals, when we vended the asset out of Strickland, that was a pro rata distribution to shareholders and Strickland Metals have a residual 10% of Gateway. L11 is a company. It's not L1, it's L11. L11 is a company associated with Mr. Bray.

So we're in the Yandal. Yandal, you're probably aware: Jundee, Bronze Wing, Darlow and others. We're in the northern part and arguably the least explored part. Jundee is near us. As I mentioned, under the Strickland banner, we drilled out a prospect called Millrose, and that is an oxide deposit which Jundee had to have given they were short on oxide ore. There's an obvious marriage there at some point. We'll see what Gold Fields do with Northern Star but this part of the region is what we have. We have a significant position that is likely to contribute significantly in further oxide ore, which is getting rare in that part of the world.

So we've done a lot of aircore in 12 months, 160,000 meters. We're chasing orogenic. There's splay structures as well, which we're targeting. We've got an RC rig on site. We've got two diamond rigs arriving this week. We've got another two diamond rigs arriving prior to Christmas. So we'll have four diamond rigs and one RC rig pushing hard, and that's the way we like to deal with assets. This is a grossly underexplored area. We understand the area well. We've broken the geochem and the geophysics in a way and now it's down to pinning the ears back and drilling it hard.

So the Celia Shear is what we're chasing. So that's the orogenic part. We do have a small resource in the north, which is 400,000 ounces. That's an area which has a series of deposits. Some of those are yet to be fully drilled out, but 400,000 ounces of start-up there and we expect to see more of those sorts of size deposits up in the north. Where we are in the main part of the Celia Shear, we expect to see much larger deposits, if you will, and I'll get onto that on what we've hit just recently.

So a bit further south at the Celia Shear, this is where we just announced a few weeks ago, 41 meters at two grams gold, including nine meters at 7.5. That nine meters at 7.5 isn't one meter at that sort of 50 or anything like that. It's a consistent 7.5 over those nine meters. So we're excited about that. But 40 meters at, 41 meters at two is obviously, we consider that to be a discovery hole.

So that Celia Shear, its tracks are about four and a half kilometers. It's a DMAG zone, so we flew MAG a while ago and we see this as the primary target along the shear. We've done a reasonable amount of aircore along, so we see the mineralization from surface. But this is the first real deeper drilling that we've done. So we drilled one other hole, which was fifty-odd meters at low grade. The hole dived, so we actually missed the structure, but we certainly were on the fringe of it. So this is what we're drilling out. This is the main target for us going forward.

Those browner boxes there is the air core drilling that was done. So you see meterage at four, six, 10, 20-odd meters at grade consistently over the length of that four and a half kilometers. So now that we're with the RSRC rig on site, drilling that discovery hole in a way has been exciting for us and now we're back in the diamond rig and move it pretty quickly. And this is what we're hitting. So in the air core, you see the Supergin-gine was hit and we had consistent drilling over four up to 20 meters in that and then drilling underneath into fresh rock. We hit the shear and that's the primary Celia Shear that is well mineralized.

So back on some of the air cores. So the air core is consistent over that four and a half kilometers. So when we say four and a half kilometers, that's a fraction of a 70-kilometer structure that continues to the north and the south. You see those pink dots at the bottom of the screen there. That's what we had when we took over last year and that was the air core drilling that was done. It was a little bit off the main structure, but well mineralized and then as we got into the iteration under Gateway, we moved further to the east and that's where we see the main form of the mineralization coinciding with the D mag zone.

So this system is large. We have, as I mentioned, about 70 kilometers of strike of the Celia Shear. Previously under Strickland and previous owners, the concentration was further to the north around Horse Well, Great Western and so forth. That's where we have a small resource, 400,000 ounces. But as you move further south, that mag work that was done has highlighted the structure further south and that scouting program with a significant amount of air core is what led to the indications and now the deeper drilling has effectively made the discovery.

I'm showing it in long section. So Cowser is the 4.5 part, 4.5-kilometer part of the Celia Shear. You see those green zones there. That's not 'cause they're not mineralized, that's because there's just no work that's been done or a little bit of work that's been done. Certainly nothing significant. So there's significant gaps along the extent of the Celia Shear in this part. Celia South, which is the northern part of Cowser and then Ward to the south is effectively continuations. Over time, we expect the name will consolidate. But there's a significant amount of mineralization in air core across many kilometers of the Celia Shear. Cowser is effectively the first cab off the rank. So we'll have two rigs on there and two rigs elsewhere, diamond rigs, over the coming months, so we'll be pushing the project reasonably hard.

And then elsewhere, having a look back further to the north. So this is an area which has had a reasonable amount of historical work. As I mentioned, 400,000 ounces exist. These are potty-style orogenic gold deposits. Only one has been drilled out to a resource state. We expect to see three or four, perhaps more of these smaller deposits, but combining that is getting reasonably significant. So we envisage this will be an add-on to what we see down the south and certainly truckable to a central mill or indeed Jundee.

And this is some of that work. All these deposits are named after horses for some reason. There's about three kilometers of strike where we see a reasonable amount of mineralization. So you're getting zones up to 30, 40 meters, plus gram, and sometimes consistently over two grams as well. And again, only part of that has been drilled out to a resource. This is secondary for us, but as I say, we expect to see further accretion of the ounces as we move forward.

So orogenic is what we're after. The southern part of the, or the central southern part of the Celia Shear is the main priority for us at the moment. We look at the splay structures as well, so there's gonna be add-ons from there. But the geophysics that was done, the mag that was flown, seeing the structure, seeing the lithology has been particularly important, and then the air core particularly important in zeroing in on the areas of interest.

We'll just have a closer look at Great Western to the north. So we're seeing a bit in the space structures, we're seeing a bit more silver-rich areas up there. Gold is consistent, but we're seeing a bit more silver in there. We're still working on why that is. But again, this would be a bolt-on to what we're doing further in the south. This is an area and a recent area for the prospectors, and good luck to them. They've been out there and there's about 1,000 nuggets that have been found in the Great Western area over the last year or so. Quite extraordinary. We see angulation on the nuggets, so they haven't traveled too far, and you'd obviously often see them attached to quartz. So this is probably part of the local intrusive there, but a lot more work needs to be done here. But the prospectors are certainly enjoying themselves, and we've bought a bit off them over time.

And the southern part of Great Western again is continuity of that regional play in the north of the areas. And we see reasonably consistent results in the northern part of the Celia Shear. And again, I come back to the point, these are effectively isolated deposits in a region that is likely to lead to multiple deposits, multiple pits, in truckable distance. Dusk till Dawn is another one. Large footprint. We see the shears. There has been some significant drilling, 30 meters at three and a half, and others. We do see zones of high-grade mineralization. And again, it's up to us to now do the resource drilling in drilling these out.

Before I sign off, I'll just quickly mention a couple other projects. So Barrel Maker was the asset which is south of Wiluna, which was held in Gateway before we came along. This is an area which has had a reasonable amount of work done over time. Those of you who know Western Australia well, Pete Langworthy was steering some of these programs. Very interesting in what we're doing here. We may take that out of Gateway and present it in another form similar to what we did with Strickland in creating Gateway.

Perhaps more importantly is Glenbre South. So that directly adjoins Benz's work. Benz has had certainly a purple patch over the last couple of years. Their drill-out work has led to significant discoveries there. They've got a market capitalization about 1.2 billion Australian dollars now, and we hold all of the contiguous ground. So we're immediately to the south. We've got a good land position there. And what happens geologically there: to the north, you see the Benz lithology and structure, and it's all bent around. That comes around into our acreage. So we're doing geophysics. Well, we've just completed geophysics there now. Doing a lot of geochem, and that will lead to further work out there. But that's one of the hotter parts of Western Australia at the moment, no doubt, and what Benz are doing, and we've got all the contiguous ground.

So we feel we're in a good position. We're only 12 months, new kid on the block, 12 months into the process. As I mentioned, this is an asset that we took out of Strickland. We vent it in the gateway for 40 million. We now with a cash position of 60 million Australian dollars. We've got two diamond rigs arriving this week. We've got another two arriving before Christmas, so we're gonna be pushing the asset hard. News flow will be good, of course. But I think we're on the cusp of something that's quite significant. We feel with the Celia, or the Cowser discovery, the 40 meters at grade is significant. We see it in fresh rock now. It's not just air core. We feel we've made a significant discovery. Now it's up to us to pin the ears back and drill it hard.

So on that note, I'll leave it there. Thanks, Colin.

Fantastic. Thank you, Anthony