Willie Labuschagne
Executive Chairman & CEO

Okay. I think let's start. Good morning, everyone, and welcome to the Aeris Resources quarterly presentation. I will take you through the presentation. End of the presentation, there will be time for Q&A. [Operator Instructions].

I guess to kick off, again, a strong quarter. The balance sheet are getting stronger every quarter. And really, this is sort of setting Aeris up for a very good FY '27. But quarter-on-quarter for the last 3 quarters, the business has improved quarter-on-quarter, and we're very pleased when you see the numbers that the balance sheet keeps on looking a lot better.

Just sort of stepping through the presentation. We're still forecasting to achieve that 40,000 to 49,000 tonne copper equivalent as per the guidance. The development projects, they're all progressing well. You'll see when we talk through it.

At Jaguar, we started the exploration drilling for the base metals in the last few weeks and Stockman feasibility study is getting closer to being able to release. On the exploration side, as we said before, we're putting a lot of effort and money into exploration this financial year, and we're targeting around that $30 million spent this financial year on exploration. And clearly, the focus is on extensions of those resources.

The growth, as everyone probably on this call know, the Peel transaction is ongoing, and we'll touch on Peel a little bit in the presentation in the back end. We put this strategy up in the beginning of the financial year. And really, we're getting to a point we can tick most, if not all, of those boxes.