Thank you for standing by, and welcome to the 29Metals June quarter investor conference call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Michael Slifirski, Group Manager of Investor Relations. Please go ahead. Thank you, Darcy. Good morning, ladies and gentlemen. My name is Mike Slifirski. Welcome to 29Metals' second quarter conference call. The call is being recorded and will be available for replay via the 29Metals website and the Open Briefing website. 29Metals Managing Director and CEO, Peter Albert, will commence the discussion before handing over to our Chief Sustainability Officer, Clifford Tuck, to talk to sustainability and ESG activities and achievements. Cliff will then pass to our Chief Operating Officer, Ed Cooney, who will lead you through our operating performance. Ed will pass to our Chief Financial Officer, Peter Herbert, to discuss financial performance before handing back to Peter Albert to facilitate questions and answers. Our Group Exploration Manager, Mark van Heerden, is also on the call, waiting to address any exploration questions during Q&A. I'd now like to hand over to Peter Albert to commence the discussion. Thanks, Peter. Thanks, Mike. Thanks for the introduction, welcome everybody, and thank you very much for joining us this morning. Mike's already done the introductions, so I won't do that again. I'll go straight into an overview of the quarterly results. Then, as Mike said, I'll hand over to Cliff, Ed, and Peter Herbert for a bit more color in each of their specific areas. First of all, as always, safety and health. There's been a significant improvement in the safety performance over the quarter, especially at Capricorn Copper. This has been especially pleasing given the labor challenges we've experienced across the business during the quarter. The Western Australian inquiry into the sexual harassment on FIFO sites released its second report in June. We're in the process of reviewing this report to understand any areas of our operations in which we could improve. Our indigenous working group, comprising members from across the business, has been active in identifying improvement opportunities. I'm pleased to say that we do not appear to have any endemic or specific concerns at either operating site, although we will always remain vigilant and demand that our values, commitments, and policies are well-articulated, shared, and adhered to. COVID cases have continued to be a part of our lives at 29Metals, but pleasingly, numbers on-site have been contained to a handful at any point in time. Absenteeism due to COVID and other winter illnesses has caused operational challenges, exacerbated by labor pressures, especially in WA. Nonetheless, our overall performance has been very pleasing, which I'll come to shortly. In our quarterly, you will read a fulsome report on our sustainability and ESG activities during the quarter, which follows on from 29Metals' approach to sustainability and ESG, released in May. Clifford Tuck will elaborate shortly. I'm pleased to advise that Tara Garrood joined us this week as the Group Manager of Sustainability and ESG. Tara brings a wealth of experience and capability in this area, and we are looking forward to significantly progressing our activities in this space in months to come. A highlight for me personally was attending the smoking ceremony at Capricorn Copper, a great experience helping to build our relationships with the Kalkadoon people. Also very pleasing was the attendance and participation of a large number of our team members at this event. Notwithstanding the multiple challenges related to absenteeism, COVID, inflation, and labor market pressures which continued to impact the whole industry during the last quarter, 29Metals' performance was solid. Copper production at 11,100 tons was an almost 20% increase on Q1. While zinc production, which is weighted to the second half of the year, was 10,800 tons, a decrease of approximately 12% on the prior quarter. Overall, on a copper equivalent basis of eighteen thousand two hundred tons, production was up by 15%. Importantly, our guidance for the year remains largely unchanged, with reduced zinc TC costs, a reduction in precious metals production, and a modest AUD 2 million increase in growth capital. Ed will discuss the production outcomes in more detail. Overall, we have delivered a solid quarter two result, and with some of the external factors predicted to abate in the balance of the year, we should continue to see good performance. Indeed, while we are still very early in quarter three, Capricorn Copper specifically has had a very strong start in respect to copper production. Commodity prices, of course, fell back during the second half of the quarter, which have had an impact on revenue, notwithstanding the improved production result. While 29Metals is, of course, a taker of prices, we remain, like most commentators, bullish on the long-term outlook for energy transition metals and especially copper. Our focus in any price environment is on delivering production and controlling costs. In relation to costs, despite industry-wide cost and inflationary pressures, our costs have been well managed across the business. The operating conditions we experienced in late 2021 informed our expectations for this year and largely played out as expected, albeit some costs have been higher than we had anticipated, such as, for example, diesel. High-grade underground mines typically consume less diesel and power, which is, of course, a competitive advantage for 29Metals. Nonetheless, we recognize that our unit costs on a backward-looking basis are relatively high compared to commodity prices. This is a reflection of 29Metals committing to capital projects to ensure the long-term sustainability and growth of the business. Noting that the 29Metals AISC reported numbers are almost a complete see-through to total business costs. With higher production in the second half of the year, unit costs will reduce, and if required, we're able to optimize our capital spend to further enhance unit costs. Access to labor and labor costs have remained a significant issue for the industry, with historically low unemployment rates prevailing across the country. 29Metals remuneration, attraction, and retention strategies are continuously reviewed and updated as necessary, and we have been successful in balancing business costs whilst retaining our teams and recruiting new members as required. In relation to my prior comment regarding investing for the future, a number of key projects have been advanced in the June quarter, including the paste fill plant at Golden Grove now being commissioned with the first paste to be placed at Gossan Hill in August. The ventilation upgrades that have been completed in recent months are now delivering cooled air direct to the Xantho Extended mining front. The chilling plant and booster fans at Gossan Hill have been ordered and due for delivery by end of the year, which will further enhance operating conditions at Xantho Extended. The next tailings storage facility extension at Golden Grove is underway and is due for completion in the December quarter. The Cervantes PFS is well advanced and will be completed in the September quarter. At Capricorn Copper, the new ventilation shelf has been concrete spray lined and the new fans installed and will be commissioned in this September quarter. Exploration activities at all three sites continued during the quarter, and we anticipate providing a more fulsome report early in this current September quarter. In terms of financial outcomes, I've reflected on revenue previously and Peter Herbert will talk in more detail about those outcomes, noting that we will be releasing our half-year results in late August. I'll now hand over to Clifford Tuck to give us a bit more color and insight to our sustainability and ESG report and some of our plans for this year. Then Cliff will hand over to Ed Cooney, the COO, on production activities at the two operating mines, and Ed will then hand over to Peter Herbert on commercial and financial. Over to you please, Cliff. Thanks, Peter, and good morning, everyone. In the quarterly report released today, we've outlined our sustainability and ESG activities during the quarter, including our progress against the priorities for 2022 that were outlined in our annual report. The presentation of sustainability and ESG in the quarterly report has been updated to reflect the 29Metals' Our Approach to Sustainability and ESG, as launched in the annual report. In this way, and on an ongoing basis, 29Metals seeks to report its performance and activities as it has under previous quarters, as well as outlining progress against our sustainability and ESG priorities for the year. As you'll see from the quarterly, there was a lot of activity during the quarter. With the First Nations Welcome to Country and Smoking Ceremony at Capricorn Copper in June, as mentioned by Peter, a highlight, both from the perspective of engaging with our First Nations stakeholders and also because of the enthusiastic participation and interest shown by our workforce. Events such as these provide a strong foundation for a long-term sustainable relationship with the custodians of the land where we conduct our business. Waste and water management at both operating sites remains a key priority, with activity on both fronts and the formulation of further initiatives to reduce waste notable across both sites. Pleasingly, as shown on the report, we've also made progress against all of 29Metals' published 2022 sustainability and ESG priorities. This has included commencing work on better understanding 29Metals' emissions profile to inform how we look at emissions targets under our TCFD roadmap, also launched in the annual report. Our work to promote a safe and inclusive workplace progressed on a number of fronts during the quarter, with improved safety performance reported, as well as activity to identify potential barriers to an inclusive workplace environment and rolling out 29Metals policies, regarding workplace behavior and code of conduct. In that rollout, we've highlighted the support available to our workforce and the different mechanisms through which concerns may be raised if they arise. Workplace behavior remains an important topic for all of us in the sector. We're working through the findings and recommendations of the second report of the WA Parliamentary inquiry regarding sexual harassment against women in FIFO, released late in the quarter, so that we can identify any opportunities to enhance our workplace environment and safeguard against the sorts of behaviors that have been highlighted by the inquiry and media. In summary, a lot of activity across sustainability and ESG at 29Metals, and with more to do. As Peter mentioned, we have bolstered our internal capacity to further shape and implement 29Metals' strategy in this space with the targeted recruitment of our first Group Manager, Sustainability and ESG. We're very pleased to have welcomed Tara to the spot and look forward to working with her and the broader management team as we move forward. We look forward to updating you and the market further in future quarters as we advance our approach to sustainability and ESG. With that, I will hand over to Ed. Thanks, Cliff, and good morning, everyone. In terms of production, as Peter mentioned, the June quarter saw an improvement on March quarter's performance, with metal production of both operations higher. Copper, gold, silver, and lead were all higher, with zinc lower. At Golden Grove, our mining volumes were lower relative to the March quarter, largely as a result of ongoing related absenteeism levels, combined with the difficult labor market, particularly in WA, and exacerbated late in the quarter by seasonal winter illness. The labor market in general remains challenging. However, 29Metals, along with our contract partners, continue to both attract and retain good people. To best advantage of available resources, we have adjusted our operating plans to exploit ore sources nearer to surface, where ground support and truck haulage requirements are both lower. Some of these sources do contain lower precious metal by-product credits, which has contributed to the updated guidance range for gold. Ventilation upgrades remain a key focus for us, with further progress made during the quarter. We have now established fresh air delivered to the Xantho Extended decline phase, which has significantly improved operating conditions. As a result, we do anticipate advance rates in the decline to improve during the second half as a result. In terms of the mill, throughput was marginally lower than the March quarter, which was impacted by a higher proportion of relatively harder copper ore and some additional planned downtime due to labor availability. Mill tonnes were higher than mine tonnes, reducing surplus ROM stockpiles. During the March quarter, we sustained a failure of our zinc regrind mill. Sourcing replacement components and labor to rectify this issue has taken markedly longer than anticipated. However, maintenance activities to reinstate the mill have commenced during the June quarter, and we expect the mill to be reinstated in the September quarter. Moving on to Capricorn Copper. We produced higher copper metal production relative to the March quarter on the back of improved grades. Mining volumes improved as a result of both lower absenteeism rates and a moderation of the seasonal factors experienced earlier in the year. On the back of good mining performance, we ended the quarter with good ROM stocks ahead of the mill. Grades mined also improved relative to the March quarter, largely due to improved grades from the Esperanza South sub-level cave. Ventilation projects advanced with the installation of two new surface fans following completion of the vent shaft. Commissioning of the fans is expected imminently, which will serve to improve operating conditions at the lower operating levels of Esperanza South. In terms of the mill, volumes were marginally lower than the March quarter due to higher than planned downtime and reduced throughput rates associated with a higher proportion of harder ore types. Feed grades and recoveries both improved relative to the March quarter. Moving on to exploration. During the quarter, drill testing of prioritized areas continued at both Capricorn Copper and Golden Grove, along with regional drill testing of the Eagle's Nest and Grey Ghost targets at Capricorn Copper, and completion of field work for the season at Redhill and Southern Chile. At Golden Grove, drilling of Cervantes ore body below Scuddles continues to deliver good results, with a focus on infill drilling the upper extents of the ore body. Drilling below the ore body indicates further expansion drilling is warranted. Drilling will continue in the September quarter. Drilling also took place at Xantho Extended, targeting the conversion of the deepest parts of the known resource and has highlighted opportunities to add to the mineral resource's estimated down plunge, along strike. Extension drilling also occurred at Contabile, north of Gossan Valley. These holes focused on testing south of the existing mineral resource estimates towards Gossan Valley. This drilling has not intersected any significant sulfides and has concluded for the year. Contabile does remain open down plunge. Drilling is planned to occur at Xantho Extended, Cervantes, Oizon, Hougoumont, and Xantho Extended North during the September quarter. At Capricorn Copper, near-mine surface drilling focused on Esperanza South, with a combination of resource conversion and extension drilling undertaken in the quarter. Results of this drilling have been very favorable and warranted commitment of an additional AUD 2 million to expand this program and continue drilling into the September quarter. Underground drilling also occurred across the three ore bodies, Greenstone, Mammoth, and Esperanza South. Regionally, drilling occurred at Grey Ghost, with 3 reverse circulation holes completed and assay results pending. Drilling at Eagle's Nest also commenced in the June quarter and continues into the September quarter with a total of 3 holes planned. Looking forward, planned regional activities for the remainder of the year include ground geophysics at 6 regional prospects, as well as some minor drilling at Merlot and Crochettes East prospects. At Redhill, the field season has now concluded. In total, 393 holes were completed using portable small drills to obtain rock samples below the peat cover. Field mapping was also completed, identifying other prospective veins at Cutters and [Onguis.] Rock samples from this mapping campaign have been sent for assay. A drone-based magnetic survey was also conducted as part of the field season. All assay results are expected to be returned in the September quarter. I'll now hand over to Peter Herbert to address financial outcomes across the business. Thank you, Ed. Now starting with revenue outcome for the quarter. The 29Metals revenue of AUD 165 million in the June quarter declined on the March quarter result, reflecting flat copper sales for the quarter, with increasing copper volumes at Golden Grove offset by lower volumes at Capricorn Copper. Lower sales of zinc and silver, partially offset by higher gold sales in the June quarter. Lower prevailing copper commodity prices, resulting in a materially negative QP adjustment of approximately AUD 44 million on realized and unrealized sales. Turning to costs. Group site costs in the June quarter were approximately AUD 5 million higher than the prior quarter, reflecting increased cost of diesel. At Capricorn, higher mining activity levels and a planned mill shutdown completed during the quarter. At Golden Grove, a write-down of obsolete stock and other G&A expenses. Group C1 absolute costs were approximately AUD 8 million higher than the March quarter, reflecting the higher site costs just discussed. A stockpile credit of approximately AUD 12 million, reflecting the timing difference between higher production and sales. Lower by-product credits due to lower sales of zinc and silver and reduced commodity pricing during the quarter. Group transport and TC/RC costs were flat quarter-on-quarter. Group AISC absolute costs were AUD 2 million higher than the March quarter, reflecting the higher C1 costs, partially offset by lower royalties, sustaining capital, and capitalized development. AISC unit costs of $3.57 per pound U.S. were marginally higher than the March quarter, reflecting cost outcomes and flat copper sales for the quarter. Unaudited cash at 30 June was approximately AUD 228 million, an increase on the unaudited cash balance at 31 March of AUD 188 million. Reflecting a strongly positive working capital movement due to the timing of sales prior to the end of the quarter. The reversal of working capital which accumulated during the March quarter. The settlement of approximately $11 million of out of the money hedges and a positive mark-to-market of approximately $8 million on U.S. dollar-denominated cash balances. Following the hedge settlements in the June quarter, approximately 3,200 tons of pre-IPO copper hedges remain in place, all of which will crystallize in the September quarter. Draw on debt remained constant during the quarter at $150 million. 29Metals will make its first principal repayment of its term loan facility at the end of the September quarter. Finally, following further engagement with the WA Office of State Revenue, 29Metals expects to receive an interim assessment stamp duty payable in connection with the acquisition of Golden Grove during the September quarter. As a reminder, 29Metals recorded an AUD 26 million provision in relation to stamp duty in its full-year account released in February. Thank you for your time. Back to you, Ed. Thanks, Peter. Darcy, that's the presentations complete. We're now available for any questions from the audience, attendees. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. The first question comes from Tim Hoff from Canaccord. Please go ahead. Thanks, guys, and well done on the result today. Just at Golden Grove, you've given an update on Gossan Valley, and Xantho is looking to bring that into the mine plan earlier. Just given the rapid deterioration of pricing and some of the cost inflation that we're seeing across the street at the moment, yeah, how does that change your thinking, if pricing doesn't improve? Do you end up pushing back Gossan Valley development? Well, thanks, Tim. Thanks for the question. That work is still in play as I think Ed indicated there. Obviously, we're looking at all of those factors. We don't have a conclusion at this point in time. As we've never formalized which of those would come first. The Xantho is obviously a brownfield extension has certain advantages in terms of time and cost, and that may well be the way it plays out. We get to see that come to a conclusion. In terms of the current commodity price, of course, we're, as I said earlier on, looking to the future and building a business for the future. We're not at this point in time considering a delay to those projects, notwithstanding that we haven't decided exactly when they may or may not come into the business. You know, we're using our long-term commodity price outlook in terms of evaluating those projects, but also we'll look at sensitivities as we evaluate those projects. No specific answer at this point in time, but certainly not considering delays as you have indicated in your question there, Tim. Yep. Excellent. At Capricorn Copper, obviously, your unit cost there is at all-in sustaining level above current pricing. Just wondering how much of the AUD 0.80 differential, which is probably sustaining capital, you could perhaps cut out, and work on that side of the equation, but also on production rates. It was good to see the lifts there. Is that something you can anticipate sort of improving going forward or sustaining at those levels? Whether there's an opportunity to be lifting in production as well. Attacking that unit cost on both ends of that equation. No. Both of those contribute to the AISC outcomes, of course. A couple of comments. I mean, our AISC at 29Metals almost a complete see-through to our total cost. There's very little that's not included there. On a relative basis, need to understand that. Notwithstanding that, yes, AISC at Capricorn at these levels is higher than current copper prices. We recognize that. We have operated at Capricorn at much lower copper prices than today and sustained the business. You know, we know what we would need to do if the prices fell further and were sustained. Notwithstanding that, in terms of the numerator and the denominator that you've discussed them, certainly copper production, as we've indicated in our preamble, was at a very good start to July. No numbers, of course, Tim, we can talk to today. That's what we have always anticipated, that as we get into the depths and as we get deeper into Esperanza South, that ore body at Capricorn that provides 60%-70% of the feed to the mill, more tons per vertical meter and improved grades. That's really what we're anticipating and what we're experiencing at the moment. Yes, certainly on the production side and that component of the equation, anticipating that increase, and in terms of outcome on our production side. In terms of the cost side, as I said upfront, you know, if we needed to, we could pare back. We're really thinking about the future, and we're making capital commitments for the future. Certainly there are opportunities if we had to modify that and to reassign. Certainly our investment is really committed to the future of this business and the long-term sustainability of the business. The capital that we've deployed last year and this year has really been at the higher end of where we would normally expect it to be, really making those longer term commitments to the sustainability of the business. Hopefully that answers your question there, Tim. Yeah. No, that's good. It sounds like it's a downward trajectory, which is a positive. I might hand it over. Thank you. Thank you. Your next question comes from Daniel Morgan, from Barrenjoey. Please go ahead. Oh, hi. Just looking at the expansion studies that are due in the next quarter, can you just talk about the scope of those and obviously the commodity price outlook, where that's deteriorated a lot similar to the tenor of Tim's question? Does that cause you to delay these studies or modify them in any way? Do you rightsize it, make it smaller? You know, or will you just present those studies to the market and? Yeah. Thank you. It's a question related to Cervantes and Gossan Valley strategy. Oh, yeah. Sorry. I should have been clearer. Yes. Sorry, Daniel, just to recap, the question was in relation to those studies. I missed a bit of that. Did you delay or change the scope of the studies, or do you proceed with what you've got, Capricorn Copper and Gossan? Oh, we're proceeding, Daniel. We're certainly proceeding. We're looking to bring those to a conclusion in the near term. As articulated a number of times over the last few months, we're looking to get information on the outcome in this coming quarter. I'm not too sure if that answers your question, but that's. Yeah. Thank you. I guess similarly, I know commodity prices have suddenly and severely dropped, and they've only been low for, you know, call it five minutes. You don't manage your business to short-term movements in commodity prices. But you know, just wondering if that's entered your thinking about the you know, whether you need to rightsize you know, any operations. Can you reduce production, high grade to bring costs down, particularly at Capricorn? Or you know, if situation persists, is this something that you might need to look to mothballing? Thank you. Certainly not looking to mothball anything there, Daniel. As I indicated just now in response to Tim, we anticipate copper production enhancing, improving at Capricorn, which will as improve those financial outcomes markedly. You know, no. And no, we're not looking at high grading or anything like that. It's a sub-level cave. And you know, the efficiency, mining efficiency there, tons per vertical meter. As we get into that cave, then the cost in terms of the tons extracted and the grade increases, you know, that all works for us. The real focus is on the efficiency of existing operations. Certainly not looking to make any changes to high grade and therefore put constraints on the future of the business. Far from it. Okay, thank you. Do you mind just reminding us how your QP adjustments work? I know that obviously it's a material movement, and you give it and you get it and you give it back, obviously, when commodity prices change, but just what's the mechanics of it? Yeah, sure. We at the end of each, well, actually, at every month, or at the end of the quarter in this instance, we mark to market, you know, our sales for the quarter. What that mark to market picks up is the sales from the prior quarter that settled with a negative adjustment as prices declined. But also the sales during the June quarter that are yet to settle, or indeed were already recorded and then needed to be adjusted down, it also picks up that amount as well. It's prior period sales that settle as well and sales that will settle in future periods. The way that is done is by picking up the forward curve of commodities and applying that against the expected settlement dates of those sales. Hopefully that answers your question. Okay. Thank you very much. Thank you. Your next question comes from Chris Cahill from Quest Asset Partners. Please go ahead. Oh, thanks. My question is in relation to Golden Grove and your discussion about mining nearest surface due to labor shortages. I'm just wondering, what can you say in the September quarter to the extent that will improve and you'll be able to go deeper for better grades, particularly in zinc, given the labor situation? Oh, Ed, want to respond to that? Yeah, I mean, for the remainder of the year, we have adjusted the plan for the remainder of the year, sorry, I should say. You know, given current constraints, I guess the relative tonnes from depth will reduce and the relative tonnes from nearer the surface will increase. We envisage that will continue. That's not to say there won't be mining at depth. You know, we are very active in Xantho Extended and other ore bodies. Aggregated, the weighted average depth of material movements will be nearer the surface for the remainder of the year. Thank you. Your next question comes from Rahul Anand from Morgan Stanley. Please go ahead. Oh, hi, Peter and team. Thanks for the opportunity. Look, I've just got one question relating to Golden Grove. Obviously, you've had a one-month delay for that paste fill plant. I wanted to understand in terms of your zinc guidance, which hasn't been updated today, if we do have any further delays in that paste fill, how should we think about the guidance, especially given the year-to-date run rates are clocking, you know, about 20-25% below guidance on a run rate basis, and they are somewhat reliant on that paste fill plant coming in for your zinc production to increase on the back of Xantho Extended grades? If you could perhaps provide a bit of sensitivity or how we should think about the risks to that. Thanks. Yeah, Rahul. I'll take that one as well. The zinc grades relative to the first half are expected to rise in the second half. That's not simply a function of Xantho Extended. It's other ore bodies as well, including some ore bodies nearer to surface, such as D- Zinc. Yes, absolutely. Stope production from Xantho Extended will be contingent on the successful commissioning of the paste fill plant. We intend to trial the paste commissioning in a separate ore body near surface to iron out any kinks, ensure, you know, all the QAQC passes the requisite checks, and then commence direct delivery of paste fill into Xantho Extended in August. Any delays to that may impact production out of Xantho Extended, but some of the zinc or quite a large portion of the zinc from Xantho Extended for the remainder of the year is also from ore body development, which should mitigate any impact. Okay, if I got that right, August is when you're expecting the paste fill to be fully up and allowing production from Xantho Extended or backfilling for Xantho. Yeah. We've. The first 45-meter height stope is currently in production at Xantho Extended. That will be the first stope that paste fill goes down, aiming for paste delivery in August into that stope. Perfect. Okay. Well, that's clear to me. Thank you. Thank you. Your next question comes from Alex Papaioanou from Citi. Please go ahead. Hi, Peter and team. Just one question from me. Are the lower than planned mill grades and recoveries at Capricorn Copper likely to continue past this current financial year? Thanks. Are you able to repeat the question, please? Sorry. Lower grade recovery from Capricorn Copper will it continue beyond this financial year? Lower grade? Yeah. Well, for the remainder of this year, we're anticipating higher grades out of Capricorn Copper, really a function of where we are in the sub-level cave and Esperanza South, as we move into the middle of the cave. We expect the grades to pick up. Recoveries, I would say Capricorn Copper has been performing very well this year, and we expect they will continue for the remainder of the year. Okay, thanks. Thank you. Once again, if you wish to ask a question, please press star one on your telephone keypad. The next question comes from David Radclyffe from Global Mining Research. Please go ahead. Hi, good morning, Peter and team. My first question is just one twist on an earlier question about growth at the moment in the current market. Have you thought about extreme change in strategy here in terms of the organic opportunities you've sort of outlined versus M&A? Obviously, it's still hard to deploy capital in places like WA. Do you start to see more value coming into the market now or, and more opportunities on the M&A side? That was interesting question. Yeah, not yet, but one would anticipate that that's likely to be the case. We're in terms of inorganic opportunities, we've always said and said quite clearly in the last few months, you know, we're opportunistically interested in the right opportunity, the good opportunities. But our focus is on delivering value and value accretion, not growth. Yes, we're certainly would be interested, but we're definitely you know what we would anticipate that in the current circumstances, we'd see more realistic value on some of the assets that may be in the marketplace. It's early days yet, David, but certainly watching with interest. Thanks. The sort of natural follow-up then comes to obviously cash building on the balance sheet, whether you're feeling a little bit more conservative now and you'd rather hold that cash, or whether, you know, you're still considering things like dividends in the short term. Look, I think the natural point for us to accept that is through the release of our half-year financials. I think we flagged that previously as a bit of a waypoint for us. Look, any consideration there will naturally take into account, you know, a look forward, you know, of the needs of the business. It's clearly too early to speculate on that, but it will naturally look at those sorts of things, including our forward view on projects and cash generation. All right, brilliant. Thank you. I'll pass it on. Thank you so much. The next question comes from Matt Greene from Credit Suisse. Please go ahead. Hi. Good morning. I've just got a follow-up question from Daniel's on pricing. Peter, are you able to give us a sort of a quantum or percentage of sales in the June quarter that will be provisionally priced in the September quarter? I don't have that number specifically in front of me. I mean, there is sort of a, you know, our sales are generally fairly even through the year. It's not that we have too many months that are terribly lumpy. I couldn't comment on whether this month specifically has a higher percentage or not. Apologies, don't have those numbers at my fingertips. No, that's fine. Thanks. I guess just on Golden Grove to start with, the maintenance on the zinc regrind mill. Are you able to isolate that when it comes to fixing it? Or will this require a whole mill shutdown? No, no, that's it. It's able to be isolated. Very isolated. Okay. So it sounds like you're commencing that now. When do you expect that to be back up and running? I'd hope by the middle of the September quarter at the latest, I would hope. Cool. Thanks. Just on energy pricing, more broadly, I guess Capricorn Copper, you signed that gas contract with Senex at the start of the year. Three-year contract. Sounds like it's fixed pricing. Are you able just to provide some commentary or if there's any linkages to what we're seeing in the broader gas markets or, are you seeing sort of minimal cost escalation now on the energy? You're right. That contract is fixed pricing, so not subject to any escalation this year. Probably couldn't comment on the broader gas apart from what's reported in the media. You know, the energy impact that we are feeling absolutely is diesel related truck haulage rather than main power supply to the sites. Okay. Look, thanks very much. Thank you. There are no further questions at this time. I'll now hand back to Mr. Albert for closing remarks. Well, thanks, Darcy, and thank you, everybody, for good questions this quarterly. It's a good thorough set of questions there. Hopefully, we've been able to address and respond appropriately to those questions. Certainly, as always, willing to enable and available for follow-up. Mike Slifirski being the first point of contact. But certainly we're all available to respond further. Well, thanks, Cliff, Ed, and Peter for your presentations. A couple of closing remarks from me, Darcy. As I reported at our last quarterly update, we did expect a flattening and a gradual decrease in the absenteeism curve in the June quarter, which we have seen. Although Western Australia was impacted, still impacted more significantly than Queensland. Nonetheless, as we've reported, production for the group across the quarter has been solid, and we are well-positioned for further production improvements during the balance of the year, and we've made some reference to those today and a bit of focus on what we're anticipating out of Capricorn through the rest of the year. The mining industry is normally a cyclical business, which in this cycle, and a few questions around that this morning, has been exacerbated by the pandemic and other geopolitical factors. While we are currently experiencing a downturn in commodity prices, in my opinion, the fundamentals of transitioning to a green and decarbonized economy and meeting global net zero targets is stark. Copper is the key commodity which the world will be desperately short of in the near future. S&P this month released a report that concluded that copper demand by 2035 would increase to 50 million metric tons from 25 million metric tons today, a doubling of demand in the next ten years. It's hardly comprehensible. It's mind-boggling, that equation. 29Metals is positioned and is continuing to position itself for this future. We are investing in sustainability and the future of our business. We will continue to review growth options, both organically and inorganically, and we had a good question on that just now, in order to deliver optimum returns to our investors and other stakeholders. In my opinion, the current reversal in prices will be short-lived. 29Metals will focus on those aspects of our business that we can control and will sustain the business today and for the bright future ahead, i.e., focusing on production and costs. Thank you, everybody, for listening to our presentation today. We'll close off there, Darcy. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.