Thank you for standing by, and welcome to the 29Metals Limited September Quarter Report. 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 Michael Slifirski, Group Manager, Investor Relations. Please go ahead. Thank you, Betsy. Good morning, ladies and gentlemen. My name is Michael Slifirski. Welcome to 29Metals September Quarter 2022 Production Report Conference Call. The call is being recorded and will be available for replay via the 29Metals website and also the Open Briefing website. 29Metals Managing Director and CEO, Peter Albert, will commence the discussion before handing to Chief Operating Officer Ed Cooney, who will lead you through the operating performance. Ed will pass to our CFO, Peter Herbert, to discuss financial performance, and then pass on to Group Geology Manager, Mark van Heerden. Mark will then hand back to Peter, who will facilitate Q&A. Now, I'll now hand over to Peter to commence discussion. Thanks, Peter. Thanks, Mike, and thanks for the introduction. Welcome everybody, and thank you for joining us this morning. Mike's already done the introductions. I would like to start by reflecting on the two tragic fatalities at Western Australian mines last week, and also the passing of one of the Australian mining industry's most well-known and respected figures, Peter Bradford. A sad week for the mining industry and for all of us. In terms of 29Metals' specific safety performance, a very pleasing quarter with our TRIFR reducing meaningfully. What is not shown in the quarterly data points is the focus by our site teams on leading indicators such as hazard identification and leadership interactions. They have been doing a great job. COVID impacts have been relatively minor, while overall absenteeism, still an impact, has reduced significantly during the quarter. While labor pressures still persist across the industry, especially in some specific technical discipline areas, we have largely held our own. Our mining contractor, Byrnecut, has successfully recruited and trained additional personnel. An area of ongoing focus for us is the recruitment of women in all areas of the business. Gender diversity is a key driver in our recruitment and retention activities. Talking about Byrnecut, we were very pleased to sign a new five-year contract with Byrnecut for Golden Grove, commencing on first of October, just gone. Byrnecut has been a good partner to work with, and the new contract is effectively on the same terms as the prior arrangement, with additional joint commitments in the sustainability and ESG space to be realized over the term of the contract. Overall production across the business has been pleasing, meeting or exceeding all of our planned metrics. Both copper and zinc production at 12,300 tons and twelve thousand five hundred tons respectively, were the best quarterly production numbers for this year. Copper production from Capricorn Copper at almost 7,700 tons was a very strong quarter, with good melt, tons, grade, and recovery. Golden Grove copper production at 4,600 tons was a solid outcome, and zinc at 12,500 tons indicates an increase in zinc production profile, which should grow in the fourth quarter, as previously advised to the market. The group's copper equivalent production for the quarter at 19,800 tons is the best quarter so far this year and the second-best quarter in the past seven quarters. Ed will discuss production outcomes in more detail. Commodity prices have largely remained stable through the quarter, with copper between approximately $3.40 a pound U.S. - $3.60 a pound U.S. Notwithstanding commentators predicting a softening in prices for 2023, 29Metals has a longer-term bullish outlook, supported by the inevitable demand requirements for copper to support the decarbonization thematic. Nonetheless, our focus in any price environment is on delivering production and controlling costs. In relation to costs, while absolute costs are higher quarter-over-quarter, this is largely related to higher activity with some higher input costs such as diesel. For some commodity inputs, we are seeing cost increase momentum decreasing and indeed reducing for some inputs. Group C1 and AISC unit costs decreased quarter-over-quarter despite higher absolute costs as a result of higher production outcomes. We continue to commit expenditure to sustainability projects for the long-term operational security and growth of the business. As noted earlier, labor pressures persist across the industry, although with the review of remuneration, attraction, and retention strategies in the first half of the year, our turnover rates have plateaued, and we have been successful in recruiting some of the more challenging technical roles. In relation to my prior comment regarding investing for the future, a number of key projects have been advanced in the September quarter, including the paste fill plant at Golden Grove is now delivering paste to an underground stope at Gossan Hill. Optimization of this facility continues, and we are pleased with the performance to date. The chilling plant and booster fans at Gossan Hill remain on track for delivery by the end of the year, which will further enhance operating conditions at the Xantho Extended ore body. The latest TSF extension at Golden Grove was almost complete by quarter end. The Cervantes and Gossan Valley studies were completed during the quarter, and we are now undergoing final review in preparation for a market update in the near future. Exploration results reported during the quarter across all three 29Metals assets was very encouraging. Further drilling results at Cervantes continues to support the potential for this ore body, and we are now advancing an infill drilling program. At Capricorn, the at-depth drilling at Esperanza South demonstrated at least sustained grades at greater widths, reconfirming the thesis of potential increased tons per vertical meter as we advance deeper at ESS, Esperanza South. At Red Hill, the remaining results from the exploration program earlier in the year were released and demonstrated extensions to vein systems and some very encouraging copper and gold results from the rock and chip samples collected. In terms of financial outcomes, Peter Herbert will discuss in greater detail, but a couple of highlights. Strong revenue of close to AUD 200 million despite the reduction in commodity prices quarter-over-quarter. First debt repayment made and copper hedges now fully closed off from early October. Of course, the payment of our first dividend during the quarter, which should have hit bank accounts sometime in the last few days. I'll now hand over to Ed Cooney, the COO, Chief Operating Officer, on production activities at the two operating mines. Ed will then hand over to Peter Herbert to talk about financial and commercial outcomes. Finally, Mark van Heerden will discuss some of the exploration outcomes. Over to you please, Ed. Thanks, Peter, and good morning, everyone. Well, the September quarter saw an improvement on both March and June quarter's performance with overall group metal production higher. Copper, zinc, and lead were all higher, while precious metals were lower. At Golden Grove, mining volumes and development advance were both higher relative to the June quarter and principally due to lower absenteeism levels. The extraction of zinc sources from underground increased consistent with the mining schedule. At quarter's end, there was circa 100,000 tons of ROM stocks ahead of the mill, comprising predominantly zinc ore. The December quarter mining plan will continue to focus on extraction of zinc ore sources, with zinc production expected to be materially higher than the September quarter. At Xantho Extended, production from the first was successfully completed, with the stope currently being backfilled. Good progress was made with installation of the additional surface cooling plant, which remains on track for commissioning in the December quarter. This will provide further chilled air capacity to improve operating conditions at Xantho Extended during the upcoming summer months. Procurement of underground booster fans, unfortunately, has been delayed, with expected delivery moving into the March quarter. The paste fill plant installation and energization were completed, with fill being delivered into the first stope, and commissioning will continue in the December quarter to ensure performance criteria associated with both the plant and the fill are being achieved. In terms of the mill, throughput was lower due to the completion of a planned ten-day maintenance shutdown, and mill rate limitation applied during construction of the TSF lift, which was impacted by rainfall delays. The TSF lift will be completed in the December quarter, and the milling rate limitation was lifted by quarter end. As a result, mine tons exceeded mill tons, increasing surface ROM stockpiles. The zinc regrind mill, which sustained a failure during the March quarter, was reinstated, and this combined with higher feed grades and lower pyrite levels in the zinc feed, contributed to higher recoveries. Unit costs at Golden Grove for the quarter were influenced by higher mining activity levels, the maintenance spend associated with the planned shutdown, lower by-product credits, higher sustaining capital costs coinciding with the TSF lift and the cooling plant installation and lower copper sales. Moving on to Capricorn Copper, which had a particularly good quarter with more than 7,600 tons of copper produced on the back of significantly higher tons milled, improved feed grades, and better recoveries. Mining volumes were lower due to reduced draw point availability at the sublevel cave, Esperanza South ore body, which also incurred some interruption as a result of ongoing commissioning of the recently installed surface fans. The fans are expected to be successfully commissioned during the December quarter. Grades mined were higher from all three ore bodies. Higher tons milled was the result of a focus to lift runtime by the processing and maintenance teams earlier in the year and enabled by the good opening ROM stocks at the beginning of the quarter. Unit costs at Capricorn Copper were influenced by overall flat site costs and the strong copper sales. In addition to ongoing commissioning of the surface ventilation fans, other project activities included purchase of new high-efficiency evaporators to further reduce the site water inventory, due to be commissioned later during the December quarter. In parallel, preparations commenced ahead of the upcoming wet season. Application of the next tailings storage facility lift was submitted during the quarter, with construction expected to commence during the December quarter. We also commenced preliminary studies related to the presence of cobalt within the resource, principally within the Esperanza South ore body, with the objective of better understanding the cobalt mineralization and possible future by-product recovery pathways. I'll now hand over to Peter Herbert to discuss the financial outcomes of the quarter. Thank you, Ed, and good morning, everyone. Now starting with revenue outcomes. 29Metals revenue of AUD 193 million in the September quarter increased 17% on the June quarter result. This higher revenue result quarter on quarter reflected materially improved operating results at Capricorn Copper, resulting in higher copper sales and positive QP adjustments in the quarter, which more than offset lower sales volumes at Golden Grove. Consistent with Capricorn's improved contribution, copper revenue for the quarter, excluding QPs, was approximately 68%, up from 62% in the June quarter. In terms of costs, group site costs in the September quarter were approximately AUD 8 million or 6% higher than the prior quarter, driven primarily by higher site costs at Golden Grove, reflecting higher activity levels which Ed discussed, including mine tonnes, operating development and rehabilitation, cost escalation, including diesel prices, and the impact of a planned shutdown during the quarter. Overall, site costs at Capricorn Copper were flat, with higher mining costs offset by lower G&A costs. Group concentrate transport costs were approximately AUD 1 million higher, consistent with higher sales volumes at Capricorn, and TCRC costs were approximately AUD 4 million lower, with higher TCRC costs at Capricorn and increased sales volumes more than offset by lower sales volumes at Golden Grove and lower prevailing zinc prices during the quarter, which reduced the cost of TCs linked to the zinc price. Higher group C1 absolute costs quarter-on-quarter largely reflects higher Golden Grove site costs, as discussed, and lower by-product credits. Unit C1 costs reduced, however, in USD terms by 4% in the September quarter due to increased stockpile credits at Golden Grove, attributable to a build-up in raw material stockpiles. Flat site costs at Capricorn Copper combined with materially higher production and a reduction in the Australian dollar exchange rate. AISC absolute costs included higher sustaining capital expenditure in the September quarter, attributable to TSF and ventilation projects at Golden Grove. Following the outcome on C1 unit costs, AISC unit costs of $3.37 a pound U.S. reduced approximately 6% on the June quarter. Unaudited cash at 30 September was AUD 189 million, reducing on the balance at 3 June of AUD 228 million, reflecting the impact of realized QPs on reported sales in the prior period, which reduced final cash receipts in the September quarter by approximately AUD 21 million. The cash settled out of the mining hedges during the quarter for approximately AUD 8 million and debt service payments of AUD 14 million, including the first scheduled amortization of 29Metals' term loan facility. Following commencement of that scheduled amortization, drawn debt reduced to $144 million. 29Metals will continue to amortize its term loan facility on a quarterly basis. All pre-IPO copper hedges have now been settled with the final cash payment for these out of the money hedges occurring in early October. During the September quarter, 29Metals declared its first dividend, an interim dividend of AUD 0.02 per share, fully franked. Payment of the dividend occurred after the end of the quarter and is therefore not reflected in the unaudited cash balance at 30 September. Finally, stamp duty payable in connection with the acquisition of Golden Grove remains outstanding. 29Metals maintains an AUD 26 million provision in relation to stamp duty. Thank you very much. I'll now hand over to Mark to discuss exploration. Thanks, Peter. During the quarter, drill testing of prioritized areas continued at both Capricorn Copper and Golden Grove, along with initial drilling at two regional prospects on the Capricorn Copper exploration leases. In addition, 29Metals announced drilling results from Esperanza South and Cervantes, as well as the exploration results from the Red Hill field campaign. At Capricorn Copper, we released the results from the surface drilling on August first. This drilling was targeting the deeper parts of the Esperanza South ore body and intersected wide zones of copper, silver and cobalt mineralization, with results exceeding what is modeled within the existing mineral resources estimates. Some noteworthy highlights include downhole intercepts of 72.9 meters at 2.9% copper, 37 grams silver, 672 PPM cobalt, 86 meters at 2.8% copper, 32 grams silver, 822 PPM cobalt, and 104 meters at 2% copper, 22 grams silver, 714 PPM cobalt. Esperanza South remains open down plunge with plenty more work for us to do there. The success of this drilling has warranted the commitment of an additional AUD 2 million in 2022. This settlement has allowed us to continue drilling this area throughout the September quarter and into the December quarter. All results reported in the August 1 release will be included within the annual mineral resources and ore reserves update. Underground drilling, targeting extension and resource conversion, also occurred across all active mining areas. On the regional front, drilling was minimal in the quarter, with 350 meters drilled across the Eagle's Nest and Fortsky East prospects. Regional activities planned to occur in the December quarter includes a campaign of induced polarization geophysical surveys over several historic copper occurrences, as well as initial testing of the Merlot prospect via 2 short RC holes. At Golden Grove, priority areas for conversion and extension were Cervantes and Xantho Extended. Results from the Cervantes drilling were published as part of the August first exploration release. The Cervantes drilling has intersected local zinc, silver, gold, lead and copper mineralization outside of the existing mineral resources estimates above the known mineralization. Results have also been received for the first extensional hole to the north, which has intersected zinc, silver and gold mineralization. Drilling at Cervantes and Xantho Extended will continue in the December quarter. Drilling at Oizon and Xantho Extended north, which was planned for the September quarter, has been deferred to the December quarter and early 2023 respectively. This is to allow for the development of suitable underground drill locations that minimize interactions with planned mining activities. At Red Hill, assay results were received for the portable small drill and rock chip samples collected as part of the 2022 field season. These results were announced on August 1 and September 26. All modeled veins outcrop at surface, with the current mineral resource estimates predominantly modeled to a depth of 100 meters below surface and a maximum depth of 200 meters. The new results suggest that all mineralized veins that make up the current estimation are open along strike and at depth. Additionally, several veins yet to be drilled were identified and sampled, with results returning as high as 11.9% copper and 164 grams per ton silver. The results of this year's campaign are being used to inform planning for future exploration activity at Red Hill. Now back to Peter Albert for any further remarks from Q&A. Thanks, Mark, for that update there. Betsy, we can now go to Q&A, please. 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 are on a speakerphone, please pick up your handset to ask the question. Your first question today comes from Adam Baker with Macquarie. Please go ahead. Yeah, good day, guys. Just maybe starting Capricorn, pretty strong mill throughput, this quarter at 493,000 tons. Just wondering if this is a level that can be maintained moving forward, or, you know, what do you expect it to come back down to if you can't maintain that level? Thanks. Thanks, Adam. I'll let Ed respond to that. Yeah, thanks. During the quarter, we didn't have any planned mill shutdowns, so we sort of benefited from additional runtime relative to the prior quarter from that perspective. A lot of focus on you know, throughput rates, sustaining high rates. If you recollect in 2021 for the second half of the year, we did sustain you know, circa 2 million tonne throughput rate for the second half of the year. You know, always trying to optimize and maximize mill runtime. We do have some fairly healthy surface stocks, albeit lower grade, to support you know, ongoing high runtime. I probably won't put a number on it, but yeah, obviously trying to maximize it as best we can as long as possible. How big is your surface stocks? Sorry, I should probably look at the reserves and resources, but it's yeah, it's quite significant, is it? The order of magnitude, it's not dissimilar to the Golden Grove stockpile that we've disclosed, albeit it is lower grade material at Capricorn Copper. Yeah, no worries. Maybe at Golden Grove then, just doing some back of the envelope calculations. For you guys to meet zinc production guidance in fourth quarter, you're going to have to produce about 19,500 tons of zinc. Do you think that's achievable? You know, we're currently mining a multitude of zinc sources underground at the moment. The remaining quarter has a high number of zinc sources through to year-end. We've got 100,000 tons, predominantly zinc ore, in front of the mill at the moment running on zinc campaigns, so you know, the mine plan and the processing schedule all support that. Good stuff. Thanks, guys. I'll pass it on. Thanks, Adam. The next question comes from Alexander Papageorgiou with Citi. Please go ahead. Hi, Peter and team. Now that the copper hedge has been closed out, what is your strategy on hedging going forward? Is it to be unhedged? Would you look at hedging some of the byproducts like zinc? I think, yeah, generally speaking, the view is that we'd like to provide as much exposure to commodity prices as possible. You know, it's a position that we do review from time to time. We'll always have it as an open question, but as we sit here today, the position is not to enter into any further hedging. Yep. With the recently renewed underground mining contracts with Byrnecut at Golden Grove, how does this contract compare to the previous contract in terms of labor rates? Is that it, Ed? Yeah. I mean, it's on broadly the same commercial terms and conditions. You know, we have incurred labor cost escalation as we've moved through the period of the prior contract and not expecting to see any material jump as of first of October. Very much, business as usual for us. Okay, thanks. I'll pass it on. The next question comes from Daniel Morgan with Barrenjoey. Please go ahead. Hi, Peter and Tim. My question relates to Golden Grove. Development rates, as you highlight, have been a bit below plan year to date. Just wondering, you know, if you could update us on when you expect to get into Xantho, in a material sense, providing material feed for the mill and, you know, when do you expect a big lift in zinc grades that I imagine that comes with? Thank you. Yeah, I'll take that one. We are in Xantho Extended. We've mined our first stope. We've got the next stope scheduled to be mined this quarter. In addition to that, obviously progressing decline advance and mining ore body development as well. Progressively, the volume of material from Xantho Extended will increase year on year as we continue to get into the meat of the ore body. When do you expect the meat of the ore body to be achieved? Like, is this gonna be progressively through, you know, 2023 and then start to become more and more material in 2024? Or is there? You know, just trying to think through that. Thanks. Yeah. Yes, it will be progressive over the coming years. Probably won't put sort of, you know, specific numbers to it, but in the prospectus material, there was also a ramp up of ore tons as production from that orebody increased. Yeah. Thank you very much. I think relating to one of Mark's comments earlier, continuing to drill at depth at Xantho Extended and continuing to extend that ore body. It continues to look very, very positive. Okay. Thank you very much. The next question comes from Tim Huff with Canaccord. Please go ahead. Hi, guys. Thanks for the question. We're just looking at Golden Grove. Your unit costs for mining seem to have been tracking higher the last couple of quarters. Your dollar million cost is up as well. I was just wondering, is there additional movement occurring at the mine or development occurring at the mine that's being wrapped into that number that, you know, is kind of masking some of that, the perception of the cost increase, or is that cost increase real? On the most recent quarter, there was higher activity levels as we described, both ore movements, waste movements, development activity, rehabilitation undertaken, all that combined with also some cost escalation incurred during the quarter. Apart from that, you know, not really anything other material. I guess one other aspect is, you know, we wanna obviously always try and minimize Tonne-kilometre. We have had some interruption in the Scuddles hoist availability. So when that's reinstated again, we should see some TKM reduction as a result out of the Scuddles mine, but nothing really of significance. Yeah. Thinking about that going forward, you know, do we assume that those sorts of activity levels will continue? Sorry, just say that again. Going forward in terms of that rehabilitation waste movement, and development, do we assume that those levels hold at the current quarter? Like, this is not just activity or is this- Yeah, I mean, they're a bit cyclical, to be honest, depending on where we're mining and what activity is undertaken, depending on how much waste development. Yeah, I would average them over a period of time rather than assuming a single quarter. Yeah. Okay. Excellent. Thank you very much. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. The next question comes from Matt Greene with Credit Suisse. Please go ahead. Good morning, gents. Hope you're all keeping well. Firstly, congrats on the performance at Capricorn Copper. Yeah, it doesn't seem to be putting a foot wrong in recent quarters. I guess just what challenges, if any, do you expect to see from the operation over the near term? I missed that. What challenges? Sorry, I missed that, Matt. Like, what challenges, if any, do you expect from the operation over the near term, or is this more just around labor, consumable costs, any sort of challenges we should be aware of near term? Well, the challenges that we've incurred in the first half of the year, which are across the whole industry, you know, we've come through that in terms of, you know, the absenteeism, the COVID, that was a significant challenge. We've certainly seen that tapering off, if you like, in this quarter, and we would hopefully continue to see that and don't expect anything but that sort of outcome. Still, we have the challenges in terms of labor pressures and the and the unemployment rate being as low as it is, historically low, that's always gonna be a challenge for the whole industry. I indicated in my earlier commentary, we're sort of holding our own there and pretty pleased with, in relative terms, how we're comparing against others in terms of being able to recruit and hold our good people. It's always a challenge, and you gotta stay very alive to what's happening in the marketplace. Physically, of course, Ed's talked to some of the operational matters that we've you know we've been dealing with and overcoming and actually improving and in terms of tailings dams, in terms of ventilation systems and getting ahead of the game. We've always you know as 29Metals we've always been investing for the longer-term sustainability of the business, and we've continued to do that. That de-risks the business and helps us to meet the guidance that we anticipate and expect to meet during this next quarter. As long as we've got the people resources and the physical resources in terms of the equipment, then that should put us in good stead. Barminco, as I said earlier on, been a very good partner. Ed has made reference to the very good production out of Capricorn Processing Plant. The guys there are doing a marvelous job in terms of the availability of that facility. Capricorn and Golden Grove has always been in a good place for that. You know, it's a mining business, Matt, so you have to be able to respond to challenges on an ongoing basis. In terms of what we can manage day to day, we think we're in pretty good shape. Thanks, Peter. Appreciate the color there. Just moving on to Golden Grove, the Zinc Ridge stockpiles, has this been a buildup just given the regrind, the zinc regrind that was out, or are you now I mean, you said that in this current quarter, you're going to the Zinc Ridge areas, but also in the September quarter. Was that the case? Yeah, I mean, you know, we were mining, we started shifting mining to more dominant zinc sources during the quarter. Really the buildup was probably more a function of the lower mill throughput coinciding with the planned mill outage and some of the throughput rate limitations. That's, you know, we don't have those constraints for this quarter, so we'll start chewing through all that material and also supported by additional zinc feed from underground. Okay, that's great. Just help me then on the mine plan, because the last quarter, you shifted up to shallower areas. It was gonna be copper, you know, predominantly copper-rich material, and you flagged that you sort of brought those stopes earlier into the mine plan, and that would continue for the rest of the calendar year. Are you now going back into deeper level, deeper zinc-rich levels? I mean, has the mine plan changed in the last few months? A couple of comments. We'd always said that zinc was weighted to the back half of the year. We now find ourselves with much lower absenteeism levels, so we are able to fully operate all the equipment. We have always been mining some ore sources at depth, but probably in the latter part of the year, there will be an increased number of ore sources at depth, predominantly zinc. The lower absenteeism levels and higher mining activity really support that ability. Okay. We're gonna start to see more ore from the deeper levels, and you probably expect that to ramp up the December quarter and then continue to 2023. Is that a fair observation? Well, for the specific December quarter with the zinc ore sources where they are, probably likely that the tonne-kilometre will pick up. You know, as to life of mine, I guess I would say, you know, the mine isn't getting any shallower. You know, trucking is always a key focus for us. Yeah. Understood. Okay, thanks. Just on the key growth projects at Golden Grove, I mean, it looks like most of the spend on these projects will come to an end this quarter. I mean, you mentioned the fans have slipped into the March quarter. I guess as we look into 2023, if we just ignore Cervantes and Gossan Valley, any other key projects that are in the pipeline we should be aware of? We'll probably provide further update and clarity on that in the December quarter release, I would expect, in terms of, you know, what lies ahead for 2023. Okay, that's great. Thanks very much. There are no further questions at this time. I'll now hand it back to Peter Albert for closing remarks. Thanks, Betsy, and thanks everybody for the good questions. Thanks Ed and Mark and Peter Herbert for your overview of your particular discipline areas. Just a few closing remarks, Betsy. The first two quarters of 2022, as noted just now, challenging as borders in Queensland and then Western Australia opened up, and COVID became a significant man-management challenge during that period. Then exacerbated by increased absenteeism and labor market pressures. This past third quarter, as I noted just now, has seen these challenges temper, which has been a factor in the good production we've seen during the quarter. Plenty of discussion just now on that. In addition, we're now starting to see some of the input prices plateau and in some cases come off their highs. We don't profess to be commodity price forecasters but recognize the strategic value of our portfolio as global decarbonization commitments will demand materially more production of the metals we produce than appears achievable from our perspective in terms of the supply side of the equation, so to speak. Our view as miners has to be medium to long term, but also to manage to the short term. Our long-term view is very positive about copper and other critical minerals. Yes, I do think copper is a critical mineral. Our short-term focus is to make sure that our business is robust through all cycles. We're particularly very excited about the exploration results from Esperanza South at Capricorn Copper that Mark spoke about. Capricorn Copper's September quarter performance demonstrated the leverage of this operation to grade and throughput. Esperanza South exploration results indicate the potential for the operation to deliver more tons at high grade in future years while also extending mine life. We do expect more news to come through in this coming quarter with updates to be released on the Cervantes and Gossan Valley studies in the near term. Thanks, everybody, for listening and for the good questions we've had. That's all from us, Betsy. Thank you very much for hosting the call. That does conclude our conference for today. Thank you for participating. You may now disconnect.