Thank you for standing by and welcome to the 29Metals Limited June Quarter 2025 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. James Palmer, CEO. Please go ahead. Thank you. Good morning all, James Palmer here, and thanks for joining us again for the 29Metals Limited update for the June quarter 2025. Today, I'll be speaking to the presentation released this morning alongside our June quarter report. Joining me are Ed Cooney, our Chief Operating Officer, Peter Herbert, Chief Financial Officer, and Christian Seller, our Group Executive Corporate Development. It's great to be here speaking with you all again. What was another quarter of significant milestones for the business? We're delivering on our commitments. We've broken ground on a new mine in Gotham Valley, and we remain on track to deliver full-year guidance. Briefly, to slide three to touch on why 29Metals Limited for copper investment exposure. As the world electrifies, we're going to need a lot more copper. 29Metals, we have lots of copper, two Australian-based assets, one producing asset, Golden Grove, and one growth option with Capricorn Copper. Both assets have long-life potential and significant geological upside. At Golden Grove, we are growing metal production year on year, guiding copper 7% up, zinc 15% up, and gold 7% up from our 2024 to the midpoint of 2025 guidance. Currently, market cap around $400 million, $187 million cash in the bank, and total liquidity of $202.2 million at the end of the June quarter. A compelling opportunity. Slide four lays out our key priorities remain the same as when we spoke last quarter: health and safety first, always, and across the group, discipline and productivity and cost improvements, which remain a focus. Golden Grove, it's all about the drumbeat of delivery, maximizing operating cash flow and delivering Gossan Valley first of all for H2-26. At Capricorn Copper, it's all about the imperatives for a successful and sustainable restart. Water reduction, the immediate focus, and fantastic progress made on this during the quarter. A successful wet season by the team, significant progress made on reducing water levels on site to the tune of 1.3 gigaliters of progress since operations were suspended. Now to slide five, talk through the June quarter in some more detail. Safety continues to improve. Our 12-month rolling TRIF and LTIF both down again quarter on quarter. A good outcome and the result of remaining focused on Safety1, always. Operationally, a solid quarter delivered by the team at Golden Grove, 5.6 kilotons of copper, 12.3 kilotons of zinc. Great work by the team to rework the mine plan, accessing alternate ore sources despite the restricted access to Xantho Extended, which now awaits high-grade Xantho Extended stopes and therefore metal production to the second half of the year and keeps us on track for 2025 production guidance. All outstanding approvals for Gossan Valley were received during the quarter, highlighting the project's full steam ahead for delivery of first ore H2 2026. With approvals now in hand, the team have reforecast the capital profile for Gossan Valley, which now has capital expenditures of $35 million- $50 million in 2025, down from $50 million- $65 million. As a result, today we are revising down 2025 growth capital to $61 million- $82 million from $76 million- $97 million. All other 2025 guidance remains unchanged. At Capricorn Copper, we had a very successful end to the wet season, so all opportunities were utilized for treated water releases, resulting in a big water reduction for the wet season. During the quarter, water levels were reduced to below maximum operating level for the first time since the extreme weather event. A key milestone towards resetting the compliance footing of the asset and positions us well with the regulator as we continue to focus on water level reductions and progress our application for long-term tailings. At a corporate level, we finalized the resolution of the Capricorn Copper insurance claim, final payment of $54 million strengthening the balance sheet, and Mr. Ashish Gupta was appointed as Non-Executive Director, further strengthening the depth of experience of the board. I'll now pass to Ed to talk through Golden Grove in some additional detail. I'll then provide an update on Capricorn Copper prior to Peter providing a corporate and finance update for the quarter. Over to you, Ed. Thanks, James, and good morning, everyone. Moving on to slide seven, as James mentioned, another solid quarter of safe production and, pleasingly, as our safety indicators have continued to trend down, we currently have the lowest TRIF since the formation of the company. Great result and well done to the team. At Golden Grove, we produced 5.6 kilotons of copper and 12.3 kilotons of zinc. The challenges at Xantho Extended from late March were very well managed by the team. We were able to mine from alternate sources while the ground support was rehabilitated and access to the lower levels was reestablished. As a result, high-grade Xantho Extended stopes previously planned for the first half will now be mined in the second half, which will, as a result, weigh production outcomes to the second half. Importantly, despite the challenges during the first half, the team delivered both mine and mill volumes at budgeted rates. Looking ahead for the second half, we need to keep doing what we're doing, but with additional high-grade ore from Xantho Extended hitting the mill. Moving on to slide eight, lower activity levels and an ongoing focus on costs has resulted in site costs being well maintained at $91 million versus $96 million from the prior quarter. Excellent progress has been made at Gossan Valley, as James mentioned. All permits are now in hand, the team are mobilizing contractors and ramping up activity. With the project now underway, we have revised the capital profile for the rest of the year. Importantly, it's to defer $15 million from this calendar year into next calendar year. Moving on to slide nine, since the IPO in 2021, Golden Grove has undergone significant investment to enhance the asset for the long term. Importantly, the investment in Xantho Extended and now the investment to come in Gossan Valley will bring our two highest grade ore sources into the mine plan. In addition, the asset has had substantial investment in surface infrastructure upgrades such as the ventilation chiller plants, flotation plant upgrade, and most recently, completion of a new long-term tailings storage facility that will lower life-of-mine tailings deposition costs. As outlined on slide 10, Xantho Extended, our highest grade ore source, is ramping up. Gossan Valley, our second highest grade ore source, is coming online in the next 18 months. A combined, enhanced mine plan for Golden Grove will deliver higher grade to the mill and higher metal production over coming years. There has been good progress towards Gossan Valley this quarter with receipt of all approvals, including the mining proposal, award and mobilization of the surface civil contractor, and clearance activities now well underway. Ongoing grade control drilling will inform the first six months of the Gossan Valley mine plan. As outlined on slide 11, we are very much on the journey to improve operational and financial outcomes at Golden Grove, driven by the ramp-up of Xantho Extended. From 2023 to 2024, Golden Grove delivered a 10% reduction in unit costs, a 16% increase in copper equivalent production, and a significant increase in EBITDA. In 2025, we are guiding to ongoing metal production improvement with the midpoint 2025 guidance up 7% for copper and 15% for zinc relative to 2024. We are moving in the right direction and plan to maintain that trajectory of production growth over coming years. On slide 12, I mentioned grade control drilling at Gossan Valley and we are ramping up spend across the asset in 2025 after a two-year period of minimal activity. We are spending approximately three times more on exploration in 2025 than we did last year, with slide 14 showing where those funds will be allocated. We look forward to keeping you updated as the 2025 drill program progresses. I'll hand back now to James to talk about Capricorn Copper. Thanks, Ed. It's some good progress here at Golden Grove. Moving to slide 14 in Capricorn Copper, where production remains suspended due to the impact of the extreme weather event in 2023, we are working towards rebasing the asset in preparation for a future successful and sustainable restart of operations. The size of the prize is significant: 64 million tons in mineral resources, 1.2 million tons of contained copper, established surface infrastructure, established development directly to the orebody, all within the highly prospective Mount Isa in Lai Province. Over the last two years, the asset has presented some challenges, but on a look-forward basis, we see an immense amount of value to be unlocked at Capricorn Copper. We just need to deal with the water we have on the surface so that we can realize the significant copper endowment underground. As shown on slide 15, it is a prize worth chasing. In 2021 and 2022, the asset generated $100 million and $66 million of EBITDA respectively and was running at an all-in sustaining cost of around $3.70 a pound, producing more than 20,000 tons of copper per annum. Hence, the operations would be very profitable at today's prices. A quick recap on slide 16 on what we need to do to rebase the asset in preparation for a future restart of operations, the restart imperatives. One, we need to reduce the water levels on site, which do remain elevated from the impact of the extreme weather event. Two, we need a long-term tailings solution to set the asset up for the long term so that we can have success upon restart. Once we get those two restart imperatives in place, we'll then progress other works towards a restart of operations. In the meantime, we're laser focused on these two imperatives while maintaining environmental compliance and continuing to look for opportunities to reduce costs during the suspension period. We are making good progress on these restart imperatives, especially with regards to water level reductions, which is shown in slide 17. With the benefit of the investment made in water treatment and treated water release infrastructure through 2024, the team at Capricorn Copper were very successful, utilizing all opportunities through the 2024-2025 wet season for treated water releases to Gunpowder Creek when the flow events occurred and evaporation outside these windows. The team have achieved total water level reductions since the decision to suspend operations in March last year of 1.3 gigaliters and have reestablished surface water inventory below the maximum operating level, an important and significant milestone towards resetting the compliance footing of the asset. With the benefit of the successful wet season behind us, the surface water level inventory now below the maximum operating level, we continue to progress the constructive dialogue with the regulator in relation to an application for long-term tailings, which we intend to submit during the September quarter. Slide 18 outlines the ongoing progress on operating and capital cost reductions at Capricorn Copper. Total suspension operating and capital costs were reduced by a further 22% during the June quarter. Great work by the team who continue to look for opportunities to reduce costs while ensuring environmental compliance and progression of our two restart imperatives, water reduction and tailings approvals. A great result all around at Capricorn Copper. I'll now hand over to Peter to talk through finance and corporate. Thanks, James, and good morning to everyone on the call. Turning to slide 20, revenues for the June quarter were in line with the March quarter result, with higher copper revenues offset by lower byproduct credits. 29Metals Limited finished the quarter with unaudited available liquidity of $202 million, consisting of $187 million of cash and available headroom under the group's offtake facility of $10 million. During the quarter, 29Metals reached agreement with insurers for the full and final settlement of the insurance claim for loss and damage resulting from the extreme weather event at Capricorn Copper. This was for $115 million, and this resolves both the above-ground and underground components of the claim and resulted in a final payment to 29Metals of $54 million, noting the group had previously received $61 million in progress payments. Resolving the claim is a significant milestone for the business, with the money now received and importantly supporting our focus on delivery of our strategic objectives. Our focus on delivery of productivity improvements and cost savings across the group is ongoing, with excellent progress during the quarter, specifically the 22% reduction relative to the March quarter in suspension capital and operating expenditures down to $9 million at Capricorn Copper. Accordingly, we expect ongoing downward pressure on cash outflows from Capricorn for the rest of the year. Looking forward, 29Metals is well placed to deliver on its planned ramp-up of investment spend at Gotham Valley. We have over $200 million of available liquidity, diminishing cash flow headwinds as pre-IPO commitments roll off, and production and sales outcomes weighted to the second half of the year. Turning to slide 21, which sets out the diminishing cash flow headwinds in 2026 and beyond. Out of the money pre-IPO zinc offtake agreements, gold hedges, and stamp duty payments will total approximately $60 million as a cash flow headwind in 2025. This will then reduce to an approximate $20 million in 2026 and thereafter are fully resolved. Once we've met these remaining commitments, that cash flow will not be going to third parties and governments, but instead going directly to our balance sheet. Thanks very much, and James, back to you. Thanks, Peter. Thanks, Ed. Another solid quarter delivered by the team. Ongoing improvement in safety, safety first, always. A challenging first half production-wise, but well managed at Golden Grove, where we remain on track to deliver our 2025 production guidance. At Capricorn Copper, a successful wet season, significant water level reductions, and demonstrating the capability to deliver negative water balance through the wet season, and costs continue to reduce. We continue to remain focused on delivering against our plan for 2025, unlocking the embedded value within the 29Metals portfolio for the benefit of all stakeholders while never compromising on our commitment to health, safety, and wellbeing. With that, we're happy to take your questions. 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. Your first question comes from Daniel Roden with Jefferies. Please go ahead. Thanks, Doug, and good to take my call, James said. My first question, I just wanted to get a bit of an understanding around Xantho Extended and its ability to, I guess, maintain production expectations. You know, it's a obviously deep, deeper part of the mine. Seismicity is not unexpected, but I guess just given the relevance for, you know, calendar year 2025 production expectations and kind of, you know, going forward, I guess what's the, you know, maybe just fleshing out a little bit more color around, you know, the seismicity issues and the ability to, I guess, maintain production on a go-forward basis from the asset there. Right. Yeah, thanks, Daniel. I think, as you pointed to, yeah, seismicity, we manage seismicity all the time. Xantho Extended is the highest grade, so it's always what we want to be going to bring into the mill. You see, we actually did mine and mill the tons, but if you double it, you get to our guidance number. That's what gives us confidence that we've got the capability. We then just need Xantho Extended grade rather than the alternate ore sources to bring it through. Yeah, the maths works, the mine plan the team have reworked works, of course we use some of the contingency with the seismic events. Ed, any more detail you want to give on the seismic event? Yeah, maybe just a little bit more color. Obviously, a seismically active mine, there's a lot of background seismicity that doesn't really cause us any issues. From time to time, we do have larger magnitude events adjacent to infrastructure that can cause damage. We have a fantastic team, very experienced, competent on site, very mature systems, ground support standards to suit. We do tend to see some of the seismicity is associated with some dacite intrusives. This one in March was a very narrow dacite intrusive that we hadn't picked up from our cover drilling. We actually had developed right through it without an issue. It subsequently caused us some issues. If we had foreseen it, we would have had higher ground support standards in place. That's really one of the key controls, having an understanding ahead of development. That's a good learning for us. In terms of frequency, if I think back, we did have a similar type incident in Hougoumont probably three to four years ago. I wouldn't tend to think that they are highly frequent events. Really, the key for us is maintaining our controls and learning from when the incidents do occur, how to mitigate them going forward. Absolutely, we're committed to ensuring a safe workplace for our team and mitigating any production impact. The more recent one, much more modest in terms of impact. I wouldn't anticipate the rehab requirements are as large as the one earlier, and the jumbo is already on the job. We're still very confident in terms of this year's guidance. Xantho is our greatest grade, as James mentioned. The team are wholly focused on maximizing that production from that orebody over the long term. Yeah, thanks, James. I suppose one of the takeaways from that is, given Xantho Extended is still relatively new in its life, it's one of the takeaways just doing more infield drilling just to see if we can find those intrusives or those smaller intrusives a bit clearer and a bit better. Is that one of the takeaways? Yeah, so it's the cover drilling and also probably the orientation of it, making sure that we're intersecting some of the structures rather than running in parallel with them. Yes, that is a key control, as is underground mapping for development. That's our takeaway from the March event, a focus on those controls going forward. Thank you. Just a follow-up or second question on the extension of the environmental order at Capricorn Copper was, I thought, pretty positive. I just wanted to get a bit of color on the relationship with Betsy just ahead of the TSS submission in September, and maybe just a commentary on your expectations on the timeline for the review and when we might expect potential conclusions on the review there. Yeah, great, thanks, Daniel. Yeah, the EEO exactly as said, definitely a positive. Getting the dry season essentially mirroring the wet season EEO that we received last year just at the start of the wet season. Obviously, the probability of having a flow event is very low through the dry season, but it's great and again shows the relationship with the regulator is certainly in good shape. Therefore, that's the base case for the next wet season as well as working on the EA amendment itself. On the tailings approval, certainly the relationship is in a good space, having lots of to and fro ahead of submission. Certainly from our side, that's with a view to therefore reducing the length of the submission. Beyond that, it gets pretty hard. You will see we put in there, you know, there's some of the statutory timeframes you can point to, but the request for information phases in most applications in most jurisdictions, that's where the time tends to go. That's what we're trying to reduce, spoiling upfront, work with the regulator. Yeah, anything to add to that? Oh, not really. I mean, it's 40 business days before we get a decision on the nature of the application submitted. As James pointed to, it's really the nature and extent of any technical request for information and, you know, how the public consultation may or may not go. There are probably a few variables. As James said, I can assure you there's a lot of technical engagement ongoing, very, very constructive and collaborative. We're hoping to iron out as many issues as we can ahead of a submission and make sure that Betsy is, you know, well across what we're applying for. Great. I'd just point to, yes, relationships sound, but lots of that's just built on actually delivering on commitments. They've seen we're serious, they've seen we've delivered on our commitments as far as water release goes, as well as all the other environmental compliance projects. As good as it can be, but anytime we're in with applications with government, I always wish they were much quicker than they are. Yep, yep, understood. Thanks for your answers and appreciate your time. I'll hand it over. Thank you. Great, thanks, Daniel. Thank you. Your next question comes from Kate McCutcheon with Citi. Please go ahead. Hi, and morning, James. You've retained operational guidance for the CY with that predicated on accessing the higher grade zinc and copper at Xantho Extended this half. You've just spoken to your comfort that the geotech issues are behind you for that area. What sort of zinc and copper grades can we expect for this half? No worries. Thanks, Kate. Yeah, in answering Daniel's question there, as far as mined tons and milled tons go, we know we've got that component. We just need the higher grades to flow through. You'll see already in this quarter compared to the previous quarter, we have already accessed more xantho as a proportion, so the grade is coming up. As far as in the grades for the half, to get that back to the budgeted grades, I'm just going to see, Ed, have you got the granularity of the form two on the grades? Yeah, you're probably putting me on the spot a bit there, Kate. I don't have that detail at my fingertips. I guess a couple of comments though. One is, you know, not necessarily uniform. Each stope can be quite different. Some of the ore grades and some of the stopes can be quite high, as in ranging from 20% zinc and 3% copper down to much lower. Ultimately, it will depend on how successful we are in terms of extracting what's in the plan in the second half in terms of the delivery. I couldn't tell you off the top of my head what exactly the weighted average grade is for the second half relative to half one. Yeah, I can certainly point to the last quarter compared to this quarter, Kate. You see, it was on one of the presentation slides. I mean, 1.4% copper up to 1.7% copper. You start to get those grades and you see some of the variation in zinc where we had 4% versus 5.6%. You plug some of those in your model and better than that, the teams have got that in the mine plan and we deliver the guidance numbers because we know we've got the tons. We just need to get a bit more of that grade flowing through from Xantho. Okay, got it. Thank you. We've had that $15 million of CapEx for Gossan Valley shift from 2025 into 2026. Can I just check there's no change to that timing of first ore or metal in through H2 2026, or maybe if you can talk to what that $15 million was that was pushed back, that would be helpful. I'll say that, okay. The team are really focused on the critical path activities. You know, that's clearing wastepads, clearing box cut, excavating a box cut, getting into the portal. There's certain surface infrastructure that's really not critical path, maybe surface offices, surface workshops. The timing of some of the expenditure obviously is very sensitive as we ramp up the project to that cutoff date of 31 December. We expect that some of that ancillary surface infrastructure will move into 2026, and that's what that capital movement of the $15 million is associated with. At this stage, we're not changing time to first ore or total capital establishment. We're just changing the timing of the capital spend of some of that surface ancillary equipment. Okay, that makes sense. Thank you. Thank you. Your next question comes from Jonathan Sharp with CLSA. Please go ahead. Yeah, good morning, James and team. First question on slide 21. Quite an interesting slide. It'd be interesting if you could just take us through that in more detail. I guess the question is, once the $85 million legacy IPO costs roll off in 2027, how should we think about the pre-cash flow deployment, you know, debt reduction, reinvestment, shareholder returns? Right, thanks, Jonathan. Peter, you can take it. Yeah, sure. I think as we sort of outlined earlier, we're really looking to meet these commitments over the next, you know, probably the best part of eight or so months. Then that cash flow is coming, wholly coming to the business. Clearly, what the free cash flow is depends on pricing outlook over that period, but no matter how you look at it, that is a cash flow that you can add to your base case view on that outlook. We're wholly focused at the moment on delivering Gotham Valley and at Capricorn Copper, taking the strategic priorities off the table around water reduction and advancing TSF3. As we improve that resilience in the balance sheet by adding this cash to the bottom line, that'll obviously help us as we work through those processes. It's a bit early to say what we're going to do with that sort of stuff; we're focused on advancing those priorities. No matter how you look at it, we'll clearly improve the flexibility and robustness of the balance sheet as we move into that new phase. Okay, thanks for that. Just a question on Golden Grove's ventilation constraints. My understanding is the electrical LHD trial is aimed at freeing up some ventilation capacity to increase the truck haulage. Based on the current ventilation modeling, how much additional haulage capacity could be rolled out, or could be freed up, if the electrical LHDs unlock some capacity, like in terms of extra trucks or percentage increase in ore moved? It's really dependent on, A, how successful the trial is and B, how many of those loaders we could get underground. If maybe just broadly, if you have a couple of loaders that aren't emitting diesel and heat, you could probably add an additional truck in the system. I think we have about 14-odd trucks in the circuit at the moment to give you an idea of percentage increase in truck haulage. Ultimately, you can't infinitely add more trucks because you'll come across other constraints in terms of traffic management, but certainly future opportunity for incremental improvement. Okay, so not really meaningful. Sorry, not really. Meaningful. TKMs from Xantho Extended are a constraint on our highest grade material. Any additional ton and metal unit we can get out helps production and cash flow. Question of materiality, probably a bit early to tell. Yeah, I was going to say I might not make material, but I'd say meaningful. You know, you get an extra truck and 14.7%, you know, I'd take that. Yeah, okay. Great, thanks. Thank you. Once again, if you wish to ask a question, please press star one. Your next question comes from Adam Baker with Macquarie. Please go ahead. Morning guys. Just a bit of a follow-on from Kate's question on the Gossan Valley capital. I think the original study was budgeting about $112 million capital to first saw. Does that infer that, you know, first half CY2026 capital should be around $30 million- $51 million? Is there any kind of changes to the timing of this? Thanks. All other things being equal, it would just be that incremental $15 million going into first half of 2026. You're right, the $112 million establishment capital first door is the number, and that currently remains the number. Okay, thank you. There'll be a little bit of capital in the second half of 2026 depending on what the ramp-up looks like. It's probably too early to say at this stage. Yeah, too early to say on that. It's good you're there. As you said, they're the 112 first door, so that's the one that remains intact. Of course, that was only the first door. You then got to actually get in there and have it producing with a normal ramp-up curve. Team doing the work, but yeah, we haven't guided to that. Cool, thanks guys. Thanks, Adam. Thank you. Your next question comes from Paul Wiggersde Vries with RBC. Please go ahead. G'day, James, Peter, and Christian. Just a bit of an extension on Kate's question before on grades, but maybe from a different angle. Over sort of the next 12 months until first ore comes from Gossan Valley, how do you sort of see the ultimate or the ideal split on ore mines' contribution by source? Like what percentage from Xantho Extended, what percentage from Scuddles, and then Gossan Hill? Yeah, okay, we might be getting into detail, but we've certainly got some of the mine plans. I'll maybe just lift it up a smidge before Ed can talk to some of the detail. Same as we do now, any Xantho tons being the highest grade tons are the ones we bring in. With Gossan Valley, both with it being shallower as well as the next highest grade, those will be the tons we'll bring into it. From a strategic perspective, we'll be trying to maximize Xantho and then follow up with the tons from Gossan Valley as much as those mines can both sustainably take. There's some good risk mitigation by having Gossan Valley in there, such as the seismic events we've had in Xantho. I wish today that we had Gotham Valley to pull from rather than having to pull from remnant skuttles or broader Gossan Hill. That's at a macro. We'll go Xantho, Gossan Valley, and then the rest. As far as the split on those, again, we haven't guided for 2026, but any other feeling, Ed, you can add to that? Yeah, just at a macro, if you think about the chunks, Xantho Extended, if you think about half of the mining rate, half of the 1.6 probably coming from Xantho, so the 800- 900 range. Gossan Valley, from memory and the feasibility, we were indicating a production rate of up to 400,000- 500,000 tons. Whatever the difference is, is coming from the other Gotham Hill remnant ore sources. Perfect, thank you. Just a little bit on the TCIFC delivery into the pre-IPO contracts. Can you give any color on how many tons you've delivered over the first half into those contracts, and how much flexibility you have on timing for the second half deliveries? Sure, in terms of delivery, there's been about 40,000 tons delivered so far under those contracts, which is a smidge under half of what we plan to deliver for this year. I think that in terms of flexibility, we're always working with our offtake partners and it's sort of a backward and forward type of discussion about their needs and our needs and working in, collaborating on that basis. I think the best case is just to sort of average it out over Q3 or Q4 as sort of a base case in terms of how you think about how that spreads across the balance of the year. Is it going to be spread through Q1, Q2 in 2026, or is it just going to be all lumped into Q1 for those deliveries? Yeah, I mean, I think you should think about it first half, but whether it's Q1 or Q2 would be based on engagement with our offtake partners about when their requirements are for delivery. Perfect, thank you very much. Thanks, Paul. Thank you. There are no further questions at this time. I'll now hand back to Mr. Palmer for closing remarks. Great, thanks everyone. Thanks for your time. Thanks for the questions. Really, for us, solid quarter, some real progress on some key milestones. Gotham Valley, an absolute highlight. As you've heard from us, the next two years potentially very different to the last two in a very positive way. Thanks, have a safe and productive day. Cheers. That does conclude our conference for today. Thank you for participating. You may now disconnect.