Good morning, everyone, and welcome to Allkem Limited first strategy day since the merger of Orocobre and Galaxy Resources. Before we begin, we would firstly like to acknowledge the Gadigal of the Eora Nation, the traditional custodians of this land, and we pay respect to the elders, both past and present. As you know, at Allkem, safety is first, so should you hear a fire alarm, the fire exits are located to your right on the back and on the front of the room. Please move calmly to the exits if the alarm happens, and you will be guided to exit the building from there. You know, for many of you, this would be the first time to meet the whole of Allkem's management team together, or almost the whole of it. It's actually a rare opportunity for us. We are scattered around the world, and after two years of COVID, this was the first time we got together for a week working on this final presentation and updating and catching up face-to-face everybody. I think it is great that you can meet the team and get the feeling of the depth and knowledge and expertise within this team. Going beyond the customary disclaimers, the morning today will be split in two sessions. The first session will be an introduction made by myself, and then Kathryn and Christian will take us through the ESG and market perspectives respectively. After that, we will focus on our assets, and we will start with the brine assets, where Guillermo and Hersen will take us through Sal de Vida and the Olaroz asset in Argentina. We shall have a short Q&A after the end of this first part of the session before going to a short morning tea. When we come from the morning tea, we'll get into a second part of the session in which we will focus on the hard-rock assets of the business, where Keith and Denis will be talking to us about Mt. Cattlin and James Bay. We will then look into the financials with Neil, and after a short summary and wrap-up, we will open up for another Q&A session before heading to lunch, which is expected around 1:00 P.M. I think it's in the room on the side. Just to start. Sorry, my paper's mixed. Just to start with the first slide of the presentation, I think it is important to take a look at the corporate snapshot. The first thing that came to my mind when looking at this slide was about a year ago, I think I met mostly all of you in one-on-one presentations since we were announcing the merger between Orocobre and Galaxy Resources to create Allkem. That was on April the 19th. Since then, the return on the stock has been spectacular. It has more than doubled according to yesterday's closing prices of AUD 13.3 per share, achieving a one-year return on stock of 170% and almost 370% for those that have stayed five years with us. It shows a unique performance. Clearly, this performance is backed and supported by a very strong market, but also by good development that has been done in the projects, both in Galaxy and Orocobre since the very first days, and are materializing in the results we are seeing these days. When we look at the balance sheet of the company, it's quite a strong one. Almost half a billion AUD in cash and significant cash generation. EBITDAs for the last six months that ended on 31 December was almost AUD 100 million. With the prices we just disclosed for the third and fourth quarter of this financial year, you can imagine these EBITDAs going significantly up. The strong support that we enjoy from our investment community and the fact that more than 50% of our stock is held by institutional long-term holders gives us a significant ability to continue to grow, and we very much appreciate the support from our shareholders. We put the total shareholder return figures at the bottom of the slide because it's a very important figure. It is what we use to decide what we do and how to grow. We have just put out last night two NI 43-101 reports for the expansion of the Sal de Vida project from the original three stages of 10,000 tons to two stages, one for 15,000 tons, another one for 30,000 tons. We have also put together an updated resource for Olaroz with the whole financials of Olaroz Stage two projects. Both projects are yielding significant internal rates of return, well in excess of 40% on all of the projects that we have putting out lately. This is what we look into how we allocate the cash within the company. Total shareholder return is something that our board looks constantly. It's the basis for the remuneration of our long-term plan in the management team, and it is what we use as a measure to decide how to grow. Let me take you through the board of directors, which I think it's quite important, because after the merger between Galaxy and Orocobre, the board that was achieved represents a truly merged and integrated board of directors. Four of the directors are coming from the Galaxy team. Four of the directors come from the Orocobre. I continue to be the Managing Director as I was previously in the Orocobre team. When you look at the team, we have been able to keep the experience, the knowledge, and the geographical breadth within the new board. I think you all know our chairman, Mr. Martin Rowley. He's a very successful businessman in Australia that has put together very successful resources projects and the work that has been done with Galaxy has been outstanding, and the merger between Galaxy and Orocobre demonstrated a lot of value for our shareholders. On the other hand, Robert Hubbard, who was the chairman of Orocobre, now became the deputy chairman, and with Rob and Martin working closely together, we are managing the company, delivering on what we want, and leveraging on Rob's governance experience. Rob is also a very well-regarded director in the Australian environment. Leanne Heywood, she was with us in Orocobre, and she continues to be with us, bringing her experience from Rio Tinto, both in financial and marketing that other markets became more pushy. Her experience helped us to guide us in the right direction there. Alan Fitzpatrick, he was with the board of Galaxy before. He's very well experienced in building resource projects after a long and very successful tenure with Newmont. Mr. Fernando Oris de Roa, he's Argentine. Very knowledgeable of the Argentine political environment and, with great business connection. A very successful businessman in Argentina as well. He was ambassador of Argentina to the United States during the previous government. Mr. John Turner, he's a lawyer in Fasken in Canada. He's been working with Galaxy for a long time, and John brings us a lot of understanding of the Canadian, in particular, of the things in the Quebec province, which is a particular province within the Canadian environment. Florencia Heredia, also a lawyer, also comes from Galaxy. She has a deep experience and understanding and perhaps the best mining lawyer of resources in Argentina, and her experience significantly adds value to the company on how to move and execute the projects in country. Last but not least, I think very well known to all of us, Richard Seville. He was the founder of Orocobre, and he was in the CEO position for some time before me. Richard continues to be involved with us, supporting us with his knowledge and expertise. I think it's a truly integrated board from the merged companies that has the experience, the depth, and the breadth required to execute the endeavors that are ahead of us. Getting into the business and this is a bit personal, but sometimes the friends and people would ask me, "In which business you are?" Lithium became very popular in the last few days. But I find it difficult to say lithium because nobody buys lithium just to hold lithium. You buy lithium to do something else with lithium. What is really underpinning our business today is the decarbonization of the world. I think we just saw in the news today recent reports from United Nations and the climate change issues are becoming more and more serious, and we're all conscious that we have to do something. In the short run, the best thing that we can do is to maximize the use of electric energy. I think we heard this several times, but the world is going electric. The lithium that we produce enables that electrification of the world. Basically for two reasons. The batteries that go into the electric vehicles are enabling the electrification of the transportation industry, reducing significantly carbon emissions. All transport is responsible for one-third of carbon emissions. Being able to electrify transportation will have a significant impact on climate change. The other thing that the batteries do is that they enable the generation of electricity from renewable sources, being able to peak shave the times at which there is wind or there is solar energy, and accumulate that energy for when there is no wind or no solar energy. That's the market that is underpinning, or that is what is underpinning the market in which we operate, and that is what has created the significant push in our stock and in all lithium-associated stocks in the last few days. I think it is important to understand, and there were some releases from some of you regarding the consumer business. I think that the great difference between this cycle and previous one that we've seen is that the electric vehicles are a reality. The markets like the electric vehicles. Consumers like the electric vehicles. The price differential between an electric vehicle and an internal combustion engine is not that significant. People are willing to hold electric vehicles, and people are willing to have electric vehicles. Nobody wants an electric vehicle be made out of unsustainable batteries. That's why the ESG focus in our operation is very important. Kathryn will shortly talk about the ESG, but we have created since inception of the company an ESG track record. To recovery, we have released five sustainability reports together, taking a broader view of sustainability, not just carbon emissions, but also engagement with local communities and overall impact in the environment, taking into consideration vicuña as we have in the north of the Puna, or taking into consideration, we will see in the next sustainability report that will include the operations that came from Galaxy, all of their relationship with the Cree Nation in Northern Canada and the relationship with local communities in the Puna. This market that we're talking about and it's about the decarbonization of the world is a market that was about a quarter of a million tons of lithium carbonate equivalent 2-3 years ago. It's a market that should be around 400-500 thousand tons these days. It's a market that according to some of your expectations, maybe 2.5 or 4 million tons by 2030. As of today, putting together our production from Olaroz and Mt Cattlin, we hold a 10% market share in this market, and we are committed to maintain this 10% market share. This is what we want to do. We have yesterday put, or last night, two NI 43-101 studies for Olaroz and Sal de Vida that demonstrate our capacity to deliver with this objective. When I have to summarize it in three words, I'd like to summarize it in a set of three words. It is about size. Size is growth, it's assets, it's ability to deliver. It is about vertical integration. As you see, we are moving into becoming a more and more chemical company. The increase in battery grade production from our Olaroz operations over the last two years demonstrates our willingness to participate more and be closer to the battery market. This increase in battery grade production enabled to set longer term agreements and longer term contracts, which have been adjusted to pricing recently, and you've seen that in the impact on pricing in the last releases and will enable us to continue to deliver and will enable us to have the right relationship with the customers that we need to deliver on that regard. It's also about the teams, and that's the most important part of today's presentation, that you get a feeling and understanding of our team, who are the people that are responsible for delivering on every one of these assets. I like this slide very much because it's, you know, it's a representation of a truly global company. If you look at us, we are in the four cardinal points of the world. Cardinal, I was told that it's not a very used term in Australia, but it's the geographical term to describe north, east, south and west, and that's where we are. We have production in the south west with the operations in Argentina, in Olaroz and Sal de Vida. We have production in the southeast with our operations in Mt Cattlin in Australia. We are just completing the construction of a plant to produce lithium hydroxide in Japan in the northeast, and we are starting with our James Bay project in the northwest up in Canada. This gives us a unique opportunity to supply our customers globally. We can deliver product to our customers anywhere, and we can deliver any product they require, whether that's technical or battery grade. We want to grow further into the chemicals and the battery grades, and we are uniquely positioned to deliver into the U.S. market. Christian will take us through his slides when he comes. He's coming from a customer visit to the operations in Argentina, so he's landed a few minutes ago. He should be here on time. The U.S. market, the battery market in the U.S. will grow by almost 10 times within 10 years, as well as the European market. While the Chinese market will double or triple, these two markets will grow significantly. That is where we are positioned to deliver. We can deliver into those markets products in a great way. We're also I think it's important to highlight that all our operations are based in countries with long-standing democratic traditions. In the current world, that is becoming more and more important. Knowing that in these countries, the laws are respected and met is something that for the supply chains that the world is going to look at in the next few years is going to be very important. The summary is, if I have to put a note to this slide, I would say Allkem is delivering as a global lithium chemicals company with the ability to support our customers around the world. Going into our strategic slide, I think you've seen these five pillars already quite a few times. I always talk differently through them as we progress in our strategic definition. Pillars continue to be the same. We are saying that the strategy is about size. Size means owning the right assets to be able to grow production. The quality of our assets is tremendous. You've seen the report we just put out for Olaroz resource and resources. That report in itself it's showing adding up Olaroz and Cauchari 22.4 million tons of measured, inferred, and indicated tons of LCE of a brine with a great concentration in the 650 milligrams per liter range with low magnesium impurities. When you put together 40 years of production of 42,500 tons from Olaroz stage one and two, you only get to 1.5 million tons. That tells you about the ability that we have to further expand that asset, continue to deliver. After 80 years of pumping, we haven't seen significant dilutions in the brine. We are pumping from the top 200 meters, and we are going deeper and deeper. In this report, we're including results from our 1,400-meter well that didn't touch the base of the basin. Didn't touch the bottom of the basin, so it's a tremendous opportunity in Olaroz, Sal de Vida as well with a great chemistry. The report we put out last night evidences a target of 80% of production to be battery grade on the back of a chemistry that has a high lithium concentration and that has very low impurities, particularly sulfate and magnesium. We know how to deal with it. We've already done this in Olaroz. The beauty of these assets, the beauty of James Bay, an asset with one of the best head grades you can find in the market, but with a very low stripping ratio and very low basalt presence in the asset tells you about how much can we get from that asset. If you look at all these assets, they are greatly positioned to deliver at the low end of the cost curve. We can continue to grow, we can continue to take advantage of economies of scales in our operation, and we can continue to apply the learnings and the knowledge that we have to these new projects. That is the name of the game. That is what we are doing here. If you think of Mt Cattlin, and Keith will take us through that. Mt Cattlin is an asset that its end of life was expected by end of 2025. We are drilling, we are exploring, we are extending the asset, and we want to go further than, and be able to extend this end-of-life mine because Keith will tell us what is in there. But the ability to grow from these assets is tremendous. This company has a huge potential. It is a reality today. It's already making cash, AUD 100 million in the last six months. Looking forward to great prices in the coming six months. The assets are among the best assets you can find in the market. We have the assets, we have the size, we have the ability to get to that size that we want. We have the ESG focus that is required. As said before, Kathryn will take us through that. We are already into the main index. We have already put forward five sustainability reports. We have a plan to reach net zero scope two by 2035, and I'm working to try to bring that forward. We do have a broader view of sustainability, and we incorporate sustainability into the design of all our projects. That's what makes a difference. When we talk about vertical integration, it's size, it's vertical integration, ESG. In vertical integration, I think we have demonstrated capacity to deliver products to the battery or to the cathode manufacturers into the battery value chain. The increase of production from battery-grade from Olaroz is just a proof of that. The increase of the targeting of battery-grade from Sal de Vida also proves in the same direction. The project that we are starting to commission in Japan, in Naraha, to produce battery-grade lithium hydroxide from technical-grade lithium carbonate exported from our operations in Argentina is a proof that we can go and deliver into this market. The current studies that we are starting to undertake to build a downstream operation in Canada that will enable us to supply battery-grade lithium hydroxide into a fast-growing U.S. market goes in the same direction. What I need to complete this slide is to talk about the team. As I said before, it's about size, it's about vertical integration, and it's about having the right team. Everybody will present themselves at the beginning of their parts of the presentation. However, let me give you a brief idea of who we are and where we came from in this team, because it is a truly global integrated team. You know me already, met with many of you. Others know me through or at least my voice and accent through the quarterly calls. I'm Argentine, engineer by background, father of five, and it all comes together. I'm based in Buenos Aires but travel around the assets very often. I have not been traveling much to Australia lately because of COVID restrictions. I'm with Keith with Denis one week a month in Canada, with Keith on the phone almost every second day. Harrison and Guillermo, see them all the time. The team is a truly global team. My chief of staff that it's a great engineer and very good professional is Guillermo Caló. Guillermo was managing the Sal de Vida asset at Galaxy before and is now supporting me in the overall corporate setup and being able to put together and deliver on all these projects. Hersen Porta, you've known Hersen for some time. Shortly after joining Orocobre, I brought Hersen from the chemical industry to support us with our operations in Argentina. Hersen has assembled not only a great operations team in Argentina, but a great engineering team that is currently delivering in Olaroz Stage two. Talked about Denis. Denis Couture, he was the manager of the James Bay project in Canada and continues to manage our Canadian operations. Keith Muller, also coming from Galaxy. Keith was the manager of Mt Cattlin, and continues to be in that position, managing Mt Cattlin for us and running the exploration program. Great South African, by the way. We do have a whole variety of nations across the board. Will explain us how the exploration program is taking over in Mt. Cattlin and what is it that we are doing. We're announcing a new sustainability head. She is not here because she will start working with us next week. Her name is Karen Wiesenthal. Karen was the sustainability head for Unilever in South America. She will be based in Argentina, where our largest operation and sustainability issues are these days. We'll have a global reach and coverage working with sustainability teams across all assets. It is a welcome for Karen coming from the outside. Our corporate secretary and legal head is John Sanders, sitting here at the front. John's been with Galaxy also for many years and now continues to be the corporate secretary and legal head of Allkem. Christian Cortes, just coming from an investor visit, I think literally from the airplane. He is running our marketing operations. He has been with Orocobre for quite a few years. Over the last year he has helped us improve significantly the results in our marketing contracting. You are seeing that through the evolution of price. Our corporate development head, our old friend, Rick Anthon. Rick, sitting here at the front, has been with Orocobre also since the very first days and continues to support us in our corporate strategy. CFO, I think is best known to everybody, continues to be Neil Kaplan, South African as well, but almost an Australian. He will tell you, "Good day, mate," every morning, so. He's been with us for quite some time and will continue to be our CFO in the operations. The Head of Human Resources comes from Orocobre, is Ileana Freire. I also brought her when I joined into Orocobre almost three and a half years ago. Ileana comes with a deep knowledge of human resources in Latin America. She was the head of talent development for Citibank or Citigroup, those days in Latin America, and then the head of human resources for Johnson & Johnson in the region. She comes with this deep breadth of talent development that we need and understanding the geographies and the regions. I think I've talked quite a lot already and gave you a good introduction of the presentation, and I will pass it on to Kathryn to take us through the ESG. Thanks, Martin. My name is Kathryn Smith, and I am Head of ESG Engagement here at Allkem. I've been an environmental scientist and sustainability professional for nearly 20 years, and I've spent many of those years working with ASX listed companies. Head of ESG Engagement at Allkem is a new role that recognizes the increase in demand for information about our environmental, social and governance performance, particularly from our customers and from our investors. I work with investor relations and marketing here in Australia, but I also work really closely with our sustainability team who are based across Argentina, Australia, and Canada. As Martin has already announced, we've recently appointed Allkem's new chief sustainability and external affairs officer, who'll be based in Argentina. Karen Wiesenthal will be joining us next week and we're really excited to have her bring her years of experience to Allkem. Now, before I move into my presentation, I do want to acknowledge that, yes, there are a lot of acronyms in this space. ESG, GRI, SASB, TCFD, TNFD. What we are seeing now is some clarity starting to form around how these are all going to be coming together under the International Sustainability Standards Board, which is unfortunately another acronym. We're hoping that this will provide a global baseline to assist investors to make informed decisions. At the end of the day, what we do though, and what we have always done is not that complicated. It's making sure that we understand and are addressing our most material, environmental, social and governance aspects of our business. To do this, we engage regularly with our stakeholders. That's our customers, our investors, our employees, our suppliers, the people who live in the communities where we operate. Through this process, we understand what environmental, social and governance topics relating to our business are most important and why. We, as a business, assess where our ability to impact these topics represents an opportunity and where it represents a potential risk that needs to be mitigated. Our response then becomes an integrated part of our business strategy. The final part of this process is then reporting this back to our stakeholders, and that's exactly what we're doing here today. Now, none of this is new for us. We've produced a sustainability report since 2017. Over the last five years, we've built up our sustainability resources, and we now have a strong, dedicated in-house sustainability team who work across the organization and have the oversight of our board sustainability committee. From 2021, our key ESG performance metrics have been verified by our external auditor as part of our annual assurance process. We currently have an 86th percentile ranking in our sector for performance in the S&P Global Corporate Sustainability Assessment, and based on this performance, we have again been included in the Dow Jones Sustainability Indices. We're also proud participants of the United Nations Global Compact and participate annually in the CDP Climate Change and Water Security Surveys. We engage regularly with a range of ESG ratings agencies, including MSCI, where we are recognized with an A-level ESG rating. We'll be releasing our next annual sustainability report in November this year. It will be the first under our Allkem branding, and this report will outline the implementation of our sustainability strategy across all of our operations and projects post-merger. We've been engaging with our stakeholders. We've been listening. What have we been hearing? We've been hearing two things. Firstly, the world needs more lithium to facilitate the transition away from fossil fuels, particularly in the transportation sector. Secondly, we're hearing that this needs to be done in a responsible and sustainable way. I'll go a little bit further into how we're doing each of these now. The climate is changing. It's becoming more and more evident that we can no longer rely on climate events of the past to predict what the impacts of climate events in the future might be. The most recent report from the Intergovernmental Panel on Climate Change has highlighted that human-induced climate change is already affecting weather and climate extremes in every region across the globe. The 2022 World Economic Forum Global Risk Perception Survey rated climate action failure as the number one long-term threat to the world, with potentially the most severe impacts over the next decade. To limit changes in the climate system and avoid the worst impacts, global CO2 emissions must be minimized to reach at least net zero by 2050 or sooner. In recognition of this, and particularly in the lead up to COP26 in Glasgow last year, we saw a significant increase in the number of governments and corporations making commitments to become net zero. Recent estimates are that approximately 90% of global emissions are now covered by a net zero goal. Last year, the International Energy Agency outlined a roadmap for the global energy sector to reach net zero by 2050. This roadmap sets out more than 400 milestones for actions that are required to reach net zero, including a complete phase out of internal combustion engine new car sales. Industry analysts are now predicting electric vehicle penetration rate of at least 34% by 2030, and in the IEA net zero scenario, it's 60%. We are now seeing an unprecedented demand for the critical minerals required for batteries and EVs, with demand for lithium chemicals in particular set to more than double in the next three years alone. As I mentioned, we're also hearing from our stakeholders that we need to deliver this lithium in a responsible and sustainable way. The growth we'll be talking about in the rest of our presentation. As Christian will explain further, we're already seeing an increased focus in ESG performance from our customers in the EV supply chain, and this is something that we've been well prepared to respond to. The ESG needs of the EV industry are mirrored in our sustainability strategy. In the environment pillar, our stakeholders have always been interested in how we manage any impacts and opportunities relating to greenhouse gas emissions, water use, biodiversity, and waste management. As a result, we've been reporting on our management approach and performance in each of these areas for many years. Of these, the two main areas of focus are greenhouse gas emissions and water use. Since 2017, we've been publicly reporting our Scope 1, 2, and Key Scope 3 greenhouse gas emissions, and we've set a target to be net zero in our operations by 2035. Importantly, all of our lithium projects are located in lower water risk environments. In the social pillar, we have a strong health and safety reporting performance, and at each of our operations and our development projects, we're focused on creating long-term shared value with our local communities. We do this through employing local people and procuring materials and services from local businesses where possible. We also work with our communities to deliver shared value projects such as infrastructure that provides education opportunities or medical services. This helps us to build a strong and skilled local workforce in some of the remote areas where we operate. We respect and promote human rights in both our operations and our supply chains, and we've demonstrated this in our last two modern slavery statements. For governance, our board sustainability committee assists the board's oversight of the company's sustainability strategy, performance, risks, and disclosures. Our executive remuneration is linked with ESG performance. In particular, 15% of our CEO's remuneration is currently linked with Allkem's sustainability objectives. One of the key areas of our strategy is our own ambition to reach net zero, so I'm gonna talk a little bit more about this now. Our target to achieve net zero for our scope one and two operational emissions by 2035 was made last year in our climate change statement. This is an ambitious target which will be reached through a combination of activities, including reducing our exposure to fossil fuels at our operations, an ongoing focus on increasing energy efficiency, and partnering with our value chain. Our lithium brine operations already utilize massive amounts of direct solar and wind energy in our pond systems. We're aiming to increase the use of renewable energy by implementing solar photovoltaic technology in Argentina. We expect to implement at least 30% renewables by the first production of Stage 1 at Sal de Vida. 30% is what we can achieve without battery storage, so this is just a starting point. Our James Bay hard rock project in Quebec has the enviable position of being able to access grid electricity. Now, this grid electricity is from hydropower. Based on that, we'll have a minimum of 44% renewable power as a starting point at our James Bay operation. This covers all energy required in the plant and existing electronic mining equipment. Our Olaroz phase three expansion and additional growth projects will have a net zero target incorporated in the project design. Now, these activities are all underpinned by a combination of proven technology, as well as enabling innovative approaches to be tested and then rolled out across our operations. We've always been focused on identifying opportunities to improve energy efficiency. Some good examples of this are incorporating lime recycling at our hydroxide plant in Neuquén, as well as our continued improvement in operational emissions intensity at Olaroz. We also understand that collaboration across the EV supply chain will be needed. Moving forward, we are engaging in feasibility studies for our long-term investment decisions that will incorporate a shadow price on carbon. This will help us make sure that we are determining capital allocation in line with our net zero commitment. As founding members of the International Lithium Association, we're committed to promoting ESG performance and standardized disclosure across the lithium industry. It is also important to remember that in terms of reaching net zero, the real value we bring is enabling the reduction of global emissions through the use of our products. Based on some fairly conservative industry estimates and assumptions, we understand that for every 10,000 tons of lithium carbonate equivalent that we sell into the EV battery value chain, we contribute to around 1 million tons of CO2 emissions avoided. Now, as the EV value chain further reduces emissions intensity and electricity grids transition towards renewable energy, this value will only increase. Now, I've always loved working as a sustainability professional, but I have to say, right now is an amazing time to be working in this field, and I'm really proud to be working for a company that's part of the solution. I'll hand back to Martín now, so we can continue with the presentation. Thank you very much, Kathryn. I'm the master of ceremony here, so I have to introduce Christian Cortes. Just came down from an airplane coming from a customer visit. You can tell us. I haven't been able to talk to Christian Cortes yet, so we may all get to know insights at the same time. Thank you. Christian Cortes will cover marketing trends and will explain us a little bit about the last price updates we put out in the market. Thank you. Thank you, Martín, and good morning to all. I'm Christian Cortes. I work for Allkem for just over six years. In the earlier years, I worked in different finance roles. I was based originally in Australia. I spent a couple of years in Argentina, and now I'm back to Australia. Now that the border is open, I can get out of Australia as well, so. I landed on a plane two hours ago. I was fearing that I couldn't make the session today, and I beat the odds, beat the traffic from the airport to the CBD, and here I am with you. I have plenty to talk to you about, but unfortunately I have 10, 15 minutes, so I'll keep it brief. I'm gonna talk about four key things. Firstly, what has changed in the lithium industry in comparison to how it looked like five years ago with regards to the expectations that the market had at that point in time. Secondly, I'm gonna talk about supply and demand. Then we're gonna talk about where that demand is moving towards to, and what are we effectively doing to position ourselves to capture that growth and demand. And lastly, I'm gonna talk about our product strategy. Green. Green. Okay. What's changed from five years ago? There was obviously a big expectation five years ago with regards to lithium companies and performance of those companies, including ourselves. We ended up in an oversupplied market and prices collapsing. It was obviously a three-year quite difficult period. I managed to step into the sales and marketing function as prices commenced in improving, which was a fantastic time for me. What has really changed in comparison to the past is now we have an alliance of three critical components. We have government issuing policy and subsidies. We have automakers pledging investments and rolling out strategy roadmaps towards electrification. We have us, the consumers, fully behind the EV transition. With regards to governments, some of you have been following up, and we have a few there on the screen. The largest economies in the world have pledged infrastructure investment, have announced policy rollouts gradually between now and 2025, 2030, and in short, that will make the EVs more affordable and to some extent, the ICEs more expensive. In response to that, the automakers have announced an unprecedented amount of investment towards electrification. As we shown the world in 2022, consumers are fully behind that, and we are effectively placing orders at a rapid pace. Unfortunately, more rapid than what OEMs can supply us EVs with. Some of the estimates that we have on the screen with regards to where penetration rates are estimated by Benchmark Minerals, they've estimated EV penetration rates to 2030 will grow between now 6% to over 34% by then. I'm sure that some of you sitting and listening here today will have greater estimates than that. That just gives us a, I guess, an overview and an understanding as to where will this go up to in the, in the remaining of the decade. No doubt, it's a very exciting time for us. With that in mind, we'll move to supply and demand. Some of you may remember the lithium industry was a relatively small, stable industry. There were lesser than a handful of companies supplying predominantly to industrial applications, some of those ceramics, glass. Fast-forward today, approximately 75% of global lithium supply goes into lithium-ion batteries. As we fast-forward towards the end of the decade, the expectation is that global supply of lithium for approximately 95% will end up in batteries and will be powering from transport to mobility, from scooters to cars, to trains, and why not potentially even air travel. As you can imagine, this is an enormous potential we had ahead of us. We run some estimates taking a moderate and a conservative scenario, which is what we have here on the screen in the first line above the bars. Even by taking into account projects that are not currently in production and by factoring in some elements of technology improvements, our estimates come back with a shortage of supply within the market for the remaining of the decade. Now, as you can obviously try to work yourself up between the lower end of our conservative case to a higher range, what that comes back with is a greater amount of shortage of supply. When we talk about what we're bringing with the additional projects supply-wise, we're estimating to contribute to about 10% of global supply over the next 5-10 years. No doubt, technology and other producers will be more than welcome to bring their incremental production because as we can see is going to be required. This is a transition and we wanna stand behind the EV revolution, so there's plenty room for us to all contribute to this. For us, as Martin has alluded to already, and you'll continue to hear through the rest of the session, we are in a strong position to contribute to this demand due to the fact that we have proven experience in technology. We know what we're doing, and we've done it in the past. The increasing importance of security of supply for battery raw materials and ongoing efforts in reducing battery costs will no doubt continue to evolve in different chemistries used in batteries. Nonetheless, lithium is expected to be in all those different chemistries. Where is demand moving towards to, and what are we doing about it? Today, as we all know, the demand is very Asia-centric. However, this is expected to change over the course of the decade as we see incremental capacity being built out in North America and Europe, and of course, there will continuously be further investment in Asia. Based on some estimates up there, the expected capacity is expected to go up to three times to what it's currently out there today. North America and Europe will be contributing approximately 30% of that. Why is that? Well, based on conversations with customers, and you may have heard already from Kathryn earlier, customers are interested in ensuring that they have supply for the future, so they can effectively lock in those materials for their road maps and be able to deliver on the growth plans from EVs. They're also concerned about geopolitical risk, and they want to make sure that they partner with companies that have the ability to supply them from different sources, as well as transparency as to where those materials come from and what practices do we have in place to ensure that we're contributing in a sustainable manner. As you can see by looking at the map, we are well-positioned across the world, and we will be in a very strong position to capture growth across the three key geographies. Moving on to our product strategy. The debate about demand of lithium carbonate versus lithium hydroxide, the question that always gets asked or not, if not always very often. Well, to cut it short, we continue to see a balance between demand for both products. As I often speak to customers and other market participants, and I obviously ask the question with regards to what plans do they have on their road maps towards incremental EV production. The response is there will continue to be a significant growth for both. lithium hydroxide is a preferred material towards high-performing vehicles, and lithium carbonate provides the option for standard models that are more cost-effective. With that in mind, we are positioned to support that growth and demand. We're planning to increase production capacity of lithium carbonate four times to what we currently have today, and that is leaving aside what we're going to be shipping towards Japan for conversion to lithium hydroxide. As we know, we've been operating with lithium carbonate for the past seven years. I th I think I'm confident to say the team knows what they're doing, and I can tell you we understand what the customer requirements are. With regards to EV qualification and partnering with the EV supply chain, we've done that, and we're in a strong position to grow that. With regards to lithium hydroxide, we'll be talking about our lithium hydroxide conversion facility in Japan a little bit further down the track. Nonetheless, that plant will be taking feedstock from Olaroz, and we'll be converting that into a battery-grade hydroxide later on this year. That plant is in a unique location, considering that there's no similar facilities in Japan. Lithium hydroxide, in contrast to lithium carbonate, has a shorter shelf life, and therefore it's important to ensure that the production facilities are relatively close distance to customers. That's why this provides us a very strong opportunity with tier one cathode producers in the region. Moving on to spodumene. Spodumene will continue to form part of our product portfolio in the midterm. We'll be talking about Mt Cattlin as well as James Bay a little bit further down with Keith and Denis. The focus and the intent with James Bay in particular is to partner with customers that have conversion capacity in North America or Europe, so we can ensure that we're supporting the efficiency towards CO2 emissions or reducing them to the extent that we can. If I can round this up. In conclusion, we are confident that we're entering with incremental supply in the perfect time. There will continue to be a very tight supply market for the foreseeable future. The asset that... The asset portfolio that we have, the expertise that we have within this new merged company, and the relationships that we established in the market, will put us in a position where we can become a future market leader. With that, I thank you, and I'll pass it back to Martín. Thank you, Christian. Now it's time to spend some time on our assets and see how we are delivering on them. Just as a quick introduction, it hasn't been yet a year since we announced the merger, and we are moving full speed ahead on projects that will see us with a capacity to deliver more than 150,000 tons by 2025. These projects are basically the Olaroz project, currently producing carbonate, both technical and battery grade. Hersen will take us through Olaroz and the construction of Olaroz Stage 2. We'll also talk about Mt Cattlin, and Keith will take us through the life of mine expectations and the exploration that we're doing to expand the life of mine and continue with the production from Mt Cattlin. We'll talk about Olaroz stage two, and given his background, Guillermo will take us through Sal de Vida stage one. Guillermo will tell us about the construction, the project split now into stages, a 50,000-ton stage and a 30,000-ton stage according to the NI 43-101 that was put out last night. He will take us through the James Bay upstream project and will tell us how we are doing in terms of engineering and permitting and which are the expectations for the project. I think it is important to highlight that this is not all of our growth portfolio. This is a growth portfolio that is currently committed. It's happening. It is a reality. It's not another project that has to wait seven years to start to produce. It's a company already making cash. It's a company already delivering. It's a company already producing. It has a pipeline of projects that will take us to 120,000 tons of installed capacity by 2025. We have a whole set of projects that we listed in the table at the bottom as early studies, which are the expansion of Olaroz Stage three, based on the reserve resource that was put out last night. The ability to do a further Stage three in Sal de Vida based on the grown, greater reserve resources, our plans to take James Bay downstream, our plans to enhance recovery from the Olaroz plant and increase the purification capacity. There's a significant pipeline of projects that the asset team will take us through. I'll let Gerson start with the Olaroz operations and stage two progress. Please. Thank you, Martin. Good morning. Hello to everyone joining us online. I'm Hersen Porta, Allkem's Head of Operations in Argentina. To give you a little background, I'm chemical engineer with 35 years experience in the chemical industry, mainly in areas of operation, process technology, project management. I had a chance to develop my career in different geographies and also leading the commissioning and startup of several chemical plants around the world. I'll be talking to you today about our Olaroz lithium facility, which was commissioned in 2015, and has produced almost 80,000 tons of lithium carbonate over the last 7 years. Olaroz was the first lithium project in Argentina during the last 25 years. Reliable now, stable with a sustainable process, low cost production, and delivering consistent quality in the product that we are producing, both technical grade, battery grade, lithium carbonate. By the way, we are producing one of the purest lithium carbonate battery grade in the world. The deep knowledge in the technology and operational experience gathered during the last years becomes a competitive advantage for Allkem and increase our confidence moving forward with the commissioning and startup, and then the ramp-up production for our projects in Olaroz 2 and Sal de Vida 1. As of today, we have produced 9,500 tons this year, this fiscal year, in a mix of battery and technical grade, and that is the forecast to continue producing. More than half of our production is battery grade right now. In this map, I want to share the location of our sites, our operational sites in the region. We are right in the lithium triangle, and you can see here that our operation in Olaroz at the top is just 250 km to Sal de Vida. We are located 4,000 m altitude. Most important is that this is a very friendly mining area. We have been working in the Jujuy Province since 2006, and right now we have a very good relationship with the provincial government, which has 8.5% interest in our Olaroz lithium facility. We also have deep connections with the local community. As head of operations in Argentina, I can tell you that we are proud of the successful social programs that we are implementing there together with the communities and the local government. The programs ensure to the community access to water, electricity, internet, and also developing and maintaining infrastructure like roads, schools, hospitals. Now let's go to the process. Let's take a moment to look deeper into the process we use in Olaroz Lithium. First, we extract the brine from wells. Then after removal of some impurities with the lime addition, we concentrate the brine 10 times in our evaporation ponds. Basically, the climate in the region is our best partner. It's very dry, high solar radiation, low rain, windy, 400 meters altitude. The perfect combination to have an efficient evaporation and concentration of the brine 10 times. We also have good access and so after the carbonation reaction and removal of impurities, we can dewater, dry, pack it, and ship our product to the overseas markets using the ports in Chile and Argentina. Let me give you a sense of the scale of the opportunity that Allkem presents to investors. The Olaroz basin is a world-class tier one long-life resource. Now we must consider the value adding the resources from Cauchari. Sorry, Cauchari and Olaroz are part of the same basin. To put it in perspective, we are talking about a project, 40 years long life, where we have a very good chemistry and a good grade of lithium. During the last years producing in Olaroz, we proved that the concentration of lithium has been constant through the years. Here you can see the most recent statement for the Olaroz basin just released yesterday. The total has increased to more than 60 million tons of lithium carbonate equivalent. To have an idea, we are going to use just a small portion of this resource in Olaroz one and Olaroz two. That's a rich and also it's not. You will see that it's an interim report. It's an interim report because we continue exploring the basin. Our resources are calculated at a maximum depth of 650 meters. This is a very deep basin, so there is an open opportunity beneath 650 meters. We drilled a hole 1,400 meters deep, and we didn't intersect the basement bedrock of the basin. There is a huge opportunity here that is in line with our growth plan, and for sure, Martin will talk later about that. Now, I want to update you about our Olaroz two expansion project. As we are implementing new projects, it is a step forward in terms of technology, efficiency, product quality, and lower production cost. That's with the upgrade of on the technology that we are using in Olaroz one, we are implementing Olaroz two. Olaroz two is going to give us a production capacity, additional production capacity of 25,000 tons of lithium carbonate by technical grade with superior quality. It makes Olaroz Lithium Facility the biggest producer of lithium carbonate in the region with 42,000 tons of lithium carbonate per year. It will enable us to supply our Naraha plant in Japan. As I told you before, Olaroz 1 was the first project in 25 years in the region, and Olaroz 2 is going to be the next one. That is clear evidence that we are delivering. Right now the project is about 75% of construction progress. The financial progress is in line with this construction level. That means that the financial discipline is good enough to keep the project on track and budget. There is a new lime plant and almost all ponds for evaporation already commissioned and operating. We are right now concentrating the brine that is going to be used in the carbonation plant of Olaroz Two. There is an experienced team from Olaroz One now working on the operational readiness plan to ensure a smooth commissioning and startup of the new plant that is expected to be in the second half of this year. Just to show you some aerial pictures of how we are moving forward with the construction. We can see here in the pictures the carbonation plant, the soda ash silos, and also we can see the ponds where we are right now evaporating the brine that is going to be used in the plant. To complete my presentation, this is a snapshot of the economics for this project. Despite the benefit that we are getting, adding production capacity to Olaroz and also supplying our Naraha plant in Japan, in a market that is, as Christian mentioned, very demanding. Something that I want to highlight here is that we are achieving a very competitive capital intensity with implementation of this project that is about $15,000 per ton. Very competitive for this kind of industry. You can see here the great NPV and the payback of this project, and the remarkable IRR well above any ambitious target. That is all that I wanted to tell you about Olaroz and open for question later. I give the floor to Guillermo, to Martín. Thank you. Thank you very much, Gerson. They just let me know that finally we feel comfortable on the stage because we're taking longer than we took yesterday in the rehearsals. We will stop here. We'll open for 15 minutes Q&A so that we make it on time for the morning tea, 10:30 A.M., and then we will be back starting from Sal de Vida to Phoebe, and Taylor will be around the room with the microphones in case you have questions to ask. Please. Oh, Phoebe and Andrew. Hi. Morning, everyone. Rahul Anand, Morgan Stanley. Look, first question was around stage two. Martin, perhaps for you. Sometime back you were talking about potentially taking production even higher than 25,000 tons per annum within stage two. Has that concept now been put to the side and stage three is the strategy, or is that still an option for you? No, Stage Two has always been designed at 25,000 tons, and the incremental production from Olaroz will come from Stage Three. There are potentials to optimize some quality in Stage Two, but are not incorporated in any of the studies that have been disclosed so far. Okay, perfect. In terms of Sal de Vida, overnight, the technical grade production out of the project, what are some of the key drivers there in terms of is it the brine quality being different than what you imagined, or is that just a function of pilot stage to industrial grade stage production and all your experience that you have? We'll cover Sal de Vida in the second part of the presentation. Quickly, not to leave a question unanswered, the results of the piloting and the experience of Gerson and the team put together on the process that was designed for Sal de Vida let us get a higher percentage of battery grade product with certain additional investments. Guillermo Caló will cover all that in the presentation later. Okay, final one from me, for Guillermo. The evaporation slide, you talked about how the brine evaporation time is 12 months. Earlier, I think it used to be a longer period, sort of 18-24. Have you changed something in the process? How come it's become a bit shorter? Usually it's 9-12 months. I mean, that is a period of evaporation, and it is subject to the time of the year. I mean, what time you are filling the ponds, and using the climate that's in the best condition for sure. You have a rainy season, you have a dry season, and you have a summer and winter. Subject to that condition, I mean, it could take nine to 12 months. It's the same for Olaroz, and it would be the case for Sal de Vida as well. Okay, no worries. Thanks. Thank you. Hi, Martin. It's Glyn Lawcock from Barrenjoey. Just a couple of questions. Firstly, just on the market, you talked about product strategy. I'm wondering about what your pricing strategy is gonna be going forward. I mean, as you bring on all the different products, we're starting to see people link spodumene to hydroxide, some preferring just to sell it straight on the spodumene index. Just share some thoughts on how you see the evolution of pricing a little bit. You know, what do you think works? Which indices are gonna win out? You know, how should we think about it? And then also maybe do you think you'll see a premium for an ESG-accredited producer? Is that something else we should think about and look out for? Thank you, Glyn. I think very good questions both. With regards to pricing strategy, I think there are two important things. One is what we've done over the last year to readjust our old contracts that were fixed in pricing to repricing some of them monthly, some of them quarterly. Remove some ceilings that the contracts had, and that enabled us to improve our pricing strategy. We've also priced some of the lithium carbonate that we produce from Olaroz that will be going into producers of hydroxide on an index on hydroxide price to be able to start enjoying part of the hydroxide appreciation that the market should be seeing coming as the hydroxide technologies develop more and more. With regards to our pricing strategy for spodumene, with the production from Mt. Cattlin, that is the one we currently have. We have contracts that cover quantities, however, the prices are negotiated and agreed on a shipment-by-shipment basis, and that is enabling us to replicate the spot pricing. All in all, what we are seeing is spot prices having more and more influence on the way the contracts are being priced. More often price renegotiations and a whole mix of different products starting to be incorporated into our pricing mechanism. Some products into hydroxide, some into carbonate, battery grade and spodumene is the one that better reflects the spot market given the characteristics of the spodumene contracts. In the case of the carbonate contracts, spot markets and contracted markets are significantly different because you don't sell battery grade product on the spot. You know, a product has to be pre-qualified, has to be accepted by the customers. It requires a whole deal of negotiation. What we are seeing is that the pricing of those battery grade contracts is starting to reflect more and more the market prices, just not to call them spot. Sorry, do you think there'll be a? The premium? Yes. There was a second one, sorry. It's difficult to tell you today. I think that before seeing a premium, we would see ability or inability to sell. Some customers will become more restrictive with regards to which type of product they can buy. After we see that, then we shall start to see a premium. I think it's early yet to be talking about sustainability premiums. We understand that sustainability is a gate opener for accessing certain customers that are willing to buy the top-end products and willing to pay a premium. I think it will take some time until we actually see sustainability premiums. Clearly, customers are starting to indicate that they will use sustainability as a gate to buy. Sorry. Do you want me to add something? If you wanna add something, Christian, please. I would just complement your answer by saying I would probably say rather than seeing a premium, we're gonna see a discount. Those producers are not really hitting those expectations, as Martin was alluding to. They're not gonna be able to sell their product within a specific segment. As a result of that, as you see more producers targeting that segment because they struggle either through the qualification of the specification of the customer as well as those requirements on the environmental performance, they're gonna end up with a discount on the product. Okay. Sorry, Martin, just a separate topic, and you may cover it later in the presentation, so apologies. If you think about the brines, and you've obviously gone down the evaporation route, can you make any comment around direct lithium extraction, DLE, and why, as a company, you've gone the pond route? Is it just the salars don't lend themselves to DLE or you don't think the process works? Any comments would be appreciated. No. We are not leaving DLE outside of our project analysis, and we're looking into incorporating new technologies in Olaroz three. We understand evaporation process very well. We understand the potential of a project and its limitations. Harrison is currently working on piloting some ideas, particularly on the brine enhancement recovery processes that will open the door to incorporating new technologies that would maximize the result. DLE extraction technologies, they go two ways. You've got a solvent or ion exchange type of extraction, or you go through the membranes. They, you know, lots of things here have to be balanced to understand how they will work. We have to see them operating in industrial scale. So far we've seen solvents operating in industrial scale. Solvents have some issues with the amount of water they require and the amount of acids required to regenerate the solvents. All those things are being balanced, understood, and studied. We are not leaving them outside of our alternatives to expand Olaroz into stage 3. What we can tell you is that Olaroz stage 2, Sal de Vida 1 and Sal de Vida 2 will be evaporation ponds, the standard technology. We know we're already building that, and we build on known and proven technology. That's the technology we master, and we're looking into incorporating these progresses in the new projects. Ready? Martin, I'll just give you a question from the web, if I could. The shareholder asked, or comments it's impressive growth profile. Well done. Can management confirm, what's being done to- Realize the true value of the assets for shareholders before it gets bought out at these prices. Well, I think it is important we shall differentiate Allkem from the many projects that are around there. No, it's you know, the objective of this is to understand that there's true value in this company. That these are assets that are currently generating, and these are projects from already generating assets that are being developed by people that build them already, that know how to operate them and know how to deliver them from them. Morning tea? Good. Let's break for morning tea. How long, Andrew? 20 minutes. 20 minutes. Long break. We didn't have those at school. We were only 10. We will continue with Guillermo. He will take us over Sal de Vida, and then Keith and Denis would cover Mt Cattlin and James Bay. Guillermo. Thank you, Martin. Good morning to everyone joining us here today and online. My name is Guillermo Caló. I have over 20 years experience in the mining sector in South America, mainly in Argentina, Chile, and Peru. I've been responsible for the Sal de Vida project since early 2019 as General Manager while living in Catamarca Province. I was initially involved in the development of the feasibility study for the project, all the permitting process, basic engineering, piloting program, and early works. As many of you are aware, last night we announced significantly expansion of the project, and we're gonna be delivering in a shorter timeframe. We have gone from three stages to two stages, and we will be delivering 13,000 tons more than in the previous estimates in the feasibility study we issued in 2021. Importantly, our target is to deliver 80% battery grade, and this is going to Rahul's point earlier today. This is due to the high quality brine Sal de Vida has and the on-site tested process flow sheet. We've been almost two years now testing the process with a pilot plant that we built in early 2020 with excellent results. Not only testing the process flow sheet, but also testing the operational readiness, testing the procedures, training the people with the pilot program. In the next few minutes, I'm gonna walk you through the highlights of the project, where it's located, how the brine will be processed, and the project economics. Let's start with the where the project is located. As Hersen mentioned, for Olaroz, 250 kilometers in a different province. We are also 1,400 km from Buenos Aires, that is the capital of Argentina. We are in a very mining-friendly jurisdiction, Catamarca Province, where we have very strong relationships with the provincial authorities and the surrounding communities. Last year, we finalized a royalty agreement with the provincial government that includes commitment from the government to grant us a life-of-mine water concession. This agreement is applicable to any expansion the project may have in the future. We also develop a strong relationship with our communities, with the communities surrounding us, by fostering employment and procurement opportunities. We currently have 78% of our employees from the Catamarca Province. We also developed several community relations programs, as the construction of a high school in a small village called El Peñón. We also expanded a primary school in Antofagasta de la Sierra village. That is the head of the department where Sal de Vida is located. We also constructed a first aid facility in our direct neighbor of Ciénaga Redonda, a very small village close to our operation. We are also developing several health and educational programs in conjunction with the provincial authority. Now, let's look at the project itself. Sal de Vida has one of the highest grade lithium brines in the world, with very low impurities. Over the last year, we completed the development of the production wells, eight production wells. This allowed us to increase the resources estimate to 6.85 million tons of LCE by better understanding the basin and by adding resources in depth. This is 10% more resources than in the previous estimate. We also included a lot of additional information into the model to better understand the basin, and this was done through pumping tests, long-term pumping tests that were performed after each well was completed. This demonstrate the potential for further expansion in the project. In the second half of this year, we're gonna start with continuous drilling, mainly in the west side of our mining properties, where the Stage 2 well field will be located. Let's now look at the process flow sheet at Sal de Vida. As per inflation considerations. We are targeting 80% battery grade and first production in the second half of 2023. Let's now look at the full project economics. Here you can see that the economics for the combined stages, taking the project to 45,000 tons per annum of LCE. You can see a reduction in OpEx. This is about 8%, and the combined CapEx is AUD 794 million. We are also completing studies for 30% renewable power generation that is targeted to be in operation as early as stage one first production. This will be extended also to stage two, and we are also working to secure a natural gas pipeline to replace the rest of the diesel generation for the project. Further optimization opportunities will be captured during the feasibility study for stage two and lessons learned from stage one and all other stages one and two. Let's go to my last slide. Here, you can see the layout of Sal de Vida, where you can easily identify the two stages. To the right, you can see stage one, to the left, stage two. We capture synergies mainly in the utility sector, non-process infrastructure, and process plant. We currently have few synergies on the well fields, evaporation ponds, stockpiles, and brine distribution, but we will continue refining the synergies during the feasibility study process. Thank you all. I will turn it back to, I think, Martin Rowley or Keith Muller, no? Keith Muller. Thank you very much. Good morning, and hello to everyone joining us online. It's great to be in Sydney this morning after a very long time in Western Australia behind closed borders. First time I've been able to get out. As Martin mentioned, my name is Keith Miller. I'm a mining engineer by profession with over 20 years of experience in the hard rock space. My role in Allkem is to look after the Australian assets, which includes the Mt Cattlin operation. Mt Cattlin is a mature and well-established hard rock operation. Since the restart in 2016, we've produced over 800,000 tons of spodumene concentrate. We operate in one of the world's best mining jurisdictions, and we have a very close relationship with local government and the community in Ravensthorpe. I joined the Mt Cattlin leadership team in early 2019 as General Manager of Operations at that time. Eighteen months ago, our product was selling for $350 a ton. Very recently, we signed contracts for $5,000 a ton. Huge increase. Despite these unprecedented prices, we keep our cost in check to retain and sustain our competitive position in the market. Today, I would like to step you through what Allkem is doing to enhance and extend the life of mine at Mt Cattlin. Today, I am pleased to announce the commencement of a three-phase drilling program at Mt Cattlin. The first phase of the program is aimed to convert 3.2 million tons of resource to reserve for an immediate cutback of the northwest pit, and this will allow for a mine life extension of up to two years. The second phase is to expand the resource base even further beyond this cutback. We are aiming to define at least 5 million tons in the inferred category from this phase of the drilling program. The third and final phase is to test and explore beyond the footprint of the existing operation on our adjacent exploration leases. Let me talk you through the first two phases of our drilling program. The image on the left-hand side is the existing open pit demonstrated on the inner shell over there. The outer shell is the proposed $900 shell expansion that is still within our current resource base. On the right is a cross-section of the same, as well as the targeted areas for the first two phases of our drilling program. The two target areas for the phase one of our drilling program. Oh, excuse me. The two targets for the first phase of our drilling program is firstly, the pegmatite lens at about 200 meters below surface. That's approximately 100 meters below the current bottom of the pit. The second focus area for this first phase of drilling is to extend the existing lens that we are mining at the moment. The second phase of our drilling program is to explore outside of the 900-level shell, which is this area over here, both the first lens and the second lens towards the north, the south, and the east. In parallel, we are conducting an underground scoping study to enable a trade-off analysis and determine the most appropriate mining method for any future expansion beyond the ones just discussed. Finally, I'd like to discuss the third phase of our drilling program, which focuses on the exploration lease outside of the existing operation. In the picture, in the top left, is the current mining operation. The proposed holes are these ones indicated in the yellow colors. Our focus is to understand the geology and mineralization and to get a better extent of the ore body outside of our current operation. This will allow us to further develop drilling programs for next year and then to target another resource definition program next year. Mt Cattlin has been in operation since 2016, and it plays a vital role in funding Allkem's growth plan. That's why we are investing in this 32,000-meter drilling program. We will have another Q&A session at the end of this one, so I look forward to your questions. I'm sure there's plenty. I'll now hand over to Denis, who will take us through the James Bay project. On your first slide. Thank you. Thank you, Keith. My name is Denis Couture. I'm the head of Canadian operations. I'm leading the development of the James Bay project since 2018. I just said a few words. You probably already recognized that I'm French-Canadian, so as a typical Canadian, I would like to apologize for this. I'm born and raised in Northern Quebec. I am a process engineer with almost 30 years' experience in mining industry, including 12 years working in mining operations in Northern Quebec, where the James Bay project is located. You just heard from Keith, who heads up operations in Western Australia, about Mt. Cattlin. Both Mt. Cattlin and James Bay have numerous similarities, despite we're dealing with complete different environment and site condition. I was just at Mt. Cattlin again last week to see the business for itself. James Bay deposit is one of the best deposits in North America. We're targeting to produce 320,000 tons of spodumene concentrate per year over a 19-year mine life, with upside, using clean hydropower energy to power the process plant and infrastructure. The project benefits from the location, strong support from the stakeholders, access to low-cost clean energy, quality of the deposit, and simple process flow sheet. Let's start with the location. One of the most common questions I'm asked is about the remoteness of the project. Yes, it is remote. Yes, it is cold, especially for Australians. The project is closer than you might think. The project is located in the James Bay region, a Cree Nation territory. It's also one of the largest hydropower generation system in the world, with La Grande generating station built since the 1970s. Cree Nation oversee the economic development on the territory with various agreement and alliance with the government of Québec since the 1970s, covering the development of hydropower plant, but also industrial and mining projects. We are in constant communication with the Cree Nation of Eastmain community and leaders on various aspect, including maximizing economic benefit for the communities. The benefit for the project to be located in James Bay territory is more than just having access to low-cost clean power. To develop those project, Hydro-Québec had to build numerous infrastructure, so it's very well serviced area considering the remoteness of the project. There is all-weather sealed highway, rail access, and air transport link already. James Bay territory is located just north of Abitibi region, which is one of the most prolific mining region in Canadian history since more than 100 years, while leveraging the experience of personal consultant contractor from the region to design, build, and support the future operation of the mine. A key advantage of the asset is the deposit. It is a sizable high-grade deposit without basalt, with a low stripping ratio. As you can see, the conversion ratio of the resources to reserves is pretty high with above 90%. It's pretty high per industry standard, which means there are considerable upside. The deposit is open at north, east, and at depth. The process flow sheet at James Bay is proven and similar to the one used at Mt. Cattlin. Process performance is higher than Mt. Cattlin, mostly due to higher grade and the absence of basalt. Mt. Cattlin team was part of the development of the project since 2018, reviewing all aspects of the project, helping Canadian team integrate the lessons learned into the design. We already completed basic engineering phase and we're progressing with detailed engineering and procurement activities for the project. We're working with the same firm that supported the project during the previous phases, with key personnel that have extensive experience in delivering mining projects successfully worldwide, but more importantly in northern Quebec. Hydro-Québec contract covering the construction of the power line was signed in November, and work is progressing. Project development and environmental permitting process started in 2018. Environmental permit application were update and submit in July 2021 following value engineering work that we're targeting to reduce the cost, but and also the impact on the project on the environment, including overall footprint, lands affect, lands areas affect, bulk commodity quantity requirement, etc. A lot of effort was made to do in-pit filling, to minimize the land and also putting all the waste rock pile as close as is possible from the pit, to minimize the footprint, but also to reduce the GHG emission during operation with the transport. Something that it's not on the layout, really important, is you will not see a tailings pond. We don't have a tailings pond. The tailings are transported by truck and mixed with waste rock. So we don't have the risk. It's a decision we made a few years ago. We don't have the risk associated with tailings dam and everything that come with it. The process plant area and industrial area is next to the Billy Diamond Highway, so we don't have any access road to build. The existing truck stop here is built and managed by the government and is walking distance from our site, which is pretty practical. Fiber optic network exists along the Billy Diamond Highway, connecting the south to the north and passing next to our installation already. Billy Diamond Highway is an oversized highway designed and built by the government in the seventies to support the development of the hydro project, power project. It's allowing to transport very large and heavy load on that road. This is a unique road in Quebec with different load limit than the rest of Quebec road system. It have been recently refurbished by the government. It allows to reduce the transport cost to rail transshipment compared to other lithium project located in James Bay territory. Feasibility study was completed in December 2021, with the selling long-term price of about $1,000 per ton of concentrate, which was the consensus at the time the study was complete. Capital intensity is in line with mining project located in northern climate with similar ground condition. Operating estimate take consideration the quality of the deposit, the low power cost, and the advantage to be located adjacent to the Billy Diamond Highway. Target is to start construction at the end of this year and production during the first semester of 2024. Environmental permitting process is progressing with additional information and clarification submitted last week to the IAAC and both federal and provincial authorities. We're aiming to complete the clarification process soon. I will then let Martin provide you an update on Naraha. I shall say merci, Denis. To finalize our asset section, I will talk a little bit about the Naraha plant. I think we've given an update in the last quarterly. The project is well progressed. We have obtained the mechanical completion communication from the EPCm contractor that is Veolia last week. We're going through a confirmation of that mechanical completion and, finally, after the Japanese borders reopen, we have been able to fly in people from Veolia in the U.S. to Japan that will be running the commissioning of the plant. We expect to see first production coming in the next 3-6 months as the commissioning process is completed and the plant starts to run into production. We have already been shipping lithium carbonate from Olaroz to Naraha, so as to create the initial feedstock for start running the plant. Production capacity is 10,000 tons per annum, and as we discussed before, it is operated through a joint venture that we've created with Toyota Tsusho. The number is TLC, Toyotsu Lithium Corporation, of which Allkem has a 75% economic interest. This project is a true representation of our vertical integration objective since it will be enabling us to transform technical grade lithium carbonate from Olaroz or potentially the 20% from Sal de Vida into battery-grade lithium hydroxide to be fed into the Japanese and North Korean markets. South Korean markets, sorry. With the projects that we have discussed so far where we have completed all technical studies and are in a position to discuss this project timetable builds a path from the existing 40,000+ tons of production, of Orocobre production a year that we have to a production of 120,000 tons by 2025. This will enable us to maintain our 10% market share objective over the next 10 years. Over the next five years. What I think is important to highlight here is that these are projects really happening. These are Olaroz and Mt Cattlin already earning positive cash flows. This is Sal de Vida and Olaroz II being constructed. This is James Bay in the last phases of permitting and detailed engineering. This is the exploration of Mt Cattlin that is completely not factored into here. Ned will take us through a set of financial slides that will show that this growth is fully funded with existing cash generation, that financing alternatives at the asset level and the strong balance sheet that we have with almost AUD 500 million in cash. These projects, as it was explained in the NI 43-101s that were put together last night, are delivering significant growth for our shareholder base. I think the important thing is this is happening as we speak. We don't have to wait seven years and a whole bunch of permits to be able to deliver on these projects. They are there. We are working on them. We've got the team, and we're building them. We're already earning cash, and we're already producing from them. I think this talks about not only the global coverage of the company, the intent to grow in size, the commitment to maintain a 10% market share, a clear path how that 10% market share is being kept, being funded and delivering on those results. This, I think is important part of, you know, as a good conclusion of our asset slide. I would like to talk a little bit into the future is how does future look like beyond five years? Some of the things may happen even before 2025 as we are working on them. I will tell you the most outstanding one is let's talk about Olaroz Stage 3. With the last reserve resources report we put out, Olaroz has 22.4 million tons of LCE when measured in measured, inferred, and indicated resources. Those resources only go to 450 meter depth. We've drilled already a well of 1,400 meters that has not encountered the basement of the basin. We are producing from some stage two wells from 650 meter depth, obtaining great production rates and very good concentrations. A new reserve report is going to be put together with the completion of the drilling for stage two. That is happening as we speak, and most likely this reserve report will have a cutoff date 30 June 2022 and will be put together towards the end of this calendar year, beginning of the next one, once all the lab studies and other things have been completed. Olaroz Stage 1 and 2 only produces 1.5 million tons from those 22.4. That tells you an idea of the potential that we have for Olaroz Stage 2. The Cauchari properties that were acquired from Advantage Lithium two years ago, right before COVID, if you remember, on a very good transaction for Orocobre and those shareholders, already came with a plan to develop 25,000-ton lithium carbonate facility. However, that pre-feasibility study is more when we compare it to the amount of reserves that we have in the area, when you compare it to our potential in the area, and we are looking into something larger that will encompass, as I was discussing with some of you over the break, new technologies. We are a company that is producing, and as such, we cannot embark on a new technology for a new project without having done previous piloting research and else. That is what we are doing now. We're looking into these new technologies. We are piloting them. We're seeing how they would work and how can we incorporate them into our process because we think there's value in them, but we have to prove that. For the next construction phases, as I just said, Olaroz 2, Sal de Vida 1, and Sal de Vida 2 are going to be standard operation processes as we currently manage and excel in the operation of those systems. Going forward, we are starting to factor in all these new technologies and understand how can we maximize the recovery from the brines, have processes that are even better from an ESG perspective and achieve all of our stakeholders' objectives within these projects. I wouldn't be surprised if the Olaroz stage 3 duplicates the existing production capacity of Olaroz. You know, another chunk of 50 or even more 80,000 tons of production coming out of it wouldn't be a surprise given the size of the resource, given the ability and the potential that we have in there. When we talk about the integration downstream in the Quebec project, as said before by Christian, the North American market is expected to grow 10 times in terms of EV battery production. That provides a unique opportunity to be delivering our products into that market. James Bay is expected, as Annie was explaining, to produce about 40,000 tons of LCE in the shape of spodumene, 320,000 tons of spodumene a year, roughly, spodumene concentrate. That would clearly define our production capacity on our downstream integration. It's going to be a plan to process that spodumene and deliver those highly value-added products into the U.S. market. Quebec is a unique location to do that. It has access, as Denis Couture was explaining, to large pools of hydropower energy. It is the intention of the Government of Quebec to create a battery materials hub in the province, taking into consideration the expected growth of the U.S. and Canadian markets. We have been into several discussions with the government of Quebec, and they fully support a project to downstream this spodumene and deliver lithium hydroxide and lithium carbonate battery grade to the U.S. market. We're looking into technologies that would enable us to have that flexibility for moving to hydroxide. Other carbonate technologies are available, and we're just working on piloting and developing them more to come to the market with a proposal on how that is going to be done. We're also talking to other companies in the area. The objective is to maximize the opportunity in the region, and there are other players that are doing projects in the region, and we're talking to them as well. In terms of our additional capacity of lithium hydroxide, the key point here is with the completion of the Naraha plant, we have cracked on this technology to go from low-cost and low-quality technical grade lithium carbonate into lithium hydroxide. We have flexibility to produce battery-grade hydroxide in the local assets that we have in Argentina, but all of the sub-spec product or the one that does not reach battery-grade hydroxide. Battery-grade carbonate technology could be easily transformed into battery-grade hydroxide, maximizing the return and enabling us to deliver on this vertical integration that we're looking into. Currently, opportunities are on site at Naraha. We can double the production capacity that we have. We're also looking into other locations and a plant like this would be faster to build and easy to be built either in Europe or in the U.S. to supply those fast-growing markets. The technology that we put together is an ESG-focused technology. It minimizes the amount of waste and minimizes the energy consumption in the plant, achieving a very low conversion rate and a highly and a friendly ESG technology to transform the lithium carbonate into lithium hydroxide. We're also thinking of projects that will enable us to increase our purification capacity and enhance the recovery from our brines. We're using these projects as ways to pilot into new technologies. The enhanced brine recovery projects are looking to recapture. As you know, the carbonation reaction is an equilibrium reaction, so there's a part of lithium chloride that does not react with all of the soda ash, so that it's kept within the system that is currently being flown back to the ponds. We're trying to recover that at the plant and maximize the recovery of the plant, reducing this, the circling back into the ponds that is somehow suboptimal when you think of maximizing the return. That is something that is incorporated in all of the evaporation systems, and we are trying to maximize return and maximize the recovery from the plant by recovering those brines in there. With regards to the purification circuit, what we are trying to do by recovering that lithium chloride in it is maximize profitability and reduce the costs associated with operating a purification circuit at 4,000 meters height. You know, bringing that down to sea level may help us maximize the recovery, the bottleneck stage one of Olaroz, reach a higher production from Olaroz stage one, at the same time as we reach increased battery grade product and high quality battery grade production to our customers. All in all, it's not only what's happening and what is funded today, it's also the studies that are being carried out to continue and to support this 10% market share objective that we have for 2030. These projects that we are currently working on and putting studies together that are taking a lot of time from Hersen and the team in the piloting processes and in design stage are the ones that will underpin the growth that is coming in the future. I think that it is good, Neil, if I let you do some financial update at this point in time. Thank you, Martin. Good morning to all. I'm Neil Kaplan, the Chief Financial Officer of Allkem Limited, and I've been with the company over nine years now. I'm a chartered accountant with over 30 years of experience, mainly in mining, which has happened on four continents. I spent five years in South America, in Colombia, in coal with Glencore, and I also went back for another year in about 2009 with a Canadian-listed coal company. If this sounds like a eulogy, I was told yesterday it sounds like a eulogy. It's due to being an accountant. It's actually the opposite of a eulogy, what I'm trying to get across. If my voice is monotone, bear with me. Having heard about our projects from a financial perspective, we have a strong and flexible balance sheet. We have strong cash flows on the back of record high pricing. Ongoing projects are fully funded. We're looking at opportunities for project financing, even though this is not required at this time. We're looking to upsize the corporate revolving credit facility, and importantly, we will continue to look to reduce costs and keep costs down. Getting into the detail, we are in a strong position to deliver our growth profile and expect to fund our pipeline of project CapEx off our current balance sheet via existing cash on hand and strong near-term cash flow. Our balance sheet has limited debt, and we are generating strong operating cash flow, which creates flexibility to secure attractive debt financing if required. Looking at balance sheet debt, we have reduced stage one Olaroz project debt finance down from approximately $192 million to currently approximately $48 million, showing our ability to repay debt through the troughs of the lithium pricing cycle. Operating cash flow has improved materially over the last two quarters following a large step up in each of our lithium compound prices. There is a lag associated with those prices, and we expect that to flow through to even stronger operating cash flow in the near term. In terms of funding our medium CapEx plan, we have strong cash flows both in Argentina from Olaroz and in Australia from Mt. Cattlin. That will allow us to fund the remainder of Olaroz stage two expansion, Sal de Vida stages one and two, and James Bay. We have advanced discussions with parties for non-recourse project finance for Sal de Vida, which we view as an efficient way of funding CapEx in Argentina at a low cost of capital. That funding is expected to materially reduce the equity we will be required to put into Sal de Vida and preserve cash and cash flow for growth commitments outside of Argentina. Corporately, we are also pursuing an upsizing of the revolving credit facility of $40 million, and are at an early stage of exploring a range of debt financing options for James Bay. In summary, a strong balance sheet and strong cash flows will fund our project pipeline. Moving to the next slide, which details our balance sheet. Total cash, including restricted and unrestricted cash, is $453 million. Restricted cash of AUD 144 million can be used for Olaroz Stage 2 expansion, Naraha and vendor guarantees or will be reduced, will be released in due course. This leaves unrestricted cash of AUD 309 million. Gross debt of AUD 167 million relates to our share of the Mizuho Stage 1 and Stage 2 facilities, leaving us with net cash at 31 December of AUD 286 million. In looking at available liquidity with unrestricted cash of AUD 309 million, an undrawn revolving credit facility of AUD 40 million and being able to use AUD 109 million of the restricted cash to fund Olaroz Stage 2, we have available liquidity of AUD 458 million. This plus anticipated cash flows will fund expected CapEx of AUD 1.2 billion-AUD 1.3 billion for Olaroz Stage 2, Sal de Vida Stages 1 and 2 and James Bay. Allkem's strong financial position will deliver the optimal project development pipeline. Moving to the next slide. Strong pricing will deliver a material lift in revenues and cash flow. In our internal models, we have used long-term lithium carbonate pricing of approximately $15,000 a ton and spodumene pricing of approximately $1,000 a ton, which leaves us fully funded for our ongoing projects. The left-hand side of the slide demonstrates the revenue, pricing and gross margin history for the past three years for lithium carbonate, showing strong pricing revenues, profits and cash flows, while also detailing Q3 and forecast Q4 pricing. The right-hand side of the page demonstrates the same for spodumene, again with strong pricing revenues, profits and cash flows. The first six months of the financial year generated AUD 192 million in revenues with an EBITDAIX of AUD 98 million. Q3 pricing has continued to strengthen, and we have guided Q4 pricing for spodumene of approximately 50,000 dry metric tons at an approximate average price of $5,000 a ton and lithium carbonate of approximately 3,500 tons at an approximate average price of $35,000 a ton. With simple math, this translates to record revenues for Q4 of approximately AUD 370 million. In summary, we are fully funded to meet our ongoing projects while having the ability, given our flexible balance sheet, to raise project finance if we so wish to ensure we optimize our balance sheet. Thank you, and I'll now hand you back to Martin. Thank you very much, Neil. I feel more comfortable after your presentation. As our last two summary slides, I think it is important. Again, we'll go through the same messages. This chart shows a path to maintain our 10% market share by 2026. Basically telling us that we are completely phasing out all production from Mt. Cattlin by the end of 2025. We know that that's not going to be the case. The current life extension and exploration program is aimed to bring Mt. Cattlin back into this chart. We know that there's more production coming over from the projects we just discussed, the Olaroz Stage 3, the Sal de Vida Stage 3 and others that will create the basis for achieving a sustained 10% market share for the company. When you look at this program here until 2025, it's, as Neil has just mentioned, is fully funded. These are not things that we have to wait seven years to materialize on any project in a remote location. It is happening as we speak. I think that's a thing, and that's the beauty in the value of Allkem, which has to be recognized as the company is already delivering cash flow, the company is already delivering production. We've been there. We've built operations in brine. We've built operations in hard rock. We know how to do it, and we are doing what we know how to do. We are continuing to explore and analyze and look into ways of maintaining this 10% market share through the growth of our assets. Our assets are a unique portfolio of assets. When you look at what we have, we have the assets with the size and the quality to be able to deliver the size part of our strategy. All those assets, the quality that will enable us to maintain our position on the low end of the cost curve. Unique position in the world to be able to supply all our customers and all our operations facilities within democratic countries. Unique embeddedness into the local geographies. You've seen the team. It's a wide variety of nationalities and experiences in the team that ensures the delivery of this project. We've got the experience and the expertise. We have been there, we've done it, and we will continue to do it. We're fully funded, as Neil mentioned. We have a strong ESG focus and, you know, with the track record and the participation in the different ESG indexes that we have, it has been proved. We cannot discuss whether it's a premium, it's a gate, or it's a discount, we have to be the preferred ESG source of material for the battery value chain. We aim to become the third largest lithium company, and we aim to maintain this 10% market share. The opportunities here, we've tried during this presentation to lay out what we have, explain to you the solidness of the plan and the soundness of the plan that we have to maintain this 10% market share, the 5-year growth path and the studies and works being done for the next 10 years. I would end the presentation here. Thank you very much and those participating online for your time and attention, and we would open for questions. Another session of Q&A will happen. Taylor and Phoebe will have the microphones and ready. Great. Thank you. David Radclyffe from Global Mining Research. Just two questions on James Bay. Firstly, you talk about how you're looking at a lower footprint by having the waste so close to the pit, but it does look really close to the pit. So how could that impact further or future expansions, be it cutbacks or, you know, extensions along strike? Has that come into the consideration? Yes. Yes. It's close. Philip? It's with the geophysics around the pit, and it's open on north, south, and east. We'll make sure we're not putting the waste rock pile on top of the future expansion in that direction. We're just finishing condemnation drilling to make sure everything is fine. We don't want to end up with that situation. Just that picture made it look very close. Yeah. The second one, given your comments on North American market upside, and you've got obviously a 19-year life there, do you think the project is, you know, right-sized for that opportunity? You know, and if you think, start thinking about a phase two, what are the potential bottlenecks? We will continue to explore, as Neil was explaining, around James Bay to extend the mine and extend the life of mine of the properties. Given the size of the development that is happening around in Quebec, it's James Bay, but it's a whole bunch of other projects that we'll need to produce. Being the first in starting and producing spodumene from there, moving quickly into the conversion will provide us a first-mover advantage in the region that will deliver long-term value. It's Reg Spencer from Canaccord here. I'm not sure who this question would be directed to, so I'll just throw it at all of you. Just wanna understand Naraha a little bit more. Obviously, it's scheduled to be commissioned this year. You'll be selling carbonate from the Olaroz joint venture to Naraha. How does the pricing structure work? How will you manage that given the volatility of carbonate prices relative to lithium hydroxide prices? Which, depending upon what product quality you're looking at today, you know, carbonate's selling for more than hydroxide. I'd just like to understand how that dynamic will work as that comes online over the next few months. Yeah. Roughly, the contracting price for the technical grade carbonate that goes into Naraha, this is the low end of the product we produce from Olaroz, is based on battery-grade hydroxide minus a discount. That pricing mechanism has been reviewed by local accountants to ensure that all transfer pricing mechanisms and regulations in Argentina are met. You know, we cannot go below market because we have to respect market prices and the values being produced in each of the economies. We have the province of Jujuy as a shareholder there as well, so ensuring that the pricing that Olaroz will get for the lithium carbonate that goes into Naraha is going to be based on battery-grade lithium hydroxide. It was put together in that way to ensure that we started to have a deeper representation of all prices of lithium into our pricing portfolio. Obviously, if you do run the short-term calculation, you may be better off by selling a few tons of that technical-grade carbonate in the spot these days. However, we are a long-term player here. We are not playing a short-term price difference. We are committed, and we think that there's value in this hydroxide plant in Japan. There's a market to supply, there's product to deliver, and it takes time to get your product approved. We have to do these stages and these steps, and that is what we are doing. We're not looking into a short-term profit here. There, it's moving away from the standard trading mentality that has been around the mining business, and that's why we talk vertical integration. When you talk vertical integration, you talk about capturing the whole value added in the value chain, being closer to your customers and understanding that this product is not going to be traded on a spot based on a percentage grade as it is in the case of the iron ore, or as it is in the case of spodumene. Spodumene, you know, it resembles those trading markets very much. Lithium carbonate, lithium hydroxide, particularly when they go to the battery chain, they are completely different. Some manufacturers care about certain impurities that others do not. The timing of the pricing. It may be easier for us to reach certain qualifications than others. All those things are being put into consideration. The commitment to be the third largest lithium producer and retain the 10% market share encompasses a lot of vertical integration and playing in these markets beyond, you know, some trades that you can do here or there. We do have enough volatility on the spodumene side already, so we have to try to bring long-term stability to our shareholder return. Thanks, Martin. I just guess on that with producing hydroxide in Japan, you've got your POSCO offtake there. I think when you announced that in 2020 from memory, you were moving towards 30,000 tons per annum. There was no direct split on what was carbonate and what was hydroxide. In your discussions with POSCO, have those, you know, that product split firmed up? Have they communicated to you where their preferences will lie over the next five or so years? Or are you still feeling your way through it? It's still finding its way through, and we are now getting into some testing with PPES on other different qualities to try to maximize the return for both sides in the relationship. It will take some time to progress and firm up, but you know, continues to be 30,000 tons to be supplied there. More if we could, because Toyota has just announced larger growth programs and they would be needing more product going forward. Great. Thanks, Martin. Christian, you I can add a little bit to that, but more generally rather than customer specific. The reality is the conversations with customers are generally around the same topics and the same. You know, the question does come to mind around all the investments that we're making and obviously the product strategy that we're putting forward. How does that fit in within the roadmap of our customer base, as well as those potential customers that we are speaking to? I think it's fair to say that the next three to five years, it's clear for most producers, how that mix looks like. As you start going beyond five years, it's not certain. I think generally speaking, again, I would say the conversations end up on a note, which is, "Well, what can you give me, and how quickly can you give me that product?" Regardless whether it's carbonate or if it's hydroxide. Now, as we look towards the medium and long term, those conversations will continue and will refine effectively what we are selling and supplying at a specific customer level. I think adding to that, hydroxide is going to be needed in the market. Carbonate is going to be needed in the market. Spodumene is going to be needed in the market. We're uniquely positioned to have flexibility among all those products and maximize the return from our production base. We can deliver whatever the customers want, wherever they want it, and maximize the return on that. Rahul Anand, Morgan Stanley again. One for Keith, perhaps. Just wanted to talk about Mt Cattlin for a bit. The James Bay slide had a 70% recovery in its plan. Mt Cattlin used to have that target sometime back. I think it was pared back a bit. How are you thinking about recoveries now? Where are you now? What's the plan, and how do you intend to get there? Sure. Am I live? Yep. Yes. Recovery at the moment at Mt Cattlin is hovering around the 58%-60%. One of the significant differences between the Mt Cattlin deposit and that of James Bay is the presence of basalt. The near density of basalt and spodumene is what's making it extremely difficult to separate those two materials in a process plant. One of the reasons James Bay is capable of producing such a higher recovery is, one, they've taken the lessons from us and changed the circuit slightly. Then secondly, and probably more importantly, is that the lack of basalt enables them to recover so much more of the lithium content in the material. For us, we'll remain at the 60%. There's not much more we can do at the moment to recover more. One of the projects we are looking at which we haven't highlighted here is a potential flotation plan. We've pushed that back right to the end. That's more of a mine closure project that we'll look at. That will bring some of that recoveries back, all that material is in stockpile at the moment. Running operation 60%. Okay. Just one follow-up. The next phase pit. I think it's economic at $900 a ton. Yep. How are you seeing the industry in general? Are you starting to see people look at mine plans again and starting to low grade and increase production or is that specific to your Cattlin project, you know, in terms of being able to produce a bit more and provide a bit more cash flow for some of the growth that's happening in other places? Sure. Look, I can't speak for what the others are doing, but for Mt. Cattlin specifically, the reason we are looking at this is it's there, it's available, and it's much more of the same. It's not something new. We don't have to go out to contracts, build anything new infrastructure. It's just continuing to do what we have been doing for the last 5, 6 years. Perfect. Okay, final one from me. Stage three, Martin, you were talking about how the resource is open at depth, and obviously the inferred goes down quite deep. Are you able to report any differences in brine chemistry or the composition of the brine? Anything that changes with depth in terms of flow rates or anything else that we should be aware of as the mine life progresses over the next decade in terms of, you know, takeaways for operating costs? Couple of things on that, Harrison, but I think it is. We are seeing larger flow rates going deep, and we're seeing higher concentrations going deeper, as well as we haven't seen significant dilution after years of pumping from the shallower horizons that we have pumped for stage one. So those are the three key things that we are seeing there. Harrison, if you want to add? No. That is the case, I mean, basically as the data that we are collecting from the past years are indicating a constant lithium grade in our brine. As long as we are progressing in the technology to drill in the basin, we are getting better flow rates. Our exploration is indicating the best location for the wells, getting the highest possible lithium grade. I'm pretty sure that in a potential order of three projects, we are going to capture all those benefits. Perfect. Thank you. Cheers. Andrew Harrington from Petra Capital. Thank you for your time today. I've got a few questions, if that's okay. This question's for Guillermo. With Sal de Vida and POSCO, they've just made a very big announcement, $4 billion. Are there any potential synergies? You know, you're talking about a gas pipeline. They're probably talking about more downstream projects there as well. Is there anything that can be gleaned from that in terms of what you're doing and what they're doing? We have a close relationship with them because they are close to us in the operation. We've been discussing several options with them and with Livent, that is also our neighbor. There are some opportunity to share the gas pipeline and in fact, the one we are considering is a gas pipeline the feasibility study has been done for Borax. That is our an entity we have there in the area. And it's the same gas pipeline POSCO and Livent are considering. There are other infrastructure possibilities that we are also discussing with them in the area, but we are in early conversations right now. Secondly, you mentioned, Martin, that there's a purity impact on altitude. Can you add a bit more color on that, please? Oh, yes. It's not a purity impact on altitude. Running a purification circuit at sea level is easier and cheaper than running it on altitude. It's you get to the same product. We crack the technology to purify the product, and we think we can take more advantage of this purification circuit. The purification circuit at La Rosas is a double crystallization process. After the first crystallization of lithium carbonate, we redissolve it with CO2 into lithium bicarbonate, get the slurry through ion exchange columns, repurified and recrystallize it. That's basically the process, and the CO2 is recycled. We're operating vacuum pumps and operating cold circuits at 4,000 meters height has a certain efficiency restrictions. You know, it's very thin air up there, difficult to compress, difficult to produce vacuum. What we are saying is we can improve the efficiency in the process, reduce the costs and get more product out of it. That's the plan. It's nothing to do with the purity of the product. It is that the process could be. That's what we are exploring and investigating, whether, you know, there's a market that's willing to pay that larger premium for this top-notch, top-end product. If that's the case, we can further reduce the cost. The bottleneck at La Rosas is a project that has wins from different corners. Where would you put it? Say again? Where would you put it? Well, close to the operations at, you know, at lower altitude. We're targeting the province of Jujuy. It's the basis. Okay. Well, this next question's about James Bay. You talk about 44% renewable energy. I understand Quebec has a much higher proportion of hydroelectricity. Are you using more diesel than you because of the capacity of the system isn't there, or what's the reason? No. Most of the fuel will be used for mobile equipment. We're not generating any power with fuel. The fuel would be for the truck and shovel and mostly for the mine, the mining fleet. It doesn't really have On the market, battery fleet running for cold climate in Northern Canada. That technology is not really existing. We're following that really closely, and if the manufacturers of the world are moving that direction, we'll go there. Perfect. Thank you. Two more, A few. If that's okay. Pricing is obviously moving very quickly internally when you talk about spot and when you talk about the market. What, who or which prices are you looking at, you know, for the rest of us that need to try to find these things? Yes. I will ask Christian to answer that one, please. Well, I think you have to look at all of them, to be honest. Depending on what product you're selling and who you're selling that product, where the customer is based, you'll get a sense as to what pricing mechanism is more adequate for those conversations. I mean, we've put out in the releases fairly often with regards to spodumene. Spodumene doesn't have a formula, and if the spot prices are high that we suspect our customers can achieve, then we expect to be remunerated at that level of pricing for the spodumene. In the case of carbonate, Martín has been speaking in quite a bit of depth around the difficulties to qualify the product within the battery supply chain. As a result of that, you end up with a product that would usually go into contracts. Now, those contracts can be either fixed price or variable pricing. We've moved away predominantly from having an exposure to fixed pricing. Why? Because market conditions would result in a better outcome for us if we move to variable pricing. When you get into variable pricing, we have a range of prices again. Something to keep in mind is the price assessments that different consultants publish do separate what spot price is versus contract prices. I understand that usually the information that is shared is usually focused on spot. As we've made comments in the past, spot is a good indicator as to where contracts can get to. It will depend as to whether those prices are sustainable or not. What we've seen since the beginning of this year is that, yes, spot prices have remained around that CNY 500 in China, which allows contract prices to follow that trend. Now, I suspect that we have a window of another six months of good pricing or, I guess, high prices, predominantly because there's gonna be limited supply coming into the market. Does that answer the question? I think another important thing is that. Of who or which? Say it again. A name. Who do you look at Fastmarkets, Benchmark? Okay. Well, for actual negotiations, in China, we look at Asian Metal, Shanghai Metals Market. Outside China, we look at Benchmark Mineral Intelligence and Fastmarkets. Thank you. That's great. One thing to add to that is remember our prices are FOB prices, and when you look at these indices, they're all CIF prices, and particularly in the case of China, they include a whole chunk of taxes and transportation and others. Thank you. The very last question, I promise. You have a very big expansion plan. How much of that is contracted or already spoken for? Well, as I told you, it's Olaroz stage two contracted and 75% progressed. Naraha- The offtake is contracted. Oh, excuse me, sorry. On the offtake side, we don't have any offtake contracted for Sal de Vida and only a portion of the production from Olaroz Stage 2 would be contracted under Naraha and other contracts. We supply the 10,000 tons of Olaroz Stage 2 will go into feedstock for the Naraha plant. Beyond that, another couple of contracts about what would be the total percentage contracted there. If we took capacity as it's been presented today, we already have about 60%-65% on the contracts. As we get to ramping up stage and we feel confident on the period when we actually get to the same capacity, we'll look at effectively selling the remaining volumes, whether that is via a contract or a combination of contract and spot. That's the opportunity for us to assess in the next 6-12 months. Thank you. Martín, I have another question from the web. You mentioned DLE earlier as a method of lithium extraction. Do you see a scenario at Olaroz or elsewhere where Allkem would use DLE as the primary method of lithium extraction? We have a large quantity of ponds already installed, and we are not abandoning the evaporation methods. We are looking at new technologies for new projects. I think that's most likely going to be a hybrid on new technologies. I'm not clear whether we are analyzing DLE or whether we are analyzing membranes and, you know, within DLE, different methods of solvents and ion exchange. There's a whole variety of new technologies that are being incorporated into an analysis of our future projects. The buildup of projects for the next three years, as I said, all increase of production from Olaroz and Sal de Vida being built in the next three years is going to be evaporation. Thank you. A further question. Could you discuss the ultimate capacity of the resource, or what the ultimate capacity that the Olaroz resource could support? What are the constraints? Is it pond area, power, water permitting, or technology again? When you look at the resource and reserve, the capacity is huge. You know, multiple stages of development of large size. When you look at technologies, the incorporation of these new technologies will enable us to reduce the evaporation area, in that way fit the pond area within the current available areas for putting ponds in there. The incorporation of new technologies will continue to enable us to maximize the production from the Olaroz basin. It's difficult to tell you a number now of how much could be produced from Olaroz. Its quality and size of this resource is huge. Thank you. Maybe one for Neil. Could you explain where project financing might fit into the funding options in the context of the current lithium pricing environment and the cash flows that are being generated? Sure. As mentioned, strong balance sheet, flexible balance sheet, very strong cash flows. Project financing within Argentina is something we've used before. Coming from the Orocobre side, it's worked for us, and you end up with low costs of capital. You get some protection. There's a tax shield. You get some withholding tax benefits. We've got to structure our balance sheet that it's geared in the right way. We don't want a lazy balance sheet. We've got to get the structure of the balance sheet right as well. That's where project financing will fit in. We're also looking at it at various options at James Bay, and also upsizing the revolving credit facility, which is at a corporate level, from a flexibility perspective. Is there a need for any further operational or equity partners? Is there room for technical partners in these projects? Is that for me? There's always room for technical partners and, you know, we're open to discussions and negotiations. The point of any partnership is that it shall add value to all our shareholders. What we see from the current portfolio that we have is that with the assets we have incorporating new technologies, maximizing shareholder return. We're happy and open to do that. We have to make sure that those technologies would work. I'll say it again, there's a differentiation between a project that is just starting and building everything on the back of a resource report. There's real production, cash flows here. It's a lot of people working in our operations and, you know, it's this is a very large responsibility to embark into adventures. You know, we like partnerships. We enjoy them very much. I think the partnership that was initially originated with Toyota Tsusho for Olaroz had worked very well for Orocobre. The partnership in Naraha is working very well for Allkem. We know how to partner. We know how to do that. We have to ensure that it brings value to all our stakeholders. Thank you. Lachlan Shaw, UBS. A couple questions, not quite sure who these should go to. Just firstly on costs. OpEx, CapEx costs right now, fair bit of inflation coming through in the markets you're operating in. How are you thinking about costs today, and then costs for the projects that you've talked about going forward? The second question is just on skills, experience. Flavio, you've showcased the team really well today, but there's a lot of lithium projects being built in the next 5, 10 years. What are you doing to manage and mitigate that experience and skill set? I think very good questions both. With regards to the cost, I think we have the advantage that we've set prices or we set cost expectations for our projects. Recently, we published the NI 43-101 for James Bay back in December. Olaroz have just been updated as well as Sal de Vida. Inflation so far has been incorporated into those costs. Obviously, there's more coming in, but you know, the price estimates are fairly recent for our projects. With regards to operating costs, we are seeing an impact of inflation, but we expect in Mt Cattlin and in Olaroz to continue within the trend we have been seeing and the same levels we have had for the last few quarters, meeting our objectives in that regard. From a cost perspective, we feel comfortable today. When you look at operation costs, clearly the uplift in price is significantly higher than any impact on inflationary costs that we are seeing. There's absolutely no risk from that point of view. With regards to, I think that the talent question is quite important and interesting. I think that the good part is that we've been able to bring talent from other companies. We are looking into bringing talent from the chemical industry, and I think Hersen is the best example of somebody that came from outside the mining and the lithium world that brought all of the expertise and accuracy in managing a chemical plant. All of the improvements that we've seen from Olaroz as well as the incorporations of new technologies and all that that is value added from bringing in new people into the industry. We're bringing in a sustainability expert from the retail industry, because, you know, the mining industry has to be able to communicate better. We're not communicating it properly, and Karen will come with a whole new breath on ideas on how to better communicate our ESG performance to the markets, particularly locally, where most of the challenges the mining industry faces are in the local communities. We have a great asset in our relationship with those communities, and we want to preserve it through the growth of our projects. That's why we're bringing in new ideas. We're also taking advantage of an industry that has left a lot of very good professionals, particularly in South America, that is the oil and gas industry. When you talk about construction projects, there is some expertise required that is coming from the chemical knowledge and engineering knowledge that we've incorporated into the company. But a lot deals with how to construct in remote locations and a tough market and the tough climatic environments. You know, the oil and gas industry is very good at that. By mixing experiences and expertises from other industries, we're being able to cover this shortfall of talent in the lithium market. Listen, there are not enough lithium experts to cover this growth in demands. We better find a way to incorporate people from other industries and maximize the value. It's not a secrecy here. We have to bring in. The addition of Hersen brought a lot of value to the team. We built an engineering team that we extracted from our engineering and construction company in Argentina that is currently managing the Olaroz Stage 2 and splitting the team into two to manage Sal de Vida as well. You know, those things are adding value. That ability of being local is enabling us to grow our teams, as Denis is doing in Canada, incorporating more resources and leveraging on the experience that we have for Mt Cattlin and hard rock. That is the beauty of this integrated company. Hi, Martin. It's Glyn Lawcock again at Barrenjoey. Just looking at the numbers you gave for the June quarter, probably gonna make about AUD 300+ million of EBITDA in the quarter. I don't think even Neil and the team up there can spend that sort of money that quickly. Have you and the board turned your mind to capital management yet in terms of how you think about that? 'Cause I mean, obviously the September quarter, based on where indices are, will be even greater again in terms of EBITDA generation. You've given us CapEx of about AUD 300 million per annum. You're generating that every quarter in EBITDA. Just curious if you and the board have turned your mind to capital management. I think we did discuss that at the beginning. We looked into total shareholder return, and we try to maximize the return for our shareholders. Neil have said we don't like to have a lousy balance sheet, and this is something that the board usually looks into in a lot of detail. Yes, we are enjoying positive cash flows. Yes, we are investing a lot at the same time because we you know, the large expenditures, the final expenditures for all our stage two are going to happen within the next few months, and then a whole chunk of Sal de Vida, as well as initiation of construction in James Bay, will happen all in the next 6-18 months. It's going to be a significant cash drainage on the company. The objective here is minimize cost of capital for the projects, and that's why we look into that. It's maximize total shareholder return, investing in projects that will deliver overall increased value to shareholders. Look if there are ways to return value to our shareholders that are not through building the projects that will be considered. As of today, the pipeline of projects that we have and all the studies that have to be performed on these projects that are coming back are using up all of the cash we are earning. That's something that we always address with the board. Yeah, that's using all your cash based on $1,000 spodumene and what you say $15,000 carbonate. I mean, we're well north of that. I understand your projections mean you'll- Yeah. Consume all your cash. We have a large company and, you know, wouldn't run very thin on cash expecting $5,000 per ton over the next two years on spodumene. You know? We have to balance that out and ensure that the balance sheet. Again, we don't want a lousy balance sheet. We don't want cash sitting there just doing nothing. It has to be according to what we require for the projects. As we evolve and the projects and the prices evolve, we will make the appropriate decisions. It is too early to consider anything today. This is the first quarter of real cash coming in after a few. Just changing tack. You mentioned in your presentation opening about a carbon tax inclusion. Could you maybe share what carbon tax No. What- Carbon tax you're including when you do your analysis and when you give your ESG target to by 2035, I think it is. Is that offsets included or you actually think you can get that on an absolute basis? Well, there are a couple of things there. There's no carbon tax inclusion. What we said is that we are going to use internal carbon pricing. Some locations like Quebec, they already have an internal carbon pricing. Some other locations don't. We are establishing for the different locations different prices, and those will be incorporated into the analysis that we do in the projects. Those will be used to support the growth to our net zero Scope 2 emissions. When we talk Scope 2 emissions, it does not incorporate the carbon credits that the lithium batteries would earn in the future. You know, that would be going to a Scope 3, and that we yet have to analyze a complete life cycle of product. Life cycle analysis. Life cycle analysis in order to be able to have a position towards Scope 3. For the time being, is Scope 2. Does not incorporate those carbon credits, not even the ones on our supply chain or the ones on the value chain which we participate. Is that right? Yeah. This is a conversation we'll be having at an industry level with organizations such as the Science Based Targets initiative in terms of where you can capture that value, which is how our product is being used. Our Scope 3 emissions. Yes, that's conversations we're having. Certainly, there will be areas in our operations that will be difficult to mitigate, and that's something we'll be looking to our value chain to find solutions for. Hi, John Squires from Macquarie. I'm just thinking about water usage security. Do you see that as a risk over the life of mine? I mean, you currently have all these ponds going there. You said you have the security, but do you see it as a risk and, maybe later down the line as an ESG black mark, to what you currently have? Well, we have to differentiate two things. What we have in the ponds is brines. These brines are 35, 50 times saltier than seawater. There's hardly anything apart from extracting the ions from these brines that you can do. Even if you extract the lithium, they are highly concentrated in other ions, so they continue to be brines. The water usage is what we refer to as fresh water. It's really salty water, which is the water that we extract from aquifers for the process, mostly involved in the cleaning of the product. When I was talking about direct lithium extraction technologies, it meant that they are highly demanding of fresh water. We do have a target of fresh water per ton of lithium carbonate that's tracked across the life of our operation. Overall, since we started, we always look to reduce that water intensity because we consider this fresh water. Despite it has to go through our reverse osmosis process to reach, it's not even demi-water. It's, you know, industrial quality, low quality industrial water that is used in the process of cleaning the product. Even in that case, we are very careful of any use of water in our processes. That is one of the things we look into when looking into alternative technologies is, what's the water consumption? Yeah. Thank you. In terms of the production profile, is there any licenses that you still need to secure approvals to actually reach those timelines and production capacity? Yes. We are in the final stage of obtaining the approvals from the province of Quebec, environmental and social impact approval, to start the construction on James Bay. We have to apply for a license to build the second stage of Sal de Vida, the 30,000 tons that we'll start the application process as soon as we progress more with the construction of the ponds. We're currently into the approval of the extension of the initial 10,000 tons that were submitted by Galaxy last year to 15,000 tons for Sal de Vida one. Once that is approved, we'll file in the 30,000 tons application. We don't foresee any problem in those licenses. A lot of work has been done and we're progressing. You know, in some jurisdictions takes longer than in others, but. That's good. Are we ready? Any more questions? So lunch ready? So good. Thank you very much. Thank you for your time. Hopefully we can continue to see each other more often after the COVID restrictions are vanishing around the world. Thank you for your time. Let's have lunch together. I'm hoping to continue seeing you more often. Thank you.