All right. Well, is this, am I on? Good. All right. Good morning, everyone, here in Perth, and to those joining us online. My name is Peter Coleman, the Chairman of Allkem Limited, and it's my pleasure to chair today's 2023 Annual General Meeting. Now, a couple of safety items before we get kicked off. Should the building fire alarm sound, or you're advised that there's an emergency in the building, there's fire exit doors in the rear, and then there's also one here at the front. And of course, the Crown staff will advise us where we need to go to, and assemble. We begin by acknowledgement or acknowledging, I should say, the traditional custodians of the land we're meeting on today, the Whadjuk Noongar people. We pay our respects to their elders, past and present. We also extend that respect to any Aboriginal and Torres Strait Islander peoples here today and those joining us online. On behalf of my fellow directors, welcome to the 2023 Annual General Meeting of Allkem Limited. Now, I'd like to introduce you to the other directors joining me here in Perth today. So as I call out your name, could you just please stand up and introduce yourself. Firstly, of course, our Managing Director and CEO, Mr. Martín Pérez de Solay. I know you all know Martín very well. Thanks, Martín. Non-Executive Director, Richard Seville. Many of you will know Richard very well from his days at Orocobre. Non-Executive Director, Leanne Heywood. And of course, Leanne chairs our Audit and Risk Committee as well. Non-Executive Director, Alan Fitzpatrick. Thanks, Alan. Non-Executive Director, Florencia Heredia. Non-Executive Director, Fernando Oris de Roa. Of course, Non-Executive Director, John Turner. And John chairs our Compensation Committee as well. I'm remiss. I should have mentioned that Richard chairs our Sustainability Committee. Now, today's meeting is held via a hybrid format, and it allows shareholders, proxy holders, representatives, and guests to attend the meeting both in person and virtually. A nd so if they so choose. Now, online attendees can watch a live webcast of the meeting and have the ability to ask questions and submit votes online via the Computershare online virtual meeting platform. So if anything positive came out of COVID, I think the hybrid meeting format certainly allows better access to shareholders to attend these meetings. Now, if anybody attending the meeting online experiences any issues or requires any assistance in relation to the online platform, they should call the telephone support line on 03 9415 4024. And of course, those dialing in from overseas should add +61 on top of that. There's been some disruptions, we understand, to the Optus service, this morning, but that should not affect, the webcast, at all, and we understand, Optus is, restoring their services. It is just a reminder for those in the room, please, if you've got your mobile phones with you, can you just pop it on, on silent? And, so we just don't want to have one of those embarrassing phone calls come through. Now, if any technical issues arise with the webcast, which result in a number of members being unable to participate, and I, as Chair, do not believe it is reasonable in the circumstances to proceed with the meeting, I will adjourn the meeting until the problem is fixed. Now, where the meeting is adjourned for a prolonged period, we will upload notification of the adjournment onto the ASX announcements platform and onto the Allkem website at www.allkem.co. Please note, it's.co, not.com. That's not a typo. We'll also provide details on those platforms as to when the adjourned meeting will be reconvened. I will now call the meeting to order. I confirm that a quorum is present and now formally declare the meeting open. Our Acting CFO, Christian Cortés, and Joint Company Secretary, Dylan Roberts, are also in attendance. Christian is in the second row here. Christian, please stand. And Dylan. Our other Joint Company Secretary is currently in the Federal Court with the filing of the Scheme of Arrangement, so he extends his apologies for not being here today. John, that's John Sanders. Representatives from the company's auditor, Ernst & Young, are also present and will be available to answer any questions on the company's financial and other reports. Of course, our share registry Computershare is represented today by Mr. Lewis Brimelow, and so Lewis is in the front. For those of you who need voting cards later on, Lewis will assist. King & Wood Mallesons, the company's legal advisor, is represented at the meeting also. To enable shareholders to consider the business of today's meeting, a notice of meeting was available to all shareholders via Allkem's website and the ASX announcements platform. I will take the notice of meeting as read. Now, the signed minutes of last year's AGM are with the company secretaries and available for inspection if required. Before proceeding further, I advise that 1,364 proxies, totaling 321,116,071 votes, have been received for the meeting. Where available, a proxy vote has been given to the chairman of the meeting without instructions, I will vote in favor of each of the resolutions. I will now turn to the formal matters to be considered today. Now, voting on all resolutions will be conducted by way of a poll, and for those attending in person, a poll will be conducted once all of the resolutions have been put to the meeting. So we'll go through all the resolutions first, and then we'll put the poll to the meeting itself. For those attending virtually, the poll will be conducted via the poll facility on the Computershare online meeting platform, and shortly, I will outline procedures for the poll and then run through each of the resolutions to be voted on today. Now, the wording of each resolution and the proxy votes, which have been submitted for each resolution, will be shown on the screen as each resolution is being considered. I will then take questions on each resolution from shareholders or their authorized representatives. Now, questions should relate to the resolution being voted on. An opportunity for general questions will be available following the formal business of the meeting. So if we can just hold back our general questions for later in the meeting, I'll provide more than adequate time then to address those particular questions. But questions on the resolution, please, please ask them as the resolutions are put up on the screen. When I open to questions, if you wish to ask a question or make a comment on a resolution, it would be appreciated if you could just state your name and indicate whether you are speaking on behalf of your own shareholding, or whether you are speaking as a representative for another shareholder. Now, when voting on the resolutions is complete, we will close the meeting. The results of the poll will be published via a release made to the ASX and will also be made available on the company's website. Now, I appoint Mr. Lewis Brimelow from Computershare as the Returning Officer. At the conclusion of the formal part of the meeting, our Managing Director and CEO will also make a presentation on behalf of the board. I will also make some brief comments on industry conditions and the environment in which we're operating at the moment. Following that presentation, there will be further opportunities for questions. Now, as I indicated earlier, voting at today's AGM will be conducted by way of a poll. I will now explain the procedure for the poll to be conducted on the resolutions. Now, all shareholders, representatives, and attorneys of shareholders and proxy holders are entitled to ask questions and to vote on the poll. Online attendees can submit questions at any time, and to submit a written question, select the Q&A icon. Select the relevant item in business and then type your question into the text box, and once you've finished typing, please hit the Send button. Now, I apologize to those in the room because, of course, for those of you filling out voting cards, it's just simply a matter of ticking a box. But I'll go through this procedure each time for the online participants. I don't expect that we'll do it in future years to the same amount of detail, but these are new processes that people are getting used to, so we just want to make sure that everybody's got the opportunity to go through it, and we don't have any mistakes or people getting frustrated in trying to submit their votes. So apologies in advance if you, if you hear this three times, but we just have to go through that and make sure everybody gets a chance. Now, please note that while you can submit questions from now on, and this is for the people online, I will not address them until the relevant time in the meeting. So again, we'll be collecting questions online here. And please also note that your questions may be moderated or amalgamated together if we receive multiple questions on a similar topic or if they're the same type. And that's just simply, again, for the order of the meeting, to make sure we don't have repetition, we just address the question once. Now, to ask a verbal question online, also please follow the instructions written below the Broadcast icon. And then finally, due to time constraints, we may not get to answer all of your questions during today's meeting, although I hope we do. Of course, if this happens, the appropriate person at Allkem will get in touch and will also, as soon as possible, and assist you in answering that question. Again, voting today will be conducted by way of a poll on all of the items of business. To provide you with enough time to vote, I will shortly open voting for all resolutions for those attending online. If you're eligible to vote, once voting opens, please press the Vote icon, and all resolutions will be activated with voting options. Now, to cast your vote, simply select one of the options. There is no need to hit a Submit or Enter button, as the vote is automatically recorded, and you will receive a vote confirmation notification on your screen. And of course, you can change your vote up until the time I declare the voting closed. I know a few of you are in the room thinking, "This is a lot harder than filling out a voting card." So, good, good. Thank you for attending. For the shareholders and proxy holders who are attending in person, of course, you will have received a blue voting card on your way in. If you don't have one, please raise your hand when I call for the vote, and we'll make sure you get one. Please complete the reverse of the voting card, and a member of the Computershare team will collect your card at the end of the poll. Now, I declare voting open on all items of business, so we can start voting now. I'll give you a warning before I move to close the voting, so we'll give you ample warning of that. Now, let's move on to the business of the meeting, now that we've moved through the administration part of it. The first item of business deals with the company's financial and other reports. Now, these have been provided to shareholders and are now tabled at the meeting. These financial and other reports are for the company's financial year, ended 30 June 2023. I should note, this is not a resolution, so the following items will be a resolution. This is not a resolution. As I've advised, representatives from the company's auditors are present today to answer any questions shareholders may wish to direct to them in relation to the conduct of their audit or in relation to the preparation of the financial statements. In our notice of meeting, we invited shareholders to submit written questions prior to the meeting. We received one question asking when shareholders could expect to see a return in their investment in the form of a dividend. I can see by the demographic in the room that's probably on a lot of people's minds, but it's probably good to answer that question now. And of course, despite having very robust financial results for the financial year ended in June 30th of this year, we believe the optimal way to maximize shareholder value and returns is to execute our strategy on delivering business-critical scale to customers to strengthen our position as a global leader and supplier of choice of lithium chemicals. Now, of course, developing our assets in our unique growth pipeline will underpin our production capacity, our product offering, and ability to further integrate vertically into the supply chain. Now, the assets in our portfolio have considerable capital expenditure requirements but are expected to generate very robust returns in the mid to longer term. Having said that, the board continues to assess the appropriate time to issue dividends without compromising our growth strategy. Now I invite questions and any comments on the company's financial and other reports. Now, firstly, are there any questions from shareholders in the room? Please raise your hand, and we'll bring you a microphone. No questions. Have we received any written or audio questions online? Nothing on the financial report. I'd like to thank the shareholder who submitted the question in advance of the meeting. As you know, dividends are always a sensitive issue when it comes to capital allocation, but as we're aware, Allkem's very much in a growth mode, and so. And you've seen the volatility of lithium prices here in the last 12 months. So putting together a dividend policy during growth mode is a very difficult thing to do from a capital allocation point of view, and difficult for shareholders to be able to value that dividend over time, because it's not predictable given the volatility of the market at the moment. So the capital allocation model will stay where it is at the moment, which is supporting a strategy of growth. Now, just a reminder to the online attendees to submit a written question, select the Q&A icon. So if some of you were trying to submit a written question, submit that, and then, of course, select the relevant item of business. Look, if you did want to ask a question about the financial statements, online, and you were unable to, please, please persist, and we'll try and catch that at the, at the end in the Q&A. Now, if there are no further questions, I'll now move on to the formal resolutions to be considered at the meeting. No questions in the room? Online? Nothing. All right. Thank you. All right, the first item of formal business is Resolution 1, which is adoption of the remuneration report. Now, this resolution relates to the adoption of the company's remuneration report for the financial year ended 30 June 2023. The remuneration report is contained on pages 40-60 of the company's 2023 annual report that has been made available to shareholders. I refer you to the screen for details. Of the proxies received for this particular resolution. As a reminder, this resolution is advisory in nature and does not bind the company or its directors. However, of course, we take into account the outcome of the vote and any questions raised in considering our remuneration framework going forward. We take this, your feedback on the remuneration report very seriously. I note that a voting prohibition statement applies to this resolution as set out in the notice of the meeting. Now, firstly, are there any questions from shareholders in the room? Again, if you can please raise your hand, we'll get you a microphone. We've got one here, and then we'll go to you, sir. Yep. Thank you. We'll give you the microphone. Thank you, Mr. Chairman. Any foreseeable dividend with the merger and the company itself? Okay. Look, it's not a question relating to the REM report, but I'll address it now, so we can move on and kind of get rolling on the questions. So it'd be good to get one out of the blocks early. early. With respect to the MergeCo, we don't anticipate there will be a dividend, at least in the short to medium term. Again, Livent has a growth profile not too dissimilar to Allkem's. Livent is not currently paying a dividend to shareholders, and neither is Allkem, so we don't foresee a change in that policy. But of course, the MergeCo board will need to make that decision when we get together. So, all I would say is there's no change that we can foresee at this point. But of course, I can't bind the MergeCo board to that. We have a question here? John Campbell. I'm representing. Excuse me. I'm representing the Australian Shareholders Association. We've got 94 proxies, about 400 shares. Question on remuneration would be the level of the LTI that vested $ 2.5 million for the managing director. I'm sure he deserves it, but the level is high and, and presumably in part, due to the windfall nature of the price of lithium during the financial year. Do, I'd just like a comment on the level of remuneration, because it is quite high for a relatively junior company, and what prompts the level? Look, it's a good question, and it's one that the board considers very carefully as to, you know, what are the right remuneration structures for executives, particularly the most Senior Executive, the CEO and Managing Director. And it's always a balance between ensuring that we can attract the right people and retain them in these particular roles. And as you're aware, this is a very hot market at the moment in the lithium space, and of course, attracting the very best people to add value to the corporation is something that's very important for the board. The other thing, though, of course, is we try and mimic the shareholder experience when we're looking at particularly the long-term remuneration. If you look at it, it's not just one year, but it's over a three-year period that it's been tested on, and the performance criteria have met or exceeded, you know, the maximum amount that was available to us during that period, based on the benchmarks that we have. We typically benchmark against peers in the marketplace, because if one boat is rising on prices, all boats should rise. And so, you know, relative performance is very important, as well as absolute performance in this regard. I think your comments may relate sometimes to absolute performance, and how existential activities or things can affect absolute performance, which is why relative performance is important for us in ensuring that, you know, it's not just a matter of that the lithium price happened to go up by a lot, but actually, how do we perform against our peers in this marketplace? And as you investors have choice in companies in which you invest in the sector, how do we make sure that we outperform that, and we get you the best returns that we possibly can? So I would just say, if you look at the returns, and I'm sure you have, then we've exceeded the benchmarks, and we're at the top end of that spectrum of those particular benchmarks. And so in that instance, I'd say yes, while we're a junior company, equally, I would say that the growth has been exceptional during this period, and rewarding the CEO and the executive is appropriate in that circumstance, given that shareholders also would have been rewarded in a commensurate way. I hope that answers your question. Equally, as you know, on the REM scheme, we do have limits on the bottom side. So of course, if some of those relative TSR numbers are not met, then the executive receives no long-term incentives at all. So again, for us, those numbers are at 50%. So again, just simply being average is not good enough to receive those long-term incentives, and that's why relative performance is important in that regard. John, did you want to make any comments on that at all? No, that's fine. All right. Thank you. Thank you. Any, any further questions from the floor? Any questions from online? Thank you, Mr. Chairman. We do have one question that's come in, regarding the REM report. It's general, but applies to this. So when disclosing the outcome of voting on all resolutions today, could you please advise the ASX how many shareholders voted for and against each item, sim ilar to what happens with the scheme of arrangement? This is with respect to shareholders and not shares? Yes, that's correct. Yeah. Yeah, yeah, we'll kind of take this under advisement. We continue to monitor this. This is an ongoing question from some shareholders as to should it be shares or should it be shareholders? And as you can imagine, the argument goes, those with a lot of shares don't think this is particularly important. Those who don't have a lot of shares think it's important. So we'll continue to take it under advisement, and monitor this, and watch trends in the industry. But again, at this point, we don't have any plans to do this. Any other questions from online? Any verbal questions from online? Okay, if there are no further questions, then I'll put this resolution to the meeting. If you haven't already done so, now please cast your vote online for this particular item. For those of you who've got voting cards, if you wish to vote now, please, now is a good time to vote. Okay, I'll now move on to resolution two, re-election of Director Florencia Heredia. Of course, the next resolution, as I mentioned, is the re-election of Florencia Heredia as a director. Details of Ms. Heredia's qualifications and experience are set out in the notice of meeting. Now, I'd like to invite Florencia to provide a short introduction. She's a very valuable director to our board and, of course, has a wealth of knowledge and experience relevant to both our business and industry. Hopefully, as you listen to Florencia's experiences, you'll also acknowledge the value that she brings to our board and why the board is supporting her nomination for re-election as a director. Florencia? Thank you, Mr. Chairman. Good morning to everyone. It is my pleasure to be here today and be able to introduce myself to at this Allkem Annual Shareholders Meeting. I have been practicing law for 31 years, and gained extensive experience in advising mining companies and financial institutions in the mining sector, both in Argentina and also at the international level. I currently hold relevant positions in different organizations relating to the mining sector, such as the International Bar Association, where I chair the Section of Energy, Natural Resources, and Infrastructure Law. I am also a member of the International Committee of PDAC, the Prospectors and Developers Association of Canada. I have been twice Trustee-at-Large at the Rocky Mountain Mineral Law Foundation, and I also held, a couple of years ago, a position serving as member of the Diversity, Equity and Inclusion Task Force within the American Bar Association. I am the Head of the Natural Resources and Energy Practice Group within Allende & Brea, one of the largest and leading law firms in Argentina, and also co-head the ESG working group that we have recently created within the firm. I have been a board member of this company for already a couple of years, starting with Galaxy in January 2018, and continuing after the merger with Orocobre in 2021. During these years, and as an expert in natural resources and environmental law, I have been able to assist the board with my experience and knowledge in the mining industry, both at an international and also in Argentina, where the company has significant assets. So that's very briefly. Thank you. Thank you, Florencia. Are there any, any questions from the floor for Florencia? Any, any questions online? Yes. Thank you, Mr. Chairman. We do have a couple of questions. Why is only one director up for election this year, and how did we determine which of our directors will serve on the merged board? Well, there's two questions there, so we'll put it, put the first one up. Actually, during the normal rotation of directors, and of course, for Australian company directors or for Allkem, we have a three-year election period. This year, actually, on that three-year rotation, no directors were up for re-election, meaning that no directors had served a full three-year term. But per our constitution, we are required to put up one director each year, irrespective of the terms of the directors for re-election. Now, there were three directors that fitted into that particular group with respect to having been on the board the longest, and Florencia was the director we chose. So we had options, but we chose Florencia after consultation with our Nomination and Governance Committee. So that, that was the process, and that's why, I think the question was only one. The reality of that is the normal rotation would have had no directors coming up for re-election this year, and that's simply 'cause the merger timing and, of course, the Galaxy directors were reset at the merger with respect to their tenure. And so we didn't have directors coming up, but as I mentioned, per our constitution, we are required to retire at least one director each year. And of course, Florencia was nominated for that. So I hope that answers that question. With respect to the MergeCo, this has I'll address this question now. We'll just go through it. With respect to the MergeCo, of course, we've looked two things there that kind of govern selection of directors for MergeCo. First, is the arrangement that we have in place with Livent, with respect to the number of directors that will sit on the MergeCo board. And of course, that's six directors each. We then looked at criteria both for the New York Stock Exchange, the SEC, Securities and Exchange Commission, proxy advisors, both here in Australia and in the U.S because we'll be covered by both sets of proxy advisors advising shareholders in both the U.S. and in Australia. And we put together a matrix of skills requirements that we needed going forward, and then looked at the requirements of both the SEC, the New York Stock Exchange, and those proxy advisors have. and then put together a slate of nominees for the MergeCo board. So that's basically how we went through. It was a very objective process, looking at our skills required, but then also looking at what shareholders require from us for good governance moving forward. Any other questions? Thank you. Yes, we do have one more question. Today, you've released the sustainability report. Could you please explain why it isn't released earlier, so shareholders have more time to contemplate it when deciding whether to support the re-election of directors? Yeah, look, the sustainability report was released this morning. Companies vary with respect to the issuing of the sustainability report. There's really no standard on this. Some companies do, though, release the sustainability report at the same time that they release the annual report or the financial report. Allkem continues to look at this and see whether we can accelerate some of our processes. And, you know, I think sustainability reports and whether they're combined or whether they're separate is something that we're continuing to monitor. We've also got to be realistic that, you know, it's a lot of work for the team, and trying to get two reports out at the same time is a lot of work. So it's about also managing workloads, and we're also in the middle of trying to merge companies and so forth and so on. So there's just a lot of activities on. I think we've taken a practical view this year that trying to accelerate the sustainability report to have it out earlier was just not practical in the terms of everything else that the company's trying to do. Now, that doesn't mean that it won't change in the future at all, and we do take this under advice. I think, you know, in an ideal world, the sustainability report would be available earlier. So I acknowledge the question. Thank you. There's no further questions on this resolution. All right. Well, if there are no further questions from shareholders, then we will put this to a vote. I'll put the resolution to the meeting. I'm sorry, I need to pop this up here. I'll put this resolution to the meeting. You can see the voting from the proxy advisors. For those of you now who wish to cast your vote online, please cast your vote online. I apologize I didn't have this up as we were speaking. Are there any questions now that people have seen the proxy advisor recommendations? Have we got any questions online before people vote? No, there's no further questions on this. You may note that, Mr. Ettore's vote from the proxy advisors is at around 75% support, just under 75% support. And you may be familiar that, you know, directors typically receive 90%+ report for moving forward. This vote is, in our view, does not reflect Florencia's competency or ability to serve you well on the board. It's just, it's simply there are some governance rules that some of our investors have and proxy advisors have with respect to related parties. And because, and you heard that Florencia is a partner in one of the best law firms in Argentina. They also do business for Allkem. And so the amount of monies received there for some of the proxy advisors is in excess of their guidelines. So, some of the proxy advisors gave a qualified support for Florencia, and other investors have clearly made other choices in that regard. So we don't see. The board doesn't see an issue with this at all, and we have unanimous support for Florencia staying on as the director, and we're very comfortable with the firewalls that are in place with respect to the activities that happen within the law firm and the activities that Florencia is involved with. If there are no other questions on that, I'll move to resolution number three, which is issuing of LTI performance rights to the Managing Director and CEO. Of course, the next resolution seeks shareholder approval of the issue of 109,955 LTI performance rights to the CEO and Managing Director or his nominee under the company's Performance Rights and Options Plan. Now, these performance rights constitute the long-term incentive component of the CEO and Managing Director's financial year 2024 remuneration package. The performance rights criteria applicable to the proposed issue of these LTI performance rights, which are set out in Schedule Two of the Notice of Meeting, have been selected by the board to firmly align the CEO remuneration with the achievement of outcomes, which will positively enhance the company and advance shareholder returns. In addition, the explanatory notes set out how these 109,955 LTI performance rights will be treated if the Livent transaction completes. Now, I refer you to the screen for details of the proxies received on this particular resolution. I note that both a voting exclusion statement and a voting prohibition statement also apply to this resolution, as set out in the notice of meeting. So firstly, are there any questions from shareholders in the room? Please raise your hand. Are there any written or audio questions? Yes, Mr. Chairman, I received one. In light of the share price moving from more than $ 16 in July to almost $ 9 this week, could you please comment on the impact of this on the CEO's current incentive arrangements? Look, it's, it's a good question, and, and I would say this underpins the way that these incentive arrangements work. So if you look at it in absolute terms, this particular incentive arrangement at, I think it didn't get to $ 9, but $ 9.85 this week, is much less than $ 16. And so you can see the share the CEO's remuneration is moving up and down with the returns that shareholders are receiving as well, and that's what you want remuneration packages to look like, particularly the incentive program. You don't want it to be business as usual. You want that if prices go up, then the senior executives benefit from that, and if prices go down, they share in that with shareholders. In this instance, I would strongly suggest the program works because the value of those of this particular program at $ 9.85 is much less than $ 16. And remember, this is a relative performance program as well. Now, just to note, of course, the CEO doesn't control the external environment, and so Allkem shares have been tracking the prices of lithium hydroxide and lithium carbonate and quite closely. I'll make some comments on market later on, but I probably should do so now as well in relation to remuneration. This is a nascent industry and of course, the pricing is going to very much reflect the pricing that the chemicals are sold at or the primary product is sold at. You may be comparing Allkem to some of the pure spodumene producers in the marketplace at the moment. I would suggest to you that there's a lag in spodumene pricing versus lithium carbonate and lithium hydroxide pricing at the moment, meaning the hydroxide and carbonate has dropped faster than the spodumene. But the spodumene price forecast from are such that there's an expectation that they'll continue to follow it down. So it's just simply a lag in the contracts happening at the moment. So that's obviously for each investor to determine what that looks like. But I would suggest to you, if you're just simply saying, "We've got company X, and they're a spodumene producer, and they're doing much better than you," it's very much price related at the moment. It's not performance related in the marketplace. We'll talk about that later. I'm sure you've got some questions on that. No questions online? No. No further questions. All right. So, if there are no further questions, I'll put the resolution to the meeting. And of course, if you haven't already done so, now please cast your vote online for this particular item. Now, as I outlined at the outset of the meeting, I will now put resolutions one through three, one through to three, to a poll for those attending in person. For those attending online, please use this time to ensure you voted on each of the resolutions at today's meeting and have received a vote confirmation notification in relation to each. Please note that online voting will close upon completion of the poll. As mentioned before, Computershare will coordinate the poll on the company's behalf. Mr. Lewis Brimelow, can you please come forward and collect any voting cards? I have one for you. Just sign them. Please remember to sign your voting cards. It's a small box in the right-hand corner on the back of the card. Have we collected all the voting cards in the room? All done? All right, now, as all voting cards have been collected, I now declare the poll closed. As noted earlier, details of the final results will be posted on both the company's website and on the ASX announcement platform later today. Now, I'd like to thank you all for your attendance and participation in this formal part of the meeting. Now, I'll formally declare the meeting closed. Now, we'll do a presentation now, which will give some guidance or some understanding of where the company is heading, what our strategy is, and what our performance looks like. Before I invite Martin to join me up here, and Martin will make the presentation, I just want to say a few words, if I can. I think it's important to start to set the context for what we're working through, and Martin will then go through and give you some more of the details on it. Look, firstly, as you know, 2023 has been a very busy year for Allkem and the lithium industry more broadly. Of course, against the backdrop of a downbeat macroeconomy, interest rates are going up. Electrification of transport, among other clean energy sources, is really leading the way for a global decarbonized economy. So while, you know, the capital has been cut back in some parts, some sectors of the economy, you're seeing electrification is still kind of leading the way. Electric vehicle sales remain on course to increase about 35% year-on-year to just on 14 million unit sales in calendar year 2023. With the help of government targets and policies, China, Europe, and the U.S. are reaching milestones in EV sales and penetration rates in the marketplace. EV adoption rates will have the biggest impact on the lithium-ion battery demand, and have been forecast to increase by a compounding annual growth rate of over 18% in the next decade. Compared to 2022, lithium demand is expected to increase some 3.5 times by 2030, and tenfold by 2050. Now, with such strong growth and demand, there is a looming supply gap for critical minerals required to underpin the electrification, particularly lithium, given the long lead times from exploration to first production. Lithium chemical production is challenging, as many startups are finding. It requires technical expertise, and the product can take, on average, around 12 months to qualify with customers. So it's not just about building the facilities and producing a lithium product out the back end. You then have to demonstrate the quality of that product and your ability to consistently deliver it before customers will take it on. Now, we've already started to see delays in industry expansions and new projects coming online. And according to the International Energy Agency, lithium production in 2022, plus anticipated new supply that's in the pipeline, will only meet 65% of the requirements of a net zero economy in 2030. So you heard those numbers before around the demand profiles. What we have in the pipeline today, and if you think about the lead times on building projects and so forth, we are still short in what we need by 2030. We're only at 65% of it. And so that's important. Now, this thematic is playing out as relationships reinforce securing supply and in consolidation of market participants to enhance scale and market presence. We're seeing opportunistic investors of all forms attribute significant value to upstream resources in a variety of transactions, which, in our view, reflects fair value rather than equity pricing. Allkem considers that consolidation in the lithium sector is needed to develop resilience to weaker pricing and increased costs on interest due to debt and, of course, general cost growth that we've seen across the industry. In 2023, the board and management refreshed our long-term strategy. It was really the first thing we did early in 2023, and that strategy supported diversifying our upstream resource base further, while investing further down the lithium chain to capture additional benefits and reduce revenue volatility. The proposed merger with Livent will combine two global lithium companies and bring together the highly complementary range of assets, growth projects, and operating skills across extraction and processing under a vertically integrated business model, with the scale and expertise to meet the rapidly growing demand for lithium chemical products. The merged entity will have a significant portfolio of lithium assets diversified across key geographies, products, and customers. Cost synergies and capital expenditure savings, in addition to other anticipated commercial synergies, are expected to be realized from the opportunity to co-develop and de-risk future expansion projects and operations. The transaction is logical and highly compelling, with strong strategic rationale and significant synergies that are expected to drive value for Allkem shareholders. Now, anticipated industry growth, as I mentioned, is significant, and we agree with the robust long-term outlook. However, volatility is a common symptom of high-growth markets in their infancy, and today, the lithium market is still maturing. It's maturing away from price discovery, which currently can be driven by sentiment rather than market fundamentals. Additionally, the supply chain is uniquely long and disjointed, and as capacity is being developed, it is common to find a mismatch between downstream demand and upstream supply. Currently, we're in a period of market softness, which has impacted equity pricing, including Allkem's and our peers. Therefore, we don't believe current equity pricing in the lithium industry is more, more broadly reflects fair value or the lithium sector growth profile. The structural fundamentals of the industry remain robust and are built out of localized supply chains and capacity is underway. Each country will play an important role in global decarbonization through its policies and incentives, which can influence EV adoption rates, manufacturing, and/or lithium production and processing. Of course, Canada will play an important role in the build-out of the lithium- ion supply chain in the North America region. It is a home to clean hydropower, world-class deposits, infrastructure, and poised to become a critical minerals and battery metals hub, which will also be eligible for the U.S. Inflation Reduction Act. Argentina will continue to play an important role for both the Allkem business and for the broader industry. On the political front, the two running candidates in the current presidential election are both very supportive of the lithium industry and have voiced support for further growth in the industry. Now, additionally, the governments in the provinces in which we operate control the royalty structure and concessions, something that here in WA be very familiar with, and have already restated their support for the lithium industry. In summary, we don't see a change in policy in Argentina, and we're confident will continue to play a key part of our portfolio that we will fund from existing resources, including the IFC project finance facility. Now, I'll hand over to Martín, who will go through a number of slides to just describe where the company is, and then I'll come back to answer Q&A. Thank you, Mr. Chairman, and good morning to everybody, and thank you for joining us in today's Allkem's 2023 Annual General Meeting. The disclaimers in this presentation should be considered and can be found available, and can be found in our website at the ASX platform. In the agenda today, the issues that we will cover, we'll recap some of our financial year 2023 highlights and walk you through the operations and growth plans, including the proposed merger with Allkem. With Livent, I'm sorry. We're already merged with Allkem. Looking back at the last financial year, financial year 2023 revenue and EBITDAX hit a new record of $1.2 billion and $910 million. Not only did we benefit from high lithium prices, our results were underpinned by a strong operational performance during the year. We delivered record production volumes of high quality lithium carbonate product at Olaroz and successfully turned Mt Cattlin around to achieve record run rates towards the end of the year, after experiencing some initial challenges. As a result, we achieved record revenues at both operations, while simultaneously advancing our development portfolio. As Chairman mentioned, we published today our sustainability report. This morning, it was the seventh for Orocobre and Galaxy together, and the second one for Allkem after the merge happened. This report demonstrates the commitment and transparency to leading sustainability practices that we have, not only at the board, but at the management of the company as well. Through our philosophy of shared value, the local stakeholders in which we work, $ 554 million flowed to local communities through employment and local supply contracts. The growth in demand for lithium is being met with an unprecedented demand for skilled workers in the lithium industry. We continue to grow our lithium business to over 1,300 employees during financial year 2023, with a strong focus on building capacity of our local workforces. In the remote regions where we operate, we are seeing a long-term increase in educational levels. We are very proud that 75% of our workforce in Olaroz have now completed secondary education through a program that we have from in-plant training. This is a result of our shared long-term commitment to education, boosted also by creating a culture of shared knowledge and experience between our active operations across our development pipeline assets as well. The number of people working at our sites has increased significantly, and our commitment to safety continues to be our first priority, as evidenced in the reduced injury frequency rate index. Importantly, our people know that they are part of the net zero solution. Bringing quality lithium products into the market in a sustainable way enables the global decarbonization to move according to our plans.... This year, our teams have also identified and evaluated a series of high-impact greenhouse gas emission mitigation opportunities that have been incorporated into Allkem's first net zero action plan. We acknowledge that there's still a lot of work to do. However, by initially focusing on opportunities using proven technology within our control, we have made significant progress addressing our Scope 1 and Scope 2 baseline emissions. We will continue to revise our projected emissions estimates through project planning and approval phases as new technologies become available. Projects identified in our original plan have a combined mitigation potential greater than 60% of our group baseline emissions. We have also identified further offset opportunities linked to solar electricity generation at Olaroz that could exceed the remaining baseline. The mitigation projects at the most advanced stage include the combined heat and power plant at Olaroz, which will provide an estimated reduction of 7%-10% of group emissions, and the Sal de Vida power purchase agreement, which has a potential to reduce baseline emissions by another 17%. These two projects are also estimated to provide savings on an annual basis, around $ 14.5 million, coming from the reduction of fossil fuel usage. Now, focusing on our growth pipeline and execution. We have a very strong operational base to leverage from, and we continue to make solid advancements in project execution across the portfolio, in line with our growth strategy. We recently updated our projects in line with current conditions and confirmed material growth underpinned by group total resources of 40 million tons of LCE. Our capital development costs, operating costs, and project schedules have been updated to reflect industry-wide inflationary context and in-country specific conditions. Results confirm robust economics and the quality of our Tier 1 and the Tier 1 nature of our assets and our growth portfolio. In Mt Cattlin, and looking back at the last financial year, we achieved a record annual revenue and a robust cash margin. We continue this positive momentum into the current financial year, with quarterly record production and record revenue in the first quarter of financial year 2024. This is in line with our financial year 2024 production forecast of 210,000-230,000 tons of spodumene concentrate. Looking beyond current operations, we have confirmed a 4-5-year mine life extension that will take us to 2027, 2028, via open pit methods. We have recently obtained approval to proceed with the Stage 4 cutback and mining in Stage 4 has already commenced. We have also recently acquired 80% of Madunia tenements near Bald Hill Mine, covering 440 sq km in joint ventures with Lithium Western Australia Investments. At Olaroz, we achieved record annual production and record annual revenue from lithium carbonate sales in financial year 2023. Shortly after the financial year, we produced our first wet cake lithium carbonate at Olaroz Stage 2, and we are currently commissioning this expansion to increase production capacity by another 25,000 tons per annum. We are focused on completing the commissioning and ramp up over a 15-month period, and have guided forecast production of 22,000-26,000 tons of lithium carbonate production from the combined stages 1 and 2 in financial year 2024. Sorry. At Naraha, we achieved first production of lithium hydroxide in late October 2022 and sold over thirteen thousand, thirteen hundred tons of, lithium hydroxide in financial year 2023. Plant performance demonstrated capability to run at 100%, and battery grade qualification with customers commenced in July. At Sal de Vida, we have completed the construction of the first two strings of ponds. The brine distribution system is also complete, and the booster station has also been commissioned. The third string of ponds is well advanced, and the carbonation plant construction is underway. After a rigorous review of our cost and schedule, we gained a better understanding of our execution plan, the ongoing input challenges and delayed experience in country, and regional productivity factors. Substantial mechanical completion, pre-commissioning and commissioning activities are expected by the first half of calendar year 2025, with the first production expected in the second half of calendar year 2025. A ramp-up expected to take about a year for that operation. Stage 2 construction for Sal de Vida is anticipated to commence upon receipt of all the applicable permits. Substantial mechanical completion of Stage 1 and Stage 2, first production coming in approximately 2.5-3 years after initiating the construction. At James Bay, we completed a resource extension drilling, identifying a new high-grade zone and increased our resource by 173% to approximately 110 million tons at 1.3 lithium oxide purity. We have installed the hydropower line to site, and we have already secured the further approval from the environmental social impact analysis. Consultations related to provincial's approvals and the IBA with the Cree Nation are in the final stages of approval. Engineering and procurement has advanced to 84% completion, which for a project in this stage is quite advanced. This will enable us to commence construction very quickly after securing all of the provincial approvals. We have also commenced another 40,000-meter drilling program this year, which will target further definition of the ore body and possible extensions to mineralization, plus the exploration of newly identified targets. Cauchari, it's a project that we haven't talked much about it lately. We also released our first project update since 2019, supporting a base case for 25,000 tons of production, annual production capacity coming online towards the second half of 2027. The study demonstrate the value of the project on a standalone basis. We do see substantial opportunity to integrate this asset into our Olaroz complex, and this will likely reduce capital and operating costs. We are investigating this as part of our Olaroz Stage 3 expansion studies. Now, moving beyond our current portfolio and looking into our global footprint, we are seeing that supply chains are building out in the new, newer regions such as North America and Europe, where EV industry is becoming more global and taking off. Not only is the global demand growing, it is also becoming more technically demanding as it continues to innovate its chemistries and require further and further quality. Customers are increasingly requiring larger scale and optionality in product offering as they electrify their fleets. Producers who are able to offer this will be best positioned to capture global growth, and it has been part of our company strategy to deliver enhanced scale, product diversity, and vertically integrated our resource to provide lithium chemical products to the market. With the merger between Allkem and Livent, we continue to focus on our long-term strategy to deliver scale and product flexibility to customers and remain fully committed to the delivery and execution of our growth pipeline. The proposed merging with Livent helps us to accelerate our strategy and de-risk our growth profile while driving higher vertical integration into the EV value chain. Livent is a pure-play, fully integrated lithium company with a proven track record of producing performance lithium chemicals. With extensive global capability, production track record in its portfolio of projects, applications and technical expertise, long-standing customer relationships, and favorable sustainability profile, the Livent board believes that Livent is well positioned to capitalize on accelerating trends of vehicle electrification and renewable energy adoption. The combination of Allkem and Livent is expected to create a highly complementary and vertically integrated business model to enhance operational flexibility and reliability, which is expected to result in lower costs and greater value capture across the lithium value chain. The combined group will have an attractive geographic footprint and a greater capacity to de-risk and accelerate growth with a deeper pool of technical capital and project expertise. We expect the delivery of unique and significant synergies and an overall enhanced value proposition for shareholders, customers, employees, and local communities with a firm commitment to sustainability and responsible growth. A stronger financial profile better positions the combined group to deliver growth, and we expect greater liquidity for investors and a more diversified shareholder base. Allkem and Livent have agreed that the name of the combined company will be Arcadium Lithium. The merged entity will have a primary listing in the New York Stock Exchange, with Arcadium shares expected to be listed on the NYSE and the foreign exempt, excuse me, and a foreign-exempt listing on the ASX, with Arcadium CDIs expected to trade on the ASX. On completion of the combination, the former Allkem shareholders will own approximately 56% of Arcadium securities, and former Livent shareholders will own approximately 44% of the merged entity securities. Arcadium has filed with the U.S. Securities and Exchange Commission a preliminary registration statement on Form S-IV. Allkem's scheme booklet is expected to be sent to shareholders this month. It will include the independent expert's report opining on whether the scheme is in the best interest of Allkem shareholders. It will also contain information about the transaction, including the basis for Allkem's board's recommendation. At completion, all competition and foreign investment approvals that are required to be obtained prior to completion have either been obtained or are expected to be received prior to the proposed closing of the merger. Allkem shareholders meeting to vote on the merger is expected to occur in December 2023, subject to receipt of all necessary regulatory and shareholder and Australian court approvals, and the satisfaction and the waiver of other closing conditions. Allkem and Livent are currently targeting completion of the transaction around the end of calendar year 2023. We will now commence the Q&A session, and if you are in the audience, please raise your hand and wait for the microphone before asking your question. If you are joining us online, please submit your question on the same platform. Are there any questions on the floor? John Campbell speaking. The production of lithium from brine and the—compared to the production from spodumene, can you compare them in terms of profitability, and the total resource in terms of tons of lithium that the two ends of the operation can produce? Does one dominate the other? Does one dominate in terms of profitability per unit of production, versus i.e., brine versus hard rock? Well, it's quite a good question and uncovers many aspects, John. I'll try to answer all of them, if I may. First of all, if you look at the production today, roughly 60% comes from hard rock basis, while the remaining 30%-40% comes from brine-based production of lithium. It is very difficult to compare both production bases in terms of costs because when we produce from brines, we go directly from lithium chloride, which is the ion that is dissolved in the brines, into lithium carbonate in a chemical plant that we have on site. While when you produce lithium from hard rock, what you do is you extract a lithium oxide concentrate, which is about 5.6%-6%, which is a spodumene that is shipped to converters and converters do use a calcination process to transform this alpha spodumene into beta spodumene, which is then bleached with acid, and then gets into a plant that operates similarly to what we have in Olaroz. So comparing costs, you know what, we tend to think that the price of the chemical is driving the price of the carbonate and driving the price of the spodumene because you can backtrack or calculate backwards how much your margin is going to be in the industry. We are clearly... When you put all of the value chain together, brine production clearly has improved profitability as compared to spodumene production if you were to compare the whole spodumene value chain. When you look at capital intensity, these days, you can see brine operations being built or announced in the range of $25,000-$30,000 per ton of capital intensity. When you put together capital intensity for spodumene mines and conversion capacity, you're north of that. When you look at the footprint that or the carbon footprint of producing from spodumene or from brines, the production from spodumene that requires a calcination process, has a significantly larger amount of, greenhouse gas emissions as a consequence of the calcination process, and all of the transportation that you have to do of the concentrate, of which only 6% is actually active material. And that takes you to, I think, the last point of your question, which is, the production of lithium from brines, that does not produce any waste. If you are producing from spodumene, you have to calculate that approximately the relationship between spodumene and lithium carbonate obtained is around 8-to-1. That means that you have 8 tons of waste for every ton of product that you get. So looking at it from different points of view, and if you consider that the chemicals are driving the price in the market, and Peter was addressing that before, what we are seeing now is that the price of the chemicals drop ahead of the price of spodumene, and that's why the market is expecting spodumene to further drop to balance out economic equation throughout the value chain. You know, you can look at profitability in different ways, and you can discuss whether you make more money in the mine, you make more money in transformation, you make more money in the brine. You know, it's lots of things to happen. We are benefit by being exposed to both type of assets. What drives the production is where the resources are. We have a significant exposure to brines in Argentina, in Jujuy and Catamarca, Sal de Vida and Olaroz, and we have significant exposure to hard rock in Western Australia with the production in Cattlin and the asset that we have in James Bay. We're getting ready to initiate construction once we get all of the approvals. The asset that we have in Canada is a unique asset, and we continue to see a significant importance or significant participation of hard rock into the supply of lithium into the market. Would that answer your question, John? You thought it was a short question, didn't you? Just for background, Martin’s an industrial engineer by training and also is an adjunct professor at one of the better universities in Argentina. So, a little bit of his classroom came out there. So we all, we all learn a lot from that. I'm sorry for that. Thanks, Martin. Listen, the- I think I got the answer, did I? Did I get the answer right in thinking that the cost of production of brine is cheaper than hard rock per ton of lithium? Per ton of lithium carbonate, but that depends on how you deal with the disposing of the waste and how you deal with the transportation cost. Because if you're transporting, something that only 6% of what you're transporting is actually active material. Thank you. You know, at the end of the day, when you look at our margins, we are extremely profitable in our spodumene operation, and we're extremely profitable- Mm-hmm in our Olaroz operation, and that deals with capital allocation. What we look is at the overall profitability, and what we are doing with the merger is trying to capture value across the whole value chain, ensuring that all of that profit stays with us. Yeah. So to wrap that up, as we look at risks in our business, Martin's just alluded to the fact that 5%, roughly 5.6% of the raw product that we sell to, what we call converters, is the stuff that makes money, and the rest of it then is disposed of. And it goes through a calcination process and then also a chemical leaching process. Currently, that waste, the majority of that product goes to China for conversion, what we call conversion. And that product is disposed of in China. And so we look at it long- particularly around James Bay and the waste that we'll have from James Bay, where do we what's the best place to dispose that particular waste product at the end of the conversion? Because we're looking at opportunities of going into conversion capacity in Canada. It's not something we're ready for FID yet, but as we think about what product we wish to produce, that's one of the risk items that we're looking at very closely. Thank you. Any other question from the floor? Promise to be shorter in the answer. Any, anything from online? Andrew? Thank you. We do have a question. Just noting that Gina Rinehart's been involved in the Liontown transaction recently. Do we believe that Gina or others may seek to get involved in the transaction that we're undertaking with Livent at this point? Let me answer that one. Look, we watch very closely the other transactions that are going in the marketplace, particularly with respect to value that's been created. And of course, we always look at our own assets and say, you know, are assets best in our hands or in the hands of others? You always need to do that. Western Australia is clearly one of the areas where we're very happy that we've got a very good operating business, and we continue to look for opportunities to extend or expand that operating business. And as Martin said, the board's already approved extension of that business, and we look for opportunities to grow that business as well. With respect to what's happening in the marketplace, I think it just simply, to be honest with you, validates that others are taking a long-term view of lithium as well. And as I mentioned, in our view, current equity prices don't reflect the long-term value of the shares in the company and, of course, many companies in the sector. So people are being opportunistic at the moment now as equity prices are lower, with the view that they can develop assets in the longer term and take advantage of that. With respect to the Livent transaction, look, not up to us to speculate on what Mrs. Rinehart or others might be contemplating. For us, we always say that the best defense on these things is a good offense, and the best offense we can do is execute our business plan, execute it flawlessly, and continue to create the value promise that we've given our investors. And then, you know, whatever happens, happens, and we'll deal with that at the time. So, you know, we watch it closely, but the reality is, if you're always looking in the rear vision mirror, you lose focus on what's going forward. So we watch it, but I can't comment on what their strategies may or may not be. Thank you. There are no further questions. Look, if no further questions, I'd like to thank Martin and the entire Allkem team for what's really been an excellent year. If you listened to that list of accomplishments and across a very broad geography, you know, the team's done an exceptional job. And then, of course, they're also then going through a merger of equals with Livent, and as Martin mentioned, we'll be putting that to shareholders hopefully sometime in December. And you'll see some further documents on that come out here in the near future, per the plans that we have in place. So it's an exciting time for us. It's a lot of work for the team, and I really, on behalf of the board, want to thank the entire company and Martin in particular for his leadership. I also want to thank our shareholders, particularly those who participated in the meeting today. Thank you for coming along and joining us here in Perth. I hope you can stay around after the meeting and just have a chat about things in general, for those who participated online, thank you very much as well. We appreciate it, and we appreciate your support for Allkem and look forward to that support in the future. I just wanna say that we think the proposed merger with Livent is an exciting opportunity to create a worldwide leader in lithium chemicals and really deliver meaningful value to Allkem shareholders. And I would strongly suggest that what you're seeing play out in the marketplace is a strong vindication of the strategy that we've put in place and the industrial logic behind why we're merging with Livent. And if you look at some of the capital intensity and replacement costs, some of the project delays and so forth and so on, you know, we're essentially integrating two companies together and accelerating our ability to move into the downstream part of the market and take advantage of some of the synergies that are there, and also the value chain itself. You've seen some fluctuations in upstream pricing this year. Of course, we track where value is being captured or taken during the value chain. And of course, the inventories of converters and cathode manufacturers were very high at the end of last year. They've been working off their inventory levels. We've watched that closely. We don't know when there'll be an inflection point, but you may note that the price of batteries hasn't changed. But what's happened is value is moving into a different part of the market, just simply because those converters and cathode manufacturers are pulling out of inventory rather than pulling out a fresh supply in the marketplace at the moment. So some of that is leading to some of the lower prices that you're seeing. We're hopeful as we get through the end of 2023, calendar year 2023 and move into 2024, there'll be a normalization of those inventory levels, and we'll see better transparency with respect to what the long-term pricing looks like. But I can't predict when that is within, within you know, what periods of time. We just know that we, we can see the inventory levels are coming down, the demand's going up. You know, at some point, that needs to change. Now, why are converters and cathode manufacturers doing this? They've had a very difficult few years. So whilst we've enjoyed high prices in the supply part of the business, the converters and the cathode manufacturers have had a very difficult period of time. So they're just naturally taking an opportunity to capitalize on, on some of the revenues that, that are coming at them at this point. But we know that these things just have a, a finite amount of time, and we'll watch that work through. But the fundamentals are still there. You're seeing growth in the market. And for those of you who watch EVs on a personal level, you'll see some great products now coming out of the original equipment manufacturers, out of Europe and elsewhere. You're seeing more and more product lines hit the market, and, we can see that that's, that's a really good indication of where demand is going. We can talk about it a lot, but at the end of the day, if you're actually seeing original equipment manufacturers starting to put serious product into the marketplace, you know they've already made a very serious investment in those manufacturing facilities. And of course, they're getting out into the market, and you know, a lot of that product is very appealing. At a state level and at a national level, of course, there's a lot of discussion around distribution systems, power distribution systems, and so forth and so on. That will continue because the way that we power our and charge our vehicles will need to change over time. The existing systems are either in the wrong place for transmission systems, and the low-level voltage systems, in many instances, don't have the capacity for large-scale charging stations. So again, you'll see movements in the marketplace as things move forward. But again, government has policies in place for dealing with some of this. So it's a very exciting transition to be part of. We're just part of all of that change. But you know, you're shareholders in what I believe is a fantastic company. Very well led, and you've got and we've got world-class assets. And so we're very well-positioned to be able to compete as we move forward, and we get through this kind of period of lower pricing. Finally, as the Chair designate of Arcadium Lithium, I just want to put to you, I will provide valuable continuity and experience in the Australian market. While I'm the newest board member of Allkem, having been in the role now just on a year, I have many years' experience in the Australian market. And so, you know, our commitment to you, our Australian shareholders, with the merger with Livent, is that you are very, very important to us. And while you'll be able to trade through CDIs in the marketplace, you will continue to see Allkem or Allkem people well represented in the merged company, will be available and accessible. I live in Perth, so I'm not far away. We will maintain an office here in Perth, a very substantial office, where we do a lot of commercial work and engineering work out of. You may not be aware, but a lot of the engineering work we do in Argentina is actually supported out of the office here in Perth, as is of course, our Mt Cattlin operations as well. We have truly moved to being a global company, and our commitment to you, our Australian shareholders, is, we're here to be with you, and we'll look after your investments very well. Now, the final thing then, of course, as we think through the merger itself, and again, you'll see more of this in the scheme, and we'll get to discuss more of it in December. The key part of it will be the strength of the leadership team, the leadership capabilities, both at the board and executive management level. I've already mentioned today, the new board of directors will consist of six of the directors that you saw today. And this group, myself included, as I mentioned, is fully committed to it. If the scheme does go forward, unfortunately, Martine will be leaving the company. That's sad for us. Martine's been a fabulous leader. But it's an unfortunate part of mergers of equals. To be a true merger of equals, we need to be able to demonstrate, not just to our shareholders, but to regulators, in the jurisdictions in which we operate, and in fact, we've truly merged, and it's not just a takeover in a different form. So, the structure of the board, the structure of the management team is very important, when you're doing a merger of equals, to make sure that we pass all of those tests. So it's not just simply a shareholder test on it, it's regulators and tax authorities and so forth, and so on, have those tests as well. So with that, we'll get plenty of opportunity to talk about that, hopefully next month. I wanna thank all of you who've attended today, all of those who've joined us online, and particularly, thank you very much for your support over the last 12 months. We look forward to working with you over the next 12 months as we move forward in what's an uncertain world, but move forward with a great team and a great company. I'll close the meeting there, and for those in the room, please join us for some coffee and tea outside after the meeting. Thanks very much. Well done.