Rare Earth, that we actually move to potentially four underground mines. Continue the Main Dome Underground, develop the West Dome. Havieron, we'll talk to, the other opportunity for us is the Main Dome Underground. You can see that large gray area. That was the sub-level cave. There's 2.4 million ounces already drilled out sitting under that. Darryl has more than 30 years of experience in the global resources industry. He has developed and run strategic mining and processing assets in Australia, including BHP's Olympic Dam, and led Orica's world-leading mining and infrastructure solutions across the Asia-Pacific. Throughout his extensive career, Darryl has been focused on delivering complex technical processing infrastructure and projects through to commercial production, and organization-wide transformational change programs. Appointed to the current role in early 2024, Darryl has guided Arafura to an exciting inflection point in its evolution as it transitions from a mining aspirant into a fully funded project developer, progressing towards becoming a globally significant rare earths producer. Thanks, Darryl. Thanks, Courtney. It's always great to be back here at Diggers. I'm acutely aware that I'm standing on the last presentation of the day, your mind's probably switching to other things, I'll strictly keep to my 15 minutes. You don't have to worry about that, Courtney. Last time I was here, I mentioned that, hey, we were the most construction-ready rare earths project globally that could bypass China, we had secured over $1 billion of debt. We need to secure $800 million-$900 million of equity before we could move into construction. It pleases me to say that we've actually secured that equity. We now have a fully funded solution. We called FID a couple of months ago, we're on track for construction commencing next month, which will be Australia's first ore-to-oxide rare earths project, I'll explain later why that's such an important differentiator. Please note our standard disclaimer. Just a little bit about the market. As you know, without rare earths, you cannot manufacture everyday electronics, EVs, wind turbines, data centers, robotics, and military applications. There's a lot at stake. The sectors that are at stake today are worth in the trillions of dollars, and the sectors that are emerging are also worth trillions of dollars. Just by way of example, robotics in itself will become a $5 trillion U.S. per annum sector. Last year when I was presenting at Diggers & Dealers Mining Forum, it was just after China announced trading constraints in April, globally, and they announced a number of constraints, but the primary one is that they would not export dual-use magnets globally. Dual-use magnets are those that can be used for commercial and/or military applications. After that presentation, the constraints were increased. There was a truce in October between the U.S. and China, and those constraints went back to what they were April of last year. Essentially today, it's very similar in terms of the constraints that were applied a year ago. The only exception to that is the constraints have been tightened from China, particularly towards Japan. Whilst there's been a lot of activity in the rare earth sector, nothing has significantly structurally changed, and you would expect that. It took three decades for China to build out the supply chain. It's going to take more than a few years for a rest-of-world supply chain to be built out. What's the West doing about that? Firstly, with U.S. leadership, they've created an independent and transparent NdPr price index. This is important, because the primary way China has disincentivized investment in a rest-of-world supply chain has been through controlling price. An independent and transparent price index circumvents that. We've seen the Europeans, the G7 countries, get a lot stronger in diversifying the supply chain. We've seen many projects from the mine, processing, metallization, magnet manufacturing progress. The key point I would point out is that process magnet manufacturing might take two or three years to build out that capacity. To find a new mine, that's an 18-year journey. You can see for us moving into construction, that's a significant advantage for us. The other thing that we've seen is increase in consolidation as larger, again, largely U.S. companies acquire other companies to build out the supply chain as quickly as they can. The way I'd summarize all of that is you've got, outside of China, you've got five global manufacturing powerhouses of Japan, Korea, U.S., India, and Germany. They are all diversifying their supply chain at varying speeds. Some of those countries are trying to diversify at the same time without jeopardizing supply from China, which makes it quite a difficult fence to straddle. China still has the upper hand and will have the upper hand for some time. The question isn't if, but the question is when will they use that upper hand while they still can? This rare earth journey and story has a long way to play out. Let me just bring it back to Arafura and the Nolans Project. We've had a great asset for some time, but the last few years, we've been really focusing on the enablers to unlock that significant value. We're sitting on a very large ore body. The first 200 m of it gives us a 38-year mine life. We will sit at the bottom of the cost curve, is the nature of the ore body, which I'll explain in a minute. We are ore to oxide on a single site. That has cost advantages, but what it also means is everything that leaves our site is radiation-free, and that is another differentiator. We sit next to existing infrastructure. 135 km out of Alice Springs, and we're just off the Stuart Highway, just off the railway line that runs between Adelaide and Darwin, and we've got a gas pipeline that runs right through the site. From an infrastructure perspective, we're quite fortunate. The things we've been working on to unlock that value is we've got all the permits we need to move into construction. We've got the equity, as I've said. We've got long tenure ECA-covered debt. We've been building out the team and the board and the EPCM. You will see we have multi-government support, more multi-jurisdiction support than any other rare earth project, and you've got to ask why. What does that mean? That means phase I will produce 4,400 tons of NdPr, which is enough to support 4.5 million electric vehicles. We'll produce a seg heavy rare earth product as well. Importantly, we'll produce 144,000 tons of high-grade phosphoric acid, delivering quite strong economics. Because of our large ore body, we've got significant growth optionality. We'll be progressing with phase II, which should take those volumes up to 10,000 tons per annum. If you compare that to Lynas, the biggest producer outside of China, they're producing 7,000 tons per annum. We're looking at becoming a third-party processing hub, which not only gives us an additional growth vector, but it will help unlock the rare earth sector in Australia, where they only need indicatively 30% of the capital to get their project up if our plant was used to process. Obviously having a great asset always starts with the ore body. We've got a great ore body in terms of size, quality, but also the nature of it. Size, it is open at depth. We've done nearly 100 km of drilling. We've drilled down to 400 m. The ore body goes through 400 m. The first 200 m gives us a 38-year mine life. Quality-wise, you look at the total rare earths oxide basket, but it's the percentage of NdPr that drives the commercials, and we're at 26%, and that is quite high compared to other projects. The real big part here is it's a phosphate-hosted ore body, which means we can produce phosphoric acid, which we use in the process, so we don't have to buy it in. We sell the extra as byproduct credits, and we don't have to neutralize our waste stream because of it. That takes us from the middle of the cost curve to down the bottom and below the Chinese producers. In terms of demand, we've got three decades at least of strong demand growth. The next decade's expected to double, driven mainly by EVs. The second decade, EVs and robotics. The third one, driven by robotics. When Arafura looked at its strategy, we took on a very challenging strategy of going from ore to oxide. It was challenging from a funding perspective, but it's turned out to be the right strategy at the perfect time. If you look at the top there, you can see the supply chain. You've got the mine that produces a concentrate, that then produces a mixed rare earth concentrate, that then gets separated into an NdPr oxide before being metallized and turned into magnets. Almost all of the rare earths projects only produce to a concentrate or a mixed rare earth carbonate, and they do that to reduce the funding challenge. We went all the way to an oxide for two reasons. One, you've got to go all the way to an oxide to be a real alternative to China. Secondly, it's only in the oxide separation phase, you separate out the radionuclides. Rare earths is typically found with radionuclides. By going to an oxide, it means everything that leaves our site is clean from a radiation perspective. It can go to any company in any country. This is brought out further on this slide. This slide shows all of the projects globally. It's only the three projects in blue that go to an oxide, and you can see we're the only one of those that's currently in construction. The other thing I'd just point out is the size of the bubble reflects market cap. You can see as we move through construction, we would expect a significant re-rating as per what you see with Mountain Pass and Lynas. Just point out a crazy anomaly. Our market cap is very similar to the cash reserves that we've got on-hand. What we'd like to think is that as the next catalyst occurs, it gets attention to the rare earths sector, we will get a re-rate that reflects the value of the underlying project. I mentioned multi-government support. We have support from multi-jurisdictions on multiple dimensions. In terms of export credit agency support, we've got ECA-covered debt from Australia, Canada, Korea, European Union/Germany, and the U.S. We've got equity from the Australian government and from Germany. We've got offtake partners with all of those countries, excluding Canada, and two of those offtake parties, being the U.S. and India, are what I would say are demonstrating leadership by moving to this independent and transparent index. Obviously, we're dealing with countries that have got bilateral policies around securing diversified supply of critical minerals. What that means is if you look on the right-hand side, I mentioned before there's five global manufacturing powerhouses. We supply into four out of the five. The only one we don't is Japan, and we'd be very happy to add them to the list. No other rare earths company has got that level of government support and supplying into such a number of jurisdictions. I said we're fully funded. The thing I really want to call out here is not only are we fully funded, but if you look at the right-hand side, we have $462 million of additional completion support. The $1.6 billion is what we need to build the project to cover financing costs, to cover working capital as we ramp up. On top of that, we've got $462 that we can tap into. That was done deliberately to lower risk to investors and lenders. Most of that you can see is actually captured on the debt side. We've been building out capability the last two years. We've refreshed the board, we've built the management team and brought execution capability to the management board. Late last year, we signed up Hatch as our EPCM. Hatch, I would consider, is the best process designers globally. They've done our process design, and they have significant execution capability in delivering projects and hydromet projects such as what we will be building. Construction activity is ramping up. You can see on the left-hand side what's underway in the next six months. What I'd call out is, if you want to monitor what's going on, you can do so through the Industry Capability Network. Just register and you'll see what contracts are going out for EOI and tender. From an ESG perspective, I mentioned this last time, you can imagine with nine lenders across five countries, we need to cover off on all the different international standards. I would say this should be a differentiator. Most people, when they buy their EVs, they want the input materials to be responsibly sourced. By meeting those different international standards, car manufacturers, et cetera, can be confident of that. Whilst there's many things we need to do, there's a few things that we really want to focus on. One is building out our local community capability, both in terms of direct employment, but businesses, and that helps us given we're a multi-generational site. A subset of that is really building out the Aboriginal capability. The other thing is getting to net zero, and we're in particular advancing the concentrated solar thermal, which will not only take us to net zero, we believe, but in a NPV-accretive way. Let me just finish on the key points. Again, we sit on a very large, high-grade, scalable resource. We'll be around for more than half a century. From an ESG perspective, we need to meet international standards, but we're very clear on the few things that will have disproportionate impact on our stakeholders. We're fully funded. We're into construction. Construction starting next month, and bulk earthworks October, November of this year. Strategic project, you see that in the multi-government support that we've got, you can see from a re-rating perspective. As we push through the construction risks, you would expect a significant re-rating in our stock. Thank you