Thank you for standing by, and welcome to the Base Resources Interim FY 2021 Results conference call. All participants are in a listen-only mode. There will be a presentation, followed by a question and answer session. If you wish to ask a question, you will need to press star the star key, followed by the number one on your telephone keypad. For the participants on the webcast, you may use the ask a question function. I would now like to hand the conference over to Mr. Tim Carstens. Please go ahead. Thank you very much. Thanks, everyone, for joining the call. With me today for the presentation are Kevin Balloch, our CFO, Stephen Hay, our General Manager of Marketing, and James Fuller, our Manager of Communications and Investor Relations. Before we launch in, just for those who are new to the story, we're based in Western Australia, in Perth. Listed on the Australian Securities Exchange, also listed on AIM, obviously. The Kwale operation is our flagship engine room, if you like. We acquired that in 2010, operationalized it in 2013. It's been operating very consistently ever since, and has provided, I guess, the base for us to build the company around. On the back of that, we acquired the Toliara project in early 2018, have been progressing that through the study phases, and heading towards development of that as our second operational asset as we continue on to develop out the business of Base Resources. Stepping back and I guess to provide a bit of context for the results and, I guess, the capital management policy that drives the dividend and how that relates to where we're going from a strategic point of view. It's worth sort of looking at what it is we're actually trying to build here at Base. As most of you would know, it's a very small universe for pure-play mineral sands companies. We're a pure mineral sands company that in our universe would be described as mid-cap. What makes us a bit different to our peers is that we've got a profitable operation at Kwale, or a highly profitable operation at Kwale that we think we can extend, but also have a really attractive growth path under our heel in the form of the Toliara Mineral Sands Project in Madagascar. Once we have Toliara up and running, we'll have a very long mine life, and we'll talk more about Toliara in a minute. As we're going about that development and that development of the spine of the organization, we're applying a, I guess, a track record of excellence in all of the aspects of running a mining operation in Africa that wrap around that in terms of safety, community engagement, environmental management, government engagement. We have a very good track record and achievement in those areas. The whole team that brought the Kwale operation into being is still with us. It's not just that we're a group of experienced individuals. We're actually experienced as a team in doing what we're exactly looking to do with the Toliara project in replicating the success of Kwale. We've been able to build a very robust financial position from which to grow the business and deliver the returns to shareholders, not only in a growth path, but also in the sensible distribution of cash along the way to reward shareholders for its success to date. All of that, when you bring it together, creates a company of strategic relevance in a sector that we think is likely to continue to evolve in the coming years. With that as a backdrop, diving into the half. First thing it's worth noting is in a half of quite some disruption, as we've all experienced with COVID, we've been able to continue to operate Kwale in very much the same way as we have over the last seven or eight years. There's been no interruption to operations. We've been able to continue with the same sort of safety performance that we've been able to achieve over a long period of time now. The modifications we've made to be able to accommodate the sort of safety of workforce and community that we need in our new world, we've been able to do that with no interruption. We've also seen, I guess despite all of the disruption in the world, we've seen really continued firm demand from pigment producers that have supported a strengthening ilmenite price through the half. While we did see some moderation of rutile and zircon prices, that has really leveled out over the course of the half. As Stephen will talk about in a minute, we've seen some strengthening in rutile prices since the end of the period. The Kwale mine life extension opportunities have progressed. I guess the biggest and most immediate of those is the North Dune pre-feasibility study, which is on schedule for completion in April. We've continued to make reasonable progress in our discussions with the government of Madagascar on fiscal terms. We submitted our large mine investment regime application for certification with encouragement from the government. Our direction of travel is certainly the right way. As I mentioned, we've continued our safety performance. Sales revenue was just under AUD 73 million for the half-year. EBITDA of around AUD 34 million and a net loss after tax of AUD 6 million. Kevin will talk more about those individual results shortly in the presentation. Quite importantly, we finished the half with $75 million in net cash. That was after paying the best part of $30 million in dividends during the course of the half. That set us up nicely to continue with that capital management policy and determine another AUD 0.03 per share dividend, which approximates AUD 27.5 million of dividends to be paid by the end of March. With that, I'll hand over to Kevin to give you a bit of a run through the operations for the half. Thanks, Tim. The safety culture at Base continues to be first class, this half no different. It's now been almost seven years since our last lost time injury back in 2014. The half is again lost time injury-free and medical treatment injury-free. The performance culture of both Kwale and our site in Madagascar has been excellent and continues to be so. The mining operations at Kwale are in the South Dune, as many of you will be aware. It's now been 18 months, you can see the sort of grade profiles and production that we've achieved during that time. This half is a low-grade half, in fact, the lowest grade that we expect during the whole of South Dune, we should expect to see the grade improve and production lift in the second half of the year as we move forward. Production this half or in the reporting period, was limited by mining volume and of course, grade. The mining was impacted by a shut in July of last year, and that took a bit of volume. Some lower face heights in the mining area also contributed to a lower run rate as we were moving the mining units more frequently. We ended up with about 8.5 million tonnes mined at an estimated grade of 3.1. The outcome of all that was HMC production of 246,000 tonnes, and that was largely fed straight into the MSP. The MSP will take pretty much all the heavy mineral concentrate that we can deliver to it at this level. Production of all products, of course, was therefore a little lower as a result of the constrained HMC FEED into the MSP. All production is on track to meet our full-year guidance, which, just as a reminder, for FY 2021 sees rutile in the range of 70,000- 80,000 tonnes, ilmenite 270,000 - 300,000 tonnes, and zircon 23,000- 27,000 tonnes. It's still on target to meet that guidance. Looking beyond Kwale's existing ore reserves, there's a number of opportunities being pursued, and that includes just from the straightforward extending the mining lease that Kwale sits on to incorporate a little bit more of the South Dune resources that's already defined. That process is well underway, and we hope coming to a close very shortly. There's a couple of other opportunities. Of course, North Dune, as Tim mentioned, is pre-feasibility study, due out in early second quarter. We've got some additional exploration ground both to the south and to the northeast. We started drilling in the area to the south, the Vanga area, and we continue to do so through the quarter. We're hoping to get access into that northeast sector, and relations or land access negotiations seem to be progressing in the right direction, and we hope that will resolve itself shortly. A little further afield, there's a couple of interesting areas that we have got applications in for. To the west, about anywhere between probably 40 km and 70 km west of Kwale, there's a range of tenements there that we collectively call Kuranze, and that's got some interesting rutile prospects there and has been thought of potentially one source of the rutile we see at Kwale having flown down the river systems to the deltas, you can see on the coast to the south, and then concentrated back in Kwale through wave and wind action onto the dunes. That's quite an exciting one. Further to the north, up near Lamu, there's also some interest up there. Lamu area itself is still a little bit active with Al-Shabaab operating up in that region from time to time and will be a little bit further away for us to send exploration crews up to have a good look. All of these areas are subject to actual granting process, which is currently on hold in Kenya as the mining cadastre is being tidied up and has been closed or suspended for about a year now. We're hoping that we should see that open up and these licenses being granted in the near future, and we can start getting more activity progressing in these areas. Just moving on to the market. Stephen Hay will just run you through that area. Okay, thanks, Kev. Sorry, we've just got a technical issue here for a moment. Okay. Firstly, just on the titanium products and firstly, as I've said, about ilmenite. The major driver for ilmenite demand is Chinese pigment production. China is the biggest consumer of ilmenite. The Chinese pigment producers continued to operate at very high levels throughout the half. They've been operating close to capacity now for some time. Demand for ilmenite continues to be very strong. There's still ongoing supply constraints on ilmenite, so the market has just become tighter over time, and you can see the price trended up through the half for ilmenite. That trend is continuing now into 2021. We've already seen some good price traction on ilmenite prices in the coming few months for contracted shipments, and the outlook for this year is very positive. On the rutile side, the major driver for rutile is the Western pigment producers who typically use high-grade feedstocks, rutile being one of those. The Western pigment producers through the half did curtail their production as a result of COVID-related dampening on the pigment demand. As a result, rutile demand also softened, and we did see erosion of rutile prices, particularly early to middle of the half. Towards the end of the period, we did see prices stabilize as rutile demands came back. Western pigment producers were ramping their production up again as pigment demand was increasing. That really stabilized rutile prices towards the end of the half. Going into 2021, that demand continues to improve really strongly for rutile. Western pigment producers are getting back towards capacity production levels, so that's fueled strong demand. Other sectors for rutile are also strong. We are seeing the market tighten for rutile, and prices are beginning to trend upwards. The outlook is looking much better now for 2021 for rutile. Flipping over to zircon. Through the half, zircon demand continued to improve. China's been on a gradual improvement trajectory now for some time. We also saw the European demand for zircon pick up very strongly as ceramics plants came back to full capacity following the lockdowns in various regions in Europe. Major suppliers of zircon continued to manage their supply to the market conditions, and that resulted in very stable zircon prices throughout the half. Again, going into 2021, that's continuing. We saw a very stable Q1. We're seeing that demand continue to improve, and there's certainly a growing optimism now that zircon prices will trend upwards through the course of this year. Again, looking very positive for zircon. With that, I'll just hand back to Kev. Thanks, Stephen. Moving on to financials now. I guess as a feature of our profit and loss, revenue was lower than the comparative period from FY 2020. That's both a combination of lower production, but also a build-up of finished goods inventory for shipment early into the second half. As a feature this year, we'll be more heavily second half orientated, as a number of other years have been. We did build up some stocks for early January shipment, particularly for rutile. There was a shipment I think went out in the first week of January. As a result, operating costs are a little lower in this half. Underlying operating costs are, in fact, almost exactly the same, but we've been able to move some of that cost into an inventory asset, and that will reverse as we come into the second half of the year. EBITDA, of course, was largely down in direct line with the sales, although there was a little bit of COVID response costs, about AUD 1 million incurred in the half that was not a feature of the comparative period. Financing costs are a little higher in this half. That's largely due to the revolving credit facility being drawn down in March 2020 in response to COVID uncertainties at the time. The large part of that was paid back in September. It was AUD 50 million we paid. That saw the holding cost over that period, so was with an increased financing cost. Income tax is up this half. That's not because we are producing or we've got a greater profit, of course. The actual underlying income tax, the corporate income tax in Kenya is lower. We started repatriating surplus cash from our operations in Kenya through to the parent Base Resources in Australia via dividend payment, and that incurs a 15% withholding tax in Kenya. Previously, we had been bringing money back to Base Resources by the use of redeemable preference shares. Those shares are now fully redeemed. We are now in this dividend regime, which will see every time we bring money out, we will incur that withholding tax. Our EBITDA waterfall between the two periods shows, paint the picture. It's a one-off volume. Volume, of course, has been talked about. It's constrained by both mining, HMC production, as well as building stock for the second half. All other bits and pieces in there are largely kind of purposeless to the volume. There was, of course, some stock movement, which you can see improved the EBITDA, and a couple of things like COVID costs that was renewed. On the operating cash flows, largely very similar to this time in 2020. Bit of a swings and roundabouts. There was, of course, less revenue, less receipts from customer sales. That was offset by lower income taxes paid. The withholding tax that we talked about on the dividends flying up from Kenya, that will be paid in January, or was paid in January, so it's not a feature of this cash flow. In the same period in 2020, we had a fairly large corporate income tax outgo in Kenya as we transitioned from tax in arrears to tax quarterly in advance. That saw effectively 18 months worth of tax paid all in one six-month period. The investment in Toliara, of course, was lower during this past six months, as activities were suspended and the front-end engineering was being largely wrapped up. A little bit less expenditure there. The overall effect of that, the net operating cash flow less the investing cash flow, saw our free cash flows actually increase over the half compared to the same period in FY 2020. The largest feature on this cash flow statement, of course, is the repayment of borrowings. As I mentioned before, we're down to AUD 25 million outstanding in the revolving credit facility, and the plan is that will get repaid at the end of this quarter as it's no longer considered necessary to hold surplus cash and pay extra interest costs now that the marketing or the markets are largely positive and continue to move in the right direction. We, of course, paid the AUD 0.035 per share maiden dividend in October. That was roughly AUD 30 million that left the business during the half. On the balance sheet, a couple of the biggest features, of course, relating to all of that was that the amount of cash that we are carrying fell considerably by about AUD 60 million. The net cash position, of course, was not affected quite in the same way as our debt also dropped almost correspondingly, with the dividends being the largest additional difference in cash. The inventory, you can see, built up quite a bit. That will be reversed as we move into the second half and we get rid of some of that finished stock that was built up for those early shipments in January. We will see that normalize again as we move forward. As we've already talked, the borrowings will go to zero by end of this period when we repay the RCF. Some guidance on our expected capital expenditure and settlements in the second half of the year. On the Toliara side, there is, of course, the ongoing operating costs in country, and still progression of engineering works that are going on. That accounts for about AUD 7 million combined, and there will be some lumpy payments on the basis of securing our fiscal terms and getting our ELGIN application approved and certified. That will see fairly significant outgoings with some deferred consideration, going at AUD 7 million deferred consideration, as well as that process kicking off the start of the land or finalizing the land acquisition and compensation. Which will see just short of AUD 10 million in cost to acquire all the land that we need to construct the mine, build the road and the port facility. Other significant outgoings are going to be related to the royalties in Kwale. We're very close to finalizing agreement for a royalty uptick from 2.5% to 5%, effective from 1 July 2018. That's been in discussion for some time. That's associated with, and will be completed with, the mining lease, the Kwale South Dune Mining lease extension. That will see the back payment of that royalty of roughly, up to the end of December, AUD 12 million, going to the Kenyan government. From that point on, we'll be then paying 5% royalty as opposed to the 2.5% that we're paying just now. Just to be clear, we are accruing for that additional royalty and have been for a long time. We are simply moving from a sort of half pay, half cash, half accrual to a full cash regime following that extension of Mining lease. I might just hand back to Tim to take you from here. Thanks, Kev. With the full year results at the end of FY 2020, we introduced our capital management policy or our capital management approach, which, we'd always had the intention of becoming a dividend payer. While we were moving forward with Toliara at a fairly rapid pace, we were reserving cash after we'd paid down debt, to provide a portion of the funding for that project. With the delay in Toliara development with the suspension of activities in late 2019, by direction from the government while fiscal terms were negotiated. Layered on top of that, the impact of COVID and travel restrictions and everything else, making progressing anything on ground impossible anyway. We made the decision that the nexus had been broken between the cash generation from Kwale and having an immediate need to deploy it, in the pursuit of our growth strategy. Consequently, we made that initial dividend determination back in September of last year, and released this policy. Move forward six months, here we are again, having generated significant cash through the Kwale operations. While we've made some good encouraging progress in discussions with government, we don't as yet have a committed timeline for moving towards an FID on that project. Consequently, applying our approach, we see that it's appropriate that we return that cash to shareholders as we don't have that immediate need to deploy it. The consequence of that is over a less than a 12-month period, we will have paid AUD 0.065 in dividends to shareholders, representing a pretty reasonable yield if you think about it that way. The way we think about it is, we have cash available to us. We don't require it to execute that growth strategy immediately, and therefore it's appropriate to return it to shareholders. People can expect to see that policy applied into the future. I guess the most obvious change to the outcome from the application of that approach would be if, as we hope, we're able to land the fiscal terms on the Toliara project and international travel resumes, such that by the time we get to the end of the full financial year, we have a clear path on Toliara. This policy being applied, you could expect to see that cash would be retained for the deployment in the development of that project. With that, let's turn to Toliara more specifically. As those of you who've been following us for a while would know, we have a pretty strong view on the Toliara project as being the best undeveloped mineral sands asset out there. We certainly were of that view when we acquired it, having studied the best part of 40 other projects around the world. When we acquired it, we had a resource of about 1.3 billion tonnes. Of that, we took a subset of around 590 million tonnes, as an ore reserve to take through the Toliara project DFS. That was released in December 2019. On that sort of half of the total resource as it stood then, that was enough for about 33-year mine life at some pretty substantial production volumes. Best part of 800,000 tonnes a year of ilmenite, and that's a mix of sulfate, ilmenite, and chloride, and around 60,000 tonnes of combined zircon and rutile. Subsequent to that acquisition, we've done quite a bit of drilling over 2018 and 2019. Really targeted initially at understanding the zones below what we call the upper sandy unit, that the resource that I showed you before is based on, where we're testing deeper. In the course of doing that, we also drilled further out towards the west and kept finding mineralization that was not understood to exist previously. You can see there the sort of drill results we've been able to achieve in certain areas, which are quite remarkable in grade terms and in thickness. We'll be expecting to bring that through into an updated resource over the next couple of quarters. You can pretty obviously expect to see that resource grow quite substantially from where it is today. We're expecting this is a 100-year type mine life deposit. As I mentioned, we've had activities suspended on the ground in Madagascar for a bit over a year now. While that has limited what we can do on the ground, it certainly hasn't stopped us from making sure that we've got this project in the exact state it needs to be in to move forward quickly when we do reach agreement with government on fiscal terms and that suspension lifts. The main streams of work have been firstly focused on our lender syndicate that we've been bringing together. We've got through a number of gates on that process, including having the lenders, technical advisors, review the project, and tick off on it. Interestingly, they added about AUD 1.4 million in CapEx to a AUD 440 million initial CapEx. Those of you who are familiar with project financing would understand how unusual that is. It really does reflect the comfort they have with the approach we've taken to our capital estimation and design, and configuration of the project. We've also been working on a range of critical path contracts that are going to be the determinants of the timeline for development post FID and getting cracking on large parts of that work earlier. Not so much the construction, but the contracting aspects. Things like the power production contract, as well as some of the long lead time items like the port facility. We've also been progressing feed activities. We've started quite a range of those post-DFS. Obviously with the recognition that this on-ground suspension was going to take longer, we've wrapped a lot of that up to retain the value. Not really starting anything new on that front till we've got clarity on FID. Our major workforce development initiatives, which involve training 600 or 700 people in country, they were suspended. We have continued with an apprenticeship program, which saw 25 apprentices from Madagascar relocate to Kenya about, I don't know, 15 months ago now. They're continuing, they're finishing off their apprenticeships. Plenty of work still ongoing. In terms of where we're at with it all, you'll notice that we're now not talking about a specific FID date or final investment decision date, because we just don't control the timing of the fiscal terms negotiations. From the moment we agree fiscal terms, and we have the suspension lifted, we see an 11 months program of work to get to FID. If we are able, as we certainly hope, that we're able to secure fiscal terms say by the end of March, that would mean that we would be looking at an FID around the end of February next year. There's a 26 months period for construction and commissioning, which would see our first shipment leaving 26 months later. Around the middle of 2024. The focus for us right now is on that LGIM certification, the prerequisite for which is negotiation of fiscal terms with government. We are making headway. We do have a government that's now receiving sensible external advice. We are increasingly confident we're going to end up in the right place. It's a bit of a slow walk, and at a pace that we don't particularly control. Our view is that strategic patience is our friend in this, and the potential of the project is just too significant to drop the ball on it. We're taking our time as we need to. Just wrapping all of that up. We've got the team to be able to execute the plan. We are continuing to generate really good cash flows out of Kwale. We do think we'll be able to extend our stay in Kenya. We are expecting to see the cadastre in Kenya reopened in the next month or so, we've been advised. That will enable us to get those licenses granted and activity really underway. We've got a really strong business model, which has been well-tested in Africa. We've got a fantastic financial position from which to grow our business and to continue to deliver returns to shareholders. The market outlook is supporting a clear need for new supply. We think we're at the front of the queue with the right asset in the Toliara Project. Overall, we're very pleased with where we find ourselves. Huge focus for us at the moment is on mine life extension in Kwale and landing those fiscal terms in Kenya. With that, I think we might turn it over to questions. Thank you. Ladies and gentlemen, just another reminder, for the participants on the conference call, you may press star and then one to ask a question. For those on the webcast, you may use the Ask a Question function. We have one question from the conference call. It's from Richard Hatch of Berenberg. Yeah. Morning, guys, congrats on a very good set of numbers, and another healthy, chunky dividend. I've got a few questions. First one's just off the back of your last comment there, Tim Carstens, on Kwale and the life of mine extensions. I mean, as we build into our models, we put a little bit of a South Dune extension, then we think about the North, but you're kind of painting a picture of more prospective areas that could be potentially brought into the mine life. I mean, if we were to look on a more optimistic scenario, where do you think we could get a life of mine at Kwale to do you think, based on the exploration ground that you've got, and obviously with the assumption that you can get into it and drill it. Where do you think we can take the life of mine to? Oh, look. Thanks, Richard. It's a really difficult question to answer with the paucity of drilling we've been able to do in the areas around it. If you just take the South Dune extension. Yeah. Then take in a little area that we do know about called Bumamani, which you would've seen we sort of separated out in the disclosures on the North Dune resource on Friday. The combination of those two probably take us through to, I don't know, April, May 2024. The North Dune PFS is going to be coming out in April. It's very low grade, and I think the jury is still out as to whether any of that is going to make any sense. We've still got some work to do there. The Vanga area is, we've just completed some very shallow auger drilling, and we need to sort of think about what that's telling us. Then we need to get in and do some auger drilling in the Magaoni area. In Magaoni, we know there is ore, by virtue of a couple of community boreholes we've dug there, but such a small sample size, we just don't know. To be fair, I think the area we're probably most excited about is Kuranze. It's an entirely new zone, an entirely different deposition style, so a huge amount of work to understand it. I'm really cautious about trying to flag too much beyond what we know about. Just yet. Okay, understood. Second one's just a financial one for Kev on COVID costs. Kev, just on those COVID costs that is in the income statement, what's the guidance in terms of how they look as we move into the second half and then into the next financial year? Do you expect them to kind of drift off as the world kind of recovers, or how should we think about modeling those out? Look, the bulk of those COVID costs were incurred during probably the six months from April last year through to September, October. We have seen those costs dissipate. I don't see them as being a bigger feature in the halves from here on. I would expect in the order of probably AUD 400,000-AUD 500,000 maybe over the next six months, and then after that, really pulling back quite substantially and just being part of our normal community programs. Okay, cool. While I've got you, just on the withholding tax, what is the sort of thought process around when you next have to think about dividending out cash from Kenya up into the top co? I take it that's going to be some time, given the fact that Well, actually, what is your thought process around when that happens? Especially with the dividends at these levels, it makes sense to dividend it up, right? Yeah, there's no real thought process required. We just follow the steps, which is you declare a dividend at the Kwale level, and you incur the dividend withholding tax. As the money flows up through to the parent, we then have it available less the withholding tax. Whatever Kwale surplus cash is 85% at this point will be received by the parent for distribution to either further entities within the group, such as Toliara, for funding of its development or through shareholder dividend. Okay. Once you pay this dividend, roughly how much cash do you think you have at the parent company level? After we've paid this dividend. Well, at the end of December, we had net cash of $75 million. This is effectively 27 and a half. At the parent. Right. The parent, probably in the order of about AUD 20 million, AUD 15 million-AUD 20 million. Okay. The parent is kind of irrelevant question because we do move the money around the group to where it's needed. If we got fiscal terms agreed at Toliara, we'd be then channeling money back up through Titanium and down through to Toliara. It's a bit fluid. Just depends on where we need the money at the time. Yeah. Okay, cool. Just, sorry, point of clarification, I think I missed the bit when you were talking about it or just on the dividend. You declared an AUD 0.03 interim here. Say, for example, this quarter, we get progress at Toliara, and you're able to get fiscal terms agreed and take the dividend forward, take the project forward. Can you just clarify for me, Tim, because I wasn't quite sure about the wording. What does that mean for the dividend? Do you reduce the dividend level to a more modest number, which doesn't put you on this kind of hefty year, which I think was more the market's expectation, but we still have a dividend, or do you direct all of that capital into Toliara because that's where the cash has to go to fund growth? I think our policy is pretty clear. If we have the need to deploy the surplus cash in the execution of the strategy, then that's where the priority would go. We're not about providing a consistency of dividends. We're about distributing the cash that is surplus through our immediate committed requirements for deployment or for maintenance of balance sheet strength. It's just an application of the policy that we aim to achieve. Okay, cool. Hopefully, we do see some good progress on Toliara this year, but can you just remind us as to what kind of optimum funding structure you're thinking about? Obviously, we've got agreements that you could have with downstream players, but I guess they're just on hold at the moment because of the project. There's the debt piece. Can you just remind us sort of rough sort of expectations as to how you think about funding it? I'm completely aware that equity is not expected. I guess it's just the rough sort of order of magnitude as to how you think about the debt and the potential kind of partner cost and such like, partner investment. We've been talking openly for an extended period of time about a AUD 350 million debt facility. That's the hypothesis that we're moving forward with. The project has the capacity to carry quite a bit more than that, but I think learning from the volatility of markets of the past number of years, we don't want to over-gear it. That's sort of the debt piece. The joint venture opportunities, we're actively progressing those notwithstanding where we're at with fiscal terms. There's a pretty clear understanding we are going to end up in the right place because it just doesn't make sense for anybody that we don't. Those joint venture discussions are continuing. As to exact size, that is obviously subject to discussion between different parties, and we'll see how it lands, because there's a number of different factors to that. You're trading off contribution with percentage interest, with offtake arrangements, with all sorts of stuff. A bit hard to exactly say. Those two are going to be, in our view, the biggest pieces. There'll be cash flow generated from Kwale over the period of development from the time that we decide we're go. It's only if all of that doesn't come together in a way that completes the puzzle, that we'll be talking about an equity raise, and that's just a long way down the calculation list at the moment, given where we're at with those other components. Yeah. Given strong prices. Yeah, cool. Understood. Yeah. All right. Very helpful. Thanks for your time, guys. No problem. Thank you. We have no further questions from the conference. We have got a few questions that have come through on the chat. One question here about doing something about the withholding tax situation for U.K. investors. The Kenyan withholding tax is something that we can't work our way around. However, with the conduit foreign income that this dividend is being paid from, there'll be no further Australian withholding tax or income tax for foreign investors. From a U.K. investor's perspective, the only leakage before you get to the U.K. is the Kenyan withholding tax. There's precious little we can do about that given the ownership structure that we have for the overall business. Turning to the second question there about the Kenyan dividend withholding tax and Australian dividend withholding tax. I think we've just answered that. Through this, because we're now paying dividends, we're now paying them out of conduit foreign income as opposed to redeemable preference shares. There is no further Australian withholding tax, albeit that those dividends are assessable in Australia to Australian residents. The PFS on the North Dune. There is a reasonable amount of capital to be spent to establishing the mining operations. We don't need to change the processing greatly, albeit that there may be some additional capacity being built into the concentrator. We are somewhat constrained by the design of the plant as it is, and that's one of the challenges in terms of making the North Dune a viable resource, is just how big you can actually make it, the operation to be able to average down the costs. I think we talked about the funding of Toliara through debt and equity. Maybe I might hand the next question on to Stephen in terms of what we think the chances of a super cycle and heavy mineral sands are of occurring. Yeah. Look, it's a tough one to answer. I guess, on the demand side, assuming that there's no more of these black swan type events or no major disruptions, you'd expect demand to continue to grow at at least historical levels, if not better. I think the short term, we're seeing stronger demand than that. What we do know on the supply side is that existing sources of supply just won't keep up with that. Most of the existing supply is declining. It all comes down to new projects. There's certainly a period, I think, of at least the next two to four years where it's very unlikely that any major projects will be in development or in production. Things will get tighter in that period, and then it's a question of how many of those projects do actually start coming on in that maybe three to four-year timeframe. I guess the other known in that is that there would have to be a number of those projects to come on to fill the demand gap. Yeah, look, potentially you could call it a super cycle, I guess, but there's a lot of variables in that. It really comes down to how soon those projects come into play. Just there's a question there on the scalability of Toliara. Yeah, one of the things we really like about this project is that, well, it's one of the things we don't like about it to begin with, is the amount of infrastructure we have to build. Once that's been built, one of the things we like about it is how scalable it becomes. We see very significant potential to upsize Toliara after an initial sort of scale. We weren't really driven by optimizing NPV in determining the size of the project from a DFS perspective. At the time, it was based on our view of the volume of product that could sensibly be put into the market. Given where the market's going, we think there's probably significant opportunity to keep penetrating the market over the first several years of operations by making it bigger. One of the advantages of pursuing the sort of joint venture developments we're talking about, which come with a reasonable offtake, is that that has the potential to underwrite an earlier increase in scale because of the way it breaks the back of the marketing effort. We're pretty excited about that as a feature of this project. Next question was in relation to dividend policy. Over the longer term, is our intention to become a more stable dividend payer? Do you consider share buybacks rather than distributing as a dividend? We ultimately want to become a very stable dividend payer when we're at the stage in our development of our business that that makes sense. We've got very lumpy opportunity in front of us. We think it's clearly in the best interest of shareholders to hold back cash once that's clear, to invest it in holding onto more of the Toliara project. In our view, that's clearly in the best interest of shareholders. The top five hold 75% of the stock. They want to stay invested, and they see buying back at the moment as selling out at a level they wouldn't want to sell out at, and they would like to see some of the cash distributed. We've decided that this is the best pathway all around, and that's what we're expected to continue doing as we apply the policy that we have. I think that brings us to the end of the questions. Unless there are any more, we might bring that to a close. Thank everyone for joining the call. If you do have any further questions, please don't hesitate to get in touch with any one of the team. Be more than happy to have a chat about any aspect of our business. We look forward to talking to you all individually and face-to-face at some point soon, hopefully, in the near future. Thanks very much.