Good day, and thank you for standing by. Welcome to Base Resources FY 2022 full year results conference call. At this time, all participants are in a listen only mode. After the speaker presentation, there will be a Q&A session. To ask questions during the session, you need to press star one on your telephone. You may also submit your questions via the webcast by clicking on the Ask Questions button. Please be advised that today's conference is being recorded. I'll now like to hand the conference over to your first speaker today. Mr. Tim Carstens, Managing Director. Thank you. Please go ahead. Thank you, and good morning, and indeed, good afternoon, for a few of you. Thanks for joining this full year results call for the financial year 2022. As usual, I'm joined by Kevin Balloch, our CFO, and Steve Hay, our General Manager of Marketing, as well as James Fuller, our Manager of Communications and Investor Relations. You'll be hearing from a couple of the guys as we move through the presentation. First, I might just start off with a couple of sort of context-setting slides, if you like, because there's quite a range of people in terms of their experience with the Base story. We obviously headquartered in Perth, in Australia, listed in both Australia and London on AIM. Kwale was, I guess, the engine or is the engine of the company. It's the asset that we've built that business around. We commissioned the Kwale operation in late 2013 and have been operating it very successfully ever since. We've now spread across into northern Tanzania in our pursuit of our further extensions to our stay in East Africa. In early 2018, we took the step of acquiring the Toliara project, you know, as the asset for us to apply our skill set, experience, capital base, and the like, to the development to take Base into the next phase. All of that really creates a company with a bit of strategic relevance in the mineral sands sector. We think we're building a pretty unique mineral sands business in the sense that we're midcap, so we're considerably smaller than the likes of Iluka. We're pure play mineral sands, you know, unlike the Rio Tinto of the world. We're midcap with a producing asset that has extensional potential. But we also have a world-class development asset in the Toliara project that gives us that really strong growth path. That sets us apart from most of our peers, who either tend to be producers with single assets, or project developers who are looking to become producers in the future. We've got a track record of excellence in all aspects of our business, but, you know, particularly in the areas of sustainability around safety, community development, ethics, environmental stewardship. We've got a very well-resolved business model for undertaking our activities in the sort of context in which we do that. We've got a highly experienced team in both the way we operate, but also the way we bring a project into production, operationalize it, and now start to think about the way we close down a project. That gives us the capacity to execute on our development path extremely well. We've also got a very robust financial position with the cash generated from Kwale enables us to grow the business as well as deliver returns to shareholders. Puts us in a good position in a sector that we think is likely to continue to evolve. It's got a few particular shaping characteristics about it. It's a pretty small universe. It's dominated numerically by companies who are single asset, single jurisdiction. We're also seeing customers downstream starting to really get their elbows out in terms of putting their foot on future supply in the face of a you know a looming structural short supply over the medium to long term. As with that as a bit of context, diving into this financial year, it was a year of records in pretty much all financial metrics. Record revenue up around AUD 280 million, EBITDA of nearly AUD 160 million, and NPAT of 81, almost AUD 81 million. Really driven by an incredibly robust price environment and underpinned by another consistent production performance from the Kwale operation. We're able to achieve our guidance despite a couple of unplanned stoppages in the last six months that the operations team navigated with some amazing dexterity and focus and ultimately had no real impact on the operation. As I said, demand was robust, drove price outcome that saw average prices across the year some 33% higher than the equivalent period in FY 2021. We had revenue up around A UD 621 per ton. I'll let Kevin talk about depreciation in the financial section. In terms of the strategic imperative of extending our time in East Africa, we've commenced on-ground exploration activity in Tanzania. We're on the cusp of kicking off a drill campaign there, which we're expecting to start in September. Pretty excited about what that might unwrap for us in Tanzania and indeed stretching over the border into Kwale in the Kuranze area. On Toliara, we got PFS2 out in the latter part of last calendar year. Really enhanced the project scale and economics. Reconfirmed our long-held view that it's an outstanding asset and getting better every time we incorporate some new information and some new thinking on it. We've made some progress in our discussions with the government in Madagascar. We've got fiscal terms at a pretty advanced stage now. We feel we've got line of sight towards you know, landing fiscal terms and the lifting of the suspension. I'll talk a bit more about that later in the presentation today. We declared another dividend of AUD 0.03 per share, bringing the total for the year to AUD 0.06. I had kind of hoped that we'd be far enough advanced with our fiscal terms to make a decision to apply our capital management strategy to deploy that cash in the development of Toliara. We haven't reached the requisite degree of certainty at this point, so we're maintaining the current setting on that policy. Total dividends now, since we started paying dividends back in October 2020, it's now up at AUD 0.165. It's been a pretty substantial return of value to shareholders. Taking a quick look at some qualitative aspects from the year. First focusing on our sustainability performance. It's one thing we probably haven't done as well as we could have in the past is really focus on the way we communicate our sustainability performance. Our approach has been very much to focus on actually doing rather than talking about it. As a consequence, all sort of aspects of sustainability, as the world currently focuses on them, are incredibly deeply embedded in our processes right across the organization. What we're now starting to do is communicate that much more and give line of sight to investors on the work we've been doing over a long period of time. The first big milestone in that communication effort is going to be the release of our inaugural sustainability report in a couple of months' time, which will give a good window into not just the inputs that go into achieving sustainability performance, but in our case, you know, we focus very heavily on outcomes. You know, what are the outcomes we're seeking to achieve? Why and how are we going about delivering those? Just looking at a few dimensions, you know, we've long been successful in maximizing local employment at the Kwale Operations. We're at 99% Kenyan employment, 72% from Kwale County. We've invested very significantly, again, in infrastructure, scholarships, livelihood projects, and health programs in Kwale. It's been a bit higher over the last 12 months with the introduction of these Community Development Agreements that are mandated under the Mining Act in Kenya that require 1% of revenue to be injected into community programs that are managed in a separate committee structure. Now, we've been able to move a lot of our usual programs across to that, but there's quite a number that aren't, or we've decided it's not appropriate that they are. As a consequence, our overall spend in the current year has gone up over that A UD 5 million mark. One of the advantages of having a short mine life, to the extent there is one, with Kwale, is that it gives us an opportunity to demonstrate excellence in the full life cycle of mining in a relatively short time period. We're very heavily focused on developing the concepts that are gonna enable us to demonstrate that with the closure of Kwale, you know, hopefully in a number of years' time. We need to be planning for that now and thinking it through and bringing the various stakeholders on side. We're tackling this with the same sort of discipline we would tackle any mine development, running through the full study phases. At the moment, we've got three post-mining land use options at the PFS stage and, you know, producing some really interesting ideas and opportunities to leave a sustainable legacy well beyond mining. Safety is obviously an area of intense focus for us, and we see it as a really good window in on the performance culture of the business for outside parties. We probably haven't had the year we would like to have had from a safety perspective in that we've had a few medical treatment injuries, and we had a lost time injury when we hadn't had one previously, you know, since February 2014. Yes, hasn't been quite the performance we would have liked. We're very much focused on why that is, and looking to address, you know, any element of complacency starting to creep in. The operations team are absolutely all over it. You know, we feel we've got the focus right to get back onto the sort of performance that we come to expect. On any objective basis, it's still an outstanding safety outcome for a mining operation. With that, I might hand over to Kevin to take you through the operations and financial performance. Thanks, Tim. So you can see it's been quite a steady performance from Kwale in the South Dune and FY 2022 was another typical year. Around that 3.5% grade is what we expect while mining in the South Dune. This year was a little bit higher and we just got a little bit more production as a result. The transition from Kwale Central Dune to Kwale South Dune back in June 2020 was a good warm-up for what's to come in this coming year. You can see on the right-hand side, we've got the Bumamani P-199 and P-200 deposits that will start to be mined from March next year. As we transition some of our mining units away from the South Dune into P-199, where we'll start in March. The Bumamani project was given the green light by the board in June. We are busy deploying capital to acquire the land and to buy the long lead items required for the infrastructure integration that's going to happen over the next 8 or so months. That project's got a capital budget of AUD 28 million. Next year will be slightly lower production as a result. The North Dune block, the P-199, P-200 are lower in grade. You can expect the production or our guidance for next year's FY 2023 production is slightly lower than the FY 2022 achieved. Just looking at the physical stats for Kwale during the year. It's really mining volume is slightly lower, offset by grade. Net result was concentrate production was more or less on par with the prior year. Finished products, again, mainly similar to last year with the exception of zircon, where the production was down 2,000 tons, and that's really due to just the variable assemblage of the ore mined during the year. We did add a new product on this year. We've put low-grade rutile on, which is a concentrate that's otherwise been a tailings stream. We've been able to monetize that stream due to the strong demand for rutile during the year, giving us another AUD 3 million of income. Both those low-grade products add about, combined about AUD 6 million of revenue during this past year. Products which would otherwise be a tailings stream being monetized and ensuring that we maximize the recovery of all valuable minerals. During the year, we've been able to add on a couple of additional areas of ore reserves into the Kwale mine life, which sees it extend out to December 2024. Earlier in the year, we extended the South Dune boundary, the mining lease boundary, to accommodate further ore reserve that had been previously identified, and that added about 12 months on. Late in the year, we were able to add on the Bumamani area deposits, being at the North Dune and the Bumamani deposit, which again added another 12 or so months on to the mine life. Looking beyond December 2024, the nearest and most likely opportunity to add life to Kwale beyond that is in what we call the Kwale East area, which you can see on that map there, and immediately to the east of the plant. Somewhat closer than the current South Dune mining lease that we're currently mining at this point in time. There is still quite a bit of work to do to secure access to that, and it has been something that we've been working on for a while. Unfortunately, there has been political menacing involvement in that area, which has hampered our relationship with the community. Having spent a great deal of time and effort with the stakeholders over the past 12 months in particular, we are making excellent progress and we're optimistic that we'll be in there in the coming few months to start a broad-based shallow ore drilling program to establish exactly what we've got. We know from previous experience that there is some mineralization there, having plugged a couple of water boreholes for communities in the area. There is potential there. We just need to get in and see what we've got. A little further afield and a longer-dated opportunity, not likely to be an immediate source of additional material for Kwale. If we could get something in the Kwale East sector, then we could potentially add further mine life through the areas in the inland in Kenya, in the Kuranze region of Kenya, or potentially the blocks in northern Tanzania in the Umba region. A number of the Tanzanian licenses were granted during the year, and we have done some soil sampling and some shallow test pits to see what is there. It's encouraged us to engage a drilling contractor. We have a 3,00 m air core drill program starting next month. We've put an option on for a further 10,000 m infill if we like what we see. That work will be ongoing, and you can expect to hear some of the results later in the year. The Kenyan licenses are still under a moratorium that was put in place in 2019 by the Kenyan government. No new mining or exploration licenses have been granted since then as the government works through some ethics issues within the granting of licenses in the industry and that we believe is near complete. There's just a bunch of data integration into a new system to allow that to happen. We should expect to see that over the next six-12 months as the new government gets in and gets a more dedicated priority to completing that exercise. I'll hand over to Steve Hay now for a run-through on the product marketing. Thanks, Kev. Yeah, look, it's been a very strong year for all the products, with prices trending up throughout the year, across the board for all those products, which resulted in that record revenue number for the whole year. If we turn to Rutile, first of all, we saw strong demand across the board for Rutile through the year, particularly from the western pigment producers. Those western pigment producers have been struggling to find enough feedstock to meet their production targets that they need to meet the strong demand for their pigment. It just happens that Rutile is a preferred feedstock because it is the highest grade feedstock there is, which provides the highest yield as pigment. Turning to the welding sector, we did see a rebound in the welding sector, which created a lot of Rutile demand, that was mostly on the back of a rebound in the shipbuilding industry in Asia. On titanium metal, again, some real strength growing through the year, across all of the end sectors really, but more specifically on the aerospace rebound. At the same time we had that strong demand, supply for Rutile has been constrained, which has kept that market really tight through the year and resulted in that upward price momentum. I guess, you know, despite the current uncertainties in the economic outlook, we are seeing the market for Rutile hold up really well at the moment. The pricing momentum has continued into the start of FY 2023. Flicking over to ilmenite. Fair to say that ilmenite's really been on a bull run now for about three and a half years, as you can see in the middle chart there on this slide. The demand for ilmenite has grown most strongly from the emergence of a chloride pigment sector in China. The chloride pigment producers there rely very heavily on imported ilmenite as a feedstock for chloride slag, which in turn feeds their chloride pigment plants. That's just the way that they've structured the chloride pigment industry in China, and that has been growing very rapidly and continues to do so. While this demand has continued to be very strong, there has been some increase in swing supply of ilmenite, as you would expect at very high market prices. That supply has not been enough to quite meet that demand. We are starting to see it move more into balance at the moment. I guess just looking forward a little bit further, there's no major new projects under development currently that is gonna bring a large chunk of good quality sulfate ilmenite into the market. Certainly, you know, for the next, you know, the short to medium term, supply is likely to continue to be constrained. Moving through FY 2023, given the economic situation, we do expect to see a little bit of easing on the Ilmenite market, but there's certainly no signs of a dramatic correction at this stage. Then finally on the zircon markets, we did see very tight conditions for zircon at the start of FY 2022. There was a strong rebound in the Chinese market for zircon at that time, which resulted in a real spike in pricing. The demand continued to be strong through the year and shifted more towards the European market as we moved through the financial year. I think more recently there has been a softening in the ceramic sector in China. Given the low inventories that were in the supply chain, we haven't seen a significant change in the pricing momentum to this point, and things have been relatively stable. I think going forward into FY 2023, again, there is an expectation of some easing on zircon, but the extent of that easing will depend a lot on what happens in the Chinese market, in particular over these coming few months. I would say more specifically that would be related to the COVID lockdown situation in China. Start to ease restrictions there and increase stimulus, then that should be a real positive for zircon as we move through FY 2023. With that, I'll hand back to Kev to talk through more of the financials. Thanks, Steve. Just looking at our profit and loss statement, firstly, clearly a revenue driven story during the year, which Steve's outlined, through the higher prices achieved on all products. I'll cover everything EBITDA related in the following slides. I might just move on to below that line, which is seeing a couple of changes this year over prior year. Firstly, with the additional ore reserves from the South Dune and the Bumamani project added during the year, we've extended mine life by a couple of years, which has meant the remaining asset values are being spread over a longer period, reducing depreciation this year to AUD 40 million, down from AUD 59 million last year. With the higher profits, of course, we've been paying higher taxes and tax is up, both corporate tax and dividend withholding tax. We've repatriated AUD 90 million of surplus cash back up from a mine in Kenya to the parent company, and that's incurred AUD 13.5 million of dividend withholding tax during the year. The EBITDA's story is largely, revenue side one with, you can see a small increase in sales volume during the year, but mainly a price side increase. On the cost side of things, we've had an increase in cost of goods sales, chunk of that related to royalties on the back of the higher revenue. Operating costs also are up AUD 5 million on prior year. AUD 3 million of that was a combined fuel and labor increase cost, and the balance of AUD 2 million is really more that operating costs in FY21 were slightly lower due to a movement in the rehabilitation provision being taken through the P&L rather than the underlying cost being higher in FY22. The other feature of the year was the net write-off of construction period VAT and an over-accrual of government royalties. That was a settled position that we'd been negotiating for some time on the royalties applicable to the project in Kenya. From the start of the mining life, we've been accruing at 5%, but paying at 2.5%. We had reached agreement during the year as part of the South Dune extension that we would vary the mining lease to a 3% royalty up to 2018 and 5% thereafter. We wrote the over-accrual off and paid the balance. All of the revenue increases have seen our operating margin dramatically grow. We're now we've got an average cost or average revenue per ton of AUD 621. With the low increase in costs per ton, we've seen a AUD 196 cost of goods sold in the year, which has really meant that all of that sales price increase is straight on the operating margin, giving us a revenue to cost ratio of 3.2 to 1. In the last quarter of the year, we were up at 3.5. Now that's the best numbers we've seen at Kwale, and Kwale has seen some of the best revenue to cost ratios in the mineral sands industry over the last decade or so of operation. An insight into what Toliara will offer during its mine life, which is estimated to average 3.5 R/C ratio over the entire life of mine. Looking at the cash over the course of the year, a lot of operating cash flow, but we had an increase in trade receivables due to late June shipments. We've also seen operating payments to suppliers increase as a result of the government royalty deal that was reached during the year, which saw a settlement of AUD 18.8 million of catch-up royalties paid to the government. Of course, fairly large amount of tax paid in both corporate and withholding tax, including some carryover from last year as well on the withholding tax. Investment in Kwale was AUD 11 million, and that included all of the land to extend the South Dune all the way to the end, and as well as some extra infrastructure required to make that happen. $6.3 million was invested in progressing the Toliara project, and we put AUD 1.8 million into exploration activities, mainly in that northern Tanzanian region. Of course, AUD 0.07 In dividends paid over the course of the year. $61 million all up, leaving us with $55 million at the end of mine life. I might just pass over on the balance sheet as it's largely a function of everything we've talked about with VAT and dividends and royalties sort of being the main movements other than the equity. Back over to Tim, who will run through capital management. Thanks, Kevin. We introduced our capital management approach back in October. Well, actually earlier. It was August 2020. And it resulted in a determination of our first dividend back then. It's been very consistently applied since, and it's based on the fundamental principle that cash that we don't require to meet our near-term growth and development requirements or to maintain balance sheet strength, in light of whatever the prevailing circumstances are, would be returned to shareholders. Now, that for us has meant we needed to have the requisite certainty around line of sight to a FID on the Toliara project. Because we haven't had that, with the suspension being in place while we negotiate fiscal terms, we've been very consistently paying dividends. As I said earlier, I had been hopeful that by the time we got to this determination, we would have that requisite certainty. We haven't quite got there. We, you know, feel we've got, you know, good clarity of pathway forward, but we're not at the requisite level of certainty that would cause us to change the application of the policy at this point, so we've determined another dividend. Once we do have that certainty, as we've said consistently, shareholders could expect to see the dividend tap turned off and the funds directed, certainly at first instance, towards the development of Toliara. On Toliara itself, there's been a fair bit that's happened around Toliara. In terms of positive progression as a project, the key thing was the release of DFS 2 late last year. DFS2 really took what we'd always sort of contemplated as an expansion of Toliara in about operating year four, but had never incorporated it formally into the studies such that it was at a DFS level of resolution. We made the decision to take that step, and that was really underpinned by two things. One was the significant expansion in the resource as a result of the incorporation of some of the drilling that we've done in the past. We've still got quite a bit more to go, but that took the resource out to 2.6 billion tons. Slightly academic at that scale. The second factor was 0.6 billion tons. Slightly academic at that scale. The second factor was that, I guess, we got a lot more comfort that the longer term outlook was going to support the bringing on of a larger scale of Toliara. That was driven by our view and the wider sector's view of the supply-demand dynamics, short, medium, and long term, as well as being reinforced by the level of interest being expressed by downstream customers in wanting to tie up with the project, either purely in offtake terms or also in participation in the project, largely motivated by a desire to secure long-term offtake. On the back of that, we took the step of releasing DFS2. It took the project's NPV up to just over AUD 1 billion, extended mine life out to 38 years. Increased CapEx by two factors. One is the natural escalation in costs. Our original study was completed in late 2019, by late 2021. Costs had obviously increased significantly. That was a large part, in fact, almost the exclusive driver of the increase in phase I from AUD 442 million- AUD 520 million. Stage 2 CapEx went from AUD 70 million to just short of AUD 140 million, and that's where the capacity expansion is reflected. Incredibly robust project reinforced our views on it. DFS Two has also provided a really useful platform for resetting the government's thinking on just how valuable this project is to Madagascar. You know, as reflected in our definitive feasibility study, you know, the government share of its revenue stream from this project is heading up to AUD 2.4 billion. It's a pretty sizable economic engine for the country, and it's definitely the increased scale has definitely focused the mind of the government and helped our discussions move along in the way they have over the last few months. Just in terms of the resource, as I said, it's a 2.6 billion ton resource. We haven't as yet incorporated the lower sandy unit that's on that diagram there, stylized in green. You know, that will come through in updated resources in the future, so we can expect to see the resource and the reserve increase in scale. The project we're talking about in DFS 2 is only based on 900 million tons of ore reserves from that 2.6 billion tons. That's just simply a function of what has been brought through to reserve at this stage, with more drilling being required. The other aspect of the improvement or enhancement in this project that we'll see over time comes from the incorporation of some higher grade drill results that we've hit over in the west, in the lower sandy unit. That will come through over coming periods. The other two aspects are, firstly, and in reverse order of significance, firstly, garnet. A lot of the heavy mineral in that lower sandy unit out to the west is garnet. You know, some of the drill holes are around a third of the heavy mineral grade is garnet. So it's going to be a very significant producer of garnet. The other is that the HM at Toliara contains about 2% monazite. So it's going to be quite a sizable producer, or has the ability to be quite a sizable producer of either monazite at around, you know, somewhere north of 20,000 tons a year at the scale we're contemplating in DFS2. We could go further downstream and produce the rare earth oxides, where there's about a 65% conversion on the basis of work we've done thus far, with a pretty attractive basket of rare earth oxides that is quite comparable to some of the primary producers or most significant producers of rare earths in the world. We're undertaking a concept study at this stage that we're looking to have complete by the end of the year so that we can better understand the potential, better understand the levers and rationale for how we would participate in that sector. We expect to have a lot more to talk about in about, you know, five or so months time. Pretty exciting opportunity. All of that is ultimately still anchored in securing fiscal terms. As I've said a couple of times through this presentation, we're getting very close. The government's expectations have moderated dramatically over the last couple of years. It's much more consistent with the advice they're receiving from the likes of the World Bank and the IMF. At the same time, there is a dramatically increasing sense of urgency to get the project moving, to deliver economic benefit to a region that desperately needs it. We feel like we're very close. On the basis that we're able, on an assumption, shall we say, that we're able to secure fiscal terms by the end of October of this year and have the suspension lifted, there's about 11 months of work we need to do that we've talked about extensively previously, I won't go through it again. On the back of that, we should be able to take an FID around September of next year. With a 27-month construction and operationalization period that would see our first shipment leaving Toliara around the very end of 2025. Still some way out. We feel like we're really close now to be able to lock away these fiscal terms. Quick look forward at financial 2023 and the priorities. First and foremost is bringing Bumamani project online. Bringing it online to expectations, seeing the production performance be to expectations, not see any distraction of focus on Kwale Operations so that our cash engine continues to chug along in the way it has for many years now. Next, focus is around securing further mine life expansion through exploration. As Kevin talked about, our absolute priority is Kwale East and getting in there and exploring. We are making really good headway with the community. We're certainly helped by a recent event where the president summoned a whole lot of community leaders to State House and proceeded to hand over a rather large dummy check representing all of the royalties, 30% royalties that Base has paid since 2016 that are required under the mining code to be remitted to the county and to the local community. Now, when that money actually flows, we're interested to see it. But it has served to focus the mind of the community on the value that we create and we bring. It'd be fair to say that we're in a position where all of our major stakeholders all have our interests lined up in our continuing to operate at Kwale. Next focus is on securing fiscal terms with the government, as we've talked about. We feel we're close. Completing the Toliara Project concept study on the monazite and rare earths is also going to be a significant step forward on the project. I think we'll reveal an even more significantly valuable project that just puts all the more importance on getting those fiscal terms locked away in a fashion that, you know, sees the project move forward on an equitable basis quickly. In terms of production, Kevin mentioned earlier that our production guidance for FY 2023 is a little lower than this year, largely a function of guidance, plus a bit of downtime while the new ore sources are tied in. You know, not massively different from the sort of performance we've seen in the last couple of years. With that, we might hand over to questions. Thank you very much. As a reminder, if you'd like to ask questions on the phone, please press star one one. You can also submit your questions online via the Ask a Question button on the webcast. We have a phone question from the line of Charlie Robba from Berenberg Bank. Please go ahead. Good morning, everyone. Thank you very much for taking my questions, and congratulations on the results. I was wondering if you could please give me your views on sort of inflation impact on your sort of expectations around CapEx for Toliara. I'll probably start there. Yes, Charlie. When we put out our DFS, we increased our CapEx from AUD 442-AUD 520, and it was documented in the release. That is purely, well, not purely, mostly, probably 90% of that is escalation from DFS 1 in 2019, late 2019 all the way through to our estimated FID date at the time. That is the effect of inflation on the world of mining construction, which we're seeing. Could that assumed FID date then? I'm just trying to remember the FID date. It would've been mid 2023. Yeah. We've kind of assumed the escalation through to that mid 2023 when we pulled it together. Yeah. We'd looked at escalation up to that point and we forecast it going forward as beyond the release of the DFS. Okay, thank you. In the current inflationary environment, there's no assumed increase to your CapEx expectations? Not at this stage. There're gonna be a whole lot of swings and roundabouts in the various components. Our sense is that it's probably gonna wash out more or less. Okay, perfect. You mentioned that supply looked tight for your products, going into the short and medium term. In terms of the macroeconomic factors, do you have contingencies in place for what you're expecting coming up? Do you have assumptions around that that you can talk to? Well, I mean, in terms of Toliara and Toliara's development, with a revenue to cash cost ratio of 3.5 to 1 over the life of the project, but more significantly over about the first decade, it's four point something. You know, we've got an awful lot of protection against downside relative to the rest of the market. You know, every single other mineral sands operation would have to be underwater before Toliara is. Not particularly concerned about that. You know, we have our foot on the best asset out there by quite some way. In terms of Kwale, given that we're motoring through lower grade material at in Bumamani in South Dune, you know, 2024, you know, there we don't have the revenue to cash cost ratio that we've had in the past. You know, there is some exposure there to obviously compressed margins. As far as what it means for further expansion from Kwale East, you know, the grades we've seen thus far with a couple of drill holes, you know, the grades are north of what we're seeing from Bumamani. You know, it would be a bit of a step in the right direction, but we don't really know quite what we're gonna have our arms around there, so it's a bit early to tell. Okay, thank you very much indeed. There are currently no questions from the phone line. Please continue. Okay. Well, we might take some questions from online. First one's an interesting one. The political environment in Kenya doesn't seem conducive to production from Kenya continuing post-Bumamani. Don't really understand why that would be. You know, it's certainly not something we're seeing as in any way fatal to the continuation of Kwale Operations if we're able to identify ore. In terms of would the company be able to operate from Tanzanian resources alone, well, I mean, Tanzanian resources are never gonna come on in time to match up with the end of 2024 in the event that we don't find anything in Kwale East or are indeed unable to exploit it. That's not a solution to continuity of production. I don't agree that the political environment doesn't seem conducive. You know, it's not something I'm particularly concerned about at this point. Guidance for FY 23 is down slightly. Is this mainly due to grade? Yes, as I said, it is entirely due to grade. Are we still confident that Toliara can be financed without requiring a capital raise? That's certainly plan A on the basis of, one, the debt funding progress we've made, as well as some participation by downstream customers. So that's that is plan A. At this stage is no capital raise, but you absolutely never say never. Next question is, would it be worth continuing production from the North Dune if Kwale East isn't ready in time in order to give continuation of production even if it's only marginally profitable? Yes, it would. We're quite conscious of a There's a couple of factors there. One is, you know, prices stay where they are at the moment in 2024, that's higher than we've assumed in our studies, if that would give a basis for potentially, you know, mining some more, particularly the area between pit 199 and 200. But, you know, lots of work to be done on that. The second option is, you know, compared to shutting down and then starting up again, if Kwale East is on the cusp of coming into production, you would be better to effectively subsidize or potentially subsidize the cost by keeping operations going a bit longer on North Dune. But, you know, we will know, we'll know a bit more about the shape of that when we get closer. The next question is, can you provide a bit of color around the nature of attractive business development opportunities being identified as per the chairman's comment in the annual report? Look, we're having a pretty close look at M&A opportunities that have the, you know, the potential to fit strategically with. Well, fit strategically and provide us with greater optionality. With one of the strategic imperatives we're focusing on is, you know, we would like some more optionality around how we solve any, you know, the production hiatus between Kwale and Toliara. I mean, obviously absent one of a few things happening, we're saying that Toliara, Kwale will finish at the end of 2024. Toliara is not going to be in production or first shipment until the end of 2025. The reality is that Kwale will still be generating cash through until about the middle of 2024 because of the way production tails out. Mining would stop at the end of 2024, so mid-2025. You know, how do we address that looming gap? One is Kwale East and having success there. Two, economic conditions supporting mining more of Kwale North. Three is some M&A activity that is able to bridge that gap in a sensible fashion and/or provide us with further optionality into the future as we continue to develop the company. That's probably the best context I can give. When that sort of M&A takes more sensible shape, we'll talk about it a bit further. The last question is, can you give us a sense of the CapEx budget for FY 2023? We actually have a slide in the deck for that. Yeah. In the appendices to the main presentation, the first slide is key expected capital expenditure in FY 2023. If you haven't seen that, please turn your attention to it, but I'll just touch on the key points. Firstly, for Kwale, we've got AUD 28 million to implement the Bumamani project, which is already underway, and land acquisition and long lead infrastructure pieces have been placed and money being spent. There's a couple of AUD 1 million put aside for exploration in, hopefully, Kwale East and also in the Kuranze area in Kenya. Potentially some land is available should we find some interesting mineralization in Kwale East that could form the basis of a resettlement area. There's a couple of million dollars also for just general sustaining and pushing further south into the South Dune. A bunch of rehabilitation costs which aren't strictly capital, but a significant expenditure, AUD 5.8 million set aside for those. On Toliara, all of that spend is really documented in the DFS. If we do get physical terms tied up, you can expect the rate of spend on Toliara to start increasing as we head towards FID, and we complete all of the interim milestone pieces required, which would trigger some payments on deferred consideration as well as things like land acquisition. I would refer you a bit more to the DFS to look at some of that. Feel free to go back and visit slide 29 of the deck for a full list. Okay. Thanks, Kev. That seems to be all the questions we had from online. Are there any additional questions on the call? There are currently no more questions from the phone line. Please continue. Okay. All right. Well, thanks everyone. Thanks for joining the call. If you do have any further questions, as you're sort of considering the result that you'd like some input on, please feel free to get in touch with any member of the team here, and we'd be more than happy to have a chat. Look forward to seeing you all soon. Thank you. This concludes today's conference call. 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