Good day, and thank you for standing by. Welcome to the Base Resources FY23 half year results briefing. At this time, all participants are in the listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star-one-one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star-one-one again. Please be advised that today's conference is being recorded. Now I'd like to hand the conference over to the Managing Director of Base Resources, Mr. Tim Carstens. Thank you. Please go ahead, sir. Thank you, and thank you everyone for joining our half year briefing. As usual, I'm joined by Kevin Balloch, our CFO, and Steve Hay, our General Manager of Marketing. They'll be providing some more detailed insights into specific areas as we move through the presentation. Firstly, just for the newer participants on the call. Obviously we're headquartered in Australia, but the focus of our business is very much in East Africa. We started with the Kwale operation that we commissioned back in late 2013. Then in early 2018 we took our first step off the Kwale lily pad and acquired the Toliara project in Madagascar, and have been progressing that since. More recently, we've stretched out across the border in East Africa into Tanzania in pursuit of a rutile opportunity that I'll talk a little bit more about as we move through the presentation. Looking at the half, it was a really, you know, really strong half for us. We saw a record revenue on the back of prices. Production was up a little bit, but it was really a price story as far as revenue goes. We achieved a record for the first half for us and really strong earnings as well. It's been sustained demand for all of our products. We saw a 32% increase in average prices realized, in this half compared to the corresponding half in FY22, with the average price of, products sold now up nudging $700 a ton. We made some good progress on the extension of Kwale Operations mine life, with the implementation of the, what we call the Bumamani Project, which at first instance has seen us move up to start mining a couple of pits on the North Dune. We commenced mining in that area about a week ago, which was smack on schedule, for the project that we implemented in May last year. We now have ore in front of us out until late 2024, and we've got a few additional opportunities beyond that, which I'll talk more about in a minute. We did get exploration drilling underway, most significantly, I guess, in Kwale East, which is an area we've been trying to get into for a while. We've made some really good progress there. We've got three auger rigs running in that area at the moment. We also got exploration drilling underway in Northern Tanzania, which we'll talk more about in a minute. The couple of aspects of the Toliara project have taken some good steps forward. Most significantly is the agreement on fiscal terms, where we're making really strong headway there, particularly over the last couple of months. We haven't reached the point of putting ink on paper, we've certainly got a pretty clear pathway forward to that. You know, good progress and, you know, we feel we're, we haven't got too far to go now to get that project up and moving and then suspension lifted. The second aspect that's taken a major step forward over the last six months has been the completion of the initial concept study on the rare earth component of the Toliara ore body. We've completed that concept study and it's given us a scope and encouragement to move on now and commit to a pre-feasibility study which will be completed over the next 12 months. That will provide some real shape to how we see that monazite opportunity and you know, how far down the path into production of rare earth oxides do we decide to go. We've also continued with our dividend flow with a AUD 0.02 dividend, which equates to roughly $16 million. It's continued application of our pretty disciplined capital management approach, and we'll talk more about that in a moment. Just wanted to touch on a key aspect of our business that those of you who have been following us for a while will know has really been baked into the DNA of our business from its foundation. We understand that we need to be particularly good at sustainability aspects if we're to deliver on the sort of performance, financial performance we're after for our shareholders. We've had a fairly simple philosophy that's guided our organization more or less since foundation, which is we see our purpose as contributing to solving the problems of people and planet. We do so profitably without profiting from causing problems. That's really the anchor for a lot of what people have seen over the years with our safety performance, with our investment in rehabilitation and the level we take rehabilitation to. It's, you know, the focus we have on local employment and how we drive enhanced local employment, both in quantity and quality of jobs, and the significant amount we spend on community development programs. All of that is anchored around that really clear understanding of what our purpose is and what the link is between delivery of those sort of outcomes and the ultimate financial performance for the benefit of our shareholders. We've continued with those sorts of programs through the half. Rather interestingly, and I guess subsequent to the end of the half, we saw some real recognition of the value of the approach that we take. At Indaba a couple of weeks ago, there were six sustainability awards given out to the entire corporate cohort in operating in Africa. Of that six, we won two of them. There's a real recognition that we are taking a leadership role in these aspects, and there's a recognition of the value that this sort of approach, you know, really brings. Looking a little deeper into the financial performance, we did see a lift in production, but that was, you know, almost entirely driven by a lift in grade. We had sort of about 10% higher head grade, which drove that. We did then see increase in production across rutile, ilmenite, and zircon, with the variance between the different products, a function of the particular assemblage within the feed. It's just the nature of what we're given. We did have a full year of low-grade rutile production, or a full period, I should say, of low-grade rutile production. We've seen a significant lift in the low-grade material that we're now monetizing. Happy to say that we are well and truly still on target to achieve our FY23 full year production guidance. Mine life extension through late 2024 from the Bumamani Project. The photograph you can see there is basically the start of mining on Pit 199a, a week or two ago. Those pits the area in the green, you can see marked to the north. We're co-mining that with the remainder of the South Dune. One of the opportunities we see to extend beyond late 2024 is to mine some you know, a wider footprint, if you like, on Pit 199, and also mining between 199 and 200. We're doing some work at the moment to understand what that would look like. Certainly at the sort of prices, commodity prices we're seeing at the moment, there's definitely quite a bit more ore that will be economic in those areas. We'd expect to be able to say something more sensible about that over the course of hopefully the June quarter. Looking beyond that, the focus or the most immediate opportunity for mine life extension is in that Kwale East area. You can see marked on the map there. As I said, we've been keen to get in there for quite some time. We've been successful in a complete reset of the relationship there. We've been accelerating access into onto individual landowners' plots. We've now got three auger rigs running there, and we have just placed an order for another three, so that we can accelerate that now that we have access to a very wide footprint. One of the challenges we've had with getting results out has been that we've been drilling in individual landowners' plots as they give us access. We haven't had the classic sort of line by line by line unwrapping of an ore body. We haven't been able to do all the interpolations and interpretations that we ordinarily would. We're now rapidly getting to the point of critical mass where we will be able to start getting some results out in the near future. Looking beyond Kwale East, we are looking at some interesting areas further to the east across the border in, or straddling the border of Kenya and Tanzania. It's very much a rutile opportunity with some graphite coincident with it. In many respects, it's similar to the Sovereign's deposit down in Malawi. We've been focusing on trying to get our licenses granted on the Kenyan side. Unfortunately, the moratorium on the issuance of licenses is still in place, albeit with some encouragement from senior government people, we've now put in a specific request for exemption from that. And are hoping we might see those licenses granted reasonably soon. We have, however, been able to get some drilling done on the Tanzanian side, where we have three out of four licenses granted. We've been very much focused on the southern end of the anomaly we're seeing. The anomaly that, I guess, kind of anchors, what, you know, the, the, I guess the potential runs north-south. We haven't been able to move further north from that area where you can see the drill holes, because to do so requires consent to access the game control area. We've received sort of verbal approval, and we're just waiting on the documentation now for us to have access to, in that area, which will significantly extend the footprint that we're able to pursue as we head north up towards the Kenyan border. We're expecting to get some preliminary results out in the June quarter. Quite excited about what that could reveal about the problems we think we might have identified. With that, I might hand over to Steve to talk about the markets. Thanks, Tim. The markets for our products generally held up really well through the period, despite the challenging market conditions and the challenging economic situation. Despite some ups and downs through the half, our average prices for products were well above the average prices achieved in the first half of FY22, as Tim mentioned earlier. As we've predicted on a few previous occasions, it does seem that the very low inventories through the titanium dioxide supply chain acted as a bit of a buffer to the slowdown in end demand in the end sectors as we went through the half. Essentially what had happened is there's been some rebuilding of customer inventory levels, which has ensured that demand to titanium feedstock has held up, even though pigment consumption did fall quite significantly through the half. Conversely to that, zircon inventories in China were already elevated at the start of FY23, the weaker market conditions did start to have more of an impact on zircon pricing through the period. While we saw spot zircon prices fall sharply through the half, some of the major zircon suppliers actually held their prices flat, which provided good overall support to the market. Our own zircon prices ended up landing somewhere in between those spot-traded prices and those prices of the major producers. Just a few specific comments on the various products. For ilmenite, prices eased slightly late in the half on the back of weak domestic pigment demand in China. Sentiment has certainly improved through the February period, and strong interest in renewed ilmenite purchasing is starting to see prices for ilmenite improve once again. On rutile, resilience from Western pigment producers maintained steady demand and supported prices through all of the first half. That's been backed up by the strengthening welding and titanium metal sectors. The start of the second half of our financial year has been stable in pigment, and we do expect that conditions will improve through the coming period as Western pigment production ramps back up to normal levels, as a number of producers have flagged they are doing. Finally, to zircon. After a period of subdued conditions, improvement in sentiment in China has seen spot zircon prices increase in recent weeks. That's giving us some confidence that we'll see some improvement in our own zircon prices going into the June quarter. Outside of China, security of future supply is very much a driver now for zircon demand in the current market, and that's providing good demand support and price support going forward. Overall, I would say that we've managed to avoid a significant correction up until now, and there is cause for optimism for all of our products for the rest of FY23 and the start of FY24. With that, I'll hand over to Kev to talk through some of the financials. Thanks, Steve. Bringing all of that together onto the profit and loss statement, clearly a lot of revenue for what is typically a lesser half. Traditionally, we have more sales stacked into the second half, just by virtue of when the bulk shipments are available. We typically see about 40%-45% of sales in the first half, and the balance in the second half. On the first half, a very good result. Operating costs were largely kept in check, although we did see a little bit more fuel price and power cost pressure pushing up some of those costs, as well as increased production volumes driving a little bit of cost increase. We had inventory build up towards the end of the half as we scheduled bulk shipments for both rutile and ilmenite in January or late January and early February. We saw some of those costs apart from the balance sheet at end of the year, and that will of course reverse in the second half. The only other things of note on the P&L were lower depreciation, and that's partly because the additional ore reserves that got added on to extend mine life have lent to that, the depreciation of our assets on the Kwale mine life. The new CapEx that was accumulated for the North Dune move of around about $20 million only gets depreciated from the commencement of mining, which is late in February. We will see depreciation increase as we move into the second half of that additional CapEx for the North Dune starting to be depreciated. For the first half, we benefited from the additional resources of that with increased depreciation. Income tax higher also, and that's obviously in line with the higher profits. We did upstream more cash from Kwale to the parent entity, and that attracted dividend withholding tax as well, which is contributes to that higher income tax. Just moving on. If I can get to the right slide. There we go. Onto the comparison between this time last year and this half just gone. You can see it is almost entirely a story of sale prices, sales volumes and operating costs, largely balancing each other out. Clearly operating, sort of the sale price is driving the higher EBITDA. As you would expect, with such growth in sales prices comes growth in margin. Our unit cost of goods sold has largely been stable over the last three halves, equivalent halves. It's seen our revenue cost ratio grow from 2.8 in the comparative half to 3.5 this half, which is equivalent to an operating margin of around 71%, which is quite a financial performance for Kwale. Just looking at how we move between EBITDA and operating cash flow, largely a story of the taxes again, plus the stock buildup, those operating costs actually total about $11 million and they're sitting on the balance sheet and have impacted the cash flow from operations. The working capital movements and trade debtors and other bits and pieces largely cancel each other out. More tax and a cost of inventory that we've accumulated to date. On the balance sheet, it's not a massive amount of movement between the June 30 period and December 31. Of course, we see the inventory increasing as we've talked about. The property plant equipment has increased despite the depreciation due to the cost of implementing the North Dune move, and a large chunk of that is land acquisition, plus the associated infrastructure cost that we were putting in place, all of the roads and power and water pumping. The other major movement during the half, of course, was the payment of dividends, which has dropped our, or increased our equity rather, but not increased by as much as the profit during the period. That was the $26 million of full year dividend or the final dividend from FY22 paid during the half. With that, I'll turn back to Tim to run through the remainder. Thanks, Kev. We implemented our capital management approach with our maiden dividend in October 2020. We've been disciplined in applying that since. While we've made, you know, very strong progress on sort of Toliara fiscal terms, we're not there yet. We have felt that it's the right time to... Well, we're continuing with the application of the policy. We're seeing an AUD 0.02 dividend, or determined an AUD 0.02 dividend. It's a little lower than we've determined over the last few periods, but, you know, we feel that it strikes the right balance between continuing to deliver cash returns to shareholders, but also allowing for the sensible progression of the Toliara project on the sort of forward plan that we see based on where we find ourselves right now. You know, we do have a high degree of confidence that we're on the right track with that now. Continue to maintain that kind of split return to shareholders. On the Toliara project, as those of you who have been following us for a while are well aware, it's a rather remarkable opportunity. It's a very strong mineral sands project, which was the basis of our DFS2 that we released back in late 2021. You know, NPV up over $1 billion post-tax real. With significant upside opportunity, both in terms of further expansion of the resource base, conversion of that resource base into an expanded reserve, but also incorporating the realization of the opportunity that the 2% monazite in the HM suite represents. That's going to be a big focus for us over the next 12 months while we progress the project. It's completing that pre-feasibility study I mentioned earlier, will take us through until, you know, around the end of the March quarter next year. On the basis of that, we'll have a pretty clear understanding of how we want to go about unwrapping the various opportunities or the options that present around that monazite. All of that is hinging on agreement of fiscal terms. As I said, we're not there yet, but, you know, we've got pretty clear line of sight on what the terms look like, but we haven't put pen on paper yet. On the assumption that we're able to get that done over the next 2 months, we would see the suspension lifted during that period. Got about 11 months of work we need to do before we can take an FID, which would see us out around March of 2024. A 27 month construction and commissioning period to get to a first shipment leaving around the middle of 2026. Running alongside the mineral sand project and the rare earth study components is what we call the mine of the future project. Part of that project is focused on seeking to reduce the carbon footprint of Toliara and looking at how and when and why and we would get to a carbon neutrality position with that project. We're working towards being able to say some more about that around the middle of the year when we're expecting to come out with some clear targets on what we think is achievable by when and how. It'd be fair to say that there's an extremely good economic case for pursuing what we would want to pursue in the interests of planet in any event. We're pretty excited about what that's looking like. Also, when you start building the rare earth opportunity on top of the mineral sands project, we are sitting on a pretty remarkable development opportunity that we're quite excited about what the next 12 months of unwrapping is going to look like. Bringing all of that together, you know, we've got a, you know, pretty unique profile as a mineral sands company. You know, we've got an established profitable operation in Kwale that we think we can extend. We've got a world-class development project that we probably pretty soon need to stop talking about as just being mineral sands. There is a really exciting opportunity to step sideways into another sector. We've got a recognized track record of excellence in all aspects of sustainability. We've an experienced team. We've got a robust financial position, which we think is gonna enable us to continue to grow the business in a sensible fashion, but, you know, continue to deliver returns to shareholders. All of that together, we think, you know, presents a pretty interesting company of strategic relevance in our sector. That's really borne out by the sort of conversations we're having with, you know, particularly downstream partners, that we're pursuing, but also those that are coming back to us, looking for how they can create some pretty interesting supply chain opportunities in a world that's evolving quite fast. We think we're in a good position and pretty excited about what the next 12 months looks like. With that, we might turn it over to questions. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Richard Hatch from Berenberg. Please ask your question, Richard. Yeah, morning, Tim and team. Thanks for the call. Just two from me. The first one, Kev, just on the tax, just the difference between the cash tax and the income statement tax. Is there anything we need to be thinking about as we go into the second half of the financial year, in terms of a cash lag, that we just need to think about for our accounting purposes? That's the first one. The second one is just on, Tim, sort of just listening to what you're saying about Toliara, you paid a lower dividend for the half. In my view, that would potentially sort of suggest that you're feeling more confident about the situation in Madagascar, which appears to be what you're saying. You know, on the expectation that you could get those fiscal terms agreed within the next two months, how confident are you that you think you could get there? Just conscious that it's a key driver of the stock. Thanks. Richard, just on the tax question. The main lag on tax relates to withholding tax on the dividends that we upstream from both our Base Titanium Kenyan subsidiary through to Base Resources. The withholding tax is paid the month after we upstream. Sometimes when we upstream, and often we upstream in periods where it straddles a half year or a full year, then that tends to see the 15% dividend withholding tax cash outflow follow in the half year or the month afterward. In this case, we did a last upstream was in November and we have paid that withholding tax in December, so there shouldn't be an enormous amount of tax lag. Typically in the second half, you know, we look at the cash position in sort of May and sometimes June and decide to bring cash up at that point and may lead to a small lag. you know, you're really talking that sort of $5 million range, so it's not a significant impact between P&L and your cash tax. Thank you. All right. Richard, on the dividend. Yeah, your interpretation is right. You know, it is a reflection of our level of confidence, in where we're at with the fiscal terms and the ability to, you know, get that in place in the near term. Given the history of this where it's taken quite some time to, I guess, narrow the field of play with the government, you know, that's been a large part of the delay. You know, we're now at a point where there's, you know, very clear understanding of fiscal terms that make sense and are acceptable to both parties. You know, they're not inconsistent at all with what we'd assumed in our DFS2. A large part of it has been getting the government to understand the opportunity. The, you know, this is a very good deal for Madagascar. I've got to be careful about saying how confident I am given the history, but, you know, I've never been more confident, let's put it that way. There's no real impediment to getting an MOU in place now. You know, that's kind of the focus is how do we document the agreement and get moving from here. The dividend does reflect that confidence in terms of what it's gonna take to implement that, those fiscal terms, and also what that means in terms of the work we need to do over the next 12 months running up to the FID and the need to, you know, ensure we've got the funding to be able to carry ourselves through to that, to that point and beyond. That's been the balance. There has been more taken into account, if you like, in terms of what we're going to need to spend, in coming up with that AUD 0.02 dividend as being a good balance. Okay. Thanks, Tim. You once again. To ask a question, please press star one one on your telephone. While that's happening, we might just jump across to a couple of questions we've got online. Steve, do you want to address the first one around the I guess the mismatch between production and sales? Yeah. Specifically it's asking, you know, with the additional production of 46,000 tons of ilmenite compared to sales in the period, asking if that has now been shipped, and the answer is yes. We had a bulk shipment early in January, which cleared most of the stock. That's followed up with a bulk ship that is due to load in the coming days, which will bring the stock down to zero. Yes, that has happened. We also had a retail accumulation towards the end of the year as well, which saw a bulk retail ship go in January as well. Yeah. Yeah. That's, that's correct. It's true for both ilmenite and rutile. We had bulk ships in January, which effectively moves the stock that we had been building up for those shipments. That just happened to fall into the next period. Okay. There's a question here in relation to share sales by significant holders. There has been some selling from two significant shareholders. One in particular, who, for reasons of their own, portfolio construction, and a transition they're making in that fund, have been selling down significantly in interests like ours. That has, as we understand it, has now essentially taken place and is complete. We're not expecting to see a repeat of that. There has been a little bit of selling from one other significant shareholder coming down from 10% to 8%. Beyond that, we haven't really seen a huge amount of movement. We're pretty comfortable that that's sort of behind us. The question there is, you know, that, you know, that has arguably caused some underperformance. Having said that, since that's been, that selling has been completed, we haven't really seen a bounce back either. The question is, I guess, to a significant extent is, you know, what has the market's perception of where our value lies moved, given that, you know, we're headed into towards the end of Kwale mine life, as yet haven't been able to be very specific about what mine life extension beyond the 2024 looks like. At the same time, we've got Toliara there, which is perceived as likely to consume quite a bit of the Kwale cash flows over the next couple of years. You know, that's still in a bit of a hiatus, I guess, in terms of definitive movement forward. You know, we're aware of those dynamics. We can see quite clearly what the, you know, the catalysts can be to get out of that. You know, we're 100% focused on trying to point to definitively Kwale mine life extension as soon as possible and to get Toliara suspension lifted and us off and running with a supportive government partner. We think at this stage, you know, the dividend we paid was the right answer rather than a buyback to address the selling by one specific shareholder. Next question or last question was that we'd set the preferred route for funding the equity component of Toliara's in customer investment in return for guaranteed off-take agreements. We had originally been talking to customers about investment at the project level, but as we said over many quarters, now that's no longer the preferred approach. We're now looking at sort of royalty structures, which, you know, by them entering into those, gets them a guaranteed off-take, which is, you know, the thing they're after, the thing that's strategically valuable. We haven't been talking about selling down an interest in the project for quite some time. Having said that, you know, our preference would have been not to do an equity raise, but depending on how things play out over the next period of time, you know, we have a couple of options up our sleeves. We may do a, you know, a relatively modest equity raise. There may be a small sell-down in project interest. You know, there's a whole lot of different things in the hopper at the moment, in addition to this sort of, significant lick of funding that we're looking to come out of a relationship with a downstream customer. Yeah, we've got options. Understand that there are questions about how that's likely to shake out. But, you know, that'll all come together over the next 12 months. It's only so far you can push these different options while you are still, I guess, with the project suspended. You know, getting counterparties wanting to really put rubber on the road, when you're still that far out from an FID is a little challenging. We've taken things as far as we can. We're comfortable we've got a range of options, and we'll unwrap that over the next 12 months. That's it for the online questions. We have a question from the telephone line from John Griffith. Please ask your question, John. Yeah, thank you very much for the presentation. Depending on life of mine extensions that you're able to put in place, are you expecting a period when there will be no production at all pending Toliara? What are the impacts for the company during that period? Thank you. Yeah. I mean, if you, if you just took the view that we won't find any extensions beyond late 2024, then, you know, there would be a hiatus. You know, we would be, I guess our last cash flow coming in would be around the middle of 2025. Assuming we're on the pathway we think we're on with Toliara, you'd still be a year out from waving goodbye to your first shipment from Toliara operations. You know, there'd be a hiatus during that period. We would need to obviously be planning for that. You know, we'd have reasonable line of sight to when cash flow was coming. That being said, you know, we need to find extensions to bridge that gap. You know, there's a number of options around that. You know, one is the is mining more of the North Dune based on the economic parameters that we're seeing these days, as opposed to what we had forecast fairly conservatively back at the start of last year. There's also some more ore around the Bumamani deposit that we hadn't had access to drill before because of a forestry plantation that was sitting on it, but subsequently being cut down. There's some extensional opportunity there. Then there's the whole Kwale East opportunity. You know, somewhere in there, you don't need to squint too hard to see at least a year. You know, we're hopeful that we can wallpaper over that and hopefully beyond. Okay, thank you. Thank you. Next follow-up question comes from the line of Richard Hatch from Berenberg. Please ask your question, Richard. Yeah, sorry, guys. I just had a couple more, actually. Kev, just looking at receivables on the balance sheet, they've, kind of, ticked up over the last couple of halves up to sort of the 60-70 level. Is that normalized, or do you think some of that comes back a little bit? I'm just trying to work out what the working cap moves could be second half of the financial year. Secondly, Tim, just on this commentary around kind of life of mine extension, obviously you've got Tanzania as well, which is quite early, but potentially quite interesting. Just thoughts on the sort of logistical challenges and potential to relocate a fairly young plant to take advantage of an ore body in a different country. Thanks. Richard, on the receivables, You know, the receivables tend to build up as we get towards the end of the half. You know, whilst they will come down during this quarter, they're likely to build up again as we head towards the June end of year, where we typically try and empty the shed. If you're looking at second half in totality, I think you'll probably see receivables, not really move much over the sort of the whole period. You know, we'll see cash inflows now, and then we'll see receivables build up in June as we head towards the end of the year. Cheers. Just on the Tanzanian thing. You know, moving mineral sand plants around the world has never been particularly successful because they tend to be reasonably bespoke for the ore body that they're designed for. The ore body we're looking at, or the mineralization, I should say, in Tanzania is quite different in nature. It's a satellite, indeed with some potential, you know, basement mineralization as well, that would require a grinding circuit and all that sort of stuff. It's, you know, we don't expect that the Toliara infrastructure is necessarily gonna be particularly relevant. The MSP may be, but it's probably something you would look to do a, you know, pre-concentration out in, you know, in Tanzania and then move the concentrate to be processed, potentially through the MSP and then using the export facility at Kwale, at Mombasa. Obviously that presents challenges in moving material across a border. Certainly the way the Tanzanians are thinking at the moment, that might be problematic. It comes down to a question of scale. Like, if you want something developed, then that's the way it needs to be developed. If it's small, we would certainly hope that it's big enough to justify having its own, you know, standalone operation. We'll just need to see. You know, at the moment, we're not really factoring that in too much. Okay. Gotcha. All right. Thanks, Tim. Cheers. Couple of questions. This is hilarious. Seems daft to do an equity raise close to share price lows and still pay dividends. Yeah, it would if we're gonna do an equity raise close to the share price lows. you know, any equity raise for Toliara is, you know, well over a year away with an awful lot of news to come out in between and, you know, greater clarity around a whole lot of things. Not particularly fussed about that. You know, we felt the better course of action was to pay the dividend now, reward shareholders for the performance of Kwale. We're still able to take Toliara through to where we need to get to, and then benefit from what we see as a, you know, pretty positive news flow over the next 12 months. Any guidance on the CapEx requirements for Kwale expansion options. Mining between 200 and 199 is basically no CapEx. You know, it's just simply an expansion of mining in an existing ore body. You're just stepping out into a few more blocks, so I don't really see an issue there. Kwale East, I would anticipate is probably gonna be fairly similar to the cost of implementing the Bumamani project. With the exception that we've already kind of acquired some replacement land or in the process of that we've allowed for. You're probably looking at a fairly similar cost as the Bumamani implementation around sort of $30 million type level in total cost. Tanzania and across the border, who knows? Depends on what we find and what scale and operation needs to be run at. Long way down the track, the Tanzanian and what we call Karunzai area on the border in Kenya. Unlikely, you know, subject to us finding significant expansions in Kwale East. You know, it's likely that Tanzanian and Karunzai opportunity would come in sometime after Kwale's mine life. Well, that's it for questions online. Any further questions on the phone? Once again, to ask a question, please press star one one now. I'm showing no further question. I'll now turn the conference back to Tim for closing remarks. Okay. Well, thanks everyone for joining. If you have any further questions, please feel free to reach out and to any of the team and always happy to have a chat. We look forward to catching up with you, or the majority of you when you're in the U.K., fairly soon, hopefully, with some good news to talk about. Thanks, everyone. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.