Thank you for standing by, and welcome to the Base Resources Limited fY 2023 full year results call and webcast. 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 the star key followed by the number one on your telephone keypad. You can expand the presentation slides by viewing it in a separate window on the top right-hand corner of the webcast player. I would now like to hand the conference over to Tim Carstens, Managing Director. Please go ahead. Thank you, and good morning, everyone, and thanks for joining the FY 2023 full year results call. It's been another operationally and financially successful year for us. We've seen, you know, strong operational performance, coupled with a continuation of a buoyant mineral sands market. We saw the combination of those two deliver record EBITDA from the Kwale Operations, even with this year characterized by the transition to the more challenging and lower grade ore sources that are really gonna characterize the final years of the Kwale Operation. But it's, you know, FY 2023 has been a very positive year for us. For those of you who are new to the story, we're obviously an Australian-headquartered company, listed in Australia and on AIM, but our focus is very much in East Africa, with the Kwale operation that we operationalized in late 2013 and been running very successfully ever since. We do have some exploration that's now stretching over into Tanzania. But the other focus is the, you know, the world-class Toliara project in Madagascar that we've been, you know, enhancing the value of and progressing towards what we hope is a, you know, an imminent lifting of the suspension and heading towards a final investment decision. But I'll talk more about that shortly. So looking at the year through, I guess, a financial lens, we had revenue fairly similar to prior year. As I said, record EBITDA. We hit our guidance in FY 2023, which was really pleasing. It's always, you know, slightly challenging and unsettling when you start operations on an entirely new ore source. And we did certainly encounter our challenges as we brought that on in February, but the team really wrapped their arms around it and did a brilliant job in taming it and getting it up and running in the way we needed to hit our targets. As I said, the price environment we operated in across the year was really positive across the whole year. Sales prices realized were up 8%. Cost of sales were also up 8%. Certainly post the move to the North Dune, you know, we've seen our mining costs go up, due to some slightly more challenging ore that takes a bit more, mechanical interference, if you like, or mechanical activity to break it up in the way we need it to for hydro mining. So that has brought our costs up a little bit, but overall, we saw revenue to cash cost ratio maintained up around that 3.2%- 1%. We did have a non-cash impairment loss of nearly $90 million on the Kwale Operations carrying value. Kev will talk more about that shortly, but, you know, not entirely unexpected in a, you know, the tail end of a large mining operation like Kwale. We did invest nearly $30 million in Kwale Operations, primarily for the implementation of that move to the North Dune, which extended the mine life out to the end of 2024. Then we'd spent a further $1.8 million on exploration, particularly in Kwale East, but also a bit in Umba South in Tanzania. The majority of the money we spent during the year on the Toliara Project, $8.3 million, was for the progression of rare earth studies. They're coming along nicely. We're in the pre-feasibility phase at the moment, which will head towards an announceable outcome in the March quarter of next calendar year. Really looking forward to getting that out into the world. We paid out some pretty substantial dividends during the year, AUD 0.05. Still closed with best part of $93 million, and we determined a final $0.04 per share dividend, which brings the total of dividends determined for the year, this financial year, to $0.06 per share, or, you know, the best part of $50 million. Continuing to deliver cash returns to shareholders. Turning to have a look at our business through a sustainability lens. Notwithstanding that sustainability has been at the core of everything we've done from the very beginning of the company, we did get our inaugural sustainability report out in October last year, and the data book that accompanied that gives people the ability to really get in there and interrogate what we do. We sort of felt that the debates moved on and matured to the point where, you know, we can contribute sensibly to it, rather than our former approach of just doing and hoping that everybody notices. We did win a couple of awards. I mean, to win two out of the nine ESG awards at the African Mining Indaba this year was pretty pleasing, recognition from the industry that we're doing a lot right. We've been able to get up to 99% of our workforce now being Kenyan, and the one that's sort of really pleasing and has been progressively moving up is that, percentage drawn from Kwale County, where we're now up around 74%.... So, you know, very, very significantly localized, particularly in a country with no real history of mining. It's been particularly pleasing. From a community perspective, we've continued to invest quite a lot in various initiatives, infrastructure, education, livelihood projects, health programs, with our real focus being on livelihood programs, with a lot of the rest of it playing support roles in helping people to take advantage of, you know, those opportunities to create a step change in their economic world. About 80% of our supplies were drawn from Kenyan businesses, over the course of this year, which is pleasing. It's a target we're certainly going to shoot for in Madagascar with the Toliara project as well. A lot of work over the last 12 months has gone into the Kwale post-mining land use studies, looking at the various options and starting to resolve down to those that will have the biggest net impact after we leave. And one of the really interesting ones is looking at the potential for mining or, I guess, extracting from our tailings storage facility, to use that slime in the production of bricks and more significantly, cement making, which has the potential to completely change the environmental, profile footprint of the Kenyan construction industry. So, we'll be doing a lot more work on that over the next sort of six to 12 months. Looking at a safety perspective, we did have one medical treatment injury back in July of last year, but as we speak, we're now at, you know, zero zero for both LTIs and recordable injuries, which is, you know, a remarkable achievement with well over 1,000 people on site. So we've been able to maintain that discipline, notwithstanding the usual distraction caused by, you know, a big move to another ore body, which was, you know, really, really strong leadership performance by the team on site. So looking towards, well, firstly, you know, 2023, ore grade was fairly similar to the last couple of years. As I said, we introduced the North Dune into the mix back in February. If you look at the diagram over on the right there, in FY 2024, we'll be making the final transition down to that island block of the South Dune. You can see in the bottom left-hand corner, where we've already got one or a couple of sets of gear set up there, but we're completing the transition over the course of this year. Then once that's mined out, we'll be moving all of that up to the Bumamani deposit and kicking that off early in the new year. A lot of site works are underway now to prepare for that, with box cuts and various other infrastructure we need starting to go in. Then, over the course of this year, we'll also make the move from Pit 199 up to Pit 200 as we complete that North Dune mining as well. With that, I'll hand over to Kev to talk about our production performance. Thanks, Tim. Another consistent year. I mean, that's what Kwale has become known for over the last quite a few years. It, what we say is going to do, it does, and this year was no different. The ore volumes are pretty much right on last year's, a little bit under, due to the time taken for the transition to the North Dune. As Tim said earlier, we have experienced some harder digging ore or harder ore in the lower sections of the North Dune, which have got higher slimes and therefore, higher compaction, which has required us to use additional mobile equipment fleet to first break it up before we hydro mine. That was successful, and we're also looking at further initiatives now to increase mining rates a little bit further as we progress into this year. The ore grade's pretty much the same, only a little bit under, again, what we've experienced last year, which ultimately means that the final production of ore products was really a factor of the assemblage within the ore body itself. So we saw ilmenite and rutile a little bit lower. Ilmenite was a little bit lower as we had some chrome in certain pockets of the ore body, which required us to dump some of the ilmenite and to maintain the product quality. And zircon was higher because of just a high assemblage of zircon, a higher proportion of zircon in the assemblage. There it is. There we go. Oh, sorry, I've just got one slide too many. So Kwale East is an opportunity that we have been exploring over this past year, and we continue to explore into this year. We have completed the phase I of scout auger drilling, which was 11,500m, no small feat. For those of you who have been keeping track, community access or landholder consents to get in there and to drill have been something that have been challenging, but we have been able to get most of those. There's about 35% of the most prospective areas, unfortunately, hadn't been—we hadn't received consent for by the time we completed our phase I, and that's something we're targeting in the phase II, air core drill program that's now underway... And we are getting more of those consents coming in, so we're getting towards getting a better understanding of what we've got in totality. Interestingly, the mineral assemblage of what we're finding in that area is showing some good rutile and zircon concentration relative to what we're mining now. So just the proportion of those high-value products is much higher, which is encouraging. So we hope to be able to round out on where we are with the Kwale East opportunity in the next quarter as we're still getting assay results and drill hole coming in over the course of this quarter. So we'll have a good picture over the coming months. Tim's just going to run us through the marketing section. Okay, so, be fair to say we saw increasing headwinds over the course of the year. You know, overall, the sales result was solid, you know, with a higher average price achieved for all products compared to FY 2022. You know, looking at rutile, which is obviously our biggest revenue generator in our mix, market conditions for the Western pigment producers, which is our main market for or the main market for rutile, were pretty challenging for most of FY 2023. Pigment sales for those major Western pigment producers slumped about 30% in the first half of FY 2023 compared to the prior year. There was definitely some improvement in pigment sales during the second half, but the rate of demand recovery was certainly slower than had been hoped. Most of the Western pigment plants remain, you know, remain operating below capacity, which is obviously impacting on demand for all high-grade Ti feedstocks. Demand for rutile in the smaller sectors, particularly of welding, but also in Ti metal, have remained really strong. There are a good price premiums being maintained in those sectors, you know, $500-$600 a ton, which is, you know, has been really good for us because we made a conscious decision 12months-18 months ago to start migrating a growing proportion of our sales towards those small lot sectors. You know, we're able to generate quite a high realized average price. Well, I mean, looking forward from here, the subdued pigment market really does persist. That's gonna keep pressure on overall high-grade feedstock market prices. But a couple of mitigants, I guess, are supply issues at SRL that, you know, seem to be power related, together with some holding back of inventory and potentially production of high-grade feedstock. You know, Iluka's SR production, for example, should help stabilize the market a bit. And given the lower downstream inventories currently held by the pigment guys, it indicates that a pretty rapid pull-through could take place once the end markets pick up. So we'll watch that closely. Looking at ilmenite. The ilmenite market is very dependent on China's pigment industry, and it's therefore pretty closely linked to the Chinese economic conditions. We saw ilmenite under pressure for much of the year, but to some extent, the Chinese pigment exports have helped to compensate for the sluggish Chinese domestic market. The major Chinese pigment producers have mostly been operating at pretty high levels, you know, particularly the guys that we sell to. We've seen a pretty stable pricing environment holding up at what would be considered historically high levels. The Chinese pigment producers are certainly expecting to have more export growth opportunities as Chemours closes its Taiwan plants. Venator is likely to close its sulfate pigment plants in Germany and Italy. You know, those two combined are over 300,000 tons a year. So, you know, some opportunity there for that to continue to develop that export market. So we think that's likely to continue. The chloride pigment production in China is continuing to grow at a rapid pace. While it's new technology for China, very common elsewhere, it is spreading quite widely and quite quickly. And it's a real positive, I guess, for us as an exporter of ilmenite into China, in that the way they configure those plants is typically with a chloride slag plant at the front end as the main feed, and that needs it, that imported ilmenite because the local domestic ilmenite is not really suitable for it. Turning to zircon, the zircon market started the year really well, and sentiment was pretty long, and, you know, it was pretty strong in late FY 2022, and then conditions deteriorated pretty quickly on China COVID restrictions and, you know, the looming European winter and power issues and, and the like, or energy prices, I should say. We did see some price improvements secured in the last quarter of FY 2023 as sentiment around the Chinese New Year was quite buoyant, and that translated into, into contracts. But the sluggish conditions in Europe and the stalling recovery in China is, you know, sort of restored pressure on the zircon market, and prices are, are reducing as we head into the early part of FY 2024. The outlook for zircon, it's pretty tied to European and Chinese economies, and they are the engines. But interestingly, the Indian zircon market appears to be, you know, strong and growing, but it's still a relatively minor influence on the overall global market, but, you know, could really be expected to grow in the coming years. So yeah, we think for zircon, it's gonna be a reasonably challenging year over FY 2024. I'll hand back to Kevin to take you through some of the financial and finer points from the result. Thanks, Tim. So just on the P&L, we had revenue, which was pretty close to last year's, just a smidge under at $271 million versus $279 million last year. There was a lower sales volume this year, but the prices that we had talked about, or Tim just talked about, made up for most of that shortage of volume, leaving us in a pretty good place. Operating costs were up a bit, based on higher mining costs in the North Dune, as we've discussed, and also experienced some increase in the unit cost of both fuel, diesel in particular, and for power in Kenya, which led to the 10% increase in operating costs. However, inventory movements during the year, which left us with a bit more zircon and ilmenite, zircon and rutile in the shed at the end of the year compared to the prior year, meant that our overall EBITDA ended up almost identical to where it was last year. In fact, Kwale's EBITDA this year was a record at a just a smidge under $170 million. Of course, we had a fairly large impairment loss on Kwale Operations that resulted in a net loss after tax of $4.8 million, and I'll talk about that impairment loss a little bit further in a minute. Visually, the journey we've been on over the last five years with prices is pretty clear. It's been a ever-increasing average price achieved for us, and as Tim mentioned, we have been targeting some of the higher, premium small lot sales in the rutile market, which has helped, maintain this healthy 3.2% revenue to cash cost of sales ratio. But this year we, were able to get $672 a ton on average, which is quite good considering the volume of the ilmenite we do have to move into the market. But the 8% increase in price and was matched by the 8% increase in cash costs, and, and left us very pretty, very stable from a relative point of view to last year. Strong operating cash flows were used to fund the business, invest further in the Kwale business, particularly at the North Dune expansion, which required fair amount of land acquisition, both in the North Dune and in the Bumamani area that we'll be moving to later this year. And also, all the various infrastructure and services, extra pumps and whatnot, that had to be purchased for the implementation of Pit 199 mining in February this year. We invested a combined $10 million in exploration and valuation, with the bulk of that going into Toliara, and mainly for the progression of the Toliara rare earth study phase, which is going quite well and now moving to the PFS. Of course, we were undertaking exploration both at Kwale East and in the Umba South project in Tanzania, and that accounted for just under $2 million. Leaving us all up with cash after investing of $134 million, and of course, we paid a significant amount of dividends during the year, $38 million U.S. at the door, and that left us with cash of $93 million odd. The impairment charge at Kwale Operations, eighty-eight point nine million, was the result of a review of our recoverable value, which we undertake on a routine basis of all of our assets. And during this year-end period, there had been a few changes which had given rise to a lower recoverable value. Increase in operating costs were a factor, particularly the North Dune mining costs. We had a increase in the rehabilitation and mine closure costs as we advance our understanding and the granularity of planning around closure, and I'll touch on that a bit more in a minute. Now, of course, the forecast future sales prices are lower than we would have planned last time we undertook such a review, and that's reflective of the global sentiment just now, particularly in China, which is a major market for us. Things are looking a little softer, and that features in our forward-looking cash flows. All of that ended up with a recoverable value at Kwale of $45 million. Now, as you approach the end of a mine, you're always going to be narrowing the gap between your carrying value and recoverable value until to the point where they get quite close. So any additional movements that are unexpected towards that time are going to result in an impairment if they are significant enough as they have been for us this year. There's a bunch of assumptions there you can see that we have taken in, but largely we've taken a reasonably conservative view of recoverable value in order to make sure that we have only one impairment going through for the remainder of the mine life. On our balance sheet, really only two big movements happening during the year. Other than cash, of course, we have the impairment charge that we've just talked about. The other interesting piece is the mine closure and rehabilitation provision, which has increased reasonably significantly from $22 million- $52 million. That's the result of further work and additional information being fed into the closure plan. We undertook as a routine part of our tails management strategy. We undertook a new maximum, probable maximum precipitation estimate during the year, which indicated that maximum rainfall events were higher than we had originally used in the design of the Mukurumudzi Dam spillway, which is a water dam. Resulting in some rethinking of spillway and design capacity, and we are looking at putting in a secondary sacrificial bywash spillway if we ever had multiple sort of maximum rainfall events in a row. We're also extending the spillway down further than it currently runs. Extra work on the tails dam as well, with the grouting of the penstocks. We're replacing the C-camp system with siphons now, so the penstocks will need to be closed at the end of mine life. Of course, we've increased the mining area, cleared ahead of mining in the North Dune. In particular, that's added to a fair bit of extra cost for the end of this financial year. And with the additional costs that we're seeing in Kenya, we have an increase in the average cost per hectare to restore that land. That's a reasonably big chunk of what's accounted for the difference in closure provision. We've also taken the opportunity to put in a fairly chunky contingency, to ensure that as we go down further into the detailed planning and, advancing it more towards the closure of the mine, we have enough buffer for additional costs that may come up, and particularly, we're mindful of the run-off costs in the closure of the mine and continued an ongoing monitoring and care of the infrastructure assets, such as the tailings dam, once we have closed. We've got a fair chunk of capital coming up, so we've provided some color on that to allow you to see what we see in the business ahead. At Kwale, it's all about a kind of double- On one hand, we were providing for additional extensional capital, you know, additional money for Kwale East exploration. And we've also got additional land purchase costs for the potential resettlement of the Kwale East communities if we're successful. So, hoping for the best, planning for the worst. We're also. We've got that big chunk of rehabilitation of mine closure, which, you know, we've done a fairly extensive review of this year-end, and that sits at $50 million between and mine end, which, in our world, is currently assumed to be when the ore reserves run out at the end of next year. Subject to any additional ore reserves that come on from Kwale East. On the Toliara side, we are continuing the rare earth studies. There's $6 million planned for this financial year, FY 2024. Of course, depending on where we get to with the lifting of suspension and fiscal terms agreement with government will depend on how quickly we advance expenditure on Toliara Project. There's fairly large chunks depending on that progress, which Tim will talk to in a minute. So I'll just hand back to Tim, and we'll run through capital management. Thanks, Kev. So our approach, you know, philosophically, is we want to be delivering returns to shareholders through both long-term growth in our share price and appropriate cash distributions along the way. Where we don't feel we have a need to retain cash to deliver on that growth and development, or if it were needed to maintain requisite balance sheet strength, you could expect to see that return to shareholders. So in applying that philosophy to the world we see at the moment, we, the board's determined a $0.04 per share dividend, which we think strikes the right balance between delivering those cash returns to shareholders and holding on to what we need to execute on current strategic growth initiatives, as well as the Kwale Operations transition to post-mining. So we're making sure we're in a position to be able to execute that in the way we need to. So with that $0.04, that will bring the total in dividends that were paid out since we started paying dividends back in October 2020 to $0.225, which is, you know, the best part of $190 million over that time. So, you know, we've certainly been making some pretty sound distributions. Just to remind you a bit about the Toliara project, you know, that's obviously one of the growth initiatives we're pursuing and pursuing hard. And we remain completely committed to it because it is just an exceptional opportunity. I mean, the DFS2 that we released, you know, a year or two ago, described it as just a mineral sands project with an NPV post-tax real of over $1 billion. But, you know, that's based on an ore body that we're utilizing in that world, 900 million tons of an ore body that's the best part of 2.6 billion tons. So there's an awful lot more of it to be able to exploit. It'll get bigger over time. That two point six billion tons doesn't include a whole lot of drilling yet that we've done over the last few years. There's a whole lower sandy unit that we haven't incorporated. But one of the other very significant opportunities that you heard us talk about earlier in terms of the rare earth oxide studies is the fact that the HM contains 2% monazite. And that will, you know, gotta be careful saying will, likely generate pretty significant additional returns that we'll be able to talk more about once we get that pre-feasibility study completed early in the new calendar year. So where are we at with Toliara project? You know, we've been making some really sound progress towards an agreed understanding of a way forward with the government. Unfortunately, over the last few months, that's really kind of been sidetracked or distracted from by the government moving to finalize an overhaul of the mining code in its totality. Also preparations for the presidential elections that are coming up early November. That's really sort of put things into a hiatus. It's not the right environment to be moving forward with a major project like this. You tend to become far too politicized. So, our view is, and we think it's the right answer for us, is that, until those two things are past us, you know, the mining code is actually gazetted and becomes law, and the elections are passed, we won't, you know, make any sort of really material progress on fiscal terms or lifting of the suspension. The new mining code is all but in law. It does still have a step to go. But the sort of provisions that are in there, you know, are 5% royalty. Our DFS included a 4% royalty, so not materially different. It does include some obligations around community funding of 3% of your capital investment. You know, that's not out of step. In fact, it's slightly less than we would've been proposing anyway in our discussions. So it's the new mining code from that perspective, from a fiscal terms perspective, certainly isn't gonna upend our world. We just need to get through the point of having an agreement with government on the basis applied to our project, so that we can get on and get moving with the project. You'll see in the timeline there, we've put in an indicative January 2024. That's when we'll have a new government in place. Obviously, it'll take a bit of time after that to land fiscal terms. But just to illustrate, once we get through that point, we've got about 11 months of work to do to get to an FID. And then from there, it's about 27 months to get through construction and commissioning before we would wave goodbye to our first shipment from the Toliara Project out in February 2027. So key priorities for us in FY 2024, as Kev mentioned, with Kwale East, we are running as fast as we can to resolve the reality of the mine life expansion potential in that area. We need to make the transition of mining operations to the Bumamani deposit when the South Dune is completed early in the new year. We will continue to progress the refinement and the implementation of number of aspects of the Kwale Operations mine closure plan. Obviously, we just talked about Toliara, huge value lever for us and something we just need to crash through as soon as we possibly can. We'll be completing that Toliara rare earth Pre-Feasibility Study. We're also, you know, as we say here, aggressively pursuing strategic growth opportunities that can broaden our portfolio of projects. You know, at the moment, we're very single point focused on, you know, extending Kwale. Not quite single point, extending Kwale and developing Toliara. We do need to introduce some greater optionality into our picture. Guidance for next year, no great surprise, that we're guiding lower given the grade drop. You know, that's the current guidance is exactly the same as we released back in June, so no move. But that's gonna be our year in FY 2024. So with that, we might turn over to questions. Thank you, Tim and Kevin, for the presentation. And if you would like to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, press the star one again. If you are on a speakerphone, please pick up the handset to ask your question. And your first question comes from the line of Yuen Low from Liberum. Your line is open. Hi, good morning, guys. Couple of questions. Firstly, if you find something good at Kwale East, how long do you think it'll take for you to do the studies to confirm that? Is there likely to be a hiatus in production after 2024, calendar 2024? Yeah, I mean, the answer to that is, you know, right now we have the time to get it done. It's gonna be tight. The studies themselves won't take long. The work that will take the time will be the, You know, it, well, there's an EIA that needs to be done, but that's kind of underway in, in a preparatory sense so that we can secure the licensing. So the thing that will take time is licensing, land acquisition, community resettlement. But the objective is to be able to get that done without creating a, production hiatus. But one of the big X factors in this is, as Kev said, we're still trying to get into all of the areas we need to drill. That window is closing quite quickly. So, you know, we need to, we do need to get access before we're going to find ourselves running out of runway and you're in, you know, production hiatus territory. But right now, we've got some room. Okay, very good. Thank you. The other question has to do with Toliara. Earlier this month, Rio Tinto announced that it had come to an agreement with the Madagascan government, and one of the things in there was a 15% carried interest. I can't remember what it was before that, I think possibly 10%. Could you talk about what yours might be? Also, Rio mentioned an increased royalty from 2%-2.5%, and so that's lower than what you're suggesting. Yeah. So Rio is in a very, very, very different situation. You're talking about an operation that's been running for 20 years and has had a convention that governed its fiscal terms for that whole time, which is basically an act of parliament that means that the mining code doesn't apply to that operation. Now, that convention expired in February of this year. Now, there was an extension on that to buy a bit of time for negotiation of the new convention. But the reality is both parties were on a burning platform. You know, they couldn't continue to have the operation with nothing governing the way, you know, the government shared in it. So it's a bit different from us as a new project, trying to move forward, which is why they were able to get that done. They've done it as another convention, for legal reasons, by virtue of the current convention, which means that the current mining code doesn't apply to them. The second point around, or the first point you made around, free carry, Rio's, the free carry originally was 20%. Except it wasn't a free carry. It was meant to be a funded carry, and the government had never paid the $77 million it owed for that. So as part of this deal, Rio waived that $77 million, and the free carry was converted... Well, the carry was converted to a 15% free carry with the non-dilutable. So it's quite different. There is no free carry in our discussions. There is no free carry in the mining code. So Rio is very much peculiar to its circumstances. Okay, thanks very much. What about royalty? Well, as I said, the mining code doesn't apply to them, so 5%- Okay. is kind of irrelevant to them. Yeah, I was just checking- The current- if there was any The current royalty is 2%, and that's moved up to 2.5%. Yeah. All right. Thank you very much. Before we move on to our next question, just a reminder, if you wish to join the queue, please press star one on your telephone keypad. Your next question comes from the line of Richard Hatch from Berenberg. Your line is open. Thanks. Yeah, morning, good afternoon, Tim and team. Yeah, just a question on your business development that you've pointed to. I mean, can you just talk a little bit more about what your kind of thinking is around that? Is it mineral sands or are you looking sort of across different commodities? And then so level, where those sort of projects are on the development curve, just also kind of with your kind of share price and the discount to NAV of Toliara in mind. Obviously, using your shares as currency, probably you'd expect you're undervalued at this current share price. So yeah, just kind of talk a bit about your business development and how you think about the consideration and how you pay for those BD opportunities. Thanks. We're looking at a whole raft of different things, and I'm not gonna delve into it, because it's quite a small universe. But I mean, to be fair to say, we're looking at adjacencies that we're going to need to be in in any event. You know, for example, Toliara has a very significant rare earth content. So it's a sector we're going to need to be in at some point. So looking at opportunities in that arena makes sense, and given the nature of the ore bodies, it's kind of straight down the runway for us as, you know, mineral sands miners. As far as sort of how you transact these different things, I mean, we're looking at a few different options, so actually, before I go onto that, we've been looking at project opportunities. We've looked at a couple of potential you know, near-term cash flow generating opportunities. The how you pay for it is an interesting one in the sense that your relative undervaluation is kind of more of the issue, and if you can find a sweet spot between yourself and other parties where you can see that there's you know, there's an overlap there, you know, there's something to be done. But that's the biggest challenge in why we haven't been able to execute something up until this point, is that, you know, we know what we've got our foot on in Toliara, and, you know, unless there's something that's you know, pretty exciting exchange, we're not gonna give that away. Understood. Thanks a lot. Your next question comes from the line of Mark Simpson from Excellent Investing. Your line is open. Hi, guys, thanks for the presentation. Just, kind of a point clarification for me. On when you say the elevated concentration of rutile and zircon in the Kwale deposit, do you mean that the overall grade is higher or just the proportion of values there? This is in relation to the Kwale East results that we've released so far? Yes, the Kwale East. Yeah. Yeah. It's not a question of grade, but the assemblage within the grade has more rutile and zircon. And indeed, the ilmenite is a chloride, high-grade chloride ilmenite. So it's the assemblage of what's in there. So for every 1% of HM, you're actually—it's worth more than 1% where we're currently mining. Okay, thanks for that. There are no further questions at this time. I'd now like to hand back over to Tim for closing remarks. Okay. Well, thanks, everyone. Thanks for joining. If you do have any further questions or you'd like to explore the result a bit further or understand any more about us, please feel free to reach out to either Kevin or I, and we'd be more than happy to have a chat. We certainly look forward to catching up with all of you soon. That does conclude our conference for today. Thank you for participating. You may now disconnect.