Thank you for standing by, and welcome to the DDH1 Ltd Full Year 2023 Results and Investor Briefing. All participants will be in 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. I would now like to hand the conference over to Sy Van Dyk, Managing Director and CEO. Please go ahead. Thank you. Welcome, everyone, to DDH1 Limited Financial Year 2023 results presentation. Joining me on the call today is Simon Franich, our Chief Financial Officer, and together we'll be talking you through the FY 2023 results presentation loaded on the ASX platform earlier today. Before reviewing our FY 2023 operational and financial performance, I would like to extend my sincere thanks to our DDH1 team and their families. Everyone has contributed to the ongoing growth and development of our company. The team's hard work and dedication is greatly appreciated. Moving to slide two, titled Important Notice and Disclaimer. Please review the details of this page in your own time, especially as it relates to the forward-looking statements. Moving to slide three. For listeners who are new to DDH1, we are a leading global specialized drilling company operating 195 drill rigs across three continents. Through our four established brands, namely DDH1 Drilling, Ranger Drilling, Strike Drilling, and Swick Mining Services, we provide a range of specialized drilling services to mining and exploration clients globally. Our drilling services span the mining value chain from initial greenfields exploration through to production. The majority of our revenue, approximately 86%, is generated from production and resource definition projects. Our strong reputation is based on the quality of our service delivery to clients, many of whom have been with us since inception. DDH1 Group has operated for over 17 years, and we have a history of delivering solid financial performance. We are the largest drilling contractor operating in Australia. Moving on to slide 34. Today's presentation agenda is listed in that slide. We will focus on our financial and operational highlights as we are providing further details on our financial performance, which Simon Franich, our CFO, will present. An overview of the proposed merger with Perenti, an update on our broader operating environment, our strategy for growth, and finally, our focus area and our outlook for FY 2024. Following the presentation, Simon and I are happy to take any questions. We have also included a number of slides in the appendices, providing more detail about our business and included some of our new technologies under development. Turning now to slide five and our operational highlights. The health and safety of our team is our core value. We are committed to creating an environment where no injury is considered acceptable, and everything we do is completed without compromising safety. Pleasingly, our safety performance improved slightly on FY 2022, with a total recordable injury frequency rate of 8.64 per one million hours worked. Our team also continued to invest in new safety measures during the year. The sample waste chute initiative, designed and implemented by our Ranger team, was nominated for a Department of Mines Industry Regulation and Safety Award. The new design has significantly diminished the risk of injury associated with handling bulk sample waste by reducing the need of human intervention in this task. Additionally, DDH1 Drilling implemented its Choose Respect program, which sets out the expected values for all employees. We believe everyone should feel safe and secure at work, and this program supports them to raise any concerns regarding disrespectful behavior, discrimination, bullying, or harassment in the workplace. The Choose Respect initiative has been rolled out to every DDH1 drilling rig site and office and has had an excellent response from our team. Our rig utilization was impacted by a softer exploration market, particularly in the second half, and most notably for DDH1 Drilling and Strike Drilling. Rig utilization, however, remained stable for Ranger Drilling, despite the impact of some significant weather events, and we saw a significant increase in demand for Swick's underground drilling services, with extra rigs being deployed to site, a trend we expect to continue. Recently, we have seen a steady increase in utilization since February, with utilization of 77.5% in July and August tracking stronger. I would like to stress that across DDH1, 86% of our revenue comes from resource definition and producing customers, with only 14% from the exploration segment. Further, 50% of our work is for ASX 200 companies, and 69% is for companies with an enterprise value of greater than AUD 1 billion. What this means is that we are working mostly for companies with healthy balance sheets and access to capital, with exposure to production volumes. We added 12 new rigs and disposed of two rigs during FY 2023. DDH1 Drilling added two and disposed of one. Strike Drilling added one rig. Ranger Drilling added two and disposed of one. Swick Mining Services added seven rigs, manufactured in-house. While demand for surface drilling was softer, we saw a significant increase in SWICK's performance, underpinned by strong demand and higher utilization. During FY 2024, we are planning on adding 10 rigs, with two for Ranger and eight for SWICK Mining Services. The two rigs for Ranger are automated drill rigs with long lead times. While labor resources are tight, DDH1 Group has been able to attract and train adequate staff during FY 2023, and we don't see significant pressure on labor rates currently. Disciplined R&D is a key differentiator, and I'm looking forward to seeing Swick's E-Rig being deployed into the market during FY 2024 for a field trial. We are quietly optimistic that this rig will be a significant strategic differentiator for us. Moving on to slide six. Our operational highlights underpin our financial highlights. Simon will address FY 2023 results in detail. For our surface operation, which is about 60% of our revenue, it was a tougher year with softer demand. Pleasingly, we have seen strong demand and operational performance from our underground segment via Swick Mining Services. The Swick team has fitted in well into the wider group and excelling. Across the group, we have seen revenue grow 8.6% to AUD 550 million. Due to higher revenue per shift and additional drill rigs deployed, operational EBITDA is up 7.1% to AUD 190 million--AUD 119.4 million. We have seen a slight EBITDA margin decrease due to lower group utilization and cost inflation, notably in travel costs, repairs and maintenance, and staff costs. During this period of softer demand, we have decided to hold on to our skilled staff, and we have continued to maintain our fleet to a very high standard, as we have a high confidence in the medium to long-term outlook for drilling demand, which I will address later. We continue to have a strong balance sheet, with low debt and a high cash generation. This has allowed us to return AUD 46 million during the financial year to shareholders via dividends paid of AUD 24 million and a share buyback of AUD 22 million. Finally, DDH1 directors declared a final fully franked dividend of AUD 0.0196 per share. We're presenting a 40% payout of underlying net profit after tax, before amortization, and in line with our historical 30% - 50% payout ratio. The full-year dividend totals AUD 0.0529 per share. I will now hand over to Simon to talk you through the detailed financial performance, starting on slide eight. Thanks, Si, and welcome to everyone on the call this morning. I'll move to slide eight. Firstly, let me confirm to you all that the comparative information for the FY 2022 financial year includes the full year of SWICK, as if we'd owned it for the full comparative period. We only took control and started consolidating SWICK in February 2022, and thus our statutory results, which have been released to the market this morning, will only have five months of trading results included. We've done this to show you a like-for-like comparison year-on-year. As Sy said, we have delivered a solid set of results in FY 2023. The results being presented today are the largest results we've produced since listing. We've grown our revenue by close to double-digit growth. We've produced our highest EBITDA earnings to date. Our net debt and leverage remain at extremely low levels, and most importantly, our cash generation has been really pleasing. However, as you heard from Si, it hasn't been an easy journey. Softer exploration activity occurred, particularly in the second half of FY 2023, which has had an impact on the Strike and DDH1 drilling business units. Despite these softer conditions, the group has still managed to grow its operating EBITDA in total dollar value, while its operating EBITDA margins retracted marginally year-on-year. The growth in the operating EBITDA was facilitated by the wonderful, wonderful performance of Swick. We've seen strong demand coming from its premium underground drilling services, and the financial performance this year has been outstanding. Given this was the first full year that Swick has been inside the wider group, their performance this year demonstrates and vindicates the decision to purchase Swick. It's been a wonderful acquisition that has served to spread our customer base, the services that we provide as a group, and has further diversified our earnings and profitability. In a year where we've navigated a temporary slowdown in surface exploration activity, it's been a pleasing to sit back with the benefit of hindsight now and know that the decision to acquire SWICK was sound. Furthermore, we've managed to produce a solid NPATA result. NPATA is a key metric for us, as this is the metric on which we pay out our dividends. We managed to achieve this result as the group has benefited from a lower cash-effective tax rate stemming from the finalization of the SWICK acquisition. At the bottom of the page on the right-hand side, we call out our low net debt levels of AUD 7 million, which I'll discuss later in the presentation. Moving to slide nine now, you can see the history of the revenue growth in the group, including prior to listing. The group has a strong history of growth, with a near on 12% compounded annual growth rate achieved. So in spite of the softer utilization that we experienced this year, we've managed to grow our revenue to the AUD 550 million mark. Revenue per shift increased by 4.5% to AUD 5,776 a shift, with a lot of this coming about due to the rise and falls in contracts. The rise and falls tend to lag behind actual costs, so we've actually seen the rise and fall come through this year based on the CPI increases. Revenue per rig has also increased marginally, which is another pleasing metric for our business. Slide 10 now. Here we set out our historical operating EBITDA growth and historical margins. We've maintained our historically strong operating EBITDA growth rate with a five year CAGR of roughly 9%. While our EBITDA results for the current year has been impacted by the softer demand, I do believe that the AUD 119 million that we've delivered as a group is a solid result, and it's a testament to all the hard work of all of our people. EBITDA margins remain robust at 21.7%, despite the higher cost operating environment that we experienced in FY 2023. As Sy mentioned, margins were impacted by higher staff costs, higher travel costs, and the group continued to spend on our R&M to keep our fleet in best-in-class status, ready for the expected upturn in drilling demand. Slide 11 now. I believe that this demonstrates the great position that DDH1 finds itself in. Cash flow generation this year has been outstanding. We've delivered $123 million of operating cash flows, and this represents a cash conversion rate of 103%. This time last year, the conversion rate was in the low 80s%. We continue to benefit from no cash tax payments due to our existing tax losses. We spent a combined $43 million on sustaining and maintenance CapEx this year to ensure that our fleet continues to be best in class, ready for an expected return in drilling demand. After doing this, we've managed to generate free cash flow of $80 million, which is extremely impressive. So what have we done with our cash? Well, firstly, we invested AUD 28 million in our growth CapEx to strengthen the quality of our fleet as part of our growth strategy. This delivered 12 new drill rigs into the field, as well as critical support gear for the surface fleet. The growth was done in a disciplined manner. Seven of these rigs were for the Swick underground business unit, as we saw strong positive returns coming from the business unit. The remaining rigs were strategically placed, and we expect to see strong returns for this investment over the coming years. Secondly, with the remaining cash, we provided a healthy return to shareholders. If you now move over to slide 12, you can see that in FY 2023, DDH1 has returned a total of AUD 46 million to shareholders. We did this via dividends and the share buyback program that we announced in July last year. We paid out AUD 24.2 million in cash in dividends this year, and we also spent AUD 21.7 million on the share buyback, which supported our share price during the year. This was at an average of AUD 0.85 per share. As mentioned by Si earlier, our directors have also declared a final dividend of AUD 0.0196 per share, bringing the total FY 2023 dividends declared to AUD 0.0529 per share. On last night's closing share price, this generates a highly attractive yield of 6.4%. A key point I'd also like to make is that despite the presence of the proposed merger, we've maintained our historical NPATA payout ratio of 40%. This will mean that since listing, we've also been able to provide a total of AUD 0.126 per share in dividends in a little over two and a half years. Looking briefly now at our balance sheet on slide 13, I'll highlight and reinforce some of the key points. I called out earlier that we continue to have extremely low debt levels. Core interest-bearing bank debt sits at AUD 32 million at year-end, with AUD 30 million sitting with Bankwest, stemming from the Swick acquisition and a small amount in asset finance. Cash sits at AUD 25 million at year-end, leaving net debt an extremely attractive level of AUD 7 million. Note that consistent with previous years, the net debt excludes right-of-use liabilities, which are associated with the rentals of our offices. The DDH1 group has a strong working capital position, which we've maintained. Debtors and inventory levels remain comparable to the prior year, as do those trade payables and employee entitlement provisions. We've suffered no bad debts this year on our receivables, which was a pleasing result and demonstrates that we have a robust customer base. As a management group, we continue to invest in our quality, modern fleet. We added five additional surface rigs and seven underground rigs to the fleet while selling two of our older drill rigs this year. We have a strong net tangible asset position of AUD 291 million, which has improved year-over-year. Our tax position has changed. Our deferred tax liabilities have grown as we continue to benefit from the use of the federal government instant tax write-off concessions. In finishing up, you'll note from the opening slides that our return on invested capital, or ROIC, is 21.9% year-end. We do consider this a strong result. Thank you for your time today. I'll now hand back to Sy to discuss the proposed merger with Perenti. Thanks, Simon. Now moving to slide 15. As announced to the market on 26th June 2023, Perenti and DDH1 entered into a binding scheme implementation agreement. On completion, DDH1 will combine with Perenti to create the ASX leading contract mining services group. The combined companies will offer enhanced scale and a greater breadth and depth of capability across drilling services, contract mining, technology solutions, and other mining services globally. Under the terms of the proposed transaction, DDH1 shareholders will receive a consideration of AUD 0.1238 cash, plus 0.711 Perenti shares, adjusted for the final FY 2020 dividend declared by DDH1, for each DDH1 share held at the record date, unless an alternative election is made. DDH1 shareholders will also be offered the ability to elect maximum cash or maximum scrip consideration.... subject to scale back. DDH1 shareholders will own approximately 29% of the combined group, which is expected to realize material synergies of AUD 22 million post-tax annually, driving double-digit EPS accretion. The DDH board is aware of the recent movement in the Perenti share price, which gives rise to questions around the implied value under the offer. The DDH1 board has always considered the merit of the transaction based on the long-term value it will create to shareholders. The DDH1 board unanimously recommends shareholders vote in favor. The independent directors of DDH1 considered the transaction separately and also recommended the scheme. Directors of DDH1, controlling 13% of DDH1 shares, intend to vote in favor of the proposed transaction. Completion of the proposed transaction is anticipated to occur in or early October of this year. Further, all founders intend to vote in favor of the deal, as well as our largest shareholder, Oaktree. Moving to slide 16. The combination with Perenti will bring numerous benefits to DDH1 shareholders. Firstly, we are combining with a leading contract miner with deep roots in the drilling segment via Ausdrill, who understand the drilling segment and what the value drivers are for a drilling business. Perenti has diverse revenue streams across multiple continents and multiple brands. Perenti's brands are well regarded and include Barminco, Ausdrill, AMS, AUMS, BTP, Supply Direct, Logistics Direct, and idoba. They have a talented management team and board of directors. Their operational and financial performance improved significantly over recent years, and we have confidence in their outlook and growth trajectory. The combination of Perenti and DDH1 will create the largest, most diverse Australian mining services firm, with potential ASX 200 inclusion. This will enhance liquidity and should attract larger investment funds. Our respective businesses are mostly complementary, and we will be able to cross-sell our service offering to customers. The deal is higher, highly synergistic, and will release AUD 22 million of post-tax synergies for all our shareholders annually. This is a significant value driver. Moving to slide 17. Both Perenti and DDH1 is well-placed and stronger together to take advantage of the long-term demand drivers, facilitated by decarbonization, energy transition, and autonomy. Critical mineral demand found in abundance in our home markets, declining grades, deeper deposits, and increasing geological complexity, and focused by customers on sustainable sourcing. Combined, the group will have over 11,000 staff and revenue in excess of AUD 3.4 billion. Now moving to slide 18. Following the proposed merger, there will be a greater breadth of service offering across the portfolio, with a significant weighting to production and development work. This will increase to approximately 95% of the combined portfolio, with approximately 65% of group revenue derived from underground mining. Looking forward, we should see more underground mines being developed due to deeper and more complex ore bodies and a focus on ESG. Drilling services provided at the production phase of a project are more stable and less impacted by industry cycles. With the capability to offer services from exploration to production across a greater scale, the combined company will also generate potential cross-selling opportunities to become involved in clients' projects earlier and for longer. Moving to slide 19. The proposed merger represents a transformational opportunity for our company. I'm looking forward with great enthusiasm to leading our strong brands under the new drilling services division. We remain acutely focused on delivering exceptional services to our customers globally, which has historically been and will remain a core part of our business philosophy. Now moving on to the final section of our presentation, our growth strategy and outlook for FY 2024. Slide 21 provides a summary of our growth strategy. Key elements include organic growth via increasing utilization and productivity, further expansion in international markets, and expanding our full service offering to new and existing clients. Moving to slide 22. Pleasingly, we have seen utilization improve since the beginning of this calendar year, and in July, our utilization was 77%, and it will be even stronger in August. Demand for Swick's underground drilling services remains strong, both domestically and internationally. We are planning for growth in our underground segment. As mentioned, we are planning on increasing the fleet within Swick by eight rigs during FY 2024 based on customer demand, all manufactured in-house with our own IP. We are currently forecasting an FY 2024 operating EBITDA of between 123 to 130 million, and CapEx not to exceed 60 million, of which 22 million is growth capital. This will result in significant cash generation during the next financial year. The long-term fundamentals for mining, contracting, and specifically drilling contracting, remain positive. They are: customers are continuing to invest in exploration as their reserves are reducing. Our largest customer recently announced a significant increase in their exploration budgets year-on-year. Deposits are deeper, requiring larger and more specialized drilling programs. We work mostly for producers who have strong balance sheets and generate cash and sell themselves on their reserves and resources declared. Electrification and decarbonization will require significant volumes of commodities to be mined to meet the world's targets, and currently, most of the targeted commodities are forecast to be in the supply deficit. This will drive many more years of drilling demand. Turning now to slide 23 and our focus on FY 2024. Notwithstanding the proposed merger with Perenti, we will continue to focus on the well-being and development of DDH1 global team, including building on our respectful behavior initiatives. Maximizing our utilization and pursuing organic growth via disciplined fleet expansion. Building long-term and exclusive contracts across the mining value chain, focused on production and resource definition drilling projects. Leveraging Swick's underground drilling expertise in North America and further expanding our footprint in Europe. Ongoing investment, investment in innovation to deliver best-in-class drilling technologies and commercialization of Swick E-Rig, which I believe will be a game changer in reporting periods to come. Following the successful completion of the proposed merger, we will work with Perenti to leverage the attractive revenue and cost synergies, while maintaining the strength of our quality brands. To conclude our presentation on slide 24, our company finished FY 2023 with a stronger fleet, quality people, and an expanding global footprint. We remain well positioned to leverage the industry growth drivers, and the proposed Perenti merger will also provide transformational and long-term growth opportunities for shareholders. With that, I thank you very much for your interest today. Simon and I will now be happy to take any questions you may have. Thank you. If you wish to ask a question, please press star then one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star then two. If you're on a speakerphone, please pick up your handset to ask a question. Our first question comes from Mitch Sonogan from Macquarie. Please go ahead. Good morning, Simon. Simon, thanks for taking the questions. Can you hear me clearly? Yes, we've got you. Yeah. Thanks, guys. Maybe the first one, just on the, FY 2024 operating EBITDA guidance, AUD 123 million-AUD 130 million. Can you just provide any, any sort of framework or what are the assumptions based in that? And, and just to, just to be clear, is there any, expected unwind of, of other income, such as with the training revenues, you had recognized in FY 2023? Can you just talk through anything we should be thinking about, moving from FY 2023 into that FY 2024 guidance range? Thank you. Yeah. Thanks, Mitch. Thanks for the question. So our budgets are built up on first principles with every one of our four divisions, you know, drafting their budgets based on what they currently seeing the market demand is for their respective services. Some of them obviously have longer insight than others do. But they will take the current operating environment and then make a projection going forward based on their current order books, and as I said, what they can see going forward. We then present it to, obviously, us as a management group. We present it to the board, and we have robust discussions regarding that, and come up with where we think our budgets are. Our budgets have, you know, drafted the range we put in with a contingency in that range, or I should say, a fair amount of conservatism in that range. So if you're talking about the training grants, yeah, the training grants will step down about AUD 7 million year-on-year. So, you know, if you want to take apples to apples, you need to build in that AUD 7 million into our underlying operating EBITDA. But we obviously, so the 119 includes about AUD 7 million more training grants than what the current forecast range of AUD 123 million-AUD 130 million is, just to be clear about that. I hope that answers your question, Mitch. If it hasn't, please ask again. Yep. No, no, that's, that's very clear. Thanks, Simon. Maybe just the second one. You've obviously talked about utilization being up to 77% at the end of July and building into August. Do you mind just providing any detail you can, just a little bit more detail of what you are seeing across the different businesses there? Obviously, there's been a lot of talk, and you've called out to the softer exploration market impacting, particularly that second half. So yeah, just keen to get the latest on what you're seeing from that perspective and I guess from an exploration focus, what those assumptions are for activity in that part of the market in 2024 as well. Thank you. ... Yeah, I would like to just remind everybody that, you know, only 14% of our revenue comes from the exploration market. 86% comes from that, you know, exploration or the production and resource definition phase. Our book is definitely obviously highly related to that. We work for, you know, robust clients. As I said, you know, 70% of our revenue comes from companies with an enterprise value of greater than AUD 1 billion. So these companies got strong balance sheets. To answer your question, you know, fairly much, Swick is doing really well. Utilization is high, and demand strong, and we're seeing stronger demand, and additional rigs that's being deployed into the market, as we said during our presentation. The other four divisions are three divisions. You know, various levels. Ranger works for mostly for the iron ore industry and pretty much stable, you know, with, with some fluctuations month in, month out, but, you know, stable, year in, year out. Both Strike and DDH1 is the two organizations that are got a larger exposure to the exploration market. But like I said, we're seeing that step back up. Activity levels are definitely stepping back up. You know, it was a slow start, but the slow start obviously stemmed from the exploration market. But we saw the producers themselves taking a bit of a, a slower slide back up to the new year. But we've seen that producers, like we work most for, stepping back up their campaigns and starting to drill what the drivers for that are. We think it's just, you know, a confidence level as well as, you know, people taking time out to you know, refresh their staff, revisit all their data sets, and restarting their activity levels. So, we are comfortable that all the divisions are showing improving signs of utilization. If that answers your question? Yes, that's great. Thanks for that detail, Si. That is the last one for me before I just pass off to someone else. Just on the cost inflation, I guess particularly just focused on what you're seeing through the business on wages. You did talk about the rise and falls throughout your presentation, but yeah, what are you expecting in terms of a step up in wages and any other, I guess, the consumables and that part of the business and yeah, as a price rises coming through to offset in 2024? Thanks, Si. So, to answer... So again, we're not seeing any significant wage pressure coming through. We will be processing some wage increases, but they aren't significant across the group. But, you know, we're not seeing high single digits or double digits growth in labor rates. Like I said, there will be small increases targeted for selected employees. So it's not across the board. We are seeing, you know, travel cost, you would have, you know, you guys, well, that's well published in the media, Brian, in travel costs, so that's still elevated. But we've carried that elevated cost in the last financial year, so it's not really gonna increase, hopefully not gonna increase going forward. We, repairs and maintenance, again, I think that's the cost there has moderated significantly. So we're seeing inflationary pressure moderating, you know, significantly year on year. On consumables, you know, that's a pass-through cost for us. So, you know, when we drill, we use consumables, we pass that through to clients, so it really doesn't impact us any inflationary pressures. But again, we don't see inflationary pressures in that segment as well. So all up, we think we're over the hump of the major inflationary increases that we've seen that we had to navigate in the last two years. Yeah, great. Thanks, guys. Our next question comes from Joseph House from Bell Potter Securities. Please go ahead. Hi, Sy and Simon. Thanks for your presentation, and thanks for taking my questions. Firstly, you mentioned you have 10 rigs on order or under build. What's the split of those rig types, and when should we expect those rigs to be operational this year? So eight of them are underground drill rigs manufactured by Swick in-house. Two of them are automated drill rigs. Like I said, they are long lead time drill rigs that will go into the ranger business unit. Again, you know, I don't know the... So they're basically gonna come through the whole year pretty, I would say, consistently. So there's not-- they're not coming through in a, and they're not front-loaded, and they're not backloaded. If I can answer that like that, they're pretty much coming through, drip feeding throughout the year. Most of them are being built, and obviously going through our build cycle in-house within Swick. Great, thanks for that. And what's your rig utilization rates for FY 2023? And what are some of the initiatives that you have in place or that you plan to implement in FY 2024 to support growth in those rates? So we don't see a significant increase in rates as we're not seeing a significant increase in cost. So if you look from a group overarching perspective, due to the mix of more underground and underground becoming a bigger field, we're seeing rates only marginally, revenue per shift only marginally increasing year in, year out. But as I said, costs will only marginally increase as well. So we should see a slight margin improvement if that's what you're asking. Sorry, no, I was more referring to utilization rates. So, what's your exit utilization rate for FY 2023? And is there anything that you're focusing on in FY 2024 to improve those rates in FY 2024? So our, as we said in July, our utilization was 77.5%. August is tracking slightly stronger than that. So that's where we are tracking right now. What we are doing, like I said, we've got a great exposure to, you know, producers. We obviously put together a guidance based on our current view on activity levels. So it's a demand-driven question, but we see demand being stronger. As I said, our largest customer, I think increased their exploration budget by 15% year-over-year. So we're not, we're not... We are quite confident in the forecast we've put together. So I'm probably not answering your question 100%, but hopefully that, No, that gives us a lot of context. Yeah, no, that, that's great. I appreciate that. And then lastly, I'm keen to understand how demand from junior clients has progressed since the start of the year. Some of your peers have noted that juniors have gone into a bit of a cash preservation mode. Is that still the case now, or are conditions improving amongst the juniors? Yeah, I think, I think that probably is still a, a fair call, but, that's an overarching commentary. I think there are very strong juniors with strong projects that are continuing to drill. So there is such a big population of junior explorers to, to somehow bundle them all might be unfair to them. I, I think we are lucky that we've got, you know, some strong customers that, you know, enjoy the services of the wider group, and therefore migrate to us. As I've always said, in tougher times, when cash is less, customers migrate to quality. They want to work with a service provider that can deliver their product, which is either a core or a representative sample, accurately, with a high level of productivity. And I do believe as a group, we deliver that to our client base. Great. Thanks for taking my questions. Once again, if you wish to ask a question, please press star then one on your telephone and wait for your name to be announced. Our next question comes from Andrew Grant from Kayes Super Fund. Please go ahead. Hi, Si. I'm sure you're glad I'm talking to you, but I've got major concern. Oh, firstly, congratulations on finally seeing Swick and DDH turning some excellent results. As far as Swick is concerned, it took years for Swick to manage to recover its cost of capital, but we're now over all that, and it's a tremendous set of figures that have just been produced. A huge difference to the things in the past. But putting the past behind and going into the future, I think it would be really good to know just what analysis the board has really undertaken about this move into Perenti. My concerns are 48.4% of Perenti's underlying revenue comes from Africa. One of these countries that Perenti is very active in is Burkina Faso. There are two projects in Burkina Faso, Siou and Yaramoko. Now, let me read out to you the Australian government's travel advice for Burkina Faso. "Do not travel to Burkina Faso due to civilian unrest, high risk of terrorist attacks, kidnapping, and banditry." That's the environment you are sending Swick and DD shareholders into, for what I see as very little upside in returns to shareholders. Just look at these countries it's involved in. Burkina Faso, Ghana, Tanzania, and Senegal. These are all bankrupt African republics. In the long run, if we stick to Burkina Faso, our clients will be these Russians. In fact, Burkina has said it hails Russia as a strategic ally.... Now, Simon, you're the guy that's gonna be taking over all these projects. How are you gonna travel to Burkina Faso and come back in one piece? I'd like to know that. Now, look at the borrowings of Perenti. AUD 750 million in debt. It's all very well to talk about net debt and all that. On its balance sheet as well, there's 626 thousand of intangibles, AUD 626 million in intangibles that need to be written off. Total liabilities of AUD 1.4 billion. It's wallowing in debt, Sy, and I don't understand why the board is so fascinated for so little return with the synergies of a few million dollars. Finance costs are AUD 64 million and going up in Perenti. That's where we're heading for with Perenti. It's a very difficult company to control and manage and operate. They're doing very well at the moment at DDH1. Instead of being gobbled up at a ridiculous price, you could have been buying little profitable little drillers out there that exist, that are very profitable. You could be buying them out as a strategy rather than jumping into this with a significant risk. 48% of their revenue is coming from these areas. It's a real concern. Thank you for taking my call. Thank you, Andrew. Appreciate it, and I appreciate your views and your opinions. Your question was... So the board did a detailed reciprocal due diligence on Perenti. We engaged Deloitte to do a quality of earnings and a financial due diligence on Perenti. We had PwC do a tax due diligence on Perenti. We had Clayton Utz do a detailed tax due diligence - oh, sorry, legal due diligence. We had Moelis advising us on the deal. So we engaged with tier one high-profile service providers to do a detailed due diligence on Perenti, and that helped the board form a view that they recommend the deal to shareholders. I appreciate your views, Andrew, and I guess the board has considered all the elements and the risks that you've raised, their debt levels. And after all of that consideration, we have concluded that we believe that the deal is in the best interest of shareholders, and I respect you do not agree with that outcome. I guess that's why we're in a democracy, and we'll allow shareholders to vote on the deal at the appropriate time, accordingly. We believe that the combined businesses will be stronger together. While, you know, revenue comes maybe from Africa, I think you should distinguish where revenue comes from, where profit comes from, and it's not one to one. I think a lot of their profits come from tier one jurisdictions. When they're working in these African sites, they are working again, mostly for very stable counterparty businesses like Newmont, for instance. Those organizations have incredibly well-protected compounds when they operate in those countries. Again, Andrew, appreciate your opinion, but when they fly, fly people, we believe the synergies are significant. Remember, it's AUD 22 million post-tax annually. That is a huge amount of money that is available to every shareholder, and our shareholders share in those synergies. Our share price has been under pressure, you know, as low as AUD 0.62. We have invested significantly in supporting that share price. We've bought 25 million of shares back, spent AUD 22 million doing so. And we believe this deal gives us more liquidity, greater breadth of services, and is in the shareholders' best interest. I know, I know your views on BDO, your view on the independent expert report, but they have concluded and still continue to conclude that this deal is in the best interest of shareholders. But, Andrew, I respect your opinion. I know how you feel about the deal. I encourage you to vote as you feel. Sy, how does BDO know about... What does BDO know about Burkina Faso? How are you gonna go to Burkina Faso? Um, sorry- Just read Al Jazeera. Just read Al Jazeera. There's people lying on the dead bodies in the streets of Burkina Faso to just stay alive. So how are you gonna go there and check up on these two projects? You're not gonna go there. there. The board has not looked at these risks in a serious manner. Sorry, Andrew, please continue. Sorry, sorry. Why has the Perenti share dropped 20% since the release of their annual report? I'm not the only person on this planet that thinks along these lines. The company's wallowing in debt. It's never gonna be able to—In 2021, it went belly up, significantly belly up, and they've struggled ever since. And that's why they've got AUD 750 million in debt. Our time has expired. We need to wrap this up here. Thank you. But, Andrew, just, we hear your, we hear your views. Again, I appreciate it. I'm more than happy, like I said to you, to engage one-on-one with you, to deal through all these issues, you know, directly and give you more insight, as you feel. But I want to make this point clear, that the Perenti management team, as I sit here today, the CEO, Mark Norwell, as well as the, their President of Contract Mining, Paul Muller, travels to their sites regularly, and they travel to Burkina site. They have done their due diligence and feel incredibly safe traveling to these sites. They will not put their people at undue risk, and they have evaluated all the security arrangements. So, again, they are a listed entity with obligations to care for their people and to keep them safe. But I appreciate your views, and you know, I respect them. I would rather us, you know, take this offline, if you don't mind. There are no further questions at this time. I'll now hand it back to Mr. Van Dyk for closing remarks. Yeah, thank you for everyone for listening in to us. I appreciate everybody's views. And, I think we have done well, DDH1 group and team has done a brilliant job in softer conditions in the second half, but we're seeing those conditions improving going forward. And we look forward to talking to you in due course. Thank you so much for your time today. That concludes our conference for today. Thank you for participating. You may now disconnect.