Thank you. Good morning, and welcome to Deterra Royalties' full year FY 2024 results call. I'm Julian Andrews, MD and CEO of Deterra, and I'm joined today by Jason Clifton, our Chief Financial Officer. I'll begin with some introductory remarks, touching on the highlights of the year, and then Jason will provide a review of our financial results. Following that, I'll provide some comments on our approach to growth and the outlook in that regard, and then we'll hand back to the operator and open the line for questions. Starting with page three. Once again, I'm pleased to be reporting another period of strong financial performance, with revenues for the year up 5% to AUD 241 million. As stronger pricing more than offset marginally lower sales volume and the absence of a capacity payment from Mining Area C. The high-margin nature of the business model is evident again in the 95% EBITDA margin and the full-year net profit after tax of AUD 155 million. Our core asset, the Mining Area C, or MAC Royalty, was again the major contributor to the business, with revenue of AUD 239 million. The balance being revenue from our two royalties over mineral sands operations in the South West WA. There's no doubt that the MAC Royalty is a world-class asset, and during the year, it achieved an important milestone, with BHP announcing that the South Flank mine had reached its nameplate capacity of 80 million wet metric tonnes per year on a run rate basis during the fourth quarter of FY 2024. This $3.6 billion investment in South Flank by BHP and its partners has delivered significant volume growth to our business, having more than doubled production tonnes subject to the royalty since commissioning began in May 2021. The directors have declared a final dividend for FY 2024 of AUD 0.144 per share, fully franked, which corresponds to 100% of our net profit after tax for the period, and brings the total dividends for FY 2024 to AUD 0.2929 per share. Again, fully franked and equal to 100% of our NPAT. I'm also very pleased to note that in FY 2024, we announced an offer to acquire Trident Royalties. This investment is the first step in our strategy to grow and diversify our portfolio, providing immediate cash flow from currently producing operations, as well as multiple sources of near and medium-term growth from assets in construction and longer-term optionality from development stage assets. While the Trident offer is an important investment in its own right, we continue to evaluate opportunities to add to our portfolio through value accretive investment in bulk, base, and battery commodities. With the increasing costs and reduced risk appetite we've seen in broader capital markets, as well as greater volatility in commodity markets, we believe that our long-term outlook and short-term liquidity position us well to execute on these growth ambitions over time. I will talk further to this and growth more generally after Jason takes you through the financial results in more detail. With that, I'll hand over to Jason. Thanks, Julian, and good morning, everyone. Today, we've released another strong financial result, and if you turn to page five, as mentioned, total group revenue for the year is AUD 241 million, up 5% on FY 2023. The revenue relates mainly to our quarterly MAC revenues, which were AUD 239 million in FY 2024, which is an 11% increase on FY 2023. This more than offset the lack of a Mining Area C capacity payment, which was AUD 13 million in FY 2023. We also received AUD 1.2 million from ongoing operations of the Yalyalup and Wonnerup mineral sands assets. After costs, our EBITDA margin was 95%, which shows the low overhead structure of our royalties business model. NPAT for the year was AUD 155 million, and the board has declared a fully franked final dividend of AUD 0.144 per share, which represents 100% of NPAT. Turning to page six, you can see on the left-hand side the 11% increase in MAC Royalty revenue was driven by a realized price of AUD 167 per dry metric tonne, which was a 13% increase on FY 2023. This was offset by lower sales volumes, which were down 2% on the year to 116 million dry metric tonnes. On the chart on the right, you can see that while sales volumes increased in the June quarter of 2024, and noting that BHP South Flank ramped up to full production capacity of 80 million wet metric tonnes per annum on a run rate basis in FY 2024. Sales volumes of 116 million dry metric tonnes in FY 2024 were less than the current capacity payment threshold of 118 million dry metric tonnes in a 12-month period, and so no capacity payment was received in FY 2024. Moving to page seven, I've shown a simplified illustration of our P&L, and on the revenue side, as discussed earlier, you can see revenue from MAC and our smaller mineral sands assets, and on the right-hand side of the chart, we show the distribution of these cash flows. Firstly, total costs in FY 2024 were AUD 13.1 million, and of this, AUD 9.1 million relates to ongoing employee and other operating expenses, which were up 6.5% on FY 2023, which reflected general wage and cost inflation, and also one extra executive role, as Brendan Ryan moved full-time to Head of Corporate Development, and I started as CFO. Business development costs were AUD 3.5 million in FY 2024, which was up on the AUD 1.4 million in FY 2023 and that reflects the material increase in activity relating to our offer for Trident, as well as DD on other opportunities during the period. Net financing costs in FY 2024 were AUD 1.7 million, which was up from AUD 1.2 million in FY 2023, and that was mainly due to the fees associated with increasing our credit facilities from AUD 350 million - 500 million back in August 2023. Finally, in relation to the cash consideration of GBP 144 million for Trident, we were exposed to foreign exchange risk when the offer was made on thirteenth of June, so we entered into a forward FX contract to manage that risk. And at 30 June, the non-cash fair value adjustment of that derivative was -AUD 4.2 million. So after tax, net profit for FY 2024 was AUD 154.9 million, which, with the AUD 0.1440 per share full year dividend declared, represents a 100% dividend payout ratio. Wrapping up with capital management on page eight, we have AUD 500 million of liquidity to fund Trident and any future acquisitions. We also have a GBP 150 million bridge facility we put in place as part of the U.K. requirements for the Trident acquisition. However, we anticipate drawing the AUD 500 million credit facilities to fund Trident, as these have a much lower interest rate than the bridge. We maintain our target leverage over time with a range of 0%-15% of enterprise value, and finally, I'll just make a few points regarding our dividend payout ratio, so as you're aware, the payout ratio for FY 2024 is 100% of NPAT, and going forward, as previously disclosed, the payout ratio will be a minimum of 50% of NPAT. Ultimately, the payout ratio will be a decision the board makes come February next year, and then going forward at each half. However, a few points worth noting at this stage. The payout ratio is just one of the levers that gives us options in how we fund investments, should we see good value opportunities. It allows us to reduce leverage and recycle liquidity quickly, and what we see as a prospective environment for further investment. Maintaining liquidity through our evolving credit facilities is important to our business model, as we need to access that capital to invest in growth, especially at those times when other capital sources, such as traditional debt and equity markets, are less available, as this is when we will see good value opportunities. So over time, we expect to continue to pay attractive dividends. We're also committed to creating shareholder value through targeted and disciplined investment, and so the payout ratio will be considered alongside our investment pipeline and balance sheet needs going forward. And with that, Julian, I'll pass back to you. Thank you, Jason. Turning now to the strategy and outlook on slide 10. Our growth strategy and rationale for the strategy is simple and has not changed. To put it at its most simple, we're looking to create value by building a globally diversified royalty portfolio with strong and resilient cash flows, multiple sources of earnings growth over time, and one that's leveraged to our scalable operating cost structure. As we noted back when we were first listed in 2020, there are a number of companies that have built successful businesses through developing portfolios of royalties and streams, built around the key elements of high quality core assets, diversification, scale, and a track record of value-accretive investment, and we're looking to follow a similar path. There's no doubt that the MAC Royalty is a world-class cornerstone for our portfolio, and the strength of this asset provides us with the platform and the opportunity to make value-accretive investments. We firmly believe that sensible additions to the portfolio that will provide attractive returns to our shareholders and ultimately grow our earnings over time, will add more value for our shareholders over the long term than a simple passive strategy based on a single asset, by introducing additional earnings, diversification, and multiple sources of growth and optionality. In particular, we're looking to build on our position as a leading listed royalty company outside precious metals. As slide 11 shows, the listed royalty and streaming space is overwhelmingly focused on precious metals in terms of capital. However, the bulk base and battery space is less crowded, and there's an opportunity for leadership in that space. We believe we have a strong relative competitive position. Our investment criteria and target parameters remain the same as shown on page 12. We're focused on opportunities where we think we are better positioned. That is, projects in established mining jurisdictions in bulk commodities, including iron ore and fertilizers, and base metals such as copper, nickel, and zinc, as well as battery and energy transition metals. This remains very much an active space, and our business development team continues to evaluate many new investment opportunities. Our investment pipeline continues to grow, reflecting the groundwork that has been put in place to date in building our brand and networks. It's also supported by the current challenging cost and access to traditional global debt and equity capital, which is making our royalty offer a more attractive source of funding. As Jason noted, our access to capital and liquidity at scale remain an important differentiator for us in these conversations. In June, we announced our first step in our growth strategy, an offer to acquire Trident Royalties for GBP 144 million, by way of a scheme of arrangement. The transaction has since been approved by Trident shareholders, although it remains subject to U.K. court approval, but is expected to receive that and complete in the current quarter. Trident represents an attractive opportunity to achieve our strategy at an opportune time in the commodity cycle, by adding a balanced portfolio of royalties and royalty-like offtake assets that are aligned with our target investment criteria in terms of commodity, jurisdiction, and development stage. Trident's flagship royalty over Lithium Americas Corporation's large scale, long life Thacker Pass lithium project in Nevada in the U.S., provides significant exposure to future battery metals demand. The project is well advanced, with Lithium Americas announcing significant conditional funding commitments from the U.S. Department of Energy, among others. Lithium Americas has completed all early works constructions for phase one, with earthworks continuing to advance in preparation for major construction in the second half of the calendar 2024, and expects to achieve commissioning and first production in 2027 or 2028. In addition, along with the three producing royalties across copper, iron ore, and mineral sands, Trident holds cash flow producing gold offtakes, which can provide immediate revenue contribution to our portfolio. As I noted, gold is not core to our strategy, and we will refer how these assets fit in our portfolio after the transaction complete. As noted, we're expecting a second court hearing in the coming weeks and look forward to completing the transaction, and speaking further about the business and our plans at that time. So in closing, it's been an important year in the development of the company, with continued strong financial performance and the first steps in our growth strategy. We remain focused on our core principles of creating value for shareholders and growing the business in a patient and disciplined way. So with that, I'll close and open the line for any questions. Thank you. We will now open the line for 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. We'll take our first question from the line of Glyn Lawcock from Barrenjoey. Please go ahead. Morning, Julian. Just a couple from me. Firstly, just when you look at the operating expenses, I know you said 6.5% up year and year, but the second half was up 12% on the first half. Is that just again, the reflection of the increase in headcount? And how do we think about that in the light of bringing across the Trident Royalties SG&A line as well? Anything you can sort of point out there? Yeah, thanks, Glyn. So as you said, as Jason pointed out, the operating expenses are up a little bit on this year, and that really reflects to, I guess, two factors. One is the expenditure relating to the Trident offer that was incurred in the second half of the year. And the second is, as you said, as you pointed to, that we did have the increase in headcount in terms of Jason joining at, towards the end of the first half. So we had full impact of that increase in the second half. But how do I think about the SG&A coming across from Trident? I think they're about a AUD 10 million SG&A business. You know, are you looking at... Should we expect redundancies, or do you expect to hang on to all the staff? I mean, how should I think about cost into 2025 once you take over in a couple of weeks' time? Yeah. So look, you know, I think clearly there are some significant overlaps in the business. You know, it's a listed business, so there's a lot of costs associated with that element, which won't need to continue to be duplicated. I think that there's, you know. Essentially, we would expect that there will be some additional complexity brought into our business. But certainly, you know, we would not anticipate all of those costs coming across by any means. And something that we can talk in a bit more detail to, I think, once we're sort of sitting in the chair. All right. And then maybe if I could just reflect on your comments about you wanna do more acquisitions, you wanna still look at more opportunities. And you did talk a little bit about once you get control, you'll look at gold. I mean, it's pretty obvious from slide 10 that you're trading at less than 1x NAV. You know, been sold off quite a lot since you announced the Trident deal. You know, the precious metals companies trade at one and a 1/2x NAV. So, I mean, can I infer from your comments and from that observation that, you know, it's pretty much you will look to exit the gold royalty portion of your acquisition? Yeah, Glyn, we haven't made any firm decisions in that regard. But you know, clearly, gold assets, and particularly cash flowing gold assets, do tend to trade on high valuations. And you know, we think that in acquiring a portfolio, we've been able to acquire some gold assets at a portfolio valuation rather than a gold valuation. So you know, we like the cash flow that they bring. But you know, that being said, if they have a higher value to somebody else, then clearly we would be exploring that. Yeah. Okay. I mean, it just seems like a reasonable arbitrage to exploit, given- Yeah you know, with the- Yes, I agree, Glyn. I think it's something we just need to do a bit more work on once we're, as I said, you know, in control of the business. And then just finally, sorry. I mean, I was a bit disappointed when you did the transaction and used cash, not paper, given your premium to their company. Looking at the next lot of opportunities, you know, how should we think about that now? Are we gonna start trying to use the premium in our paper, or are they gonna be more cash-based as well? Yeah, I think that's just to address the first point in terms of, you know, using paper for the Trident acquisition. Yeah, to be clear, this was a, you know, they are a U.K.-listed firm. I think the complexity associated with a scrip offer cross-border is significant. And I think, you know, at that scale, it’s questionable how efficient, you know, a scrip offer would've been. That being said, going forward, as Jason said, when he spoke about capital management, we have a number of levers we can pull. I think that, you know, we make that decision having regard to our overall balance sheet position. And, you know, clearly, we look at what we think is the most cost-efficient source of capital that would be available for future investments. Yeah. Okay. I mean, I guess I just looked at Trident's register and realized most of them are sitting in Australia anyway, so those shareholders would've been happy with your paper, but next time. Yeah. Thanks very much. Okay, no problems. Bye. Thank you. Thanks, Julian. Thank you. Our next question comes from the line of Tom Prendiville from Canaccord Genuity. Please go ahead. Thanks very much. Morning, Julian and Jason. Thanks for the presentation. Maybe just a quick question on capital management. Obviously, the change in dividend payout's been a key point of focus for investors. I think I'm just looking for a little bit more color on how we should be thinking about the interplay between growth, dividends, and debt repayments going forward. I guess, Jason, you did touch on this a little bit in your presentation, but you know, would it be fair to say, now that you've got the ball rolling with growth with Trident, that you know, further near-term growth is on the cards as you continue to diversify? And then, by implication, the dividend is likely gonna be closer to, say, that minimum payout of 50% NPAT, rather than something higher than, you know, 70% or 80% over the near term. I'm just, I guess, trying to get a better feel of the near-term payout ratio profile. Thanks. Yeah, thanks for that, Tom. It's Jason here. So, you know, as I mentioned, we are seeing a fairly prospective environment at the moment in terms of value-added opportunities. So, you know, that's one factor that we contemplate. You know, the cost of debt for Deterra is actually pretty competitive as well. So, you know, between that 0% and 15% of longer-term debt of enterprise value is an option for us, if we decided to, you know, maintain a bit more debt on the balance sheet for a period of time. That would also be informed by what the cash flow that's being generated from the assets is looking like at any point in time, as well. And then, obviously, we want to replenish our liquidity availability to the extent we do see those value-accretive opportunities. So, you know, all of that goes, Tom, to say that I can't guide in terms of where we'll be in terms of the payout ratio. Obviously, above 50% is what we've said, and that'll be a consideration that the board spend some time thinking about as we get into, you know, into the half, where we're actually paying the dividend. Okay. Thanks. That, that's useful, Jason. Thanks very much. I'll pass it on. Thank you. As a reminder, to ask a question, please press star one one on your telephone keypad. Once again, that's star one one for questions. I am showing no further questions. I'll now turn the conference back to Julian for closing comments. Thank you. Well, thank you, everybody, for joining us this morning, and we look forward to further conversation. Thank you. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.