The broadcast is now starting. All attendees are in listen-only mode. Good day. We're so pleased today to host Julian Andrews, the Managing Director and CEO of Deterra Royalties Limited. Deterra has a little over a dollar a ton, 1% or so participation in BHP's Mining Area C, the new South Flank mine. They have a AUD 7,500 million revenue stream, depending on the iron ore price. It's one of the best royalties ever. It's a new company that was born rich. Julian, please bring us up to speed. Thank you, John, and hello everybody. Good morning. As John said, Deterra Royalties is a, you know, we're a royalty company. We're listed on ASX for those of you who aren't familiar with us. We were created about five years ago when we were spun out of a parent company, mineral sands miner, based in Australia. In particular, we were spun out with a small portfolio of royalties, the key one of which is the Mining Area C royalty that John mentioned. I'll come back to that shortly. Broadly, we are executing on the royalty, the listed royalty model that's been very successful in some parts of the world and very successful in terms of providing low-risk exposure to mining activity. In particular, that's what we give our investors, is exposure to the top line. We are not exposed in the same way as miners are to the operating margins or to CapEx as calls on capital. Clearly, that provides quite a different risk profile and a different quality of exposure. We have within our portfolio very high-quality assets that are generating strong cash flows for us. That enables us to support shareholder returns as well as reinvest in the portfolio and create additional sources of growth. In that regard, we've had a consistent growth strategy that's focused very much on patient and disciplined investment in looking to add other value-accretive investments to our portfolio. Perhaps just to give a quick highlight, we've recently put out our full-year results for the financial year 2025. Maybe just to give you a quick overview of those, as John said, we have very strong cash flows coming out of Mining Area C. We saw record production coming out. Mining Area C is one of BHP's four iron ore hubs in the Pilbara region of Western Australia. It's just gone through a period of significant expansion where BHP invested AUD 3.6 billion in opening up the South Flank mine on the royalty area. That increased production out of Mining Area C from about 60 million tons a year to 145 million tons a year, making it the largest iron ore mine in the world. To put that in context, that's sort of around 8% - 9% of global seaborne iron ore trade on an annual basis. Off the back of the completion of that expansion, we saw record tons coming out of Mining Area C. That drove both higher revenue royalties for us, as well as a capacity payment. You know, we talk about the great power of a royalty over optionality in a mine. It is not, you know, that ability to get a free carry into an extension or expansion. In the case of the Mining Area C royalty, it is even more than that in that we actually get a payment of a capacity payment of AUD 1 million per million-ton increase in total production. We saw a nice capacity payment coming out in 2025 as that expansion hit the nameplate capacity. We also saw in 2025, we saw some strong revenues coming out of some gold offtake contracts that we held. I'll come back to those in a moment. Excuse me, Julian, are all the numbers in your slides U.S.? Oh, sorry, I should have said that up front. Apologies. These are all Australian dollars. I will convert. When we talk about AUD 20 million, that's about $13 million or $14 million. We saw total revenue for the year of AUD 260 million, which is about $170 million. I guess really importantly for the business, we saw some key advances in some of the projects, the development projects we held. In particular, a royalty that we acquired during the year over the Thacker Pass lithium project being developed by Lithium Americas in Nevada. As I said, we have strong cash flows that are being generated and consistent with the model, the royalty model. Those flow pretty directly down to the bottom line. We were able to report strong profit numbers, and that underpinned a dividend payout of AUD 116 million, which is about $80 million for the year. I sort of touched a little bit on the financial highlights. To be clear, we had strong underlying EBITDA of AUD 250 million, so call it $165 million U.S., shareholder returns underpinned by a 75% payout ratio and a very strong balance sheet that has significant liquidity to enable us to continue to invest. Perhaps I'll come back to this slide in a moment. What I might do first is talk a little bit about the existing assets we have within the portfolio. I'll jump ahead a little bit on the slides just to show the assets that we currently hold and maybe step through those a little bit. As I said at the beginning, we were endowed with a small portfolio of half a dozen assets, largely, you know, the vast majority of the value being in that Mining Area C royalty. Last year, we invested in acquiring a portfolio of royalties from a peer of ours called Trident Royalties that have delivered us with some additional assets within the portfolio. As you can see, the majority of our exposure is in Australia or North America. We have one development asset in Peru and a couple of smaller assets in Africa. I might just spend a little bit of time on Mining Area C, which is the foundation of our business. As I spoke about earlier, it is a very high-quality royalty. It is a gross revenue royalty over the largest iron ore mine in the world. It's a BHP-operated mine. As I said, it has a nameplate capacity of 145 million tons a year. As you can see in the chart down here on the left of the slide, there are two currently operating mines at North Flank and at South Flank. Those two mines, BHP has said they expect those to continue to be in operation until the 2050s, with the potential to actually extend into the 2070s. There are other deposits within the royalty area over which we would hold a royalty if at some point BHP were to choose to develop those. As I said, at the moment, we've got 145 million ton nameplate capacity with decades left to run. You can see we've got, in terms of the potential revenue, a chart there that shows what it looks like under a number of different pricing and exchange scenarios. As I said, we generated last year, we generated AUD 220 million in revenue royalties and another AUD 20 million in capacity payments. A total of $160 million of revenue out of this, which, as I said, I think puts it in one of the largest and most valuable royalties in public ownership. The asset itself is very high quality. It sits in the sort of, from a cost curve position, towards the top of the first quartile, bottom of the second quartile. It's about half of BHP's iron ore production. As you can see on the chart there, we've seen a history of significant growth. The most recent pickup in growth over the past three or four years has really been driven by that investment in the South Flank mine. As I said, that's largely done. I think BHP hit nameplate capacity in 2025. Going forward, primarily exposure in this royalty is to iron ore pricing. There's always the prospect of potential increases through debottlenecking or productivity, but broadly, it's at nameplate capacity. In terms of outlook, as I said, going forward, it's really exposed primarily to iron ore pricing. We've seen revenue on the top right chart there. You can see that the gross revenue royalty has grown in line with volumes over the past seven or eight years. As I said, volumes are probably expected to be relatively stable in the medium term. Iron ore pricing, we've got a chart there at the bottom right, which is an interesting one that shows that over time, the achieved pricing has typically outperformed consensus numbers. There seems to be a sort of a convention around iron ore that we see iron ore starting to come off in the longer term. Certainly the case at the moment. Historically, the performance of iron ore pricing has been quite strong. Certainly in the last 12 months, we've seen iron ore pricing hold up pretty well in the AUD 90 -AUD 110 range. In cases when we've got down into the 90s, there's been strong support for pricing. The other key asset we have in our portfolio is a royalty over the Thacker Pass lithium project that we picked up last year in our acquisition of the Trident Royalties royalty portfolio. I'm sure that many of you are familiar with the project itself. It's been in the press lately. Perhaps just to step back for a moment and talk a little bit about the nature of our royalty. We hold, again, it's a gross revenue royalty. It's a top-line royalty driven by the revenue coming out of the project. There's an element of a step down to it. Currently, the project is, you know, there's expectations that there will be a partial buyback exercised by the operator prior to production. They have a right to buy back part of the royalty. That would see, and the economics are such, we fully expect that buyback to be exercised. That would result in us receiving a $13 million upfront payment on exercise of that partial buyback and would see us holding a 1.05% gross revenue royalty over the project going forward. In terms of the project itself, you know, it's a clay lithium project in Nevada. It's operated by Lithium Americas, or sorry, being developed by Lithium Americas at the moment. It's in construction. General Motors has offtake agreements over the product and also has been a big investor in the project and actually holds a 38% interest in the project JV. In terms of it, you know, what we really liked about this project is that we saw many characteristics similar to Mining Area C in the sense that it is a significant scale project. It's in a great mining jurisdiction and particularly well positioned to support domestic lithium demand in the U.S. It had strong support from customers, and it had strong support from the government in terms of a AUD 2.25 billion U.S. Department of Energy loan. The project itself has significant upside potential. At the moment, phase I is funded, and as I said, it's currently in construction. That phase I is 40,000 tons per year of lithium carbonate. The project plan, actually, as I said, it has significant optionality. Lithium Americas has talked about the potential to have a second, a third, and a fourth phase of development that would see the production capacity going from 40,000 - 80,000 to 120,000 - 160,000 tons per year at some point in the future. In terms of, as I said, that was an asset that we acquired this time last year. In the time that we've acquired it, it's behaved, you know, it's been a textbook example of what you like to see in a royalty investment. We've seen the funding, which was at the time in place, but it was conditional. We saw that close, and the project proponents take a final investment decision in April this year and move into construction. I guess really importantly, we saw some of that optionality being demonstrated when earlier this year, Lithium Americas put out an updated 43-101 technical report, and that saw the size of the deposit increasing by sort of three to four times. That underpinned this four-phase development plan. At the time we made our investment, there was a two-phase development plan and a mine life of 45 years. The current development plan is that four-phase, you know, that four-phase optionality and potential mine life of 18 years. A significant increase in the scale of the project, significant increase in the mine life, all of which. I'm reading the lower right slide. At $10,000 LCE, at the 40,000-ton LCE capacity, your Australian revenues would be AUD 6.3 million? At a $10,000 rate? Yes, yep. Is it fair to say that Thacker Pass is smaller significance than Mining Area C? Yes, to be clear. As I said, I think you can take your own view on what you think long-term or what you think that lithium pricing will be. I think consensus longer-term pricing at the moment is around $16,000, but everybody will have their own view on that. As I said, this is for phase I. There is the optionality for this production to increase in multiples of that to the extent that LAC and General Motors fund and develop those subsequent phases. Yes, to be clear, this is an important asset. It's got some significant optionality to it. In the context of Mining Area C, Mining Area C is still significantly larger. The reality is Mining Area C is significantly larger than almost all royalty assets out there in terms of cash flow generation in any event. Any asset is going to, it's unlikely to see assets that are going to be of that scale. I guess what's, as I said, we've seen that some of that optionality start to be apparent in the updated technical report issued earlier this year. The project is significantly de-risked in the 12 months that we've held the royalty. More recently, obviously, there's been quite a bit of pressure around the project and that Department of Energy loan that's associated with it. We've seen Lithium Americas announce that it looks as though they have a coming to some form of agreement with the government about the government taking an equity position in Lithium Americas and the project itself as part of the first draw on that loan. That's been very positively received by the market. I think Lithium Americas' stock is up significantly over the past few weeks on the back of that news. Certainly from our perspective as a royalty holder, anything that's positive for the project is positive for our interest. To the extent there is equity issued to lenders, that doesn't impact on our position. We don't get diluted by that. As I said, anything that de-risks the process and pushes it forward is a positive from our perspective. In terms of other assets in the portfolio, I talked a little bit about, obviously, Mining Area C is the key asset. That is, and just given the scale of it, is likely to remain the bulk of our business for some time, notwithstanding our strategy to continue to invest and add assets to the portfolio. Thacker Pass, as I said, is moving through construction with an expected production date commencing in late 2027. That's something for us that we're looking forward to. We have a number of other smaller assets in the portfolio. We've highlighted some of them there in terms of the optionality that they can deliver to us in the medium to longer term, including some copper exposure both within the U.S. and in Africa, as well as some other potential lithium exposure in the U.S. I'll just touch on our capital management. As I said, part of our key part of our strategy is to continue to actively look for opportunities, value-accretive opportunities to add to the portfolio, to bring other sources of earnings and growth into the portfolio. We have significant liquidity available to us, and we see that as a point of difference for ourselves in that we're not compared with many of our peers outside of the precious metals space. In terms of the kind of assets we're looking to bring into the portfolio, we are not focused on precious metals in the way that many of our peers are. We see that as a highly competitive space. Given our starting point in the bulks, we're very much focused on bulk base and battery metals. We have about $500 million, or we have $500 million of revolving facilities to support that investment, to provide the liquidity to be able to act on those opportunities. We drew those down to help fund the Trident Royalties portfolio last year, and we're starting to pay those down. We were net debt of about AUD 270 million, so about $160 million this year. We've subsequently sold some assets, which I'll touch on in a moment, which have generated additional cash for us. As well as looking to reinvest in other assets to add to our portfolio, we also provide strong returns to our shareholders. Our capital management is about balancing returns to shareholders with liquidity to invest. We have a history of paying out strong dividends, and we have a target payout ratio of 75% of our net profit after tax. We paid out 75% of our interim and final dividend last year. Typically, that supports a decent yield. We tend to trade at a yield of 5% to 6%. For our Australian investors, those dividend payments are fully franked, so that provides some additional franking, some additional grossing up of that yield. As I said, we are actively looking to invest. Our focus is a little bit different to some of our peers in looking at bulk base and batteries. We are largely focused on opportunities in North America and parts of South America. Australia obviously is our backyard, so we're looking for opportunities to put capital to work, investing in royalties and streams in Australia in particular. We also see some opportunities in Europe. Our appetite is strong to do that. We have a small team, as you'd expect. The model is one that's pretty light on corporate overheads. We're not operators, so we have a team of 12 people. Roughly half are focused on the stewardship side of the business and roughly half on the business development side of the opportunity, looking to originate and execute on new investment opportunities. We've recently put in place a small team in Denver to enable us to have better access into the North American markets and closer visibility on some of the opportunities coming out of North America. We're certainly seeing, we're optimistic about the pipeline we're seeing for future investments. We see a strong pipeline. We think that we can provide a very competitive offer from a funding perspective. We believe we have the liquidity to be able to be a strong counterparty for parties looking to monetize existing royalties. As I said, we're optimistic about the opportunities we see ahead of us going forward. We have a good appetite, and we have certainly the liquidity to support that investment. Perhaps just to close on the remarks, in terms of our corporate, just a quick background on the corporate overview. As I mentioned, we are listed on the ASX. We are part of the ASX 200. We have a market capitalization of AUD 2.2 billion or thereabout. That's about $1.5 billion. And w e have strong liquidity. We typically trade somewhere in the order of AUD 7 million or AUD 8 million, so $5 million or $6 million on a daily basis. Strong liquidity. Our register has a strong institutional presence. We have one sort of strategic investor in terms of Iluka Resources, who was our parent, the company from which we were spun out. They continue to hold a 20% interest. Otherwise, we have an 80% float. As I said, strong institutional coverage. The majority of our investors are Australian, but we have a sort of a 15% -2 0% of our register is offshore. That's a quick overview of the business and the business model. I'm very happy to take any questions or talk about any aspect in more detail. Julian, thank you very much for reviewing your progress. Everyone on the call can submit questions via the question box, and I'll try to get to everything. Julian, is it more practical to acquire or merge with another royalty company rather than obtain royalties one by one? It seems like it's a slow process, maybe adding one significant asset a year or two. Yes, if we, the way we think about it is there are sort of three key avenues for us in terms of acquiring new assets. One is to look for existing royalties and to acquire those. You're right, they may be one by one. From time to time, reasonably sized portfolios will come to the market as well. For example, South32 has sold a couple of portfolios in the past few years. We've also seen Anglo sell single royalty assets, so they may be single or they may be portfolios. That is certainly a very viable and active market, and we see a lot of opportunities in that space. The second key area of opportunity for us is really in writing new instruments, so kind of the project finance space, if you like, where we act as a source of capital. Instead of taking a debt position or investing in equity, we will provide funding for a project or an expansion or to support M&A or whatever the use of the funds might be in exchange for a royalty over a project. The third is the M&A or looking to consolidate other royalty companies and bring portfolios in in one hit. That's obviously the route we took with the Trident Royalties portfolio. They were a listed company. When we think about that, the challenge always with doing public markets M&A is that it can be complex. Often, you do need to, there's an expectation that a premium is paid for royalties. You need to be very comfortable that the value of the assets you're acquiring is sufficient to support the cost and the time that's needed to get that deal done. Clearly, with the Trident Royalties portfolio, we felt that very strongly. We felt that the Thacker Pass royalty, in particular, in that portfolio was not being fully valued by the market. We saw some real potential in the portfolio, and that's why we chose to act on it. The other aspect about when you look at buying portfolios is that there will always be assets that are closer to your strategy than others. Again, the Trident Royalties portfolio was an example of that. There were some gold and precious metals assets in that portfolio that we picked up that were not core from our perspective, from a strategic perspective. We said at the time when we bought that portfolio that we may, excuse me, we may be looking to divest those assets at some point. A couple of weeks ago, we announced that we had sold many of those assets. There were a suite of gold offtake contracts that we acquired as part of that portfolio. We sold those. We felt that those assets generated very strong returns for us over the period we held. They generated more than $16 million in net revenue, and we were able to sell them at what we felt was a good price. There was a silver royalty over La Preciosa mine in Mexico that we sold back to the operator, back to Avino. We felt we got a good price for that royalty. In fact, when we look at the returns we think we generated by holding those assets over the 12 months, based on our purchase price allocation, we saw IRRs in the higher 20s on those transactions combined. As I said, one of the things, when you buy a portfolio, you kind of get the whole portfolio. It's not always all the assets you want, but if you buy well and you have the discipline to be able to sell those assets at the right time, you can still generate good returns from those assets. In terms of the Urbina sale, did you widely broker the asset among the precious metals royalty companies, or did you simply sell it back to the operator? We went through an exercise. We went through a competitive exercise on both of those sales. We obviously tested interest from a number of different potential buyers. As is often the case, the operator is in the best position to value a royalty. They have the best understanding of the underlying mine, and they were able to provide us with what we felt was a very compelling offer. It was part of a competitive process, yes. Which month did you complete the sale, Allen? We completed them in September. Just last month? Yes. You enjoyed most of the silver price run-up? Yes, as I said, relative to the value we'd put on it 12 months ago, we saw a good return. We saw an over 30% IRR on that particular sale. In view of your interest in diversifying, why didn't you keep the gold package and not have the AUD 82 million revenue? As I said, we're not focused on gold. We think that that's a sector that is very well served by others. It's a highly competitive space. Given that our core is in iron ore, we feel that we're better served and that we can be more competitive in the bulk base and battery space. That's our strategic focus. In terms of keeping those royalties, we felt that we got very attractive offers for them. That enabled us to effectively recycle the capital that we had invested in those assets and make it available for investment in the short term, paying down debt. That supports our liquidity to make further investments in our core assets, our core commodities, rather. Could you give us a little more explanation of the three other assets that you have? I don't want to mispronounce them. Give it a shot. Mimbula of Moxico, Paradox Lithium, Brine of Anson, and Antler of Conterra. None of those are companies that are well known here in the U.S. Yeah. Antler is, we've got a royalty over the project there, the Antler project, which is owned by New World. It's a copper-zinc project in the U.S. Recently, it was the subject of a, it's in Arizona, I believe. It was recently subject to a competitive takeover and ended up getting bought out by Conterra Capital. Again, it's an example. It's small. To be clear, it's very small in the context of our portfolio. Again, it's an example of how royalties work, that we sort of ride along with the development of that project. As that develops, in this case, if it's been bought out by an owner who's going to progress the development, that's good news for us. The Paradox project is in Utah. It's a lithium brine project owned by Anson Resources. It's still early in its development stages. It's recently announced that it's going to build a demonstration plant with some support from POSCO. Again, a project that's early in its development stage, but again, demonstrates the operation of the royalty model. Finally, Mimbula is a copper project in Zambia run by Moxico. I get the pronunciation wrong every time. That's currently going through an expansion that will see it getting up towards 56,000 tons per year. Again, these are all relatively small. Do you have revenue from this project, Julian? There is a little bit of revenue coming from Mimbula, yes, and then we have a couple of mineral sands projects in South Western Australia that are generating revenue as well. We do have other sources of revenue in the model. If the iron ore business were in oversupply, where would you rank South Flank or Mining Area C among the four hubs of BHP's iron ore division producing around 290 million tons on a 100% basis? It's the largest of the four. It's obviously, you know, top of the first quartile, bottom of the second quartile from a cost position. South Flank is the newest operation in that BHP system. As I said, that just completed a $3.6 billion expansion. It's their newest mine, it's their largest mine. I'd suggest it's very well positioned in terms of, you know, it's well positioned for its customers. It's producing, it's relatively high in lump content. It's feeding into the North Asian demand, so it's well positioned geographically to supply into those markets as well. Is the weakest project Jimblebar, the weakest hub? They make disclosures sometimes that Jimblebar doesn't meet the benchmark 62%. That it's like SP10 at Rio Tinto under 60%. Yeah, I think broadly we've seen sort of specs on silver, iron ore. It's not unusual to see those coming off a little bit as those mines age. I think, as I said, our focus is very much on Mining Area C. That's the project we have the royalty over, and as I said, we think that's an outstanding operation and a world-class royalty. In terms of strategy, BHP made the big investment in South Flank as a replacement as Yandi was winding down and other projects were completing. Yesterday, Rio Tinto announced the roughly US$700 million, 35 million ton expense replacement. As we were discussing earlier, they have the Simandou with partners, which is 120 million tons. The Western Range, 25 million tons with Baowu. They've just been bringing on the 31 million tons Hope Downs with Hancock. They're bringing on, and then phase III-I, 40 million tons in several years at Rhodes Ridge. They have 216 million tons in total, all partners in those four projects prior to yesterday's announcement. You must meet the BHP guys at church or social events or at the grocery store around Perth. What do you think is in their minds with all these projects here? They're trying to make the iron ore price AUD 50. I think, you know, if you look at BHP's operations, they did invest, as we said, $3.5 billion into the South Flank expansion. That's another 80 million tons. A meaningful portion of it was replacement tons. I think if you look more broadly across the Pilbara, it's a well-established district. There are a number of mines coming off. I think it's as important as you say to note that the South Flank was a replacement project. The recent announcement for Rio is about replacement tons as well. I think that what we're seeing is just the long-term planning to ensure production continues at these levels in the future. I was on the Vale trip last month to Pará, Capanema, and Brucutu mines in Minas Gerais. Capanema is a 15 million ton, 57.5% direct shipping ore project where they don't try to concentrate, so they don't have to dispose of tailings. Brucutu is 39.5 million tons restarting in phases. It had to shut down for two years after the catastrophe. They're adding 20 million tons in the north at S11D Carajás. They have about 50 million tons of expansions. They reduced their high silica sales in the first half by 70% where they're phasing out the low quality. They want to continue to buy their neighbors' ores and then process them, rail them, and port them because they have so much surplus transportation in the south. It seems like they're rebounding, not to the 2018 record, but they've got so much slack transportation capacity in the south that they're trying to use it. In a surplus market, do you think that MinRes, Onslow 35 million tons, or Roy Hill 65 million tons, or part of Fortescue would be the phase out? Do you think that some of these capital projects won't get executed and maybe Rio depletes a little bit? What do you think happens? The steel output is stagnant in China and globally. Yeah, look, you know, I'm not making these decisions. We're one step removed from the operations. We just have the financial interest in Mining Area C. I guess the observation I would make is that, you know, when we look at Mining Area C, it is the newest, largest operation in the BHP fleet. It is very well positioned on the cost curve. Other companies will make their decisions about capital investments, obviously. When we look at where Mining Area C is in its market, we feel that it's very well positioned and has a long life, you know, has a long, long, very large deposit that would support a very long life. As I said, when we look at Mining Area C, we feel that it's well positioned. Lithium exploration has become a focus recently. Maybe last year at the Canadian Prospectors Convention in March in Toronto, a quarter of the booths were lithium instead of gold. I heard a Geoscience Canada geologist give a talk, and she advocated because lithium is water soluble, that Geoscience Canada should assay every lake or stream in Canada. She said that the geological agencies in Ireland and Finland were doing the same thing. I know it sounds like full employment for summer jobs for the technology student in the world. Yeah, there are a lot of lakes in Canada. Are you trying to participate in some of this early-stage lithium exploration? The short answer is no. I think that's less about the nature of the exploration and more that, in terms of our focus, we are much more focused on projects that are closer to construction and production. I know there are many out there that perhaps participate earlier in the development cycle. We're not there yet. It's not part of our strategy to fund exploration, frankly, across any commodity. We're more focused on looking at opportunities where the deposit's well enough understood and there's enough of the thinking around potential development sufficiently advanced that we can do some work and take a view on particularly the optionality. What does a development plan look like? What are some of the scenarios around the development plan that could drive optionality? Ultimately, it's optionality that drives the additional returns that you get through a royalty investment. When you made the announcement about Trident Royalties and Thacker Pass, you also made an announcement to lower your dividend payout ratio to retain money for reinvestment and growth. The stock fell sharply, but has recovered subsequently. The Mining Area C is a tremendous royalty, and it might be tempting for some of the bigger gold royalty companies to pull that in and try to put a gold multiple on it. What are your takeover defenses other than Iluka Resources holding 20%? In my view, the way I look at it is my job and management's job is to execute on the business plan, and the business plan is to return value to shareholders and to reinvest in a way that's going to generate future returns for shareholders. In terms of the sort of, as you say, whether there are others out there who might be interested in the asset, at the end of the day, our job is to make sure that we're prosecuting that business model to the fullest extent we can and to ensure that the market understands the asset and understands the value inherent in both the assets, but the value inherent in our business model as well. Ultimately, ownership of the business is a question for shareholders. My job is very much to focus on pushing the business forward in terms of value creation and ensuring the market understands the extent, how the model works and the inherent value in the business as it is. Julian, thank you for the update. Congratulations on the AUD 0.29 of earnings and AUD 0.22 of dividends. We hope you do as well this coming year. Great. I appreciate the opportunity and appreciate your interest. Thank you.