In due course via email. So, as I said, just feel free to submit your questions at any time. But to get us started, it is now my pleasure to welcome and hand over to Fenix's Executive Chairman, John Welborn, for some introductory comments on the three-year production plan announcement. John, over to you. Thanks very much, Mick, and I'm delighted again to be updating shareholders and interested market participants on Fenix's three-year plan. Before I do so, though, I'll just acknowledge the appalling darkness events of yesterday in Bondi and share our sympathy with the Jewish community and the many other people who've been directly affected by what is just a shocking and appalling event, and I hope that some light can come from that moment of darkness, although it's difficult to see how. Moving on to the subject for today is our three-year plan, which was a very exciting release last Thursday, and I'm delighted to update the market on it. It's the first time that Fenix has been able to provide such significant market guidance, and it demonstrates a maturity in our business as we've developed now and target even higher production in future. Our main achievement in 2025 was to get to 4 million tonnes per annum, and we've now guided for the next three years to show that we are going to eclipse again. We're having a great quarter. We're on track to do our first million-tonne quarter heading up to December, demonstrating that run rate. And the heart of the three-year plan that we've announced is we've upgraded our current year guidance for the year ended 30 June 2026, and we now expect to mine, haul and ship 4.2 million-4.8 million tonnes at FOB Geraldton C1 cash cost between AUD 70 and AUD 80. So we're demonstrating consistent cost control and just edging that production up, which is very pleasing following the successful development of W11. In the next year, the year ended 30 June 2027, FY 2027, we're going to increase production to between 4.7 million tonnes and 5.3 million tonnes. And then in FY 2028, we're increasing again to between 5.4 million tonnes and 6 million tonnes of material. So our target over the next three years is the top end is to achieve a 6 million tonne per annum run rate. And that represents a transition from our current mining at Iron Ridge and at Shine and the new mine at W11. Over that three-year period, we'll completely exhaust the existing reserves at Iron Ridge, we'll complete stage one at Shine, and we'll move into the Weld Range Project with both an expansion of our mining at W11 and the mining of the very closely located W10 ore body, effectively next door. It's a high-confidence plan. It's built on our successful track record of incremental growth. And pleasingly, we're going to be able to fully fund the three-year plan from our operational cash flows and the existing finance facilities in place. It's an organic growth plan. It's consistent with our model to expand the Weld Range. And 100% of the approximately 15 million tonnes of ore that we're scheduled to mine over the three-year plan comes from either existing ore reserves or from measured and indicated mineral resources. So that's very pleasing. It's effectively a low-risk plan that we have high confidence in. Given our existing mining and logistics assets, we've also forecast that the sustaining capital required to deliver the three-year plan is relatively modest. It's estimated to be between AUD 35 million and AUD 45 million. And that represents the fact that the hard work has been done with the haul road that we originally built to access Iron Ridge. We've now added to that an approximately 20 km connecting haul road. Those roads will fully allow us to get on to W11 and W10, which is the key focus of the three-year plan. Beyond the three-year plan, we've commenced feasibility studies aimed at the significant expansion of the Weld Range Project up towards 10 million tonnes, which is our goal that we committed to as part of the agreement last year. And we're putting the final touches on a scoping study, which is the first stage of that feasibility study program, which is due to be completed in the current month and will outline the three-year plan as the topic of today's conversation. The three-year plan is a very important incremental step to our plans for the 10 million tonnes, and that's obviously part of our strong collaboration with Baowu, both on the Weld Range and then looking further into the future in other opportunities in the Mid West. So very excited about the future, very pleased with the feedback I've received from shareholders and markets on the clarity of the three-year plan and its value to Fenix. So, Mick, very happy to answer questions. Yeah, fantastic. Thanks, John. A couple have come through, so if you do have any questions, just send them by clicking that Q&A icon at the bottom of your screen. As usual, we'll start with just some questions from the broker research analysts who do cover Fenix. We'll first see from David Brennan at Petra Capital. He says, "Can John give some insights into the current fleet capacity and the number of additional trucks and CapEx required to get to the 6 million tonnes per annum run rate in FY 2028? Yeah, I can. Thanks, Mick. Currently, we've got about 70 trucks in the fleet, and we expect ultimately to have a maximum of 90 over the three-year plan. Craig Mitchell, fellow Executive Director at Fenix and the founder and CEO of Newhaul, and his team, both in Perth and Geraldton, have done a remarkable job in scaling up haulage capacity from originally 1.5 million tonnes per annum to now more than 4 million tonnes. Ultimately, that fleet expansion will allow us to do up to 6 million tonnes. Looking forward to that. That's part of, obviously, a key part of the expansion plan. Then a related question about the capacity at Geraldton says, "What is the current loading capacity available to Fenix, and is anything required CapEx-wise to get to the target 6 million tonnes per annum run rate and potentially in time the 10 million tonnes per annum or more? The current capacity that we believe we have at Geraldton is well north of 10 million tonnes per annum, and there's very limited capital required. So we obviously amalgamated the Sinosteel storage shed, Shed 13, with storage Sheds 4 and 5 that we acquired off Mount Gibson, and we own and operate the only side-tipping truck unloader that accesses those facilities. In their best year, when they were running Extension Hill and Tallering Peak, Mount Gibson produced about 8 million tonnes per annum purely from Sheds 4 and 5. So we know that the capacity of Berth 5, where we load Panamax boats, is well north of 10 million tonnes per annum, and we're very confident that our existing facilities are capable of loading 10 million tonnes per annum. So there's no significant CapEx to 5 to get to 6 and then ultimately 10. That'll be a key focus of the scoping study. Within the sustaining capital, we are making some improvements to the loading facilities, and that's around efficiency and cost management. I just want to, from one of the shareholders, Donald Payne says, "Why has the 10 million tonnes per annum not occurred? Well, it's going to occur. So we're very big believers, Mick, in incremental development. So the journey of 1,000 miles starts with a single step. So we've gone from 1.5 million tonnes to 4 million tonnes. This three-year plan will see us to go from 4 to a target of 6. And then the shareholders should stay tuned to the scoping study, which will identify the timeline and capital, and very importantly, the projected cost savings that we see by ultimately our ambition to develop a 10 million tonnes per annum. So my response would be, "Don't worry, it's coming. Stay tuned. So, Donald, I hope that answers your question. So we get back to James Williamson from Bell Potter. He's got a series of questions, so we're going to ask that you try to respond with shortish answers so we can get through them all. It could be the Christmas miracle. So firstly, he says, "Can you elaborate on what the AUD 35 million-AUD 45 million of sustaining capital covers and the quantum that could be excluded from this for the additional mobile equipment?" Yeah, I can. So we specifically identified that the sustaining capital is the capital that we see essential to deliver the three-year plan over FY 2026, FY 2027, and FY 2028. And we identified that excludes the capital need to expand. Now, given where our fleet's at, it's roughly AUD 20 million of fleet expense, and over that AUD 20 million, but we have existing finance facilities in place that funds that capital expansion with the fleet expansion, so we haven't included that in expanding capital. The AUD 35 million-AUD 45 million consists of the incremental mining capital. This would probably be between AUD 15 million-AUD 20 million, which is opening up W10 predominantly, and then some improvements to the port and a range of other opportunities that we're looking at, including expanding our laboratory capacities and incremental improvements on our logistics train. So it's a number of different items made up to balance the load number. He says, "How long do you expect Beebyn- W11 and W10 to sustain 6 million tonnes per annum production before other deposits need to be brought online? It's a good question, James. So obviously, we're expecting to expand the increment over the next three years, and if we're successful, we'll be operating at 6 million tonnes a year at the end of FY 2028. The scoping study that we're preparing will answer that question in terms of what our growth ambitions are after that. The question implies that we would sustain production at 6, and the good news is that at the end of FY 2028, and if we've achieved the 6 million tonne per annum run rate, our ability to stay there effectively is answered by the 290 million tonne resource base that expands us at the Weld Range. At that point, we will have significant reserves that we'll look at both W11 and W10. A number of our deposits will be with the W11 and W10 deposits. And so the short answer, the fast answer, we'll settle to get that. This is a big deal. I mentioned when we signed the Weld Range agreement with Sinosteel, this is a game changer for Fenix. We now have decades of production in front of us, and the exciting thing about having established a 6 million tonne per annum run rate for the fleet and the port assets and infrastructure and mining companies is that that's at the level of what we've been sustaining for decades. However, as Doug asked earlier, our intention is not to sustain at 6. We're going to push a bit. Then James continues, "Are there any drill programs required over the Weld Range resource, or are you confident with 80% of the MRE already in measured and indicated that reserve conversion won't require further drilling ahead of the feasibility study? No, it won't. Short answer, Mick. We've got the great advantage of the significant investment that's been made by Sinosteel and their forebears, the various companies that have owned the deposits that we now control in the Weld Range. Our history at Iron Ridge and our history at W11 demonstrates that we're very limited to the restoration required to open up these ore bodies. Second last one from James. He says, "Can you provide an update on the transshipment trials and how success could improve shipping costs? Well, we've conducted the first transshipment trial ever completed at Geraldton earlier this year. It was a success. We got an enormous amount of data. There are two opportunities that we're looking at, James. One is topping up our existing boats. We're limited by the channel draft exiting Geraldton. So although we load 60,000 tonnes, most of the boats that we send could take up to 70,000 tonnes. The first opportunity is looking at topping up those boats outside the channel in a transshipment opportunity. The longer-term opportunity is loading Capesize vessels, so 180,000 tonnes or more, and at the moment, our shipping cost is around $16 with plans of products on Geraldton to China. There's probably a AUD 10 million saving on our hauling costs using the Capesize vessels. So that gives you a reason to why we're looking at it. Along with a lot of other forward-facing investments, that means huge margin of business savings. Then finally from James Williamson at Bell Potter, he says, "What opportunities have you identified for further collaboration with Baowu in future outside of the current Weld Range RTM? The Weld Range is pretty exciting. It provides an opportunity for a 10 million tonne per annum project for more than a decade. But the big opportunity, James, is Jack Hills. So Sinosteel's investments in the region and their previous feasibility studies around the Oakajee Port development and Oakajee R ail Network was designed around 15 million tonnes per annum from the Weld Range Project, and that was going to lead into a 30 or 40 million tonne per annum from Jack Hills. Jack Hills is a 4 billion tonne per annum magnetite iron ore deposit, very high quality. It's 100 km north of the Weld Range, and so the logistics opportunity that we're developing lends itself to be part of the solution for Jack Hills, and that is a key focus of the international Baowu Steel Group. Thanks to James. Thanks to John. Now, Michael Bentley from MST, he's got a couple of questions, starting with, "Can you please give us the split of tonnages that make up the 4.4 million-4.8 million tonne guidance by asset? So I think David's asking about FY 2026. The midpoint there is 4.5 million tonnes, and the really easy answer for your model, David, is to just model one and a half from each. So we expect to mine about one and a half million tonnes before we close Iron Ridge. Shine has about 1.4 million to 1.5 million tonnes left in stage one, depending on it might be a bit more than that if we choose to market some lower-grade material. And then currently, in this financial year, very pleasingly, we've rapidly developed W11 to its initial run rate of 1.5 million tonnes over that year. Michael Bentley again asks, "Regarding your targeted 6 million tonne target by FY 2028, can you please tell us where you see the key risk areas? Is it in obtaining sufficient trucks, getting the drivers, developing the mines, or some other area? Good question, Michael. The reality is that we have demonstrated our ability to deliver these tonnes. The transition from one mine doing one and a half to three mines doing currently more than 4 million tonnes per annum has already been achieved. The transition of consolidating that level of production in the Weld Range is actually reducing our risk. Currently, we're running three distant mines and multiple mines, and that could be potentially our weakness. Transitioning to W11 and W10 will actually de-stress the environment. So the first thing I'd say, we're actually, as I said earlier, this is a very high-confidence plan in our ability to deliver. We have identified that we need to get some final approval to come with our successful fast-track approval process for Iron Ridge as a greenfields project and the rapid approval process for W11, sorry, as a greenfields project. W10 is expected with Baowu Steel for its incremental development. That would be the key timeline risk area to focus on. Goran Seet and our operations team are progressing those approvals already, and I'm confident that the three-year plan we've identified, developing track record of the W11, will be significantly focused. Michael says, "Do you see the potential to deliver the 6 million tonnes prior to your target date? I think we have an ambitious plan. We've got high confidence in it. Obviously, our ability to achieve those targets and demonstrate that they're reasonable, we'll obviously be doing everything we can to accelerate them. However, at this stage, and I suppose the opportunity to be significantly guided for the 4.4-4.6 three-year plan allows us to slightly update that and improve it. Whether we can further improve on the three-year plan, we'll obviously be working to that, but at this stage, the three-year plan represents what we believe is achievable. He says, "How is the approval process for the Weld Range expansion progressing? Do you see any risks to timing there? It's progressing very well. The significant heritage approvals we need to do to establish W11 are not replicated in the incremental approvals we need to pursue. So I'm very pleased with the cooperation we have with the project management and the title group. We need to work very closely with them. And again, all I can say is we're very confident in our ability to progress the approvals as outlined in the three-year plan. Michael's on a bit of a roll. He says, "Regarding the decision not to try and extend the Iron Ridge mine life, do you see the potential to revisit that in the future, or are the heritage issues too great? The Iron Ridge is obviously a fabulous ore body, and we were very successful in significantly expanding what was originally a very small 10 million tonne per annum resource and slightly smaller reserve, and added a significant amount of high-grade mineralization to the mineral resource estimate, and then said that we would study how much of that we could convert to reserve. Obviously, part of the three-year plan demonstrates that we see greater opportunity to transition to W11 and W10, and there's a number of reasons for that. The most important one is the one identified in the announcement, which is our respect for heritage areas, and the answer to the question is, of course, there is opportunity to convert some of that material into reserve, and it does represent a future opportunity. However, it's not just the heritage concerns. Obviously, the mineralization that we identified was predominantly at depth, and therefore it has a higher strip ratio, higher cost economics, and there are also safety factors around the steepness of the wall that would be required and a whole lot of other factors. So pleasingly, our ability to look at better economic mineable resources nearby at W11 and W10 have allowed us at this stage not to progress any further with the studies required and the mining approvals that would be required to further exploit the high-grade resources at Iron Ridge. We're now focused on completing that mine. Obviously, it's the picture that people might be familiar with if you've watched more than one of these webinars, which is behind me. It is our flagship project. We will be very, very proud of our ability over the next six months or so to complete this mine from a mining perspective. It's been a very successful, very safe operation. It's also forged a very strong relationship of trust with the Wajarri Yamatji people, and that's very important. Yes, there are more resources there. Yes, it's possible that we may revisit them, but we would only do so in collaboration and with the approval of the relevant native title groups. More importantly, just to be very clear, there are better economic resources for us to convert into reserve. We have a game-changing and vast 300 million tonne resource base to now work with, and we're looking for lower strip ratio, safe, easy, unheritage-constrained resources. The good news is we've got plenty of them to look at, which means that it'll be some time until someone turns their mind to the deeper resources at Iron Ridge that we previously identified. Good news. Michael continues, "Do you see the potential of Shine phase two as potential to go beyond your 6 million tonnes in 2028, i.e., develop concurrently? Yes, there are opportunities for us to boost production beyond the three-year plan, and we're always looking at growth opportunities. Stage Two at Shine is an interesting opportunity. There are three stages of the ore body. We started with a 15 million tonne resource, of which 10 million tonnes is hematite and 5 million tonnes is magnetite. It's a Mount Gibson Project. They explored and initially developed it. We've seen the Extension Hill mine where Mount Gibson mined 50 million tonnes of hematite successfully transitioned to a magnetite resource base. So again, Shine represents a future opportunity. However, the three-year plan makes it really clear what we're focused on: the highest value opportunities for us, and remembering that 100% of our logistics chain is going to be utilised, transporting four, four and a half, five, five and a half, and ultimately up to 6 million tonnes a year of iron ore from the Weld Range, and that's the best value opportunity that we can see for Fenix. The good news is that opportunities like Stage Two at Shine and other opportunities represent additional growth opportunities that we'll be looking to unlock. Mick continues, "Are you planning to own a mine at Beebyn? Is that still an option? It's definitely an option. Every miner looks at value opportunities. Fenix is obviously very successful in controlling as much of our logistics integrated supply chain as we possibly can. We operate a port business, Newhaul Port Logistics. I believe we're the best bulk haulage business in the country in Fenix's wholly owned Newhaul Road Logistics business. And we have a mining business, Westm ine. And at the moment, Big Yellow are doing a good job for us for Shine, and MACA are our contractor at Iron Ridge and at W11. And while those contractors are doing well, one of the things we're looking at doing is a transition to own a miner, and again, that's something that will be the subject that has some coverage in our feasibility studies. We're nearly done with Michael. He says, "You have not given forecasts for costs from beyond 2026. Is it fair to say you expect them to go down? I like your optimism, Michael. Anyone who works at Fenix will know that my expectation is that we will always be able to drive our costs and build efficiencies. However, the three-year plan, we've maintained our cost guidance for the current financial year, and we haven't guided for the second and third year for the main reason that would be very unusual to do given the vagaries of the drivers of costs. However, we have indicated that at this stage, we see no reason why our costs should significantly change over that period of time, and importantly, the business we run will stay the same over that period from a cost perspective as far as we can forecast. The really significant change that Michael's, I suppose, alluding to and our future enthusiasm about building a lower-cost business is the focus of the scoping study and the feasibility studies. So the opportunities within the 10 million tonne a year operation in relation to a shorter haulage distance, more efficient mining, centralized crushing and screening, and efficiencies of the port, and ultimately transshipment, those opportunities which will drive significant cost changes to our business. Stay tuned for the scoping study and ultimately the feasibility study. Over the three-year period, though, I think we've been conservative and very clear about what our expectations are in relation to our business. The good news is that today the spot price continues to maintain a level above $105 a tonne. It's a great time to be mining with an FOB cost in Geraldton of between AUD 70 and AUD 80. It represents a significant margin in our business. This is a quarter where we will produce more than 1 million tonnes over the quarter at a great margin. So Fenix is cranking. Before we get to some questions from the investors on the portal, Michael asked for a breakdown of the key items making up the AUD 35 million-AUD 45 million in capital, but you've already responded to that from James. Can you elaborate further on what you see as the biggest risk of CapEx increase? I'm very confident in the limited capital that we've identified in mining. So I said it was in the range of AUD 15 million-AUD 20 million as part of that AUD 35 million-AUD 45 million sustaining capital. And I think the context of that would be to look at the original feasibility study for Iron Ridge, which identified AUD 15 million of capital, and the more recent feasibility study on W11, which was ultimately a total of pre and post-production capital of AUD 25 million. In both cases, the majority of that capital requirement to build and establish Iron Ridge and build and establish W11 was the construction of private haul roads that we have successfully built. The actual mining capital in building the Iron Ridge mine behind me and building the very successful W11 mine we're now operating is consistent with the number of the capital that we've identified will be required to deliver the three-year plan, which is predominantly the establishment of the W10 mine. The other items are improvement opportunities at the port and incremental improvement opportunities in our haulage network, and I don't see any risk of significant extra capital required. I have pointed out that it doesn't include the fleet expansion capital, which we use finance facilities for. It also doesn't include some other value opportunities. We're doing a housing project in Geraldton, and there are other investment opportunities that we've identified. The risk to the three-year plan, we're very confident in that sustaining capital guide. All right, so we'll move into some of the questions from the investors, and a reminder, if you do want to ask your question, just the Q&A button at the bottom of your screen, so [Jim Piscopo] says, "Will there be any rehabilitation costs associated with the closures at Iron Ridge and Shine mines? Yes, there are rehabilitation obligations. We invest in a staged rehab approach wherever we can. At Shine, obviously, we'll still be evaluating stage two of that mine. So the completion of stage one, pending a decision on stage two, that mine will presumably go into care and maintenance rather than aggressive rehab. At Iron Ridge, similarly, we still have a significant ore base, and we'll have to decide as to what item of rehabilitation we can accelerate and what we delay. However, Iron Ridge is obviously part of our broader Weld Range project, and so we're active in the region and will be managing that really as an aggressive and responsible overview of what we're going to do. And just on the subject of Iron Ridge, Donald Payne says, "When will Iron Ridge close? We've identified that it will close towards the end of the current financial year. We'll actually process material for Iron Ridge to FY 2027. The short answer, Donald, is as quickly as we can. We're looking to complete the mine, but mainly through efficiency purposes. The current reserve will be fully exploited from a mining perspective before the completion of FY 2026, and that mine material will be on our ROM pad, and we'll be processing it into FY 2027 as part of the three-year plan. [Ranfitalo] says, "With planned capital requirements to increase capacity, will that impact current dividend projections? The dividend policy remains in place. Just to remind anyone who's not aware, the Fenix board is committed to the payment of a fully franked final dividend, subject to the availability of franking credits, which we've got plenty, and subject to the forward capital demands of the business. I've mentioned that the sustaining capital required over the three years is manageable from our cash flows and existing cash reserves, and there is no impact on the dividend policy by the three-year plan. [David Bilby] says, "Given the pleasing growth trajectory of the business, do you plan to expand the governance capacity of your board to support operational performance and future growth? We've got a very committed and stable board structure. The executive directors, Craig Mitchell and myself, are joined by original founding director of the company, Gary Plowright, one of the original vendors of the Iron Ridge project, and Shannon Coates, and we are looking at board renewal and board expansion. We've graduated from a small company. We have grand plans, and we can expect to see some growth in the board over the next 12 months. So, final two questions, both from Donald Payne. How old is the current transport fleet, and when are they replaced? Mileage or age? It's a great question for Craig Mitchell. I understand he's obviously some of the older fleet we've already replaced. In during periods of time where we're expanding the fleet, we do engine rebuilds and hang on to trucks, but none of our trucks would be more than three years old without either being replaced or having had a major rebuild, so anyone in the Mid West would recognise our bright, blue, shiny Newhaul road trains. To me, they all look very new, and we've recently expanded our depot in Geraldton and the industrial area there, and the excellent team there do a great job making sure that those trucks are always in excellent condition. The trailers have a life of at least 20 years, but again, they're all rebuilt over a two-year period. My understanding is that that's done on a kilometre basis rather than a time basis, but we're very consistent with the number of kilometres we do per piece of gear because it's an incredibly high-tech and well-regulated transport network, and I'm confident in Craig and his team's ability to keep that fleet in tip-top condition. Donald says, "What are the handling costs using the port infrastructure/ship loader? Well, look, if you were going to break down, if you took a midpoint of our three-month plus guidance, AUD 7,500, and people are looking for a general idea, I always guide that it's roughly, very roughly, AUD 30 mining, AUD 30 road haulage, and AUD 15 of the port. So that gives a rough idea as to what our costs are. The AUD 15 of the port would include more than half of that, roughly, would be Mid West Ports Authority charges, so the fee that we pay the owner of the port, the Western Australian State Government, for access to berth and tax services and other facilities. And then the other costs that are tied to our control, which are the loading, storage, and outloading of our onboard storage facility. Three more have just ducked in, so if any more come in, we'll get to those at another time. But just for the three that have jumped in, [Jim Piscopo] says, "Are there any results of the hydrogen/diesel trial which can be announced to the market? Thanks for your question, [Jim]. Really exciting project that Newhaul and Fenix are working on along with partner Wajarri Energy, and that is built on a program in New Zealand which has successfully trialed a hybrid hydrogen-diesel fuel in very similar types to the fleet that Fenix are operating. With a view to the carbon charges that we will be subject to, as well as our commitment to environmental management, we are going to conduct a trial of that hybrid hydrogen-diesel fuel in some of our trucks. That trial hasn't started yet, Gem, so stay tuned for the results of that trial. Second last question of the morning, Peter Parker says, "Will Simandou mines in Africa have a major effect on the iron ore price? Simandou's been well modelled now for 10 years. They've successfully loaded one boat. They plan to ramp up that mine over the next 36 months. It's a highly high-grade material. The iron ore market is very sophisticated. I think the inclusion of that material is one of the reasons why there's been a very strong bearish forecast on iron ore for years and years. It's also the delay in that project and the ongoing delay is one of the reasons why every single bulk commodity forecaster on the planet has got it wrong and been proven to be conservative on their iron ore forecasts over the last three years. Fenix isn't saying that they're going to continue to get it wrong, but today everyone's long-term forecast is either probably around $90. The spot price is $105. Simandou's impact is well known, and my own view is it's likely to rather than cause any problem for Fenix. The final question to Fred Poschetti says, "Can you give an update on the project with Athena Resources and Green Iron? Thanks for the question, Fred. Peter Jones, the CEO and MD of Athena, is doing a great job in looking at the exciting opportunities there is. Athena is a very high-quality magnetite project in the Mid West. Fenix owns 40% of the 70% of the company. Stay tuned for more information directly from Athena on the development plans. In relation to Green Iron, Fenix is actively looking at those opportunities. The State Government of Western Australia are very supportive. Every single iron ore miner in Australia is interested in product retention, value retention going downstream. What I can say is that Fenix's model is to be incremental and to look to be a leader by quickly and in a low-capital environment looking to take advantage of market conditions. We did that with the mine behind us at Iron Ridge. We're doing that. We did that at Shine. We're doing that in the Weld Range. And anything that we invest in, whether it's Athena or ultimately the partnership that Mid West Green Iron represents between Athena, Fenix, and Wajarri Energy, will follow a similar business plan. Quick to cash flow, low capital intensity, and huge value creation. All right, so thanks to all those people who did ask questions. John, any closing comments from you? My closing comments would be the focus of Fenix over the next three years is now 100% crystal clear. We are going to successfully complete the Iron Ridge mine. We're going to successfully complete stage one at Shine. And what I'd skip on from those, it's a great point of pride at Fenix that we tell people what we're going to do, and then we do it. And that's not just pre-production capital. It's not just production year by year at Iron Ridge. Go back to the original feasibility study. Go back to the reserve that we published. We will successfully mine 100% of that reserve over the life of the mine, and then we'll successfully close it. The three-year plan is clear. Iron Ridge completes, Shine stage one completes, and we transition to an accelerated production base at W11 and a new mine at W10. That gives us the opportunity and a footprint to go to 10 million tonnes per annum. Whatever iron ore price you plug in, whether you're a bull or whether you're very, very bearish on iron ore, Fenix is going to generate a significant amount of cash flow over the next three years, and that will springboard us into a pathway to a 10 million tonnes per annum year business. The numbers that will be thrown out by Fenix in that project are incredibly exciting. It's a great value opportunity for Fenix. We're very focused on it, and we look forward to delivering it. Fantastic. All good news. Well, look, that concludes today's webinar. So thanks, John, for your time. Thanks to everyone for tuning in. I hope you all have a very merry Christmas and a safe and happy and profitable new year. Thanks, Mick.