Welcome to the Fenix June 2025 Quarterly Activities Report webinar. My name is John Welborn. I'm the Executive Chairman of Fenix, and it's my great pleasure to present on what is another strong quarterly performance from Fenix, and to answer any questions on the quarterly activities report, which we've released on the ASX and on our website this morning. Welcome to what is a new format for our Fenix quarterly webinar. This quarterly webinar has been held via our Atomics online meeting platform. That enables shareholders to participate in this live webinar and ask questions. You can submit questions at any time. To ask a question, press on the Q&A icon, which you should be able to see at the bottom of your screen. This will open a new screen, and at the bottom of that, there's a section for you to type in your question. Once you finish typing, press Enter to send the question. You can do this at any time. I will try and answer all the relevant questions within the timeframe we've allocated to the webinar at the end of what is a summary of the quarter, as usual. We usually receive multiple topic questions, and I'll try and amalgamate those together. If we don't get to a specific question, please feel free to contact me directly. My contact details are on today's quarterly announcement or on our website, and we're always pleased to respond to shareholder and investor questions. For those who haven't seen the quarter, it was headlined with a number of really key achievements from the team. Most notably, another record tons shipped from our Geraldton facilities, mined and hauled by Fenix and Newhaul, our highly owned logistics subsidiary. We sent 13 vessels on their way to our customers, and a record 760,000 wet metric tons of iron ore. A great outcome. We reduced our C1 cash costs at Iron Ridge to AUD 71.60 per wet metric ton, and a stunning performance at Shine, where we reduced the C1 cash costs to AUD 51.80 per wet metric ton. We did say in the March quarterly that we were expecting to reduce those costs from Shine, along a lot of the lines of the average that we expected, but Rhys Olney and his team there have done a stunning job. 464,000 tons in the quarter, and a brilliant result on costs, driven by our ability to sell low-grade material, which was originally in the mine plan as mineralized waste. Shine is looking better and better. In June, the last month of the quarter, we celebrated a number of really important milestones across our business. Within our mining business, we've now mined more than 6 million tons from Iron Ridge, and we sent our 100th vessel successfully. Great result. From Shine, again, following on from those results I've mentioned, we've now shipped more than a million tons from Shine. A great restart of that operation. Importantly, in June, we achieved our objective of starting our third operating mine. It's a greenfields project. It's very important to the future of Fenix. That's the Beebyn- W11 mine. It's a right to mine with Sinosteel Midwest Corporation. Since then, we've announced the completion of the haul road, and we expect first shipment from Beebyn- W11 next month in August 2025. That's fantastic. It allows us to start the new financial year with three operating mines, and we'll achieve our outcome of being at a 4 million-ton per annum run rate. In fact, if you think about the quarterly that we're reporting on in this webinar, 760,000 tons equates to a 3 million-ton a year run rate, and that's prior to Beebyn coming online at its expected 1.5 million tons per annum. There's still considerable upside in Fenix's growth plans. Iron Ridge, we received an average price of AUD 165 per dry metric ton. That equates to iron ore prices, which averaged just below $100 during the quarter, around $97. For Shine, we received a lower realized price, recognizing that low-grade material, of AUD 116.60 per dry metric ton. Still, when you're considering that low C1 cash cost, both of those operations are demonstrating strong margins for Fenix. That flows through into an operating cash flow number of AUD 25.5 million, which again, if you annualize, it means that during the June quarter, we were running at an annualized cash flow generation rate of AUD 100 million off a $97 iron ore price. Sitting here today, the iron ore price has bounced up to around $105, and our production is increasing even further. Very exciting times for Fenix, as we look forward to getting some market recognition of those results. We also reported, obviously, on some corporate outcomes. We closed off on our attempt to acquire CZR and expand into the southern Pilbara, and we've successfully banked our break-free and the repayment of our loans. We're delighted to be focusing on the Midwest, where we've got crucial infrastructure and expanding operations. A useful exercise, flexing some M&A skills. We were excited about the opportunity we thought to expand the Fenix model. Craig Mitchell, myself, and the entire Fenix and Newhaul teams have rededicated ourselves to focusing on the Midwest, where we look forward to further news flow and further growth opportunities. We reported on our acquisition of a 37% stake in Athena. While Fenix is trying to stay true to that focus on our mining activities, our hauling activities, and our port services activities, generating revenues and cash flows and profits for Fenix shareholders, Fenix shareholders would also be aware, and anyone interested enough to tune into this webinar, of the widespread interest in green steel and green iron dynamics. That is demonstrating the excitement we have in our investment in Athena. It's a very high-quality magnetite project. It has the potential to produce a 70% concentrate, a very rare example of a magnetite project that can produce the quality of concentrate that is required for a successful green iron project. That's something that we're very keen to support, Peter Jones and his team at Athena Resources, as they look to advance the Borrow magnetite project. We've included a cash flow waterfall in the quarterly activities report. It shows that AUD 25.5 million of net operating cash flow, but also shows that we've invested in growth. Almost AUD 12 million in CapEx, largely involved in the Beebyn- W11 mine commissioning. We'll see that capex extend into the current quarter as we bring that mine online. AUD 9 million almost in debt repayments against our expanding haulage fleet. We're now soon to be operating 70 of our super quad road trains as part of our three mine operation. Some minor investments as part of our green steel approach, as well as corporate expenses, round out what was a really strong quarter, sort of a marginal increase in our cash balance, but a significant boost to our operating capability. Congratulations to everyone in the team. I'll now move on to answering some questions, so feel free to continue to pose them. First of all, I'll focus on some questions from our analysts, and there's actually some congruence between those. James Williamson at Bell Potter has asked that we're on track to reach our 4 million-ton per annum target. What do we see at Fenix as our next growth opportunity? That matches a question from David Brennan at Petra Capital about broader opportunities in the Weld Range area. Also from Michael Bentley at MST, who's asked if we could give an update on the relationship with Sinosteel and Baosteel in relation to the Beebyn- W11 right to mine agreement. Obviously, we're very focused on the commissioning of Beebyn and achieving our + 4 million-ton per annum run rate. I mentioned earlier the significance of the right to mine agreement with Sinosteel Midwest Corporation. The first place to respond to those questions about our broader growth plans and our focus in the Midwest is to look at the announcement in relation to the right to mine agreement that we published on October 3, 2023, which details the commercial arrangements with Sinosteel, but importantly talks about how that agreement to mine 10 million tons at Beebyn- W11 links to the future, and the parties agree to collaborate on the further opportunities in the Weld Range. The market should be aware that Sinosteel completed a feasibility study to mine 15 million tons per annum out of the Weld Range project on a resource base of around 300 million tons. The real secret in their Midwest portfolio is in the 11 of Beebyn- W11. There are more than 30 Ws, which represent deposits in the Weld Range. Most of those are controlled by Sinosteel. At Fenix, we see the keyhole into unlocking the value of those deposits as our relationship with Sinosteel Midwest Corporation. We're demonstrating with the success of the commissioning in Beebyn- W11 and very soon in production, our ability to monetize those deposits. We're very keen to take advantage of the agreement to collaborate on the broader Weld Range. The opportunities for us are to continue our port business. We think it has capacity to do more than 10 million tons per annum. We've got an amazing haulage and logistics team run by Craig Mitchell and the Newhaul team. We've already shown the ability to expand from 1.4 million tons at Iron Ridge to currently doing three, to very soon be doing more than four. There is potential to expand beyond that. The obvious opportunities for us to mine are not so much in exploration, to answer some of the other questions we've received, but are in collaboration with the owners of the explored tons in and around the Midwest. The obvious relationship is the existing one we have with Sinosteel. Stay tuned for further information on the first shipment from Beebyn, and on our ongoing collaborations with Sinosteel in terms of the obvious next steps for future growth. In the immediate future, obviously, we're keen to demonstrate how the cash flow that we've generated in the June quarter, AUD 25 million, will be expanded by the additional production from Beebyn- W11, our ability to continue to control costs, and maintain a + 4 million tons per annum run rate for the foreseeable future, certainly through FY 2026, FY 2027, while we look at further growth opportunities. I've obviously spoken on iron ore. We've had some questions from others around our multi-commodity focus and our third-party focus. The most obvious way for us to make value is mine, haul, and ship tons that we own and control and can maximize the margin of controlling mining costs, haulage costs, and our port operations. We've also demonstrated in the past that we can unlock value for third parties, and we continue to look for those opportunities where they arise. We're focused on maximizing our infrastructure investment. It's a very simple model at Fenix. We look to make the most money we possibly can. Obviously, the June quarter represents the fourth quarter of the financial year, ending 30 June 2025. Unsurprisingly, we've had some questions in relation to whether we will pay a dividend. I'll remind shareholders that we have a very clear dividend policy. It says that Fenix Resources will look to pay a full-year dividend based on the availability of franking credits and with regard to the future CapEx requirements of the business. We'll do that based on our full-year numbers. That dividend policy was updated from its previous version, which said that we would look to pay between 50% and 80% of net profit after tax as a fully franked dividend to shareholders. I mention the previous dividend policy because I think what the investors who are interested to know what will happen with the dividend should wait, as the board will wait and look at our full-year numbers. You can get an idea of what they might be based on the four quarters, but I can say that the board will look at the full-year numbers, and we'll make a decision very consistent with that dividend policy. We've got lots of franking credits available. We are still very focused on growth opportunities, but we remain very committed to our dividend policy and remind shareholders that all the board are shareholders in the company, and we look to reward shareholders where we can consistent with that dividend policy. That's a decision of the board, and it's one that will be made when we've got access to those full-year numbers and have a very clear idea on what our profit is and also what the CapEx budget is out into FY 2026, which, based on our current production and the success in commissioning Beebyn- W11, looks to be a very positive year. I'm looking at some other questions. We've had a few questions in relation to the Newhaul fleet expansion and how that's going and the availability of drivers. That's obviously been a big challenge for us, not so much the expansion of the fleet. Anyone in Geraldton or in the Midwest will see our beautiful bright blue trucks and increasing in number. We're on the cusp of commissioning a brand new state-of-the-art depot, as our Ningaloo facility, and we're recruiting drivers all the time and have an excellent team there, with Craig Mitchell and his Newhaul team, and that's going very well. There are no issues with bringing Beebyn- W11 online. We've been managing that for 12 to 18 months, and that team continues to be an A-team in haulage and logistics. You can see that in the tons that we've hauled during the June quarter, and we'll certainly see it in our full-year numbers in the consolidated picture of Fenix. I've also had some questions on the iron ore market in general. It's nice to see that picking up. There's a seasonal element to that, as well as obviously some very positive signs in relation to the Australia-China relationship, as evidenced by the Prime Minister's recent visit, as well as signs from China around stimulus packages and other things flowing through into some optimism in the iron ore price. We're seeing that reflected in the share price of all the miners. Great to be increasing Fenix's production, great to be controlling our costs in that environment where we're seeing, let's say, less bearishness in the iron ore price. At Fenix, we continue to focus on what we can control, and that is managing the costs of our operation. That's the best response we can have to volatile iron ore prices. We've also been very successful with our hedging policy. If you've read the quarterly, you'll see that we've also expanded the successful swap program to include some foreign exchange management. At 30 June, that combination of our core program on foreign exchange and our swap program was about AUD 9 million in the money. Hopefully, with what we've seen since then in the iron ore price, that in the money position has eroded, which is a good thing for our entire business. We continue to look to establish those swaps out above AUD $150 as far as we can, and that's a positive protection of our margin. Our business is becoming more and more robust. My comments on the iron ore market in general is I think that there's a general optimism creeping back into the iron ore market. We're in a very strong position as we continue to control our costs, expand our position, and demonstrate that at the prevailing iron ore prices we've seen over the last three or four years, and anyone with the expectation of prevailing iron ore prices in the future, we have a solid and sustainable business at Fenix with lots of opportunities to expand. I think I've responded to the key questions that have been asked. If there's anyone who has any questions that I'd either come to or we haven't addressed, please send them through, and we'll respond to them directly via email. Congratulations to the Fenix team. It's another strong quarter. Expect more growth and more opportunity at Fenix. The Midwest is an amazing place for a logistics, port services, and mining company like Fenix. I look forward to updating you on the success at Beebyn, our ongoing production from Iron Ridge and from Shine, and other opportunities we are working on. Thanks very much for participating in today's webinar.