Wednesday, the 25th of February, Fenix published its half-year results. Joining me today to discuss the announcement and to answer any questions is Fenix Executive Chairman, Mr. John Welborn, and Chief Financial Officer, Chris Hunt. Just before I do pass over to John for some introductory comments, I'll just quickly run through the way this will work. This is a live webinar being held via Automic's online meeting platform, which lets shareholders and investors not only participate in the webinar but also ask questions in real time. If that's something you would like to do, just simply press on the Q&A icon at the bottom right of your screen. That will open a new screen, and at the bottom of that screen, there's a section for you to type your question. Once you have, just hit Enter on your keyboard, and that will send the question through. If we get lots of similar questions on one topic, I won't ask them all, because we want to try and cover as many topics as possible. If we run out of time, well, John will answer them in due course via email. You can type your questions at any stage. If there is something you want to know, today is a great chance to find out. To get us started, I'll now pass over to Fenix's Executive Chairman, Mr. John Welborn, for some introductory comments on the half-yearly report. John, over to you. Thank you, Nick, and congratulations on acting from the new Fenix Media Centre. You look very bright and shiny this morning. Welcome to shareholders, and great to have Fenix's Chief Financial Officer, Chris Hunt, joining me on this webinar to cover what is another impressive period and a great announcement from Fenix. As we headlined it, Record Production and Earnings. Shareholders will recall that our main target during 2025, the calendar year, was to achieve a run rate of 4 million tonnes per annum. It's not that long ago that that was a very ambitious target for Fenix as a one-mine producer. Iron Ridge at 1.3 originally, and then 1.5 million tonnes per annum. The headline number of the half year, the six months to thirtieth of December, 31 December 2025, was that we produced record production of 2.127 million tons. That is a great demonstration that we achieved that target of 4-million-ton run rate. In fact, if you annualize that, we're obviously at 4.25 million tons, and we're running it even more now. Obviously, the half year speaks for itself. Revenue went up by 125% on the back of increased production and strong iron ore prices. EBITDA increased by 137%, net profit after tax by 419%. As a result of that, you can see that we've materially strengthened the balance sheet. Most importantly, outside of the finance numbers that Chris will talk to. It's important to remember that during this 6-month period, we executed a game-changing, transformational, 30-year right to mine agreement on the Weld Range Project. We now control 300 million tonnes of high-grade direct shipping ore, and that's a very important support for what this half year validates, which is the strength in our integrated supply chain. We have a very well-performing, strong team in our mining business. We have a fantastic, wholly owned Fenix-Newhaul business in haulage, and we have amazing port assets and a port services team. They're operating in a fully integrated model, that represents all of the revenue and all of the earnings numbers that Chris is about to go through. Our response of mining iron ore, hauling it to the port, storing it, loading into boats, and sending it to our customers, and being a very important part of the global steel industry. We're really excited about the opportunities that the finance numbers demonstrate the platform we have. Our strategy has always been clear: acquire very high quality, high grade, direct shipping ore assets, integrate our logistics, and operate an integrated supply chain. We've been scaling production incrementally, and we plan for that to continue most obviously through the incredibly exciting scoping study we published at the end of this six-month period, reminding the market that this had a net present value of AUD 3 billion. We're reinvesting the cash flows we're generating into long life growth. We're committed to rewarding our shareholders with a dividend policy. We've been able to manage both the reinvestment into building a bigger business and looking to reward our shareholders. Hopefully, if you look at the forward cash flows, there's strong predictions that can be quite significant value in the future. The half year numbers prove that our strategy is working. The board's particularly encouraged that half year NPAT has already exceeded the full year net profit after tax in the previous financial year. The 12 months to 30 June 2025, the 6-month period to December 25, we've already exceeded it by more than 80%. From an earnings before depreciation and tax, the half is almost equivalent to the full year FY25 numbers. We're growing the business. Our strategies are working. Although I've mentioned that we are investing and we are focused on incremental growth, this six-month period is actually all about structural growth, game-changing support. We now have decades of future iron ore under us. We've got a great business. I'll now, with great pleasure, pass across to Fenix's Chief Financial Officer, Chris Hunt, to talk about the financials in a bit more detail. Thanks, John. Appreciate it's great to be discussing the half year financial results with everyone today, which I think really sets us up for a strong position in the run home to 30 June 2026. In terms of the financial metrics, which John's discussed, just quickly, I won't labor on them too long, because I think John's very succinctly summarized them. Revenue's up, EBITDA's up, NPAT's up, operating cash flow is up, which has resulted in an increasing closing cash position of nearly AUD 80 million. I think, you know, to me, what this clearly demonstrates for this business is the benefit of increased tonnages in a bulk commodity industry, such as Fenix, with every additional ton that we ship being profitable. It's really simple. Every ton we do, more tons equals increased earnings, equals increased cash flow. We need to continue increasing our volumes, which we aim to do, and as John's articulated earlier, in terms of our strategy going forward. With three mines now operating at steady state, and it's really great that Beebyn's ramped up so quickly, and we've got production over 4 million tons per annum. Certainly, the working capital requirements for the Group have grown, and that's clearly noted by at 30 June, we had no outstanding trade debtors. At 31 December, we had just over or just under $20 million worth of trade debtors outstanding, for shipments that were received very early in January. Clearly, this shows that the working capital of the Group, requirements of the Group is growing. What we did during the half is that we looked at doing some really cost-effective, low-interest rate iron ore prepayments with certain offtakers, and that's helped us to manage our working capital requirements. Certainly, as we've grown into our third mine or our third mine started, that ramp up is, it does use up a lot of working capital until we're at steady state, which we are now, which is pleasing. It also helped us, the iron ore prepayments also helped us fund AUD 20 million, 290 million tonne right to mine payment with Sinosteel, which is clearly a long-term investment for this business for the next 20 or 30 years. We needed to fund it, so we used iron ore prepayments. Going forward, where iron ore prepayments have decreased for us, we've reduced our reliance on them because we are, where I'm looking at, and we're progressing more longer-term finance, two to three years. And that is appropriate for this business, sort of longer term tenor finance is more appropriate as we fund, as we need to fund our scale up in the Weld Range and our business to 10 million tonnes, or prior to 10 million tonnes. It gives us longer-term finance, gives us a lot more flexibility going forward in terms of the amount, timing, and the actual use of those funds. That's progressing. The financing for the Weld Range, which is subject to a board decision and subject to FID, will be progressed later this year. We've certainly had discussions with financiers, it will be progressed later this year when we complete a feasibility study. The financing we're looking at now is more 2-3 years, more short term, but longer term than the iron ore prepayments. In terms of C1 cash costs, really pleasing that we've hit the midpoint of the guidance of AUD 75 per wet metric ton, which year-on-year or half-on-half is a 7% decreased. Again, it's no surprise that with a commodity, bulk commodity business, the more tons we do, the lower our unit rates go, because we spread the fixed costs over a lower base. We're seeing that benefit. What's interesting when I look back on this business, at 31 December 2023, C1 cash costs were AUD 84. 31 December 2023, project today, AUD 84. Currently, we're at AUD 75. That's a combination, which is an 11% reduction. That's a combination of good cost discipline, which we've got to be continually vigilant on. Also, again, to reiterate, increased volumes lower our unit rates. That is why we're scaling up, or one of the reasons why we're scaling up, or one of the benefits. Capital expenditure for the half was AUD 40 million, just under AUD 40 million, with the primary payment there being the AUD 20 million plus AUD 2 million in transaction costs for the right to mine transaction. It's a payment that's happened in a half, but this expenditure, as John has mentioned earlier, completely transforms this business from a short-term iron ore producer to a long-life iron ore producer, and really sets us up to further reduce our operating costs. That expenditure, even though we don't see the benefits of it today, we will be seeing the benefits over the next 20 to 30 years. We also just had under AUD 10 million in CapEx for Beebyn-W11, which is predominantly the final payments in relation to the 18-kilometer private haul road. There was some CapEx for logistics capital, as well as we do the ramp up to 4 million tonnes. That sort of brings you around to that just under AUD 40 million. In terms of our haulage fleet, as we've ramped up to that 4 million tons, we've significantly ramped up our haulage fleet assets, and you'll note that on our balance sheet at cost, we have just over AUD 100 million worth of haulage fleet assets. We have actually been aggressively repaying these since we started purchasing trucks and trailers. Over 4 years, we repay this asset over. Typically in the industry, you'd probably see 5-6 years, but given we've got the cash flows available, we've continued to aggressively repay this fleet. That's actually built up an equity position of just over AUD 35 million in those trucks and trailers, which we're not looking to realize or anything like that, but while we've got the cash, we're building up this really strong balance sheet. I think that's important to note. In terms of CapEx going forward, we have been, and we will always continue to look at CapEx on a very disciplined basis. We are changing somewhat. Again, Fenix used to be a short-term mine life producer. We're now clearly around for a long time. When we think about capital and making capital decisions, we really look at that long-term nature, and predominantly, if that capital can reduce C1 cash costs or all-in costs, it is something that we're very interested in doing, is spending that capital to lower that C1 cash cost. That's how we think about capital going forward, but it continues to be on a disciplined basis. With respect to hedging, people know that we've certainly taken advantage of the market, and we've actually got a really strong hedge position now, probably the longest I think this company's ever been out in terms of tenor. We're out to 30 June 2027, and we've got 1.3 million tonnes hedged from 1 January. That's decreased a bit, now we're sitting here towards the back end of February, at AUD 151. It's a really strong position in terms of our iron ore swaps. We'll continue to take advantage of the market when these opportunities present and continue to hedge in an appropriate way. Certainly note that, since Chinese New Year has ended, I mean, the trading started again, and the iron ore price has started to increase, which is fantastic. We've also in the half purchased just over $100 million U.S. in AUD call options. The reason we're doing that is because we're protecting surplus U.S. dollar revenue from a rising Australian dollar price, and we're purchasing call options, which are low cost, and we've got an effective rate of just under AUD 0.73 Australian dollar for every U.S. dollar. We're doing that because purchasing the call options is like insurance. If the exchange rate decides to decrease or goes down to under AUD 0.72, it goes down to AUD 0.65, AUD 0.64, and we still benefit on that. We get that full benefit of that rate. The worst rate or the highest rate that we can pay on these AUD call options is just under AUD 0.73. That's a really good rate for us. We're very profitable at that level, we're very comfortable to be purchasing AUD call options at this rate, and we've extended it out to June 2027. What you can see is that we're really locking in. We've still got some upside. We've certainly still got some upside, but we're really starting to lock away FY27 in terms of our profitability with our hedging, and they're very, very good rates, and we're very profitable at those levels. I think, you know, in summary, clearly a very, very strong half. Really pleasing to see the supply chain and the ramp-up of our production to over that 4 million tonne rate, 4 million tonne run rate, sorry. Again, as I said in my opening remarks, it sets us up really well for this half and the run home to 30 June 2026. Thank you. Over to you, John. Thanks very much, Chris. Another key aspect, as you say, is, we're really looking forward to completing FY26 and firing into FY27. Obviously, the half year was another opportunity to confirm our guidance for the full year, which is to produce between, 4.2 and 4.8 million tonnes per annum. So the midpoint is 4.5. We've again, maintained our cost guidance between AUD 70 and AUD 80 a tonne, C1 cash costs, FOB Geraldton. I think Chris's description of the half year, demonstrates that the numbers are being generated from strong, alignment with the Fenix board-approved strategy. There's fantastic operational discipline across our integrated supply chain. We're getting leverage on our earnings. We're seeing the balance sheet strengthen, we're using cash flows to invest in strong future cash flow-generating asset base. They're a very transparent set of accounts. There's a lot of visibility there for people who are interested in understanding how our revenues flow into our cash flows, flow into our earnings before interest, tax, depreciation, and then our net profit after tax. Looking forward to questions from the keen chartered accountants out there. As I said earlier, this is a period that demonstrates we're no longer a short-term, single-asset producer. We are a multi-mine, integrated iron ore company, and we are on a pathway of execution based on successful delivery to a 10-million-tonne-a-year miner, and that's going to be a significantly scaled business with significant earnings, and we're looking forward to rewarding our shareholders for it. Before the Q&A, I'd also just like to obviously congratulate Chris and his finance team on putting out such a strong set of accounts and the transparency within them. Obviously, that's only possible because of the incredibly hard work of the very small and focused teams we have in our mining business, in our haulage business, and in Fenix's port business. Congratulations. It's a really exciting place to work at the moment at Fenix. The board are aligned behind our strategy. We really appreciate and thank, the teams, our contractors, our stakeholders, an increasing group of stakeholders. It was great to be in Geraldton recently, talking to people about our plans and engaging with the local communities. We thank everyone who's involved, and if you're a shareholder out there, look forward to your questions, but my main message to you would be, you don't own enough Fenix shares. Over to you, Mick. Thank you, John. Well, as usual, and thanks to Chris as well. As usual, we'll start with some questions from the broker research analysts who do cover Fenix. If they don't cover something that you would like to know, it's just the Q&A button at the bottom of your screen. We'll start with Michael at MST, who asks: "Iron ore price. There is much discussion in the market regarding Simandou. Do you have any thoughts or comments on the Simandou effect and your general feeling on the market? Well, thanks, Michael, and look, this is a comment that comes up a lot. I think for almost 10 years, Simandou has been known as the Pilbara killer, and there's been a lot of concern in the market about the ability of this mammoth Guinea-based African iron ore project of huge grades to depress the market price of iron ore. My comment would be that that story is now well known. This is no longer conjecture. Simandou is in production. It's been factored in for a very, very long time, and I am entirely confident that the market has absorbed the reality of Simandou in production. 20% of that material, roughly, is held on account of Rio, who use it to blend some of their lower-grade ores. Those products are on the seaborne market. Their volumes are well known by analysts, and it's a part of the current balance in the iron ore market. The other production is China-controlled production, and it's in the market. My comments on Simandou would be that the analysts have absorbed that, and the market has absorbed the reality of that project for some time. Also, the reality is now understood that the ramp-up of that project is going to be slower, and more difficult and take longer. The other point I would make, and it's almost a general comment on iron ore, MinRes, put out recently a very interesting slide, where they looked backwards, year on year and published the consensus analyst forecast on iron ore and then the average achieved iron ore price. It demonstrates there is a structural bearishness in iron ore forecasts. We continue to outperform. I am entirely confident that the iron ore price will continue to outperform analyst projections, that means that Fenix will continue to enjoy high iron ore prices. Chris mentioned that we've just come out of a trading pause for the Chinese Lunar New Year. This morning, iron ore has risen to $99. The other point I'd make is that when we talk about the index iron ore price this morning, $99, that's now a 61% index. Really, it probably equates to a 62, the previous historical index price of about $102. That's, one, a fantastic price for Fenix. You know, it's demonstrating, it's trading in a band on around $100. That's a great price for Fenix. We would expect that to continue. We're looking forward to... Obviously, we've built, as Chris described, resilience. We're demonstrating we've got strong ability to absorb variations in the iron ore price. The short-term answer is Simandou is already in the market. Increasingly the market is recognizing that there is significant stability and strength in the iron ore prices around the levels we're seeing them at the moment. Some of these questions might come through for Chris, but I know, John, if you want to jump in and have your say, you're more than welcome. This one: "Can you discuss the interest expense increase from prior period and the debt profile going forward? I think I'll take that one, John, if that's okay. In terms of the interest expense, it's certainly gone up half on half. That's a function of increased CapEx, as I mentioned earlier, in terms of logistics fleet. Also there's quite a bit of non-cash interest going through there. When we accounting-wise, when we have to value the right to mine, or when we valued the right to mine with Baowu, that we did in September, that $60 million valuation or payment that we need to make over 3 years, a portion of that is brought back on an amortized cost basis. We have to have sort of non-cash interest going through the P&L. That will continue. The other point I would make is that we do have some iron ore prepayment interest in there, but that cost is mid to mid to high, well, sort of mid-single-digit interest expense. The interest expense is very cost effective for us, but there is quite a bit of non-cash interest going through there. In terms of the debt profile, I think touch on or reiterate what I mentioned earlier. We continually to aggressively amortize our debt. That will lower our debt profile in terms of going forward for our logistics fleet, but we still need to ensure we have the appropriate liquidity in this business to fund our growth. As mentioned, or as outlined to the market in early December, our three-year look forward, we have a sustaining capital and number in there, so we need to ensure we have sufficient liquidity. As I mentioned earlier, we're looking at medium to long-term debt to fund that. You know, the number one job of the Chief Financial Officer is to make sure we've always got liquidity, and Chris is doing a good job. I'd just add, you know, for interested, people interested in our debt profile. We're a very conservative company. We really don't have a lot of leverage. If you look, when there was a peer group of emerging, small-scale iron ore miners, or even the large-scale iron ore miners, growth was funded by debt, and there was a great deal more risk to volatility iron ore prices. Chris has mentioned earlier the equity we have in our fleet, the assets that we own and control at the port that are unleveraged. You know, if you look at the underlying transaction, to gain control of the Weld Range project, it's predominantly a royalty-based and a very manageable, non-indexed, royalty-based payment, to Sinosteel. All of which mean that we are not significantly exposed to interest costs on a debt profile currently. On a very exciting basis, as we've identified, we've obviously got a significant capital requirement for the expansion to 10 million tonnes. A significant amount of that will be funded by, as we have done the growth of the company to date, by operational cashflow. We will continue to look at conservative use of debt to fund the exciting and hugely value creative growth opportunities that we see in front of the company. This one's on approvals: Can you please give us an update on how you are progressing with the approvals process for the production expansion at Weld Range? I can. We're going really well. The first thing to point out is we currently have all the approvals in place to complete our FY26 mining target of between 4.2 and 4.8. I mentioned that we've had an initial stakeholder meeting around our plans to build a private haul road down the OPR corridor. Goran Seat and his project team, his rapidly expanding Fenix project team, are well advanced on the pathway for approvals for mining for the private haul road. There's a lot of work to be done there, so approvals are always an incremental process. We now have the advantage of our established base in the Weld Range. We are not progressing any mining greenfields projects. This is incremental approval based on very responsible, compliant mining activity. We have very, very strong relationships with the key stakeholders, the Wajarri Yamaji people, of the Mid-West, the local pastoralists, and shires. It's a very important plan, and we remain very confident that we will secure the approvals we need to progress through the three-year production guidance we've provided, where the midpoint is 4.5 this financial year, 5 million tonnes per annum in FY27, and 5.5 heading towards 6 in FY28. Then after that, the feasibility study will contain a lot more specific detail on the immediate pathway following that to 10 million tonnes per annum. Also, that will be the moment where we put the timeline in place, which will respond to the approvals. Generally, we're very confident. We've demonstrated we can get strong approvals. The last thing I'd point out is that there isn't anything magical about the 10 millionth tonne. We will continue to look to expand beyond that. There is no part of that, 10 million tonne per annum project, that limits us to only 10 million tonnes per annum. Approvals are important. We've got a great track record. We're continuing to work with all the stakeholders. There's strong confidence that we will secure the approvals we need along that, 3-to-5-year journey to 10 million tonnes a year and beyond. This next question might generate a very short answer from you've touched on it a bit, but it says: Do you have any further comments on the progress of the Weld Range towards 10 million tonnes per annum? Yes, it's going well. I think there's been an underwhelming response from the market for that feasibility study. This is not a company who is throwing out a scoping study and then talking about their cash burn or, you know, having some element of uncertainty about when and how they're going to deliver it. As you've heard, as you can see in the half year, we have a fantastic business. It's got a strong asset base. It's demonstrating it can produce increasing quantities of high-grade products that are well accepted by the market. My additional comments on the pathway to 10 million tons is, it is immediate, it is available, we're going to do it, and get on board. Last question from Michael, from MST, on Iron Ridge: As you progress towards its completion, are you seeing any potential to extend the life or extract some more ore? That's a really good question from Michael. The answer is yes. We do see. Geologically, there is significant potential to extract more iron ore. When we had a very limited resource base, we were, and we've been publicly progressing the potential for us to extract further tons from the bottom, deeper areas of the pit, and there are some really exceptional grades deep in the Iron Ridge pit. There are two challenges with those tons. It's deeper, the strip ratio goes up, so they're more expensive tons. Significantly, the Iron Ridge mine is in a very sensitive area of the world, with significant, important heritage sites at both end of the pit behind me. For those reasons, having secured the Weld Range project, is immediately obvious that we have better economic reward by mining more tons at W11 and more tons at W10 than extending the Iron Ridge mine. Also, it's important that we respect heritage, and the obvious opportunity here is to limit disturbance activities at Iron Ridge and focus on areas where there isn't an impact on heritage. That's an obvious decision. We've done it. Clearly, that doesn't mean that we don't have those tons. They remain in place. Our closure plan for Iron Ridge will respect the fact that there is more ore in that pit. We reserve the right to look at potentially coming back in a different iron ore price environment. you know, we've studied the potential for an underground iron ore mine, given the higher grades, and whether that would allow us to be more sensitive to heritage. However, the short term is we are going to successfully complete the mine plan at Iron Ridge that we always planned to do. It's a demonstration of Fenix's mining expertise, our ability to produce the products that we expected and, more importantly, that our customers expected. It represents our respect for heritage and our strong partnership with the Wajarri Yamaji. Notwithstanding that we were investigating and continue to investigate the expansion of the resource base, the fact that the ore body is larger, there are more tonnes there. The appropriate decision, based on economic grounds and heritage, is that we will complete the agreed mine plan. There are better tons for us to mine all over the place in the Weld Range. That's our plan. James Williamson from Bell Potter, he's got a series of questions. Chris, he kicks off with one for you. He says: "With the growing business, how is Fenix managing its short-term liquidity requirements? Should we expect Fenix to continue using prepay mechanisms, or is the company assessing alternative options? I think hopefully, James, I have answered this throughout this call for you. I mean, I guess the further point that I would make on it is that we actually have a plethora of options with prepays. There's a lot of interest in providing them for this business, and in terms of financing, more broadly, there's a lot of interest in providing appropriate finance to this business. Certainly from, as my role as CFO, it's really pleasing that we have options, and we can choose what best suits this business. Hopefully, I've answered that question before for you, James. He follows it. In 1H Group, C1 cash costs were AUD 75 WMT in the middle of the FY26 guidance range. How should we expect these to trend with the expectation that production will be even stronger in 2H? Yeah, I think, again, I've stated, which is known, which is very, very typical for a large bulk commodity producer, as we see with the other producers. More tonnes equals lower costs. That's what we would expect. If we're doing more tonnes, we expect lower costs. I mean, we're not looking at changing our guidance. We're very happy with that range of $70-$80. Being at $75 halfway through the year is really pleasing, especially given we've just opened up a new mine, Beebyn-W11. If you recall from FY25, we opened up Shine as well. When you're opening up mines, you've got a bit of pre-strip. You're certainly at, not at a full run rate, so your unit rates are higher. The fact that we have maintained midpoint of guidance opening up our third mine is very impressive. And I hope to see that we continue that going forward. But our guidance will stay at 70-80. Hopefully, we're at the lower end of it. We'll see, depending on our production volumes. Look, as we said, we're reconfirming guidance, the answer is yes, of course, we're confident. That's why we're guiding between AUD 70 and AUD 80. I think Chris Hunt has been quite modest. I would refer to the reality that in 2019, Fenix Resources published a feasibility study for Iron Ridge that said we could produce 1.5 million tonnes per annum at a C1 cash cost of AUD 85 a tonne. I challenge any company to point to a feasibility study from 5 years ago and demonstrate that they're achieving a C1 cash cost lower than their feasibility study that they promised the market they would deliver. While James Williamson is looking for us to identify that we're gonna bring our current business down from AUD 75, or is it still relevant? It is. I think it's an amazing achievement that we have brought, you know, C1 cash costs down from in the nineties to regularly be within that range of 70-80. We target 75. The transition to one mining hub at Beebyn has obvious advantages, moving from 3 disparate mines to one. We'll be looking at how we can demonstrate that cost saving and the guidance we provide in July for FY27. You know, the structural change to our C1 cash costs will come when we complete the infrastructure that takes our business to 10 million tons a year and beyond. Between now and then, we are looking for incremental savings. Our main target is to stay within the guidance band across the 3-year production period. At this stage, we only guide FY26. To give some real clarity to you, James, you know, at this stage, we'll be looking to try and obviously improve where we can. In the light of Look at any of the other iron ore miners, they've seen double-digit cost inflation year-on-year. We have not only maintained our costs but brought them down. That's the job that we'll keep aiming to do. John, while we've got you, James says: "Can you provide an update on the approvals for Beebyn W10? Look, I spoke about approvals generally. That's specifically to W10. Unsurprisingly, W10 is right next door to W11, the mine we opened up last year. It's a couple of 100 meters away. It's gonna share a lot of infrastructure. There's no new road required. This is, as I mentioned earlier, quite straightforward. To be really specific, we are expecting to get all the mining approvals in place for W10 in the second half of calendar 2026. In the first half of FY 2027, we expect to have those approval in place and be mining at W10. That'll be a key milestone for the market to watch, and that will demonstrate my earlier comments that we are good at getting approvals, and we're good at meeting our own and the market's expectations on what we promise. Chris, one to you from James: "Has Fenix commenced discussions with potential financiers for the broader Weld Range funding package? If so, how is the feedback to date? In, in terms of the broader Weld Range, so 10 million tonnes and what we talked about in our scoping study just before Christmas and that funding opportunity, the short answer is yes, absolutely, and there is interest. There's a lot of inbound interest, but really, that process will start ramping up when we release our feasibility study. Once our feasibility study comes out mid this calendar year, we've got a very detailed... I mean, our scoping study was already very detailed for scoping study level in terms of being -10, +25% degree of accuracy, which is very tight for a scoping study. But the DFS, the feasibility study, will be even more detailed, obviously, because it's a DFS. That's when financiers will really want to get involved, look at the detail. That process will start ramping up mid this year, and then we'll progress over the next, from that next 6-12 months. The only thing I, you know, we've been working on financing opportunities for a long time. It obviously, the opportunities, as Chris is describing, increase as our business increases. I'd also point anyone interested to the public disclosure we've already made when we announced the game-changing Weld Range project deal with Sinosteel and their parent company, the largest steelmaker in the world, Baowu. At the end of that announcement, and as part of the agreements we've signed, there is a lot of mutual enthusiasm to work on the broader opportunities, collaboration, and specifically on financing, and Baowu's support for our future financing. An obvious opportunity, and one that we are advancing, is the China-based financing opportunities. We've seen larger iron ore mines do very low-cost renminbi-based debt deals. Given our strong relationship with Sinosteel and Baowu, that is something that we have publicly disclosed, and both sides of those operations have said they will collaborate on. That's something that would provide a lot of confidence in our ability to fund growth for the mutual benefit, obviously, of Fenix, and our partner, Baowu. Thanks to James for those questions. This one, David at Petra, for you, Chris. He says: "Any one-off costs over the next 12 months associated with the end of operations at Iron Ridge and Shine? Thanks, David, for your question. They're both different. In terms of Iron Ridge, a clear advantage for us is that we already have a camp there, and we have other infrastructure in place that's been around for five years, and we've recently upgraded that and continued to grow that infrastructure. It's there, it's in place, and it's actually gonna service the Beebyn hub and the Madoonga hub as we ramp up. That's a clearly a benefit for Fenix in that we already have that infrastructure in place. The reason I say that is because we're not going to need to do rehabilitation at Iron Ridge in terms of our infrastructure that's in place, 'cause we're gonna continue to use it. Accounting-wise, obviously, we provide for rehabilitation on the balance sheet, but in terms of actual costs for closure for Iron Ridge, nothing. There will be nothing. In terms of Shine, which we've publicly stated, is winding down and will close in the second half of this calendar year, in terms of shipments, might extend a little bit longer. There's actually more ore there. There's ore at stage 2 and stage 3. Very similar to John's comment earlier, it actually doesn't make sense for us to access that additional ore. There's quite a bit of pre-strip that needs to be done. Not a lot, relative to the opportunity to expand W11 and open up W10, it's a lot lower cost. That's why we're progressing the Beebyn Hub, W11, W10, and the Shine Stage two, we can keep there and look to potentially access at a later stage. It doesn't feature in our mine plans in the next 2-3 years, but at some stage, we may look at that, depending upon circumstances. The reason I say that is that there will be no closure costs or material closure costs for Shine at the end of this year. Again, we provide for it on our balance sheet. As we sit here today, for either mine, minimal, if not nothing. Thank you, Chris, and thanks to David. John, next one for you from Jen Pascoe, he says: "What, if any, road maintenance charges, in terms of AUD per kilometer, are levied by Mid-West councils on Fenix to use public roads? Thanks for your question, Jen. We are a participant in the voluntary road maintenance scheme of Main Roads. It's associated with the concessional licenses we received from Main Roads to run the amazing 60-meter quad road trains that transport our ore to market. You can see the back end of one behind Chris on his screen. That is a commercial-in-confidence discussion. We haven't publicly disclosed the rates, and they're subject to regular negotiation. What I'd tell Jen is that those are obviously included in our haulage costs, and they form part of our C1 cash costs. This is about us making a contribution to fund the roads on which our trucks operate. We have that arrangement for roads that are maintained. ... by the main roads on the 500-kilometer journey from Iron Ridge to Geraldton. We also have arrangements with shires, for the shire roads that we operate on, where we contribute to and fund the maintenance on those roads and the regular repair on them. That's obviously in our own interests because it means our trucks are looked after and running well, but it's also a responsible thing and benefits all of the road users on the sections we operate. The cost of that is a minimal cost included if you look at our overall haulage cost or our overall C1 cash costs. Jen, the exciting thing is that if you look at the plans we have to expand to 10 billion tons, we're very confident that in the future we'll be running on a private haul road, and augmenting our supply into Geraldton using the existing rail network. That will remove the largely the charges and the funding that we're providing for road maintenance, because we won't be using public roads, and we'll take that pressure off the main road system, and we'll take that pressure off the shires. That's hopefully, a response to your question. Appreciate, Jen, is a long-time shareholder, often sends questions through. Really appreciate them. Would encourage other shareholders and market participants, if you've got a question, please send it through, and we'll always respond. Thank you, John. Thank you, Jen. John, you and Chris, you've obviously answered most of the questions 'cause that is it in terms of questions. Any closing comments from you? As always, I've got some comments, Mick. We do, we do want to get to lunch too, don't forget. Really excited about the platform we've built across the business, the integration of our mining, our logistics business and our port business into the cashflow generator that the half-year numbers provide. It's an ongoing step change in our business. We look to keep rewarding the market with information about that journey. Iron ore is a very interesting space at the moment, and I continue to be amazed at the opportunity we have in the Mid-West. The value of having 300 million tonnes of iron ore that's ready to mine, attached to a supply chain that we're demonstrating, we can incrementally expand, it's a huge value play. We're going to be disciplined and conservative about how we do that. Importantly, we remain focused on safe operations, something easy to skip over, the ongoing focus we have on keeping our people, our communities, safe and well, and our focus on cost control, capital discipline, and most importantly, it's been a theme of Fenix since inception, unlocking the value we see in front of us. Congratulations to everyone within the Fenix team, all of our business units. Thank you for your work. Let's keep going, and thank you to shareholders for your support. Lovely. That does conclude today's webinar. Thank you, John. Thank you, Chris, for your time, and thanks to everyone for joining us. Thank you.