This is a live webinar. Shareholders and investors participate in the webinar and ask questions in real time. If you would like to ask a question, just press the Q and A icon at the bottom right of your screen. This will open a new screen, and at the bottom of that screen, there's a section for you to type your questions. Once you've finished typing, just please hit enter on your keyboard to send. If we get multiple questions on one topic, obviously, I won't ask them all. That way we can cover as many topics as possible. If there are some questions we don't get to because of time constraints, John has indicated that he will answer them in due course via email. Just a reminder, you can submit questions at any time during the webinar. With that said, it's now my pleasure to pass over to Fenix Executive Chairman, John Welborn, for some introductory comments. Thanks very much, Mick. Great to have published yesterday our annual report. It obviously includes all of the financial results for the year, the 12 months to 30 June 2026. Includes our remuneration report, and also for the first time for Fenix, our sustainability report, which we're really pleased with. It was a record year for Fenix. It demonstrates the continued growth, evolution in our business. I'll pass over to Chris Hunt in a moment to just talk through some of those numbers from a financial perspective. But I wanted to talk more about the relevance of this 12 months in the longer-term potential of Fenix. It was really pleasing in writing my chairman's letter in the annual report, which, as you might imagine, you start by looking at the one that I wrote 12 months before in the FY 2025 annual report. In the previous period, we were very pleased to have increased production so significantly. We changed from a single mine 1.5 million tonne per annum producer to a 2.4 million tonne producer in FY 2025. We proudly spoke about how we had shipped 41 vessels, and we also spoke about the future, what we were planning to do during the 12 months that we've just reported on. It's really pleasing to reflect on the fact that we made promises and we've kept them. 4.4 million tonnes, up 74%. The vessel numbers up a similar amount, more than 70 vessels, and significant growth across our business. Really importantly, let's start with the safety outcome. Our business is very complex. It's getting more complex. We have haulage trucks on the road that are driving the equivalent distance every day of three times around the Earth at the circumference. Think about the complexity of the port business that you can see behind me in just increasing those number of those vessels interactions. Our mining business has scaled up significantly. We moved 15 tonnes of material in order to produce, haul, and ship that 4.4 million tonne record number. Very pleasing that across all of that complexity, we have continued an excellent safety performance and actually brought down the key metrics. That is a really important part of what we are calling One Fenix, which is a focus on the management of an integrated supply chain across our business. During the 12 months, we announced a game-changing deal, another reflection on the difference in this company over that period. That was obviously the 30-year exclusive license we have secured over the 290 million tonne high-quality direct shipping ore resource of the Weld Range. We are now well advanced in this company's future, which is to ramp up the production from the Weld Range to 10 million tonnes per annum. Before I speak about that project, though, the other significant event during the 12 months was to publish for the first time a three-year plan, holding ourselves accountable. We are effectively now reporting on the first year of that three-year plan, FY 2026, where we have achieved our guidance on production and cost. We are now into FY 2027, guiding effectively the midpoint of 5 million tonnes. Pleasingly, we have managed to maintain our cost profile at between AUD 70 and AUD 80 FOB Geraldton, the same as it was last year, the same as it was the year before. I refer shareholders to my presentation at the Diggers & Dealers Mining Forum, which outlined how across the industry, all of our peers' costs are up more than 20% over that period. We, in fact, are keeping our costs within that guidance band, which is a great outcome. The comparable growth in the business in production is equaled with a growth in our people across that business. We are employing and attracting high-quality people. We are doing a lot to motivate those people around a culture which is around safety, production, cost, focused on shareholder value. Very pleasingly, shareholders, in looking at the annual report and thinking about our ongoing performance, will notice that we have expanded. That growth and improvement in our people goes all the way through to the board, where we have recently welcomed Jenn Morris and Michael Gollschewski to the Board of Directors, and fantastic to have those as part of our One Fenix vision and our integrated model. Pleasingly, we have again declared a final dividend, fully franked, AUD 0.01 a share. That represents a payout against our NPAT of 64%. I am very proud to say that that brings the total dividends paid since we last raised equity, which was AUD 15 million in 2019 to build the original Iron Ridge mine, now totals AUD 82 million. We have abundant franking credits available. Although we are paying a small dividend at the moment, our main focus is our growth in revenues, our growth in earnings, and our potential to use the franking credit balance that we are building up for future shareholder dividends. I'd encourage all shareholders and market participants to look in detail at the annual report. We also published a much shorter FY 2026 financial results announcement. We'd love to engage with shareholders, both during questions in this webinar, but also outside of the webinar. We are very proud of our performance. We have a really clear vision at Fenix to design, implement, and operate a fully integrated, scalable iron ore business, delivering safe, reliable, efficient mining, logistics, and port operations, supporting sustainable cost advantages, profitable growth that rewards all of our stakeholders. Very pleased in the FY 2026 report. I'll pass across to Chris to go through some of the numbers. Thanks, John. Appreciate it. Firstly, let me start by saying I'm really proud, and to echo John's comments, of what Fenix has achieved in FY 2026, and it's really pleasing to present these great set of results today. From a financial perspective, FY 2026 was another very strong year for Fenix, with significant increases in production flowing through to our improved financial performance across all our financial metrics. Revenue increased just on 87% to AUD 590 million, compared to AUD 316 million in FY 2025. EBITDA, which is a measure for cash, increased nearly 50% to AUD 81 million. Net profit after tax increased by 128% to AUD 12.3 million. The important point with all these metrics is that this growth translated into cash, with our operating cash flow increasing 33% to AUD 96 million for the year. The key driver of all these substantial improvements in the financial metrics was volume. Shipments, as John mentioned, were a record 4.4 million tonnes during FY 2026, which is an increase of nearly 85% on the 2.4 million shipped in FY 2025. What's really pleasing is that this financial growth was achieved while the Australian dollar realized iron ore prices that Fenix received remained relatively stable year on year at approximately AUD 147 a tonne Aussie, compared to AUD 144 a tonne last year. Cost discipline, which we really pride ourselves on, was also maintained through this significant ramp-up period. Group C1 cash costs were just under AUD 74 a tonne, which is in line with the FY 2025 Group C1 cash costs of around AUD 73 per wet metric tonne. Notwithstanding, volumes increased by more than 80%, our unit costs remain broadly consistent year- on- year. This is the production increasing, which is lowering our unit costs and is offsetting any inflationary pressures that a lot of companies are seeing in Western Australia and certainly across Australia. In terms of the balance sheet, this was really strengthened during the year with AUD 81 million of cash up around 45% from AUD 57 million at the end of FY 2025. What's impressive about this was achieved after we invested approximately AUD 50 million in capital expenditure, which is supporting the development of the Beebyn Hub, which we've mentioned before and is really about the future of this company for the next 10 or 15 years. As well as investing approximately AUD 25 million to secure the Weld Range Right to Mine payment to Sinosteel, which was about AUD 20 million. So again, this expenditure that we are incurring is not just for one year or two years, it is multi-decade expenditure that we are setting this business up for. The investment and the capital expenditure on the first payments at Sino, as I mentioned, is about building an iron ore company for decades to come, which will generate substantial cash flow returns to shareholders. We have been able to substantially increase production, generate earnings and cash flows, and at the same time, continue to invest significantly in the future of this business. So it is not surprising that funding was also a really important focus during FY 2026, and pleasing to say that during FY 2026, we secured approximately AUD 44 million from ResInvest, which replaced shorter-term iron ore prepayments that we were doing with medium to longer-term funding. So it is extending our tenor by about two years and reduces any near-term refinancing risk. And as important, provides a really strong capital base as we continue to ramp up production through FY 2028. At 30 June, we had drawn approximately AUD 35 million under these facilities. In addition, we have always had access to chattel property mortgage finance across our trucks and trailers, and we have got access to about AUD 120 million to finance our growth in terms of truck, trailers, and property in Geraldton. At 30 June, we had only drawn AUD 82 million. And these facilities are continuing to support our investment in our haulage fleet, crushing and processing infrastructure, and all the other assets required to deliver our growth plans. John has mentioned this before, and I think it is important to mention again. So for shareholders, we have not raised equity since August 2020, from when we started as a single mine operation producing around 1.5 million tonnes a year to the multi-mine business that we are today, which is being funded through cash flows and debt facilities. As the capital program is completed during FY 2027, and it is predominantly going to be completed by the end of the first half of FY 2027, we will expect to see our drawn debt beginning to reduce in the second half of next financial year or this financial year. And despite this growth, as John mentioned, and this significant investment in growth, the board has declared a fully franked final dividend of AUD 0.01 per share, representing approximately AUD 7.7 million or 63% of NPAT. And as John mentioned, and I want to mention this again, it is important to note, our total fully franked dividends returned to shareholders since 2021 is AUD 82 million. So overall, it is really pleasing. FY 2026 represents a significant year-on-year step change for Fenix. Production up 83%, revenue up 87%, EBITDA up 50%, NPAT up 128%, and operating cash flows up around 35%, with our year-end cash balances up around 45%. So looking forward to FY 2027, we enter with a really strong platform, with appropriate funding in place to deliver our growth program across the three-year plan that we announced in December last year, with a continued focus on capital allocation by balancing our growth investment, balance sheet strength, and returns to shareholders. Thank you. Over to you, John. Great. Over to you, Mick, for Q and A. Thank you. Thanks, Chris. Thank you, John. The first one from Michael Bentley, and he rolls a couple into one here. He says, "Can you give us some insight into how costs are traveling this quarter? Can you give us some insight into shipping cost trends as well? How's the Mira Bulk agreement working out? Anything to report there? FY 2027 is not going to be a linear year for Fenix. Obviously, shareholders are aware we're in the closing stages of the Iron Ridge mine. Similarly, the Shine mine. We're establishing the Beebyn Hub. We're still at a very early stage of our new mine there, Beebyn-W11. And we're in the process of starting a, the very, very nearby mine at the next deposit in the Weld Range that Fenix will mine, which is the Beebyn-W10 mine. A lot going on during this first quarter, including establishing the new crushing and screening plant as part of the Beebyn Hub. And that's in our mining business. At the other end of our integrated supply chain at the port, where the sunny days you can see behind me at Geraldton Port are not currently the case in the winter period. The trees go sideways in this part of the world. And the port does suffer from surge events, which during July, August, and September, sees the port closure status. We've built that into our planning. We're very confident in our FY 2027 guidance and the market will be aware if that changes. How are costs traveling? We're confident in our ability, as I referred to earlier, to maintain those between AUD 70 and AUD 80 over the course of the entire year. But we're building, as Chris has just outlined, a 30-year business. So it's not a quarter-on-quarter performance, it's an annual guidance. And we'll, having established W11 during this quarter, next quarter, we'll ramp up and start and ramp up W10. And then that will allow us to achieve our target midpoint of 1.5 million tonnes per annum. So far this quarter is going to expectation is the reality. Similar to my earlier comments, it is not that long ago that we were all hat and no cattle. Now we have got the cattle, and we are preparing to herd them. So hang on to your hat, Mick. Chris, did you have anything- I do not know, Chris, you might want to add something about Mira Bulk and how that is going. It is early days. There is certainly Mira Bulk, which we announced towards the back end of FY 2026, which is a partnership built with ResInvest, who is a substantial shareholder in the company and provides us significant funding. That partnership is all about scale. We add scale to that partnership for them, so they can leverage off that. What we get from that is lower costs in shipping and with an environment where shipping costs are certainly dictated, will always have been, but are certainly impacted by the Strait of Hormuz and diesel price. Anything we can do to lower our shipping cost is key to this business, and we expect Mira Bulk and that partnership that we have to deliver returns. Like John said, early days, but we certainly, we are excited about it, and we think it will deliver some benefits. I think the other comment on cost, again, building scale, will lower our unit costs and we expect that to ameliorate inflation impacts across the business. I would also refer again to my Diggers & Dealers Mining Forum presentation. As Michael knows, our ability to maintain costs in an industry where costs are rising, is because of our ability to be proactive in things like the Mira Bulk partnership, in taking over our own crushing and screening plant and capturing benefits. And every day we are looking for cost synergies and cost advantages in our existing business, which is a three-year plan, which will see costs in or around that area. At the same time, while we are looking to significantly reduce those costs with our future state business, which is a 10 million tonne a year business at a significantly decreased cost. That is the journey, and we will continue to report against it, Michael. Okay. Michael Bentley from MST continues. He says, "How is the diesel supply situation? Any updates on that? We are very confident in supply. We continue to do a lot of work. In terms of the question on supply, we are very confident in our future supply. We are also working with fuel refiners, fuel importers. Consistent with the ramp-up in scale of our business of more than 300% over the last 24 months, that equates to a significant increase in our fuel use and particularly our diesel use. That has allowed us to negotiate more advantageous commercial terms and we look forward to updating the market on that. Supply is secure. As Chris has just described, a key cost input for us is diesel, and we are managing that through commercial arrangements. The last thing I will say on fuel is we continue to aggressively explore longer-term opportunities to reduce our reliance on fossil fuels and diesel. Then Michael continues, "How is the Weld Range study progressing? Can you give us an update on timing? Any insights on the work done so far? It's going really well. It's very exciting. The scoping study we published in December remains a very, very valid document for anyone interested to look at as to what the 10 million tonne a year business. Quick summary, recalling that we outlined a pathway to achieve a 10 million tonne a year business by 2032, and outlined that we believe the costs of production in that business across a long-term mine life will reduce down to AUD 55 FOB Geraldton. We continue to be excited by the opportunities we see. We're looking at further potential across that pit-to-port model, doing a lot of work at the moment on the transition potential to rail in that last 100 km into Geraldton. We're also doing a lot of work on product marketing and particularly in blending and looking at the 200 or the now, if you look at our annual report, the 310 million tonnes we have in resources. What is the best way that we can maximize values through blending? That's all going to be updated into the definitive feasibility study. There's no time pressure on the DFS. Recalling that they're one year into a three-year production plan. That plan hasn't changed. The DFS really charts the growth in the business beyond that plan. It really commences in July 2029 onwards, FY 2029 onwards, so July 2028. All of that work is ongoing and we'll make sure that we get it right. The last thing I'll say is that we're also very keen that by the time we publish and release that study, we do so in a way that where we have total confidence in the financing solution for the significant capital we need to achieve that very high-value outcome. There's a number of different work streams going on, both within the DFS and also in Chris's team on the finance side in parallel, so that we can ensure that we've got confidence in our finance pathway. Now, John, you mentioned the 10 million tonnes. Michael says, "In general, how are the approval processes moving along for the path to that 10 million tonnes? I think we've got an excellent track record in relation to approvals. There's no change to that. It remains a day-to-day issue. It's something that we've done as a company extraordinarily well. In an industry where greenfields projects are taking decades to achieve, we continue to show that we can rapidly take a mine through exploration into development and through approvals. It's going to be a critical area in the private haul road we intend to build. Reminding shareholders we've fully approved and built two private haul roads that we use every day now in our existing operations. The new haul road's just a lot longer. Similar approval pathway, similar ownership. W10, we're repeating the process that we successfully tracked with Beebyn-W11 and with Iron Ridge and with the restart at Shine. So in general, approvals remain a very critical area. We work with a number of stakeholders, traditional custodians, the mining department, environmental track record. At this stage, all is tracking to expectation. Michael's final question, he says, "As always, would like to hear your view on the iron ore market and how you are seeing the trends. Well, again, I spoke about this in my last presentation at Diggers. In a mining forum with a broad cross-section of miners, obviously dominated by gold miners who are enjoying a day in the sun, I am interested in how bullish the market is on copper, on nickel, on lithium, on tungsten, on other metals, which I would see as being derivatives of the steel industry. We are incredibly exposed to upside in the iron ore price, while also having demonstrated that we are resilient in the downside. I might pass over to Chris in a moment to talk about our hedging profile in context of what we see in the iron ore market. Seasonally, unsurprisingly, we are seeing some weakness in the iron ore price. It has ducked below AUD 100 a tonne. We have just published an annual report that shows that we can be very profitable, at the sort of levels we have experienced over the last 12 months. I remain confident in global growth, and therefore I am a big believer in the fact that iron ore is a great place to be, and that we can build a huge business. Unusually for a miner, our business does not rely on iron ore strength, although we are very, very leveraged to the upside on iron ore strength. We are building a business that will generate increasing profits even if we see lower iron ore prices. Chris, did you want to chat about hedging? Yeah, absolutely. I think in terms of hedging at the moment, we are a little bit lower hedged than what we have been before. John's comment, and it remains true, typically in terms of iron ore swaps, we would be around that 30% mark. We are probably about 20% now as our volume scales up. We remain incredibly exposed to that positive upside to the iron ore price. But we still balance that with a level of hedging we do, to ensure that we can make a substantial margin should the iron ore price go the other way. I think the other comment to make is that we certainly saw over the last couple of years maybe a little bit of a disjoin between the iron ore price or commodity prices and the Australian dollar. That disjoin has stopped and we remain a commodity currency. If the iron ore price goes up, then the AUD will strengthen over a period of time. If the iron ore price goes down, then the AUD will weaken. That remains true today. It will remain true for as long as Rio Tinto, BHP, FMG sell in U.S. dollars, where they have got to convert a lot of that to Australian dollars. That is what drives primarily the Aussie dollar. When we think about our hedging program, we think about that relationship, and that is why we have got a modest level of iron ore swaps at the moment. With the seasonality of iron ore that we are seeing, that we see every year, obviously, seasonality, we will look to increase our exposure to swaps in the next couple of months. We are already seeing a tick up in the iron ore price. We will continue to do Australian dollar calls, which gives us all the upside for minimal cost, and we will continue to do that because we are a commodity currency. The other thing that we did in FY 2026, with the Strait of Hormuz and the U.S.-Iran conflict, is we entered into diesel swaps for the first time, where we hedged 30% of our exposure in FY 2027. We hedged at pre-war levels or pre-conflict levels. They are, at this stage, very much in the money, and very profitable for us at the moment. Notwithstanding also, the best way to reduce our exposure or I guess improve our margin is to lower our break even, which John mentioned earlier, where we are looking to do that with more secure and cheaper priced fuel contracts. Hedging in summary remains a strong focus for us. We look at it every day. We look at opportunities about protecting our margin. Our best hedge, and John said this many a time, our best hedge is to lower our break even. That best hedge that we can do is when we deliver our DFS and we have got C1 cash costs of mid-50s per tonne. Okay, great. James Williamson from Bell Potter, he comes in, he says, "Talk through your corporate, your employee marking and other head office expenses and headcount and how this will evolve over the coming years with the Weld Range expansion. Well, it's a pretty simple answer. Year on year, our corporate costs were largely in line. We remain very focused on our corporate costs. We want to remain nimble. We will continue to do that. I do not see a material increase in our corporate costs going forward. We are a fairly simple business. We are scaling up, so we are adding some complexity, but that simplicity will remain in how we think about things. And how we think, James, first, before we think about employing people, we think about process, how do we simplify it, and secondly, how can we leverage off systems, IT, AI. We are doing a lot of good work there. So I do not see our corporate costs materially changing from where they are today. Okay. And this one from James, echoed by a question from Greg as well. He says, "Can you elaborate on the key considerations that led to the board's decision to declare a dividend? With a large Weld Range capital program ahead, how should we think about shareholder return versus preserving cash for growth? It's a good question, James, and the easy answer is refer to the dividend policy that the board updated in 2023. It says that we will consider a dividend on an annual basis with regard to available franking credits and with regard to the future capital requirements of the business based on net profit after tax. And I think James' question is really around, given that we continue to invest in the business, given that we see huge opportunity to increase our profitability by investing capital in the business, why does it make sense to pay a dividend when we might need that capital, or we could better use potentially that capital to drive greater returns in the future? And the answer is that policy we are demonstrating, we believe we can do both. I believe it is a very good discipline that mining companies are not the best examples of, to pay a dividend when you are a profitable company to reward your shareholders. And James, it represents our confidence that we can walk and chew gum, that we can continue to pay, albeit a small dividend to our shareholders while our profits remain modest. It also demonstrates our commitment that we will continue to pay a dividend as our profits grow. And the really exciting thing for Fenix shareholders, if you look at the scoping study and/or you wait until we publish the DFS, is just what those numbers could look like in several years' time when we are at 10 million tonnes a year with a completely different cost base. So elaborate on the key considerations of the board. We looked at exactly the things in the policy. What are our available franking credits? I think we could pay around AUD 90 million out in dividends today and fully frank them. It is a huge benefit, particularly with changes in the tax code in Australia. I think investors will be looking for companies that pay fully franked dividends and have a potential in the future to pay significantly higher dividends. We had available franking credits. The future capital demands of this business, they are significant. By paying a small one cent dividend, we are saying that we are confident we can fully fund this business in future from cash flows, from debt, and from our ability to stage the development of the Weld Range project. We considered all of those things and we considered our responsibility to shareholders under the policy, and so we replicated last year's payment. As Chris said earlier, that means that we have now brought total dividends since we last raised capital to AUD 82 million, which is about, I think, five or six times the amount we raised six years ago. So, pleasing, but you can expect us to continue to focus on building a business that can pay greater dividends in future. Right. I am just conscious of time. We have got a few questions still coming through. This one from Isaac Barton from Wallabi. He says: The integration improvements in the June quarter were striking. Haulage annualized at 5.5 MTPA, and average shipment size lifted about 3 kt above your life of mine average. Can you talk us through what changed in the coordination between mining, haulage, and port, and how much of that improvement you think is now locked in as you scale towards the 6 mt? Really good question. First of all, Isaac, thank you for noticing the integration improvements and particularly what we showed in that last June quarter, where we really, for the first time, had brought our mining business, our logistics and haulage business, and our port business into a new integrated supply chain management system that we have developed internally. As I said earlier, we delivered that outstanding result while maintaining zero time injuries. The answer is improved planning and improved coordination. It is around managing the flows in our business. I mentioned in the current quarter that we have had closures of the Geraldton port. As you can imagine, that means that we need to adjust our haulage rates. We need to think about what opportunities we have to stage our mining and manage our costs in that variety. We will continue to demonstrate that that is. One particular highlight was setting a record at Geraldton Port where we loaded 69,125 tonnes off Berth 5. No one has ever achieved that before. If you are looking at our average payload in boats, the 3,000 tons that Isaac refers to is that we are now loading 3,000 tons on average more into each boat. That is extra freight savings directly into our value chain. The really important answer for Isaac is, yes, we are capturing those benefits on an ongoing basis. We are loading more into boats in the port off Berth 5. We are getting greater efficiency in matching our haulage business, which now responds completely to the demands of the mining business and the pull from the port business. Not only are we locking in those gains, but we are looking for increased opportunities to do exactly the same thing as we scale up the business. Okay. He continues to say Beebyn-W10 and the 5 MTPA crushing plant are both expected to come online in Q2 FY 2027. Considering we are only a month away from the start of Q2, can you please let us know how they are progressing, and can you give us a sense of the unit cost benefit you expect once the Beebyn crusher is commissioned in Q2? Really exciting opportunity. We talk a lot about the Beebyn Hub. Just a reminder, we have been operating originally one mine in Iron Ridge, and then we are operating three completely different remote mines, Iron Ridge, Beebyn-W11, and Shine. The Beebyn Hub will really center our operations around Beebyn-W11 and Beebyn-W10. We are going to, for the first time, own and operate our own crusher there. It is under construction. It is on track for commencement in Q2, as Isaac mentioned. The savings there, well, they are part of an integrated supply chain, Isaac. My own expectation is we believe we can save a couple of Aussie a ton at full noise. When you think about our whole business, that is really significant. That is a challenge for the team, Sand Block and all of our miners under the control of Fernando Pereira. It is the start of us taking more responsibility, more control, and lower-cost mining as we ramp up. David Brennan from Petra Capital asks, "The increase in borrowings and lease liability to AUD 103 million is for fleet expansion. How should we forecast this going ahead over the next few years? Thanks, David. Thanks for the question. It's an important question. Let's start with how we've funded this business. We've raised equity once. We have not raised equity since. We have funded this business from cash flow and finance facilities, and that's got us to the growth where we are today and will get us to our growth to achieve our three-year plan. We have materially minimized dilution for shareholders, which I think is a fantastic outcome. In terms of the specific facilities that we have at 30 June, they weren't fully drawn. I expect them to start decreasing in calendar year 2027 as the CapEx to support the three-year plan is completed, which we're on target to complete the CapEx for this expansion plan in this current half. We also, for the first time, introduced our first working capital facility, which is the ResInvest Mira Bulk transaction and financing that comes from that, which was $44 million, of which we drew $24 million as at 30 June or AUD 35 million. We will continue to draw on that as we need. Again, I expect that to reduce during 2027. A continued question. Any guide on likely CapEx spend relative to FY 2026 is AUD 51 million, not including Sinosteel? Yeah. So in terms of that CapEx spend, as outlined in the full year results release, we've guided for FY 2027 and FY 2028 and deliberately so because that's to achieve our three-year plan. That guidance is AUD 20 million in sustaining. You can assume that evenly between 2027 and 2028, so AUD 10 million each year. Then we've got truck and trailer finance, including refurbs, which are predominantly debt-funded of AUD 40 million to AUD 50 million. Expect, again, the bulk of that to start decreasing post this half. Then we've got the Beebyn Hub of AUD 30 million, which again, the majority of them being incurred in this half. That includes the AUD 15 million that John mentioned for the 5 million tonne crusher, which is debt-funded. So we've largely got through that capital for the Beebyn Hub. A couple more months and we'll be through that. Then we've got AUD 20 million for logistics and port over FY 2027 and 2028. Again, you could assume, for modeling purposes, AUD 10 million each year. Finally from David, "Any thoughts on green steel? Great question. I have no doubt that the future of the steel industry globally is to focus on cleaner steel making. However, we see obviously huge demand currently for our hematite products. That move to cleaner steel making, you might call it green steel, is going to see an increasing demand and a premium for really, really high-grade material and ultimately high-grade magnetite concentrate. From a Fenix perspective, in a long-term sense, that's what drives our investment in Athena, and we're really looking forward to Athena's drilling results from their program at the Narryer deposit. Ultimately, we believe that's the best opportunity in the Mid West to produce a very high-grade magnetite concentrate, which the market is increasingly looking for. So green steel is a reality. It's a very, very long-term transition. We believe the Mid-West is a great place, not only to produce the high-quality direct shipping ore hematites that we are ramping up, but also the future potential for very, very globally important high-grade magnetite concentrates. Ultimately, given the congruence of wind, solar, and gas availability in the Mid-West, potentially downstream developments in green steel. Stay tuned both from Fenix and Athena for that to be a part of our future strategies. However, at the moment, it is very clear that our focus day to day is our three-year plan. Our longer-term strategic plan is to ramp up 10 million tonnes per annum. We are not unaware of that longer-term industry driver, which is around cleaner products and ultimately high-grade magnetite concentrates. The great news for Fenix is what we are doing at the Weld Range leads into the much larger multi-billion ton, high-quality magnetite deposits that lie underneath those hematites. Jack Hills further to the north of us, owned by our big partner in Baosteel, the Athena deposit, a very, very, in our view, the highest quality magnetite project in the region. We are very, very interested and exposed to the green steel dynamic. At the moment, we are focusing on our business, but we are leveraged and following and ready to react to those industry changes as they happen. Now we have probably got time for one more question. Fred and Grant, we will have to get to you outside this forum. This one is from Simon Catt at Arlington. Just sent through, "How does Fenix outrun falling iron ore prices, rising AUD, and transport costs to generate shareholder returns? Good question, Simon. My answer would be, we do exactly what we are doing. We scale up our business, we manage our costs, we deliver our three-year plan, and we implement a growth plan by investing capital to produce much more iron ore at much lower costs. As you would recognize looking at our numbers, free cash flow generation in the year we have just reported on yesterday was 50% higher than FY 2024 at, based on a 300% increase in iron ore production. That is how you outrun a falling iron ore price. When Fenix first got into production, iron ore prices hit $160 a tonne. They are now below $100 a tonne, and we have just reported on a period where our revenues have gone up significantly, which has allowed us to be profitable. We are outrunning a falling iron ore price, and we are going to continue to do that. As I mentioned earlier, our increased profitability, our potential to pay bigger dividends is not linked on iron ore price outperformance. It will be hugely turbocharged by our performance in iron ore. However, it doesn't rely on it, and we're outrunning it by doing exactly what we're doing. Scaling up our business, managing and ultimately bringing down our costs, and being robust in our approach. Unfortunately, we are out of time. John, any closing comments before we do wind it up? Look, FY 2026 has been a record, another transformational year in Fenix. Further transformation awaits us. I'd direct anyone interested to read my chairman's letter in the annual report. Its summary is the last line, which is, "The best is yet to come." For shareholders, as I mentioned earlier, we'd love you to engage on any questions you have on the FY 2026 report. We've grown production, we've strengthened our financial performance, we've strengthened our team, we've increased the integration and focus across our business. We've done all of that while, more importantly, we're building a platform for our next phase of growth. Thank you to everyone in our team, across our One Fenix business, our staff, our customers, our partners, our board, and most importantly, our shareholders for their continued support and contribution. As you can hear, we're proud in our achievements. However, we recognize that we need to demonstrate and continue to perform and deliver on the promises we've made. We did that in FY 2026. We're now working hard to do that in FY 2027. I hope you enjoy the results of our next year as much as you have the reporting on the last year. Thanks very much for everyone who's joined us today. Fantastic. Look, that does conclude today's webinar. Again, apologies we couldn't get to all the questions. We will try and get to them outside this forum. Again, thank you to John. Thank you to Chris. And of course, thanks to you for your time. Enjoy your day.