Welcome everyone. It's great to be back with you. I'm Dino Otranto, Growth and Energy CEO, and Apple Paget, our CFO. Last month, we reported our quarterly production results, including record first half shipments of 100.2 million tons, and cost low. Hematite C1 unit costs were $18.64 per ton for the half, cementing our industry-leading cost position, and $5 billion in underlying EBITDA and $1.9 billion in net profit after tax. Reflecting these strong results, the board has a dividend of AUD 0.62 per share. Of NPAT and returns AUD 1.9 billion to our shareholders. Investing in decarbonizing our operations, which will drive our costs down even further. We made a heap of progress this half. Construction is underway on the 133 MW Nullagine Wind Project. Energy storage systems have been delivered at North Star Junction and Eliwana and are complete. We are now installing over 3,600 solar panels each and every day, kicking off imminently. We started switching out our diesel equipment with 12 drill now up and running. Our first XCMG electric wheel loader and wheel dozer have just finished being built. Trucks rolling off the production line this year. Commissioning at two new battery electric locomotives. We're not doing this alone. We're working with the XCMG, Liebherr, Envision, and LONGI to deliver decarb at scale. By removing diesel from our operations, we're taking structural costs out of the business. The less diesel we consume, the less exposure we have to price volatility. That means margins. On green metal, construction at Christmas Creek for first production this year, which will make it the first project at this scale to produce green metal. The steel industry is changing. Customers want low-emission steel. China is looking for partners to make that happen. If the Pilbara wants to stay in the game, that means working with China to decarbonize its steel industry. There's an exciting opportunity here for Australia and China, and I'll be back there next month and renewable energy companies. On Iron Bridge, it continues to ramp up steadily. Since operations began, we've shipped 14 million at an average grade of 67% iron. We're seeing record operating time and throughput, and throughput and recovery are improving month on month, the secondary grinding circuit. During the half, we announced an updated hematite adds significant value and gives us more certainty over the long term. The plan is underpinned by the inclusion of Blacksmith and involves a refinement of product mix. It is also designed to reduce the total material move. Exploration at Mindy South, Nyidinghu, and Wyloo North continues, expanding the resource base and keeping our options open. Over to Gus, I'd like to give a big thank you to the entire Fortescue crew, standing efforts this half. We've had record production, strong safety performance, and stayed laser. With that, I'll hand over to Gus for an update on energy and growth. Gracias, Dino. Buenos noches a todos, congratulations to everyone on another incredible set of results across our global Fortescue family. We're building on that, our expertise as a world-leading mining business with innovation and groundbreaking technology. We are exploring global opportunities, looking at metals, critical minerals, energy, and technology. Our global partners, and to achieving real zero. We've joined forces with BYD, LONGI, Envision Energy, Liebherr, and XCMG, accelerating our deployment of solar, wind, batteries, and energy. Partnerships also strengthen and add a new layer to our long-standing relationship in China. For almost two decades, we have been a reliable supplier via strong demand for our products, with low-grade discounts continuing to narrow throughout the first half. This has helped. That track record means we are well-placed to navigate market dynamics and continue to deliver reliable for our customer needs, actively advancing growth, resilience, and diversified returns. Exploration is a big part of that. It's how we started and continue to grow our Pilbara operation. Our global footprint through a diversified portfolio of metals and critical mineral projects. We expect to finalize shortly the acquisition of Alta Copper, strengthening our copper portfolio in Latin America. Once this transaction is completed, our immediate focus will be on technical reviews, community engagement, and advancing the studies required to inform future development decisions. This will build on our existing critical China, Australia, Canada, and Kazakhstan. Expert advance at the Belinga iron ore project in Gabon. Planning is also advancing for the delivery of an integrated mine, rail, and port solution, and future opportunities to diversify and develop green energy globally, molecules, and technology projects. We're doing this with a discipline and commercial focus mindset. When markets are ready and when the economics stack up, we will provide updates on the progress of projects. In the meantime, we're not just waiting for that to happen. Technology, we're investing in R&D to engineer the breakthrough technologies we need. Fortescue Zero is a driver of that innovation for our business. In the last 6 months, we've progressed the power system for our T 264 trucks with the first 2. Our battery intelligence software, Elysia, has acquired zitara to support and monitor battery energy storage system. We're also investing in developing the technology that will drive down the cost of green iron industry and deliver our green metals projects. On that note, thank you again to our teams for an incredible first half. Let's go now to Apple to dive deeper into our... Thank you, Gus, a big hello to everyone from London. It is my absolute pleasure to share some details of our financial performance, where highlights for me include our cost discipline and an increase in cash generation and further optimization of our balance. First half revenue of $8.4 billion was 10% higher than the same period last year, segments, a 7% increase in our hematite realized price to $91. Just on operational efficiency and cost discipline is reflected in our industry-leading cost position, with the hematite C1 unit cost ton 3% lower than H1 last year. This is despite inflationary pressures. We have a clear pathway to the cost guidance of $17.50-$18.50 per ton at the guidance exchange rate of AUD 0.65. Just a reminder, FX 7, the recent strengthening of the Aussie dollar and a 1 cent movement in the by around $0.16. Strong cost control, resulting in underlying EBITDA increasing 23% to $4.5 billion, as the EBITDA margin expanded 3%. This flowed through to a 23% increase in NPAT dollars, with a healthy return on capital employed of 20%. For those on the webcast, you can see from this slide the recommend NPAT. Below EBITDA, the key moving parts include higher depreciation and amortization and an increase in exploration, development, and other expenses. Depreciation rose 19% on H1, attributable to our growing asset base, consistent with our capital program. Moving to the next slide, which shows Fortescue's consistently strong generation of cash. Net cash flow from by 32% to $3.2 billion, and free cash flow more than to $1.5 billion. This is after investing $1.7 billion in CapEx, including $1 billion in sustaining and hub development and $426 million on decarbonization. As you can see here, our balance sheet remains in growth at 31 December was $4.7 billion, and net debt was $1 billion. Enhance our debt capital structure, including the successful syndication of a low-cost RV term, U.S. dollar term loan facility, and the repurchase of some of our senior unsecured notes. This diversified our funded average cost of debt by over 60 basis points while increasing the weighted average tenor. The metrics on this slide, with gross debt to EBITDA of 0.7 times and growth gearing of 22%, resulting in plenty of headroom. Fundamental to Fortescue's capital allocation framework, as is our commitment to return capital to shareholders. Have declared a fully franked interim dividend share. The dividend is 24% higher than the FY 2025 interim dividend and represents a payout of first half NPAT, consistent with our dividend policy to pay out 50%-80% of full-year underlying NPAT. Financial results in the first half, underpinned by record shipments, strong pricing, and disciplined costs and capital management. I'll hand back to the operator to facilitate the Q&A, where we welcome- Thank you. If you wish to ask a question, please press star one on your telephone and wait. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. We ask today that you please limit yourselves to two questions per person, after which you may then reenter the queue. Question today comes from Rahul Anand, ahead. Oh, hi, good morning, team, or rather, good evening, team. Thank you for the call. I just wanted the first one on perhaps the CMRG side of things. A couple of your peers in the industry have briefly discussed and talked about sort of, you know, how those discussions are progressing. Just wanted to get your views on students, and basically, are you making any progress in terms of when the testing phase of sort of what's going to eventuate? Obviously, the newspapers are also. Any sort of color there would be much appreciated, and I'll come back with a second. Thanks. Thanks, Rahul. Look, this is not in start out the answer. It's been ongoing now for a couple of years on how to diversify our overall relationship with China. Our products are moving well. We expect that to continue and more specificity of the current conversation here, our director of marketing. Thanks, Dino, and thanks for the question. I mean, we won't be going into, obviously, the specifics of the discussion. you know, I think you can probably think of them as phased discussions. These sorts of commercial negotiations are part of our industry and have been so for many years. In that sense, changes. Sure. Okay, thank you. The second one's just around future growth, and we briefly comments around Gabon and also the copper side of things. I guess these are for the company and basically on the iron ore side with the high grade, and then obviously copper is. My question's more around where do you see the critical path items for both these projects, materializing a bit more in terms of studies, CapEx numbers for these two growth opportunities, just for the market to perhaps give them a bit more value or to understand the impacts on the business better? Thank you for the question. In both, you mentioned Gabon. Clearly, we are about working in Gabon for the last couple of years. We have Nick online, if you wanna... If, Nick, you wanna give any update on the exploration front, concerning the updates on CapEx, it is too premature to both in Gabon and probably as you, as I said, in the acquisition that we are finalizing for Alta Copper. Nick, do you wanna, in an exploration phase, do you want to give any update of people on the ground in both Gabon and- Yes. Yes, thanks, Gus. From a Belinga project perspective, we're excited over the coming months to test some of the other targets in the eastern part of the concession before. We'll be doing some initial drilling there. The results to date have been... We're looking to really focus, I guess, in on the areas that have the most high grade and lump for our exploration projects in Belinga. From a Peru perspective, specifically, the object initial work will very much be focused on securing community and social, so we can get on ground to reassess the work that has been done previously by Alta, and then start progressive study work as we push that project through. We are excited about the project. There's a significant potential to grow, so we're very keen to progress that as fast as we can to ensure we get on ground as quick as we can. Rob Stein with Macquarie, please go ahead. Good day, now, team. Just on, I guess, costs going forward and where you see the industry structure settling out, growth and potentially demand flatlining, we'll see, limitations to price upside. On the cost side, you're obviously taking a lot of action to reduce your cost base, decarbonization, the investments around where you see yourselves leading the drive. Thanks, Rob, for acknowledging the industry lead that we announced today. It's part of our D&A, really. Really exciting ones for us, though, is decarbonization. You know, you're talking about the offset of all of our diesel, and you can do the numbers yourself. We've already flagged a potential $2-$4 impact before 2030. That, that's really exciting for AI. We have already have a number of agents operating network, which is yielding more volume upside. At this stage, we are have banked some cost savings already this coming forecast in that space. Look, for us, just to recap, of the curve is has been existential for Fortescue, and that will remain. Excellent comments. You know, as you mentioned, it is about controlling what we can control, and one of that is cost. You have to remember, we also. That is well set up and positioned to support future growth, and CapEx as required, as evidenced by our credit metrics. Thanks, Apple and Dino. Maybe just to take that a bit further, what are you, and what you're developing from an IP point of view that allows you to take more bets on it or resources that may not necessarily be hotly contested? How are you thinking about using or, you know, what do you see in Alta Copper that means that you can develop the resource cheaper, the labor intensity that can, that can ultimately drive value? Look, I mean, I think our record for capital intensity speaks for itself. We have historically deployed capital, I'd say, ahead of our peers in the program. We expect to apply that same project mentality to any of our projects around the world. Technology that we have already disclosed in a process which removes arsenic from copper ore bodies, and we look to then apply that, further improve the deployed capital in the processing infrastructure. Thank you. Your next question comes from Paul Young with Goldman Sachs. Thanks. Evening, Dino, Gus, and Apple. Hope you're all well. First question is more just a housekeeping one, actually, on decarb CapEx. Dino, I think it was a bit over $400 million in the half, and guidance implies it has to step up to $500 million. Broadly, though, actually, the question is on, you know, looking on the go for when is the peak year for decarb? Next couple of years, Paul. This is really the first significant year of expenditure. We see our equipment, the majority is expense, then it will take a couple of years for that to conclude. Paul, just to add to that, you're absolutely right. We're not changing our guidance. We spent, you know, $426 million and continue to spend up to the $900 million-$1.2 billion guidance. $100 million up to 30 June last year. Let's say we spend another $1 billion. We've given the $6.2 billion in real terms. We've probably got a run rate of about $1 billion left to the end of the decade. It is going to be lumpy, and as Dino said, probably the next couple of years would continue. Thanks. Thanks, Apple. Then, you know, broadly, just looking at the go forward, I mean, the strategy and the outlook for CapEx and projects for FMG has changed in three years. I mean, you're not spending anything on hydrogen projects now. That's reduced and that pipeline's reduced. The balance sheet's strong, but the forward-looking CapEx. We'll probably stay around the $4 billion-$4.5 billion mark, you know, with the decarb program. Then you've got the replacement mines which kick in, and I see you've added another one to the mix, Wyloo North, which is, you know, Eliwana on the small side, but still, you know, will kick in, you know, quite aggressively at the end of the decade and then, over a 5-year period. At the same time now, we're taking on potentially, you know, 2 yes exercises, Cañariaco in Peru, and just basic benchmarking, when these are minimum $5 billion projects, I would have thought, and possibly FID by the end of the decade. Yeah, the balance sheet is probably stronger than now than what you up... You know, how do you think about, you know, do you have enough capacity towards the end of the decade? Is FID sort of realistic within your budgeting? Look, I think largely you're on point, based on what we've said. I mean, we're Mindy for the last five years, and every time it's still, and that's our objective. Thank you for picking up Wyloo North that we brought in. That's another one. I think I reminded everyone on the call last time, Blacksmith, as a standalone, will open up a corridor to Serenity as well. We're looking forward to that coming in. Our objective is to determine the universe as much as we can. One, as you have suggested. I'll just let Apple speak to the balance sheet capacity for any projects, and I think again, we're really well positioned. Paul, look, we have, as I've mentioned in the past, purposefully entered into this very strong cash position to draw from. We've got plenty of headroom. I do question some of your comments around $5 billion here and there on FIDs. I think the best prediction of the future is probably the past, including this year. It is going to have done everything that we possibly can to keep it as even as possible and as low as possible while not impacting production, safety, and of course, OpEx. Your next question comes from Kaan Peker with RBC. Please go ahead. Apple and Andy, first question, is on hematite shipments. Have there been any blended benchmark basis already? If so, can you quantify the portion of that? I'll come back with a second. We'll go straight to you, Ben. Thanks, Kaan, for the question. Look, I mean, again, structural specifics, which of course are confidential in nature. What I am happy to say is that, you know, when it comes to the termination of a term contract or spot contracts or any other form of pricing is intended to ensure that we market-based pricing. The index component of that is one component, but, you know, importantly, for our products, there's a discount that specific basis, and the net result will continue to deliver market-based pricing for our. Sure. I mean, just maybe pressing on that. I mean, you have previously mentioned that you are going to mix benchmark when that would start, or has that already started? When it comes to the pricing references we've historically used Platts 62% when that was existed. Obviously, this applied from January. There was always going to be some shift in underlying reference indices. The next question comes from Lachlan Shaw with UBS. Please go ahead. Lachlan Shaw, your line is live. Please proceed with your question. Good evening, guys. Sorry. Peter, Apple team, I hope you're well. Firstly, just in terms of the decarb, obviously, pleasing progress, you're stepping up the pace of batteries and Nabrawind wind turbines in the Pilbara. I wanted to ask, how is the sort of performance and cost of install, they're progressing versus expectations? Look, really well. Every is coming in cheaper than the last. We've got an amazing partnership with BYD, and we're really just starting to roll out the batteries. Some important milestone for us on our solar and automated process. In Australia, more than half the costs are in labor. We're excited about, you know, a couple of technologies we've got in our back pocket that we're rolling out now for the rest of the solar farm. Great. Thank you. Then just my second one is I suppose, a market question. Sitting here today, we've got elevated port stocks in China, we've just come out of Lunar New Year. Interested in what your team on the ground is reporting back to you about the sentiment and the move. To what extent the current fundamentals, you think, reflect sort of the usual seasonality around ports, issue there. Any comments or color that you can help us with in terms of the market would be appreciated. Thank you. Yeah, thanks for the question. It's Ben Cookell here, Sales and Marketing Director. I'll take that one. Look, I think, in years, so it's probably quite early to get a lot of detailed information from the ground post year. You know, I think the expectation leading into the year annuation of existing production, at least for a period of time after the holidays.... you can probably anticipate that we're going to head into sort of March, April, May, and that's typically, and that's what I would anticipate. You know, the outlook for this year, more generally, I think is, in that sense, should be a stronger year for crude steel production similar to last year. Question comes from Lyndon Fagan with JP Morgan. Please go ahead. Thanks very much. Good day. I wanted to focus in on the energy division. There was some talk of it being EBITDA breakeven. We're still losing a couple of hundred. I can see that revenue ticked down ever so slightly, and there's been a bit of R&D spend pullback. Have you got any sort of new guidance on the division to, I guess, not be a drag on the number? Thanks, Lyndon, but I'll hand over to Gus, mate. He leads that. No, yes, we know, R&D, again, it's a dynamic take care. We try, as I mentioned before, to bring technology constantly into every single project that we take on. Again, as everything on R&D, it has its risks. Again, we're on the forefront of that technology, so we will address this when it comes, if there's some breakthroughs into it. To add to that, Lyndon, we are heading in the right direction. Our H1 net OpEx is $201 million. That's a $45 reduction million from US, $365 million in H1 last year. As Gus would attest to, our R&D has reduced a lot, but that reflects our strategic pivot and refocus of Fortescue House manufacturing and streamline the portfolio to focus on priority technologies. This will result in a reduction in R&D run rate, but we will see, you know, hopefully, over the next handful of years, in a positive territory. Thanks. I guess my next one is just more thinking about Fortescue as an investment proposition. I guess, ex growth from an earnings point of view, you know, what would you say to prospective investors to make them wanna buy the stock? I mean, we've got Gabon, but the next decade, in reality, we've got high CapEx for the foreseeable future. I guess, what would you put out there as a reason for shareholders to or prospective shareholders to buy the stock? I think relative to our peers, trading at a, you know, pretty good price, right? We will continue to strip costs out of the business. We're deploying technology at a rate of knots unseen in mining. We believe that's a commercial proposition, and we're going hard at diversifying a copper business, so, which has got some, you know, in that time where you talked about, we've got a couple other exploration copper really excited about. Fundamentally, look at the divvy. I mean, it's a significant cash-generating whatever cycle with the cheapest iron ore producer on the market, a no-brainer. Your next question comes from Glyn Lawcock with Barrenjoey. Please go ahead. Morning, team. Just a couple of ones. First, I think electric excavators, a couple of trains, locomotives. Anything you're seeing at the moment, is there any teething issues early? Just any observations you might be able to share. Then the second one's for Apple, very quickly, just D&A stepped up again in the first half, about $150 million. Previous one was up $100 million on the half before that. Just anything you could share with what the second half looks like. Conscious you are, obviously, stepping up your spend, just anything you could add. Thank you. I'll take the first one, and I'll hand over to Apple, Glyn. Look, these electric are well above our expectations. That's, we're basically getting to record equivalent lots of... As with any new piece of equipment, you have a few teething issues in commissioning, but we're well and through that. I think the upside is that we're building. It's phenomenal what you can do with electrification now. The grid's working. Our battery storage facilities, for instance, have already sort of blackout situations on our network, as the system is much faster to respond than the typical generator, for instance. We see it to be a much more reliable intervention as the fleet goes on. I just remind everyone, we're at the start of the technology at the moment, and, we're already... Glenn, to your second question, absolutely right. AUD 1.45 billion in the half, up 19%. You know, it's attributable to a few things, as you mentioned, when you have a growing asset base, you do have and a step up in your depreciation. That's attributable to the investments in sustaining, to get the transition of our decarbonization assets, which have now become operational. To your question, what does it look like for the second half? Expect the same run rate as this half. Your next question comes from Mitch Ryan with Jefferies. Please go ahead. Thank you for my question. This is just a follow-up to Lynn's question just around the R&D, starting at $270 million a half last year and then $175 in this half. How do we think you will fall as you're decreasing some of that spend? I addressed earlier, but I want to enforce it is. We budget last year, mainly because we had a lot of programs there that we were, again, testing suitable for the decarb and other projects. We are redoing the budgets again for next year as we speak, addressing again all what Dino mentioned about what is in decarb products. Again, we will be disciplined and we look at how commercial this R&D will be. Main objective to decarb our own projects as we are doing, and then the analysis into the budget that is coming in the next couple of months. Okay. That's it for me. Thank you. Thank you. Your next question comes from John C. Tumazos with John Tumazos Very Independent Research. Please go ahead. You have so much wonderful work that's been done on the green front and a lot of money that's been spent, and I know it takes for the projects to come together and show us revenue. I think Fortescue would take a partner, sell a 20% stake so that it's quantifying the value or a partner fit in and bear some of the cost? Again, somebody's drinking coffee late. Well, the stage that we are trying to bring, as I said, bring forward the projects, as long as we can. Obviously, we with the risk to into partnerships and the risk in capital, if needed. At the moment, we are not in that stage, as I said, and I think heard me since I took this position that the market is not there for most of the projects, and that comes back to the new mindset of commercially discipline and that decision that at the moment, and I appreciate your observation, but at the moment, to look at partnerships. Yes, it's always an option, and we'll potential partnership to just bring projects to light, but it's not looking at the moment that we are going through that. Your next question comes from Brad Thompson with The Australian. Hi, Dino, Gus, and Apple and team. Thanks for your time. Congratulations on the record shipments from Port Hedland in the first half. Just wondering about that. You've got 1 million tons, you've got an allocation of 210. Have you got any interest in another berth there in Port Hedland, or are you happy at 210 million tons for the foreseeable future? thanks, Brad. look, we are always evaluating, optionality. right now, we see our license limit at 210 in our current capacity is a pretty good sweet spot for our portfolio in the near term. Thank you. If I could just ask Gus, with the reset last year, Gus, what sort of size workforce? How are you, Brad? Good. Thanks, Gus. Well, yes, we went through that process, and again, it's still going. That detail, I don't have. As we discussed previously, we're going through again through the before R&D for us and technology is very important. What I can tell you is going through the different the different projects and programs that we have in Zero, and still it looks really promising. I would probably update it a little further down, as I said, in the next couple of weeks, but still doing amazing things. With Thomson Reuters, please go ahead. Hi, everyone. Thanks for your time today. We can see that you're increasing your copper footprint with Alta. There could be some more near-dated copper growth. How you keep that? There's obviously a lot of M&A in the sector at the minute, big scale M&A. I wonder how you're thinking about that, given your growth options in copper and iron ore are, you know, much longer dated. You know, you're actively thinking about. Yeah. Thank you. Again, we have a lot of options. As you know, critical minerals is clearly on our main strategic view. Alta, again, like Dino mentioned, there are other exciting projects that we cannot significant, but they look quite promising. As I said before, some of the other projects on molecules and electrons, because again, as we said, the market is not there, and we are bringing this moment to happen, but again, are focusing in diversification in critical minerals. Your diversification in critical minerals at the minute appears to be, Alta Copper, which is in the 2030s. Is there any copper, you know, copper exploration that you found in Australia or otherwise, when we think about critical minerals as beyond copper? Yeah. The way that you're thinking about it or just focusing on copper? No, I mentioned critical minerals, and Nick, I don't know if you want to expand on that. Also copper in Kazakhstan, and apart from Latin America, we met Chile. Nick, do you want to expand into. Sure. Thanks, Gus. Yeah, that's right. We've got a number of copper. I'll call out a couple specifically in Canada, in British Columbia, where we've got some very exciting tenements that city are gonna fast track to drilling this year. Similar in Kazakhstan, we've got a suite of progressive drilling. We look to drill about 15,000 meters. This field see both porphyry targets, as well as a couple sedimentary copper targets within the Chu-Sarysu Basin. Our focus from an exploration up, tenements in world-class terrain, I mean, as Gus touched on, we'll be aggressively testing these targets through the portfolio over the coming 12 to 24 months. Daniel Brief, please go ahead. Hi, team. Thanks very much for the time this morning. Just first of all, does Fortescue have any concerns about the potential flow-through impact, the Australian government's move to put tariffs on Chinese steel? Secondly, Fortescue Baowu Steel has warned that these tariffs for its own green steel products could undermine Australia's transition assets. Is that a position that you agree with? Thanks. Sure. It's Ben Kuckel here. Thanks for the question. I mean, I've noticed the commentary in this space, which I think, you know, we're not a party to the discussions going on, imagine. I think, from our perspective, you know, free trade is a key to our success and has been a key element years. From our perspective, you know, trade barriers are something that we would have to, you know. Did you have any thoughts on Baowu Steels comments? I think they all... Thanks. The next question comes from Mark Wimbridge with AFR. Please go ahead. Good evening, guys. Just a quick one. Is there any update on Gladstone and your discussions with the Queensland Government? Well, we are, as you know, we have discussions, and we are progressing into finding a solution. Again, as we said, we are probably the one of the biggest Australia, and we want to do the right thing, so we are working, and we'll continue to do so. You haven't reached a figure yet? Not yet. The next question comes from Kaan Peker with RBC. Please go ahead. Hi again, team. Just on the 55% Fe strategy, have you guys shipped any trial parcels of the new product? Any comments about realization? If there is the reintroduction of West Pilbara Fines or something similar of that grade. Sure. Thanks for the question, Kaan. It's Ben Kuckel here. I'll have a crack at answering it for you. The lower grade product goes into production later. You know, we're gonna be focusing closely on engaging customers. Well, we've already been engaging with customers in the coming months ahead of the start of production to place that product for maximum value. You know, at this stage, it's probably too early. We will average over time in the future. Okay. Over fines. Sorry, can catch the last part of that question, but if you recall, the refinement in product mix and the change in the very significant reduction in TMM over the life of mine, so that's over the next 20, gonna be smoother, it's gonna average about 1.6. We talked about some very significant of the product mix refinement and life of mine sort of change, frequent, and evidence of a sustained move in pricing relativities to look at, you know, what that would remain an option for us. I think that we said at the time, Kaan, that to reintroduce a higher grade product once we've developed some of the larger hubs into the next decade. Sure. Thank you. Next question comes from Lachlan Shaw with UBS. Please go ahead. Evening, team. Thanks for taking my follow-up question. Long better than I, but the Molten Oxide Electrolysis cell that you're now sort of starting to talk to in terms of what's the critical pathway here? There's a lot of new elements in terms of how that potential reagents, waste management, how do we think about that? Mid-2030s, we should be thinking about what's the sort of thinking there on timing? Thanks. Well, thanks for the question, Lachlan. Some of the development we've done on it, there is, the critical path is now to get the balance of plant design, done. It's similar to a buyer circuit that we're looking at, too complex. The most exciting thing, though, is the energy intensity. The work is to get the cost of the electron pretty hard on, and then we'll see that technology come through. We are looking at a much larger pilot plant up in the Pilbara when we're ready. There are no further questions at this time. I'll now hand back to Mr. Dino Otranto for closing remarks. I'll just thank you everyone for joining us on the call today. We went over time, so, appreciate everyone for coming, and we'll see you all again soon.