Thank you for standing by, and welcome to the IGO Limited FY 2024 full year results webcast. All participants are in a listen-only mode. There will be a presentation, followed by a Q&A session. If you wish to ask a question via the phone, you will need to press the star key, followed by the number one on your telephone keypad. If you wish to ask a question via webcast, please enter it into the Ask a Question box and click Submit. I would now like to hand the conference over to Mr. Ivan Vella, Managing Director and Chief Executive Officer. Please go ahead. Great. Thank you. Good morning, everyone. Welcome, my first annual results release with IGO, so, it's a good moment. Kath is with me again today, and so she'll be available to cover any questions when we get to Q&A. But a few things to cover first. We'll keep it pretty short and sharp, and then jump into the questions. I guess, obviously, this morning we've just put out our FY 2024 results, all the other suite of disclosures, and I think one of the pieces that I really reflect on positively was the Sustainability Report. Very substantial report. Really covers a lot about who we are as IGO and how we approach the business of mining, and, that's something that a lot of work went into, so I hope you get value from that. The team put a huge effort into bringing all of this together, so I also wanna recognize and call them out. Bec Gordon, who's our new Company Secretary, sitting across from me, and she's just come into the business and sort of picked up this work and worked night and day with a few of her colleagues to get everything ready. Look, obviously, you know, last month we went through our quarterly, and that covered the results up to the end of the year. So there's, you know, a lot of that that's already in your hands. We won't cover that in any depth, and in terms of strategy, we've got the twelfth of September locked in for a session to walk through our thinking there. We put a, you know, a slide in the deck today, and there's a little bit in the Annual Report, but I don't intend to drive into it too far. I'd rather take the time to go through that in a thoughtful way on the twelfth and make sure we put the full context around our thinking, and then go into the questions and look forward to your reflections and feedback in a few weeks' time. If I reflect back on 2024, and I've seen, you know, just over half of it in this role, it's been a period of significant change across the board. Obviously, the markets have moved a lot in that period. Equally, our business has changed a lot, and we've had to deal with a lot of challenges, a shift in our portfolio, Cosmos, and working through that care and maintenance decision was difficult. You know, on the other side, we've also got some renewed leadership, which I'm very excited about. Marie and Brett have just started, and Cameron Wilson's acting in the Chief Legal Officer role, so there's plenty happening. We've been working through a number of other changes, which I'll cover in a minute, inside the business, and all of this helps us prepare for our next chapter. While we've had a number of challenges, I think there's also quite a bit of progress that we should reflect on over the last year, and the first key call-out is safety. While I still believe there's a lot to do, and I think, through our business, there's a real dedication to shifting our performance and really ingraining a much deeper level of safety performance through our operations. The shift down to a TRIFR of 10.4 is absolutely something we should call out, and it's great momentum and something we can carry into this financial year and continue that improvement. That depends on good leadership and good engagement across our workforce, and that's a key focus for me. Beyond that, I guess first on Greenbushes, you know, despite a lot of volatility and a lot of different pressures on the business, Greenbushes has performed again and, you know, produced just under 1.4 million tonnes with fantastic production costs of AUD 330 a tonne. Just an amazing asset, continuing to perform and plenty of opportunity beyond that, which we'll come back to. I think the EBITDA average through the year of 85%, I mean, you kind of read it and go... I said to Richard, "Is that right? Can we double-check that number?" It's one of those things that you do a double take on. Yes, okay, the market's at a low point now, but this is a business that just produces wonderful outcomes right through the cycle. The next point to cover is Kwinana, and look, there's plenty of challenges the team are working through there. I've been very impressed with the work they're doing in a methodical way to address those. And I think the results, you know, and particularly in the last six to eight months, have been notable. They've really stabilized the production. They're understanding the asset much better and delivering good outcomes, and so overall, for the year, you know, good improvement and we recognize there's still plenty more to do, but they're on the right track there. We're continuing to work with TLEA and the team at Kwinana to provide whatever support we can as they continue that ramp up. Onto our nickel business. Look, Nova and Forrestania have generated strong free cash flow through the year, AUD 331 million, despite a lot of challenges, and obviously the market and the broader industry has been under a lot of pressure. Obviously, the bulk of that is Nova, and it just shines out, just what a fantastic asset it is. Absolutely tier one in the nickel space. I've mentioned Cosmos and moving that to care and maintenance, so you know, a sad moment to do that, and our team handled that very well with the people, managing those impacts. We continue to study that resource and the broader part of the business in a very practical and methodical way, and we'll look for what opportunities we can to extract more value from it. But that's all still work ahead. And then, look, beyond that, we've been doing more work, as I said, to prepare ourselves for that next chapter. Very detailed review of our exploration business with an objective to leverage that enormous capability that we've got in our business. Huge technical capability, very extensive tenement portfolio. We are refocusing the approach. We are reducing the budget or the investment that we make in that area, and we've got a very strong focus on driving commercial outcomes from that part of the business. I have absolute conviction around our exploration business, and I think it's fundamental, being in the critical minerals and battery minerals business, to have capability there that helps surface and bring more commodities to the market. And obviously, the value uplift we can generate for our business is significant. And lastly, we've reshaped the corporate team and our operating model. That's in implementation as we speak. It's very sad seeing people leave the business, particularly, you know, people who've got a deep connection with IGO and, while they're talented people, which I'm sure will find other jobs very quickly, that doesn't take away the pain and the challenge that creates across our team. So it's been a very difficult period in the last couple of months, but, all important work to get through, and as I said, all about preparing ourselves for that next chapter. And of course, that brings to the last piece, which is the strategy, which we'll release in a couple of weeks' time. That sort of sets out that pathway looking forward and gives us the foundation to realign the team, refocus ourselves. As you'll have seen in the slides, which I'll get to in a minute, it's not a, you know, huge pivot, but does give us a very tangible foundation to rebuild around. Before I get to that, just quickly on the financials. Look, we, you know, obviously are in a strong position to move into this next chapter. We've generated some good cash through the year. We've got great assets in Greenbushes and Nova. I recognize that Nova's only got a few years to go, but that's not something that drives an agenda for me, or the team. It's something that we want to manage extremely well, be proud of the work that we're doing there, learn everything we can, deliver the best safe production, reliable cash from it that we can, and not get caught up on the timing. The work at Greenbushes will be ongoing to help support the partners and Talison there in their work to optimize and continue to grow and improve that business. The underlying NPAT of AUD 319 million, I think, speaks to the performance of this business and a strong balance sheet with AUD 468 million in the bank. That takes us to shareholder returns, and last year, Kath helped pull together this Capital Management Framework, and it's something that I actually asked about when I first joined. It's very important for me that we're clear on this piece. I like it. I think it's great. Obviously, it's all about applying it in a very disciplined manner, and I think today is an example of that. You know, we've declared, with the board approving a AUD 0.26 final dividend, AUD 0.37 for the year, which is about AUD 280 million. I think that's a measure of the quality of our earnings and performance of our business and our view on its strength looking forward, and obviously the strength in the balance sheet, and for me, it's very important that we are, you know, very disciplined in the way that we follow our Capital Management Framework, our dividend policy, and return that money to our shareholders. In terms of the strategy update, as I said, I wasn't gonna go into a lot of depth there. We've put in a, you know, a bit of a teaser here. There's a couple of key messages. I mean, I think the first key point is that our purpose stands. We're very clear on that, and that's one of the reasons, key reasons, that I joined IGO. The focus around battery materials, we believe is, you know, is fundamental and something that offers a lot of opportunity through the energy transition. There is a lot of nuance and specifics there, of course, and we've talked about lithium and at least one other commodity. Naturally, we're looking at the big value pools. I won't get into the details, at this point, but, you know, there's a focus around that purpose and then how we bring that to life. What you'll see when we come to it is a lot more depth in terms of how we think about these markets and how we think we want to be positioned to invest and to drive benefit from them. Equally, we're also clear about the actions that are in front of us right now, and, you know, I think that's where our energy goes. If you're thinking about short-term work, it's about Greenbushes, it's about Nova, and it's about Kwinana, and making sure that we're doing our best to drive value from those assets. I won't say too much more at this point. We'll, we'll pick this up when we, when we meet and talk through the strategy in a couple of weeks. Beyond that, the next slide, I think, just talks about, you know, the work that we've done, over the last twelve months, and particularly over the last eight, eight or so months. And I've already mentioned the improvement on our safety. I think that's a first step, and there's still plenty to do. The review of our exploration business is something that's ongoing, but I'm really proud of the work the team's doing there. It's difficult. It's a big change for the team, a lot of impact, but we're, we're very focused on, on driving a lot of value from that part of our business. Reshaping our corporate team, I've talked about. As I mentioned, Brett and Marie have both started. I think Marie is week three, and Brett's, I think, about week six, so they're very new, but coming up to speed really fast and having a huge impact. So that's been very exciting. Cameron just started a week, just over a week ago, and so that's been fabulous. Our balance sheet, as I mentioned, is in great shape, and we refinanced the debt facility. While that's a small point in one sense, equally, it was a really well-run piece of work by our finance team, and I think the reflections we heard back from the banks just shows the confidence they have in our business and our cash generation. And then, look, probably the last point I've talked about was Cosmos. I think making that call, and beyond that then, we've gone through, obviously, our assets, our exploration portfolio, made a number of impairments. That's affected our NPAT on a headline basis, but I think it's a bit about just going through and making sure that our business is well-positioned for the future. Looking forward, you know, I've talked about safety and our continuing work there. I've talked about our work to support the partners in Talison to drive optimal value from Greenbushes. That's a huge area of focus, and the work at Kwinana, working with Tianqi, they bring deep capability to that, and I'm, you know, so pleased that we've partnered with such a preeminent player in the lithium market. The opportunity that Kwinana presents is significant. It has had, you know, a lot of challenges in that ramp up, but they're making progress, and I'm really encouraged to see how the shutdown plays out in later this year. I talked about Nova and, you know, that's with Forrestania coming to an end, in fact, a matter of weeks now, we'll stop mining and processing ore at Forrestania. That's a mine that's been there for a long time, so it's a sad moment, but equally, that's part of the life cycle of mining. We announced the MOU with Medallion Metals, so we're working through that to see if there's a pathway to drive more benefit from those assets, and that's work that's ongoing. Ultimately, we just wanna make sure that we get the best outcome from what's been a very good mine over more than two decades, and that we, from a closure and rehabilitation point of view, that's done in a very professional manner and a good example for other mines to follow. And then lastly, I think the strategy, while we'll announce it, equally, we've already started the work in terms of execution, and obviously there's a lot of work as we align our entire business around it. For me, strategy, you know, 20% is the deep thinking, 20% is the decisions, the hard decisions you take and the conviction that you have, and 60% is execution. And so we're very clear that's important focus for us, and we'll align the whole business around that, communicate that very widely, and then push on with a lot of focus and a real sense of urgency to get into that work. Look, those are the key messages I wanted to cover. With that, I think that's probably a record for me in my opening fifteen minutes, so hopefully that's helpful. We'll open up for some Q&A. Thank you. If you wish to ask a question via the phones, you will need to press the star key followed by the number one on your telephone keypad. If you wish to ask a question via the webcast, please type your question into the Ask a Question box. We ask today that you please keep to one question and one follow-up question per person. Your first question comes from Hugo Nicolaci with Goldman Sachs. Please go ahead. Good morning, Kath and team. Thanks for the call this morning. Just, two from me, if I can. The first one, just around capital. Just quickly, clarification. Kath, just on the JV balance sheets, can you just confirm how much debt and leases you had at the TLEA level? Just trying to reconcile your reporting with the JV partners implies there should be something north of about AUD 60 million there. You'll see in the financial statements, there's a note that includes a summary of the balance sheet and profit and loss for TLEA joint venture, and I'd refer you to that. I think it's Note 25. If you read that in conjunction with the publicly announced financial statements in March and April for Talison and the rest, you can actually back-calculate those numbers. I think it's pretty easy to get to those numbers. Great. Thanks, [inaudible]. Then just a second part then, on a broader liquidity piece. I mean, IGO has corporate liquidity now close to AUD 1.2 billion after the dividend payout. How should we think about that going forward? I mean, appreciate, obviously, part in discussion around the strategy, that we'll get in a couple of weeks, but I guess looking at the last couple of halves, it's kind of paid out a dividend to sort of get to that AUD 1 billion liquidity level. Is that how we should think about it going forward, or should we maybe think about, you know, keeping more cash for other opportunities that emerge from here? Oh, Hugo, it's a great question, and as I, I talked about our capital allocation framework. That's the, I guess, the basis on which we think about the business and make decisions. We've paid out, you know, on our policy to the 40% or thereabouts, and we feel that in the current market environment, that's, you know, an example or an indication of our confidence in the business and the assets that we've got. We have to balance, obviously, the prudence of where this market goes, and that's a bit of a crystal ball game at the moment on lithium. So, you know, I actually think it's showing that we're being prudent and thoughtful, but equally, we have a lot of confidence in our underlying cash generation and the assets that we're involved in. It's not something I think you need to read as we're holding money back for some other plans. It is just returning money to shareholders and finding that right balance point. You know, if you look at the forward market, there's still a lot of uncertainty. Got it. And then just one more, if I can, just quickly picking up on the comments around a new strategic direction in the release. Again, no doubt conversation in a couple of weeks, but can you confirm whether we should expect, you know, any significant divergence from the current strategy around, you know, future facing commodities and battery materials, which has, you know, historically been, you know, lithium, nickel, and copper? Or would you look to bring other things like, you know, gold or other commodities back into the portfolio? Yeah, I'm happy to cover that one really quickly because it's an easy answer. So no, it's very much about battery materials, and gold's not one of them, unless you're counting electronics, which is not a big point of consumption. No, so we're not changing tack here. This is very much about our focus on battery materials. We believe strongly in that segment and you know the three big value pools you called out, of course you know are in focus for us. They're clearly the biggest areas of opportunity in that space. Great. Thanks a lot, Ivan. Thanks, Hugo. Your next question comes from Levi Spry with UBS. Please go ahead. Yeah, good day, Ivan and team. Thanks, thanks for your time. I guess maybe just expanding a little bit on the shareholder return slide, the dividend was a pretty significant beat. And in the context of the strategy unveiling upcoming and maybe the matrix you presented there on slide four being based on when the business was in slightly different position, can you sort of talk to what, you know, what the board, how the board was thinking about that? You know, given hopefully we're getting a fair bit more new information in a fortnight. Yeah. I don't wanna dive in too far because I think without the context, it's we're sort of doing, covering half the story on the strategy. But I think the message is, we've got a, you know, a great business that generates cash and out- and returns through the cycle. We're gonna return those, we'll make those returns back to our shareholders following our policy, which we've done. We have a lot of confidence in it. We're not meaning to do anything new or different. We're clear on where we're headed. And the first, I guess, call to order or focus for us is building on the assets that we've got and, you know, naturally contributing towards Greenbushes and helping support the team to lift and optimize that asset. It's gonna drive the best possible capital outcomes that we could imagine, working through Kwinana and making the most of Nova. But, you know, with a payout at 40%, I think that's pretty solid recognition of position around the strength of our business and our balance sheet. Yep. Okay. Thank you. Look forward to a couple of weeks' time, and maybe a simpler one. I'm sure it's in the notes there somewhere, but just in terms of the exploration write-downs, can you just sort of run through what's left on the balance sheet? Yeah. I mean, you could pull out the exact numbers, but, you know, obviously we've got tenements right across Australia, certainly Western Australia, Northern Territory, South Australia, very significant portfolio there, and all at different stages. So to sit and try and pull that apart right now is probably not something I could do, but, you know, we're not holding... I don't know if you know the number off the top of your head there, you're on mute. I think it's about 170 million-180 million that we've still got on- Yeah, on the balance sheet. Yeah. It is a mix of various acquisitions that we did over a long extended period of time, including some of the Western Australia. Assets are still in there because we continue to explore and Yeah -investigate those. All the big pieces have actually been written down. Yes. I think things like Mount Gould and Silver Knight and so on. So you know, it's a pretty tidy portfolio on the books. I think obviously the prospectivity of that ground, we have a lot of confidence in, and the team are working through that, but it's not like there's something else, material sitting there that we're expecting, you know, sitting on the wire or likely to create some major change for us in the future. Right. Yep. Thanks. Thanks, Ivan. Thanks, Kath. Your next question comes from Matthew Frydman with MST Financial. Please go ahead. Sure. Thanks. Morning, Ivan and Kath. My question doesn't specifically relate to your financials, so apologies for that. But, on CGP3, can you remind me of the timing of completion and ramp up for that project, when you're expecting it to start to contribute to production? Was there anything in FY twenty-five guidance, for example, for CGP3? And then, I guess more broadly, how do you think about when the JV needs to make a decision on how to ramp up that project, particularly, I guess, given the market backdrop? And obviously I'm asking that in the context of the last time that Talison finished a CGP plant in a fairly soft market. Obviously, the decision was made to not turn it on right away, so wondering if you had any thoughts around that. Thanks. Okay. Thanks, Matthew. Look, I mean, I think the simplest way to answer the question is that it's not in FY 2025 guidance. It's all, post that. I think we've indicated previously that it's due to start in Q3 of next calendar year. Beyond that, we haven't provided any further details, and that's all I'd say at this point. Beyond that, it's a decision for the joint venture to work through. Okay, thanks for that, Ivan, and then, maybe just quickly on the combined financials that you've presented that you were talking to earlier, Kath. Is it right to assume that there's AUD 200 million in receivables there sitting at the Windfield level related to those spodumene shipments in FY 2024? So is that a factor that we need to be considering as well? Thanks. So you need to look at our financial statements, and they're in terms of the TLEA joint venture, we actually equity account for it, so it's not in the primary statements for us. It's actually an investment. If you look at that Note 25, it'll give you a little bit more detail, but you are correct, there are receivables there for those extra tonnes because of the payment terms. Okay, thanks for that. Your next question comes from Daniel Morgan with Barrenjoey. Please go ahead. Hi, Ivan and team. Just on the exploration portfolio and the shift in strategy there. Just wondering what your plans are, if any, on monetization of this extensive portfolio, and if you could just expand on that at all. Thank you. Okay. Thanks, Daniel. Look, we, we'll talk more on the strategy around this. I think the first point is, we've got a great portfolio. It covers lithium, copper, and nickel. Of course, there's other bits and pieces in there, but it certainly covers those three commodities. There are pieces of that portfolio that are at various stages of the pipeline, if you think about that. You know, you can appreciate some. In some cases, it can take years just to get on the ground and get access, and then years before you actually get down to targets. So we've got things at all stages. We're very excited about some of the work the team's doing in the Northern Territory, for example. They're just starting to get onto the ground there after a lot of work to get access and agreements and so on in place, and this is ground that's never been explored before. It's literally, you know, brand new ground. So there's a lot going on. Now, we're working through that portfolio and saying, you know, "What's its potential? Where does that fit in terms of value for IGO, and are we partnered or positioned in the right way?" We think about, you know, how that might play out from a resource point of view, and in some cases, we're partnered, as you know already, with other mining companies or explorers as JVs on earn-in farming arrangements, both ways. But equally, we're contemplating working with larger partners who might want to take benefit from our deep exploration expertise, and obviously share the cost and risk accordingly. So those are all things that we're working through and trying to optimize how we allocate the funds or the envelope of investment around exploration, and then doing that also with a mind on timing and priority of resources. You know, lithium, nickel, and copper each have very different dynamics from a commodity market point of view, and how they might be brought to bear, so that's being taken into account as well. But I've sort of talked around it broadly, to get to your specific question. Look, yes, in some cases we will consider selling or monetizing some of our portfolio where that makes sense, but we're doing this very thoughtfully, given we've spent years building up a position. We wanna make sure that we are targeting the value in the right way, and in some cases, maybe it's better just to partner rather than selling something outright. Okay, thank you. And then just to follow up, can you just remind us on the rough dates of the Kwinana shutdown and what the goals are, in rectification during that shutdown? Thank you. Okay, so it slid out a little bit, but it's gonna be early Q4 this year, and obviously the intent is to deal with normal shutdown maintenance and just, you know, general asset health issues and normal work that's required, plus a number of changes that help us lift the performance as part of that ramp up, so that's, it's an important milestone for us, and we're really looking forward to seeing the team successfully complete that work and then continue the ramp up beyond it. Okay. Thank you for your perspectives. Thanks, Daniel. Your next question comes from Tim Hoff with Canaccord. Please go ahead. Hi, Tim. I just wanted to ask around your the Notes 25 on the financial liabilities that includes lease liabilities. Is there much of a breakdown you can give on that lease liability number? Or should we just assume that the vast majority of that's going to be the debt? Yeah, I'll refer you to the Windfield accounts that were lodged, I think, in April, and you'll be able to unpick that, as if you look at those accounts. Yep, no worries and just to confirm that there is no debt at the TLEA level, this is all Windfield debt? Correct. And then, perhaps the last question there is just, that five-year term, is that a bullet payment at the end of that five years on that debt? Oh, look, we don't comment on the commercial terms. If you have a look at that Note 25, it gives you a bit of an idea of what type of debt we've got there, so that'll inform you. Yep. Excellent. I think those are most of the things I wanted. Thank you. The next question comes from John Bishop with Jarden. Please go ahead. Good morning. Thanks for taking my questions. If I look at your recent accounts, your annual spend at head office and exploration sort of been in the order of around AUD 100 million to maybe upwards of AUD 140 million a year. I understand this has been a recent focus for the business in terms of rationalization, but can you give us a steer as to the expected profile for these line items over the next few years as the optimization flows through? Hi, John. Look, we've given you guidance on the exploration, the step down there, and we've said guided to sort of 50-60 this year, and a run rate below 50 from the next financial year onwards. We haven't guided or indicated on the corporate expenses, and I won't go into it further at this point. I think, you know, as we've said, we are in the process of reducing that corporate cost, and from multiple angles, there's an impact on our people, so I'm sensitive to that, and we'll obviously share more on that. That'll come through in our accounts in due course, but I think the takeaway is we've got to focus on that. We know that we need to make sure that our business is set up for the future, but it's carrying costs and resources for the current business as it stands today. What we don't want to do is be carrying extra resource or costs, you know, anticipating something down the track. Okay. No, I appreciate that, and apologies for the sensitivity there. And just one on Cosmos. Obviously, it's a work in progress around understanding that asset better and optimizing perhaps it from a sales perspective. Are you able to give us an understanding as to what sort of timeframe you might consider around a formal sales process for that asset? Yeah. So I mean, Cosmos is not, not for sale. That's not sort of the message I wanted to send. At this point, we are in the process of better understanding the resource, and that's, you know, that involves a lot of work going back through all the existing data for that tenement and that old mine. Equally, some more drilling underground, so to better understand areas that have not been tested before. All of that information will come together as part of a study to determine if there's an economic pathway for us to take Cosmos forward. So that's work that's in flight right now, and we should start seeing results from that by the end of the year. I won't promise you an answer then, but, you know, let's see where the team gets to. I suspect in Q1, we'll be in a better position to comment on the pathway and what we think the future might be. I've said previously the focus is on cost, not on what the incentive price is to bring it back online. It really is about making sure that we can get the cost down, and the mining technique will be part of that, how we think about that part of the ore body. The other thing that we're also doing is looking at the tenements that we have in that area. They are very prospective and not just for nickel, and, you know, we're looking hard at that to say, "Well, what else? What other value could we extract in that region?" So all of that, I think, will be the subject of future updates. Okay, thank you very much. Thanks, John. Your next question comes from Alex Papaioanou with Citi. Please go ahead. Hi, Ivan and Kath. Should we read into the 2 cent dividend that Kwinana Train 2 spending is less likely in the short term? And can you remind us, when can we expect a decision around Train 2 FID? Yeah, look, I don't think you should tie the dividend to any other, you know, major capital allocation at this point. This is a bit about us following our dividend policy. The liquidity is in place, so we paid out the full 40%. The work on Train 2 and the FEED is ongoing. That decision's not in front of us yet. You know, when that comes and when we have a full set of information to stand back and look at, then we'll look at, obviously, the funding and the capital requirements behind it to make that call. But I wouldn't be reading into these things or linking them at this point. Yep. Okay. And in the deck, there's comments around supporting partners in optimizing value at Greenbushes. So what does that mean if you're the minority there? And when can we expect medium-term costs and production? Look, we, you know, obviously, Greenbushes as an asset is owned by... through a joint venture between Albemarle and Tianqi Lithium Energy Australia. So those two parties have the ownership. We're a party to TLEA, and through that joint venture, obviously, we wanna contribute and bring whatever capability we can to help Greenbushes to perform and to be optimized. So I guess that's the message around working with our partners. And, you know, in terms of the optimization and the potential there, I think, you know, every large-scale mine that I've ever seen in my career has plenty of upside and opportunity. Greenbushes is no different. It's grown extremely rapidly over the last decade, and, you know, I guess we wanna make sure that we're getting the very best returns and outcomes from it. It's a critical asset in the world of lithium, and so we'll continue to bring our capability, skills, and experience to that partnership to help with that optimization. In terms of specific guidance, we've, you know, put out what we can for FY 2025, and that's all we can offer at this point. Just to follow up on that: so will we get any further outlook at the strategy day on Greenbushes? No. No, nothing more specific at this point, no. Okay, thanks. I'll pass it on. Thanks, Alex. Your next question comes from Rob Stein with Macquarie. Please go ahead. Hi, Ivan and team. Thanks for the opportunity. Just to, I guess, a bit of direction around Greenbushes product, its demand, and you would have seen obviously comments from some competitors around scaling back production, some of those competitors you're in JVs with. Can you just provide us a bit of an indication around how Greenbushes is impacted in this new world, whether there's still solid demand for that higher grade product and how that informs mine planning? ... Rob, well, look, yeah, great question. I can't speak for obviously the product going to Tianqi and Albemarle and their businesses and their situation. You know, all I can say is obviously Greenbushes is a great asset. It produces very low costs, spodumene concentrate, and it-- that drives a lot of value for all of the joint venture partners. You know, in terms of the market looking forward, your crystal ball is as good as mine. I think, it's a great asset. It produces high quality, very, very sought after concentrate, and it-- you know, the rest is up to Tianqi and Albemarle in terms of how their businesses pull that through and how they're managing their situation in the market. Maybe if I can just probe a little bit. If you look at, you know, Albemarle's decision to sort of sell back Kemerton, you look at what's happening with Wodgina, and then you're looking at potentially funneling through excess production units or allowance via Greenbushes. Like, how confident are you that the production capacity of Greenbushes won't be impacted? And then I guess to the other point, are you seeing premiums in the market now for Greenbushes product that sort of sit above what the PRAs are reporting? Well, again, you've got, that's a question for Albemarle, Rob, you know? Yeah. I can't speak to their business and their decisions. All I can say is, you know, Greenbushes produces a great concentrate. It's very valuable for the partnership, and, you know, that's our perspective on it. In terms of the PRAs and pricing, again, you know, I can't really get into that. I mean, they are what they are. They're based off the number of transactions and the level of liquidity in the market that they have, and that's the basis for our pricing formula. So, you know, I'm sure that will mature and improve as the whole market improves, but for us, that's the foundations and that's what we work off. Thank you very much. Thanks, Rob. There are no further questions at this time. I'll now hand back to Mr. Vella for closing remarks. Okay, thank you. Look, short call, which is good. Hopefully, we covered what you need. As I said, there's not a lot of new news since our last quarterly. I'm sure you'll pore through the reports and we'll pick up more questions down the track. I'm very excited about the strategy on the 12th of September, so I look forward to talking more with many of you at that point and getting your feedback and reflections. It is the beginning of that next chapter for our business, and we've got a lot of opportunities in front of us, so I look forward to that. Thanks again for your time and support and, I guess right through FY 2024, thanks for helping support me and the questions as we've got through the last eight months. We'll talk more soon. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.