I would now like to hand the conference over to Mr. Ivan Vella, Managing Director and CEO. Please go ahead. Thanks, Darcy. Good morning, everyone, and thanks for joining us for IGO's June quarter and the wrap-up of financial year 2026. I'm joined this morning by Ian Rowe, newly appointed as our interim CFO. He'll be available to cover a few remarks on our finances, but also to take some questions at the back end of our opening remarks. Ian's been with IGO for some time and knows the business very well. Over the coming months, he'll join me for some of our engagements with investors and analysts so you can get to know him better and have a chance to talk through some of the questions around the business. 30 June's always a good point to reflect back on a financial year. We finished with really strong momentum in safety and performance at Nova and a solid quarter at Greenbushes, all resulting in a strong balance sheet. We recognize there's still important challenges for us to work through at Kwinana and obviously a continued focus on Greenbushes as we work to drive towards the full potential of that amazing asset. Obviously, the fire in the quarter at Greenbushes was another key event we had to work through. I'll cover more on that later. It's great to see that that recovery is largely complete. We expect the plant to start ramping up soon. Beyond that, I want to also reflect on what we've achieved. We've really tightened up and simplified our business over the last 12 months with a key transaction we talked about post-quarter that sets up Nova for a really good finish. Key message for today is IGO is a simpler, more capable, and disciplined business than it was a year ago. We've got some very key areas of strength and a small number of issues that we're still working through to position us for the future. On our results summary, there's five key takeaways I wanted to work through from our safe results. Firstly, our safety performance has improved materially. That's supported by our visible leadership and strong discipline. Our group TRIFR reduced to 3.7 and as of today, our business is over 200 days recordable injury free. The business has gone nearly a year without a significant potential incident. So it's an outstanding achievement. I'm very proud of what the team's been able to deliver. Strong focus since I started in this business on safety, and I think the results today as we close FY 2026 are a credit to them. It's no surprise that that safety performance correlates strongly with production performance and cost performance. If we look at Nova, it's an outstanding finish to the financial year. Ahead of our life of mine production guidance and well below cost guidance. As we approach end of life and end of mining, it only gets more complicated, and I think that speaks to the performance and discipline of the operations team at Nova. We're also very pleased to announce the divestment to Global Lithium at the end of the quarter or just after the end of the quarter. Together, our operating performance and this transaction are great examples of our approach and the track record we want to continue to build on. Third, Greenbushes finished strongly with production at the top end of our revised guidance. Excellent margin, thanks to stronger realized pricing and the recommencement of distributions from Windfield to TLEA. The fire at CGP3 was disappointing and a real setback, particularly given the plant was ramping up extremely well and in fact, well ahead of our plans, before the incident. I'll cover more on that in our Greenbushes update further in remarks. Fourth, Kwinana production was impacted by a major planned shutdown. Lithium hydroxide production volumes reflect this. The refinery remains a challenge more broadly. Addressing the performance and finding a pathway to resolution at Kwinana is and continues to be a key priority for me in the business. Finally, the financial result underpinning all of this was very solid. Our underlying EBITDA was AUD 180 million, taking it to AUD 286 million for the year. Net cash increased 18% to AUD 387 million, leaving us very well positioned for discipline, portfolio optimization, and growth. Couple more remarks on safety. I'm delighted with the improvement we've seen over the last two years, and in particular in the last 12 months. As you know, this has been a strong area of focus for me. Thanks to the sustained effort and that visible safety leadership, we've delivered a step change in performance and I would say we're now in the territory in terms of broader industry performance that everyone should be expecting from us. TRIFR of 3.7, down 24% in the quarter and 63% over the year. Particularly pleased given the number of challenges the Nova team have had to work through as they push towards the end of life for the mine. It's also important to call out and credit our partners, our contract partners operating at the site. In particular, Barminco, which has helped deliver this outstanding change and improvement in performance. Greenbushes and Kwinana safety and performance remain key areas of focus. They are not operating at the same levels, we continue to work with our joint partners and the businesses to strengthen their safety controls, performance, and leadership routines. At Nova, as I said, we delivered an outstanding operational result, finishing ahead of our life of mine production guidance and below cost guidance. Key point is that Nova continues to deliver reliable production, discipline, cost control, strong cash generation late into its mine life, which is a very unique performance. Something that we're very proud of, really reflects well on the team, their focus all the way to the end. Quarter on quarter production is, as expected, following a planned April shutdown. Unit cash costs increased 29% due to the lower production profile and shutdown related costs. Sales revenue increased 18% on the back of higher copper sales volumes and higher by-product pricing. EBITDA was lower quarter-on-quarter with the resulting factors despite an increase in our rehabilitation provisions and retention or redundancy provisions associated with our upcoming end of mine life. Naturally, we expect a number of these adjustments to EBITDA, to unwind as we close out the transaction with Global Lithium, and we will report on those in due course. The production results reflect an exceptional focus and discipline from the Nova team and our contract partners and something that they should be very proud of, what they have achieved as we move towards that final stage of mining closure. We are also very pleased to announce last quarter that we have agreed to divest Nova to Global Lithium Resources once our mining operations are complete. This is a very positive outcome for IGO, Global Lithium, the local community, traditional owners, and other stakeholders who have supported Nova over the past decade. We continue to focus on our full closure planning right up to the finalization of that agreement with Global Lithium. That included extensive stakeholder engagement covering our traditional owners, local community, and government. Looking forward, we have upgraded our Nova life of mine guidance through to the expected end of production in late in the December quarter, and guidance is now 19,000- 20,000 tonnes of nickel production. Cash costs of AUD 4.25- AUD 5/lb of nickel. Just to be clear, this is guidance for the life of mine across the FY 2026 and FY 2027 period. Simple deduction of the FY 2026 actuals gives you implied production of about 19,000-20,000 tons of nickel production in the FY 2027 period. The Greenbushes delivered a strong finish FY 2026 with production at the top end of that revised guidance that we introduced last quarter. 80% EBITDA margins for the quarter. We saw an uptick in the mine grade last quarter as we moved back into the core of the ore body, which is positive and something I had signposted. Recoveries and mill uptime meant that some of the benefits of that were not fully reflected in the production, and we expect that to flow through and improve in this quarter and beyond. With the strategic options review continuing, Talison continues to progress those work streams that we have talked through quarter-on-quarter. I think a key area that I was pleased to see good progress was in the mine, taking the design for activity, a number of changes, to continue to work towards unlocking the full potential and productivity of Greenbushes. The June quarter showed some really positive trends in mining productivity. I have been down to the site three times over the last quarter, and it was good to see that steady improvement. Mine production was also supported, as I said, by that move into higher grade area, as we previously signposted. Production increased 10% to 397,000 tons, with CGP3 contributing approximately 71,000 tons. The plant was ramping up extremely well ahead of the fire in June. Most importantly, no one was hurt in that event, and the plant is now expected to restart in the coming days. The investigation has been finalized, and the team will naturally ensure that all of the learnings are embedded in their work going forward. Spodumene sales increased 12%, reflecting delayed shipment from the prior quarter being accounted for in the June quarter, while the average realized spodumene price increased to $2,286 per tonne. The result reinforces the quality and cash generation potential of this world-class asset, particularly through a period of stronger realized pricing. Windfield resumed distributions during this quarter with a dividend of AUD 390 million declared on 100% basis. The business also continued to build considerable cash and receivables with these very favorable prices flowing through. At the same time, Greenbushes still has meaningful improvement work ahead across safety, maintenance execution, plant performance, stability, and recoveries, and the broader mine to mill discipline that we expect to deliver significant uplifts in performance. At the same time, the operational improvement life of mine optimization also remains critical. While the team did obviously have some focus on the recovery of CGP3, which delayed some of that activity, they continue to progress that broader life of mine optimization activity, and we look forward to sharing more on that in due course. We continue to work closely with our partners through the joint venture TLEA and Talison to help them as they build out a more stable and consistent link high-performing operation. Looking into FY 2027, Greenbushes guidance that we've set has been laid out on the slide. Spodumene production between 1,550,000- 1,750,000 tons of spodumene at an SC6 basis. Cash costs between AUD 380 and AUD 440 per tons. And our development, sustain and improvement CapEx, including third waste, range between AUD 250 million and AUD 300 million. Our guidance reflects that ongoing CGP3 ramp-up and improvement works still required across the operation. As we see how CGP3 comes out of the restart, we can obviously refine our expectations. On the lithium downstream, we foreshadowed last quarter that production has been impacted by a major plant shutdown designed to improve plant performance. The lithium hydroxide production was 897 tons for the quarter. The lower production volumes reflected in significantly higher conversion costs for the quarter, as you would've expected. Sales volumes were also lower in line with production. The average realized price has improved considerably to $19,543 per tonne. Production costs are also elevated with the refinery offline for a good part of the quarter. EBITDA loss of AUD 88 million on 100% basis, including the negative inventory adjustment of about AUD 37 million. Further shutdown is underway through July and August, which will reduce our September quarter production. FY 2027 guidance at Kwinana is set at lithium hydroxide production of 9,000- 11,000 tons. Conversion costs ranging from AUD 16,000- AUD 18,000 per tonne. And sustaining improvement capital of AUD 75 million- AUD 90 million. With that, I'll hand over to Ian, just talk through some highlights from our financials, and then pick up on a few points. Thanks, Ivan. It's good to be speaking with you all this morning, and I look forward to meeting many of you over the months ahead. The quick play is FY 2026 with real financial momentum. Nova finished the year strongly, and as lithium prices recovered, the EBITDA outcome at Greenbushes came through clearly. For the quarter, group sales revenue rose 18% to AUD 141 million, driven by higher copper sales volumes and higher copper prices at Nova. Our share of net profit from TLEA increased 38% to AUD 121 million, reflecting the strong realized spodumene price and an 80% EBITDA margin at Greenbushes. Importantly, Kwinana resumed dividend distributions during the quarter, a clear marker of the asset's cash-generating strength as pricing has recovered. Group underlying EBITDA was AUD 118 million for the quarter and AUD 286 million for the full year. That includes around AUD 31 million of year-end adjustments at Nova, relating to both an increase in the year-end rehabilitation provision and the retention and redundancy accruals tied to the end of mine life. The recap component will transfer on completion of the Nova divestment, so it is largely timing item. Adjusting for those, the underlying result was in line with our expectations. The one standout area that I'd really like to call out is our cash performance. Underlying free cash flow nearly doubled to AUD 70 million during the quarter, and net cash increased to AUD 387 million. For the full year, we generated AUD 134 million underlying free cash flow. This capital discipline and cash build is deliberate. On the one hand, it reinforces what a once-in-a-lifetime at Nova has been, generating strong cash flow right to the end. On the other, it reflects the balance sheet flexibility that we are being intentional about as we prepare for life beyond Nova. Naturally, we'll have more to say on capital management with our full year results next month, but this discipline will hold us in good stead as we build scale of business. With that, I'll hand back to Ivan to step through our growth priorities in more depth. Thanks, Ian. A couple of final remarks, and then we can open up for some Q&A. Our growth agenda builds on that strong base that I've talked about, a simpler, tighter business focus on copper and lithium. We are pursuing growth through three routes. Exploration, which is, I guess, a real category in IGO. BioHeap, which I provide a little bit more detail in our quarterly, and discipline M&A. On exploration, we've cleaned up our portfolio, reset our focus on where we're operating our tenement package, and ultimately bring a focus on high-quality copper and lithium opportunities. The FY 2027 exploration budget is AUD 35 million-AUD 40 million. BioHeap is another growth pathway. This was sulphide leach technology developed more than 25 years ago, presents a very timely opportunity to address some of the structural challenges for the global copper industry. We've recently redirected some focus on this technology. It was originally created with a focus on nickel, and it clearly works across a number of different base metals, anything presenting in sulfides. As we work through proving that out, demonstrating understanding its economic potential, we'll provide more updates. We believe it's an important area to focus on in looking to unlock low-grade sulfide deposits where the technology might offer a different pathway to value. Very early days. There's plenty of technical and commercial work underway, and there'll be some very clear milestones before any material capital commitment. Non-M&A remains, of course, one potential route for growth in critical minerals, aligns with our strategy, but we remain highly selective and disciplined. We'll only pursue opportunities where there's strategic fit, distinctive IGO advantage, where we can bring real value to the table. As you'd expect, disciplined capital allocation. Nothing's changed in this space since I joined the business two and a half years ago. In summary, FY 2026 finished strongly and leaves IGO positioned well, stronger, simpler, and in better shape looking forward to the future. Our safety performance continued to improve through the year, and of course, correlates and mirrors very well with the kind of production and operating performance that we've demonstrated at Nova. It's delivered ahead of production guidance and below-cost guidance for the period where the challenge was only greater as we moved into the final stages of mining for the ore body. We announced the divestment to Global Lithium, obviously, with no share maintenance, no overlap, and no increased costs carried as we look forward. Greenbushes has delivered a stronger final quarter, supported by the CGP3 ramp-up, strong pricing, and 80% EBITDA margin. Plenty more to do, as we've talked about, but it's nice to see a better quarter and some real improvements starting to flow through the operations. IGO, as Ian called out, has ended the year with net cash AUD 387 million. Plenty of work to continue doing. We've got a very focused business, continuing to look through those few challenges that are remaining on our list and then looking for the best pathways and opportunities for growth. With that, I'll turn it over to some Q&A. Thank you. If you would like to ask a question via the phone, you'll need to press the star key followed by the number one on your telephone keypad. If you would like to cancel your request, please press star two. Management kindly ask that you please limit your questions to one per person and then rejoin the queue for any follow-up questions. Your first question today comes from Hugo Nicolaci from Goldman Sachs. Please go ahead. Morning, Ivan and Ian. Thanks for the update this morning. Look, first one from me, just on the timing of cash flows between the lithium JVs. You've noted the cash that came out of Windfield in the quarter, also highlighting that CGP3 is restarting. Your 2027 CapEx at Greenbushes is lower, and Kwinana year-on-year, your guidance is pretty similar. Is there any reason we should be aware of that the cash sweep mechanism from TLEA up to IGO shouldn't see that cash come through ahead of August? Hugo, yeah, look, it was great to see, obviously, with the market recovery in lithium, the cash starting to really build up rapidly in Talison, in Windfield, for that to start flowing through to shareholders. That's obviously very recent. It's nice to see some cash flowing into TLEA. We'll obviously take some decisions at the TLEA level, the board will consider that as we start to look forward and see how the market behaves. Yeah, there's nothing beyond that I can comment on, there's nothing more substantial or other complications that you should consider. It's, I guess, obviously, a function of that market recovery that we've all been pleased to see and now starting to see that cash flow through. Got it. Cool. I'll wait for August on that timing. Just maybe one for Ian, just sort of pecking through the Windfield cash flow a little bit more. You made a comment around the receivables build. If we look at the cash balance you've reported the last couple of quarters, it does imply that there's a significant working capital piece or maybe it's tax in terms of that cash flow piece. You able to just elaborate a bit more on what those moving pieces are and if we should see that working capital headwind unwind in the coming quarters and support, prices being equal, a bigger step up in cash flow coming out of the Windfield JV? Yeah. As Ivan said, Hugo, we can't give you too many specifics other than the working capital position is really strong. Trade receivables have gone up significantly at the Windfield level, we do expect that cash to convert over the next quarter. Thanks. That's helpful. Thank you. Your next question comes from Mitch Ryan from Jefferies. Please go ahead. Thank you, Ivan and Ian. My question is just how should we be thinking about the ramp-up profile of CGP from here following the fire? Maybe from a more granular perspective, what volumes are in the guidance for FY 2027 from CGP3? Thanks, Mitch. We hope that it will ramp up very quickly to where it left off. It was performing extremely well, there's no reason to expect it won't. Naturally, I can't sit here and make any guarantees until we see it start up. The team has done an outstanding job on that ramp-up. We were headed, before the fire, for an extremely good quarter. It was performing very strongly and well ahead of the plan and ramp-up curves that you would expect. We've indicated to get to 100% by the end of the calendar year. No change to that. There's nothing there that says we should be surprised, I'm obviously not able to comment until we actually see it start up and how it behaves. One of the things I know the team was very focused on was getting, obviously, the recovery completed as quickly as possible, not just because we want the production, but because the longer the plant stands idle, the more potential for issues to emerge. At seven weeks, they've obviously kept a close focus on the assets, made sure everything's healthy and ready, doing final checks at the moment. I guess we'll get back to it and hopefully start seeing some very strong production from August onwards. Okay. Are you able to provide any of the metrics around what you were seeing before the fire? Either volume, recoveries, throughput? Yeah. Well, I'm not going to give you specific numbers, but I can tell you, as I said, when I say we're well ahead of the ramp-up curve, and I think in the last quarter, I said, we're in that final part of ramp-up, which always takes a bit longer, but basically we have seen that plant demonstrate its potential, recoveries, throughput, et cetera, very effectively. We're extremely pleased with that. Yeah. Thank you for taking my question today. Thanks, Mitch. Thank you. Your next question comes from Austin Yun from Macquarie. Please go ahead. Morning, Ivan and the team. Just a question on the production profile, for financial year 2027. Should we anticipate lower volume in the next quarter given that you're going to restart CGP3? How are you progressing with the high-grade mining area? Any color would be very helpful. The reason why I'm asking is just because I think the market is going to be fairly tight in August and September. Keen to see if the operation has any plan to take advantage of rebounding lithium prices. Thank you. Thanks, Austin. Thanks for the market forecast too. It's great to hear. Certainly, we look forward to that. Starting with the mine, as I said, I've been down there three times in the quarter, and getting down there quite frequently, and I'm really pleased with the progress there. They are back into the high-grade core of the mine. They are being disciplined in how they provide feed to the ROM pads and the blending. We're seeing that obviously flow through and improve the performance in the plants. There's still work going on with recoveries. I was sure there'd be a question coming, I guess, without getting into too many specifics, it was great to see post-quarter, I was down there. There's some real improvement in CGP1 where they'd had some challenges that they got on top of and we're back on a front foot on recoveries. Getting back to your point on the high-grade core, look, they're there now. That pushback's complete and they're in a good place looking forward. In terms of production performance, the team, they'll produce everything they can and continue to drive that asset to its full potential. Our guidance indicates based on the plans that we have from Talison, what we expect to be in is an appropriate range. As we see more from that improvement program, we can obviously then tighten or revise that as needed. At this point, that's I guess what we think makes sense for FY 2027. Thank you. I'll pass now. Thank you. Your next question comes from Daniel Morgan from Barrenjoey. Please go ahead. Hi, Ivan. Just looking to expand on the shuts and rectifications that I guess the team is planning at Greenbushes. Are their concentrators non-CGP3? Just what is the timing and what would success look like from those? Thank you. Dan, can you just clarify? Are you talking about just improvements in general or when you say shutdowns, they're on a normal shutdown cycle. There's nothing new or special coming up in the plan, beyond the normal cycle. Maybe you can clarify your question. Yeah, sorry. I think in the release, you were referring to taking a lot of the learnings from CGP3 and then applying them to the other concentrators. Obviously. Oh, okay. CGP3 has ramped up well. Yeah. Sorry, Daniel. That makes sense. Yeah, look, I was really referring to the cause of the fire. As that investigation's completed, there will be a suite of learnings and they're hard ones. It's really difficult to see that kind of impact on our asset. Ultimately, there'll be a set of learnings that we want to make sure are rolled right back through the entire site, obviously in particular, the other plants. Just on the dividend, decision made at the Windfield level. Can you provide any insight into what was factoring into the magnitude of that dividend and should we take this as a proportion of free cash flow as sort of a go forward rate from Windfield? What other considerations were made in the Windfield dividend decision? Thank you. Okay. There's a very structured capital framework that we apply at Windfield. The board receives a recommendation from Talison based on their debt. I won't go through the list. You guys know the kind of pieces we take into account, that recommendation was accepted by the board. We'll obviously continue to see those quarter on quarter. With the kind of price environment, we expect to see very strong cash generation and flow from the asset. That was basically the first big check that Windfield's cut for a while. It was great to see that, as in signposts that we've seen obviously significant build in receivables, working capital position, which is no surprise as the price rolls through. Of course, that gets to a point where that just turns into cash and starts to flow quarter on quarter. I'm preempting the other question you might be contemplating, or someone else is, and that's around the debt at Windfield, and that's something that the board will always consider and look at to optimize. At this point, we feel pretty comfortable with the level. That's something we'll consider as things progress, and we see how the market evolves. Okay. Thank you, Ivan, for your perspectives. Thanks, Dan. Thank you. Once again, if you would like to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Ben Lyons, from Jarden Securities Limited. Please go ahead. Thank you. Good day, Ivan. Just like to press a little bit further on Hugo's initial question, please, and just noting that about AUD 200 million is going to drop in the TLEA tin this time around. I'm just really interested in what the IGO position is as we head into that TLEA board meeting. You've essentially flagged flat CapEx guidance at Kwinana. Clearly we're not facing into a massive capital-intensive rebuild of the refinery. Those operating guidance metrics that you've provided also imply reduced cash burn at Kwinana as well. I would have thought there's a very high probability that TLEA distributes to the IGO bank account this time around. Just interested in your perspectives as we head into that meeting. Thank you. Yeah. Thanks, Ben. Look, all valid observations as you look through the accounts and the performance, then we'll take that through some close consideration with the board. I can't at this point signpost our dividend position from TLEA. Got to step through and consider. The one piece that you probably didn't mention, which we've always got to contemplate, is what the forward market looks like as well and our confidence in that. There's a lot of volatility in lithium. We've seen probably even more so in the equities than the actual underlying market, but plenty to take into account at that next board meeting. No doubt that'll be a topic of discussion. Well, thank you. Maybe just looping back to the Talison level. Still waiting for an unwind of the concentrate inventories from Greenbushes and sort of keep pushing it out quarter-on-quarter. This question gets asked every quarter, I guess. Is there any reason why there's a surplus of concentrate being held at site or at the port? Is there ongoing port congestion or should we just eventually expect those concentrate inventories to unwind? Thanks, mate. Yeah, I think it's more just the flow of production, Ben. The port does present challenges for the team from time to time. It is congested. There are challenges there, and they're continuing to work to optimize that. As we ramp up production further, not just for CGP3, the other productivity initiatives, that's only gonna get harder. There is a stream of work focused on that as part of the broader SoR. There's no intention to hold inventory, of course. Every tonne we can get out and shipped, we see to it. Given the overall FY 2026 performance was below the production plan and the guidance, you can imagine our customers, TLC and Albemarle, are feeling that. They're calling for that production. There's no sort of hold back. It's a question of just getting the logistics to work and get as much of it out as possible. Okay. That's clear. Thanks very much for taking my questions. Thanks a lot. Thanks, Ben. Thank you. Your next question comes from Levi Spry from UBS. Please go ahead. G'day, Ivan. Just wondering about some of the longer-term plans at Greenbushes, including are you still sort of planning on releasing the optimized long plan in September? You just broke up a little bit there, Levi, talking about sort of the life of mine optimization, SOR work. Yeah, just wondering if you're still planning on releasing some of the longer-term metrics and some of the optimized life plan, as per earlier guided to in September. Yeah. Look, we continue to be eager to do that. I want to be in a position and I think ideally have Rob, obviously as the CEO of Talison, standing up and sharing more about the business. I think that's something that's getting welcomed and valued by our investors and analysts. The work's continuing. As I said, they did make very good progress on the mine in the quarter. Some of the other work did slow a bit due to the fire and other issues they're working through. Look, as soon as we've got something finalized through the board in a position, package up, we'll be looking to find a way to get that out to the market. I know how valuable that will be so you can get a longer-term view of what's coming in the asset. Yeah, I guess to be really clear, there's no pullback, slowing away. That's a critical stream of work. It's got significant resource and focus on it. I think very important for us to finalize and get out to you so that you can build out a fuller view of the potential of Greenbushes. Thanks, Ivan. Thank you. Your next question is a follow-up from Hugo Nicolaci from Goldman Sachs. Please go ahead. Thanks for taking the follow-up. Just firstly, Greenbushes CapEx into FY 2027, obviously there's a step down. Appreciate things like water and tailings are going to be lumpy. Can you just maybe step us through a little bit more what is in that guidance for 2027, and should we expect a step up in that tailings and water work in FY 2028? Yeah. Hugo, I can't give you a detailed breakdown. Look, a lot of it is just the normal run of mill sustaining and improvement CapEx, tailings continuing. I was walking out on TSF four weeks ago when I was down there. That work will continue through this quarter. As an example, there's some work on some of the water tanks as well for storage. I think one of the key things, though, and we'll profile the move period to period. As we signposted with the significant update to the life of mine, ORE, MRE in January, February of this year, the steeping of the pit walls and reducing of strip costs is going to start to flow through. If you look under the covers in the FY 2027 period, you see a big step in the deferred waste. Now, ultimately, what I'm focused on is seeing that mine productivity humming. I want to see them getting the very best out of the assets, top performance, very strong control around drill and blast, geotech disciplines, et cetera. Where that's accounted for between OpEx and CapEx, I'm probably a little less focused. What we want to see is great outputs and performance. With that strip coming off, you can imagine that deferred waste allocation is coming off significantly. You're starting to see that flow through. Then, you stand back and start looking at the all-in sustaining costs of Greenbushes, it's an eye opener, it really is. This is where the strength of this asset shines out in comparison to all of its peers in the hard rock world. There's just no one close. I think that's only going to get better with the improvements, productivity uplift that's coming. It continues to push Greenbushes. Yes, they've had some setbacks. Yes, as I've said, it was a tough quarter last quarter to deliver a downgrade on guidance. This is the sore tooth of improvement in performance. There is no back off on that. As they deliver that, I think continues to position Greenbushes as one of the most competitive sources of repeat units in the world, regardless of the nature of production, be it dry, subrit or otherwise. Got it. Thanks for that, Ivan. Then just maybe one on the sale of Nova. Just sort of working through that one for my benefit a little bit. I appreciate, obviously, a lot of provisions there. I think your December half year, you had about AUD 120 million of provisions on the balance sheet. You've added a little bit to that today. Selling it for AUD 7 million, so call it AUD 130 million of enterprise value there. It seems like a lot of infrastructure that the replacement value of a number of just those components would be considerably higher than that. Appreciate it's only worth what someone's prepared to pay for it. It seems like a relatively low value to realize. Can you just comment on maybe some of the other liabilities there or sort of why sell it for what I perceive to be a relatively low value versus the installed asset base? Let me throw that one to Ian. He actually ran that transaction, which is great. Did that in his spare time, He can talk you through the background and logic there, Hugo. It's a great question. Thanks, Hugo. You called out the headline consideration, which was AUD 7 million. For us, it's a share transaction, so we're selling the Nova entity, including all the representation and obligations that go with that. I think we noted in our quarterly that the balance attributed to Nova at 30th June is roughly AUD 70 million. For us, we obviously explored a number of opportunities, options for that asset, including moving the plant, which you pointed to. Frankly, this is the best overall value proposition ratio by the time you customers dismantle the plant and move it elsewhere. It sort of cents on the dollar. It's a great outcome for IGO, for our people. The fact that we'll be able to complete that transaction as soon as possible after the completion of mining operations means that we can, I guess, reduce the ongoing cost base there and focus on growth. I'd just add a couple of additional points. Part of it is also ensuring we've got a very credible counterparty to take on those obligations. That's something we looked at carefully. I think Global Lithium will get full value from the assets. To your point, they are only 10 years old. They're fantastic assets, and I'm sure although will serve them very well. That closed up liability and requirement, that future work, we want to ensure that that's dealt with professionally. We did a lot of work on the closure planning, that's an important part of the decision. I think the other factor to take into account, Hugo, is the location of Nova. It is very remote from a lot of our mines in W.A. and resources. Which makes it more challenging. If you had transplanted that into the middle of the Goldfields or in Pilbara, yeah, sure, could be a very different story. Given where it was, I think this is an outstanding outcome for IGO. We've avoided any terminations, any holding costs to literally wrap up production, take the concentrate, and then finalize the transaction within days. It's about as optimized as I think we could ever expect. I was really pleased what Ian and the team have achieved there. Something to be very proud of. Yep, got it. That's clear. Obviously, the remoteness making a big impact there. Lastly, if I can here, just give a sense of the timeline where we should maybe start to see some of the drilling and exploration pieces come through at Cosmos and some of these other assets over the rest of FY 2027? Sure. Yeah, great question. There's drilling happening right now at Cosmos, which is good. They've been in there for a couple of weeks. Assays are due in soon, which will be interesting. There's some drilling up in the Kimberley, which will start as soon as we finalize some heritage clearances. There's a number of projects internationally that we're working through, and I'd expect those to all start to see exploration standing in the ground through FY 2026. As I said, predominant focus on copper for that work and quite a big shift in approach for exploration. We have a deep capability in our organization. I mean, absolutely outstanding technical capability. We have really reset the whole strategy and approach, and we are pursuing areas where there is basically no mineralization or very high prospectivity. As I said, strong focus on copper and, of course, in jurisdictions where we expect that we can turn that into a mine. This isn't about trying to find a resource and then figure it out later. We're thinking through these projects from start to finish before we start committing any capital towards them. As we get further into that program, I'll definitely report more and maybe get John or Gilroy out of exploration to come in and provide a deeper dive on. It'd be nice to not just talk about Kwinana and as much as I love Greenbushes, I want to see some improvements, but it'd be good to pick up another key thread as part of our business and our growth agenda. Got it. Just at a high level then, should we expect exploration to step up in FY 2027 versus the, I think, AUD 33 million you spent in 2026? No, look, our guidance remains AUD 35 million-AUD 40 million. We think that's an appropriate amount of allocation from our balance sheet. Naturally, we will continue to try and turn the tenement over and draw value from it. In other words, we're not saying that we always should draw that much off the balance sheet, but that's the envelope that we've allocated. We think that's appropriate for our business, for the targets, the direction we're taking. Naturally, if we do hit significant mineralization, then we might take the decision to allocate more, and that's something we go through with the board carefully. At this point, yeah, just roll forward that AUD 35 million-AUD 40 million. We think that's the right envelope. Cool. Thanks, guys. Appreciate the follow-up. Thanks, Hugo. Thank you. Your next question comes from Andrew Harrington from Petra Capital. Please go ahead. Thank you. Morning, gents. My questions were all around the exploration work and the spend. You've answered most of those. Perhaps you can add more color into the projects or locations that you can be focusing other than Cosmos. Yeah, I'd love to. I won't yet because we're not quite there to announce all those things. They are exciting and, if you start to think about major copper belts, where we could expect to be targeting considerable copper mineralization, it's most likely not Australia. It's the hard news, I guess. There isn't a lot of ground in this country. Where there is good, it's generally held very tightly by other players. I'm not trying to avoid the question. I just can't be too specific yet. There's one area that we're focusing on in Australia that we think offers some opportunity, and the rest is international. One that we have announced so far is Copper Wolf in Arizona, and we expect drilling to start this year on that. We have a number of very interesting targets there that the team has worked through. We completed the transaction recently to take 100% of that tenement package, and I really look forward to seeing the results there. Will anything be spent on lithium exploration? Yeah. Possibly. I mean, we've continued to work through some clearances and some targets in the Cosmos tenement package and also Forrestania. There are clear indications of pegmatites in this area and obviously with Cosmos, you've got Kathleen Valley, which is an amazing body just to the north of it. We're just stepping through the process to get clearances and then prioritize our drilling accordingly, as we go. Okay. There's also some tenements in the Northern Territory which have also had some focus, and the team's continuing to work through their data and look to see if there's any further targets they want to put drilling into through FY 2027. Lithium is far from off the agenda. It's just continuing to be very surgical where we place the money in exploration. Cheers. Thank you. Thank you. Your next question is a follow-up from Austin Yun from Macquarie. Please go ahead. Thank you, Ivan. Just a quick one on the downstream. In the last 12 months, we can all see the value is accruing at the upstream. Keen to understand, given you have additional work planned for Kwinana, have there been any progress on how to approach this project, given your discussion and meeting with your joint partners? Thank you. You're really quiet there, Austin. I think talking to projects, folks for Kwinana, the shutdown that we saw in the June quarter, and then we're continuing now, was focused on three areas. Normal shutdown maintenance, routine maintenance. Secondly, improvements to lift the performance or approach to nameplate in the asset. The third, which we mentioned in the quarterly, was the gas treatment facility, which is an important requirement to make sure that we meet all of the environmental conditions, and the operations of the future. That work will obviously close out with this current shutdown, and then we'll see how the asset's performing. The team at TLEA at Kwinana are naturally dedicated very heavily to deliver the best production performance that they can and are doing a great job seeing through those projects. Ultimately, that unfortunately doesn't change the challenged economics for lithium refining in Australia, and that's not just a function of Kwinana. It's something that we all have to recognize. It's obviously been compounded recently with the increase in sulfuric prices, other input costs. Ultimately, that's a broader piece of work for us to sort through. Yes. Just on that point, I was trying to understand any progress in terms of how you approach this project at the joint venture level has happened. Would you share it or any opportunity to hand it over? Have any of those been explored? Thanks. Austin, we continue to work through those questions and concerns with TLC. Nothing's changed from an IGO point of view. Our position remains consistent. We're just working through that respectfully with TLC to see what pathway can be achieved. We'll update you further once that work's complete. Thank you for the update. Thanks, Austin. Thank you. Your next question comes from Lyndon Fagan from JP Morgan. Please go ahead. Good morning, Ivan. First question I had was just on Greenbushes grades. Why weren't they up more in the quarter? I thought we were expected to get a bit more of a recovery. The second one I had was just in terms of the tailings retreatment plant, in which year does it actually run out of tailings to treat and need to, I guess, have an investment to take ore? Okay. Thanks, Lyndon. On grades, first of all, we're back into that High Grade 4, what we're seeing is, I think, discipline mining, discipline management of the ROM feeds for each of the plants. We're now targeting the right grade for the right plant. You see a higher grade into CGP1. That's how it's designed and, still by industry standards, a very high grade into 2 and 3, but quite a step down. What we want to do is manage that feed and control that in a very disciplined manner. As you know, the reserve grade for the life of mine, is something we need to be conscious of. If we were to just continue to mine above that consistently, you can imagine that you create a shortfall later. By starting to get this discipline of control into the mining sequence and the way that we create those ROM feed stockpiles, allows us to balance and smooth out that performance through the operation. We're not looking to just throw the best high-grade material into plants just to try and hit a quarterly number, for example. Ultimately, I'm really pleased we're back in that high grade. We're managing it in a disciplined manner, and you should continue to see that run through the other production results looking forward. On tailings treatment facility, you probably can imagine that the grade has dropped off through in, what, FY 2025 into FY 2026. It was really significant in the early days, I think above 1.4% lithium, and it's down lower than that now. The team is still producing well from that asset and they're continuing to study and assess the potential resource and how far we can extend that with the old tailings facilities at Greenbushes. At this stage, I think that will take us well into 2028. Until that work's finished, I can't give you a definitive answer. In parallel, the study work is then continuing to say what kind of crushing grinding capacity would you put in front of that facility to continue to leverage the flotation circuits and the production volume capacity that's there. Again, once that work's further progressed, I can give you an update. I think the takeaway is we're not expecting any dial back of those tons. I mean, it's a great facility. Maybe not as substantial as Chem one, two, and three, but still offers considerable production, valuable production capacity at the site, and that will take us well through the back end of this decade. Thanks. Just a quick follow-up, if I may, on the CapEx. It seems like FY 2027 at Greenbushes is more or less just a stay in business type number. Do we read into that that there's a lack of desire from all of the partners at this stage to spend on growth? I realize you haven't come out yet with the life of mine optimization study, but there doesn't appear to be anything in there for early works or Is that the right interpretation? Is that just stay in business? It's a great question, you commented on that SOR or that life of mine optimization. That is the place where we stand back and look at the big picture and say what's the right sweet spot for production volumes, and therefore the capital allocation across the site. There's no question that more tons equals more money. We know that volume equals value in one sense. Doing this in a really thoughtful, planned, and disciplined manner with a long-term plan, I think is what we should expect from Greenbushes, from the owners of that asset. I'm really pleased that the board's obviously working through that with that mindset. Clearly, there is potential for more production growth. We've all talked about technical-grade carbonate, as you give before, and it sits out there. That asset, the broader mine, has got enormous potential. I think showing that we've got existing assets running extremely well, meaningful potential, running above mine plan, really delivering on costs and structured and disciplined maintenance, very high recoveries. All of these foundations, I think, then earn the right to grow rather than just saying, "Well, because the market needs more, it's a good plan to just throw the capital at it." Rob's taking, I think, a very thoughtful approach to those improvements, then broader SOR will be in a position to say where does that next major step of growth fit. Just to pick up on that, you reckon it hasn't earned the right to grow at this stage? Yeah, I don't think we've reached full potential. Obviously this financial year or FY 2026 was, it was a tough year for Greenbushes. It finished well last quarter, but it had some difficult periods and there's still plenty of improvement going on. I think the ability to translate that capability back into a new asset means that we're going to squeeze every last drip of return from new capital that we allocate across the business. Whether that's for a 10-Grade plant or new assets in the mine, it doesn't really matter. I think that's good discipline in any mining operation. Great. Thanks for all of that, Ivan. Thanks, Lyndon. Thank you. There are no further questions at this time. I'll now hand the conference back to Mr. Vella for any closing remarks. Thank you, Darcy. Thanks for the questions. We've covered lots of ground there, and we're right on time. Just as a quick wrap-up, a very strong finish to FY 2026, leaving IGO in a great position as we look forward, the next stage of this business. A transformational lithium safety performance and a strong correlation obviously, with the operating, production, disciplines and performance and outcomes at Nova. The transaction with Global Lithium, I think, positions us extremely well and simplifies our portfolio further. Greenbushes, strong quarter and a good finish to the financial year, 80% EBITDA margins and, a imminent restart of CGP3 sets us up for a great start to this financial year. IGO ended the year with net cash of AUD 387 million. A strong balance sheet, strong cash position. All in all, there's still work to do and, some key issues that we're working through. I think a lot of that's been covered well on the call. Thanks for everyone's time and attention. We look forward to updating you further after our year-end results are announced in August. Bye for now. That does conclude our conference for today. Thank you for participating. You may now disconnect.