I would now like to hand the conference over to Mr. Tom O'Leary, Managing Director and CEO. Please go ahead. Good morning, and thank you for joining us. With me are Adele Stratton and Luke Woodgate. Over the first half, Iluka marked important milestones, advancing key growth projects and delivered a financial result that outperformed our expectations from the beginning of the year. While demand conditions were mixed, supply tightness in the zircon market drove strong sales and pricing outcomes. This in turn led to strong cash generation and a significant reduction in our mineral sands net debt, with commissioning of the Balranald project delivered in parallel. In rare earths, we executed our first offtake agreement, strengthened our long-term feedstock position, and progressed construction of the Eneabba Refinery to 60% complete. Adele will talk to the financials in a moment, but before that, a few words on mineral sands markets, Balranald, and Eneabba. On markets, we were pleased with our volume and pricing outcomes for zircon. It is mainly supply tightness that supported these, with our contracted sand prices increasing to around AUD 1,760 per tonne for Q3. Many of you are aware of the fire at Eramet's facility in Senegal back in February, and this, along with lower Indonesian exports and operational challenges at some of our peers and our own supply discipline, have contributed to the dynamics. Demand remains mixed across regions, subdued in China, and stable in Europe. Absent any change in demand or the supply situation, we expect prices broadly to hold at the Q3 level for the remainder of the year. We have managed to identify some ZIC stocks at Narngulu and plan to blend these with some sand volumes and bring them to market in the second half. While that zircon being concentrated a lower-grade product, it generates a good margin. Our high-grade titanium feedstocks are second half weighted sales this year, a function of both our operational settings having less natural rutile available to sell while Cataby is idle and Balranald is ramping up. As well as a customer entering into administration last year and other adjustments to take-or-pay contracts to support customers in challenging market conditions. These elements were factored into our decision to idle Cataby and SR2, our second kiln, late last year. We have 110,000 tonnes of take-or-pay contracts for synthetic rutile this year, and most of those sales will fall in the fourth quarter. Pigment demand is yet to show clear signs of a recovery, although we are seeing higher input costs in China flowing through to higher pigment prices there, as well as some further pigment capacity rationalization. On top of this, the widespread tariff protection announced over recent years appears to be offering some protection to multinational pigment producers, Iluka's customers, which have announced some modest gains in price or volume in their recent results. We are monitoring conditions closely and retain the flexibility to respond to renewed demand growth and any improvement in conditions. On Balranald, the commissioning was an important milestone. We were ambitious in our schedule and on reflection, perhaps we should have allowed for more time and effort to be expended, given that issues can arise where technologies are being applied in a new environment at commercial scale. We've had to spend time and effort in the second quarter addressing seal failures within the inner pipes, as well as improving the mud recipe to preserve stope integrity. Nevertheless, two mining rigs are now operational. We've achieved much better consistency in developing stope lengths to their full potential, and we're transitioning our rigs more effectively from development mode to mining mode. At the concentrator, both magnetic and non-magnetic heavy mineral concentrates are being produced on specification. Our focus is now on ramping up production, particularly ore extraction rates and recoveries. Leading to Eneabba, which I know is the key for many shareholders. If you haven't looked at the latest drone flyover on our website, I'd really encourage you to do that. You'll see that the refinery is increasingly taking shape. Just last week, the roaster kiln was raised from its holding area and positioned in place, and we've included a picture of that on slide 17 in today's presentation. We've also, again, reaffirmed the total capital budget for the refinery and are increasing in confidence on both budget and schedule. Construction is 60% complete. The vast majority of major equipment has been delivered to site, and piping, electrical, and instrumentation installation are underway. Commissioning has already begun. The high-voltage power supply and distribution network have been energized, together with several low-voltage transformers supplying key process areas. This milestone enables progressive commissioning of plant equipment and supports the transition from construction activities to operational testing. Mineral commissioning, that is the delivery of first feedstock into the completed refinery, will occur in 2027. From a strategic and commercial perspective, we've delivered our first rare earths offtake agreement with a global automotive company. And also strengthen the refinery's long-term feedstock position through the concentrate supply agreement with BHN Resources, which we announced in July. Both developments are consistent with our approach to building a rare earths business based on diversified feedstock and pricing outcomes that are protected from the industry's existing monopoly structure. You'll see on slide 21, a summary of our internal and third-party feedstock options, and slide 22 covers some illustrative production scenarios. Clearly, external developments continue to reinforce the strategic rationale for our rare earths diversification. We continue to see evidence of industries and governments seeking secure and reliable sources of rare earths with transparent supply chains. We've been talking about this shift for many years. Momentum is only building, and it's becoming evident that Eneabba will play an important role in the evolution of this industry. The refinery coming online in 2027 is also well timed from a supply and demand perspective. It's one of very few facilities outside China that, by design, will produce separated light and heavy rare earths oxides at meaningful scale. Over to you, Adele. Thanks, Tom, and good morning, everyone. The Mineral Sands business generated strong cash flow during the half, supported by improved zircon pricing, inventory drawdown and continued operational discipline. Mineral Sands net debt reduced by 42% to AUD 273 million at 30 June, with the business generating AUD 247 million of operating cash flow and AUD 200 million of free cash flow. These outcomes were achieved while completing the development of Balranald, which accounts for the vast majority of the AUD 94 million of Mineral Sands capital expenditure in H1. As we set out in the quarterly, that figure included AUD 35 million that had previously been expected to be recognized as operating costs for Balranald. As a result, we've provided updated guidance on cash cost of production for 2026, and we expect those to be AUD 380 million for the year. Full year Mineral Sands CapEx is now expected to be AUD 115 million. We'll spend an additional AUD 25 million on studies for Wimmera and rare earths metallisation. Our ability to invest in these initiatives is supported by our strong cash generation and improved Mineral Sands balance sheet. We've reported a statutory loss for the period, which includes AUD 156 million of cash and non-cash inventory movement and AUD 41 million in title charges, which we flagged at the results in February. On inventory, obviously we had a significant finish goods unwind this half, down 74,000 tons for zircon and sand and 37,000 for synthetic rutile. Our HNC stocks are down modestly and what we're retaining is predominantly ilmenite-bearing work in progress for kiln [audio distortion]. Enough for [audio distortion] kiln for around 12 months, so kiln restart timing remains subject to market conditions. Any potential restart of Cataby would be later given our stocks of ilmenite-bearing HNC. The company declared a AUD 0.03 Fully franked dividend in line with our capital allocation framework to distribute receipts from our 20% stake in the Deterra Royalties. With that, back to you, Tom. Thanks, Adele. Looking ahead, execution remains our focus. At Balranald, this means achieving ramp up and delivering first final products. Our first heavy mineral concentrate shipment to Narngulu is scheduled for September. At Eneabba, construction continues as we work towards mineral commissioning and operations next year. We continue to have strong engagement with potential customers and feedstock suppliers and are progressing discussions with several credible counterparties across different geographies. Finally, across the broader business, we remain disciplined on costs and capital allocation. We look forward to sharing with you further progress over the year. With that, we'll move to questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Your first question comes from Rahul Anand from Morgan Stanley. Please go ahead. Good morning, team. Thanks for the call. A couple of questions from me. Perhaps if we start with zircon markets first, then I will come back to Balranald. Obviously some really good signs in the zircon market. We have seen both volume and price improvements. Tom, as you highlighted, these are in some part driven by these disruptions that we have had in Senegal and also Indonesia. I guess my question is, from your perspective, where do you think we currently sit on prices after these increases? Are those prices enough for perhaps the Indonesian side to provide more exports into the market? Are you thinking about the price as such that once these disruptions go away, is there downside pressure, or are you seeing some green shoots now that we should be able to hold this level of pricing and volumes? That is the first one on zircon. Thanks. Yeah, just specifically on Indonesia, I am not sure they are waiting so much for a price signal as more policy constraints around the export of zircon, so not expecting to see a material change there. Yeah, look, zircon has for a long time been a supply-side story, and it continues to be that. I think while the Senegal interruption may be rectified in time, there are other producers who continue to struggle, and you know them as well as I, Rahul. So, I am not expecting a material improvement in the supply side anytime soon, and that is why we think that absent any material change to current settings, we are seeing prices pretty stable through the remainder of the year. Excellent. Okay. That is very clear. Thanks, Tom. The second one is on Balranald. I believe the ore extraction rate and recoveries have been a bit below expectations there or are at the moment. I guess, can you share your views on what is driving it? I mean, I remember during trials there was an issue with greater wear rates from what I remember. Is that the same problem that is ongoing currently, or is there something else? What type of rectification is going on, and when should we expect for that performance to pick up? Yeah. Thanks, Rahul. Look, what we have been spending time on really over the last half, particularly in the second quarter, is around resolving issues we have had with the seal connections between the 10 m lengths of three-core pipe. What we are focused on going forward is making some in-the-field optimizations to make that mining equipment really easier to deploy. In that example, we are simplifying the connection to avoid the possibility of seal damage in the field. I have also touched on the mud recipes to ensure that we manage to get our mining unit to the full potential of the stope lengths. Those two issues, I think, around seals and pipe connections, as well as around being able to exploit the full length of stopes, have largely been resolved in the first half. We are looking forward to really getting on and increasing our rates of extraction over the second half. That is really the objective. Yeah. Just to add to that, Rahul, in terms of your question, is it a wear issue? As you say, when we did some of those trials, it was the mining nozzle that was wearing down a lot quicker. We are not experiencing that same issue. We have talked about the fact those further trials that we did to test the materials of construction, they have all proven to be sufficient for the application. Excellent. That is very clear. Thank you, team. I will pass it on. Thanks, Rahul. Thank you. Your next question comes from Paul Young from Goldman Sachs. Please go ahead. Yeah, thanks. Morning, Tom and Adele. Hope you are well. A few questions on Eneabba. Thanks. First of all, just based on the photos and construction, looks like it is going really well. So well done, getting to this point. Project is really well managed, really well estimated, and construction is going really well. I also noticed you paid back some of the MOFA facility during the half, which is great from a balance sheet standpoint. But the first question is actually on just committed remaining CapEx. I mean, you have done a great job of disclosing your contingency along the way and being transparent there. You have used a little bit of it, though. Just curious around where you've used the contingency and growth allowances so far and do you expect when you look at the forward to use a bit more within the 0.6-0.7 of committed remaining? Thanks. Hi, Paul. Yeah, look, in terms of it, as you say, we're really pleased with regards to the progress that the team is making, and we've reiterated once again the guidance on the full capital cost expected for the refinery. So that's AUD 1.7 billion-AUD 1.8 billion. We have tried to be really transparent in terms of the funds that are set aside for the contingency growth and escalation, and you would expect some of those funds to be utilized. Growth and escalation comes from inflation, et cetera. The purpose of the disclosure is really to provide that transparency. But you've still got sizable contingency for the remaining spend to go. In terms of utilization, it's a whole range of factors. There's been a little bit, as everyone can imagine, in terms of diesel prices and getting stuff to site, so transport costs, that's a little bit of it. It's just the normal puts and takes in terms of as you progress through the project. So there's nothing specific that had to fall out. As Tom mentioned, we've now got all of the major equipment on site. We've led all of the major contracts. We announced in the quarter the award of the SMPE&I, so the structural and mechanical piping, electrical, and instrumentation contract. That was the last major contract that we had to do. So yeah, we're really comfortable where we are to the disclosed capital of AUD 1.7 billion-AUD 1.8 billion for the project in total. Yeah. Okay, great. Can you remind us just with respect to commissioning, granted the kiln is in place at the moment, there's still lots to do around pumping and piping and instrumentation and et cetera, installation. When is first monazite scheduled to go through the kiln with respect to the schedule? Yeah. Look, as you've kind of alluded to in your question there, Paul, commissioning is a bit of a continuum. As I called out in the opening, we've begun commissioning in several areas already. What we've said about mineral commissioning is that it will be in 2027. I think that's sufficient guidance for the moment. Yeah. That's quite broad guidance, Tom. Anyway, we can maybe explore that a bit more. Last question from me, just on the equity contributions, Adele, when do you look at the CapEx profile, when do you expect to make additional equity contributions? That AUD 214 million, just the spread of that. Thanks. Yeah. Just to remind everyone in terms of the composition of the AUD 214 million, AUD 82 million of that relates to working capital. Paul, you'd expect that to be towards the end of the project rather than the beginning as you start to pull in new reagents, et cetera. The next equity contribution is expected at the beginning of next year. So in 2027 from a capital perspective. For the rest of this year, we'll be drawing down on the Export Finance Australia loan. In terms of where we are with that loan, we've got full access to the AUD 1.65 billion, having satisfied the EFA's condition around satisfactory offtake sensitivity. Yeah. Okay. Great. Okay. Thank you. Thanks, Paul. Thank you. Your next question comes from Glyn Lawcock from Barrenjoey. Please go ahead. Morning, Tom and Adele. Tom, can we just go back to the offtake agreement first and just the confusion that was caused when you made that announcement about a month ago or so. You were not trying to give full-year production guidance when you said 1,200 tons is effectively 10%. Can we just clear that up? How should we think about it? I mean, obviously, your first couple of years will be just on the Eneabba stockpile, but then it will just depend on third-party feed. If you could clear that up, that would be great. Thanks. Yeah, that is right. Glyn, you are right. We were not intending to give full-year production guidance, particularly given, as we have just discussed, we are commissioning the asset next year. So that estimate was really around using the Eneabba stockpile only. As was set out in the presentation today, there are many prospects for other feedstocks coming into the refinery beyond the Eneabba stockpile, which quite obviously will give rise to higher production outcomes. So, really in response to concerns around potential early years production, we have sought to allay that somewhat with the disclosure we have made today. Yep. Much clearer. Thanks, Tom. Then maybe just on the inventory position, obviously you are now down to 260,000 tons of finished goods. You have 72,000 tons of SR slated to sell in the next six months as well. I mean, I know you do not break it down by product, but, like, at this rate now, when do you envisage turning the SR kiln back on? What is your thinking now around staging and, is it the big kiln, the small kiln? Like, when do you start making decisions on restarts and what does it look like in your mind at the moment? Yeah. I mean, as you well know, Glyn, the larger kiln, SR2, obviously has some heat recycling, some cogeneration. So it is obviously a much more efficient kiln than SR1. But we have said that the restart is very much dependent on market conditions in the titanium space. We are monitoring those really closely, and we retain the flexibility to restart pretty quickly. But really, that is dependent on, I think, improved housing markets in North America and Europe, which will drive pigment demand, which in turn will see pull-through in feedstock demand. The other driver, potentially of restart and an uplift in demand for feedstocks more generally, is disruptions to feedstock supply. We have seen the impact that a relatively small disruption, small in terms of number of suppliers at least, in the zircon space can have on zircon feedstock consumption. It is a similar industry structure, if you like, in the titanium space. So some interruptions there could see quite extensive pull-through and changes to requirements for the likes of our feedstocks. When we look at the titanium feedstock industry, look at the financial viability of some of the participants, we also look at, for example, strategic reviews underway from some major producers, which I know you are well aware of. Also a lack of investment among some in the industry that could also lead to further operational outages. But at the end of the day, you can expect us to be a pretty disciplined supplier into the market and have a focus on sustainable returns. So we are just looking at that market, and we will make a judicious decision around restart at the right time. All right. Thanks. Could I squeeze in just a follow-up, Tom, on Balranald? Sure. Obviously back at the start of the year, six months ago, you said the first rig had achieved target extraction rates back in February, I think it was, you said that. Yeah. So obviously, you had some issues in Q2 with the seals. I did not quite pick up in your answer to Rahul's question, but what rate are we at now? Because obviously we were at nameplate, you said back in February. We have had some issues in Q2. Where is Balranald now? And I did not quite pick up when you said we would actually, you now expect to be back at full extraction rates across the two rigs. Yeah. Good question, Glyn. I did not disclose a precise rate, but what I said back in February is that we had achieved targeted extraction rates. But the key is achieving them continuously over a long period of time. And that is what we need to do, and we need to continue to apply effort to get to in the second half, to get our extraction rates up to targeted rates permanently, as it were. And that is the volatility. It is the failure to achieve it on a continuous, reliable basis that we need to work on over the second half. No fatal flaws, Tom, in your mind? No, I don't think so, Glyn. We've said that with the benefit of hindsight, we probably should have allocated more time and effort to ramping up what is an existing technology but in a new context. In that environment, we probably should have allocated a bit more time to address these sorts of issues. So you don't envisage a third rig being needed then to get to the ultimate output rates? You think you can still do it with two? Yeah, I think so. Yeah. All right. That is very focused. We are not contemplating additional rigs. All right. Thanks for your time, Tom. No trouble. Thank you, Glyn. Thank you. Your next question comes from Dim Ariyasinghe from UBS. Please go ahead. Thanks, Tom. Thanks, Adele. On the offtake, can we talk more broadly now on the strategy going forward? Do you expect to do more offtakes? And I guess how does that inform your thought process in terms of how to eventually feed the plants? Dim, you are talking about offtakes from rare earths concentrate suppliers, yeah? Sorry, the other way in terms of- Oh, okay. Yeah. You are talking about offtakes of refined rare earth oxides from our refinery? Correct. Yeah. Yeah, makes sense. Look, as I've kind of alluded to in the past, a couple of things really. As we get closer to commissioning and operational steady state production and having material on the ground, I think our negotiating position, our credibility increases pretty dramatically. The other thing to bear in mind is that the overall context for rare earths, geopolitically and as a consequence from a supply security perspective, that's only improving from our perspective and deteriorating from a global perspective. I think as time goes by, our position improves. We needed to put in place an arrangement, as we've disclosed, satisfactory to government to unlock the funding, and we've done that with a relatively small volume. And we're very much open to locking in further volumes, but only bearing in mind those couple of factors I mentioned and recognizing that the products we'll be producing are highly sought after and are not being produced reliably in meaningful quantities in the West at the moment. Particularly, I'm referring to the heavy rare earths. We're very much open to entering into arrangements, but they need to recognize those factors and be on attractive terms. Understood. Just maybe on the working CapEx piece, you guys have been pretty transparent on discipline, on capital allocation with Eneabba recently. How do you see that working capital piece evolve given what are happening with reagent prices as an example? Is there any risk to the upside there or any broader comments you'd share? Yeah. I'll hand over to Adele in a moment. Just to remember that, and we've disclosed it in the pack as well, that the remaining equity contribution from Iluka is expected over 2027 and 2028, and that contemplates, in part, the working capital requirements of the early years. Adele, it's yours. Yeah. As you can imagine, we keep a very close eye in terms of the working capital requirements. We're confident in terms of our assumptions underpinning those expected funding needs. Obviously, you're referring to the sulfuric acid price increases. We obviously do use that along with the nitric acid and other reagents. We remain confident in terms of the working capital that we've allocated, and we keep it under close monitoring, to Tom's point, we're commissioning next year, and you'll be starting to bring in those reagents in six to nine months' time. Yeah. Okay. Cool. Thanks. Thank you. Your next question comes from Austin Yun, from Macquarie. Please go ahead. Morning, Tom and team. Most of my question has been asked. Maybe just one follow-up on Balranald. Tom, you mentioned that it seems like you prefer to have more time to look at that project, to work on the challenges at the seal, improve the mud recipe. Just keen to understand, it sounds like this whole project will be in the ramp up for the remaining of this calendar year. Would just like to have some color on how should I think about 2027. Should we anticipate Balranald to get close to the target production rate or run rate in calendar year 2027? Thank you. Yeah, thanks. Thanks, Austin. It is a good opportunity to clarify that. Yeah, that is certainly our expectation that we are going to be getting to those rates for calendar 2027. Okay, cool. Thank you. Second one, if I may, just on Eneabba. Yeah, the project is in execution and you are still targeting commissioning in 2027. Yet we are still working with quite broad ranges of different scenarios. Just keen to understand how should you think about the kind of key milestones that when we should anticipate a more concrete production profile? Or do I need to just work with all three different scenarios until six months into the commissioning? Thank you. Yeah. We disclosed in the pack today a scenario showing Eneabba plus Balranald, and that's probably a pretty reasonable estimate for certainly the operation in 2027 and probably a good deal of 2028 as well. Beyond that, I think the opportunity for different feeds is much more open. Okay. Thank you, Tom. I'll pass now. Thanks, Austin. Thank you. Your next question comes from Chen Jiang, from Bank of America. Please go ahead. Morning, Tom and Adele. Thank you for taking my questions. Two questions from me on rare earths, please. Firstly, for your Wimmera project, just checking if Iluka is still on the right track to provide the DFS, including the CapEx detail, by end of this year, which is in three to four months' time as Iluka previously announced. Also for this Wimmera project, do you consider as a mineral sands project or it is a rare earths concentrate or upstream project? If there are any color you can share with us how Iluka is going to fund if this is a mineral sands project. Thank you. I have another one after this. Yeah. Thanks, Chen. In the quarterly, we actually talked about the Wimmera DFS being first half 2027, rather than the end of this year. So that is what we are targeting now. The other question was really whether we see it as a rare earths or mineral sands project. We actually declared a- As well. Yeah, sorry. And funding as well. Yeah. Yeah. Thanks. On the rare earths and mineral sands, it's obviously got both attributes, but we declared a reserve a few years ago based on the rare earths side of it. I think it would be a challenging project to develop on the base of mineral sands without certainty about the outcomes for rare earths. I think it's fair to say we're probably seeing it more as a rare earths project than a mineral sands project. But yeah, quite obviously it's got attributes. In terms of funding, look, it obviously would be a very material CapEx. I think that's one we would only embark on once we're a little further down the track in terms of the Eneabba Refinery and having that commissioned and working well. So I think the outlook is going to be quite different at that point. But the beauty of the Eneabba monazite stockpile is that it provides us tremendous flexibility in terms of when we would feel a need to press the button on a project like Wimmera. The other beauty of the feedstock supply arrangements we've entered into is that the refinery provides us the ability to give others a market for their projects, and the VHM deal is obviously an example of that. So in some circumstances, it might be that others would spend the capital and we'd process the material. So again, the context we're in provides a lot of flexibility around the timing of Wimmera. Sure, understand. Thanks for the color. Just to summarize, it seems to me, to make economic sense, Wimmera is more like a rare earths upstream project, with CapEx to be announced, with the DFS. Just checking, what's the delay in the DFS from end of this calendar year to next year? Yeah, look, it's an important project, so we're making sure that we evaluate all of the aspects of that carefully. Okay. All right. Thank you. Just the second one. Sorry. On the rare earth feedstock. Again, for the rare earth feedstock from other states like Balranald in New South Wales, Wimmera in Victoria, and your third parties in [audio distortion] from Africa. I am just thinking, have you got any exemptions to transport or is that in your base case, that is into your considerations of transport radioactive rare earth concentrate from other states to the refinery in W.A.? Do you have to send back the residues or the tailings back to the producing state or producing country according to the regulation part seven? Thank you. Yeah. Just in terms of the waste products from the refinery. We have all environmental approvals in place to permanently dispose of those waste products on-site at Eneabba. No, we are not going to be taking material anywhere from Eneabba, any waste material. I am not sure. Does that answer all the questions? It does? Yeah, I think so. Yeah. Yeah. You think there is no limitation for you to transport, because for rare earth concentrate from mineral sands, as a by-product, the radioactive, like uranium, thorium is pretty high. There is no limitation for you to transport around different states to W.A. for your internal base stock. Yeah. You are talking about transport of the feedstock to Eneabba as well? Yeah. And, yeah. Because there are two- Yeah, we- So firstly is to transport- Yeah the base stock from other states to W.A. The other thing is, I think according to regulation, you have to send back the radioactive residues to the producing place. Yeah. Just to be clear, on the transport of feedstocks to Eneabba, we are very comfortable with our ability to get approvals to move that product to the refinery. Remembering that at a concentrate level it is very, very, very low concentrations of any of the products you have mentioned, uranium and thorium and so on. Yes. Chen, just in terms of, let us use Balranald as an example. We transport heavy mineral concentrate all around Australia currently. It is no different to Balranald in terms of our normal business. So this is business as usual for Iluka. Okay, great to hear, because I am just concerned of those uranium thorium content, transportation around, states in Australia. I think according to regulations, like you have got to send back, but- Yeah. No, we transport heavy mineral concentrate all around the country today. So from Jacinth-Ambrosia in South Australia, the Balranald material is on its way in the second half, the HNC from New South Wales. All of that is part of our normal project approval. So yeah, there's no concerns there, Chen. Yeah. Thank you for your clarification, Adele. Thanks, Tom and Adele. I'll pass it on. Thanks, Chen. Thank you. Your next question comes from Matt Hope from Ord Minnett. Please go ahead. Yeah. Thanks. As you mentioned, Tom, some others who are going to provide you with off-take for Eneabba are putting out a lot of capital. I was just wondering, who decides when that material arrives? VHM and Wolverine, for instance, if you are still ramping up and using Eneabba and Balranald, do you have to take that feed when it is supplied and obviously pay the suppliers, or how does that work? Yeah. Look, all of the supply arrangements are individually negotiated, so they are all slightly different terms. But I think probably as good a guide as any, in short, is that we have obligations to take and pay for that material when it is delivered. Not precisely when it is delivered in terms of working capital and so on. But yeah, when it is available and ready to be shipped to us, it is shipped to us, and we will pay for it the normal course. Okay. Thank you. Just in terms of, so some of the agreements have upside sharing arrangements. Are you planning to sort of pay a base rate and then when you find out what the actual level the material is sold at, then you upscale potentially the payment? Is that how it would work? Yeah. Again, each of the contracts is heavily negotiated around those sorts of terms, but that is the principle that we tend to apply in that we are not providing a forecast of what price we are going to be able to get for particular products for the benefit of those suppliers. They are going to get a price for their concentrate, which kind of reflects the sort of price that we are able to achieve in the market with a payability percentage and so on applied to it. So that is broadly how it works. There is a level of confidence in our ability to get attractive pricing in the market. And that confidence is based on our historic track record in mineral sands marketing, I think to some extent. And obviously, our interests are very aligned with the interests of our concentrate suppliers. We want to achieve the very best price we can for their product, and that gives a good outcome for both us and our supplier. Okay, thanks. Just one last question, if I could. On slide 22, you have a third chart there with HRE plus yttrium. I was just wondering, what exactly is that showing? Because you have no, as I understand it, you have no plans to produce yttrium. Is this something that you are planning to sell to others? If so, who? Is it China? Yeah. Look, we are going to be selling a mix of products, which include yttrium. Obviously, you can have a look at our assemblage, and we have got very high assemblage of yttrium, particularly some of the more heavy dominant feeds are very high in terms of yttrium content. So we are going to be producing yttrium. As you can see on the following slide 23, we are producing that yttrium as part of a mixture in a carbonate form. As the refinery is currently configured, we will be selling that heavy rare earth plus yttrium mix as a carbonate. We have flagged the potential on slide 23 there at some stage in the future. We may add the capability to separate that yttrium out and then produce an yttrium oxide in a separate form. So that is a potential for the future. But certainly, at the moment, we are looking to sell the heavy rare earth and yttrium carbide mixture. There are players in the West who are very anxious to get supplied that material in that form for separation, and so we are engaging with those extensively. Okay. Thanks very much, Tom. See you. Thank you. Once again, to ask a question, please press star one. Your next question comes from Paul Young from Goldman Sachs. Please go ahead. Yeah. Hi again, Tom. Actually, to follow up from that last question on the carbonate, which I know it's always been the plan, just not to put the cart before the horse too much here, really ahead of commissioning. But as far as carbonate sale is concerned, should we be thinking that as far as those west supplies are cam process, I mean, it's a very small group, maybe only one or two. Is the plan there to send that carbonate to France? Is that the base case? Yeah. It's probably more than one or two, Paul, but I wouldn't want to be more specific about where that might go at this point. Okay. Tom, a question on just mineral sands CapEx and how you think about that. You've been pretty clear about Wimmera, and it's pretty prudent to only start spending on Wimmera, I think, when any other free cash flow positive and Balranald is fully ramped up, I would have thought. So I think that's pretty prudent. You've got flexibility with VHM Limited, as you said. So you've got many permutations and you've actually got the ability to make those decisions around spending on mineral sands projects, et cetera, including Wimmera. Can I just talk about Jacinth-Ambrosia specifically, actually, in that context and actually more specifically on Typhoon, where I see you've submitted to the federal permitting process, the permit there for Typhoon to start up, I think 3Q next year. Can you just remind how that decision is going on Typhoon? I know it's capital light, extends Jacinth-Ambrosia by a couple of years, but just the timing around the FID on Typhoon and maybe give us some CapEx guidance on that project. Yeah. Look, thanks, Paul. That's very observant of you to pick that up. The way we're thinking about Typhoon is, as you've indicated, it's still the same. We're treating that more as a mine move rather than a significant development of a new precinct, as you'd expect. It's not to say that it's an easy decision, though. And there will be some capital involved, obviously. And there are some things we need to tick off from an environmental perspective and others. So look, we expect to be in a position at the end of this year to make a decision there. We expect to be talking about it early next year. Okay. Just confirm the CapEx on that project will fall into probably, in that case, second half of next year, it sounds. Yes, that is right, Paul. And to Tom's point, think of it like a mine move. You know that capital required is very CapEx light. It is not a new mineral sands development. Yes, understood. Okay, thanks very much. Thanks, Paul. Thank you. Thank you. There are no further questions. I will hand back to Tom O'Leary for closing remarks. Okay. Look, thanks for joining the call this morning. Again, I would encourage you to have a look at the video if you have not seen it on the website, and I look forward to engaging with shareholders in coming days. Thanks again. That does conclude our conference for today. Thank you for participating. You may now disconnect.