Thank you for standing by, and welcome to the Lindian Resources market update. All participants are in a listen-only mode. There will be a presentation followed by a question- and- answer session. If you wish to ask a question, please enter it into the Ask a Question box and click submit. I would now like to hand the conference over to Robert Martin, Executive Chairman. Please go ahead. Morning all, and thank you for joining to talk about today's news, which is our strategic partnership with Carester and our offtake agreement. As I did on the last time I had one of these, I'll come out a little bit on topic but a little bit out of sequence. I just want everybody to understand that we are not looking at billions of dollars in CapEx here. In fact, the CapEx numbers are probably going to be somewhere between AUD 80 million and AUD 90 million. And we'll go into the reason why that is and the reason why we believe that we're fully funded to be able to do this. Obviously, we've got a mine that's about to start in December, that's going to produce upwards of AUD 210 million a year in EBITDA. We're very comfortable about what we're doing, but I think there's a little bit of untruth out there about how much this is going to cost and things like that. We'll get into that today. We'll certainly open ourselves up to questions, and we'll talk about why we've done it this way, why it's only AUD 80 million-AUD 90 million. If you look at Arafura, their price is AUD 104 million for something very similar. And why we've decided to go down this path and why we're moving to oxide separation. We'll answer all of those questions, but I just wanted to get that out there, that this CapEx is not billions of dollars like others are doing, and we'll explain why. And we'll explain why we think we're fully funded to be able to do that. Obviously, we're going to have a producing mine that's looking pretty good. We'll go straight into it. What I'll do is I'll get Teck to start just running through some of the high-level reasons why we've done this and about the offtake, and then we'll have Zac, who's actually in Kazakhstan as we speak, talk about the facilities and why we're moving down this, and then I'll do a bit of an overview on Malawi and some of the questions that we get around that. So Teck, if you want to run through that. Yeah, sure. Thanks, Rob. I might just start with the Caremag facility. The Caremag facility is a joint venture between a Japanese consortium and Carester, which is French, and they are a leading global rares group. The Japanese group is JOGMEC, Iwatani. It is a strategic asset. It will commence production in start of 2027. One of the drivers behind this transaction was they actually need a heavy rares feedstock, and they want a SEGH product. So everything from samarium all the way to yttrium, inclusive of dysprosium and terbium. That plays well into our SARECO facility where we do have a Dy, Tb, and yttrium heavy feedstock, which we announced on Monday, and also opportunities for blending as well. We have been in discussion with both Carester and Iwatani for a period of time. I was up in Japan earlier this year as well, and I think the message that Rob was receiving in Lyon is very similar. They do want our SEGH product. The Japanese group actually did say, "We will come to Kazakhstan, we will fund the circuit to extract the cerium, lanthanum, neodymium, and praseodymium, and you can keep that." They said, "We will fund it, you can keep that, but we want your SEGH product." So I think it is really driven really to provide a stable feedstock, and that is why they opted for up to 20-year offtake agreement. So 10 years initially, and then 5 + 5. Ahead of the oxide separation plant, which we did announce that we are looking to go downstream, Rob mentioned it is circa AUD 100 million. So it is not a hydromet plant. We already own a hydromet plant. They do want the heavy MREC as well ahead of that. We will get paid for your basket, right? So the assemblage that we have, you will get paid for each element of Dy, Tb, yttrium, neodymium, praseodymium, and it will be at very attractive payabilities, which is commercial in confidence, but it is higher than what is reported in a market for MREC payability. In terms of volume, they want 70% for both the MREC and the SEGH offtake agreement. Again, that is dysprosium, terbium, and yttrium all the way from SM to Y. So, I think this was driven. It is strategic, similar to the Eneabba feed refinery. Iluka needed long-term stable supply, and that was a 15 + 15. Again, this is another government-backed facility by the French and a Japanese government. JOGMEC actually funded Lynas originally. We are in discussion. I did meet JOGMEC in Tokyo earlier this year as well. Overall, I think, taking a step back, it is a transformational transaction. As Rob mentioned, Kangankunde premium miners like [Kon] will continue to deliver AUD 160 million- AUD 300 million EBITDA just on stage one and some of the forecast is much larger as we expand our production into stage two. So this is an independent revenue stream. We can blend. We have already done a 75%, 25% blended product. But yeah, I think overall to have a high quality offtake agreement with two government-backed facility, I think it is a great transaction for us. Not just pricing and payabilities, but I think we have flagged a couple of times the bifurcated market for dysprosium and terbium. So I think even if you look at AMI index, that is running around AUD 1,100/kg for terbium and AUD 250/KG for dysprosium. If you look at any forecast, it is about double. You are looking around AUD 2,000/kg for terbium and dysprosium around AUD 500/kg. So it is double. Yttrium hovers around at AUD 10-AUD 30 a kilo. Energy Fuels in the U.S. has been reporting some small quantities at $1,000. Of course, we are not using that in our internal modeling. Petra, it is at $383/kg for yttrium. So we do have a heavy basket, which is complementary to our NdPr basket that we have got. At Kangankunde. I might just pause there, Rob. Yeah, I think that is prudent, Teck, that why we are doing a SEGH and not going all the way to those heavy separated oxides. That is why this CapEx is only AUD 80 million-AUD 100 million or AUD 80 million-AUD 90 million. When you look at the payabilities that we are going to get for that product, and then the CapEx required if we went all the way, you are probably looking at AUD 1 billion. We are not. That is why. Because it just did not stack up when we could do it this way and get it done very quickly, and we can do it from free cash flow. So, being able to have the demand for that product and being able to get the payabilities that we are going to get for it did not make sense to have that AUD 1 billion worth of CapExes, which is why we are doing what we are doing. Zac will touch on that very shortly. As I said, we have a very, very clean feedstock if we need it from Kangankunde, which we will dovetail into that. There are other things that we cannot talk about at the moment that will probably come into this as well, to feed that beast. This will keep it very, very manageable. The CapEx numbers are not massive. The mine will be reducing. We are being paid for it. There will be other announcements out about off-takes around that in the near future. So I just want to stress that this is not a big stretch to be building one of these. It is very unique. We are already permitted there at Stepnogorsk. We already have tailings and buildings and everything we need. So it was a natural next step. Don't be put off by CapEx or anything like that because it's not large and it's very, very manageable. In fact, I'll get Zac just to touch on why we're doing what we're doing right now and how we're looking at doing it as far as SEGH and different products go. Zac? Thanks, Rob. I might give the listeners an update on the broader execution piece across the business and then step through the value chain to the oxide plant. Yeah. Stage one, starting at Kangankunde, well underway in construction with first production at the end of the year. Mining is very active. We've completed 15 blasts in total since mining has commenced, and grade control is well underway, producing high quality ore at the ROM pad ready for commissioning. Our critical path is the SAG mill delivery, which is within the schedule. Thickener's going up, which is completed. Spirals are going up. MGS circuit's going up with the LIMS and WHIMS. Construction for the process plant is on schedule and well advanced. We're also running day shift and night shift construction to kind of keep things everything in check. The non-process infrastructure is advancing in parallel. The phase 1 33 kV power line to ESCOM's Balaka substation is connected. The TSF is well on schedule, which should be completed at the end of September, and water infrastructure from the 17 bores is advancing. What the team are now focusing on in Malawi is operational readiness. Getting all the handover required from construction through to commissioning through to handover and then into production. All the OpEx commissioning requirements as part of that. From a technical perspective, what attracts Kangankunde is simplistic flow sheet, no reagents. Crushing, grinding, gravity separation, and we produce a 55% TREO premium grade concentrate, 20,000 tons per annum. Concurrently, we are progressing the stage two DFS as well. There should be a resource upgrade for that this year. That's going to hit the market on an update with 100,000 tons per annum of concentrate from stage two. That's progressing concurrently for activity in Malawi. For SARECO, I am currently in Kazakhstan progressing with the SARECO flow sheet. Kangankunde produces a high-grade concentrate. We have got logistics in place from site through to Kazakhstan to supply 12,500 tons per annum of concentrate from Kangankunde to feed SARECO's operating hydromet plant. Everything is in place, like Rob said, rail, sulfuric acid, all the reagents from magnesium oxide, and the requirements on site for logistics. The resulting MHREC is very low in uranium and thorium from the extensive test work we have done on site as well as with ANSTO, achieving exceptional recovery as well. The plant is well underway. There is some preventative maintenance required at SARECO of up to AUD 3 million, which we are progressing as part of the plant readiness to accept the feed. The SARECO plant provides us multi-feed sources as well. We announced on Monday the original feedstock pile that was feeding SARECO, which contains heavy rare earths with Dy/Tb and yttrium in there. We are also looking at multiple in-country feedstocks to feed SARECO, and running DD on that and test work on that at the moment. Onto the 8,000 ton per annum REO oxide separation facility. After you produce an MHREC to go into solvent extraction, the first elements that you remove from the rare earth value chain is cerium and lanthanum, so that would be removed, and then subsequently you remove NdPr oxide which is part of that solvent extraction circuit. If you go further downstream in the solvent extraction circuit, you end up separating the total 15- 14 elements into oxide, which not many people do out there except for Lynas and the Chinese. What we are doing is removing the cerium and lanthanum, removing the NdPr oxide, and then producing a SEGH carbonate for our customers. You could kind of refer that to an MREC. Going into oxide, it also provides us the luxury of feeding anything into the front end, because when you go to oxide, it removes all the impurities through the process. Then you can start exploring uranium-heavy feedstocks into the front end would end up removing it during the oxide separation. So you get a 99.95% pure NdPr oxide and a SEGH product which has removed all the uranium, thorium, and actinium-227. The CapEx and OpEx for that flow sheet is quite low compared to going full downstream on the solvent extraction circuit. Touching on Rob's point, at SARECO, which is an important industrial facility, we have a 1.35 GW power plant next door, all the reagents in place. Power, gas, water, rail, local reagents. We also have the area permitted and the land available to kick off an oxide facility with an exceptional partner like SARECO and the DFS integrator with Tetra Tech, who have done this before. Back to you, Rob. All right. Great. Thanks. So yeah, look, people are worried about pricing and markets and whatnot. This really opens up our market considerably. If we're producing an NdPr oxide, obviously we open ourselves up to the globe. Obviously, the MREC's there. We could sell out the MREC and the oxide in a day. There's that much demand for product. It's the same with the concentrate coming from Malawi. The reason we haven't fully sold out both stage one and stage two in Malawi at the moment is because we've been busy doing this and needing to understand what our own internal feedstocks required to be able to produce an MREC, which we get even more payability from, and then to an oxide, which we even get more payability again. It was just a matter of us putting all that together. Obviously, we've touched on freight from Malawi into Kazakhstan. It's less than AUD 0.50/kg. It's irrelevant. Kazakhstan have their own port in China, their bonded port in China. We can come in through the east, through the west, through the north, if that ever opens itself up and the sanctions end. So freight to us is not an issue. Straight out of Malawi, out through Mozambique and out to the globe. So that's not an issue. As I said, the markets we open up by doing this are astronomical. I can tell you now that the phone hasn't stopped since that news has come out about other people going, "Well, we don't want to miss out." So that's not an issue. Selling this out is not an issue. Malawi government support. I was in Malawi a week or so ago, met with the MRA and the attorney general and everybody around. The support. They're fully supportive of the project. They're fully supportive of what we're doing. Licensing is fine. There's always discussions around licensing when we look at going to stage two, because stage two will be another 100,000 tons. Then we meet certain parameters. But stage two and stage one together, just out of Malawi, will produce AUD 800 million to AUD 1 billion in EBITDA. So it's well worth doing. All of those negotiations are well advanced. Everybody's on the same page. We're all aligned. That's going to be fine. That's the least of our issues. The mine site itself, when we built that mine or when we're building that mine at the moment, we've built a non-processing infrastructure to look at stage two as well. So a lot of that's already in place. When that study comes out in December, we'd like to get that straight to the Malawian government, MRA, finalize any negotiations there, and then move straight into stage two, because the demand is there. The product is required. There's not a lot of people do what we do. As I say, I'd like to come out in December with a stage two study that's fully binding and off takes. So that takes any noise away from can you sell the product. With the MREC facility, selling that product is extremely easy. With the oxides, it's even easier. If Carester don't take the product, which they will, they're bound to, we would have 100 people lining up to take it. There is not a lot of this available. We're going to be Johnny on the spot. The reason we're not going to full separation is quite simple. The CapEx is very low. The payabilities are not that much different. The margins that we have, being a very low-cost producer, are going to flow through and we'll still be way better off than everybody else. It was a commercial decision, and I think it's the right one. I think when the market digests that, things that are happening today will rebalance. What else can I talk about? Teck, have we got any questions? Yeah. All right. A lot of it has been answered. I think I'll take one of the question is, "When will Lindian release updated financial projections for stage one?" I think we did stage one results were based on the DFS, a class two estimate that was provided. You actually can't announce unless you do a refresh at a class two or three estimate. But if you do some simple maths around that, I think the EBITDA that we did announce. One thing actually just to call out, the DFS used a very low- Price path. Even at those prices, it was economic. Years one to five in the DFS for stage one use AUD 82/kg and was sitting at around AUD 128. If you run spot through on the 15,300, if you do a back solve, it's AUD 160 million EBITDA. If you just do some simple maths, it's over AUD 200 million for the optimized capacity. We won't be announcing a stage one revised NPV or project NPV, but we will be providing a stage two NPV as part of the DFS study that's being undertaken by DRA. DRA is highly qualified. They've done a lot of rare earth projects. We're happy to partner with them for the expansion study. But I think if you look externally, some of the modeling done by well-respected research analysts is looking around AUD 4 billion from an NPV perspective on a combined basis. But again, once we're in production, we'll be trading at EBITDA multiples versus a 1x NAV valuation. You can see that there is strong upside. Kangankunde will provide a big proportion of our valuation. But strategically, to have another income stream from Kazakhstan and working with Carester on the SEGH product and Iwatani, I think it's complementary and it will just add to the economics. I think there was a question around payability factor. Rob and myself, we've touched on that. I think there was a few questions around the former CFO. Rob, do you want to take that? I think there was two questions on that. In the last 18 months, we've been building a real business. We don't put out fluff. We don't put out the multiple MoUs that we get offered on a weekly basis. Our whole intention around this was to build a business and to build a business fast. If you look at what we've done over that 18 months with getting Kangankunde up and running, an MREC facility, we've done that without any debt, without any balance sheet risk, without any real development risk. We work, Zac's away. I've been away for two and a half, three months. We work 24/7. All I'll say is that if people want to come into the business and they don't want to have our goals or our work ethic or things like that, they're not going to be here. I make no apologies about that whatsoever. Absolutely zero. Because we're here to build a business, and we're here to build a business quickly before any of these others in 2030 or 2031 or 2032 even look at coming online. We'll be fully vertically integrated. If people that join the group can't have that work ethic that we have, we don't sit behind our desks and say we've got a fancy title, so we're not doing anything. We're off our asses out there doing the work to drive a real business. If people don't fit in with that, there's no apologies as they won't be here very long. When we first come into the business, we cleaned everybody out for that reason. This is the right opportunity that doesn't come along very often to build something quite substantial without a lot of the development risk that the others sit on. We now have a mine, we now have an MREC facility, and we'll move to oxide separation for a very small amount of money. That's quite unique and quite remarkable. If people can't work with us, no apologies about it. On the back of that too, when we talk about building a real business and getting it to where it is now. This next leg of the business, there are many ways to fund this. We're talking with governments. Some of those governments talk interest-free loans over 10 years, as long as we're doing certain things. We're not reliant, we're not going out to capital raise, we're not doing anything like that. There's multiple discussions on the table. The U.S. is still there. The Kazakh government are extremely supportive on what we do and how we do it. There's some things that we're talking about there that I can't go into on this call because they are substantial and game-changing if we can get it to work. All these things have got to be done. We've been going at a frantic pace to build something that is real, that doesn't have the development risk, is going to generate significant amounts of money, especially when stage two is up and running in Malawi. So bear with us. We're not stupid. We're not going to capitalize at a reduction or anything like that. We've got plenty of money in the bank. But let us build a real business. Let us do what the others talk about. Let us actually act instead of sit around fluff and talk about MoUs. Give us time, and those other parts of that puzzle that some people have questions about will be answered in spades. We are moving very fast, and we don't sit around waiting. We're actually out there chasing it. Give it some time, and some of those questions will be answered. Around staffing, they work with us. They work at our pace. They have our ethics and our way of doing things, or they're not here. As I said, there's no apologies about that. Teck? Yeah. Great. There's just a couple of comments. Congratulations. Forget the noise. Keep going. Which is good, positive. Appreciate the strong support. The share price done on announcement, I think Rob's touched on that. Rob, do you want to elaborate a bit more on that in terms of share price? Well, I think that's why I started it with the questions. I go, "Oh, where are you getting the billions of dollars from?" Well, we don't need it. We don't need years of permitting, and we don't need years of risk. Carester are the global leaders in this. For them to put their name to this and partner with us like this is a tick of approval in itself. They've done it before. They do it for all the big boys. Disappointing because we are aware that shareholders are there for a reason and they need to see a return. We own lots of this stock ourselves personally. We want to see it go up. I'll say it again, we're building a real business. This isn't some fluff where we put out bullshit every day and then MoU and this, that, and the other. This is real. It doesn't get any realer. We're going as fast as we can. The share price will take care of itself when we keep delivering. We're a firm believer in that. Are we disappointed with today? Hell yeah. Disappointed is probably an understatement. Pissed off would be a better word, but we'll keep working, we'll keep pushing, we'll get this done. We'll have some announcements soon that'll probably alleviate some of that and put some of the naysayers in their box. We need the time to do it. This is a good deal. It is a good announcement. It's profitable. It opens up our markets. It puts us on the global stage. Producing an end of NdPr oxide as clean as we will produce it. We can deal with anybody. Anybody on the planet. We will only deal with the people where we're going to get paid. I think we've had calls before where I've stressed that we're offered deals out of the U.S. and we tore them up because it wasn't good for the company in the long run. It might have been a sugar hit. It might have looked good. It might have sounded good. But at the end of the day, we couldn't build a real business on it. We are building a real business that will generate a ton of money. The EBITDA numbers will be astronomical. So give us that time to do that. Stick with us. We're here. We're pushing hard. We're building on the team. We're building businesses. We're doing it right. The rest will take care of itself. Disappointing as it is. Teck? Yeah. Maybe one for you, Zac. Just in terms of the radiological impacts of the octal feedstock. You mentioned here, can community feed is class seven exempt. How does the in-country feedstock impact radioactivity classification? Thanks, Teck. The oxide plant is being designed for latent capacity one and half times the size of SARECO's output. So when you do go to oxide, you have the luxury of removing the uranium and thorium and radionuclide and NORM during the cerium and lanthanum removal step. So we could feed at that time SARECO to produce feed SARECO or additional MREC into the oxide plant with high uranium and thorium because you do end up removing it from the step. We do have tailings facilities at SARECO that we lease out. So because that a problem and is that a problem in the area have tailings facility that we pump into with no closure liability impact to us at all. So there's a rental fee in that. So there's a strategic option here. When you look at rare earth producers that have high uranium and thorium and actinium-227 issues within their product, we could actually take that product and we have a disposal mechanism for that product with our tailings facility, unlike other jurisdictions like the U.S. and European that can't take that product due to their regulations. Kazakhstan gives us opportunity to process high uranium and thorium feedstocks. But Malawi, exceptional, unique ore body that has no uranium and thorium in it. So we'll start off with that and then start feeding in higher levels of uranium and thorium with higher Dy/Tb and yttrium content in the front end. Fantastic. Thanks, Zac. A couple more comments. I won't read every one out, but great update, Robert and team. Keep up the great work. Glad to be a holder. Maybe another question for you, Rob. Do you have defense appointed and Lindian looking for assets? I've got to answer this carefully. We're under NDA with that said company, so I need to be quiet, but when we went into that NDA, we had some wording in there that keeps us quite comfortable. That's all I can say. I got to be very careful with that. Yeah. Thanks, Rob. Just on the defense, we do have a lot of investment banks pitching for us. They're all on standby, ready to act as well. We do have banks that have cleared conflict checks as well. I think we're- I also think we'd have some fairly smart shareholders that would understand, this is not where this valuation needs to be. This valuation is many multiples here, especially when we start producing. Today, disappointing, but we're still building a real business and I think any offer that was cheeky or opportunistic, I think it'd be met with some pretty harsh realities because I think we've got a long way to go. As I said, we're not a company of fluff. We're very real. We're building something that's very real and we continue to do that and I think we've got some smart people on the register that would see that value and wouldn't let us get bled dry, that's for sure. Yep. Great. Another question perhaps for you, Rob. Can you please give us some background on Carester and Tetra Tech and their experience and track record in this space? Well, that's really you, Teck. You're the guru on all that. Yeah. I think if you've been in the rare earths ecosystem, Frédéric Hebert is quite well known. He's ex-Solvay and Rhodia. If you look even at Lynas, their management from back down to Eric Noyrez's time, all of them are all part of the Rhodia and Solvay club. So they're very strong. I think partnering with JOGMEC, Iwatani does risk share that as well. I think both countries want access to heavy feedstock. It is a small market. China still controls well over, I would say 95% of the heavy market. I think it is a strategic investment. If you look at their shareholders, Carester is. There was a transaction done with U.S.A. Rare Earth, so they'll be completing that transaction, so they'll come onto the register. InfraVia, which is a French government fund, which is actually run by a group of bankers from Société Générale. They're also an investor in Carester. So extremely smart people and well-funded. Yeah. Frédéric had advised the French government. Frédéric, last time Macron went to Japan, Frédéric went on the plane with him as part of that contingent for the rare earths. You do not get much better than these guys. They have been there and done that, which is not a lot of people can say in the rare earth business. Partnering with them and having their ticker support should be looked on very favorably. That is right, Rob. When I was in Japan at the round tables, Iwatani was represented there as well with both the Japanese Prime Minister, Macron, and Carester as well. It is a significant project for both countries. I will just touch on Tetra Tech. The Tetra Tech team, they completed our technical due diligence on the acquisition of SARECO. It is a great piece of work from them. They have an in-country team. We did go to market on the DFS as part of that for four different firms, and very competitive tenders and proposals came in. We proceeded with Tetra Tech just based on their in-country capability of costing the OpEx and CapEx requirements for the DFS. They are willing to move quick with, and we are well underway on the DFS with Carester and Tetra Tech. Okay, great. Just two more comments, and if there is no other questions, I will pass back to you, Rob. Actually they are comments, not questions. Great update, guys. We have full faith. I am hearing solid business fundamentals. Right team, right asset, and patience will be rewarded. Well said, Rob. Thanks. That is it. Yeah, guys. Look, it's a cracking deal without the pun. We're building something real. Show me anybody else globally that has moved at this speed, at this pace, with this least amount of risk on our balance sheet or development-wise. Show it to me. This is real, and it will generate a ton of cash. We're just going to continue to do what we do best, and that's grow a business. We're appreciative of all the shareholders that have stuck with us and are supportive. More of this puzzle will come out over the coming months, and you'll see why we've done things and why we're doing it a certain way. It is a unique opportunity. Stick with us. There's a lot more to come. The other thing I want to say is, all this shit from the U.S., excuse my language, don't believe it. We're partnering. We're talking with so many people. That's why Zac and I haven't been home. That's why Teck is up at midnight because so many people want to do things with us. We're doing what's right for Lindian. What's going to grow our business over this next one, two, three, four, five, 10 years. We're doing that, and that's what we're focused on. We're not focused on. I could have put out an MoU last week, which probably people would like, but it wouldn't do anything for our business. It would just confuse people. We're focusing on getting the best value for the products that we produce that'll put money in our pockets, not somebody else's. The things that come out of the U.S. are still ambiguous. The deals are not what they're seen to be. There's a lot of fine print and small things that the market probably doesn't see that puts us off doing things out of there. Now, to say that, we're still talking with political risk insurance with them. They're still happy to talk financing and whatnot, but we're not going to rush into deals that don't benefit us in the long run. If it's a short-term sugar hit, we're not interested. We're here to build a business, and that's what we're doing. This will all play out. I'm sure we won't be here for very long when further pieces of this puzzle drop. But there's not a lot of people doing it. We're going to continue to do it as fast as we can. We are building the team. We are always hiring. We've got a lot of experienced people in the business now, and we're just going to keep pushing. Stick with us. It is coming, and it's coming quickly. Not in five years, and we're not waiting for this, that, or the other. We're off now. Please stick with us. Any other questions, we're always free to answer questions. Reach out on email or the phone, and we'll answer whatever questions. But it is a good deal. The reason the CapEx is low, Zac's explained it, we've explained it. It's not a lot of money. It will benefit us in the long term because it opens up our markets. We get higher payabilities. We control from mine to oxide, which not a lot of people do. Puts us in a very unique position. So stick with us and we will deliver. Teck, any further questions or anything? No, that is it. I think we are finished on the comments as well. Thanks, Rob. All right. Thank you, guys. Thank you very much for listening in. Feel free to reach out via email or phone if you have got any further questions. Stick with us and we will deliver. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.