Thank you very much and welcome to everyone to this presentation, and thank you for joining. It has been one week in the seat, and I am sure everyone is excited about what is happening at Latrobe Magnesium, given our good announcement last week around our commitment to pursue a U.S. growth opportunity. Today I will be talking about that, but then also about our recently completed AUD 8.5 million capital raise, which helps us fund completion of the demonstration plant, pyrometallurgical module to produce magnesium metal, as well as fund the business as we pursue that growth. Just highlight some disclaimers and disclosures here for your consideration as we go through. Now I will take you through the presentation today. The investment case for Latrobe Magnesium. We are the fastest pathway to sovereign magnesium production. We have a hydrometallurgical process that is patent-protected and is our intellectual property, which looks to extract magnesium oxide out of raw feedstocks like fly ash and ferronickel slag to extract magnesium and produce a magnesium metal that is used in defense, aerospace, and automotive industries. If I look here around our investment case, really, it is one that is paired with interesting and attractive demand growth, supply concentration in China, IP, and a pyrometallurgical plant that is 70% complete. Really a U.S. attractive growth option, where we are looking to invest up to $1.3 billion or a range of $1.1 billion-$1.5 billion to build a 50 KTPA plant in South Carolina. Just going through this in a little bit more detail. When we look at the demand growth that we see from 2025 to 2032, we are expecting a 1.6 x demand growth or a 6.5% CAGR. Really, that is driven by magnesium's properties being the lightest structural metal, ideal for EV and aerospace range extension, and it is useful in a variety of critical military, aerospace, drone, and flare-up applications. That is what is driving the U.S. government and others to define magnesium as a critical metal. When we look at supply concentration, 91% of global supply is produced in China today and 6% produced in Russia. That is one of the highest supply concentrations of all critical minerals globally. So critical, in fact, that the U.S., EU, Australia, and Japan have all nominated magnesium as a critical mineral. The U.S. Defense Industrial Base Consortium, the DIBC, has announced magnesium as one of four metals in their Request for Project Proposal 2, or RPP2, which will attract Department of War funding. When we look at our own process and what we are doing in the Latrobe Valley, we have a hydrometallurgical extraction process that takes magnesium from fly ash via acid leaching and has a process which can basically turn that fly ash into 100% saleable products with zero waste. The product from that hydrometallurgical circuit goes to a pyrometallurgical plant, which is currently 70% complete and has a conventional horizontal retort system with an automation layer built for safety reasons to convert that magnesium oxide into magnesium metal. Commissioning is targeted by the end of calendar year 2026. We will produce a magnesium metal crown, which is higher than 98% magnesium. All of this technical validation helps underpin a U.S. project. That U.S. project will likely be 50,000 tonnes per annum in size, and there are multiple U.S. funding pathways open. It is conditional on land infrastructure agreements to be signed in South Carolina, but we are in advanced negotiations with several parties. Meridian, Metal Exchange, and Twin Cities have all signed letters of intent to take offtake from that plant to the extent which over 60% of our offtake is under letter of intent. That is letter of interest. That is significant for a project at this level of maturity. We plan to have first production within three years of feasibility study commencement. We are not under critical paths like other projects, like mining projects, which have significant permitting timelines. The attractiveness of South Carolina and the U.S. is how quickly we can build this project. In terms of economics, entirely attractive. A CapEx of $1.1 billion - $1.5 billion through the 50,000 tonne plant. We will use 340,000 tonnes per annum of ferronickel slag feedstock imported from New Caledonia. We have got an MoU with SLN or Société Le Nickel to have that feedstock, which underpins the economic life of the project. We should produce magnesium metal at a cost of $2,600 - $4,000 per tonne. That is a production cost. That is not a cost offset by by-products. There are additional revenue streams on top of the magnesium. Under our economic analysis, which we provide in our recent update of $5,000 -$ 7,500 a tonne of magnesium, we generate an EBITDA of $ 320 million -$ 615 million per annum, which underpins an NPV of $ 1.4 billion -$ 2.7 billion at our mid-case project assumptions or an IRR of 18%-26%. We will look to optimize those investment numbers as we take the project through feasibility study. I will highlight that we have significant contingency in our capital estimate that we will look to refine and improve as we go through the project. Just further on the U.S. project, we have also received a $15 million non-binding letter of support to provide equity funding for the feasibility stage. That letter of support is with a U.S.-based strategic counterparty and is contingent on another U.S.-based, strategic counterparty providing another $15 million of funding. That funding together will support completion of all study works in respect of the 50,000-tonne plant and will help fund site acquisition costs. Once we commence feasibility study, we have got engineering partners which we have worked with in the past, such as Bechtel, which we can basically fast-track that feasibility study and engineering to get the project to a stage where we could have a final investment decision by March 2028. The opportunity now coincides with the positive U.S. environment around investment in critical minerals and positive investor sentiment, and there is a clear unmet need for supply of magnesium and a supportive federal policy to support magnesium production in the U.S. Company is now prioritizing this exciting U.S.-based growth endeavor and will work with interested parties on providing the funding. Just looking at magnesium as a critical mineral. Global magnesium demand and consumption is expected to grow at around 6.5% CAGR from 2025 to 2032. That is an attractive demand growth rate. What really underpins this commodity is the supply concentration, with over 97% coming from China and Russia. Western markets are exposed to a single source risk, which underpins its classification as a critical mineral. Magnesium is used in die casting and alloying, which is the majority consumption, but there is also consumption in titanium reduction, which in and of itself is another critical mineral, with smaller components of demand in steel desulphurization and other uses. The other uses are a host of defense applications like flares, which underpin its criticality. As we look forward, when we expect further light weighting of automotive and aerospace applications for magnesium, we should expect magnesium demand to be supported by that. The demand and supply outlook is on this slide. You can see the significant amount that is used in alloying and automobile uses, and also the Chinese supply concentration as well, which underpins the attractiveness of the commodity in our view, and is providing the incentives for governments such as the U.S. to fast-track projects. When we look at magnesium as it's positioned against other critical minerals, you can see it's up in that upper right-hand quadrant of the Department of Energy's critical mineral classification, and you can see how it's paired with several other critical minerals that have attracted significant amounts of U.S. funding in the past. U.S.-Australia Critical Minerals Framework, signed in October 25, with magnesium recognized as a priority mineral, and the U.S. government acting to shore up supply with an $8.5 billion pipeline of priority projects across Australia and the U.S. Most recently, the U.S. Defense Industrial Base Consortium or the DIBC included magnesium as RPP2, which was the Request for Project Proposals. So it was one of just four commodities in that which occurred just after the rare earths had been put in RPP1 and other commodities. LMG has responded to this request for proposal and lodged an application on the 17th of September for our 50,000-tonne plant in South Carolina. Ultimately, what this means is that we get a sustained higher price in the U.S. for magnesium. That is driven by a few factors. One is that localized supply and demand discrepancy. Two, it's around the tariff structure around anti-dumping duties that have been in place for multiple decades, and introduced tariffs between the U.S. and Russia as well. We saw prices spike to over $17,500 across 2022, with the U.S.' only sovereign source of magnesium in US Magnesium declaring force majeure following equipment failure at its plant in Utah. There has not been a replacement for that project or that asset since it went into force majeure, meaning the U.S. imports all of its domestic magnesium requirements. Just providing a company update. The new team, which underpins an exciting era. Myself, who's come on board as CEO, chemical engineer with over 20 years experience in the resources sector. I'm really excited to be working with the team. Ronan Gillen, who's also on the call today, our Chief Operating Officer, very experienced process engineer and project manager with work across some significant major resources companies and multi-commodity experience as well. Ronan's going to take the operational lead on getting our magnesium crown campaign, and he'll talk a little bit more about that in the upcoming sections. John Collier, experienced Chief Financial Officer, worked on a host of infrastructure and construction projects. John is joining us also on the call, and he'll speak to the financial position of the company and what we're doing around restoring our balance sheet. Then we've got a multidisciplinary team focused on execution. Brett Trigger is currently in Europe, at the International Magnesium Association. Significant experience working in the automobile value chain. Commercial experience with Ford, MMG, and others. He is taking a lead on commercial. Sal Awad, our project lead, is a mechanical engineer with over 15 years experience across energy and resources sectors with some major project experience. He is accountable for delivering the pyrometallurgical project currently, which is 70% complete, and has been doing a fantastic job down there in Latrobe Valley. Jim Siemon, our technical director, really the godfather of modern magnesium extraction or hydrometallurgical modern magnesium extraction. He has worked in a variety of R&D roles across Nyrstar, Zinifex, Pasminco, CRA, and Rio Tinto. He is also at CSIRO Mineral s. That is where the patent came out from. He is our technical expert and we are very fortunate to have him helping us. Just quickly, just reorienting our growth trajectory. Really, our strategy now is underpinned on progressive technical de-risking of all the components that you would expect to go into a major commercial plant. The first component, called phase I-A, is the hydromet process to turn ash into magnesium oxide. That is an acid leaching process that recovers magnesium oxide from fly ash or ferronickel under our plans for the U.S. We were successfully able to produce 20 tonnes of magnesium oxide to an appropriate quality, over a two-week period earlier in the year, and that gave us confidence then to progress to phase I-B, which was the pyromet process. There were several improvement ideas that were generated as part of that operational run, as one would expect, and we are looking to do those at a later stage. But really, we are technically validated on a large scale or a large enough scale that we can produce that magnesium oxide. That gave us confidence then to progress on phase I-B. Phase I-B, the pyromet process, we are demonstrating that our automated horizontal retort assembly can produce in a reliable manner. What is different to what we are doing versus what is done otherwise in the world is the degree of automation and safety that we are engineering into our process. We are 70% complete on that. Following that, the milestone is a four-week crown campaign to operate across the back end of the year to produce over 98% magnesium. That magnesium crown product is a magnesium metal. The last stage that we would need to do is to go to a refinery. A magnesium refinery takes it from 98% to a 99.8% to 99.9% magnesium ingot used for alloying and the like. We are securing long lead items in that endeavor to underpin our crowns to ingot project. Once we have got confidence that we can produce crowns in a safe and effective manner, we will then look to go on the refinery project. Delivery of those long leads will be in March 2027. Ronan will talk more about that project in the upcoming slide. Progressive technical de-risking of all those steps, which then we support by a focused capital stewardship pathway, really looks at making sure that we deliver tangible milestones, against key funding sources before we progress to other projects down the track. We are limiting scope and improving our transparency and accountability to delivering against set milestones. Really, this is around ensuring that our two key assets that we develop in the company, which are R&D and study intellectual property, can then underpin value growth where we look to have intellectual property and projects with attractive investment fundamentals able to be turned into physical assets on the ground. With our technical process validated and our funding secured, that provides a solid foundation to pursue growth. We have our three growth options in the company there on the right-hand side of the slide. The U.S. growth option, which is a 50,000-tonne plant, which we have discussed, is really the priority for the business at the moment. We also have two other projects that Ronan can take you through, which is our Malaysian project, which the company has been looking at for some time. It is an attractive and interesting project which is underpinned by its low-cost energy in Malaysia. As well as our Australian project, which takes the ash feedstock to produce magnesium metal in the Latrobe Valley, but is currently on hold due to the Victorian trailing liability scheme, which is impacting our ability to secure fly ash feedstock. With that, I will toss over to Ronan. Ronan, can you please take us through each of those three milestones? Thanks very much, Rob. Good morning, everyone. Firstly, not only are we reorientating our project strategy, but we are also changing the way we are going about it and focusing on milestones. Making sure that we do what we say we will do and drive the outcomes that way. Milestone one, what we are doing coming up right now, we are what we call phase I-B, is the back end of the plant, the pyrometallurgical process, as Rob has outlined, which is currently 70% complete. Our project is running really well and currently the budget and schedule, and is entirely in-house and being managed very well. We are very looking forward to achieving the right outcome in that project as we move forward to crown production in the back half of this year. What that will give us is about 500,000 tonnes per annum capacity of magnesium metal production in the form of crowns. Why we are doing this step, it is really important for us to really enhance the design and operability of the final stage of our process. It is the final step in de-risking the main part of the process. We want to understand that our automated unloading and loading system that we have put in place for improved efficiency compared to conventional Chinese industry, works as we intended to, and we can then apply that technology going forward. Additionally, make sure the magnesium reduction furnace and the retorts work as intended with, again, our enhanced and improved design and operational efficiency that we can bring with our changes to the technology that we have instigated. What that will mean is a four-week campaign with the intent to produce magnesium crowns by the end of this year. As I said, the project is on track, 70% complete, and we will provide a project update to that project next week. Moving on to the second step, the second milestone we want to achieve, and that is taking the crowns, which we expect to produce a purity of 98% through to ingots, which is the final customer product form. Refining is a tried-and-true process. It is currently utilized around the world. I am not expecting any significant technical challenges here, but it is important to validate it and to get it to work to satisfy ourselves it works comparatively to our upstream production process and then produce full ingots out of the crowns. In terms of what we need to do for this milestone, it is subject to obviously a successful completion of the crown campaign and then upcoming funding we need to do to complete this. We are very much advanced in this milestone. We have purchased a lot of items for the refinery equipment. It is under construction and we are moving forward with progress payments required to secure a pre-commitment and get the vendor moving forward with completing the delivery of the refinery. The final milestone, ash to ingots, the one that ties all the work that we have done to this point together. We did have a successful hydromet campaign where we produced over 20 tonnes of MgO. Whilst the demonstration plant was ultimately successful, like all new processes, we did encounter some design challenges and the exercise did provide some valuable information and learnings, not only we can apply to the demonstration plant, but beyond. Out of those opportunities, we have identified improvements and we will undertake a project to make those improvements and changes to the hydromet circuit to increase reliability and availability and then complete everything and put it all together into a full ash to ingot extended campaign and operate the plant for a sustained period of time. Again, subject to an upcoming funding campaign to be able to deliver that. This is the process and the milestones we want to achieve to have full technical validation of our process and demonstrate our ability to deliver. This is what we will be moving forward to. Next slide, please, Rob. Not to dwell on this too much, Rob has already talked about it, but we have talked a lot about the U.S. project based in South Carolina, will be done on ferronickel slag. Feasibility development work already completed. We have site selection completed. We are in negotiations at this point in time for not only land, but also funding. As per our recent market releases, you can see where that project is at. Malaysia, also based on ferronickel slag. This has been in our opportunity suite for some time now. Current status of this project is we are awaiting approval to allow import of the ferronickel slag feedstock into Malaysia. This is very much dependent on Malaysia or New Caledonia, I should say, not being a member of the OECD to allow the shipment of ferronickel slag in between countries, according to the Basel Convention. That is currently under a government-to-government negotiation, and we are expecting the outcome of that successful outcome at some point in the near future. Finally, we have talked about this, our commercial plant here in Victoria and Australia on ash. That's pretty much been on our pipeline as our next commercial project for some time. However, that has been delayed substantially over 12 months due to legislation the Victorian Government brought in earlier this year. We have been in significant conversation and negotiation with the Victorian Government on this issue with no resolution yet. We are still committed to Victoria. The conversation is still ongoing, and we will update the market once we know more. Next slide, please, Rob. Now I'll hand you over to John Collier. Thank you, Ronan, and thank you, Rob. Just very quickly in terms of the source and uses of funds. We've set out the use of funds and the detailed description there. It applies to the key aspects that Rob and Ronan have already discussed in relation to completing the pyrometallurgy, our commissioning campaign, commercial studies, corporate costs, and partially offset by some R&D tax rebate financing based on our track record in this area over many years. The next slide, please, Rob. Just a quick update on our current financial position. We certainly have a pathway to reducing our interest costs. They have historically been higher, 24%, and we do want to bring them down to less than 10%. This slide sets out a quick summary of our assets that we have. We have a current liability to our external funder, and we are working with that funder to extinguish that liability and reduce our interest costs. That will certainly improve our balance sheet position going forward. Thanks, Rob. Thanks. There's just some details around the equity raising timetable there. I'll go through, just in terms of the equity raising itself, the AUD 5.1 million placement was oversubscribed, and we're thankful for our new investors and supporters, new and existing investors for supporting us through that. There is a non-renounceable and transferable offer open. You'll see the prospectus on the platform as well. That's for AUD 3.4 million. That's fully underwritten, and that gives investors an equal opportunity to participate under the placement terms. Just in summary, talking about sourcing of funds. Today, we also announced that we're closing out the first tranche of the Long State placement, which was for AUD 4 million. That was announced earlier in July. That AUD 4 million, AUD 2 million was received upfront. The second AUD 2 million was subject to a swap agreement. That swap agreement has now been closed or terminated. LMG will pay Long State approximately AUD 200,000 to close out that swap. That terminates all obligations under that first tranche. Similarly, under the Long State agreement, we have also negotiated terms to increase the flexibility of LMG to only call on those funds if LMG requires it. It is not our intent to use that as a funding source going forward, and we will be looking at more conventional ways to raise capital to seek funding in the future if necessary. If I go forward and just then go to next steps. If we look at next steps, we have basically disciplined execution against our organizational priorities, as laid out on this slide. First, we are going to focus on technical validation to unlock the value path going forward. Restabilize the financial position of the company according to the measures that we spoke about before, which the equity raise certainly helps, but the next step then is a refinancing strategy around our R&D liabilities. That then will stabilize the company to pursue growth going forward. In terms of my immediate organizational priorities and the focus areas that I have announced over the next 100 days. Project execution, really looking at going back to key milestones and measuring execution against those finite scope items in a controlled manner, which Ronan talked to. That is going to be key to establish confidence in our ability to execute projects in the organization, which will be critical as we embark on the growth projects that we have described. The financial position, looking to have that in a much better state going forward, and certainly, we are in advanced negotiations around doing that. That is exciting and that ultimately will lead to a more stable financial position for the company. Then really accelerating the U.S. option in terms of our growth strategy. So capturing the market opportunity whilst it is here, and we have got a very attractive opportunity to pursue in the company, and we are going to be targeting that with all our efforts. Then looking at organizational design and capability. As the business grows, as we look to grow in the U.S., how do we review our skills and organizational structure to scale for growth? How does that give us the ability to then execute the scope against what our emerging business priorities are, which will be ideally growth in the U.S. and an international growth campaign. This will all be underpinned by a culture of planning and accountability, improving that, disciplined execution against key milestones, and getting better every day, continuous improvement. Just to look at our upcoming catalysts. They are there on the right-hand side of that slide. Really delivery of the phase I-B project to budget, which will occur over the next quarter. Safe commissioning and production of magnesium crowns. That is a key milestone for the business. Looking to have that in place by the end of the calendar year. Then delivery of the refinery module to site by the end of financial year 2027, which then puts us in a position where if we have technically validated the steps before, we can then commit to the capital to execute that refinery scope. Financial restructuring, completion of the equity raising, which the placement was successful and oversubscribed, and the entitlement offer will be open shortly. Completion of that equity raising will provide then the funds to really position ourselves for the rest of the financial year. Once we have got that in place, we will then look at refinancing that R&D liability with a lower cost of debt, as John said, and then potentially looking to secure an R&D financial facility for our upcoming FY 2027 rebate. I will just remind investors that, as John highlighted, given that we do the work that this business does is R&D by nature, we have been beneficiaries of R&D rebates in the past, and there is methods that we can look to use to lower our funding costs through the year. All this is really tilted at securing the U.S. growth project, and that is work on foot. We will be regularly communicating back to the market as we deliver key milestones in that, such as securing any commercial agreements or funding agreements. With that, we might open it up for Q&A. Thank you. If you wish to ask a question via the phones, you will need to press the star key, followed by the number one on your telephone keypad. If you wish to ask a question via the webcast, please type your question into the Ask a Question box. Your first question today is a phone question from Peter Kormendy with Shaw and Partners. Please go ahead. Good morning, Rob. Thank you for taking my question. I am just wondering with the current state of the tariff in the U.S. and the premium price that is earned in that jurisdiction, is there any talk by the current administration of changing that tariff system or even increasing it going forward, are you aware? Not that I am aware, and we certainly haven't based any of our economics around an increase in that tariff or pricing premium. We've been quite conservative in the economics that we've provided. I think what's underpinning potential pricing premiums other than the tariff and the marginal cost in China is also that supply concentration risk and we did see across 2021, 2022 and 2023 prices significantly higher than where they are today, and that was due to several supply shocks to the system. I suspect what we'll see is a higher inclination of governments globally to invest in projects to ensure that internal rates of return are attractive for companies to take those investment decisions. Ultimately, what that can occur in. There's many methods that that can occur in, and we've seen that in other commodities, such as floor prices in rare earths, non-recourse low-cost government funding in other projects which we've seen in rare earths and the like. We expect some sort of combination of lower cost financing, as well as government participation to unlock that going forward. Tariffs may not necessarily be the mechanism that is used, but magnesium, as you can see already, has quite significant prices and tariffs associated with it. Our investment returns don't really require it, but we would obviously encourage certain financing instruments to be put in place to help secure our return for LMG shareholders going forward. Okay. Excellent. Thank you. May I just ask around, with the recent move into the U.S. and the prospects for Malaysia, is there a scenario in the future where you pursue both expansions in Malaysia and the U.S. at the same time? Or is Malaysia pushed back after the U.S., or indeed, is Malaysia likely to be placed on hold, just given the recent announcements? Yeah. No, that's a good question, and I guess the way that the investments have been framed in the past have been as stages, in the sense that stage one, stage two, stage three, and then there was a sequence. What I am sort of encouraging us to do and encouraging from an analytical perspective is to look at these as options and where growth options compete with each other. Rather than there being stage interdependencies between them, each option needs to compete for a capital or for LMG's capabilities to do work on. When we look at what the fastest pathway, what the lowest cost pathway, what the highest returning pathway may be, at the moment, that all points to a U.S. project. We allocate our time and effort to that and our limited financial resources to pursuing that. That doesn't mean that other options in the portfolio are necessarily deleted or put on hold indefinitely. What it just means is that the way that we sort of build capability and IP in the business around engineering, flow sheet design, et cetera, that can sort of progress with the first project and then give us ways to optimize and improve going forward. Malaysia's very exciting from a number of perspectives. Obviously, the U.S. project serves the U.S. market and North American market and even Atlantic basin. But Malaysia could potentially service an Asian market and that localized economy, and so that in some ways sort of plays into that strategy as well as the underpinning investment that would be required to produce low-cost energy might take a little bit of time as well. We don't see it as necessarily being put on hold. It's just we'll progress things as we deem the most appropriate from a financial point of view, noting that the U.S. is probably moving faster than most regions globally in this space. Thank you very much. Thank you. Your next question is a webcast question from Thomas Hayes. This reads: How much magnesium does the U.S. need and how much do they produce today? Yeah, thanks, Tom. In the presentation, we highlighted that the U.S. doesn't produce any magnesium and then in terms of its domestic requirements, today it's about 60 KT- 70 KT primary, but North America could be even more than that as a block. When you put that against the fact that it's zero, there is a major need there. What our project does is our project satisfies a large part of that requirement. You have another question from Thomas Hayes. This one reads: How do you compare to your peers in the magnesium space from a commercialization, de-risking the technology perspective? Yeah. That's a good question, because if you look at the past, a criticism of the company has been the investment in the demonstration plant and the issues that we've had in that endeavor. But what that gives us going forward is a real base to then pursue growth in a largely accelerated fashion compared to some other peers. When you look at other technologies that are going to produce that magnesium from other technology sources, they may be further up the technological maturity ladder, and that may take them time from a technology readiness level to get to a pilot or even a demonstration plant phase, which would then potentially underpin a capital requirement of themselves. So that's one real advantage that we have is that we're really well-positioned to pursue that growth at this current stage, given our investments made to date. Your next question is from Francesco Torendi. This reads: Given that the U.S. and Malaysia opportunities are for processing Ni slag, is LMG planning to process Ni slag through the demo plant in 2027 to demonstrate hydromet performance on slag to fulfill investors' likely requirement of due diligence? I might take that question up front and then pass to Ronan around what the plans are to get comfort around slag. At the moment, our plans are really for the demonstration plan is to get at producing an ash to ingots way. Then in terms of putting nickel slag or getting flowsheet confidence through nickel slag, there are a multitude of ways which we can do that, and I'll pass over to Ronan to discuss that in more detail. Okay. Thanks, Rob. Just around getting comfort on what we're doing with the ferronickel slag in relation to the flowsheet and the U.S. project. We already have done a substantial campaign of flowsheet development test work on ferronickel slag, and obviously discovered it is amenable to our process. In terms of the impact on the process, there's very little change. There's really only one unit process that actually comes out of the flowsheet, and the remaining flowsheet is exactly the same. So what the demonstration plan gives us is that confidence around the entirety of the flowsheet. We've removed one section, and we have our flowsheet effectively for ferronickel slag. So a really good basis to grow from. We're not really leaning on that, despite it being a very strong basis. We actually are going to undertake a substantial campaign to really understand variability in the feedstock and be able to apply that from an engineering design perspective to the engineering design and the feasibility study. That's a pilot plant campaign where we will build a smaller version of the flowsheet and thoroughly test the ferronickel slag in that campaign to establish engineering design parameters. We take the information we've learned from the demonstration plant. We take that strong basis. We apply that with the knowledge that we have on the flowsheet development now. We then add into that a pilot campaign that will tell us a lot more about the variability and the design of the plant for the U.S. project and to be able to deal with any variability that we see in the feedstock, plus a substantial amount of drilling that we plan to do to understand those stockpiles a lot more thoroughly. We believe that gives us the confidence and de-risks the knowledge base to be able to take the flowsheet forward into the U.S. project. Your next question comes from Joe Hansen with GBA Capital. This reads: Will EXIM funding still be available for the U.S. plant, or do you see potential U.S. government funding coming from another department? Yeah, it's a good question. Look, I can't obviously speak for U.S. departments on what their plans are to invest in certain projects, nor would it be appropriate for me to do so, but maybe I'll just address this in a more generalized manner. What we've seen in the past weeks is that Commerce, the Department of War, together are looking at various funding pathways to support critical minerals projects. Where they get to and what projects each invest in terms of the maturity levels and scale of investment is dependent on a host of factors. But what I'd say is there are multiple pathways open to the U.S., whether that be via the Defense Industrial Base Consortiums, RPP2 pathway, which ultimately is angled at Department of War, as a source of funding, whether it's Commerce or EXIM, providing funding via loans and debt. As well, we were beneficiaries of having a letter of support for funding for a Victorian plant from EXIM in the past. Notionally, South Carolina is a lot closer to Washington than Morwell is. So you would expect that something angled on the U.S. East Coast would be very supportive of. But again, I can't speak for their intentions around that. Your next question is also from Joe Hansen. This one reads: How big is the U.S. domestic market for magnesium, and is there any risk of US Magnesium LLC coming back online with its 63 KTPA plant in Utah? Yeah. So, good question. So, I said 60% - 70% primary before, I think in the answer to Tom's question. The numbers are higher than 70%. That is just the primary. There is also secondary magnesium, which is recycling, which is far higher than that. In terms of the 63 KTPA plant in Utah, I mean, that was an old plant. It had significant environmental issues. The critical equipment failed, and so the state of Utah actually compulsory acquired the land, and the company went into administration. So, the receivers have been selling down linked equipment, infrastructure that have salvageable value, and the state of Utah has bought the land and is looking at rehabilitating that. So, there is effectively very little or no risk that that magnesium plant comes back online. There are other sources of magnesium production that are being currently prosecuted in the U.S., but as I said earlier, given the investment in capability, the investment in flow sheet design, the investment in being able to demonstrate that the technology works, at scale, we are at a far more advanced stage, I would say. Your next question is from Jan Gu with ALC. This reads: Can you talk through the competitive landscape in the U.S., including startup players such as Magrathea? Yeah. So, perhaps we can discuss that at a later stage in terms of going through the detailed technical aspects of other competitors. But maybe I will pass on to Ronan around the competing different pathways around magnesium production. I mean, obviously we are focusing on a hydrometallurgy route, but there are others that look at a brine or at a chloride route and the like. So, Ronan, be happy to field that one? Sure. Thanks, Rob. There are two main pathways under development by a few of the players in the U.S. You are looking at Magrathea, which was mentioned by the person asking the question, and you are looking at Big Blue Technologies as well. As Rob said, these are all startups significantly earlier up the R&D chain than ourselves. We have had a decade or more on everybody else, and so obviously we are far more advanced. The two real sort of methods that are being looked at are the magnesium from brine production and the aluminothermic method. We are the silicothermic method, which is the back half of our process, much as the same as the conventional Chinese industry. Let us tackle the aluminothermic one first. That is really dependent on using scrap aluminum in order to reduce the magnesium oxide that they produce through conventional methods, such as the Chinese, in terms of burning dolomite, and then use that to produce magnesium metal. The economics do not support that project. You just have to look at the current magnesium price, sorry, aluminum price at the moment to just see straight away that they have a massive headstart on operating cost and they will not be that competitive in our view. That has been supported by industry and nobody has been able to make that process work economically for a very long time. In terms of the brine method that Magrathea are looking at, there has been many attempts at the brine method over the years, from originally from the Dow process through to Noranda, through to even more recently, Alliance Magnesium in Canada, trying to find a way to purify a magnesium chloride solution to then apply an electrolytic process to that. You get your magnesium chloride either from brine or from other processes such as ours. Nobody has been able to make it work. The purity required is extraordinarily challenging, and Alliance Magnesium were not able to make that work, and they have since gone into administration. That is no longer a viable pathway. If you look at Magrathea, we see the same challenges. We have not seen much out of them since their original pilot plant. The economics are incredibly difficult and the purity required is extraordinarily technically challenging, and they have got a lot of work ahead of themselves to try and make that work, and we do not see them being, not necessarily a competitor in the near future at any rate. Really in summary, that is a challenging process to make happen. There has been many players who have tried that before, all unsuccessfully, and they have not made a lot of progress in the last few years, ever since they received their first tranche of funding from the U.S. Department of War. Challenge is expected, and we are not seeing much out of that process at this point in time. So we are very confident of our gap that we have on the rest of the industry. Thank you. Your next question is from Brian Holman, a private investor. This reads: How can shareholders believe any timelines being given will actually be achieved given the company's poor record to date? Thank you. Thanks, Brian, for the question, and appreciate the transparency or the candor. When I came on board and did my own due diligence and looked at the record to date, I acknowledge that the company has had some issues in terms of being able to hit what its goals were in the past. As part of that due diligence process, many conversations internally and review of documents and projects. The determination I got to was, at times the company's progress has been tempered somewhat by its ability to source and utilize funding. There have been issues in the past that have impacted its ability to execute projects to scope and to cost. The commitments that we've made today have been thoroughly reviewed by myself. There are contingencies in place. We've looked at expense on a granular basis, line by line. How much money do we spend on printing color versus black and white paper and that sort of stuff. In essence, that's the level of detail we're going through to underpin ourselves, underpin the economics that we're committing to. Make no bones about it, we're very cognizant that we have to deliver against the milestones that we've outlined today. We're going to be focused and hold ourselves accountable to that. In essence, we're not asking you to judge us by our lines or judge us by what we say in our presentation. We're asking you to judge us by our actions going forward, and we'll endeavor to be transparent and communicate to the market clearly, as we hit those milestones that we've said we'll hit. Your next question is from Dan Muller, who asks for your thoughts and concerns regarding potential government policy change in the U.S. Yeah. Look, this is an interesting one. Everyone's talking about the midterms coming up and I'm not going to be political at all, in any regard, because that's up to every person in each jurisdiction to have their say. What I would comment on is that the U.S. has had bipartisan support across both sides of the aisle, on being able to onshore its domestic critical minerals processing. That was something that has sort of flowed over Trump, Biden, Trump administrations. We're seeing projects continue along tracks under each one of those administrations. I suspect a domestic source of magnesium, which de-risks its exposure to an imported source would have wide spreading support. I can't say that there's not risk with governments. There are, there always is. But we're confident in our ability to help solve this problem for the U.S. industrial base. We expect that there'd be wide-ranging support on both sides of the aisle. Once again, if you wish to ask a question, please press star one on your telephone or type your question into the ask a question box. Your next question comes from Francesco Torendi. This reads: Can we have an update on proceedings in the dispute with Minecore Pty Ltd? Yeah. Look, as with all things, we want to increase transparency and discuss at depth what's going on in the business to the extent that we can. Unfortunately, because this one's sort of under a continuing legal process, we're quite limited in what we can say, unfortunately. Hopefully, we can speak more about it in the future. Thank you. There are no further questions at this time. I will now hand back to Rob Stein for closing remarks. Thank you. Yeah, look, very excited by the opportunity that Latrobe Magnesium has in front of it. The successful equity raise that we have just completed has positioned the company in a much stronger position to pursue that attractive and exciting growth opportunity. We have not lost sight that we need to be disciplined and deliver against milestones, and that is going to be the way that we achieve or go after the tasks that we have outlined today. We are energized by the opportunity to continue the dialogue with the investment community around what we are doing in the business. Expect to see some more interactions coming forward. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.