Thank you for standing by, and welcome to the Liontown Resources Limited Kathleen Valley Funding 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 via the phone, you will need to press the star key followed by the number one on your telephone keypad. If you wish to ask a question via webcast, please enter it into the Ask a Question box and click Submit. I would now like to hand the conference over to Mr. Tony Ottaviano, Managing Director and CEO. Please go ahead. Thank you, and welcome to everybody. Today is a very important day for Liontown. I mean, the best way I can describe it is, it's profound. We have extended our relationship with our foundational customer and LG Energy Solution, and the best way to describe that relationship is deep and long-term. And I've got a few slides, and I wanna introduce my team that's gonna help me present today and answer any questions that you may have on the announcement. Firstly, I've got our Chief Financial Officer, Jon Latto, and also our Chief Commercial Officer, Grant Donald. So if I move to the very first slide, it's the usual disclaimer, and then there's the strategy slide. And the best way to describe this announcement is to link it to our strategy. What partnering with one of the world's leading battery producer provides for Liontown is it underpins the Kathleen Valley Project over the short, medium, and long term. It then enables the second horizon of our strategy, which is the downstream expansion, through the downstream collaboration agreement. Partnering with a battery producer of the size and caliber of LG Energy Solution provides tremendous insight to Liontown as to how battery chemistries will evolve over time, and we'll have a seat at the table to understand that through our downstream collaboration. Finally, a combination of maximizing Kathleen Valley's potential, but also embarking on the value-maximizing pathway of downstream expansion in our vertical integration, enables Liontown to deliver its full potential. I'm sure the relationship that we will build over time with a company such as LG Energy Solution will present more opportunities than we see today in order to grow this company. Now, some specific highlights of what we've announced today. Firstly, we've secured a $250 million convertible note with LG Energy Solution. The note has a five-year tenor. More importantly, it's got a conversion price of a $1.80 per share, which again underpins the faith that LG Energy Solution has in the growth of this company. The coupon rate is equal to SOFR, and we've got flexibility built into the way we pay our coupon, either paying it through cash or capitalizing it or paying it through shares to give us that additional flexibility. The next thing this funding arrangement does is, we've got $500 million of cash in the bank to see us through ramp up and into steady state. In return, we've extended our offtake agreement with LG by another 10 years, so giving a total of 15 years, which demonstrates the sustained customer demand for high quality, more importantly, IRA-compliant lithium. And finally, as I mentioned before, we've now entered into a collaboration agreement around the feasibility of establishing an IRA-compliant refinery, which has the potential to create long-term value for our stakeholders. Now, to give a bit of an update on Kathleen Valley Project. The project remains on schedule and on budget, with first production at the end of this month. And that's a tremendous achievement by my team and the company at large. The project folk have done an excellent job in delivering what was a target two and a half years ago at the end of the DFS study, to say that we will be producing our first production midway through 2024, and that's what the team's done. We're ready to flip from construction and commissioning into production through our operational and business readiness. All the support systems, all the people which we've recruited ourselves, are in ready to start and take the reins over from the construction and development people. We've got about $ 120 million worth of planned capital cost to complete in order to put a line under the sand on Kathleen Valley's initial construction. What this funding arrangement also does is it preserves our 4 million ton option by enabling some early works in the underground mine, which is the longest lead time to getting to 4 million tons. So we can preserve, at this stage, the 2027 target date. And the other point that I want to make is, the 4 million ton expansion option that we've got at Liontown is probably the lowest capital intensity expansion option in any lithium project on the globe. Given that we've already invested in a number of projects, a number of key areas of the plant at 4 million tons, the next increment of expansion is very low CapEx intensity. The optimization studies continue, because we want to ensure that both the 4 million ton underground design, but also the 4 million ton plant design, are optimal to get us the best bang for our buck. And finally, you know, we will make a decision on the long lead items for the plant expansion element of the 4 million ton expansion, and the optimization studies by the end of this 2025 calendar year. But it depends on board approval, but also, more importantly, the prevailing market conditions. Just a snapshot of the convertible note. I've spoken about the size, the $250 million, but also the interest rate, which is SOFR. The conversion price of a $1.80 underpins the confidence that LG Energy Solution has in our ability to grow and the quality of this asset. They are yet another company that's done extensive due diligence before investing into our company. The low interest rates, I've already spoken about. The flexibility of the interest payments, the fact that we can capitalize, the fact that we can pay in shares or pay in cash. And the other important feature here is we maintain the current low covenant Ford facility in place. So this facility augments what is already in place with Ford. The banking facility that we announced in March, I'd like to thank the banks for their cooperation that they've given us. They've supported us. Without them, we couldn't have probably delivered such a compelling funding long-term option, but we will now proceed to cancel that arrangement with the banks. Now, some balance sheet and analysis as to how we will use the funds. As I've mentioned in my opening remark, we have $500,000 of cash. We've got $ 120 million left of planned and budgeted spend on the project to put a line under first production. The remaining liquidity of $ 381 million will be used to wrap up the project of 3 million tons steady state. This funding also enables us to do those early underground works that I mentioned early on, to preserve the 4 million ton expansion option, given mining is the longest lead time. The mine and process optimization studies are continuing, and we will bring a solution to the market once we complete those studies, the board reviewed, and subject to the market conditions by the end of calendar year 2025. There is also some additional benefits that give us that balance sheet strength. We've got flexibility over the interest payments, which I've spoken about. We've got an additional $100 million indebtedness facility built in to the convertible note that we can exercise, so this is over and above the $250 million. And the other attractiveness of this facility is, it's very well, it's less restricted from a debt covenant perspective than a traditional debt facility, which is one of the many attractions of this funding package. It allows us to optimize the ore bodies, optimize the project, and deliver the best value for the company. I will now turn over to our Chief Commercial Officer, Grant Donald, who will talk through the next few slides. Thanks, Tony. In conjunction with LG Energy Solutions investment, Liontown has extended the existing five-year offtake agreement by an additional 10 years, as Tony has covered, maintaining the same terms and conditions. This extension is, demonstrated here in this graph, which is the initial five years remains unchanged. The extension starts with five years of 160,000 tons, and then has the final five years at 140,000 tons. And the importance of this and significance of it to, to LG Energy Solutions and to Liontown, is that this gives certainty and longevity to the offtake to underpin a downstream refining solution. I think the other thing that I wanted to highlight from the slide is that you will see a 25,000-ton box on top of each of the first 10 years. Effectively, what we agreed with LG Energy Solutions is to provide an additional 250,000 tons of material over the course of those initial 10 years. It's illustrative here on an average per year, but that's not necessarily how it will be delivered. There is a recognition on both sides that it may be, you know, a little bit lumpy, so to speak, and that is baked into the agreements. It doesn't change our commitment to spot and our intention to make volumes available on the spot market, to continue to underpin a more transparent and regular sales through the spot market. On the downstream joint venture, I think in this market backdrop, it is difficult to consider downstream without considering the geopolitical overlay. I think at the moment, it would be hard to justify building a downstream based on today's prices. And in fact, even my contacts in China say they struggle to build a refinery downstream in China, today's prices. This is a commitment and vision from LG and Liontown into the future. As we see ex-China supply chains being developed, it is absolutely critical that more downstream capacity is built outside of China. And what the two parties share is a vision to doing this in a way that is competitive, both on a CapEx and an OpEx basis, and proximate to a downstream battery ecosystem. And that work will now continue apace with the certainty of the offtake agreement signed today, to enable us to move quickly and make further announcements on a downstream joint venture in the near term. I said to Grant that I'd hope the downstream plan is a little bit bigger than the figure on the power, but he assures me it will be. Okay, if we now move into a short project update. As I mentioned in my opening remark, we are on track for first production, the end of July. The mining side has continued at pace. We are almost halfway through our open pit mining, and within the next month, that entire floor of the pit will be pegmatite white, so we will be in 100% ore with no waste. We're building some substantial stockpiles in readiness for first production to feed through the mill, and those stockpiles are shown on the second photo. In the underground, we're maintaining very good progress there, being both on budget and on time in terms of the development, with nearly 3.4 km of development meters already done underground, both at Mount Mann and in conjunction with Northwest Flats, our two ore bodies. If we look at the process plant, as I said, we're bloody close, 99% complete on an earned value basis, and that's a complete process, not mechanically complete or electrically complete, or any other definition that I've noticed that's crept into a number of people's announcements. This is earned value basis. The dry plant's been running for well over a month, so we've got stockpiles built, as you can see in the photograph. Wet commissioning in the wet plant is almost at completion. The current focus now is putting water through the system before ultimately putting ore through. The other, I think, tremendous achievement that I'd like to showcase is with our partners, Zenith, we're now got our 95 MW hybrid power station in full operation. I don't think there's a mine site that's ever been constructed or finished constructed, permissioned, and then first production on 100% renewable. And we have done that numerous times during the last few weeks, where the whole operations run off renewable power. On the operational readiness side, as I mentioned in my opening remark, we've got our workforce. We've done that internally. We're building probably a industry balanced, gender diversity workforce. I think off the top of my head, it's 23%, I think, of gender balance, and we're striving to even push that far north of that figure. So we're prepared. The moment the project guys tell us it's ready to go, the ops are waiting in the wings. Finally, before we conclude, we'll just go through a summary of the existing offtake agreements for everybody, and I'll hand back over to Clint. Sorry, to Grant. Yeah, I won't spend too much time on this slide, which is effectively a restatement of what's been public, except with the amendments for LG Energy Solutions' now longer-term offtake. We've gone through the terms in a bit more detail on the previous slide. The only two points I'd want to highlight from this slide is that, as a result of the progress we've made on site in construction, Tony talked about, we have elected to accelerate the first production under the Tesla offtake. So originally, it was disclosed that commercial production had to commence no later than 1 December 2025. Within discussions with Tesla, we have agreed to bring that forward to 1 December 2024, given where we're at in construction. The only other point, and this will come as no surprise to people who are in the market, but we, we continue to receive multiple inbound requests from customers around potential offtake, not only from China but also, globally. You know, we, we have highlighted here that we are in advanced discussions around de-risking the ramp-up funds to supply them into a short-term offtake. Thanks, Grant. Okay, so to wrap up, first production imminent, and we're growing our company. We've put in place a long-term, flexible, funding facility that will see us right through the 3 million ton ramp-up, and it also preserves the 4 million ton expansion option on a 2027 timeframe. The project remains on schedule and on budget, with first production anticipated end of this month. The mining operations, both open pit and underground, are well underway, and the funding enables, as I mentioned earlier, for that growth optionality and production flexibility, which is equally as important. The optimization studies around the four, are continuing. We have been working on the mine for some time, but also the processing plant will now get a review, given the success that we've had with the ore sorting trials that we've been doing on site, which may offer additional benefit. We've entered into a strategic downstream collaboration agreement with LG Energy Solution, but we've also got ongoing our relationship with Sumitomo. So a combination of both of those will again set us up for a very strategic and ex-China supply chain. And finally, our ESG commitment remains. We are delivering a world-class framework by signing up to IRMA, but just the start of it. When we say, you know, we've committed to a 95 MW renewable power station, and we're getting the benefits before we even start production. I'll conclude the presentation on that point, and again, I'll just summarize by saying this is a tremendous achievement by the team, given everything we've gone through in fairly challenging times. To partner with a world-class operator such as LG Energy Solution is a testament to the project, it's a testament to the team, and we're looking forward to the future. So I'll now hand over to 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 comes from Hugo Nicolaci with Goldman Sachs. Please go ahead. Oh, hi, Tony, team. Thanks for the update call. Just first one around the funding piece. You touched on the debt covenants being a key advantage of the convertible over bank funding. Should we interpret that, though, is that the banks were still otherwise happy to proceed with the prior funding package, with how, you know, cost updates and the new mine plan was shaping up? And I'll come back with second. Thanks. Yeah, I'll let John Lado, our CFO, answer that. Yeah, thanks very much, Hugo. Look, we were basically in a position where we could have drawn down the debt if we chose to do so. But as Tony articulated, there's many advantages to the funding that we're putting in place with LG today, and that's why we've moved down the path that we have. Got it. Thanks for that. And then just around the cost update and mine plan changes, were we still expecting an update there in maybe the coming weeks or this quarter? Or is that maybe something that's still being worked through? Well, I think, Hugo, our response to that is, look, we've got to focus on ramp up, and we want to be able to actually see what our operating costs are so that we can provide the market two things. Firstly, rather than more estimates, we're going to give you actuals and then some guidance. But more importantly, by the time we get to the end of the ramp-up, we'll be able to then understand the impact of the optimization study, especially on the underground, to give you a better insight as to what our medium to longer term cost structure will be. Thanks for that, Tony. I'll pass on. Your next question comes from Stuart Howe with Bell Potter Securities. Please go ahead. Thanks, Tony. Just a quick question around the ramp-up. You know, are you still sort of expecting six months to get to that, you know, to get that throughput rate? And just could you talk a little bit around, you know, recoveries and that sort of curve? Yeah, I think we've... Thanks, Stuart. Yeah, look, we're looking at 7-8 months on the ramp-up to nameplate throughput capacity of 3 million. And the recovery journey to nameplate will take a lot longer, as we've described before. We understand what the first generation lithium producers and how they have approached the recovery issue. But we believe, given the strength of our flow sheet design, given the strength of our test work that we've done, that we will look at starting as low as, you know, early 40s to target the nameplate recovery over 15-18 months. ... Depending on the results. Thanks. And then just secondly, obviously the debt, the Ford debt facility remains in place, five-year maturity from the supply commencement date, from memory. You haven't really talked much about covenants about around that, but you have mentioned that it's, that it's fairly flexible. Could you- is there any additional information you can provide on, on, sort of, you know, what, what some of the covenants might be on that? Yes, Stu, we would've declared any material covenants in our announcement at the time. All I'll say, it is very, very flexible. All right. That's all for me. Thanks, Tony. Your next question comes from Adam Baker with Macquarie. Please go ahead. Morning, Tony. Or afternoon. Thanks for the update. 99% through construction appears to be going well there. You've highlighted $ 120 million left in construction CapEx. Just wondering if you could give us some color on what that includes, and does that also include the construction of the Phase 1 mill plant? Thanks. I might hand over to John, or I'm happy to answer it. No, that's fine, Tony. The $120 million is really just the tail end of the project spend. What we've given there is essentially our cash outflows. So, as Tony's mentioned, we're, you know, we're ninety-nine percent complete on an earned value basis. That's just the tail of the spend. I think, you know, if I reflect on what some of those items may be, it may be the tailings circuit, it may be elements of the tails regrind circuit. It's just the ebb and flow of the difference between incurred and the actual payment of the funds out the door, and the completion of those two items I've just mentioned with a few other bits and pieces as well. Now, in terms of those other things, like completing the flotation mill plant, that'll be part of the working capital that we've identified here, that's $ 381. And you highlighted some of that $ 381, that'll be going to the underground ramp up. So you know, is that some sort of color that we could get with the upcoming guidance update, for you know, maybe some of these sustaining capital cost items going into the underground? Thanks. Yeah. We'll, we'll give that some consideration. But just to give you a sense that, that typically some of the work that we will do at it, to describe what those early enabling works are, are things like infill drilling, grade control drilling, some ordering some long-lead items, like the massive fans that go into the decline. Those type of things, the mine services area, getting that up and running, that's part of the sort of color behind some of that early enabling works. Thanks, Tony. I'll pass it on. Your next question comes from Alex Papaioanou with Citi. Please go ahead. Hi, Tony and team. Thanks for the update. Do you need approval from FIRB or major shareholders for the convertible notes? I'll come back with my second question. Yes, we do need, or LG needs FIRB approval. That's right, but no shareholder approval is required. Just to clarify on that point, it's FIRB approval related to the security. It's not related to the issue of notes themselves. Yep. Okay. And noting your comments around preserving the 4 million ton expansion option, can you clarify if you plan to keep developing the dual declines? Yes, we will look at continuing that strategy with dual declines, but there will also be additional optionality that we might be able to build into getting into the Northwest Flats ore body sooner by looking at access maybe through the open pit. But that's part of that optimization work that the team's currently looking at. Great. Okay. Thank you. I'll pass it on then. Your next question comes from Hayden Bairstow with Argonaut. Please go ahead. Yeah, afternoon, Tony. Well done on that with yourself and Grant and John. I'm sure it was plenty of hours. Just a couple of quick ones. Firstly, just on LG. I mean, they're obviously pretty keen for the material. Have you looked at, you know, cap collars on pricing to provide some certainty on supply for them, whilst giving a little bit of the upside risk away, on that front? Or do you need to see where your costs are before you consider doing something like that? Yeah, no. Thanks, Hayden, and thanks for the questions. I think the underlying principle that we adopted as part of this was to preserve as much of the current offtake agreement's conditions that we could, that we, you know, negotiated fairly strongly and fiercely with LG. So the pricing mechanism that we negotiated, you know, a year or so ago, remains, and we, which contains no capital collars. Okay, and then just discussions with Ford. I mean, they were going to get paid out on this original debt facility, but now aren't. I I mean, are they, are they happy to stay debt invested for longer, or you, do you sort of have more control over when you've repaid that? Yeah, no, they're happy to continue their relationship with us. The decision to pay out or not pay out was always in our hands, and they were indifferent. So we've continued to... We've always said, Hayden, that it was a fantastic funding facility, and given it, it has first-ranking security over the asset, the only way the banks would have got comfortable was to take them out.... But otherwise, you know, we really believe how strategic this funding facility is that Ford has provided. So we try to preserve it as much as we could, and this current facility that we've just announced today gives us that benefit. Yeah. Okay, great. I'll leave it there. Well done to you and the team, and that's good stuff. Your next question comes from Reg Spencer with Canaccord. Please go ahead. Thanks, thanks, Tony, for the call. Most of my questions have been asked already. I missed Hayden's comment on the offtake. I was just gonna ask whether there was any discounted mechanism or something in that in exchange for extending the term of that offtake? You may have answered Hayden's question already, and apologies if you're repeating yourself. Okay, Reg, thanks. No discount. Okay, no discount. Okay, just one other quick question then. Just going back to that Ford facility again, have you guys stated what the repayment profile or schedule looks like? Just trying to get an idea of that relative to the new convertible you've got in place now. The repayment schedule commences once we announce commercial production. That's the first trigger. And then secondly, it's also paid every six months? Yeah, it's basically a sculpted repayment profile to our cash flows. But broadly speaking, you know, you can work out that it's a five-year tenor. It's $300 billion. You can basically- 1.5% of 1.5% margin. Yeah. I mean, that's all been disclosed. I don't think that we've actually come out and given what that repayment profile is, but, you know, I'm pretty sure you can do the math. John, I think the other point to highlight is that it's got a substantial bullet repayment at the end. Correct. It's not amortized just over the course of the five years. Correct. That's excellent. Appreciate it. Thanks, guys. I'll pass it on. Your next question comes from Matthew Frydman with MST Financial. Please go ahead. Sure. Thanks. Afternoon, Tony and team. Thanks for the Q&A. Just a quick one, I guess, following up from both Hayden and Reed's questions on the offtake and the pricing mechanism. You've said pretty clearly that that pricing mechanism's unchanged. It's a formula with reference to the hydroxide price. You haven't had to take on any additional discounts to extend the offtake, but wondering whether you can give us a little bit more of an idea on, I guess, kind of what the range of that linkage might look like. I'm sure you won't be able to give us any exact numbers, but, you know, at today's hydroxide price, roughly what price would you expect to get for your concentrate under that pricing mechanism? Thanks. Just for you, Matt, I'll tell you the number. You, you're too kind, Tony. Too kind. Because I like your reports, Matt. They're very thorough. Thank you. The answer is no. We've given previous guidance around how we saw the market evolving. When we said that historically, the coefficient, or what do we call it? The Relativity. The recovery was around the 4%, and then it reached at its pinnacle at about 11%-12%. What's the new norm? Probably between 7%-9%, maybe, is what we've seen. Okay. Thanks. And then, and so the mechanism in the LG offtake then, presumably it's not a fixed linkage, it floats based on market conditions. Is that what you're saying? No, I don't think I've said that. I'd rather not talk too much more about the pricing mechanism. I think I've given you a good enough steer, Matt. Okay. That's- The other point, Matt, it's Grant here, is that, you know, we're not far off reporting revenues, et cetera, and then you'll have a pretty good idea when you start doing the math. Of course, there's different QPs, different indices that can be referenced, but, you know, you'll start to get some level of comfort on the pricing levels. Yeah, thanks. Okay, thanks, guys. Thanks, Tony. Thank you. Please note we only have time for one or two follow-up questions today on the phone. We will then take one or two questions from the webcast. Your next question is a follow-up from Stuart Howe with Bell Potter Securities. Please go ahead. Thanks again, guys. Just on the downstream collaboration agreement, how does that practically work with Sumitomo, that you also have a, have an ongoing dialogue with? And, and I guess around IRA compliance, and you've always talked about, you know, the right partner, the right location, the right quantity. Could you perhaps talk a bit around some of those considerations? Yep, absolutely. Look, in terms of the first part of the question, how does it interact with the Sumitomo downstream collaboration? These are complementary. You know, Kathleen Valley is a very large resource. We expect to be producing close to 100,000 tons of LCE equivalent when we ramp up to the 4 million ton case, obviously subject to separate board decision. But, you know, that would underpin a number of refining downstream facilities. And, look, certainly we, when we think about it as a company, we don't necessarily aim to convert all of it at this stage, given the continued uncertainty into the future around battery chemistries, et cetera. But, you know, our intent is to supply customers with the product they actually use, and that is, you know, lithium carbonate, lithium hydroxide. So the clear intent is that we move some of our, our book into, lithium chemicals, and we do that in partnership, where we can do it in a sensible way, not necessarily on Liontown's balance sheet, and, do it with partners who can also de-risk the, the conversion facility. The Sumitomo one is specifically related to Japan, which we continue to do that work, and actually we're, we're working at the moment to identify suitable locations within Japan, which you can appreciate as a small, collection of islands, is not necessarily that easy. And, and that's the work that we're continuing with them at the moment. With LG, we will be very focused on, building a facility that can, qualify for IRA, subsidies, in the U.S., but also is competitive on CapEx and OpEx. And really, the lens with which we apply there is gonna be trying to make sure this thing adds to the value equation for our shareholders. And it will be structured in that way. And with the support of LG Energy Solutions, you know, we can potentially also attract some attractive financing from kind of financing institutions of the various governments involved. Right. Thank you. Thank you. I will now hand back to Rob Carruthers, Head of Corporate Affairs at Liontown. Thanks very much, Ashley. Just a couple of quick-fire questions, just to wrap up from the webcast. A few of them are probably just clarifications. The first question is: What prompted the change in the funding strategy? I guess that's rhetorical, it's not a change in funding strategy. Yeah, I think, I think the... when, when you stand up this funding facility on its merits, you know, the, the very competitive interest rate, the flexibility, the, the tenor, it- the quantum, it, it really stood out. So when the board stepped back and looked at the flexibility this opt- this option offers us, in terms of all those and around setting the company up for the future and, and building on the value-maximizing pathway of our expansions, it, it was fairly obvious. So, you know, for us, you know, we thank the banks, as I said in my opening, for their support, but this was a superior funding proposal. Thanks, Tony. A related question, just to clarify, do we retain the government agency funding, given we're moving to this convertible note? Yeah. No, the funding arrangement from the government will fall away with the banking facility. Perhaps a question to Grant. Some of this is detailed in the appendix of the announcement, but what constitutes an event of default or a prescribed redemption event under the agreement with LG? Thanks, Rob. Look, I mean, I think the events of default are pretty standard. You can see them listed in the appendix, on the release itself, but, you know, things in there such as, cross default, any Liontown or any subsidiary becoming insolvent, you know, a breach of warranty and a delisting from the ASX. So all of these things would trigger potentially a right to redemption of the notes, but they are subject to cure periods for us to rectify any breach. I think the other point to note is, we'll have the cash in our bank account in two days. So, it's not contingent on anything else. And probably just the last question, and we get this question a lot, and there's a lot of teams that get paid a lot of money to come up with the answer. What's our expectation on the lithium price in the near and long term, and has it bottomed? I think both myself and Grant will have a crack at this one. We are at the sharp end of developing a world-class lithium project. We know how tough it is to bring on supply, and you can see from the most recent announcements, as late as this morning, where Lake Resources are basically selling assets in order to batten down the hatches. It is very, very tough out there, and we've pushed this through. So the message I'm gonna give the market is, supply is harder to bring on than people think. And if you think the world's supply will be solved by bringing on African or Chinese lepidolite as the only source of lithium units, I think you're gonna be disappointed, because the world wants diversity of supply. Great. Thanks, Tony. And look, just as a final wrap-up point, there will be a recording of this webcast made available on Liontown's website, ltrresources.com.au. As soon as we get that, we'll be uploading that on our website. And Ashley, I'll throw back to you to wrap up the call. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.