Good morning and welcome to the Lynas Rare Earths investor briefing for the 2025 financial year and the Towards 2030 strategy. Today's briefing will be presented by Amanda Lacaze, CEO and Managing Director. Joining Amanda today are Gaudenz Sturzenegger, CFO, Pol Le Roux, COO, Chris Jenney, VP Sales and Market Development, Daniel Havas, VP Strategy and Investor Relations, and Sarah Leonard, General Counsel and Company Secretary. Please note that this is a restricted call and not for distribution in the United States I will now hand over to Amanda, please. Go ahead, Amanda. Thanks, Jen. Good morning everybody. I understand we have a huge audience in attendance this morning and as always, I thank you for your interest in our company and our operations. I think many of you will have had a chance to look at both the announcement and the presentation pack that we put there. I would like to step through a few of the key slides and then make sure that I leave enough time for the inevitable questions. Just in case you're reading along with me, I'll just let you know which slide I'm on as we go through. First of all, moving through to slide four, I would like to take this opportunity to acknowledge the traditional owners of the lands on which we live, work, and meet across Australia. As always, for those of us who are in the minerals industry in Australia, our engagement with our local communities, and particularly our Indigenous communities, is really important and we are proud of the engagement that we have with our local communities in Australia. We acknowledge and value our Aboriginal and Torres Strait Islander employees, our partners, including our contractors, our communities, and we pay respect to their elders, past and present. Speaking to page five, we felt that it was timely to take an inventory on our company, our capability, and market position at the end of FY 2025, which marks the end of the construction phase of our Lynas 2025 capital program. Are we still the leader outside China? Yes, we are. First mover advantage is never something to be sneezed at. It is really a value to our business. Do we spend, have we spent our investors' funds wisely? Did we do what we said we would do? Yes, we have been able to fundamentally rebuild our Mount Weld facility, whole new facility in Kalgoorlie, and significant upgrading at Lynas Malaysia. We now have three brownfield sites, which gives us de-risked growth options as we move into the future. Do we have all the assets in place to sustain our success in the future? We are looking particularly through the lens of recent significant market developments. As always, and I know many of you understand this, I cannot stress the importance of our intellectual property within the organization and the skills and expertise of our people. As I think anyone, even with a passing interest in the rare earths market, would know, rare earths projects are complex, difficult, and uncertain to either complete or bring to operation. The fact that the Lynas team has done this in three locations over the past five years is really significant, and I want to take this opportunity—there are some of them on the call today—to actually say thank you for their efforts. Moving through today, I will actually cover a little of what we have done, but more on where we're going and how we would like to bring you, our shareholders, along with us. Moving on to slide seven, I will just pause on this briefly to say that as we look at our achievements in FY 2025, I really sort of pointed to these: the expansion at Mount Weld, the first the Kalgoorlie facility, the significant upgrading of our Lynas Malaysia facility, and first production of heavy rare earths. Lynas broke the Chinese monopoly on lights in 2013. This year, in 2025, we broke the Chinese monopoly on heavy rare earths. Importantly, we did the work that allowed us to upgrade our mineral resource and ore reserves statement and are marching forward with confidence and greater than a 20-year mine life. We are engaged very productively with governments and customers and remain focused on ensuring that our customers can be confident that when they're buying our products, they are produced sustainably. A few words on safety. I know this isn't always on the tip of the tongue necessarily for investors, but it is crucially important and a core value of our company and core to the value of our company. Ensuring that everyone goes home safe and well every day is our core value. As we are transitioning from construction to operations, that brings with it its own challenges. We are proud of our performance on the Mount Weld and LAMP expansion programs, where we have recorded greater than 5 million man hours with no LTIs. We are still not happy enough when you look at these stats. Yes, our TRIFA has improved, but our lost time injury frequency rate has increased, and the team is very focused on ensuring that all the new tasks as we bring our new kit online are properly assessed. Risks are identified, and processes and, importantly, behaviors are safe. On slide 9, we have a sort of wrap-up of the financial results. The revenue uplift has come from increased volume, tempered by the effect of really very low prices for most of the financial year. The NPAT is lower than it was in the prior year, and this is essentially related to the high DA associated with the new assets as they come online. If we move forward now to slide 11, you can see one of the things of which we are very proud, which is that by the end of the year things were certainly looking much brighter. Record production in the fourth quarter of FY 2025 and the price absolutely moving in the right direction. I will leave it with you to have a look at the slides from 12 to 17 and to enjoy some of the photos showing where we have, I believe, very wisely invested your money and move to slide 19. On slide 19 you can see that we are still, you know, we're starting to talk about the importance of continuing to support outside China industry development. Our focus remains firmly in this area. It's interesting, I think many know about the support that we receive from many of our large shareholders, including Mrs. Reinhardt at Hancock, who often exhorts us to maintain our focus on this development of outside China industry because of the importance globally for industry and governments within our business. We have recently announced MOUs related to further development here, and I'll talk about that a little as I talk about our Lynas 2030 strategy and engagement with new customers and further refreshed engagement with various governments in key jurisdictions on slide 20. I think everyone who is on this call would know that actions in the U.S. have been particularly exciting over the past couple of months for us and our engagement with the U.S. Government. We are disclosing that we think that there is significant uncertainty that the Seadrift plant will proceed as has been conceived previously. We are working very closely with the U.S. Government on what is the best outcome for both Lynas and the U.S. Government and as we have reminded them, customers and governments all around the world. It is an excellent and we are big supporters of continued investment in development of outside China supply chains. Just remember, there is a functioning outside China supply chain today. Lynas is the linchpin of that outside China supply chain and it is important that policy development is done in such a way that continues to protect that. As I said before, development of new plants can be long and uncertain. Now I want to jump to page slide 24, as I said, and I'm trying to talk relatively fast to make up for the time that, you know, we were off air. Today we are launching our Towards 2030 strategy. Just to put this in context, the rare earths industry is evolving rapidly. It has always been underpinned by really significant growth potential. We have always occupied a unique position in this market, always since we started operating. Over the past decade that I have been involved in this industry, a decade or more, there has certainly been continuing rhetoric recognizing some of the issues associated with the concentration of the supply chain in China. We have had now multiple instances where that concentration has been demonstrated to be unhelpful for the market and for customers. In some instances, that has been as a result of deliberate actions. In others, as we've seen with the pandemic, simply that concentration into a single supply chain has not been helpful. What we've seen in the past few months is really very active participation from governments around the world, including Chinese government actions in sort of licensing heavy rare earth exports through to the relatively recent intervention by the U.S. government. We are the global leader outside China. We are uniquely positioned to capture value. As those who have been shareholders for some time will recall, it has always been our promise that we will be in a position to take advantage of the market as it grows and particularly as pricing becomes more constructive. I would say that governments absolutely recognize the importance of our role and the importance of protecting the existing non-China supply chain. Towards 2030, what do we have in our strategy? The first is we're calling it Harvest. Our challenge in this five years is to make sure we have explicitly included in our strategy those actions which will ensure we deliver value on the existing investments, the money which has already been expended in developing the assets as we have them today. Our team knows this is their job and they have the plans and skills to deliver and understand that providing a return on that investment is what I want them to be thinking about when they wake up in the morning and maybe just before they go to bed. Maybe when they come to work in the morning and just before they leave. At the same time as doing this, we need to take this opportunity where the market is really evolving rapidly to ensure that we drive sustainable growth in a way that underpins future returns. That is the grow part of the Lynas towards 2030 strategy. It is about adding resource and particularly, I mean everybody knows the high quality resource that we have at Mount Weld. Adding resource with a greater assemblage of heavies will certainly be attractive to us. Continuing to increase our downstream capability and expanding into the ex-China metal and magnet supply chain. Alongside this we are launching today a capital raise. It is an excellent opportunity to ensure that we have the firepower to be able to take full advantage of the market as it develops. Just moving through to slide 27 before I go into some of the elements of Lynas towards 2030 in more detail, we would say to you, our shareholders, that we have very successfully pursued our organic growth strategy with the Lynas 2025 initiative. When we did the strategic assessment actually in 2019 about business, it was crystal clear that the best shareholder return that we could deliver would be from increasing our capacity over the last five years. We are really proud to say that we've achieved a historical total shareholder return at a very significant level compared to and significantly ahead of the ASX 200 and ASX 200 resources industry. We do have a highly attractive pipeline of growth opportunities included in our Towards 2030 strategy. We have a disciplined approach to capital management. I can tell you that across our business we have many people who treat every dollar as if it's coming out of their very own wallet. Just looking then at the Towards 2030 strategy, we do certainly on the left hand side, harvest. I do not want to in any way minimize this. This is what occupies the days of most of the people who work at Lynas. Ramp up those assets in line with customer demand and market growth with an ongoing focus on operational efficiencies and flexibility. Those of you who've been on this call before will know and will have heard Paul and me talk about our costs are our muscle, right? We need to keep that muscle trained even if the price goes up. We need to make sure that we are always looking for ways to improve the way that we do things and therefore reduce the cost otherwise known as productivity. I believe we continue to focus on enhancing sales and pricing and that's both from strengthening our existing long term customer relationships but also expanding our non-China customer portfolio. I think everybody knows that following the market actions that have occurred this year, inbound demand continues to accelerate, ensuring optimal capital allocation and providing returns to shareholders and continuing to enhance. I would say we have very good engagement with various governments, continuing to work with governments to ensure that industry and Lynas benefit from increased intervention. The funding that we seek to raise today is about supporting the growth side of this ledger and that is in terms of adding resource and scale, new resource with higher assemblage of heavy rare earths. You will have all noted that we released the Memorandum of Understanding with the Kalantan State government and we will be moving to definitive documentation on that agreement. We think that it is really important that we contribute to the development of this activity in Malaysia. Increasing downstream capacity with the increasing uncertainty over the completion of the plant in the U.S., we are going to proceed with the construction of a full scale heavy rare earth separation plant in Malaysia. We are also looking at the best pathway for delivering value added specialty rare earth materials. Later in the period we would expect that we will upgrade the Malaysian facility to match the 12,000 tons feedstock capacity that we've just established at Mount Weld and finally expanding into the outside China metal and magnet market. The recent improvements in the market led by some of the government intervention have certainly seen projects which are worthwhile projects actually had new life breathed into them. We seek to participate in this part of the market most likely on a partnership or joint venture basis. We have execution plans at various stages of development and confidence for each of these projects. You will see the order of magnitude estimates are included in our sources and uses slide, so if we just move through to that, I mean everybody I'm sure has had an opportunity to look at that. That's on page 33. Bearing in mind that we've only got 15 minutes left in our nominated time, I would finish by saying that it's not just our assertion that we have the assets and skills to capture the benefits of market growth now and in the future. We have the track record to demonstrate that we have the assets and skills to capture the benefits of market growth now and into the future. Today is about making sure that people understand that we have a clear roadmap for continuing to grow this business and a clear articulation of the ways that we are going to take opportunity. We are going to take advantage of the growth opportunities placed before us. With that, I propose that I will take questions. Thank you. As a reminder to ask a question, you will need to press star one one on your telephone. To withdraw your question, please press star one one again. We ask that you please limit your questions to no more than one, but feel free to go back into the queue and if time permits we'll be happy to take your follow up question at that time. Please stand by while we compile the Q and A roster and I am sure our first question comes from the line of Daniel Morgan from Barrenjoey. Please go ahead. Morning Amanda and Team. My question is you've got offtake discussions with the U.S. government written on slide 20. On slide 34 you indicate the $1, $10 a kilo with MP is a strong market signal. You're also talking to the Australian Critical Mineral Strategic Reserve. My question is a direct one. Are you in discussions with the U.S. or Australian government for a similar pricing arrangement or backstop or underwritten agreement? Thank you. Thanks, Daniel. I'm advised that maybe everyone won't have been able to hear the question Daniel has asked me to answer with a simple yes. He may or may not get his wishes on whether we are in discussions with the U.S. Government or the Australian Government for a similar agreement to the one that the U.S. Government has concluded with MP Materials. We are engaged with various governments, including the U.S., the Australian, the Japanese Government, on what it takes for the rare earths industry and the rare earths supply chains to flourish in the years to come. One of the things that includes is a reliable floor price for NdPr, which has been set by the U.S. Government in the deal they've done with MP. As we've indicated in the strategy, yes, we are in discussions with the U.S. Government, Japan, and also Australia with the intent of supporting government intervention which is designed to improve the market functioning. Not a simple yes or no, Daniel, but I'm sure that you can understand. Thank you, Amanda. Thanks. Thank you. One moment for our next question. Our next question comes from the line of Dim Ariyasinghe from UBS. Please go ahead. Thanks, Amanda. Thanks guys. Just a question on the various. Hi Amanda. Hi everyone. Just a question on the different buckets, the $150 million, the $310 million, and the $200 million. Can you give us any more granularity on the spend and maybe just to leave some for everyone else? Maybe if you could go into the $200 million on metal and magnets, you know, any more color in terms of like is that, are you going to be targeting any specific NdFeB capacity with this? I just didn't think we were, that we were there yet, I guess from a downstream perspective and when. Yeah, okay, thanks Dim. I understand the nature of the question and we do recognize that we have given you sort of really relatively high-level buckets here and that oftentimes people would like a few more lines in the spreadsheet. Having said that, as we look at the add resource and scale, we have actions that we need to undertake at Mount Weld and actually they don't come free. You have to do drilling, you have to do test work, metallurgical test work, a whole variety of things. If we can convert the carbonatite from a resource to a reserve, then that can be a significant value to the business. When we look at this and we look at exploration of either the carbonatite or continued exploration of the Mount Weld ore body, we're talking maybe about a third of that allocation to the resource and scale. The rest of it is really about working collaboratively with, you know, actually, we believe it will be more than one firm in Malaysia to develop the ionic clay deposits in Malaysia. The MOU, as it stands, conceives of an offtake agreement. Our view would be that we will need to be more active than that. As I said, we're moving towards definitive agreements. The downstream capacity, the heaviest investment is, you know, Paul and his team have fundamentally done the work there. We're very close to being able to commence work on that project and then expanding into the metal and magnet supply chain. We have the MOU that we've signed with JSLink for a potential magnet plant in Malaysia. We think this is really important. Malaysia has the potential to be not just a center of excellence for rare earth processing, but actually for the whole of the supply chain. JSLink is well advanced in their assessment of a plant in Malaysia. We would participate in that primarily on, we would expect, an equity basis, but also with an understanding of the value and the experience that we have in Malaysia. Of course, it makes sense for us in terms of offtake. That is one opportunity. There are other opportunities. There are seven magnet projects coming to market in the U.S., many of which actually have some form of government funding which de-risks them. We want to be able to participate either on an operational or a supply or an equity basis in this part of the supply chain. We think it is absolutely crucial for our upstream business that the downstream grows and, you know, therefore we are prepared to, we are keen to make a contribution to that. Cool. Thanks. I'll pass it on. Give him time. Thank you. Thank you. Our next question comes from the line of Mitch Ryan from Jefferies. Please go ahead. Thank you. Amanda, we've seen government support for rare earths projects both domestically and internationally. Should we interpret from today's capital raise that you don't see the government support coming for Lynas growth project? I know you're in discussions for a floor price, but do you not think that you also receive government funding? It's a really interesting question, isn't it? For us, the big prize on government intervention, of course, has been the increase in market pricing for rare earths. As a producer, that money is already flowing into our bank account. In terms of do we want debt from the government? It has never been our preferred pathway for paying for our growth and that's the reason why we're doing the raise today. It's not a reflection of government propensity to invest in Lynas. That's clear, because we are investable. As we look at many other projects, they have not for a variety of reasons been investable and so therefore have had to rely on different arrangements. Our agreements with all three, well, three really key markets, Japan, U.S. and Australia, are positive and where relevant we would look at a higher level of participation. Bear in mind Japanese government is one of our key shareholders by charter. Just right now, our chosen path for funding a number of these growth initiatives is an equity project path. Thank you. Thank you. One moment for our next question. Our next question comes from the line of Reg Spencer from Canaccord. Please go ahead. Thank you. Good morning, Amanda and team. Excuse me. My one question is how you going? One question is probably a little bit shorter term in nature. With stronger market pricing and I suppose better market conditions because you guys yourself deflate stronger demand, how should we think about capacity utilization or production and sales volumes into FY 2026? I ask that fully knowing that you do not provide specific volume guidance. Thank you. Reg, I think that we have previously spoken to the fact that we will ramp up. It's not our desire. We will ramp up in line with market demand, and it is not our desire to produce at maximum rates to then simply be selling that product into the Chinese market for further processing. We are working very closely with both our magnet making customers in Japan, both of whom have seen a significant uplift in their business since the new licensing regime in China. We still don't see an immediate pathway to the 10,500 tons. We will continue to ramp up through this year, as I said, in line with market demand. Thanks very much. If I had a magic wand, Reg, and tomorrow we were running at 10,500 tons, a lot of that volume would go into China. Understood. That's great. Thanks very much. Thank you. Thank you. Next question comes from the line of Chen Jiang from Bank of America. Please Guys ahead. Morning, Amanda. Thank you for taking my questions. Just a question on your slide 33 with the different brackets of how you're going to spend the capital, the capital raise. I'm wondering for the metal and the magnet supply chain you are going to build, are you being able to quantify the capacity you are targeting to 2030? Those numbers are not in your, I guess, FY 2026 CapEx guidance. Is that fair to say the CapEx will be reflected from FY 2027 to FY 2030? Thank you. Hello Chen, and thanks for joining and being patient. Yes, certainly the financial report, the CapEx which is reflected there is really associated with our business as usual activities, and we included that in the financial report because it shows very clearly the step down from the heavy capital expenditure that we've had over the past five years. This is not included in that framework in terms of the capacity that we would seek to invest in metal and magnet making. We will come back and brief the market on that in detail as we execute on some of the opportunities that we see in front of us. Sure. Thanks, Amanda. As of now we don't know the downstream capacity from, I guess, 3, 10 increase in the metal or market supply chain from equities. You will come back to update the market. Yes. As a framing consideration here, we sell most of the NdPr that we produce. We sell in a metal form, not in an oxide form via a tolling agreement with the metal maker. Taking a stronger position in that part of the supply chain we think will ultimately be beneficial for our business. This is about how do we develop our position and how does it protect our upstream business as well as how does it bring in new revenue streams to the business. We will provide further detail as we move through this process. All right, thank you Amanda. Thank you. Thank you. Actually, our next question comes from the line of Jonathan Sharp from CLSA. Please go ahead. Yeah, hi Amanda and team. A lot of misresolved and congratulations on what you've achieved in 2025. Just given Lynas's growth plans to 12,000 tons, tons per annum of NdPr, the ramp up of ex-China magnet capacity is really critical for that expansion, especially if there's going to be an ex-China price. At the moment there isn't really a western market for the 12,000 tons, but we all know it's growing. Amanda, I'd just like to know what you were seeing, what you are hearing. I'm sure it's different from what we're hearing and seeing both from OEMs and governments just on the western magnet making expansion plans. There are many magnet projects globally. There's probably more magnet projects in the U.S. at present than in the rest of the world combined. I think maybe, but having said that, a number of them are substantive players and we believe with the more favorable market conditions will come to market. We are also seeing, and you will have noted this via the MoU that we've signed, a much greater interest in developing capability from Korean firms. Of course, this should not be surprising given that the magnetic materials are critical to automotive and electronics industries, both of which are key industries for the Koreans. We're working closely with all of the various magnet projects with the objective that we will at a minimum agreement supply agreements with them for materials, and with some of them we may take that further to some sort of partnership, joint venture, or equity position. Okay, thanks, Amanda. Thank you. Thank you. I assure our next question comes from the line of Paul Young from Goldman Sachs. Please go ahead. Hi Amanda, I hope you're well. I'm just going through all the numbers as everyone else is, and I understand why you're raising, considering your share price is double, but also the free carry on the U.S. refinery seems to have disappeared. So. I understand that. If I look at what you've announced today with respect to the growth, we're not getting any additional NdPr production, we're getting additional heavy rare earth production. We're going downstream into magnets. I know the pricing backdrop's changed, which is great, but just on the 12,000 tons of NdPr and why you're still sticking to that, why actually it's not higher. I just want to delve into that. What's limiting the 12,000 tons? Is it simply what Mount Weld can do post the expansion or is it actually the inability to go beyond 12,000 tons of electricity? Actually it is more that we've sort sized it to the market pool. Your point is well made. It may be depending upon the rate at which the market grows and that some of the supply shifts to some of the outside China supply chains, given that we add the Malaysian resource, so we've got additional MRAC coming in as well. We potentially could increase that further. We do need as part of this, you know, the Malaysian facility now is over 10 years old and you know, it's operating today at twice what its original nameplate was when it was first built in 2011. There are certain improvements to infrastructure and utilities which are associated with lifting that further, but they are not, not ultimately constraints on the ability to do it. We have simply made the judgment that right now getting to the 10,500 tons is sufficient for us to serve the market and that we will get more bang for our buck out of, for example, separating more of the heavies and the leverage that that gives us in the market, not just for selling the heavies, but also for bundling with certain of our other products is going to give us more value than just adding more capacity. Okay, just to clarify, you're chasing returns, that you're maximizing returns on this investment? That's the message. Sure. Twice, always. I think that's our day job. Okay. All right. Thanks, Amanda. Thank you. Our next question comes from the line of Al Harvey from JPMorgan. Please go ahead. Good morning, Amanda. Just on the downstream capacity and the Heavies, they've got $310 million going out there, but looks like the focus is on samarium and yttrium extract rather than a typical higher value, dysprosium and terbium. I just wanted to get a sense of where you see spot prices for samarium and yttrium and how valuable you think that could be versus dysprosium and terbium, and perhaps just whether or not the downstream expansion bucket does include any additional DyTb capacity, given its value to the business. Thanks, Al. Good question. Unintended implication, as we put in the larger plan. Yes, we will increase overall production and we will increase, which means including for those products that we're already separating. We will separate more. Depending upon what the additional feedstock that we develop and identify, that number of different products may expand. We don't sell our heavies with reference to a market index. We won't sell samarium or yttrium with reference to a market index because it simply doesn't reflect the value of those products to the customers that we seek to serve. We know that there is significant demand both in the U.S. and Japan for samarium, which is why we are focused on that as the first additional product in our product set. We also understand that there is significantly more demand for dysprosium oxide and terbium oxide than we can serve from our current operations. We will be looking to find a way to lift up that volume as we go forward. Sure. Thanks, Amanda. I get what you mean. It's just challenging, I suppose, when we bucket all these things together as heavy. It's a bit like bucketing lights when there's such a difference between cerium and lanthanum and NdPr oxide. Thanks for the color there. Exactly. Exactly. If we wanted to sell at the benchmark price, we might be talking about anywhere from $500 for some products, $1 for other products. We feel that we're in a stronger position to be able to leverage this unique value that we have in heavies, and we're going to make sure that we do that. Understood. Thanks, Amanda. Thank you. I show our next question comes from the line of Regan Burrows from Bell Potter, please go ahead. Hi Amanda and team, thanks for taking my questions. A lot of them have already been answered, but just on Seadrift and how we sort of think about that if it doesn't come online. What your s ort of time frame is for upgrading capacity in that downstream separation phase at LAMP and are there any limits on, I guess, how far you can expand capacity at LAMP? Yeah. Thanks. Good question. We will have a broader range of separated heavy rare earths coming out of our facility in Malaysia faster than we would a greenfield site in the U.S., and frankly, we are very comfortable that that is a better pathway for us and indeed for the customers of these products because it ensures that we have material in a shorter timeframe than building a greenfield plant in the U.S. I mean, I think everybody on this call understands that anytime you're doing a brownfield development, it's going to happen faster, it's going to be more cost effective. We see this as a positive. I just point you to my comments about the U.S. Government understands that there is a functioning rare earth supply chain and it is important to protect that even as they support development of new facilities. Thank you. Thank you. Thank you. I share. Our last question comes from the line of Mitch Ryan from Jefferies. Please go ahead. Thanks for the follow up. Amanda, just given the historic political headwinds you've faced in Malaysia, I'm interested in the logic in potentially building a magnet facility there and then continuing to invest. Can you help me understand the rationale for that? Sure. I think that, you know, I've been watching The Lion King recently with my sort of new granddaughter and, you know, I'm sort of reminded of Timon and Pumbaa, you know, put the past behind you. There's a little bit of that as we think about our position in Malaysia. There was an article actually just in the last few days in Malaysiakini, which exhorted the Malaysian government to ensure the Malaysian population was provided with accurate information rather than the mistruths that had come out about Lynas over years. That was provided by a politician who did not used to be a supporter of Lynas. I would point you to the new legislation that was tabled in Parliament last week for its first reading. That would give the government room to be able to, under the current Atomic Energy Licensing Act, the license can only be granted for three years. It gives room, actually, for some more flexibility around that. With the focus really being on do we meet regulations and the intent to depoliticize the Lynas issue, we would say we have a very good relationship with the Malaysian government and we think that continuing to increase development of the whole of the rare earths ecosystem will serve us in good stead. Thanks, Amanda. Thanks, Mitch. Okay. I think that's the end of the questions. Once again, I thank you all for your patience in wading through those technical issues and look forward to continuing to deliver outsized returns for you as our shareholders.