Okay, thanks everybody. Thank you to the sponsors. Good to be back at Noosa again. I will draw your attention to the disclosures here. This pack has just gone up this morning on the ASX, and you can see it on our website as well. I just want to talk to you a little bit about our traditional owners. We very fortunate, we operate on the northern part of Cape York, on the western coast of Cape York. It is Ankamuthi country. It is a really important part of our business. We have a very strong relationship with our traditional owners. They work on site. We have had up to 35% employment levels for indigenous community, which is extremely high for a mining company. It is a really critical part of our sanction to operate. Really important part of our business. Okay. Just a quick summary. If you're going to take away four or five things, I'll try to work through all of these things in the next couple of minutes. Look, this is Metro Mining, bulk commodity. This is all about high margins, which are generated by low costs at scale. I'll talk you through why that's going to occur, continue to occur here. We've got a simple, scalable mining operation. We've got a long life and a high-quality direct shipping ore with expansion options. This is all part of a market in which you're exposed to the upstream part of a very strongly growing sector, the aluminium sector. The industry structure is, in bauxite, getting even more attractive from where we stand today. If you'd have bought a share at the beginning of 2024, you could have, depending on when you sold it, could have had up to a 400% gain over the last couple of years. Don't worry, you haven't missed the bus. We're looking to at least double or triple that again, That's where our brokers suggest the target price should be. What is bauxite? It's the aluminium ore. It goes to make alumina, a white powder, which then gets smelted into aluminium metal. The growth of that metal is going to continue at roughly about 3% per year from a production point of view. There's going to be a continuing demand for that. I'll talk a bit more about the dynamics of bauxite behind that, but a very strong top-line growth. Why is that happening? Bauxite is inside all of these things that you use every day. Cars, batteries, renewables, food and drink packaging, and electricity transmission. It's a substitute for copper. If you like copper, you should love aluminium. Where are we? We're right on the tip of Cape York, as I said, a bulk commodity producer. Rio Tinto's been producing bauxite from this nearby sites here for the last 60 years. We have a high-grade, high alumina bauxite capable of shipping. What you might notice about that set of leases and mine site is how close it is to the coast. We employ a transhipping operation, a very scalable operation, and we run a FIFO, our own pretty much self-contained mine, airstrip, camp, et cetera, for about 500 employees. When I joined the company in 2021, we were doing just over 2 million tons. The team that we've put together has enacted a pretty simple and sound strategy, increasing offtake, getting control of our logistics, increasing the resilience, obviously of North Queensland, weather, increasing our resilience there and fast-tracking an expansion. You can see that's gone from 2 million tons up to about 6.2 last year. We've increased margins and reduced cost up to that point. Plan for this year, 6.6 to 7.1 million, so roughly another 15%. Just a quick snapshot then of last year. You'll notice revenue strongly up, but importantly, underlying EBITDA was up almost 100%. By the year-end, our cash was pretty much equal to our debt position, so we were very close to net cash, and that debt is going to continue to be paid down this year. Rather than go through this flow sheet, I'm going to actually show you a video. I'm not sure how I can get that going. Is that? There we go. I'll talk you through this. A couple of minutes here. It's probably better. Pictures tell a thousand words. We use dozers and Moxy or articulated trucks to take the topsoil off, and then the dozers go through and heap up the bauxite. We do a couple of years worth of grade control. That's the topsoil piled up, ready to be rehabilitated straight away after the mining operation. We then load all our bauxite in specially modified. They're road trains, but modified for off-road operation. We carry about 230 tons on a single road train there to the port. It's only about 10 km. We screen down below 100 mm, and those screens feed into a single apron feeder, which then feeds to a barge loader. You can see the bauxite there, little pisolites. Come round to our booth and we can show you exactly how the bauxite looks when it comes out of the ground. It's a free dig operation. You don't need any explosives. We use quite high-tech monitoring systems and sampling systems to guarantee product quality. There you can see our barges being loaded. We have six 90-meter barges which get loaded by that barge loader. We have then a fleet of around seven tugs. Each barge can carry about 7,000 tons maximum, and we then take those barges and we pull them about 10 nautical miles offshore to a 20m depth anchorage where we load the largest type of vessel. The Capesize vessels that can carry up to about 200,000 tons each. We use transshippers for that. We've got two transshippers. The largest of one there is Ikumba. It has two grabs and that goes into a conveyor system and a ship loader for effectively like an offshore port sitting there 10 miles offshore. Very simple operation. Logistics is roughly about half of our cost. Getting that bauxite out, the mining isn't necessarily the most complex side of things, but certainly moving the bauxite offshore is critical. If you're going to have one picture in your mind, cost curves and other companies are going to talk a bit about cost curves. Here you can see the costs of supply into China from various parts of the world. These make up cost curves. The light gray line that you can see on the bottom was the 2022 cost curve. As demand has risen, supply has also risen, and we've had changes to that structure. We've seen Indonesia exit from this market and Guinea expand tremendously. The most important thing is that you can see where the supply and demand intersect. Here you can see 2022, 2025, and 2030. You can see that Guinea is the marginal supplier. Their costs have been going up, their mining costs have been going up, their transportation costs have been going up, and the forecast for 2030 is that that is going to go up again. We've seen roughly about a AUD 15 rise over the last couple of years, and we're going to see at least another AUD 10 rise. This is all prior to the Gulf of Guinea, and I'll talk a bit about that in a second, but what's important here is about where Metro sits. Back in 2022, we were sitting sort of roughly in the second quartile. Our planned cost for this year, around AUD 30 per ton, sitting right at the bottom of that cost curve. Irrespective of what goes on in this market, whether you get high or low cycles, that cost curve should continue to set the price and we are sitting well below the Guinea cost of delivery into this Asia Pacific market. Let's talk a bit about what's happened in freight, and you can see on that bottom chart there, the freight from Guinea in January this year was roughly around AUD 27 a ton, and from Australia around AUD 10 a ton in those Capesize vessels. As the Gulf of Guinea hit, that's gone up to AUD 45 a ton. Even looking forward in the forward curves to the last quarter of this year that's still going to be sitting above AUD 35 a ton. Effectively that cost curve, which predicts long-run prices of delivery needs to be adjusted for at least AUD 10-AUD 15 a ton more to cope for the distant delivery of Guinea bauxite. You can see prices which have been coming down through 2025 to the Q1 of this year have started to now take a nudge upwards, and we expect that to continue to happen over the last half of this year. We've been working hard at Metro on a capital allocation framework. There's a lot there in terms of an outlook for a strong cash generation. This effectively is going to become like a cash cow asset now over the next few years. We're going to be looking to distribute that cash if we have no other uses for it. We're also going to be securing our future with exploration and converting resources to reserve, which I'll touch on in a second. We're also looking to grow, so we're looking for pragmatic and straightforward M&A projects that we can leverage our skills with and our core competencies. We've also announced earlier this year, a couple of months ago, a buyback program. We're just waiting for, I guess, this Gulf of Guinea volatility to sort of settle and see where that ends before we implement that. 5% of our stock is going to be bought back within the next nine months. This is a close-up of that bauxite plateau, about 300Ks there of bauxite on that northwestern side of Cape York. We've got about 50 million tons sitting within the current orbit of our current mines, and we've got another 50 million tons sitting in another bauxite deposit, which is about 30Ks from the coast southeast of us. That's not part of our resource base yet. We're also conducting exploration up and down the Cape York as well to add further inventory to our resources. The target here is to try and convert some of that resource into reserve over the next year or two, and also to explore whether we can do a satellite operation in that Pisolite Hills area to the southeast of us. The way in which we're doing that, and this is pretty exciting, is that we've done a lot of work on screening. Screening is quite a known thing up in that part of the world. Rio Tinto have been doing it for 60 years. They use a very sort of large and expensive program. We've been experimenting with more quarrying style techniques for screening, and we've demonstrated that we can actually use a dry screening technique to significantly reduce the silica, which is one of the key contaminants in the bauxite, but also increase the alumina levels in some of that resource and fringe material sitting around our current reserves. A very exciting aspect, and we've proven that over the last few months, and are now entering a 24/7 operation with a scalping screen at around 200 to 300 tons per hour to understand the costs, and then that will underpin some additional units in that screening area. We continue to explore a wet beneficiation or wet screening, which you can see we've done some trials in Townsville at an existing wet screening plant there. That's more complex and has more approvals with it, but we're going to continue along that route. Let's go through what are the share price catalysts for this year. Production and margins, we're targeting in 5 million tons. H2 of the year in Northern Cape is our best time of the year. Very dry. The tides are with us. We can get more tons on each barge. Our guidance for this year is we're targeting over 7 million tons. Second half delivered costs will be around that $30 per ton, including freight into the market. We're going to continue to see high fuel prices driving up freight and mine costs. That's going to disproportionately affect the West African supply into this market and push prices up. We're also expecting that there'll be further supply disruptions out of Guinea with some government quotas. On corporate side, 5% on market buyback. Capital allocation, as I've said, we'll be looking at the end of the year to distribute 20% of free cash. Our senior debt will by that stage be amortized down to about $20 million. In terms of that freight, we have mitigated the freight increases by locking in all of our freight. We did that last year. About 80% of our freight, sorry, through last year, this year and next year. We're not exposed to increased freight prices going through. That is one of the things that we've done to mitigate. We've also got a significant $75 million of US dollars locked in at $0.65 for our exchange rate. That'll also help mitigate any change in the exchange rate. Look, thank you very much for listening. I appreciate. Come over to the booth and say hello and get your hands dirty with a bit of bauxite. Thank you
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