Good afternoon. Welcome to the Midway Limited first half 2024 financial results presentation. I'm Tony McKenna, CEO and Managing Director of Midway Limited, and I'm joined here today in Geelong by Michael McKenzie, our Chief Financial Officer. I appreciate your attendance, and we'll quickly run through our agenda for today. I'll take you through key highlights, discuss the half- year 2024 financial results, update important developments in Midway's growth strategy, look at capital management, and then take you through the operating environment and outlook. We would be pleased to take your questions through the Q&A box at the end of the presentation. As announced at the end of November, a binding MOU has been signed with CHS Broadbent to sell 5.15 hectares of the Geelong site for development of a grain export operation. CHS Broadbent will acquire the site for AUD 15.5 million, and their grain throughput will contribute to Midway's shiploader of volume commitments through Geelong Port. The sale enables development work on the retained portion of the site and has contributed to a revaluation of the property to AUD 45 million as of 31 December, increasing our net tangible assets to AUD 1.64 per share. There is a huge amount of activity in our new carbon and plantation business. We have developed and recruited a team with deep carbon expertise, and we are making substantial progress working with large corporations on assisting with their future obligations under the Safeguard mechanism. We achieved performance improvement with a positive underlying EBITDA of AUD 2.6 million, an increase of AUD 2.3 million over the PCP, despite lower volumes through our export and processing facilities. Increased third-party chip trading partially offset the lower volumes through our facilities. Our refinancing has been completed with the CBA to allow more funding flexibility, and we're very positive about the new relationship. The new CBA working capital facility increases the resilience of our business through the cycle. The CapEx associated with the upgrade of the shiploader and development of the retained portion of the Geelong site will be largely funded through a new CBA facility. In December, a fully franked special dividend of AUD 0.05 per share was paid to shareholders. Finally, our outlook. There was a sharp downturn in pulp prices, which has led to lower volumes in the first half. However, we experienced stronger shipments through our facilities in January and February as we have realized some of the deferred sales from the first half. The major contributions to our improved underlying EBITDA of AUD 2.6 million came from improved margins in an environment of poor demand and low volumes. Better FX, price, and dry fibre all contributed to the better margins. In the first half, the effects of a relatively subdued global pulp price and the surplus of available domestic Chinese wood fibre due to the Chinese property construction slowdown were felt through reduced demand for Australian wood fibre. As a result, Midway experienced low demand and deferral of contracted sales. We were able to secure some lower margin third-party chip trading sales volume that went some way to offsetting the lower volumes through our processing and export facilities. Even with the chip trading sales, Midway volumes, excluding South West Fibre, were down almost 7% on the PCP at 749,000 green metric tons. South West Fibre's high-value Eucalyptus globulus sales volumes suffered particularly with a 63% decline in GMT shipped. Despite the lower sales volumes, sales revenue was higher than in the first half 2023. The EBITDA waterfall chart shows that bone-dry fiber content and FX were the main drivers of earnings improvement. Dry fiber improvement was largely due to a changing product mix with a reduction of relatively high moisture softwood shipped out of Midway Tasmania. However, this is also reflective of the drier weather in the six months. The FX rate of 0.68 is much improved over the previous corresponding period. South West Fibre, our joint venture with Mitsui, had a particularly difficult half, down AUD 2.9 million on the PCP. The Tiwi operation also suffered from lower production volumes and was below the PCP. Supply costs increased driven by higher stumpages and higher supply chain costs. I'm pleased to report that our balance sheet is in a very strong position. As a result of the sale of land to CHS Broadbent and industrial property market movements, the value of the land held at the Geelong site has increased by 174% to AUD 45 million. This, in turn, increased Midway's net tangible asset position to AUD 1.64 per share. The balance sheet also includes a receivable of AUD 34.2 million from the sale of plantation assets to MEAG, which will be realized in the first half 2025. With net bank debt at AUD 9.8 million, the balance sheet is in a strong position leading into the second half. Our operating cash flow is reflective of the sluggish market demand. We experienced a buildup of our net working capital position to 31 December, causing negative operating cash flows of AUD 17.4 million. In the past six months, we've witnessed the importance of a strong balance sheet and the funding flexibility that the CBA facilities provide. Inventory levels peaked at over AUD 50 million in the face of the market slowdown, and we were able to support continued operations at that level. Holding that level of inventory has enabled us to achieve very strong sales for January and February, with 10 vessels shipped in the last two months, including two from South West Fibre. The inventory level was AUD 40 million at 31 December. It has come down further in January and February as deferred contracts begin to move. At half end, Midway held a trade receivable for one vessel, which was collected within normal terms in January. Our strategy. Midway is proud of our position as one of Australia's largest wood fibre exporters, with a presence processing and exporting from five sites around Australia. Our fibre goes into products that are part of the bio-circular economy, and we have a strong and growing carbon business. We have a very clear focus on delivering our strategy to create value for shareholders by lifting our operating performance, maximizing the value of assets, and pursuing the carbon growth opportunity. On lifting our operating performance, this has been a critical focus for the team. In lifting our operating performance, Geelong has established the capacity to process and export softwood for the first vessel shipped in first half 2024. Historically, Geelong has solely exported hardwood fibre. The grain project will make an important contribution to the financial performance of the Geelong business in future. In Tasmania, the mill has been commissioned and is fully operational. Supply contracts with Sustainable Timber Tasmania have been secured for additional volume, and we shipped the first 2 regrowth vessels from the new mill. We've also been able to export 4 third-party trading vessels from Tasmania. We have transitioned our plantation's business model from that of an asset owner and operator to that of a professional manager of plantation and carbon projects. Until the final tranche of the MEAG transaction is settled, it will continue to be a hybrid of the two models. Acquisitions of the greenfield land for Munich Re, or MEAG, are progressing well, with AUD 35 million invested and a further AUD 27 million under offer. Admittedly, Tiwi's has had a tough start to the year with a downturn in the market limiting production volumes. The sales that we have been able to achieve are for biomass energy generation, which presents an encouraging market for the Tiwi acacia product. On the Geelong grain project. Having completed the sale of the plantation estate to Munich Re, our focus has turned to maximizing the value of the Geelong site with the delivery of the grain project. Midway has entered a binding Memorandum of Understanding with CHS Broadbent to sell them 5.15 hectares of the North Shore site in Geelong for AUD 15.5 million. This has been a catalyst for the AUD 28 million uplift in the value of the Geelong property to AUD 45 million. The Geelong Council have given a planning permit for the subdivision of the land so that, on completion of works, a plan of subdivision can be issued. Settlement is expected to occur in the first half 2025. Works have commenced to clear the portion of the site which will be sold and to develop the retained portion of the site. There are many significant benefits of the project to Midway, including the AUD 15.5 million sale of the site, lease income earned from the initial period until land settlement, and the contribution to the Geelong shiploader volume commitments. This image shows the approximate boundary for the subdivision of the site for the sale. Midway will retain the balance 13.3 hectares of the site and will further develop the underutilized area for usage in the wood chip business and for other potential products. Midway's core business is establishing partnerships, identifying land for establishing plantations, managing plantations, and generating an economic return from them. We identified a compelling new opportunity that sits immediately adjacent to this activity around plantation carbon for abatement and for emission offsets. This is the natural organic growth area for the Midway business. The emerging carbon market presents Midway with an opportunity to leverage off our industry knowledge and geographic footprint into a rapidly growing market. Carbon growth. From the 1st of July 2023, new requirements apply for large emitters of carbon dioxide under the Australian Federal Government's Safeguard mechanism. The Safeguard mechanism sets a cap on total emissions for large emitters, which reduces by 4.9% each financial year commencing financial year 2024. Emitters must reduce their emissions below their baseline or make good on excess emissions by purchasing Australian carbon credit units for offsets or paying a fixed liability penalty. The two graphs on this slide show analyst forecasts for substantial growth in the volume of demand and price for Australian carbon credit units. This is consistent with what we're hearing directly from major carbon emitters and from other industry sources. Despite thin trading, the quality of Plantation Forestry ACCUs is recognized by the market. Plantation Forestry ACCUs traded a significant premium to other methodologies such as landfill gas, alternative waste treatment, savanna fire management, and human-induced regeneration. Our carbon strategy is evolving as the market develops and as opportunities present themselves. We have developed and recruited a high caliber and experienced plantation carbon team. Our expertise and market presence is increasingly being recognized by large emitters who are looking for plantation carbon solutions. There is a range of significant opportunities that a company with Midway's credentials can pursue. Each opportunity has its own economics and reward for effort that requires continual crafting of the business model. As major emitters come to terms with the requirements of the Safeguard legislation, we are seeing a growing commitment to emission abatement and offsetting. Through the Tiwi second rotation carbon EOI process from the first half, Midway formed associations with a number of leading participants in the carbon market. While those parties are unlikely to fund the Tiwi project in its entirety of themselves, it is highly likely that Midway will work with more than one of them on meaningful projects because of the relationships developed through that process. The model of plantation and carbon manager is the most advanced for Midway. We are seeing a wide range of parties seeking plantation carbon management expertise, including large landowners, large carbon emitters, and debt and equity investors. The MEAG project is tracking very well and is a great case study of how Midway's expertise can be applied. For a management fee, Midway identifies land for acquisition, assesses and acquires that land, registers the carbon project, establishes the plantation, and manages the plantation as well as the ACCU process. There are a number of proposals for really exciting management projects that are currently under negotiation. The carbon aggregations model is generating strong interest in Tasmania, Victoria, Southeast Queensland, and northern New South Wales. The team is refining the offering, and Midway's wood fibre business unit staff are making the connection between our carbon team and the landowners. The first aggregation plantings will occur this year, and while we do not yet have the area signed up that we would like, there are discussions in train with over 65 landowners at various stages of assessment and offer. With 6.5 million ACCUs and genuine indigenous co-benefits, the carbon forward sale model generated great interest in the Tiwi second rotation. It looks likely that the project will need external equity funding to bridge the gap to enable the 30,000 hectare project to proceed. A corporate adviser has been appointed to assist in finding the best partner for Midway and the Tiwi people to take the second rotation project forward. Any equity would be raised at the Tiwi project level. There are some very encouraging discussions currently underway. This approach to the carbon market will generate incremental income in the short term and is a natural adjacency to a traditional business which we firmly believe can be transformational. The carbon market is rapidly evolving, and our approach is to position Midway at the forefront of the industry so we can capitalize on emerging opportunities. On active capital management, the sale of the plantation estate to Munich Re has so far generated gross proceeds of just under AUD 120 million. As you will see from the waterfall chart, the sales proceeds have enabled Midway to repay all long-term debt, substantially reduce the legacy strategy financing liability, repay a large portion of the working capital facility, and support large inventory buildup across the five sites, purchase AUD 5.1 million of pine trees to enable the estate sale, to fund a small capital expenditure, to pay tax liabilities, and pay investors a special dividend. The final tranche is expected to net another AUD 20 million in the first half 2025. To the operating environment and outlook. Calendar year 2023 saw a drop-off in hardwood chip sales into China of around 19%. This has been driven by the combination of reduced wood chip demand and increased Chinese domestic supply of logs for pulp as trees are diverted away from the ailing Chinese construction industry. Japan's imports were also slightly down. In January and February, deferred contracts from the first half have begun to move, with Midway shipping 8 vessels plus 2 vessels from South West Fibre for a total of 10 vessels for the two months. Pulp prices rose for bleached Eucalyptus kraft pulp from lows of $450 per tonne to a more sustainable $650 per tonne and have remained steady at that level. The company is cautiously optimistic for an improvement in volumes in the second half of FY2024 as the 2023 calendar year deferred sales are delivered. However, the calendar year headline wood fiber price for Eucalyptus globulus is yet to be set and is likely to be lower than for 2023. It is important that price is high enough for plantation owners and exporters to make a margin, but not so high as to depress demand. In summary, the key takeouts in today's presentation are: we are making solid progress with our strategy of lifting the operating performance. First half 2024 underlying EBITDA -S of AUD 2.6 million continues the signs of improvement against the prior corresponding period despite low volumes through our facilities, which have been impacted by subdued Chinese demand. Key actions have been taken in each operating unit to improve their performance, including securing additional volumes, minimizing costs, and selling into new markets. We also have in place a better financing facility, including a trade finance facility of AUD 35 million, which increases the resilience of our business through the cycle. January and February 2024 have produced stronger wood fibre shipment numbers from sales deferred from the first half. On maximising the value of assets, we have a binding MOU for the Geelong grain deal with a sale of land to CHS Broadbent. This will also contribute to our volume commitments with the Geelong shiploader. We have settled the first 4 tranches of the MEAG sale, with one further to come in first half 2025. In December, Midway paid a fully franked special dividend of AUD 0.05 per share. In our carbon business, we have developed a highly skilled team with the capability to establish, register, and manage plantation carbon projects. We have appointed an adviser to advance funding the second rotation of the Tiwi Islands project with the potential to generate 6.5 million ACCUs. We continue to acquire land and establish and manage carbon projects for MEAG. We are working closely with a range of major companies to help them achieve their carbon emission abatement and offset targets. I am confident that this will generate new sources of future earnings for Midway. In conclusion, I would like to thank you all for your interest in our company and for coming on the journey with us as we work to improve the operating performance, maximize the value of the assets, and to grow the business in the carbon space. We are now happy to take your questions through the Q&A box. Thank you. Yes, I have several questions from Chris. The first one, on slide 16 of the presentation, it says, "Plantation Forestry and Environmental Planting ACCUs trade at a premium." Can you please elaborate on this and how the ACCUs are traded at a premium? Sure. So, for example, last week, Plantation Forestry ACCUs traded in a range between AUD 43 and AUD 59. Savanna fire management ACCUs traded at AUD 32-AUD 39. Landfill gas ACCUs traded at AUD 36. So there is a consistent week-on-week demonstration that the market genuinely sees the value of plantation ACCUs. Second question. On slide 29 in the NPAT statement, insurance fire is listed as blank. Can you please explain fire risk management and mitigation? Under the MEAG sale of the plantation estate, is the primary risk now a loss of supply? Thanks for your question, Chris. In terms of our fire risk management strategies, each company, though, forestry industry has to have a brigade. So we've got a number of trained operators to fight fires. When developing a plantation, we also install fire breaks upfront to manage the risk of fire. There's also various fire suppression activities throughout our plantations. As you'll be aware and as you quite rightly pointed out, since the sale of the estate to MEAG, we only have about AUD 8 million worth of trees on our balance sheet. So the risk is greatly reduced, and the risk primarily is loss of supply from third parties. In addition, we have a small amount of insurance against that AUD 8 million worth of trees. Follow-on question. The report emphasizes NTA of AUD 1.64 per share. Can you outline anything complicating or prohibiting takeover? And secondly, under what specific circumstances would you consider further asset sales and return capital to investors? Yeah, thanks for that question. The board of directors and I are very conscious of the gap between NTA and our market cap. It's something that we're aware of. We're constantly monitoring, and it's one of the reasons that we've flagged it through the presentation. In answer to your first part of the question, there's nothing major complicating a takeover or prohibiting a takeover. There are a number of leases, supply agreements, take-or-pay arrangements that sit within the company that require continuation of operations to support those long-term agreements. As to further asset sales, as you can see from what we've done with the plantation estate, the sale that we've recently agreed for the grain sale, we are open to those sort of options, and we're constantly monitoring the environment for opportunities. We're continually reviewing the natural ownership of the business and the business units and the assets within the business. At this time, we remain convinced that the best way to create shareholder value is to stick with our strategy, which is all about lifting the operating performance, maximizing the value of assets, and pursuing the carbon growth strategy. Thank you. We have several questions from Anthony. First being, "Can you talk through why PMP has made a loss for the first half year?" Following on from that, "The plantation management expense of AUD 3.2 million was higher than the PCP's AUD 0.8 million. Is this due to a lag for reimbursement from MEAG, or does this expense relate to other plantations or carbon initiatives? Perhaps, Mike, would you want to answer the second part of that question? Yeah, no problem. Thanks for your question, Anthony. So the AUD 3 million in plantation management expenses, you're quite right, is reflective of the work we do for MEAG. So in other income, there's a corresponding amount of money coming in that we earn from that at a margin. So therefore, that's why it's increased on the prior year because there's been increased activity as the 5 stages of the transaction occur and there's more area under management. The PMP losses for the first half, the sales actually, the production was lower than the previous period, which means that we're not capitalizing inventory at the end of the period. Sales volume was relatively low, and the sales that we did secure were for the biomass market, which were lower priced than historically we would have liked for a pulp sale. Another question. "In relation to exchange rate, is there an average foreign exchange rate locked in for the remainder of the financial year? Yeah, take that one. Correct. So as you'll see in the presentation, the first half was AUD 0.68. We've got probably 70-80% locked away in the second half at around AUD 0.65. So obviously, that'll provide a benefit over the first half. Another question from Anthony. "Can you give an update on progress towards the Tiwi second rotation, and are there any further expected biomass shipments this year? So we are talking with a number of customers about biomass shipments out of the Tiwi Islands for the year. We do expect that they will come to fruition, but they're not contracted yet. Sorry, what was the first part of the question? Oh, sorry. The progress. Sorry. It was about the progress in the second rotation, and I think I covered that off in my talking points. We've appointed an adviser. We ran a process around trying to fund the project exclusively from the ACCUs. The market currently isn't mature enough to absorb that number of ACCUs in such a major project. There are a number of parties for whom it may work, but as I said in my talking points, we're in the market to raise equity to bridge that gap to enable the full 30,000-hectare project to proceed. Thank you. We have several questions from Charlie. "Inventory increased AUD 5 million, half on half, yet pre-tax operating cash flow was negative AUD 15.5 million for lease repayments. Can you please reconcile this with EBITDA when EBITDA was positive AUD 2.6 million as inventory build doesn't at all explain the difference? Thanks, Charlie, for the question. With you, it's a net working capital position. You've got to take into account inventory receivables and trade payables. So at 30 June, there was no receivables for vessels. At 31 December, we had a receivable for about AUD 8 million from vessels. Plus also, the difference in the trade payables was a lag of about AUD 8 million. So you've got about AUD 17-18 million in net trade working capital build on the half, which marries pretty closely to the operating cash flow result. Thank you. "Is the intention once inventory is reduced to honor the full AUD 0.195 dividend as previously guided? Realizing inventory isn't a one-off event. What happens is we make sales, the inventory comes down, but we're constantly producing more wood chips, and the inventory comes up. We hit a slowdown in the market, the inventory builds up, and we're carrying levels that we saw where we got as high as AUD 50 million. So it's not a one-off event that then releases capital that's available for distribution. So far as special dividends, the special dividend has been paid in December, AUD 0.05, and the board's constantly monitoring the position on future dividends. Can you rule out further growth projects funded by the Midway balance sheet until this dividend is paid in full? No, I'm not in a position to say that the board of directors will rule out growth projects if a growth project appears that's compelling for the company that will be considered by the board. Another question from Charlie. "Inventory held at cost if sold at, say, $180 per tonne US, what profit will be crystallised, and how much was sold post-period? What is the inventory and net cash balance today? I think in the presentation, Charlie, we alluded to the fact that there was eight vessels sold in January, February. That's quite a bit of cash. Each vessel yields sort of AUD 7-8 million in cash. You can do the sums on that. In terms of inventory, we still have the inventory significantly reduced at the end of February as a result of that. I think we're down to around AUD 20 million in inventory. Another from Charlie. "Will the lease paid for by the grain project compensate you for the AUD 4.6 million CapEx? So the lease is not intended to compensate us for that. The lease is a return for the use of the land. You said you were developing a retained portion of the Geelong site. How much CapEx is required to build what exactly? So what we're doing at the moment and I think, Charlie, you might have seen the site. There was an undeveloped area that we call the Gattyck area. We're putting down a chip pad, a concrete pad that will hold wood chip stockpile, and also a log yard. So developing that for a log yard. We're developing a new site office because there's no site office on the retained part of the site, and there'll need to be other infrastructure for moving wood chips. The initial budget for those works is AUD 4.5 million, and that was announced when we originally announced the grain project. And I think at the time, I'd said that there were other upgrades that we were looking at that may form part of those developments but which aren't formally approved at this stage. Thank you. "Why is Geelong held for sale at AUD 12.36 million versus AUD 15.5 million head-load of sale price? An accounting matter, and I'll let Mike roll onto that one. The valuation of the site was done at 31 December, not necessarily based off the binding MOU. So when you value the entire site on a per-hectare rate basis compared to comparable sales around the region, that's the value we come up with. So it's an independent valuation. When the sale goes through, obviously, if it goes through at the 15.5, which is what is in the binding MOU, then there'll be a small uplift of AUD 2 million-AUD 3 million compared to the book value. Michael, the extra AUD 18 million lease liabilities for port usage, can you please explain? Again, Michael? Yeah. So as you're aware, AASB 16, which is the leasing standard, makes you gross up the balance sheet with the asset and liability. We recently signed a 10-year lease with the Port of Brisbane up at Queensland. So that 10-year lease, really, we're just valuing the lease liability over the 10 years, and there's a corresponding right-of-use asset. Is the land sale settling calendar year 2025 of the financial year? So the land sale on the grain project, the timing isn't certain. It'll depend on stuff. But I think, as I said in my talking points, we're expecting first half FY25. Do you still profit from the Tiwi sales when sold biomass? If we can do enough volume, we do. But at low volumes, the overheads of keeping operations going on the island mean that we've done it. How much of the AUD 46 million receivables balance relates to MEAG? Has the expected tax payments of AFF timber also been provided for on the balance sheet? Yeah. So of the AUD 46 million in receivables, AUD 34 million relates to the final tranche. There's an interest component that unwinds to get to your AUD 35 million. And the rest is the vessel I spoke to earlier on the call and also some other receivables, including GST, which makes up the balance of the 46. In terms of tax provisioning, we're fully provided for all our tax liabilities on the balance sheet. And you'll see there's a tax receivable sitting on the balance sheet at 31st of December for AUD 4.5 million. Deferred tax of AUD 17 million, how much relates to land sale and revaluation of that remaining land versus the MEAG sale? The increase in deferred tax liabilities was driven by the Geelong land revaluation. As that got revalued to AUD 45 million from AUD 16 million, so that's the AUD 20 million uplift. 30% of that relates to the Geelong land revaluation. The rest of it is some of it's the last tranche of MEAG. There's probably AUD 4 million or AUD 5 million, and the rest of it's other bits and pieces. Thank you. Another question from Charlie. "Your target through cycle from wood fiber segment, AUD 10 million-AUD 15 million, is that EBITDA of free cash flow? That's EBITDA S. Thank you. "What is the new carbon offering being developed for 2025? Can you please elaborate? Yeah. So we're working on a number of really interesting things in the carbon space. In the aggregations, we are working with some financiers about a finance product as well as the aggregation carbon and plantation product, which should provide Midway with a very, very attractive offering and some good margin in that. So that's still being worked up. We're also working on a number of other carbon projects with large emitters who have come to us or we've come across working on plantation carbon projects to address their emission needs. It's a really exciting time. There's a lot of opportunity. It's a new market. The emitters are still getting their heads around it. We're still working out where the best places and the best opportunities are for us, but there's a lot of really exciting stuff happening. A question from Richard. "For 4-5 years now, you've been optimistic of an improvement in the core business but always failed to turn a profit. It's clear the best days are behind you. Has the board given any consideration to winding up the business? So winding up the business isn't as simple as winding up the business. There's a whole lot of ongoing, as I've mentioned before. There's long-term leases. There's take-or-pay arrangements. There's long-term supply agreements. And we don't accept or I don't accept that the business has had its day, and we think that there's a lot of potential for the business. The market is different to what it was before. It's more volatile, and we need to adjust to that. We need to take out the negatives. We need to really focus on the things that can get extra volume through our woodchip and woodfiber sites. And we need to really chase the growth in the carbon business, which is enabled by the presence that we have in our woodfiber business. And so we have a very clear strategy around what we're doing there, and we certainly haven't given up on the business. And we think there's other ways to realize value in giving up on the business that destroy value rather than creating it. Thank you. A question from Simon. "Can you explain your competitive advantage in the carbon offering? Why would emitters work with you? What is the earnings potential of this division? Yeah. Great question. So what's our competitive advantage? Our competitive advantage is that in basically all the major forestry areas of Australia, Midway has a significant presence. We know the land. We know the landowners. We know the productive rates of the trees. And we've built a carbon team who can tell you exactly what every block of land can generate from a carbon potential. They can model the different scenarios. They can prepare proposals for landowners, big or small. And that was such a natural extension of our business. We brought in a couple of new people, and the people in our team who are passionate about forestry have just run with it as well. And so we've developed a really good core strength there. It's our space around the forestry. It's our space. We know the regions where the trees can grow. We know the species. And increasingly, because we have projects of scale like the Tiwis, we're introduced to large emitters, and that's creating opportunities for other projects that spin off from that. As I say, there's some really exciting opportunities around that flow out of what's coming from our connections. And why are they coming to us? Because it's our business. That's what we know. They know that they've got a problem. And increasingly, we're seeing parties pick up the phone, cold call us, or people that we've come across before coming back and saying, "All right. We've developed our thinking. We now know that the Safeguard mechanism is real, and it's coming at us, and we're doing something about it. And we're committed to this. And we're starting to see these large emitters develop teams at the other side that we can sit across the table from. They're now understanding what we're doing, and they're understanding the solutions that we're providing for them. It's creating, as I say, a lot of opportunity for a company like us. Thank you. Another question from Richard. "How long do you think the board will start to receive income from the carbon business? We're already receiving income from the carbon business. Every block of land we buy for MEAG, they pay us to register that block of land for carbon and to manage the carbon process there. We have projects going in Tasmania in the aggregation space, and we're working on others that are pre-contract, pre-revenue stage, but confident that that's not far off. Another question from Charlie. "Do you think Midway will generate a positive free cash flow this year given inventory has reduced significantly? I hesitate to speculate. All things being equal, yes, we should, but we've seen what happens in the market. I'm not game to make a forecast like that. Another from Charlie. "Can you explain the remaining AUD 45 million valuation applied to the Geelong site? Yeah. So the AUD 45 million is for the entire site, including the portion held for sale. It's been done on a, so valuers have come in with; there's a couple of independent valuers had a look at it. Everyone's accepting that there's a significant uplift of that order. It's done on a rate per square meter that reflects the value of land that has connection and access to the port and to the shiploader, not just as historically it's been valued as industrial land. So through delivering the grain project or signing agreements around the grain project, what we've done is we've created the we've proved the connection that this land is of value to third parties to access the infrastructure that sits immediately across the fence. Thank you. "What portion of the acres do you tend to retain with projects executed to date? It varies by different projects. We're taking a position where we're managing our risks. We'll take a mix of cash income for fees, and we really like the idea of getting some exposure to acres, so we're taking that as well. It varies on project to project. Another question from Richard. "Roughly, what percentage or amount of income do you think will come from the carbon business in, say, one, three, or five years from now? Yeah. So in the immediate term, it's not going to be huge in income numbers. Hopeful that in the next or even in this financial year, we'll start to see some meaningful contribution to net profit before tax coming from the carbon business and see a very encouraging line of sight for it to be meaningfully ideally, in five years' time, we're looking that it's the same sort of contribution, the same size as our wood-fiber business. Should SWF recover to profitability this half? It will. It It depends entirely on where the sales can be secured. The sales and price haven't been confirmed yet. Everything's there that if the market comes back, it will trade profitably as it has in the past. But at the moment, volumes, it's difficult. Thank you, Tony. At this stage, we have no further questions. Just give it an extra minute or so. If anyone else has got any questions, more than happy to answer them. And if not, I would like to reiterate my appreciation for everyone's interest in our presentation and in our company and do believe that we're on the right track. There's some really exciting initiatives. And appreciate your time this afternoon. Thank you.