Thank you for standing by. Welcome to the Newcrest Mining 2021 half year results. 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, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Tom Dixon, Head of Investor and Media Relations. Please go ahead. Thanks very much. Good morning, and welcome to the Newcrest Mining conference call for the first half of FY 2021. This is Tom Dixon, Head of Investor and Media Relations for Newcrest Mining. This conference call is being recorded today, Thursday, 11th of February, 2021. On the call today is our Managing Director and CEO, Sandeep Biswas, and our Finance Director and CFO, Gerard Bond. Please note the company disclaimers on the next two slides. Newcrest is a U.S. dollar reporting entity, and all dollar references made in this presentation refer to U.S. dollars unless otherwise specified. Any reference to the prior period is to the six months ended 31st December 2019. At the end of the presentation, there will be an opportunity for questions. If you wish to ask a question, press star-one on your keypad. I'll now hand over the call to Sandeep. Thanks, Tom. Good morning, everyone. Well, this has been an excellent half for Newcrest. Gerard and I are looking forward to taking you through the highlights. After that, we'll open for questions. Our business is built on our ability to mine our portfolio of assets profitably and sustainably. Sending our people home safely every day and making life better for communities in which we operate is core to us performing well and generating superior returns for our shareholders. This year, we made excellent progress across our safety and sustainability objectives. I'm especially pleased to say we've gone over five years now free of fatalities. There have been fewer injuries as well, as reflected in our industry-leading TRIFR outcome for the period. We're now in the process of applying that same laser focus to other sustainability priorities, such as greenhouse gas reduction. The strong financial results for the half show how much the increase in gold price has translated into improved profitability and record half-year cash flow. On the back of this strong performance, we're increasing returns to shareholders with a fully franked interim dividend of $0.15 per share, double that of the prior year. In addition, the board has approved a change in dividend policy, which more than doubles the target percentage of annual free cash flow to be paid in dividends to 30%-60%. Over the past year, we've applied our significant technical and innovation capabilities to establish a pathway to unlock value from Lihir. We now have a much better understanding of how to manage argillite clays, which notably are not as significant in the future ore feed mix as we previously expected. We now have a mine plan that will increase the average grade of ore feed to the mills. This should increase gold production at achieved milling rates. In a very Newcrest way, we applied some breakthrough thinking to our approach to mining Phase 14, which has the potential to bring a considerable amount of high-grade mineral resource into production in the very near future. In combination, these developments underpin our aspiration for Lihir to become a 1 million ounces plus producer from FY 2023 onwards for around 10 to 12 years. I'm very excited to tell you more about that a bit later on. We've also made good progress on our growth options. The Cadia expansion project is proceeding very well, and we've started the box cut at Havieron in record time. You've got to remember that we only bought into the project 18 months ago. Today, we also announced that we've commenced construction of the box cut at Red Chris and have received board approval for funding the exploration decline. We plan to start construction of the decline as soon as we receive the necessary regulatory approvals. We sit here today with a fabulous position in our industry, a long reserve and resource life, a unique set of technical skills, a very strong balance sheet, numerous organic growth options in progress, and an exciting exploration pipeline. For these reasons, we believe Newcrest is a very compelling investment proposition. As we look to the future, we're very pleased to share our new purpose and five-year plan to forge an even stronger Newcrest. Three years ago, we set goals across five key pillars that we planned to achieve by the end of 2020. As I detailed at last year's AGM, we hit all of those objectives. We've now refreshed our aspirations for the next five years, and as part of that, we've considered our core purpose. Defining and verbalizing what it is we're here to do is of great importance to our people, our stakeholders, and us as leaders of the company. The common motivation that we discovered that drives us all, and which we believe permeates throughout Newcrest, is to create a brighter future. We exist to create a brighter future for people through safe and responsible mining, such that people are better off having invested in us, partnered with us and worked with us than they otherwise would have been. Our vision remains to be the miner of choice, to be valued by our people and communities, respected by our partners, customers, suppliers, and peers, and celebrated by our owners. We'll move forward with a much stronger focus on sustainability, starting as always with safety, but paying even more attention to improvements in water usage, biodiversity, and carbon emissions intensity. Our success relies completely on our people, so we're doubling down on our efforts in training, development, diversity, and inclusion. In terms of operational performance, we've achieved a number of records at Cadia recently, and the future is looking very bright at Lihir. There is more that we can safely do to get the most value from our assets. We look forward to bringing the Havieron Underground and the Red Chris Block Cave into production in the near future. They're two absolutely fabulous recently acquired additions to our portfolio, and which have the potential to unlock the latent value of existing infrastructure, particularly at Telfer, and utilize our unique technical expertise when it comes to Red Chris. Innovation has been a big driver of value at Newcrest, and we've had some pretty impressive wins in the last few years. Over the next 5 years, another big driver of value will be reserve growth, both in relation to our existing mines and in new discoveries. We've got a unique opportunity to continue to apply our technical know-how and the ethos of breakthrough thinking to maximize the amount of reserves we can economically extract from these ore bodies. Through efficiencies, data science, digital and automation, mining techniques, and processing innovations. In terms of profitable growth, we achieved our aspiration of having 5 tier 1 ore bodies in 2020, and we did it in a disciplined, value-orientated way. Should the opportunity arise, we intend to add more of these tier 1 and tier 2 ore bodies through greenfield discoveries, early-stage entry and partnerships, through project development, and through value-accretive M&A, but always with an eye on value. As I mentioned, the first half has been another period free of fatalities, and I can assure you that fatality prevention remains our primary focus. Our industry-leading low total recordable injury frequency rate of 2.2 injuries per million hours worked demonstrates the success of our safety transformation plan in transforming behaviors and ensuring we have the controls in place for high-risk tasks. For the December quarter, Telfer and Red Chris reported their lowest-ever injury rates, and it's been great to see the transformation of the safety culture at Red Chris, particularly, under Newcrest's ownership. Moving to sustainability, which is central to how we think about and run our business. It's the right thing to do. It helps us manage risk. Most importantly, it's a huge opportunity for us. In the first half, we signed a landmark renewable energy power purchase agreement for Cadia and that's a big step towards achieving our target of 30% reduction in emissions intensity by 2030. This agreement is expected to help secure a significant portion of Cadia's future energy requirements. Together with the decarbonization of the grid, should help us to achieve a 20% reduction in Newcrest greenhouse gas emissions from around 2024 onwards. We're currently evaluating the physical and operational impacts of climate change on each of our sites and the opportunities we have in front of us to manage these. Our 2020 sustainability report will outline our findings in these areas. Consistent with our biodiversity policy in accordance with the requirements of the ICMM, of which we're a member, we've developed biodiversity action plans for three out of four of our operating sites. We're finalizing our plans for Red Chris and working towards a known net loss of biodiversity at our new projects. In December last year, we released our first modern slavery statement and related priorities, and also updated our human rights policy. Over the past few years, we've made a number of commitments and taken action in line with our sustainability framework. I'm pleased to report that our efforts have resulted in significant improvements in our ESG performance scores and risk profile over time. In calendar year 2020, we joined the Dow Jones Sustainability Asia Pacific Index and the FTSE4Good Index for the first time. We're now included in the top quartile for the DJSI Australia Metals and Mining Index, our objective is to move into the top decile over coming years. We've maintained an A-grade ESG rating since 2018, as determined by MSCI. I now want to move to Lihir, I'll focus on three key areas. Firstly, the great progress we've made on argillic ore management. Secondly, the benefits from the completed Lihir Mine Optimisation Study. Thirdly, the exciting potential of Phase 14A, which represents even further upside from the current mine plan. Together, these initiatives underpin our aspiration of Lihir becoming a 1 million ounce-plus producer for around 10-12 years from FY 2023 onwards. Let's start with argillic ores. If you recall, about 18 months ago, we completed Phase 9 of the open pit, leaving Phase 14 as our primary fresh ore source as we transition into Phase 15 and the wider Kapit ore body. We experienced geothermal challenges and difficult mining conditions in Phase 14 that resulted in a higher proportion of stockpile being fed to the mill, and the argillic content in the stockpile feed created materials handling and processing challenges. At that time, it also looked like we had a lot more of this material yet to come through Phase 15. I'm pleased to say we've done a lot of work since that time on understanding the distribution of argillics in our ore body and also how to treat and manage argillics when they're present. From a distribution viewpoint, we updated our models, and through the Mine Optimization Study, we've confirmed that we have less of the argillic ore, particularly the problematic argillics, than we originally thought. That's a very big positive. The other piece of work was how to treat and manage the argillics, particularly the poorer behaving ones. In terms of materials handling, we've installed different transfer chutes, improved conveyor profiles, and improved blending techniques, all of which have had a positive impact on the availability and throughput of our crushers and the material handling system that takes the ore to the coarse ore stockpile. We've also optimized our operation of the autoclaves. We've decreased the density and viscosity of the slurry, and also optimized the oxygen distribution across the length of the autoclave. We have further upgrades planned in March to upgrade the trommel sprays in the mills, install viscosity measurement devices to systemize and automate the process even further. Finally, we're incorporating a digital twin to model the behavior of the argillites before they actually come to the autoclaves, so we can set up the various process control parameters in advance, to optimize their processing and to maximize recovery. In short, we expect less argillites going forward than we previously thought, particularly the bad material, and we've made significant progress in our ability to handle and treat these ores, which we've seen in the numbers from a blending, crushing throughput, and a recovery perspective. If we move to the Lihir Mine Optimisation Study. This has been a very comprehensive study and has produced some great outcomes for our new mine plan, is projected to bring forward more ounces, particularly high-grade ounces, increase the average grade of ore fed to the mill, and it's deferred the timing and capital expenditure in relation to the seepage barrier. We've managed to design the mine so it improves grade presentation and has the potential to provide an additional 1.4 million ounces of contained gold in feed to the mill between FY 2023 and FY 2034, compared to the previous plan. At a given milling rate of around 15 million tonnes per annum, this means we'll produce more gold ounces per tonne of feed than the previous plan. In simple terms, this new mine plan increases the eastern limits of the open pit by 120 meters, which allows us access to more higher grade, better quality ore feed. Importantly, this is not about getting to the stretch limits of milling and autoclave capacity. It's optimizing the mine to give us a better ore feed and better grades, and then running the plant at rates that we know we can achieve. The new plan will increase the total material moved in coming years, which we'll do through additional equipment and mining efficiencies, but the higher gold grade more than pays for this. This new mine plan has enabled the deferral of the seepage barrier by 18 months and deferring the $470 million in CapEx associated with that project. It also allows us to resequence the argillite ores to be blended and limited to no more than 40% in the feed. One idea that was unlocked by the Mine Optimization Study was the potential for a different approach to mining some of the remaining mineral resources in Phase 14. This new approach, which is currently in pre-feasibility study, could bring high-grade mineralization into reserve and into production in the very near future. This study is exploring the use of well-established civil engineering technology to safely steepen the wall of the pit and access high-grade ore, which you can see on the bottom of the slide, depicted as the red zones lower down in the ore body. As you can see in the graphic, without steepening the wall, we aren't able to get there. However, if we use well-established civil engineering techniques together with our knowledge of rock bolting and support, we identified the potential for 20 million tonnes at 2.4 grams per tonne of gold, and most importantly, 13 million tonnes at 3 grams per tonne gold that we've got the potential to access in the near term. If we can bring this material forward, we can displace lower-grade material that we otherwise would have processed. This is good, competent rock. It gives us another face position, which gives us more flexibility, and it's high-grade material. We've got to complete the PFS, of course, which we plan to do in the coming months. If confirmed, we see the opportunity to bring around 400,000 to 600,000 ounces of additional contained gold into the ore feed during the period FY 2023 to 2025. We do have more work to do, but this is a significant opportunity, and together with the argillite ore understanding and the new mine plan I spoke about earlier, it underpins our aspiration for Lihir to be producing more than a million ounces a year from FY 2022 onwards for around 10 to 12 years. In December last year, we completed the signing of new compensation, relocation, and benefit sharing agreements with the mining lease area landholders at Lihir. These agreements are valid for the term of Lihir Special Mining Lease, that enables efficient and transparent distribution of compensation and benefits and clear accountability for the development of Lihirians, and are expected to enhance the socioeconomic development outcomes for Lihirians, which is something that they've been looking forward to for a long time. These agreements build on the strong relationship we've developed over recent years, and we're honored to be part of this new journey of collaboration and partnership with the Lihir landholders. I'll now pass over to Gerard, who will take us through the financial performance for Newcrest for the first half. Thank you, Sandeep, and good morning, everyone. Newcrest has delivered a very strong financial performance for the first half of the 2021 financial year. Stronger gold and copper prices translated to the bottom line, more than offsetting the effects on operating costs of a stronger Australian dollar and COVID risk management measures. Our statutory and underlying profit of $553 million was 134% and 98% higher than the prior period, respectively. We achieved a record first half free cash flow of $439 million. Earnings per share of $0.677 was up an impressive 121% on the prior period. We progressed our profitable growth opportunities in the half, including the ongoing development of the PC2-3 cave and plant expansion at Cadia, together with extensive drilling campaigns and study work at Havieron and Red Chris. We retain a very strong balance sheet with gearing and leverage at low levels and well within our financial policy metrics. This is a great position for Newcrest and its shareholders to be in as we progress organic growth across the portfolio and as we look to other opportunities outside of our existing portfolio. We've increased returns to shareholders with a $0.15 per share fully franked interim dividend, double that of last year's interim dividend, and we've refreshed our dividend policy, which I'll touch on later. If I turn now to free cash flow. Our free cash flow for the period of $439 million was a record for the first half and was achieved even as we continue to progress our growth pipeline and exploration activity. This free cash flow amount includes $35 million of receipts from the Fruta del Norte financing facilities that we acquired in April last year. In total, Newcrest has generated just shy of $4 billion of free cash flow over the past seven years, and that's even after our large investments in Red Chris and the Fruta del Norte facilities last year. This strong performance reflects the sustained efforts of our people, the performance of our assets, and our continued focus on safely maximizing cash generation. On this slide, you'll see how well-prepared we are for funding our next stage of growth. We have established an incredibly strong balance sheet, having reduced net debt by $3.4 billion since June 2014. We have minimal near-term debt repayment obligations following our liability management activities last calendar year, and our debt servicing costs are low, reflecting our credit strength and our recent debt issuance in good market conditions. Our corporate bonds outstanding have a weighted average coupon of 4.28%. Our strong free cash flow and debt reduction over many years has placed us well within our financial policy metrics. Our leverage ratio of 0.1 times reflects our increased earnings and low level of net debt. Gearing of 3.3% at the December year-end was well below our target of less than 25%. Our strong cash position sees our liquidity coverage at $3.74 billion, $2 billion of which is in the form of committed undrawn bank facilities and the remainder in the form of cash. We continue to retain our investment-grade credit rating, which gives us good access to all capital markets. In times of strong gold prices and with such a strong balance sheet, it's timely to recap on our capital allocation framework, which outlines how we distribute the cash flow we generate. Our financial obligations include meeting all of our financial commitments, which is best enabled by remaining comfortably within our financial policy metrics. We will continue to maintain a strong balance sheet so we can withstand cash flow volatility associated with gold price movements, whilst ensuring that we have the capacity to invest in value-creating opportunities through the cycle. We will invest in sustaining capital projects to ensure we operate our business safely, in compliance with regulatory requirements, and to ensure our operations can deliver predictably and reliably. We will invest in production stripping to access ore where we make money from doing so and to ensure that we enhance our operational predictability. We have a strong pipeline of organic projects that we expect to deliver attractive rates of return, and we'll continue to fund these. Where we see the opportunity to apply our unique set of technical and exploration skills to deliver attractive rates of return from new portfolios that sit outside our existing portfolio, you can expect that we'll pursue those, because that's how we grow the business and fully utilize our skill set. We'll always do this through the lens of value creation. The company has a proud record of exploration success over many decades, and we see this as a key differentiator in our growth armory, and we will continue to fund sensibly our exploration program with a focus on getting a return from this investment. From this resulting free cash flow, being the operating cash flow less investing cash flows, we look to ensure our balance sheet remains strong, that we fund employee share scheme and incentive obligations through on-market purchases rather than by share issuance, and that we return cash to shareholders. We see the cash return to shareholders primarily being in the form of dividends. We are unique in having a minimum annual dividend of at least $0.15 per share, reflecting our goal of providing shareholders a dividend through the cycle. Our new dividend policy targets 30%-60% of annual free cash flow being paid out as dividends, inclusive of this minimum dividend. Finally, though we do not currently have a share buyback plan, it remains a further option for us in the future. Here is our new dividend policy, which recognizes Newcrest's cash generating ability, strong balance sheet, and our ability to increase returns to shareholders when gold prices are strong. Obviously, as free cash flow varies year -to -year in line with capital expenditure levels, prices, and/or exchange rates, the amount of the dividend has the potential to vary. We feel our shareholders understand this and prefer to see an increase in the payout ratio given the quality of Newcrest's asset base, the strength of the balance sheet, and the strong metals prices prevailing. This slide outlines our increased dividends over time. The interim dividend announced today is double that of the interim dividend declared at the corresponding prior period, and represents a payout ratio of 28% of free cash flow in the period against our annual target of 30%-60%. With that, I'll now hand back to Sandeep. Thanks, Gerard. Over the last few months, we've made several exciting announcements in relation to the Havieron Project. In November last year, we signed a joint venture agreement with Greatland Gold and agreed a funding pathway for the remaining early works and drilling activities required to complete the pre-feasibility study. We also announced that we've met the stage 3 expenditure requirements and are now entitled to own 60% in the project. We also released an initial inferred mineral resources estimate for the project of 3.4 million ounces of gold and 160,000 tonnes of copper. It's a testament to our team that we've achieved this and also commenced the box cut ahead of the exploration decline in such a short timeframe. It's only been around 18 months since we entered the original joint venture, so we're making great progress. Havieron's mineralization remains open outside of this initial resource estimate and this is exciting because it means there's potential for our planned drilling activities to result in resource growth over time. We've now got four growth targets at the project currently. An additional 65,000 meters of growth drilling planned in the next 6 months. Having received the necessary regulatory and funding approvals, we've now started the key early works at Havieron, which is to construct the box cut and the exploration decline. Our goal remains to realize commercial production from Havieron within the next 3 years. Our pre-feasibility study for the project is well underway and we expect to release these findings later this calendar year. In the first half, we also expanded our presence in the highly prospective Paterson Province through the Juri joint venture with Greatland Gold. This expands our total landholding in the region to approximately 3,200 square kilometers and supports our quest to finding the next Havieron. We also entered the Wilki joint venture with Antipa Minerals, which is located in close proximity to both Telfer and Havieron. It's pleasing to be so well-positioned in the area with Telfer, with its existing plant, the associated infrastructure, airport, gas pipelines, et cetera, and it sits so centrally in a highly prospective region. At Red Chris, our Brownfields exploration program has confirmed the presence of higher-grade mineralization across the porphyry corridor. In the East Zone, drilling has confirmed multiple pods of high-grade mineralization. We're currently looking at early mining options, which could accelerate cash flows from these high-grade pods prior to the completion of a block cave. Since acquisition, we've completed 104,000 meters of drilling, which is vital to our block cave pre-feasibility study that we expect to release by September this year. As I noted earlier, and as detailed in a separate market release today, we've commenced the box cut construction and the Newcrest board has approved funding for the exploration decline and associated infrastructure. This will commence once we have the necessary regulatory approvals, which we're in the process of obtaining. We're progressing well on defining the full potential of the Red Chris block cave, and we continue to believe it has the potential to be a tier 1 ore body. At the Cadia moly plant, we're on track for commissioning in the June 2021 quarter, with commercial production expected in the September 2021 quarter. When complete, the moly plant is expected to provide an additional revenue stream for Cadia with an estimated $50 per ounce benefit to Cadia's already low all-in sustaining cost per ounce. As you can see on the slide, we're well progressed with our construction activities. This slide summarizes the numerous growth milestones we've achieved during the period and the key upcoming activities for the next few years. It shows we've made good progress and an exciting period ahead. We look forward to providing further progress updates as we move forward. In conclusion, this half year, strong gold prices powered an excellent profit and cash flow result. We're able to pass this benefit on to shareholders in the form of a significantly higher interim dividend. We've kept our relentless focus on keeping our people and communities safe, both in the workplace generally and particularly in relation to COVID-19. Our operational performance was very strong. We also took a number of important steps to create an even more sustainable business. We have a clearer path to unlock significant value from Lihir, which I'm very excited about, and we're advancing all our growth options. As we look out over the next five years, we've got momentum, we've got a set of ambitious goals, a very clear purpose. With that, I'll now take questions. Thank you. If you wish to ask a question, please press star one on your telephone Thank you. Good morning, Sandeep and Gerard. A few questions to start on Lihir, please. Just hoping if you could give some more guidance around recovery profile and expectations there over the next 12-18 months, just in the context of your comments around having less of those problematic argillics ores that you had previously in those plant upgrades. Just some guidance there. Also secondly, I want to hear if you could give some more detail around the pathway to that FY 2023 target, that 1 million ounces. Just what is needed there in terms of plant upgrades, any major CapEx that we should be thinking about and factoring in there? Thanks. Right. Well, let's start with the recovery. Over the next 12- 18 months, and it's not just a question of the ore quality, we're also going to be finished the Front-End Recovery Project, or at least the next stage of it, which is about increasing the recoveries of the front end. You got to look at these two things in combination. Over time, we expect to take this from where we are today up into the high 70s and, maybe even around 80%. Great. Obviously, high grade material gives you a great recovery uplift as well, of course. Yeah. Understood. Thanks. Can you put a sort of timing around that high 70s target and into the 80s? Look, all I know is -- we'll report on progress, but I don't want to put a timeline on it. The front-end recovery project, as I said, should be done in the next 12 to 18 months. Okay, great. Thanks. Then that pathway to the. Yeah. The pathway, you got to remember, it's two different things. First of all, it's the Lihir optimization plan, which brings that approximately about 1.4 million ounces in. That was predominantly one of the big things from that was, okay, the sequencing of the blocks to manage the argillites, keep it below 40%. Also we've pushed the distance back. The distance from the edge of the pit to the seepage barrier was 200 meters. All our detailed work is done and said that can actually be narrowed in by about 100 or 120 meters, and that gives us the ability to bring the higher grade material forward that we would otherwise have needed to the seepage barrier to get at it, right? That's what generates that earlier input of high-grade material. Now, that really starts to come in. Okay, it starts in FY 2022, but we see some real benefit from that, the material benefit coming around FY, from memory, 2024, 2025, from that part of it, as we increase the stripping rates and get into the ore body. This is where the potential of Phase 14A comes in, where that material, this is all subject to PFS, study outcomes and what have you, but if that all works out successfully as we currently envision it, that brings material forward into FY 2023 to 2025. The way to think about it is if Phase 14A is successful, that's where we get a bigger uplift in that FY 2023 to 2025 period. By then you're starting to see the real benefits come in from the Lihir mine optimization plan as it pertains to grade, as we get deeper and deeper into Kapit. I hope that made sense, but that's kind of the lens to which to view it. Yeah. That's helpful. Thanks, Sandeep. Just one maybe for you, Gerard, just around that increase in dividend policy. Obviously, that's coming at a time when you've potentially got some large CapEx commitments coming through on the development side. Just clarifying sort of 100% that calculation would be after accounting for full development CapEx, not stripping out some of that to get to sort of a more underlying X growth type, free cash flow. Thanks, Nick. No, we have only one free cash flow number. That's operating cash flow minus all investing cash flows, and that's the resulting free cash flow. That would be the percentage against which we would be targeting the payout on for the full year. Okay. Thank you. Thank you. Your next question comes from Rahul Anand with Morgan Stanley. Please go ahead. Hi, Sandeep and team. Congratulations on a good result. Look, I might start with Lihir, please. In terms of the announcement today, you've obviously flagged that the 40% argillite was going forward. That's ideal for plant performance, as you've talked about. What I wanted to touch upon, perhaps for the first question was, how does that 16 million tonnes per annum run rate look like from here, given you have the ideal composition now for the ore presentation? Are there any recovery hurdles in terms of gold in circuit that happen, if you start doing that 16 million tonnes per annum? If you could perhaps touch on that and I'll come back with a few others. Thanks. Look, the benefit of bringing higher grade in, is that you don't have to stretch the milling capacity for the same ounces. What we've based this on is around that 15 million ton rate, which we know we can do. In fact, we've run on many months well above 15. This is about getting 15 over the course of the whole year. That we think is well within our capability, and we've got a detailed set of asset management plans and reliability plans and process control to get there. Anything beyond those sort of tonnages is potential upside, but we're not factoring that in. What we want to do is present a plan that's robust from an achieved milling rate perspective and is driven by bringing grade forward to clever mine planning, technical expertise as it comes to the Kapit ore body, and also potentially through the knowledge of being civil engineering techniques, which are well-established, but also with our significant bolting and cable bolting and support knowledge from all the works that we've done underground for many, many years. Okay. All right. I guess from my perspective then, am I understanding correctly that there is still some potential to push harder here, especially after the Phase 14A pre-feasibility is done? The way to read it is, this is a solid plan based on rates that we've achieved. Now, we're not going to sit on our laurels when we get to that point, but we're not factoring that in. Once we get to that point, we'll obviously address what the ultimate rate can or would be over time, but that's not something that we're factoring into our plans or our financials. Okay, perfect. Look, the second one was around Lihir still. I just wanted to quickly check on, you flagged some numbers, 1.4 million ounces of contained gold between FY 2022 to 2034. Is there any potential here of additional ounces being recovered due to the optimization study and in addition, sorry, to the recovery project, or is that already captured in this number here? Well, look, you know innovation runs through our blood, right? We'll always be trying to improve. The thing that we don't know yet, and we'll have to wait for the end of the pre-feasibility study for 14A, in terms of how that might look from a geotechnical and support viewpoint. If that technique works at 14A, we have identified a few locations elsewhere in the pit and obviously in the future where that technique may be applicable in order to have a similar type effect. We haven't started work on that yet. We're just getting this right. If we can master this technique, there are other applications, which may well lead to more ounces, but can't say right now, but we're thinking about it. That's important for you to know. Okay, perfect. Look, two quick ones, just to follow up then. Firstly, the new compensation agreement. Anything material there, Sandeep, that we should think about? Is there any material change there? Secondly, just how are you thinking about the stockpile at Lihir as well? Are you going to switch towards more ex-pit tonnes it seems here? How should we think about the blend going in and perhaps the future of those stockpiles? Yeah. Let me start on that one, because it closes off the previous discussion. Yes, we are moving to a more ex-pit feed, principally driven by the mining rates, that we're increasing mining rates in the open pit, and that helps obviously to blend out the argillites. The stockpiles that would otherwise have been treated will just get pushed further back into the mine life. The thing to remember there is, look, and we haven't turned our mind to a lot of this already, is we've got 25 million ounces of resource that's not even reserved, right? We've got a fair bit of time to work on how do we bring some of those in, and that may change the stockpile timing even further out. We're talking way down the track. For example, let's see how we go with 14A, if we can make that successful. They're resources there. They're not in reserve, right? We've got 25 million ounces of resource that's not in reserve. There's a lot more to the Lihir story, but we can only focus like 10 to 15 years at a time, I think. Yeah. Sandeep, if I could, I might just supplement that answer. Rahul, in our briefing book, which people on the call will be familiar with and we released today on page 40 of the briefing book, you'll see the indicative mine plan, which includes the ex-pit tons feed, you'll see that over the next decade, being higher now under this plan than it was in the previous plan. That's what it is, it's also producing the high-grade presentation that Sandeep spoke of. Okay. Yep. Thanks for that. Any comments on the new agreement? Oh, look, I've been waiting for this day, right? One of the things I've been disappointed at Lihir, and I've been open about that since day one, is all the money that's gone in there and into the community and what have you through the previous arrangement, and I really didn't see all the benefit that that should have brought in the community. What this agreement does, it's got a very strict protocol in terms of governance, the allocation of money and where it goes and what it gets done to. I'm really happy that finally I can see an established well-governed pathway in complete cooperation with the land holders of really making a difference for the people of Lihir. We've done well in the past, don't get me wrong, but this is going to make sure that per dollar, we get a bigger bang for our buck. That's the important thing for me. Perfect. Look, after you, I'll pass it on to someone else. Thanks very much for the answers. Your next question comes from Levi Spry with JPMorgan. Please go ahead. Yeah. Hi, Sandeep and Gerard. Thanks for the call. Just following up on Nick's questions on Lihir and referencing that page 40. Can you talk a little bit to the CapEx requirements at Lihir and the seepage barrier pushing that out? What was the number there? $470? Can you just flesh that out for us a little bit more? Yeah. That CapEx is all about digging the trench, filling it with the plastic concrete, et cetera, relocation of other geothermal pipelines, et cetera. All that can just go back 18 months now because of the work that we're doing. Depending on further works in terms of further optimization and the potential of using the simple techniques that hopefully will be successful in 14A, that may give us time in the future to push that seepage barrier back even further. It's important from a viewpoint that obviously we don't need to spend that money at that time, but just reduces the level of intensity of work in and around the mine, and that gives our management and people, you know, more time and energy to focus on the business as usual stuff. Yep. Okay. Thank you. Sorry, current mine plan has the 470 in 18 months from now? Yes. Well, 18 months from where it otherwise was. Okay. Yep. Okay. Thank you. Sorry, just a question on the reserve and resource update, changing the price assumptions there. Just to be clear what PCP was. Really it looks like your inventories have changed only by depletion. Is that because you've already updated them for the NI 43-101? What's the driver there? What work needs to be done to update Telfer? Are you waiting on Havieron? Was there any change at Golpu? Can you just talk through that a little bit? Well, we haven't done an update on Golpu. We'd have to update the PFS for that. I think, Gerard, from memory, we only did Lihir and Telfer, I think, didn't we? Correct. We haven't finished Cadia. That's just like an interim scenario from a whole of reserve basis. Yeah. You flagged the $100 and $200 price increase, so that hasn't gone through your pits and stuff like that. It hasn't gone completely through the reserves and reserve study. Yeah, sorry, Sandeep. Not of the group, but they were the assumptions used for this reserve resource update, which as Sandeep said, included Telfer and Lihir. Okay. Thank you. Sorry, just one last one on the 14A. What's the timing on the PFS and effective FID, I guess, and therefore reserves, guidance and mine plans? Look, it's well advanced, but I'd say, as I said earlier, it'll be done in the next few months. The important thing is that this isn't a greenfield mine. This is on an existing wall of the Lienetz pit that's been standing there for quite some time. It's almost like a cutback, but because of the different technology we're using, we're making sure, particularly from the safety perspective, belt and braces, and that all the geotech work is done to a project-level standard with competent independent reviews in the whole box and dice, but it's essentially a cutback. Yep. Okay. Thanks, Sandeep. Thanks, Gerard. The next question comes from Sophie Spartalis with Bank of America. Please go ahead. Good morning, Sandeep and Gerard. Just wanted to touch on Wafi-Golpu, if I can. Just in regards to those sustainability targets and objectives that you talked about earlier in the call. Is there any necessary redesign or are you thinking about things any differently there? We've always been keen on getting Golpu. The key kind of environmental impact there is around the greenhouse gases because of the remote location. Our plan is to bring in power. We're going to have diesel backups obviously on site, but there's a lot of power projects being mooted in PNG, some based on hydro, some based on the wood cuttings and what have you, micro LNG and taking it around to Lae. Ironically, Lihir becomes a big enabler of that. If we can get the micro LNG project up, it will need Lihir to go that way, to move away from the heavy fuel oil onto gas, which is fantastic. That then opens the opportunity to go further and underpin something at Lae. It is all up in the air, but I think the biggest impact we can make there is around the greenhouse gases from a sustainability viewpoint. In terms of community and what have you, we've already started a lot of those programs with cocoa farms and various other things that can give sustainability to the community commercially before the mine starts and well after the mine in 30, 40, 50 years' time, however long it goes. Okay. Just to supplement that, Sophie, we did get the environment permit in December as well. That was an exhaustive process which kind of tested the broadest range of environmental considerations. Okay. In terms of deep sea tailings, you're quite comfortable in how that sits within your sustainability framing? We are. Ours is a risk-based sustainability strategy work, and we've evaluated 45 terrestrial locations. If you look at the weighted risk, and all the other community issues, in relation to native lands and significant areas, and just the geotechnical matters surrounding a seismic active zone like Papua New Guinea and all the rest of it, and how deep and unpopulated the deep sea placement location is from a marine life perspective, et cetera, it is by far the best option from an environmental perspective to do the DSTP. The government of PNG and the regulator agree with us. Okay, that's great. Just turning to Red Chris. Can you just maybe go through timing? I understand you're still waiting for approvals, but in terms of when can we expect meaningful reduction in costs over there? Yeah. We are doing a lot of study. The existing open pit, we're doing a lot of stripping, et cetera, at the moment. A lot of projects which we flagged to upgrade the facilities and infrastructure of Red Chris. With the Red Chris mine plan, we hope to be getting that cost down as we get more into the stripping, into the higher grade, into the pit. Really, the block cave with the indicative timeline now is FY 2027, but the real game changer from an early ounce and a cash flow perspective would be the bringing forward of one or more high-grade pods which sit higher up in the ore bodies, which we can bring forward using different mining techniques earlier, but through the same decline as we used to drive down to the base for the block cave. That work is in study right now, but it's a big focus. We want to bring that cash forward. Okay. That could be potentially a 2023-2024 story or 2024-2025 story, do you think? Let us do the work, Sophie. Okay. We're accelerating. I mean, the critical path, obviously, is the start of the decline. Okay. The box cut's started. As soon as we get regulatory approval, we'll get into the decline. We're all set to go. Yep. Okay. That's fine. Just a bigger, broader question. Obviously, you've announced a lot of interesting material in today's call and in today's announcements. Share price is still going in the opposite direction that I'm sure you would hope. What do you think that the market needs, or what do you think the market is missing in regards to getting that share price back above $30? Look, again, I'm sitting in the operator's chair, but you're probably a better judge than me. However, my perspective is, a few things have resulted in the share price being discounted. One is the stumble at Lihir 18 months ago. I'd like to think the work we've done since then, and as we make progress, that'll start to unwind the Lihir discount, if I can call it that, compared to 18 months ago, where our share price was significantly higher. I think the near-term ounces with the decline in Cadia grade, I think has been a factor, which we're now working on with bringing ounces forward at Lihir, obviously, which helps the group production. The record rates we're achieving at Cadia, plus the expansion project, which we're in the middle of. Then, obviously, fast-tracking Havieron to get the ounces supplemented at Telfer, but also the margin. Telfer's a low-margin mine. The grade from Havieron has the potential to raise that margin significantly. I think when those things are understood. Obviously, the dividend policy, I think, we were on the lower end or around the mid- where we were. I think the new policy, based on the strength of the company and the good work that's been done, I think that's also something that has been flagged in the past as a potential weight on the stock. Sophie, that's my perspective, and I think we're making steps on each of those. In the end, the market will be the judge, I guess. Okay. That's great. Just a last one just to round out Lihir. Can you confirm, have you walked away from that previous 15 million-17 million ton milling target? It sounds like you're sort of basing it off the 15 million tons, but then if opportunity presents, you'll increase further. I guess putting my cynical hat on, was there problems that you could foresee pushing the plant too far beyond the 15? Look, we haven't given up on that aspiration, but I think the importance is the confidence around the 15 million tons or thereabouts around, it is something that we know can be done, and people know we can do it because we've done more than that before. This is a grade-driven plan. The way to view this is a kind of a plan that doesn't require us stretching the limits of the processing plant. That does not mean that we've given up on the potential of higher milling rates. We just haven't factored it into our plan. We want a robust, bankable, great plan for Lihir to really make it the true tier 1 asset we've always thought it can be. It's there on ounces, but we need to get the margin at Lihir up. Then, if we can get upside on that's great. That's how we're thinking about it. Okay. That's great. I'll leave it there. Thank you. Your next question comes from Matt Starick with Red Door Capital. Please go ahead. Hi guys. Thanks for taking my question. Good to see production operations and the profitability seems to be turning a corner. As a shareholder, I really appreciate the new dividend policy and the clarity around the, excuse me, future capital management. I've got a question about strategy. I've always really been excited about your position in copper. I wanted to ask, have you ever considered listing some share of your copper production revenue as a copper stream to try and daylight some of its value? The reason I ask is 145,000 tonnes a year of copper, it's very material. It's bigger than any of the listed pure plays on the ASX. For me as an investor, there really is a shortage of listed options to invest in out there. Pretty much everyone on this call, copper is their favorite commodity long term. I just feel it's a way you could daylight some significant hidden or ignored value in Newcrest, not only the long life of your projects, but also the three growth projects you have. Obviously, there's also been some recent examples like Iluka and Deterra, listing their iron ore royalty, which is base metal, it's not even a precious metal. I'm just curious, whether you have given any thought to how you can actually crystallize some of the hidden value in Newcrest? Well, that's an interesting thing and, I can tell you a lot more thought's going to go into that, after this call than before it, in terms of seeing if any of that adds value to the shareholding. The benefit we get at copper, obviously now and as we increase over time, is it increases the all-in sustaining cost margin when you look at it from a gold perspective and also, obviously, the free cash flow that speaks for itself. Can you get over and above that value through some sort of technical methodology such as what you propose? It's a good question. Gerard may have thought about it. I personally have not thought about it. Yeah, look, my view is, it has been looked at in the past, and one of the things that tends to count against it. Well, firstly, I think some of the market does actually see the value of it when people are projecting our earnings potential, because it is a significant part of our earnings stream, about 15%. It is something that I think is visible enough. When you unpack these things, one of the constraints is the loss of flexibility that we have in terms of operating our plant. If you separate what your commitments are in terms of copper from your gold production, and keep in mind that most of our copper is in the form of copper concentrate that comes with the gold that we sell, it can be a bit of a constraint on how we optimize the ore body and the plant. We run Cadia, for example, as a business, and what we strive to do is safely maximize the amount of money we make from that business, and you can see the kind of changes that we've been able to effect successfully in terms of how, from a milling rate perspective, for example, and some of the recovery improvement projects. If we have a different stream, as it were, of product from the same plant with a different ownership group, typically that results in a level of complexity from an operational perspective and constraints on our ability to, as I said before, make the most money from the ore body. Yeah. It's a fair answer. You don't have to give up control of the copper stream. You could still own a big part, over 50%. Look, it's a good question. We'll take it up later. We can talk about it later, actually. Yeah. It's a thought-provoking question, and I appreciate it. Yeah. You're trading at a discount to OZ Minerals on a EV/EBITDA. You're a gold producer. All right. Got it. Your next question comes from Daniel Morgan with UBS. Please go ahead. Hi, Sandeep and team. It strikes me that things seem to be moving in PNG again vis-à-vis major project approvals. We've seen a major step forward in fiscal arrangements on an oil and gas project. You've just received the environmental approval on Golpu, which is a precursor to Special Mining Lease. I'm just wondering, what was a shovel-ready project in Golpu, which sort of has been on hiatus, where is that sitting now, and what would you need to do, and where does it tier versus your other two major projects in Havieron and Red Chris in your thinking? Look, I think it's very positive news that the oil and gas project has got their fiscal stability agreement. It's been in limbo for 18 months or longer since they signed the agreement, the overview agreement, back whenever it was. I think that's important for two reasons. One is that the government's back in business in terms of signing these agreements, and secondly, sheer capacity of people in the PNG government to turn their mind to these things. Once that's done, I've no doubt that a good number of those people can now be allocated to working on the Golpu project, hopefully. That's what we're hoping, that now that that's done, the momentum will shift towards getting Golpu over the line. The environmental permit, as Gerard said, we've got that. The fiscal stability agreement and the various agreements around the license, finalizing the landholder compensation agreements, all those other things, what needs to be ticked. If the government's ready to move forward, and we are, and if you look at the timeline of these things, Havieron will be well advanced before Golpu. Golpu is a pure greenfield. You've got to remember that Havieron and Red Chris are essentially brownfields. They're greenfield mines, but they're brownfields from a broader perspective because they all have the established infrastructure of processing and power and all that other stuff already existing. We don't see a conflict in the timeline, and we've certainly factored that in from an internal resourcing viewpoint and from a potential project in our financial projections and what have you that we look at internally, the what-ifs, et cetera. It'd be really good to get it up. Need I say, it's a fantastic ore body, highest grade undeveloped copper gold portfolio in the world, and at $3.70 copper, it's even looking better. On that, it was shovel-ready. I think you had mobilized teams ready to go at one stage. Just wondering where that project sits now, if you were say tomorrow you were to get the approval, what work would you need to do to renew the work or get a project team up and running? What is the lead time from approval through to first production, if you will? We'd have to obviously reissue all the tenders and scopes and what have you. I think at this stage, given all that we've learnt about block caving and particularly our processing skills in milling and also coarse ore flotation, what have you, we'd have to do a refresh of the pre-feasibility study, I think, in order to add a bunch more value. We've had interest- And if you just- On Golpu, we'd only trigger that once our confidence grew that this is finally going to get over the line. Just to supplement that, a reminder that previously we said that after approval, and subject to our own board and Harmony board approval, it was around just shy of five years from the time that you started turning the soil to first production. That reflected the time that it would take to affect the decline and the development of the footprint, which is probably the critical path. As Sandeep said, we've learned a lot. It's really that delta between the granting of the permit and the time that you put that spade into the ground where there could be a bit of movement. Okay. Thank you very much. Your next question comes from Mathew Hodge with Morningstar. Please go ahead. Thanks for the question. I think Havieron's pretty exciting. I was just curious, how do you see that kind of impacting Telfer? Do you think it just displaces the Telfer feed, or do you see an opportunity to augment it with the Telfer feed? Does it give you the time to add some life to the Telfer mine itself? Or do you think the future of the region is more Havieron plus greenfields and other things elsewhere? Look, I think the Telfer underground's got a bit more life in it, and we're finding ore all the time. Nothing massive, but from an incremental basis, they continue to progress. The open pit of Telfer has a sunset unless we commit to another cutback or two, which I've talked about in the past, particularly at higher prices, because it's lower grade. In an ideal world, right, and this is an ideal world, okay? This is all subject to further exploration success and what have you. Ideally, you'd want the high-grade ore from the top of the Crescent Zone coming in early with some form of stoping or sublevel cave-type, top-down mining process. Then, over time, as subject to drilling, if the breccia material proves to be mineralized and there's some exciting intercepts, which we've seen, in a broader sense, that would open up the possibility of down the track a bulk style mining operation, which would be able to much better utilize the whole milling, or a lot of the milling capacity at Telfer that, you know, a sort of top-down mining method like an SLC or just open stoping would not fill. High grade coming first with the potential of a larger operation. By then, the Telfer open pits would probably have been exhausted by then, and then it'll be all Havieron. Again, that's the vision. We've got to actually do the work, do the drilling and what have you. That's without considering are there going to be other discoveries nearby that will be far more commercial and profitable by pigging back off the Telfer infrastructure, right? Look, compared to how we were thinking about Telfer two years ago, it's like chalk and cheese. We're talking about the end of a mine, and now we're talking about the beginning of a great new mine, right? It's chalk and cheese. It's incredible. Yeah. If you're looking down the track at the bulk mining, would it still make sense to transport the ore all the way to the Telfer mill? Don't know. That would be part of the evaluation. Do we have to do something at Havieron? Do we relocate something or is there a transportation methodology that makes sense? Yeah. That's a first-class problem to have. Yeah, that's fair enough. Just a reminder, just what more needs to be done before you get into production at Havieron? What are the key milestones and the timetable there? The critical part's always the decline. Well, once the decline's done and the ventilation shafts in and what have you, because it's a top-down method. Let's assume it was just long hole open stope or something like that, you can just get into it straight away. Got it. Okay, thanks very much. The next question comes from Anita Soni with CIBC World Markets. Please go ahead. Hi. Good evening or good morning to you guys. On this 14A opportunity that you're talking about at Lihir. I'm just curious, this is near the bottom of the pit, right? It's pretty high temperatures, as I recall. Have you done any sort of bench scale testing on the mesh or the shotcrete at those temperatures? That's all part of the pre-feasibility study. We obviously know the temperatures. Because it's been exposed for so much time, because of the pit wall itself, it's obviously cooler than it otherwise would've been. That is all part of the analysis. The soil nails, as we call them, is essentially a long rock bolt, right? A cable bolt, I should say. It's all about the temperature of the resin that it can withstand. Again, we're doing the work. We don't foresee any problems. Don't forget, we still have to do what we normally do at Lihir. We've got to depressurize it and what have you, as we do whatever else it is. We'll have the depressurization holes drilled, et cetera. Right. In terms of the extension of the 17 and 16 phases to the eastern edge, I guess that you're talking about sort of within the pit, right? Not backwards outside of the pit. No. It's within the pit. It's just pushing the material, the edge of the pit closer to the eventual position of the seepage barrier. We had a 200-meter standoff, and the detailed workers told us we only need an 80-meter standoff. Okay. All right. Thank you. Thank you. The next question comes from Peter O'Connor with Shaw and Partners. Please go ahead. Morning, Joe and Sandeep. Congratulations, cracker results to start the year. Well done. Two questions. Following up on the Telfer question, just wanting to understand the continuity of production out of the Telfer area on a 1, 3, 5-year view. I know it's low margin, but there's large ounces coming out of there now. How do we think about that profile of that during time as you replace that low-grade or low margin with higher grade and high margin ounces? Is it about keeping the mills full? Is it keeping one train running in the mill or two? What are the options on how this plays out? Well, first of all, it's all about making money, right? I think there's a lot of motivation now to keep Telfer running. We're in the stripping point of Telfer and the CapEx of building TSFs and what have you. Obviously, those things will end, and then we can start getting the benefits of the ore from the pit, and that should help with the Telfer margin, and this is absent Havieron. When we bring Havieron in, we'll have to work out exactly the best way of treating it. What'll probably happen is we'll probably allocate essentially one train, or we won't be treating 12 million tons, but allocating part of a train or a train to that type of ore and whatever's left in Telfer can go through the other. If you look at the Havieron ore, particularly the Crescent Zone, you're talking I don't have the numbers in front of me, Joe, but it's like 5 to 10 times the grade of the open pit in Telfer. You don't need a lot of that material to get the same ounces. That's the sort of work that we're thinking about and various other options through the PFS Study. Obviously, the goal would be to, if you take a macro view is not to, the aspiration is not to have a hiccup at Telfer, that you keep the ounces coming out, but with more money coming out with it. Given the market, to Sophie's question, obsesses about production profiles, not necessarily margins, it is more important to you the margins that come out of Telfer going forward, not the absolute ounce number. I think they both do. I think one of the learnings of the market, as you put it, is although we've always focused on margin and free cash flow, there is an obsession with ounces. I think, if we can keep the ounces, and start increasing the margins through Havieron, that's the ideal outcome, of course. Just to Gerard, on this point, hedging would clearly be a part of the next cutback if there was one. Given the current gold price trading ranges, how significant does that change the economics of that next cutback? Yeah. Good question, Peter. We will obviously evaluate that when we do the next cutback. We're not doing any cutback work in the Main Dome now. It's all activity in the West Dome. I don't think we have an imminent cutback decision for us. The hedging decision that we took a few years ago and topped up a few years after that, seemed really smart at the time. What we've seen is that it's hard to call the top on the gold price. About 50% of Telfer's production is currently hedged, and that seems about right. The question you really ask is one that we don't and haven't yet had to make. What is good is that the gold price is high and it makes the investment possibilities at Telfer more attractive than it would be. Okay, can I shift on to Red Chris? Sandeep, you mentioned the pods one or two that you could mine to supplement and get earlier feed. Size-wise, how large in terms of ounces ton are you seeing these pods? Well, we've got to do the infill drilling, of course, but it'd be several million tons, obviously. The interesting thing is, look, it's only one drill hole, and you've seen it in the report or the exploration report. It's near the South Boundary Fault. We've seen quite a significant intercept, and part of it's south of the boundary fault, which is not somewhere where we expected to see mineralization. Interestingly, that location, should it become a high-grade pod, we've got to drill this thing out. It's actually closer to the decline we're drilling, where we're going to be pushing through, than the first high-grade pod. Again, these are all things that we're thinking about. We've got to do the work, but the mindset is around how do we create upside in terms of bringing ounces forward. As and when that data is available, we'll obviously tell you, but right now, we've just got to do the drilling. Okay, one more question on the debt outlook. Joe, you mentioned the bonds and the bond rate of 4.28%. In a world of low rates or negative rates, that doesn't look particularly generous or favorable. How does the cost of capital on the debt side look going forward, and is there a way you can evolve that to lower that? Yes. The rate I was referring to was the blended rate of some pretty long-dated debt, Peter. When you look at the market that we raised that money in, being the 144A markets in the U.S., they gave us duration and really good rates at that time. You're right, interest rates have fallen since that issuance. When having regard to the overall amount of debt that we have in our books and on our balance sheet, a net debt of $300 million, the structure is good. The quantum is high because of the nature of it. Good duration and nothing that we look to do in the short term on the really long-dated stuff. What's good, though, is because of our credit strength, because of our credit rating, if we did need to go back into the market, and we went into the market last year, we would be expecting to price in at rates, particularly if you go for 10-year money, at much tighter rates than before. I think we raised our last 10-year raising was at 3.2% for a 10-year bond, and that was only last year. Treasuries have got tighter since then. Really favorable market conditions for us, which is your point. The access remains open to us if and when we need. It's good to have debt out there that people have bought and priced and give us a good reference point for future debt raising. Thanks, Joe. Thanks, Sandeep. Thanks, everyone. I think we've actually run a bit over time now with your questions. Thank you everyone for participating. Sandy, any final comments and we might wrap up the call there if that's okay with everyone? Yeah, no, thanks so much for your time and the excellent questions. Again, it was a great result. We're very proud of what we achieved, and we're going to build on this as we go forward. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.