Last but not least, we have back to Australia, back to W.A., in fact. Guys, just one more to go before afternoon tea, all right? You don't want to leave right now, you don't want to miss this one. This is Northern Minerals building Browns Range project in W.A. Heavy rare earths, which is pretty much in demand right now for a range of reasons. One of the few significant heavy rare earths projects outside China, very strategic. To tell us all the good news about Northern Minerals, ASX code is NTU. NTU. Here's Managing Director, Mr. Shane Hartwig. Thanks, Shane. Thanks very much. Good afternoon, everyone. Those of you that know Shane Hartwig will say, "That's not Shane Hartwig." He's in the room somewhere with our CFO, David Collins, recognizing them. My name's Adam Handley, I'm the Executive Chair. Shane very kindly offered for me to do this slot this afternoon. Appreciate your time, and thank you to those of you online, including some of our team who are joining from site, 160 km odd southeast of Halls Creek in W.A. I'm delighted to be speaking to you today. 15-minute slot, not a lot of time to give you a few key messages. I guess there's three key points that I'll hope that you will leave with today when you think about Northern Minerals and Browns Range. That is that Browns Range exists to feed the hardest and most strategic gap in the Western magnet supply chain now, that is access to heavies, dysprosium, terbium, and yttrium. In the 15 minutes that I have with you, that's my overarching message, my three key points are, the heavies gap is very real and repricing right now. We had a question mark even nine months ago, I think. Would bifurcation of market, China market versus non-China allied nation market, succeed? Bifurcation is certainly here. We are the only near-term non-China answer with a funded refinery customer in Iluka, building the Eneabba Refinery with the strong support of the federal government, as I'm sure many of you will be aware. The third point is we are targeting our FID by 30 September this year, subject to conclusion of funding negotiations with the U.S. government and the Australian government, which we've announced to the market before, with a goal to getting into production at Browns Range by late 2028, early 2029 to supply the Eneabba Refinery and Iluka. The usual disclaimer applies. Read that at your leisure. Looks like a lot of fun reading. Our lawyers enjoyed drafting that. I just want to highlight some key points. The key point of this slide really is that export controls have really done what a decade of policy by allied governments couldn't do. We're now seeing allied governments at pace, particularly in the last 12 months, now funding the non-China magnet supply chain with real money. Eneabba, as you would know, is under construction, well advanced, more than 50% complete. Prices for Dy, Tb, and Y, dysprosium, terbium, and yttrium, have certainly bifurcated. We now have a China price and a non-China price. That bifurcation is the commercial foundation of the Browns Range DFS divergence case. You'll see from our public announcements last September, we announced our DFS with a base case and a divergent case pricing model. You can look at the base case and say that's effectively the old China-controlled supply chain, and the divergent case is the bifurcated allied nation supply chain. As I noted before, 100% of our planned production for the first seven years at Browns Range already has a home in an Australian government-backed refinery supply chain at Eneabba with Iluka. Browns Range and meeting the gap. Five key points, I think, to point out to you here. We have strong government funding support, which we have announced and we're negotiating now. It's currently non-binding and conditional, but negotiations are progressing. 78% of our basket by value is Dy, Tb, and Y, and you'll see the breakdown of that allocation on a further slide. FID targeted by 30 September, subject to funding, as I mentioned. We have around about AUD 592 million CapEx with an AUD 705 million NPV, 21% IRR on a pre-tax divergence case basis, and I'll refer to the base case as well as we progress. We are shovel-ready. All primary approvals in place, all key agreements in place, DFS done, FEED underway, and we're shovel-ready subject to financing. That's where Browns Range is. I mentioned on-site 160 km southeast of Halls Creek. This is not the Pilbara. The East Kimberley is a frontier place to develop a mining project, but we're very confident in what we're doing there. You can read the key points about the project on these slides. A couple of quick points. 732 million ton resource, 5.2 million tons reserve, 11-year mine life plan currently, up to 4,350 TPA of TREO in concentrate form. As I mentioned in the Halls Creek region of W.A. in the East Kimberley, all key approvals in place and all key development agreements in place, including Native Title. What makes the NTU Browns Range basket unusual and unique and highly strategic is this mix. Dy, 48%, dysprosium 48%, terbium 22%, and yttrium 7% of the basket by value. Obviously, very heavies dominant, which almost no other development project can say. It's certainly complementary to Iluka's light rare earths, not competing with them at the Eneabba Refinery. Why the heavies matter, and this chart is really telling, I think, the entire story in some respects. On CRU's numbers, the Dy-Tb deficit opens from 2026 and widens to roughly 70% of the 2024 supply by 2040. Supply is flat. China and Myanmar, as most of you know, account for over 90% of heavy rare earth mine production. There are very few non-China projects at scale on our timeline. The demand is defense, EVs, wind, robotics, and others. That deficit doesn't close with new mines coming online. We are one of the only ones that are ready to meet that requirement, and we certainly have, I think, a first-mover advantage in that market. We are part of an integrated Australian HRE chain. And that's what I think separates Browns Range and Northern Minerals from others as well. We are part of a very sophisticated chain which is being built now, including the refinery with Iluka, a customer that already exists and is well-funded and construction is underway. Most of you will know that Eneabba is about an AUD 1.7 billion-AUD 1.8 billion construction cost, with AUD 1.65 billion contributed by the Australian government under concessional loans. With commissioning targeted mid-2027, and obviously designed to accept third-party feedstock, including ours. Some of you may also know that Iluka signed their first binding offtake, take-or-pay agreement, I should say, in June with a global automaker as well, covering Dy and Tb. Our supply agreement with Iluka is 30,500 tonnes of contained TREO, which is contracted up to 5.5 ktpa per annum with a fixed and market-linked pricing mechanism. We've issued various announcements to the market that explain that contract. The economics Oops. Hang on. Where have I gone? I'm just going to check. I'm going to go backwards. Sorry, didn't mean to skip through the economics. You'll see on this slide both the base case and divergent pricing. The DFS numbers are pre-tax, with a divergent case of, as I mentioned before, AUD 592 million CapEx, NPV of AUD 705 million, 21% IRR. C1 OpEx costs are AUD 31.25 per kilogram of TREO, and the base case numbers are there as well. The CapEx excludes working capital financing and sustaining costs. There are some footnotes on the slide that are relevant to interpretation of that slide to have regard to. More upside. Yttrium, I mentioned, is about 63% of our deposit by volume. It's the single largest element in our basket. Our DFS values it at roughly $7 per kilogram, which is 2024 averages, which is about 7% of basket value then. Since China's April 2025 export controls, many of you would know that yttrium prices are up by more than 100-fold versus that assumption. None of that repricing is in our DFS economics. The U.S. is, as many of you would know, 100% import reliant, and yttrium is individually designated on the U.S. Critical Minerals List. So the numbers on the previous slide that we've given you, the divergent and base case for our DFS, do not factor in the yttrium upside, and we're currently working through that opportunity. I won't read this slide. The point is, governments have built the agencies, the frameworks, and the bilateral agreements required to stand up these new allied supply chains. The next slide's probably more important. It shows where the money is actually moving. I think what this says is there's plenty of precedents now in the market to show the resolve of governments to set up these new allied supply chains. These are precedents that we can have regard to. They're not just promises. They do define the financing architecture that we're seeing in the market and working within, and you've got a series of examples mentioned on screen there that I won't go through in any detail. Obviously, we're having regard to those precedents in our own funding discussions at the moment. Our funding pathway, where we sit in an architecture. U.S. EXIM and Export Finance Australia have announced non-binding conditional LOIs to help fund our project. That's under the single point of entry mechanism between the U.S. government and the Australian government. EXIM have said they're able to consider up to $230 million of debt in cooperation with EFA. We've made a detailed announcement on 21 October in relation to those arrangements, and engagement and negotiations with those agencies is ongoing. That's our timeline to first production from here. As I mentioned, the pathway is FID targeted for 30 September this year, subject to project funding discussions. Financial close to follow from that. Construction, then first concentrate on truck targeted for late 2028, early 2029. The point I'd make here is that approvals and FEED are not the critical path for us. Funding is, and that's where our efforts are currently concentrated as a board. The NTU capital structure. Capital structure 9.5 billion shares. AUD 267 million rough market cap today. AUD 34 million cash at hand at 30 June. Just to note, on the register side, on the 19th of May, the Treasurer of Australia made orders requiring disposal of shareholdings by shareholders totaling approximately 17.6% of our issued capital. Those orders made by the Treasurer followed our own referral to the Foreign Investment Review Board of certain beneficial ownership concerns that we had identified. The government has been investigating accordingly and issued those orders. I'll just make the point, those orders are not orders directed at NTU or at our project. They're orders in relation to six shareholders who have shareholdings totaling that 17.6% in the company. We regard those moves by the government as an important step in aligning our register, so that we're consistent with Australia's national interests and security interests to ensure the success of Browns Range. That investigation is ongoing, as we've told the market. I'll just stay within the confines of our announcement in that regard. In close, why Browns Range and why now? As I said at the outset, the heavies deficit is very real and repricing bifurcated markets are here. We have a funded half-built refinery with Iluka, a very reliable customer in that regard. The government financing architecture exists, and we are in that architecture now in the midst of our funding negotiations. We have a DFS, which I think shows very robust pre-tax economics in the divergent case before any yttrium repricing is factored in. We are shovel-ready with an FID target of 30 September, subject to concluding those funding negotiations. Thank you very much for your time. Hopefully, I finished on time. Shane and I and our CFO, David Collins, will be on the booth if you want to follow up having a chat later. Thank you very much.