Good day, and thank you for standing by. Welcome to the OZ Minerals 2022 half-year financial results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during this session, you will need to press star one one on your telephone. Please be advised that today's conference is being recorded. I would like to hand the conference over to your speaker today, CEO Andrew Cole. Please go ahead. Thank you, and good morning, and thank you everybody for joining us. I'm talking to you today from Kaurna Land, and I would like to acknowledge the traditional owners, elders past, present, and emerging. I also wanna pay my respects to the traditional owners of the lands in which our mines are located, the Kokatha people, the Ngarrindjeri people, and thank the many traditional owner groups around Australia that support us in our exploration projects. On the screen is a slide of our management team. We've had a few new starters since the beginning of this year, so I wanted to briefly introduce them. I'm also joined here in the room today by our CFO, Warrick Ranson, our Operations Executive, Matt Reed, and Strategy and Growth Executive, Bryan Quinn. Today's call is a bit longer than usual, as we have quite a lot to cover. We usually let our results speak for themselves, not wanting nor needing to showcase the value we have and plan to create. By popular request, and as we promised back in July, we've summarized not only the half-year results but also a summary of the exciting future our sector is looking forward to. OZ Minerals evolved strategy and strategic aspiration, our envied growth profile, and our careful capital allocation approach. All of which we expect will see this company continue to create superior value for all our stakeholders, as it has done in the past. I'm gonna skip through the slide on the disclaimers. You can find these on our website if you'd like to read the disclaimers in a bit more detail. As we have shared on previous calls, we have had some challenging first half operating conditions. We had sustained COVID absenteeism at the start of the year. We had a number of one-off weather and equipment interruptions that impacted our first half operating performance. Pleasingly, over recent weeks, we've seen operational improvement plans gain traction and our South Australian assets regain their operating momentum. I wanna thank our teams across the business for their efforts in a testing environment. Despite the softer production, we achieved an NPAT of AUD 900 million on net revenue of AUD 909 million and EBITDA of AUD 358 million at a healthy operating margin of 40% on operating cash flows of AUD 375 million. As a result of this and the Board's confidence in our operational performance and the macro environment, the Board decided to pay a fully franked interim dividend of AUD 0.08 per share, consistent with the prior four years. Thank you to our shareholders who continue to support us. I'll now go into a bit more detail on our first half performance. The operational improvement plans which were in place a few months ago at Prominent Hill and at Carrapateena are gaining traction, and the teams are now seeing mining and development rates return to plan. This, combined with the recent caving propagation at Carrapateena, has increased our confidence in a stronger second half. As a result, we remain on track to meet group production guidance. As you know, all of our sites have expansion programs underway. At Prominent Hill, we have a shaft mine expansion that's making good progress. I was on site just last week to see the civils complete as they now start shaft development from the top down. Today, we also approved a further AUD 12 million investment to develop access and to continue drilling Prominent Hill's shallow Walawuru and Papa mineralized bodies, both of which could result in additional 9 million tons above the 6.5 million ton per annum ore to be hoisted up the shaft. At Carrapateena, the second crusher is under development, and the block cave expansion access, which will enable the expansion of the mine to a lower cost, 12 million ton per annum operation, has commenced. At Carajás East, the Pedra Branca underground mine ramped up to full production in June ahead of schedule. Use of the now depleted Antas open pit mine as a tailings storage facility was also successfully commissioned. The pre-feasibility study for the second Carajás East hub high-grade open pit satellite mine, Santa Lucia, is on track for completion later this year. We've also released today the first stage drill results for three separate exploration targets, all of which are within trucking distance of Antas. These are very high-grade intersections which demonstrate the real potential this province has. Looking ahead, we are focused on a number of key value-adding activities. First and foremost, of course, we are working on a safe and reliable operation. We are constantly exploring opportunities to outperform on this front. We aim to finalize the West Musgrave land access agreement with the traditional owners and then progress the study to a final investment decision. We have also now commenced looking in long lead items to protect budget and schedule and expect to spend up to AUD 60 million through year-end in doing so. The team is tracking the Santa Lucia pre-feasibility study, and we're continuing to drill the three nearby exploration targets to progress Carajás East hub strategy. Okay, I'm gonna hand over to Warrick and ask him to take us through the half year financial performance bulletins. Thanks, Andrew, and good morning, everyone. Volatility in the macro and local context of our operating environment over the first half of this year, driven by geopolitical events, supply chain challenges, the one-off weather events, and renewed COVID infections domestically and globally have certainly created its challenges. However, while recessionary risks have not disappeared, high frequency copper demand indicators for China are certainly beginning to turn more positive. The EV sector continues to accelerate, and the optimism of the slowing of U.S. Fed monetary policy has provided more recent, price support. We certainly remain positive and firm in our view that the medium to longer term, fundamentals for copper remain favorable, driven by ongoing economic development, decarbonization and electrification, and our own position on the cost curve to capitalize on these trends. As Andrew has mentioned, we reported a net profit after tax of just over AUD 109 million for the first six months of the year. The reduced earnings over the exceptional comparative period we experienced last year, generally reflected three primary drivers. A number of one-off production interruptions, which included the extreme weather events which flowed on to our supply chain, the conveyor belt failure at Carrapateena, and labor and equipment productivity impacts from those industry-wide COVID-related disruptions. Secondly, we had higher related and one-off mining costs at Carrapateena. We incurred significant additional costs in managing the downtime and repairs of the materials handling system. We mobilized additional fleet and labor to mitigate the productivity loss, and we had to make repairs to the western access road following culvert flooding in January after a one-in-200-year event. Thirdly, higher exploration and development activity, following the easing of the more stringent COVID restrictions that were in place in the previous half year, together with project payments we made in Brazil. Now our production volumes flowed on to sales and saw a net revenue fall to AUD 909 million against a weaker comparative pricing environment. Despite those lower volumes, operating cash flows of just under AUD 375 million remained robust, assisted by higher customer receipts, but offset by higher payments after a full period of ramp-up operations at Carrapateena, and significant tax payments flowing on from our strong 2021 financial result. Pleasingly, we have confirmed with the regulator our eligibility for a deduction under the Australian government's temporary full expensing provisions, and will receive a recovery of approximately AUD 50 million in corporate tax in the second half. As well as minimizing any further tax installments for the balance of the year. Aligned with our policy of maintaining a sustainable dividend against balance sheet strength, the board approved the payment of a fully franked interim dividend of AUD 0.08 per share, as Andrew has mentioned, remembering that last year included a special dividend as well. As usual, I'll talk to the next few slides 6- 8, collectively, given they reflect the overall operating performance for the first half. Gross revenue for the first half of the year was AUD 933 million, AUD 109 million lower than the comparative period, following both lower production and commodity prices, with the prior period also including AUD 34 million in gold hedging losses related to our stockpiled material. As I mentioned, copper prices have rebounded subsequent to the end of the half. Price volatility, driven initially by concerns over slower near-term economic growth, are now being contrasted against a more positive, short-term outlook. Policy support in China, as we particularly saw last night, has also become increasingly positive and is expected to support an infrastructure-driven demand recovery over the balance of the year. We saw a small increase in TCRC charges reflecting market movements, though state royalties declined against the reduced revenue. Over the first half, we saw inflationary pressures increase further across Australia, Brazil, and globally. Price escalation contributed about one-third of the overall production cost increase. On freight, rates are continuing to track lower, though still remain at elevated levels. While the Baltic Dry Index is now at its lowest point since December 2020, ocean capacity still remains tight. We continue to manage these cost pressures and were able to maintain a healthy 40% operating margin despite the impacts on production and costs, with over 70% of our cost base actually being fixed. We continue to invest in our organic growth pipeline with just under AUD 158 million invested for mine and further infrastructure development at Carrapateena. Excuse me. We've progressed the Wira Shaft at Prominent Hill, together with development of the Pedra Branca underground mine in Brazil, and of course, we continue to advance our work on West Musgrave in preparation for FID later this year. Income tax expense reduced over the previous year, given the resulting profit position. As I've said before, exploration and evaluation costs in Brazil are not attributable income tax items, and are reflected in our effective tax rate for this half. Cash outflows relating to financing activities comprised AUD 52 million for the payment of the 2021 final dividend to shareholders after DRP take-up and AUD 41 million in payments to suppliers classified as lease payments. We continue to manage our overall liquidity levels effectively through our revolving credit facility, which in May was refinanced and upsized to AUD 700 million with a five-year maturity. As previously noted, we have recorded a tax receivable balance of AUD 86 million in the half after confirming our eligibility for capital deductions under the temporary full expensing provisions. Collectively, this resulted in a net profit after tax for the period of AUD 109.2 million, as I've mentioned, and the board's determination in relation to our 2022 interim dividend. That dividend will be fully franked for Australian tax purposes, however, the DRP will not be offered this time. On the balance sheet, we've summarized the comparatives for the last six-month period. We intend to keep our balance sheet strong and support the current growth pipeline we have in front of us. I've talked about a number of these items already, so I'll just touch on a couple of key aspects on this slide. Consistent with our capital management strategy, we've continued to apply our cash resources to the ongoing development of Carrapateena and capital requirements at Prominent Hill. Cash reserves reduced as previously forecast with expenditure on Prominent Hill's Wira Shaft and the block cave declines at Carrapateena. We'll continue to use our revolver facility to manage our working capital needs as required. We also continued to process our open cut stockpile material at Prominent Hill, currently processing the lower grade gold stockpiles to supplement underground production. Higher concentrate stock to the end of the half, reflected shipment timing. West Musgrave study and drilling costs are capitalized within exploration assets at this time. We certainly remain focused on maximizing value across all our stakeholders in how and where we deploy capital, and whilst we have an enviable pipeline of growth activities, we remain prudent and disciplined in our expenditure, constantly reviewing and assessing the value and prioritizing our spend. With that, I'll hand back to Andrew. Thanks very much, Warrick. I'm now gonna turn to the next section of our presentation, which speaks to who we are as a business, the opportunities ahead of us, and how OZ Minerals can capture these. There is a lot of information in the deck, and we're just not going to be able to do this content justice in the time we have. Bryan, Matt, and I are going to go through this very quickly, calling out just a few of the critical points, and then we will leave it to you, to view through in your own time. As always, we're very happy to talk with you one-on-one if you have follow-up questions. Firstly, all commentators, I think, agree that the future for the critical minerals industry is exceptional. This is a unanimous view with every resources company and their downstream customers jostling to enter the sector. Clear comparisons are being drawn between the age of electrification and decarbonization that we're now entering and the historic decades-long iron ore super cycle that resulted from the industrialization of China. The world is structurally changing. While most still desire to be well-positioned, OZ Minerals is ideally placed to capitalize on the soaring demand for modern minerals that are integral to what is forecast to be a multi-decade electrification transition. For the first time, we are collectively focused on decarbonizing our world for our children. This slide shows that the modern minerals we mine, copper and nickel, are integral to our global energy transition. No other metals will have the same intensity of use as we shift to cleaner energy. On the graph to the right of this slide, you'll see that as the globe increases its use of copper over the next 20 years, more than half of that will be used for clean energy. While we may see short-term volatility and demand variations, the medium to long-term fundamentals are undeniable. We are notorious for underestimating the human race's adoption rates. As a close analogy, we all significantly underestimated mobile phone adoption rates. Similarly, demand for electric vehicles is forecast to grow from 7 million today to a staggering 56 million by 2030, equating to a compound annualized growth rate of over 25%. I also wonder if we're underestimating this. Copper is not just an EV story. It's the key ingredient for grid infrastructure that will power our businesses and homes in the future. In the bottom right of this slide, you'll see that the largest proportion of this demand for copper is coming from grids, which alone is forecast to double between 2020 and 2040. Discovery rates and head grades are at an all-time low, and while I think we all agree that demand is set to grow dramatically, we must also recognize that supply of these minerals from stable jurisdictions like Australia will become increasingly scarce. Additionally, global copper head grades are in decline, and new discoveries at an all-time low. Companies have not invested sufficiently in exploration, and the few that have not discovered anywhere near enough to replenish depletions, let alone meet future demand. Not only this, but when a new discovery is made, it has historically taken an average of 17 years before it starts production. Larger deposits take even longer. This time is increasing as a result of tougher regulations and higher societal expectations. This is a significant lead time, which makes OZ Minerals operations and existing expansions rare and highly desirable for the next phase of the copper market. Turning to supply and demand, the current forecasts show that from 2026, the copper market will begin to enter a significant long-term structural supply deficit. CRU is forecasting that by 2035, there will be a 6.4 million ton deficit in the copper market. That deficit alone is equivalent to a third of the total copper market. This, of course, translates to price and then shareholder returns for those very few companies that have a dominant exposure to these commodities and a track record of value creation. Now looking inwards to OZ Minerals' strategy. We review our strategy frequently to ensure we are staying in front of mega trends. While we have been focused on this for some time, as evidenced by our progression of Carrapateena and now West Musgrave, we have agreed to evolve our strategy from a copper focus to modern minerals. This reflects the fact that we are entering the electrification era. This will see us formally include copper and nickel in our target suite. In time, we may invest in our other electrification era metals. Our portfolio of quality, long life, low cost copper and nickel assets are full with brownfield expansion opportunities located in safe and stable jurisdictions underpin our growth trajectory. This, enabled by an innovative culture of people who love what they do, is the foundation of what I'll take you through today. A clear pathway to more than doubling our production in the years ahead, all from within our existing organic pipeline, something almost no other company can claim. Over the last eight years, we have defined our own way of working, which we call the OZ Way. As part of the OZ Minerals context, you can see here our familiar OZ Way graphic. It explains how all the parts of OZ Minerals fits together. It also now illustrates our focus on modern minerals, having evolved from global copper. Every part of the OZ Way is designed to help us make sound decisions and deliver on our strategic aspirations. To us, it is far more than a graphic. It encapsulates a purpose-driven organization that, at our core, helps people be the best they can be to create value for all of our six stakeholder groups. Our approach is different, and it has guided us to build a unique, purpose-driven company centered on value creation. We've now also evolved our strategic aspirations. These revised aspirations are centered around decarbonization, digitization, collaboration, and a commitment to creating value for our stakeholders. Our refreshed strategic aspirations sharpen our future focus and help us conceptualize where we want to go and how we will get there. Supporting this is an ongoing effort to harness strategic alliances and partnerships which speed up development, reduce costs, reduce risk, and effect transformative change across the sector much faster than the average or any one group can on their own. These building blocks constitute our very unique value proposition. I've outlined the substantial market opportunity ahead of us, which I think we all share a common view on. I've now also shared with you how we have adapted our own strategy to encompass the opportunities ahead of us. What makes OZ Minerals uniquely positioned to capture this growth better than others is quite simple. OZ Minerals has a one of a kind suite of long life, low cost operating assets in low risk jurisdictions, focused solely on these commodities. Our portfolio is not diluted by other commodities, and importantly, we have a demonstrated track record of converting ideas into highly value-accretive assets for our stakeholders. OZ Minerals, a modern minerals mining company, currently has the Australian Carrapateena and Prominent Hill mines, which represent the vast majority of our current production base. Both have expansion plans underway and additional upside on top of these. We now also have the West Musgrave project, which is destined to be one of Australia's largest, longest life, and lowest cost sulfide nickel producers. We also have a rapidly growing copper hub in the Carajás and exploration projects at various stages in Brazil and Sweden. Our pipeline offers us flexibility and optionality. It also allows us to allocate capital to the most value-accretive projects. OZ Minerals' value proposition is as much focused on how as it is what we do. Specifically, there are five characteristics which I think are unique to us. Our low cost, long life assets, the location of our assets in quality jurisdictions, our growth pipeline, our market-leading decarbonization efforts, and our culture that has resulted in a track record of delivery for stakeholders. Our copper assets are among the highest quality in Australia. Carrapateena is a clear example of this, being the second-largest primary Australian copper resource with a 23-year mine life. There remains substantial mine life extension upside when considering the size of the resource base relative to the reserve. As the graph on the right of the screen illustrates, Carrapateena and Prominent Hill have sector-leading profitability and rank favorably as high-margin copper assets. It's a similar story now for nickel. West Musgrave is one of the largest undeveloped and most sought-after nickel projects in the world, with countless groups approaching us to participate. It's located in a middle province that has seen little exploration in the last 30 years. We see substantial province upside, and we have the capability to deliver on this. The team is working hard to consider further value opportunities for inclusion into the project, and we remain on track for FID in the second half of this year. When investing, jurisdiction is critical. OZ Minerals is the only company with a modern mineral focus located in safe and stable countries. Our near 100% primary sourced Australian revenue stands out among our peer set. Looking at the global landscape, most of the copper produced in 2021 was from medium or high-risk areas. Copper from low-risk jurisdictions like Australia is scarce, and there is the geopolitical component to our industry, with recent increases in Chilean copper mining royalties an example of how project profitability can rapidly shift in line with new legislation. The bottom line is that Australia's copper is strategic and in an increasingly polarized world. While we produce a material amount of copper currently, our pipeline already has options to more than double the copper equivalent production from 140,000 tons to over 340,000 tons per year. This is well-defined. We are not asking shareholders to trust a set of ideas. We have a methodical step-by-step plan with a clear pathway for each project and expansion opportunity, and we have an experienced team who has and can continue to convert opportunity into outcome. There is also a significant upside across all our projects, which is not yet reflected. At each of our assets, it is clear to see the potential mine life extension upside from converting resource to reserve. For example, Carrapateena's resource is almost 5 x the size of the ton in the current mine plan. We will touch on each of these later in the presentation, but I wanna call out just a couple here. At Prominent Hill, we are not processing constrained. We have a 10 million ton per annum mill, have increased the Wira Shaft capacity to 6.5 million tons per annum, and are looking at how we can fully utilize this increased Wira Shaft capacity. This, combined with the potential to mine near surface deposits such as Walawuru and Papa, represents achievable potential upside for us to feed more tons through the mill. Also, Kalkaroo Project could add over 40,000 tons per annum of copper equivalents over a 15-year mine life, pending approval from Havilah Resources shareholders at the end of this month. We are also committed to reducing greenhouse gas emissions, preparing for the physical impact of climate change and the transition to achieve overall net zero carbon dioxide emissions. We have developed a decarbonization roadmap from the ground up to drive behavior and outcomes within the company and to ensure our stakeholders can hold us to account for delivering on these commitments. This is a roadmap that will take our target of achieving net zero scope one and two operational emissions by 2030. We are among the leaders in this space, with a number of our peers still yet to outline their progress. Now I quickly want to talk about our track record of delivering for shareholders. It takes time to develop an asset base that is as high a quality as ours. It has taken our management team several years to build the foundation. Between 2015 and 2020, we achieved some critical milestones that set up our long-term future. Through this period, we have delivered on our promise. This points to our track record of operational performance, prudent capital management, and project execution. We aim to leverage this capability to continue delivering for OZ Minerals' next chapter. We have built this portfolio almost entirely out of operating cash flow while paying dividends throughout. We can continue to do this for all of our brownfield expansion projects at consensus pricing. We've built a company culture and a suite of assets that have delivered a nearly 800% return to shareholders since 2015. This is substantially more than the actual returns of our peer set, as you can see on this chart. This comes down to our strategic capital allocation. We have reinvested significantly to facilitate growth, but also delivered on our dividend policy over time. This is the balance we expect to continue to ensure we can achieve our goals, but also reward shareholders who are on the journey with us. I'm actually gonna have to ask Matt to talk a bit about some of our assets and our province potential, please, Matt. Thanks, Andrew, and good morning, everyone. As Andrew said, we seek to develop mining provinces where we can use existing infrastructure to process multiple ore bodies over time, making efficient use of our resources and minimizing our environmental footprint. Before talking, though, to each of our assets and what their future potential holds, it is worth reflecting on what we've achieved. What we have achieved at its core has been driven by our ingrained culture. It's our innovation, agility, and collaboration through partnering that's got us here, and importantly, that's what allows us to replicate this success in the future. Our capability sits in unlocking value beyond an asset's original potential. For Prominent Hill, it's a story of delivering value through project execution with discovery to production in seven years. Back in 2012, we had a six-year mine life ending in 2018. Standing here today, we've got another 14 years in front of us. For Carrapateena, we've created a project from the ground up. When we acquired the project, there was no official resource. Today, again, as Andrew said, we've delivered a 950 million ton resource and redefined the potential of Carrapateena through block caving transition. Finally, for West Musgrave, we identified a quality asset early, partnered with Cassini to help unlock its potential before then consolidating ownership. This adept early identification of key strategic assets has clear parallels to Kalkaroo. We're proud of our opportunity mindset. In Prominent Hill, it's firmly established itself as a reliable, low-cost producer that has substantial options to increase production volumes. Prominent Hill has already transitioned, as you know, from an open pit to an underground mine. We're now working through the integration of the Wira Shaft expansion, and that expansion helps us reduce operational risk. It enables the electrification of the ore hauling system and the removal of the diesel fleet from underground. Importantly, approximately 45% of the mineral resource at Prominent Hill is outside the new shaft mine plan, meaning there's still significant scope to extend mine life. As Andrew said, Prominent Hill is not ore-processing constrained, so there's an opportunity for us to use up to 10 million tons per annum of latent mill capacity. That's really part of the reason we're exploring how we can independently mine new surface deposits such as Walawuru and Papa, which have the potential to increase mine production rates beyond the 6.5 million tons in the future. There's also potential to grow resources through extensions in areas like Kalaya, Malu East, and the Eastern Deeps. Our underground reserve at Prominent Hill has grown over six times since 2012, on top of significantly increasing production over that period. Importantly, our resource of 140 million tons is nearly three times larger than the current reserve at 470 million tons. If I move on to Carrapateena, which is one of the biggest mining projects in South Australia in the last decade. At present, of course, cave management remains the priority, with the cave moving steadily towards breakthrough to surface. Also front of mind is our block cave expansion. This will help us on the value, opportunity of our existing sub-level cave operation. Similarly to Prominent Hill, the current Carrapateena resource is approximately five times larger than the tons mined in the current mine plan. There really is a substantial opportunity to extend mine life with a growth pipeline that's not currently considered in the mine plan, and includes the Three Mounts and Fremantle Doctor resource, with further opportunity provided by Camden and also The Saddle. At West Musgrave, we're positioned in a unique and well-endowed mineral province that's seen relatively little exploration in the last 30 years. It's recognized as the second-largest prime nickel resource in the country and shaping up to be a low-carbon, low-cost, and long-life mine. It's a project that also seeks to be leading the industry with its sustainability credentials. We've recently received all the required regulatory approvals for construction from the Western Australian Government and mining agreement discussions with the traditional owners are progressing. Longer term, the West Musgrave province holds further growth potential, and we're exploring opportunities to increase production rates above the planned 12 million tons per annum. It's a highly undeveloped region with limited drilling to date, and going forward, exploration will be focused on identifying further near mine deposits in addition to those that you can see on your screen, and Succoth alone as a resource of 156 million tons. We're also looking at the potential for an on-site downstream nickel processing plant and seeking interest from third parties in its development. If we move on to Brazil, the Carajás province is a safe, mature mining jurisdiction that hosts some of the best undeveloped copper-gold deposits in the world. We hold the second-largest number of exploration leases in this province after Vale and are pursuing a staged, low risk, modest capital hub approach. At Carajás East, we're using the depleted Antas mine's existing processing infrastructure to process ore from the Pedra Branca mine and other potential satellite mines, and now we're using the depleted Antas open pit for tailings storage. At Carajás West, we're focused on Pantera as a standalone site with potential for additional satellite mines. Back to Carajás East, the plan is to continue to use the existing infrastructure to process ore mined from Pedra Branca and other potential satellite deposits, including Santa Lucia, as they come online. Pleasingly, the Santa Lucia study is on track to be completed in Q4 of 2022. Moving to Gurupi. The CentroGold project is one of the largest undeveloped gold projects in Brazil and represents the first stage in unlocking the highly prospective Gurupi province. Once developed, CentroGold will be ideally placed to service nearby deposits such as Chega Tudo and Nhandiaquara, should they provide viable. Those deposits are not currently included in our mineral resource. The removal of the historical injunction to CentroGold is also continuing. I'll hand over now to Bryan, to talk about Kalkaroo and exploration. Thanks, Matt. This is a great opportunity to share some of the growth work underway, including the recent agreement with the Havilah for Kalkaroo. This is potentially, as Andrew said, one of the largest undeveloped open-pit copper deposits in Australia. It's been subject of interest of many other companies over a long period of time. We're very pleased to have the Havilah board recommending its support for the optioning of Kalkaroo to OZ Minerals, with a shareholder vote to be completed on the thirty-first of August 2022. The location is ideal for OZ Minerals. It's within close proximity to good infrastructure and not far from Broken Hill, and it's a very important investment opportunity for South Australia as well. This project has the potential to be a scalable, low-cost, and long-life operation in the province surrounding Kalkaroo as well. In fact, the potential province can grow this region significantly. If you think about the Kalkaroo business itself, there's also a strategic alliance we have with Havilah for some areas around Kalkaroo, which we can actually grow into the future. Drilling will commence actually in that area post the shareholder approval at the end of this month. Importantly, the reserve is 100 million tons at 0.47% copper and 0.44 g per ton of gold, which generates a potential of 474 kt of contained copper and 1.4 million oz of contained gold over the life of Kalkaroo. This is within a potential resource of 242 million tons at 0.49% copper and 0.35 grams per ton of gold. It's quite a significant opportunity just in the Kalkaroo itself, with much work to be done to firm up these reserves into the future. Kalkaroo is also a great opportunity in terms of the and has the opportunity to be in the second half, on the lower half of the cost curve, globally. We'll be working hard for the next 18 months with our partners to assess this opportunity and try and ensure this the best chance to bring it to life for OZ Minerals. Let me just talk about exploration pipeline in general. We sort of work on developing these through earn-in agreements and partnerships with highly regarded explorers. This approach provides us with exploration expertise in specific geo-geological terrains and locations in the jurisdictions we like, around the world. As you can see from the information in the deck, we have a range of projects over multiple jurisdictions. Greenfield exploration with potential for organic growth is progressing in several locations, Australia, Brazil, and Sweden. We've also a number of inorganic greenfield targets which are earning when the time is right. Our approach is to build a pipeline of projects and rigorously progress them. If we determine that a project does not have the potential to generate the value we're looking for, we quickly will cease that expenditure and withdraw from these opportunities. Our focus is to build a pipeline of projects that can transition from inorganic to organic and feed our projects pipeline for the future. In addition to the junior explorer partnerships with a strong and revised partnership with Vale, we've leveraged project and logistics opportunities between the two companies that best suit our respective capabilities. Currently, with 12 exploration projects in Australia across Northern Territory, Queensland, Western Australia, and South Australia, both copper and nickel. Seven copper exploration projects in Brazil and five in Sweden. We're also looking at other jurisdictions which align with our strategic aspirations. The majority of these exploration projects in Australia and Sweden are joint venture, and where Brazil is owner operated by OZ Minerals. We released today some very exciting intercepts from our exploration activities in Brazil. These potentially support the Carajás East hub that Matt just referred to. As you can see, these target exploration is showing significant mineralization from diamond drilling in very mining-friendly regions. These results go a long way to supporting our hub and spoke strategy in the Carajás. We'll strive to have 4 or 5 of these connected to have Antas hub, inclusive of the Porto Rico, Tapajós, and Belmiro, in addition to the Pedra Branca and Santa Lucia projects that Matt just spoke of. Thanks, everyone, for taking the feedback. Andrew, I'll pass it to you. Thanks very much, Bryan. Thank you, Matt. I'm just gonna make a quick mark and then we're gonna open up the Q&A. Just a couple of forward-looking statements from me. Market outlook, in my view, for renewable minerals like copper and nickel has never been stronger, and we're hearing that narrative being echoed around the globe now. We have a unique set of copper and nickel assets. They all have long-term growth potential, and they are all in quality locations. As a company, OZ Minerals has an excellent track record of delivering shareholders and their stakeholders, all underpinned by quite a unique culture. We're very much looking forward to an exciting future. Operator, can you please open up the lines and remind people how to ask questions? As a reminder, I've got Warrick, Bryan, Matt, and myself here to answer questions for you. Thank you. To ask a question, you will need to press star one one on your telephone. We ask that you please limit yourself to two questions before reentering the queue. Please stand by while we compile the Q&A roster. Our first question comes from the line of Paul Young with Goldman Sachs. Your line is open. Please go ahead. Good morning, Andrew and team. Andrew, really interesting times. You're clearly on the front foot, and you clearly think you're undervalued. Can you talk maybe a little bit about the blue sky valuation scenario? First of all, you know, we know that you use about AUD 2.90 copper price on your reserves. When you're looking at corporate value for OZ Minerals, what upside case do you run on copper price and capital projects? Then looking at Carrapateena in particular, you know, you highlight, rightly so, that the resource is 5x larger than the current plan mined tons. How do you think about risk-weighted valuations on, you know, future block caves and expansions around Carrapateena? Yeah. Hi, Paul. I'll ask Warrick in a second to talk a little bit about how we run valuations, if you like, because we run a raft of scenarios. But you're absolutely right, and that's one of the reasons we put into the deck the mix of resource and reserve. It obviously costs an awful lot of money to convert resource to reserve when you're 20+ years out. We take a prudent approach to conversion of resource to reserve, drilling enough resource to move to reserve in a reasonable timeframe. We use consensus pricing. Or if you want to talk a bit about how we do that, the ranges we assess, you know, those cases. Yeah. I'll add to that, Andrew. Yeah, Paul, I mean, we use a range of factors when we're looking at different projects. You know, certainly we have our mid case, which is effectively our internal CEA deck. We look at, you know, both up and upside in terms of, you know, what the prospect could be. We also look at, you know, variabilities within that. It's not just about commodity prices, it's also about FX, you know, and other drivers, particularly in terms of the cost factors. You know, we get a full range of understanding across there. The other thing that we do is we actually think about scenarios in terms of how those different assumptions might unfold, and apply those. Effectively end up with a probability-weighted assessment of our projects in terms of that. Both, you know, picking up both those, you know, pluses and potential downsides in terms of our considerations. Okay. Thanks. It sounds like you're not gonna share any numbers, but specifically on upside. Andrew, can I just maybe switch to West Musgrave? You know, you might have been painted into a little bit of a corner here on this one as far as approvals are concerned and timing. Keen to hear your views on this. You know, you've allocated another AUD 60 million to this project. It's clearly tough to build things in WA at the moment and get the A team on contractors at the right price. You know, have you changed your approach based on the approach from BHP? What I mean by that is you're saying that you're looking at a larger scope now, above 12 million tons. You know, what are you suggesting there? You know, are you now in a situation where you sort of have to approve this project in the second half? Look, the short answer is no, we've not changed our approach on West Musgrave. We are working to finalize the scope of the project, which, from a technical perspective, is almost done. As I've mentioned before, we're just working through the commercial packaging of the project, working with key partners and suppliers. The last thing that we are working on is the land access agreement with the traditional owners. We've spent the last five, six years building a relationship with the traditional owners of the land. They are very supportive of this project. It is the first mine that they've got on their land, so we're taking a cautious approach with them to ensure they know exactly what we're going to be constructing if or when this project gets approved. We've now got all of the state and federal approvals to go ahead and build the project, so we're right at the last pieces, if you like. Our approach on the project hasn't changed. The project, in my view, is getting stronger, not weaker. The market is getting much stronger for nickel, it's getting stronger for copper, and we're seeing a lot of the end users, so electric vehicle manufacturers and battery manufacturers starting to come up the supply chain to secure, commodities for their supply chain. No, we haven't changed our approach. Still on track for a FID in the second half of this year. Okay. Thank you, Andrew. Thank you. Our next question comes from the line of Levi Spry with UBS. Your line is now open. Please go ahead. Hello. Good morning, Andrew and team. Thanks for the call. Can I just follow up on the West Musgrave one? Exactly what is the increased budget being spent on? What we've allocated as of today is AUD 60 million for securing long lead items, build slots and the like for the project so we can maintain schedule and budget, just while we wrap up the scope of the project, Levi. I should probably add, say one other thing that sort of Paul raised, and I probably didn't answer that well is. Yep. We've been working with key suppliers on West Musgrave for a number of years now. If I work through the top three and the key ones, with Loesche on the mills, we have a very good working relationship with them. They are very keen to see these vertical roller mills used in a hard rock mining environment. I'm very comfortable and confident with the partnership we've got there. I don't think that is necessarily at risk, if you like, because of the macro environment. Secondly, all of our land sculpting work and our civils work, we are using Exact Contracting. We've had built a long-standing relationship with Exact here in South Australia. They built our roads, they built our tailings dam. They're a family-owned business with nearly all long-term employees. Again, I don't feel like we're exposed on that package of work. Then thirdly, we're using GR Engineering, who we've had involved in the design and scoping of this project for a number of years. Similar to Exact, they're a company that have got long-term standing employees in a stable environment. I think the principal packages behind this project are actually in very good shape for if or when we're ready to pull the trigger on the project. Excellent. Yeah, thanks for the extra color. Maybe just moving more to the update at Carrapateena. You mentioned the improvements you've had operationally and also that you're gaining confidence in the breakthrough timing around the breakthrough. Can you just talk to those two items in terms of, you know, the de-risking events that they both are, I guess? Can you share some numbers around the improvements operationally and maybe the development angle? You know, what does the breakthrough mean? Does it mean you can pull faster and get grade? Yeah, that was lots of questions in there, maybe. Yeah. Well, let me provide an overarching summary, if you like. Please do. I'll hand to Matt to provide some detail. As we set out, this was last year, I think we set out this year, the two critical aspects for Carrapateena are to get the cave broken through to service and to get the second crushing crusher built. Both of those are critical activities to allow the production of Carrapateena to be optimized for throughput rate effectively. Very pleasingly, the cave, we're now starting to see some surface depression, if you like. We are starting to see some surface expression. You wanna talk a bit about what you're doing, the improvement projects, what you're seeing with rates and mining rates and whatnot? Yeah. Yeah, no problem. I think, yeah, we're firstly very positive and encouraged by the cave growth progression, particularly over the last four to six weeks. We see it as really a de-risking, deconstraining opportunity or moment for the mine. We've been working on a series of improvement activities over a number of months now, and we shared that at our quarterly results. We're seeing really stable performance now around our critical development activities which relate to those priorities that Andrew just mentioned. We're seeing improvement across the board also now in some of our underlying production operating activities, draw point availability, equipment availability, and utilization and so on. We're feeling increasingly confident about the performance at Carrapateena. That's obviously really importantly, because once the cave breaks through, we can actually optimize the mine for production as opposed to cave propagation, which is very frustrating. So the quicker it breaks through, the better off we'll be there. Yep. Sneaky one, so, if you can see it on the surface, so I imagine that's a matter of weeks. I'm not going to give you a date, if you like, because I think that would come back to haunt me. Yes, having surface expression and seismic activity now from the top of the cave through the surface is very encouraging. Thank you. Thanks. Thanks. Bye. Thank you. Our next question comes from the line of Mitch Ryan with Jefferies. Your line is open. Please go ahead. Good morning, Andrew and team. Thank you for taking my questions this morning. My first one is, I'm just trying to understand, to reconcile, comments that you made in the press in late July, Andrew, of investigating delay options for West Musgrave, with the positive view that you're putting out today on the asset. I guess, other than the bid from BHP, what's changed? I don't think anything's changed. I think if you go back, I first made comments about investigating delay options at West Musgrave about, it'd be close on a year ago now, I think. If you recall at that time, the Western Australian border was closed, and you literally could not move bits and pieces between Western Australia, South Australia, or anywhere else in the world. Inflation was very difficult to predict. COVID was rampant. They were the conditions that we were in when we were talking about investigating delay options. Clearly, since the start of this year, those conditions have changed. I would also assert that we're now starting to see reversal of escalation trends in some areas. We're seeing pricing starting to come down on some of the key inputs, which are key things we would like to see, such that if and when we make a financial investment decision, we are confident that we can deliver it on time and on budget. I would assert that this is not a new thing at all. While we've been investigating delay options, they have been entirely dependent on the environment that we're operating in, and that's becoming more and more favorable. Okay. Thank you. My second question is sort of pivoting in the opposite direction. If we look at slide nine in the strategy presentation, you call that an upside copper price of $4.40 a lb U.S. In that sort of environment, if that played out, what projects could you or would you look to accelerate? Yeah, I think slide nine is the CRU deck. The pricing slide in there is CRU's scenario that they publish. Look, I'm not sure we would necessarily accelerate or change anything we're doing. We are moving our projects as fast as we can to a decision point. Our projects, all of the projects that we work on are bottom half cost producers anyway, so they're highly resilient. They're not price dependent. I would assert the impact would be on margin, earnings, and returns to shareholders, not necessarily anything different that we would actually do in the project. If a project is price dependent, and we discover that that's the case, we will exit the project before we would develop it. Great. Thank you very much. Really appreciate the color, guys. Thank you. Thank you. Thank you. Our next question comes from the line of Kaan Peker with RBC Capital Markets. Your line is open. Please go ahead. Hi, Andrew, Warrick, and team. Yeah, just turning to the strategy document. It suggests that, you know, there's long-term and regional potential, and some of these options have been considered. Maybe if you can provide some detail around when studies or updates will be given on the Fremantle Doctor block cave, on West Musgrave, One Tree Hill and Yabricoya. Yeah, if there's any sort of timing or indication of project studies on those three or four projects. Thanks. Okay. Look, that's a big question. I'll try and keep my answer fairly short. Firstly, starting at Carrapateena, our primary focus, of course, is getting the sub-level caving optimized, which Matt's talked about already. It's on the transition to the block caving, which gets it to 12 million tons per year. That is a critical enabler to opening up the Carrapateena province. Once we've got a block caving operating at 12 million tons per year, that enables us to potentially develop block caves 2, 3 on the Carrapateena ore body and start stepping out to The Saddle and Fremantle Doctor. They are positive consequences of us getting the 12 million ton block caving up and running at Carrapateena. I think we need to know that they are there. I think they're valuable. They are exploitable, as our scoping study we published a few years ago now shows. Our primary focus is on getting the block caving transition done smoothly and as quickly as we possibly can. That's the primary focus at Carrapateena. If I go to Prominent Hill, half of Prominent Hill's mineral resource is still outside our reserve, outside our mining inventory, and it's open in multiple directions. Prominent Hill's mine life is already 16 years now, I think, thereabout. We are working heavily on the Papa and Walawuru areas, which are shallow deposits which will allow us to potentially put separate trucking circuits on and mine these in addition to the 6 million-6.5 million tons from shaft. They are about much shorter term cashflow, if you like, starting hopefully in the near term. We will turn our attention to the larger, deeper resource in future years. It's valuable, and we think it's valuable because the historical resource reserve conversion of Prominent Hill is one to one. I suspect much of that resource will convert to reserve in time. At West Musgrave, as you know, our primary focus has been on Nebo-Babel to demonstrate that an investment in the base case is justifiable. We still have Succoth sitting there, as Matt alluded to earlier. That's not in our base case, but I think it's 10 kilometers from Nebo-Babel, so certainly within trucking distance. The grade's just over 0.6%. I would assert anywhere else that would already be a mine, so I suspect it will in time convert. It's valuable, but it's just not in our base case. As you pointed out, there are drill intersections around Nebo-Babel that have ore grade with nickel intersections in them. We just haven't followed up. We certainly will in time, but our primary focus is getting the base case up and running. We really don't wanna distract our teams from things that potentially could create value in the immediate time, when we really need to get the base case up and running. Look, that's a quick whip through those three. I could talk about this for a long time, though, 'cause there is more upside on each of the, at each of these than on the other assets. Sure. I mean, I think also the point was, isn't the current issue actually executing on growth projects? I think most of the strategy document is around long-term growth that isn't being priced in, I suppose, the confidence then around Carrapateena being back on track in FY 2023, or CY 2023, sorry. I suppose it goes to. Oh, absolutely. Levi's question. Yeah, look, absolutely. Short-term delivery is critical. I would assert that over the past eight or so years, we've demonstrated that we can operate reliably. We've delivered, apart from the start of this year, where we've had some operating challenges, we've been very predictable and reliable in our returns to the, to be able to build Carrapateena and expand Prominent Hill and get West Musgrave up, all from operating cash flow, without needing debt, without needing to go back to the market. I think that's just evidence that our operating discipline is certainly there. I'm very pleased to see the operating discipline starting to come back into those assets, as Matt's already talked through. Once the cave breaks through at Carrapateena, it will be a critical enabler for us to be able to optimize production as opposed to optimizing cave development. That is very important for us. Sure. I'll just second question, if that's okay. Just wanna circle back on something that Matt mentioned. I think you said OZ is seeking to develop mining provinces near existing infrastructure. Looking at slide 50, looks like there's exploration plans for activity around Brazil, Australia, and there's also Sweden. Maybe if you can talk about Sweden. It seems like it's close to Boliden smelter and a couple of the mines around there? It is. Look, Sweden, we've got, I think, five exploration projects in Sweden. They are centered around some very highly prospective IOCG terrains and there are existing mines in those belts. We have got very encouraging results from Sweden. Haven't spoken a lot about that to date, because it still is an exploration program per se, but we're using that exploration program to learn how to work in Sweden and gain experience in that operating environment. We are staying in Sweden because it's actually proving to be a very mining-friendly jurisdiction, and we see a lot of upside in those exploration projects. You're right. There is some very good infrastructure in that area. We have a very good relationship with Boliden. We've got a lot of respect for them. They are technically incredibly innovative. They work very well with partners, which we love doing. You know, I'm very hopeful for that district, if you like. Sure. Thank you. I'll pass it on. Thank you. Our next question comes from the line of Matthew Green with Credit Suisse. Your line is open. Please go ahead. Hi, good morning, Andrew and team. I just wanted to start with Prominent Hill, just the 10 million ton option that you've highlighted today. I guess if we just take a step back and look at the medium-term strategy around Prominent Hill. You know, you've been derating the mill down to 6 million tons supported by the shaft haulage. Now, if you are able to develop those shallow mining areas, and I appreciate you are still doing the work here, but what does this potentially look like? Is it, you know, pull down to the 6 million ton with the option of putting it back up to the 10 million ton level? Or are you looking to potentially fast-track some of this and perhaps push out that derate to 6 million tons? Any sort of color there would be helpful, thanks. Matt, as you say, we've got a 10 million ton of Prominent. The mill is still running at full capacity. It's taking our ore that we mine from underground currently, and we're supplementing that underground ore with stockpiled ore to keep the mill at 10 million tons per year. The shaft is rated at 6.5 million tons per year. Our current underground mine plan is at 6 million tons per year, but we are rebuilding that mine plan to aim to exploit the full 6.5 million tons per year. We are also, in parallel, working on Papa and Walawuru to see how much we can extract from those in addition to the 6.5 million tons. That will take it somewhere, hopefully, all going well, north of that number. There are still additional opportunities in that. Look, philosophically, we are aiming to keep that 10 million ton per year processing plant full. There is plenty of resource and reserve at Prominent Hill. That's not the challenge. The challenge is extraction. The shaft, I think, is rated at 70% utilization, so there's opportunity potentially in that. There are other shallow mineralized zones around Prominent Hill that we, in time, will get to. Our philosophy, if we can, is to fully utilize our mill. We don't want it sitting there empty. That's great. That's helpful. Thanks, Andrew. I guess just on the approach by BHP, I imagine this has been quite disruptive on several fronts. I just wanted to ask, what's the feedback been from your traditional owners at West Musgrave? You know, you've highlighted today you've worked hard over the years on that relationship. Have they voiced any concern given there's now, I guess, a risk around the change in ownership? Look, the approach hasn't been that disruptive. We received an approach from BHP with an offer and the board considered the approach and unanimously agreed that it significantly undervalued the company, so we rejected it. I meet with our shareholders regularly, and I certainly have since then, and our shareholders, I think, unanimously supported our rejection of the offer, that they agreed that it undervalued the value of this company. As far as we're concerned, we're getting on with creating value for our stakeholders. That's what we're focused on. I think that's what we're good at. Okay. Thanks, Andrew. Thank you. Our next question comes from the line of Trent Allen with CLSA. Your line is open. Please go ahead. Hi. Thanks, guys. Just again, on the BHP offer. I know you've knocked it back at AUD 25 a share, which we agree with. Now, a few years ago when you were talking about funding Carrapateena at a larger scale and now maybe West Musgrave, you were thinking about joint venture partners and sort of asset-based transactions. Are you still open to those ideas? For example, you might sell part of one of the projects to someone who would want to kick in some funding in exchange for a share of the ownership and sort of come on that journey with you rather than offering to take you out altogether. Thanks. Yeah. Morning, Trent. Look, as a company, we, one of our strategic elements is around partnerships. We work on, in partnership on many things, including BHP in some cases. We're working together on a northern pipeline to supply water into north of South Australia. We will always listen to people who want to be part of these assets. We're certainly getting a lot of inbounds on West Musgrave because of the nickel and unique location of that asset. We're certainly always open to partnership opportunities like that. Thanks. I've got a very specific one just on Kalkaroo. If there's a change of ownership, does it affect the JV there? Bryan? The change of ownership. change of ownership. Just change of ownership affect the joint venture there. Shareholders are still going to a vote. Yeah. The shareholders will go to a vote. Then we will obviously have the 80-month period to assess the location. Obviously then we'll decide if we wanna take it up or not take it up at that point in time. Yeah. In short, no. I don't think the change of control is a topic here. Tabular have been very supportive of the process. They're still going to a shareholder vote on 31st. Okay. Thanks, guys. Thanks. Thank you. Again, if you would like to ask a question, please press star one one on your telephone. Our next question comes from the line of Lyndon Fagan with JP Morgan. Your line is open. Please go ahead. Thanks very much. Back again on the BHP offer. I'm just interested in the decision not to engage with BHP. I'm just wondering whether you've got any concern about the downside to the share price if the bid gets pulled and, I guess in relation to the value, I mean, how do you see it? Are we a couple of ballparks away? Thanks. Hi, Lyndon. Look, as I answered the question previously, I think with one of the other questions, the board was unanimous in that the offer submitted to us significantly undervalued the company. OZ Minerals has traded above that offer price for almost half of the last 12 months. I think if you use a VWAP for the last 12 months, it's like AUD 0.07 or thereabouts. I think it's fairly easy to see and understand that that bid, that offer came at a very opportunistic time when copper prices have dropped off from $10,000 down to just under $8,000. Our share price went with it for a couple of months. Quite easy to see that in a sector that is rapidly growing and every commentator is saying that it's going to have supply and demand gaps in the not too distant future, that we have got an awful lot more value to create in this company than selling at AUD 25 per share. Thanks, Andrew. I guess the other question is, you know, it's a great pack outlining the growth potential in the business, but I guess there's a couple of things missing for us to really put it together. You know, there's some big capital items, the Carrapateena block cave, the West Musgrave CapEx, both of which I assume have had significant inflation. You know, I'm wondering whether you can talk about that and also the balance sheet. If we're sticking to the 1.5 x net debt on EBITDA, I'm just interested in picking up on the comments that you don't need additional funding to go ahead with West Musgrave and everything else in that pack, and maintain that ratio. Thanks. Yeah, sure, Lyndon. Let me talk about a couple of things. Warwick can make some comments on the balance sheet. All of the long-term capital requirements for these projects we've put into the market. We can get one of our team to take you through the various capital forecasts for each of the projects, if you'd like. Very happy to do that for you. There has been, I think as you rightly point out, inflation over the last year or two in our market that indeed will be reflected in projects and input costs. We can still comfortably say, if you put West Musgrave aside for a second, that we can fund all of the brownfield expansions that are in our current pipeline and continue to pay dividends at a sustainable pace from our operating cash flow. West Musgrave requires a funding solution, which is exactly what we are working on at the moment. I'll get Warrick to talk about our balance sheet in a minute. I should also point out, though, that not all of the capital costs are necessarily heading upwards. Let me give you one example. At Carrapateena, when we released the Block Cave expansion study, the surface infrastructure required an 8 million ton per annum plant extension to take a then 4 million ton plant up to 12 million tons for the Block Cave. Our current plant has demonstrated that it can do well over 5, and we've got a pathway to 6 through fairly small incremental debottlenecking. That's an example where we've improved the existing facility, which is gonna remove the capital from the Block Cave expansion capital. Not all of these numbers are necessarily heading upwards, if you like, as we continue to debottleneck our current assets. Do you want to talk about balance sheet? Yeah. Lyndon, you know, the first thing I'd say is we didn't say that we would necessarily stay under 1.5x. We said 1.5x is our capital management framework, and we would be comfortable stepping outside of that if we had a pathway to come back down fairly quickly. You know, we continue to have a disciplined approach to our capital allocation and continue to work through how we really maximize the use of our balance sheet. Obviously, our current low level of debt provides us with, you know, a number of options for where we're starting. I think one of the really positive aspects of the growth pipeline that we're currently working on is that rapid uplift in cash generation, you know, post 2027, 2028 with, you know, with the progression of Carrapateena, block caving and the additional output there. And then hopefully, you know, West Musgrave coming on there at the same time. I think it really does provide us with a number of funding options. You know, our pipeline is a pipeline. It's not about doing, you know, saying that we're going to do all of it. It's about, you know, creating the value out of that pipeline and then being able to sequence it in a way that actually works for us. I think, you know, that's sort of part of the way in which we think about it. I'll just say, you know, trust me, I really haven't been short of funding offers in terms of our projects. Yeah, I mean, as Andrew said, with good projects, there's certainly the capital there. Is equity part of the funding considerations for West Musgrave? Look, you know, we don't exclude anything in terms of, you know, our thinking. You know, we're really thinking about, you know, what's in the best interest of developing the project and how we create value for our shareholders. You know, the whole suite of options is open with any of our projects really. You know, the same with any miner, not just with us, but. Thanks a lot, guys. Really appreciate the color there. Thanks, Lyndon. Our next question comes from the line of Michael Evans with Acova Capital. Your line is open. Please go ahead. Good morning, guys. Thanks very much. In fact, Lyndon asked the questions I wanted to ask with regards to the balance sheet and how you thought about funding all this. I take it that 1.5x net debt to EBITDA is your primary guide? I mean, I'm sure you look at a number of different metrics, but is that the one we should think about the most in terms of looking at the funding capability and sort of managing your downside? Or do you look at gearing ratios as well or? Yeah, we do. We look at the suite, Michael. You know, interest cover, obviously, free cash flow to EBITDA. Sorry, free cash flow to debt, gearing, leverage. Yeah, they're all sort of factors within our broader thinking. Just while I've got you on West Musgrave, is that. You talk about sort of funding that. Do you think about the funding for that, as a separate facility than your sort of corporate facility, your existing sort of AUD 700 million? Would it be a different basket of funding given it's a greenfield, kind of a new project? Yeah. Potentially? Yeah. Our corporate facility we see as a working capital, you know, effectively liquidity buffer facility. Obviously it sort of plays in a little bit, but, you know, we would look also, you know, we'd certainly think about, you know, longer term debt arrangements if, you know, depending on the ultimate profile of the spend and the project. You know, whether or not that's a five-year facility, we've certainly got that in place over most of the required funding period, but we'd certainly look to complement that. We still, you know, we're not really looking at things like project financing. We'd prefer to, again, use the strength of our balance sheet, you know, about how we think about some of those required facilities. Okay. That's great. Thanks, guys. Thank you. Thank you. I'm showing no further questions at this time. I would like to turn the conference back over to Andrew Cole for any further remarks. Great. Thank you very much, operator, and thank you everybody for dialing in. As usual, if you have any questions you'd like to walk through, please give us a call and we'll organize the line. This concludes today's conference call. Thank you for participating. You may now dis- Friday and then the weekend. This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.