Good day, and thank you for standing by. Welcome to the OZ Minerals September 2022 quarterly results conference call. At this time, all participants are on the listen-only mode. After the speaker presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, to Andrew Cole, CEO. Please go ahead. Yes, thank you very much, and good morning, and thanks everybody for joining us for our September quarterly report call this morning. I'm on Kaurna land today, and I'd like to pay my respects to their elders, past, present, and emerging. I'd also like to acknowledge and pay my respects to the traditional owners of all the lands on which OZ Minerals works. Joining me today are Warrick Ranson, our CFO, and our Operations Executive, Matt Reed. They're going to talk to our Q3 financial and operational performance in a moment here. We'll then move on to Q&As. The upcoming two slides are the usual disclaimer and compliance statements, which are available on our website for you to review at your leisure. In quarter three, we saw continued improvement in operating performance at all three of our operating assets, with unit costs improving as production volumes increased. At Prominent Hill, improved performance resulted in September being the highest underground ore movement month on record, and at Carajás East, September being the highest produced metal on record. There's also been month-on-month production performance improvements at Carrapateena. At West Musgrave, construction will start next month following the positive final investment decision in this quarter. We've now started exploring the potential also for a strategic alliance in this asset, following significant inbound expressions of interest over the last six or so months from parties with a strategic interest in modern minerals. Our work on the Kalkaroo project commenced late in the quarter also, after Havilah shareholders approved our option to acquire the project. We also continue to progress the brownfield expansion projects at Prominent Hill, at Carrapateena, and in the Carajás. Our AUD 700 million corporate debt facility continues to provide substantial working capital liquidity, supporting our investments in the Prominent Hill and Carrapateena expansion projects. In addition, our new AUD 1.2 billion syndicated term loan facility has been finalized to support the development of the West Musgrave project. I'm going to speak to our 2022 guidance a bit later, but wanted to briefly note that we remain on track to meet 2022 group copper production guidance. However, we have lowered Prominent Hill gold production slightly and increased unit cost guidance. Mining is key to building a renewable future, which I think we all understand, but it must be conducted responsibly and ethically. In recognizing that we are entering the electrification era, we have evolved our strategy from a specific copper focus to a broader suite we describe as modern minerals. Initially, this will see us include copper and nickel in our target portfolio. In time, we may consider other electrification-era metals. Our strategy is part of the OZ way, with value creation for all our stakeholders in the center, which is what we hold to be most important. We believe that only when we are creating value for all our stakeholders will we be a successful and sustainable company. One of our stakeholder groups is our workforce, and a critical metric of how we are creating value for our workforce is ensuring we have a physically and psychologically safe workplace, which is why, during the quarter, we implemented a one-day safety stop across the whole company to address an unacceptable trend in safety incidents. The company-wide shutdown enabled a wide-ranging set of activities to help people refocus on their physical and mental well-being and prioritize initiatives to help people work safely. Pleasingly, safety performance has since stabilized, but we still have more to do. Moving on now to the next slide, which shows our unique portfolio and the key provinces we are creating, along with their production costs, resources reserves, and their growth potential. Each province is an opportunity for us to create something that is multi-generational with low operating costs. There is a consensus view among expert commodity analysts of the substantial market opportunity ahead of us. A rapidly decarbonizing world that's on the cusp of a multi-decade transition into the electrification era. OZ Minerals is uniquely positioned to capture this growth. We have a one-of-a-kind suite of long-life, low-cost operating assets in low-risk jurisdictions, focused solely on precisely the commodities that will support this transition. Importantly, we have demonstrated a track record of converting innovative ideas into highly value-accretive producing assets for our stakeholders. Our mines and our growth opportunities are located in safe and stable jurisdictions. This, at a time when the supply of minerals that can be accessed in quality locations like Australia, is becoming increasingly scarce. Our organic portfolio of quality long life, low-cost copper and nickel mines and growth assets support a very realizable growth trajectory. This is being enabled by an innovative culture of people who take great pride in what they do, and it is the foundation of a clear pathway to more than doubling our production in the years ahead, all from within our existing pipeline. I'll now move on to a summary of our Q3 production costs before handing over to Warrick and then Matt. As mentioned, production consistency and momentum has been building through this last quarter, with both efficiency and reliability improving month-on-month. This was highlighted with Prominent Hill producing a record underground ore movement month of an equivalent 5 million ton per annum run rate for the month. On costs, unit costs are improving quarter-on-quarter as production volumes increase. We are seeing inflation contribute to higher unit costs, which Warrick will touch on. Given the performance year-to-date, we expect a strong operational finish to the year, which will also set us up well for next year. I'm now gonna ask Warrick and then Matt to talk through the results in a little more detail, please. Thanks, Andrew, and good morning, everyone. Volatility continued in the sector, consistent with most of this year, of course. For the Chinese economy, we've seen mixed indicators, with some signs of optimism offset by headwinds in the real estate sector. However, EV sales in both the U.S. and China increased significantly, continuing to support our modern minerals strategy. We also saw global auto forecasts upgraded, with positive revisions for China offsetting a slightly lower outlook for Europe. Downward pressure on the Australian dollar over the quarter provided some compensation for a lower US dollar copper price. In the short term, we expect this to persist in line with expected US economic policy, which is providing higher relative yields. Importantly, copper market fundamentals remain very positive, with activities in our key South American supply chains continuing to experience production and cost issues, at the same time as seeing a tightening market in Europe. In terms of our specific capital management activities for the quarter, as Andrew mentioned, we saw the investment decision taken on West Musgrave, supported by a new AUD 1.2 billion 18-month syndicated term loan facility, strongly supported by our relationship banks. With documentation completed, financial close of that facility continues to remain on track for the end of October. This facility has enabled us to commence development of the project while optimizing the final funding mix, potentially including a minority interest sell down, as Andrew touched on. We also paid a fully franked interim dividend of AUD 0.08 per share during the quarter, consistent with our sustainable dividend policy. On cash, we finished the quarter with a net drawn position of AUD 84 million after investing AUD 286 million into our growth projects. Work continued on the Wira shaft mine expansion at Prominent Hill, with pre-sink equipment installation completed, and shaft sinking operations commenced. At Carrapateena, the focus remains on the installation of Crusher 2, although we also commissioned a new high-intensity grinding mill there as the team continues to identify opportunities for maximizing mill throughput and product quality. Ongoing decline development activity continued across all our operations. Working capital movements generally reflected shipment timing, with a busy October shipping program scheduled. Moving to costs. Unit costs improved quarter- on- quarter, in line with both the improved production performance and the weaker Australian dollar. While we certainly had a much better quarter on COVID absenteeism, it took us a bit longer at Prominent Hill to see a full uplift in workforce availability, experiencing shortages on cable bolters in particular early in the quarter. Domestic inflation picked up in July and August, and while it was broadly based, it still remains lower than most other developed economies. We've begun to see early signs of slowing from the current tightening of monetary policy and expect to see a further easing in coming quarters. Although utility pricing remains uncertain, with global energy prices remaining high. Having said that, interestingly, we've actually seen a reduction in electricity and diesel costs in Brazil this quarter. Despite this, we experienced an uplift in mining costs, not so much a factor within the South Australian economy, but with interstate markets placing pressure on hourly rates for both operator and maintenance crews. Shotcreting costs also increased quarter-over-quarter, with pricing volatility for this consumable being experienced throughout this year. We continue to manage cost pressures on key inputs by assessing our short and longer term demand and cost profiles for each major item and optimizing the contract periods and structure for each where we can. With that, I'll hand over to Matt, who will take us through some more of the detail on the operational performance. Thanks, Warrick. As Warrick says, I'll now speak to the details of our operational performance in quarter three, starting with Prominent Hill. We delivered 1.13 million tons of ore during the quarter, which is 26% higher than Q2, and average grade 1.1% copper for Q3. Ore production did increase progressively throughout the quarter as the impacts of COVID-related absences fell, a number of critical vacancies were filled, and we also benefited from work to improve the diversity of our ore sources, some schedule optimization and some early wins from our continuous improvement program. In September, as both, Warrick and Andrew have mentioned, we achieved the highest monthly underground ore production recorded at Prominent Hill of 412,000 tons, which represents, as was said previously, an annualized run rate of around 5 million tons per annum. We've also been mining remnant ore near the bottom of the Malu open pit, utilizing an ore source there that otherwise would've been sterilized through in-pit waste dumping. Copper production is on track to meet annual guidance, with continued improvements at underground operations. Higher copper grade stocks coming online in Q4, improved plant performance. We are expecting a material improvement to copper metal production for the quarter. The strategy will, however, result in lower gold production and with a lower portion of gold stockpile feed to be milled during the quarter. As was mentioned, we now expect full-year gold production to be within the lowered gold guidance range. On the Prominent Hill expansion, work has been steadily progressing. As Warwick said, pre-sink equipment has been installed. Shaft sinking has commenced, and by the end of the quarter, we were around 25 m below the shaft collar using the vertical boring machine. We're expecting the headframe to be delivered to site in Q4, along with the permanent refrigeration plant equipment and new ventilation fan as well. Also on expansion, the accelerated infill drilling program is progressing to plan. First cuts have been taken on the headings for that program in September. They'll ultimately be used for diamond drilling to potentially expand the resource and also to convert the inferred resource to reserve. During the quarter, we also completed drilling in the tailings storage facility as part of our program to investigate the potential of further metal recovery there too. At Carrapateena, the underground team mined just over 900,000 tons of ore for the quarter at 1.64% copper. Our copper production was 14,500 tons, and gold just under 20,000 ounces. We have continued there to blend ore hoisted from underground with priority development waste to maximize the total material movement through the system and hence metal production. For reporting purposes, you'll see we've now separated this waste out of mined ore and grade numbers to make it easier to understand. Around the cave, we've completed a further series of surface hydraulic fracturing campaigns as we work to aid the propagation of cave to surface. We saw significant seismic responses during the quarter. 43 m of vertical growth and at the end of September, the cave was about 90 m from surface. That's given us confidence to cease our underground overdraw program. We've got a further hydraulic fracturing campaign planned for this quarter, and we continue to be hopeful of the cave breaking through to surface by the end of the year. Decline development to the Block Cave now exceeds 1,000 meters vertically below surface. All major components for Crusher 2 are now on site, and completion is now expected towards the end of 2023. Finally, on Carrapateena, we've reached further milestones on the construction of the second stage of the TSF with completion of the main embankment with earthworks and a raise now of the decant tower site. In the Carajás East province, strong operational performance continued at Pedra Branca, increased grade and recoveries contributing to about a 20% improvement in copper and gold production during the quarter and a metal production record in September. Also expected in this last quarter of the year, in Brazil, an updated mineral resource estimate for Santa Lucia with an accelerated plan in progress for pre-feasibility study. Got planned follow-up drilling at the Tapuia, Grota Rica, and Valdomiro exploration targets. At Carajás West, the completion of the mineral resource estimate and study of Pantera, which looks at the possibility of Pantera becoming the second hub of Carajás province. Finally, in the Gurupi province, INCRA Brasília is now progressing its review of the Centro Gold land use concession agreement and relocation plan following state-level endorsement. On that, I'll hand back to Andrew. Great. Thanks very much, Matt, and thank you, Warrick. I'm now gonna take the opportunity just to recap the details of the announcement we made in September on the West Musgrave FID and feasibility study. West Musgrave is a key part of OZ Minerals' next growth phase and signals our entry as a multi-commodity producer of modern minerals, both copper and nickel. West Musgrave is expected to come into production at an opportune time to enable us to supply world markets as demand is projected to last for decades to come. Underpinning the positive final investment decision by our board is a rigorous feasibility study that confirms the robustness of the project. It comprises an increased processing capacity of 13.5 million tons per annum, achieved through mine planning and plant optimization. A compelling production profile of circa 35,000 tons per annum of nickel and about 41,000 tons per annum of copper in the first five years. Over a 50% increase in project net present value to circa AUD 1.5 billion-AUD 2.2 billion on capital of about AUD 1.7 billion. Key highlights of the West Musgrave project include a 24-year operating life from first production, expected to commence in the second half of 2025. First quartile position on the cost curve, underpinned by favorable ore body characteristics. A focus on sustainability as a modern mining project, which includes more than 80% renewable penetration of the power generation system and a pathway towards achieving net zero scope one emissions by 2038. We are expecting construction to commence in November with key contracting partners who have already been selected and long lead procurement has already commenced. In the longer term, West Musgrave Province holds huge growth potential, and we're exploring several opportunities to unlock further value at the site. 51% of the resource remains outside of the reserve, so there's a potential mine life upside through resource to reserve conversion over time. The study of a downstream nickel processing plant to produce mixed hydroxide precipitate continued in Q3 with a pilot plant program now successfully completed in the U.S., which demonstrated the process flow sheet on a continuous basis and produced a high-quality MHP product that benchmarks well on a nickel content basis. An MHP PFS update is on track for release later this year. The key attributes of the West Musgrave, particularly the scale of production and its long mine life, lend itself to potential downstream integration, which is why we have started exploring the potential for a strategic alliance following significant inbound expressions of interest over the last six or so months from parties with a strategic interest in modern minerals. Now on to the Curnamona Province, where the Kalkaroo project is located. Havilah Resources Limited shareholders have voted to grant OZ Minerals the option to purchase the Kalkaroo Copper Project. The Kalkaroo Project provides us the opportunity to add one of Australia's largest undeveloped copper-gold projects to our organic growth pipeline. Since the proposed transaction was announced in May, we have been planning work programs, engaging with suppliers, and working closely with the Havilah team to enable the study, which will focus on opportunities to identify additional value and de-risk a project development. Through the study, we will improve our understanding and confidence in the project, which will include an infill drill program to confirm the current mineral resource estimate. Our agile approach has enabled rapid developments of projects supported by our culture, which has allowed us to maximize value. We have been building the suite of assets and projects you see on the screen over the past years and now are poised for our next chapter of growth. I'm gonna call out a few updates on our exploration projects from the quarter, which are showing encouraging early-stage signs. At Peake and Denison, approximately 150 km northeast of the Prominent Hill mine, drill testing of three large IOCG targets was completed by Demetallica Minerals. Second, to further test, the magnetic anomaly is planned at Wels. Five projects are also underway in Sweden with early encouraging results. In line with ensuring optionality and growth, we will remain focused through 2022 on adding multiple options like Kalkaroo to our pipeline. I'm not gonna dwell too long on this slide, which shows the usual information on our different assets, projects, stages of development, and resources and reserve information. This is provided as an easy reference to track the estimated delivery of the different assets or projects in our provinces. Finally, on key milestones, we've got a few busy months coming up ahead of us. These include an updated group MRE, which is expected in the quarter. Wira Shaft Precinct works at Prominent Hill is expected to be completed this quarter. The PFS stage two that Carrapateena is expected to complete this quarter. A West Musgrave MHP study is due for a release and update this quarter. Finally, study updates as well for the Carajás East and West are also due to be updated this quarter. To summarize our results for the quarter, we are focused on our strategy, capitalizing on value-accretive opportunities, and maximizing value for our stakeholders. With consistency and momentum building in our operations, we are on track for 2022 group copper production guidance, notwithstanding a slight reduction to Prominent Hill gold guidance. Construction on the West Musgrave project is starting later this month. We have added an option to acquire the Kalkaroo Copper Project. We closed the quarter with a net cash position of -AUD 84 million after reinvesting AUD 286 million in growth projects. Our corporate debt facility and syndicated term loan facility puts us in a good position as we invest in our major brownfield expansion projects, Carrapateena and Prominent Hill, and develop the West Musgrave Project. What we have achieved this quarter, and more broadly, has been driven by our culture. It is our innovation, our agility, and our collaboration through partnering that have led to our success, and importantly, allows us to replicate this success in the future. Just finally, on a personal note, before we go to questions, I'd like to pay my respect to Peter Bradford and send my condolences to his family, friends, and the whole of IGO team. Peter was a great person and a visionary, and I think he's gonna be greatly missed. I'd also like to pay my respect and send my condolences to the family and friends of workers and the work colleagues of those who have recently lost their lives while working in our sector. It's clear that as an industry, we have still got more to do. Okay. Operator, can I please ask you to remind people how to ask questions? As a reminder, we've got Warrick Ranson, CFO, Matt Reed, Ops Exec, and myself here to answer. Thank you, sir. As a reminder, to ask a question, you will need to press star one one on your telephone. We ask that you keep your questions to no more than two, but please feel free to go back into the queue, and if time permits, we'll be more than happy to take your follow-up questions at that time. Please stand by while we compile the Q&A roster. I have our first question comes from the line of Paul Young from Goldman Sachs. Please go ahead. Thanks. Yeah, morning, Andrew, Warrick, and Matt. Andrew, a couple of questions on Carrapateena. It's clearly still a pretty tough, you know, operating environment out there to deliver, and a pretty mixed quarter on mine tonnes and grade from Carrapateena. Just a few questions. One is, the first one's on- The cost guidance, and I know there's no commentary on the increase in cost guidance on the front page of the report. Your cost at Carrapateena year to date are $1.25 a pound. Yet your guidance is $1-$1.15. Can you just step through how you're actually gonna achieve your guidance for the year? I can do, Paul. We've got Matt Reed here, who can talk a little bit about the operating performance. Maybe I'll ask Matt just to talk a little bit about the trajectory of the operating performance year to date and why we're comfortable and confident in the next quarter's performance first. Yeah. We have throughout the previous quarter seen and, in fact, through the back end of the quarter before delivered improving underground ore production as well as development performance. We've still got a number of reasonably significant operational improvement initiatives that come online throughout this quarter. We're comfortable that trajectory will continue to improve, and we are comfortably on track around our guided composition. Okay. Thanks, Matt. Sorry, Paul, keep going, mate. Yeah, sorry. That was a question of course on the next quarter and the near term. I know this is a twenty-year asset, and I'll listen, we'll work through the cost calcs a bit more. But a question actually more on the medium to long run, and Andrew, a question on that, in specifically around the Block Cave. You know, I know you've done a pre-feasibility study on the Block Cave, and you know, the capital estimate was AUD 1.25 billion. You went straight into development. We haven't seen a feasibility study or a you know I guess a capital update on the Block Cave. Can you maybe dive on that? Are you gonna provide one or have you actually reestimated the CapEx in line? Has there been any change to the scope of that project, like, you know, how you stage that project? Yep, sure, Paul. As we sit here today, the scope of the project as in our base case hasn't changed. As you know, we have given five-year guidance, for example, four-year guidance, and we're still on track to deliver that four-year guidance, which does in part include the first phase of development for the Block Cave expansion. If we were to change that, of course, we would need to change our guidance, which we're currently not doing because that base case has not changed. Two things I would add to that. The first one is, which I've mentioned before, we are driving the current processing plant very hard. The team's role at site is to continue to bottleneck that plant, push the plant performance to as high as possible because the more throughput we can get through the current plant, the smaller the second train we need to build. Notwithstanding an inflationary environment and input costs are increasing in time, it is likely that the size of the plant we'd have to build to meet the 12 million ton Block Cave expansion is also decreasing. There's swings and roundabouts, if you like, to the capital estimate. Having said all of that, we are constantly reviewing our life of mine strategies in our different assets. We're in the middle of another planning cycle at the moment, and we are looking at various options for Carrapateena as we will always do. Unless we actually land on an alternate base case, the Block Cave and its base case will continue as planned. If we do see material capital changes post the guidance which we've given you, we will need to update the market because we've put it into the PFS that we released a couple of years ago. For now, Paul, you should be assuming the same numbers that we've put into the materials we've released for you. Okay. Understood. Thanks, Andrew. Thanks, Warrick. Thanks, Matt. Cool. Thank you. Our next question comes from the line of Levi Spry from UBS. Please go ahead. Yeah. Hi, Andrew and team. Thanks for the call. Maybe just another one for Matt. Can you just step me through a couple of the milestones at both Carrapateena and Prominent Hill and exactly what they do for production? Maybe starting with the cave breakthrough, what we can expect to see there in terms of cave draw, then when the crusher chamber is due, what we can expect to see on haulage. Maybe just remind me at Prominent Hill with the shaft when that can take rocks. Thanks, Matt. Yep, no problems. From a cave breakthrough perspective, probably a couple of things. I think we saw a significant amount of movement in the last quarter, as I mentioned, which now gives us a lot of confidence on breakthrough. That has meant that we've ceased those overdraw activities, which I think we've probably referred to a few times during the last 12, 18 months or so. That improves our grade from underground in closing off a couple of levels, improves our ventilation. It is part of why we're seeing improving trajectory at Carrapateena. A second question I think was around Crusher 2. Crusher 2 enables some improvement in underground ore movement. It debottlenecks our overall materials handling system, and of course, it also has an impact on cost as we eliminate some of our trucks from the haulage circuit. There's a couple of benefits or opportunities that will flow through with conclusion of Crusher 2. I think your last question- Current timeline to put it out? Crusher 2 towards the end of 2023. We expect that on. I think your next question was on the shaft. We're still saying 2025 for the Wira shaft. Okay. Thanks, mate. Andrew, just maybe one more on the strategic partner for West Musgrave. Can you just talk us through exactly what stage that process is at? I guess the context there is the optimization study sometime next year. Are there people in the data room? Is there a process running? What's the context around that? Thank you. Yeah, Levi. There is two parallel pieces of work underway, both of which we've referred to previously. One is a technical work stream to demonstrate that taking West Musgrave nickel concentrate into a West Musgrave nickel MHP is technically feasible. The work that's been done to date has shown that not only is it technically feasible through a pilot plant, but the product is very good quality when you benchmark it compared to other MHPs around the world. From a technical perspective, we're moving further and further down the study pipeline. We're due to complete a PFS, if you like, study update later this year. In parallel with that, we have started a process to understand what downstream parties or which downstream parties may be interested in a minority position in West Musgrave. That process has commenced. It's by invitation. It's going exceptionally well. Once we get more information, we'll update you on what that looks like. We should be able to give you an update later on this year, I suspect. Great. Thank you. Thanks, Andrew. Cheers, Levi. Thank you. Thank you. We have our next question from the line of Kaan Peker from Royal Bank of Canada. Please go ahead. Good morning, Andrew, Warrick, and Matt. Thanks for taking the questions. It's great to see Prominent Hill underground development rates increase, but it looks like actually, movement guidance, underground movement guidance has been decreased for both Prominent Hill and Carrapateena. This hasn't been called out in the front page of the note. Just with the underground, wonder if it's, you know, are we seeing more selective mining of high grade space there? What's changed, and how long will these high copper grades last? And also the reasoning behind extracting ore from the open pit, as it's more likely to be lower grade. I'll circle back with a question on Carrapateena. Thanks. Maybe I can just answer the first piece at a high level. I mean, the reason we've downgraded total volumes is because we started the year slowly, and we've just not been able to catch up effectively to the tons we lost in the first half of the year. We're not high grade. We are targeting volume. Effectively honoring the schedule that we've built, which is an MP, but a maximizing strategy path over the long term. It's not about short term, and it's not about high grading slopes. We are targeting long-term value, which maximizes volume and throughput and us sticking to the schedule. Matt, do you want to talk a little bit about the work we're doing in the open pit, why we've done it, et cetera? Yes, certainly can. I think probably with increased knowledge of the stability of the pit and an opportunity to access some material prior to it essentially being lost forever underneath waste, plus some opportunity to improve our flood mitigation. It's just a great opportunity to bring a good chunk of additional ore into the mix. I'm not sure off the top of my head the grade, but it's not a significant dilution. In fact, it's good material. I wouldn't be concerned about that. Go on. Matt, maybe just one point to add. You may recall that we, you know, we've had some pit stability issues with our open pit historically. We did take a fairly conservative approach to how we left the open pit. The pit's performed exceptionally well, I think, Matt, over the last few years. We've seen very little wall movement at all, which has given the team confidence to be able to start taking a bit more out of the pit than what we had planned. Sure. Thank you. Just second question is sort of following on with what Levi Spry's asked, particularly around the Crusher 2. It looks like that's been, the commissioning's been pushed back to the first half or what you're talking about now is towards the end of 2023. What are sort of the implications for volumes for CY 2023 in terms of costs and also the debottlenecking project? If there's any CapEx implications there as well? Thanks. Yeah. It has moved with some underperformance or really the similar underperformance that we spoke about earlier in the year and more recently. Some redesign work we've had to do given some changed ground conditions. That's all very much behind us, and we're pleased with progression now. We're comfortable still around the previously guided position on copper tonnes over that four-year period. As I mentioned in the previous answer, there is a cost implication as we will run trucking fleets for longer than originally intended. We're working through that in our planning process now. As far as we sit here today, we don't need to change our guidance. To Kara, we've got full year guidance out there, I think. If we need to change that, it'll be in January next year once we've finished our planning process. As we sit here today, we don't feel we need to. Cool. Thank you. I'll pass them on. Appreciate it. Thank you. Our next question comes from the line of Peter O'Connor from Shaw and Partners. Your question please. Andrew, just following up on the MHP question and the process. Thanks for giving me some detail about the invitation only. So is the process now at giving invitations at a level where you're heading towards a non-binding indicative bid stage? Is that where we're at? I missed the comment from before when you may have concerned the timeframe of the process, but just wanted to seek that clarification. Yeah, Peter, we are committing to give an update on MHP, both technical and commercial processes by year end. We are seeking indicative offers from 5 parties. Okay. Shifting to labor, you made the comments about COVID and I guess partial recovery from that COVID absenteeism we've seen for the last several years. You mentioned skills. Is skills the new crunch as opposed to absenteeism or is that just a fleeting issue as well? If I comment on that, Matt, we've seen the assets. Yeah, I mean, obviously something we always have front of mind. We've had pretty good results over the last quarter in filling a number of critical gaps. Here and now, no. Of course, we're in our planning process. We're thinking about our two-year, five-year plans. That includes what skills we're going to need and what preemptive or proactive work we will need to undertake in order to ensure we continue to have them. Here and now, no, we're in good shape. Peter, I think just to add to that, you know, we've seen a bit of a cycle, so we've been through, you know, where we've dropped off on some skills, and then we've been able to recruit them. Earlier in the year, we had, I think, fitters, for example. This quarter, we experienced a bit of a shortage, as I said, with rock bolters, but we've been able to fill those. It's just a little bit of a cycle that we go through on various sort of baseline skills. Thank you. Thank you. Thanks, Peter. Now we have our next question from the line of Daniel Morgan from Barrenjoey. Please go ahead. Hi, Andrew and team. Could you just provide an update on your power purchase agreements in South Australia? You know, when are they due, and what are your strategy to negotiate the next ones? Yeah, I can. The power contract, which we've had in place for a few years now, the fixed price contract ends at the end of this year. We're currently working through a process and have been for quite some time, actually, on what our strategy is going forward. There's multiple options, of course. It is pretty volatile and dynamic environment right now. Once we have locked in a strategy, we'll be able to tell you what it is. For now, we're still working through it. We're considering short-term, long-term, fixed price, spot price, and everything in between at the moment. Okay. Thank you very much. Thank you. Thank you. Now we have our next question from the line of Mitch Ryan from Jefferies. Please go ahead with your question. Good morning, Andrew and team. My first question relates to Prominent Hill mining costs. You've called out increased turnover rates. I was just wondering if you could provide any color on how they are actually tracking. Is it that they've returned to normal after a period of being quite low, given border closures, or are they elevated relative to historic norms? Workforce turnover in underground workforce. Are we seeing it, is it different to history? Yeah, it has been a bit higher over the course of this year than historically. I think you're right. There was a bit of a bump as borders reopened, and then also as we were bringing in a number of new people. As Warrick said, we saw some turnover through, probably, the middle of the year around some critical skills relating to diesel fitters and maintenance crew members generally are starting to stabilize now. Back to your original proposition, I think what we saw was really primarily a bump as borders opened up and as people I suppose made choices after a couple of years of COVID constraints. You've also Adjusted REM rates. We have Adjusted REM rates in a couple of critical areas. We're doing a lot of work on improving- Let's say workforce engagement generally, as part of our retention work activities. With regards to that rem rate component, remind me if I recall you'd now started baking in the bonus as part of the base salary. Was the underground operators receiving that component? I guess were they already elevated? Is it working that strategy, or do you have to revise that as well? We're talking there about our primarily or my comments are primarily relating to our underground workforce, which is through our mining contract at Byrnecut. Okay. It'd be different. Okay. Um. My last question is just Prominent Hill tailings, the drill program there. You said you're exploring other commodities and opportunities. What other commodities or are you drilling for or potential opportunities with regards to retreading those tailings? Okay. Look, my apologies. It's really about the opportunity to recover copper and gold from those tailings. That's our primary objective. Thank you for clarification. Thank you. As a reminder, to ask a question, you would need to press star one one on your touch-tone telephone. Our next question comes from the line of David Coates from Bell Potter Securities. Please go ahead. Thanks very much, Andrew, Warrick, and Matt. And nice of you to recognize Peter's passing as two other colleagues we've recently had in the industry. Well, just a couple questions. One macro, one sort of quite micro. I'll start with the micro one. To hit guidance for this year, you need to lift copper production from sort of 30,000 tons this quarter to 40,000 tons next quarter. Can you give us a bit more kind of detail on, you know, if that's coming, where that's coming from? Prominent Hill, Carrapateena or Brazil or tons and grade. What's gonna drive that big uplift? Yes. It is by and large coming from Prominent Hill. We are expecting further uplift at Carrapateena as well, but the vast majority of that increase comes from Prominent Hill. It's on the back of those improved underground ore movements, which we have delivered, well, particularly in September of the last quarter, and also an expectation of improved copper grade. Right. Okay. Thanks very much. A sort of more macro question, potentially a little bit hypothetical, but you know, you've been, the company's been executing a strategy of you know, developing and bringing to fruition you know, multi-generational assets. You now have Prominent Hill, Carrapateena, West Musgrave and Brazil, or you know, if not in operation, heading for operation. That's sort of been what's been part of like a big cycle of investment and you know, and that's now sort of starting to be reflected in a big increased debt position on the balance sheet and potentially bringing in a strategic partner. At what point do you just kind of see that cycle kind of stabilize? Do you see like an optimum number of assets in the portfolio? Can you give us a bit of a hint on, you know, where maybe you see the medium-term future, like that balancing out? That's an interesting question, and it's a debate that we have. We have this debate every year with our board when we review our strategy because we have annual strategic views where we spend a few days with the board offsite, usually debating. There are all sorts of avenues. That's one. There's a few avenues here, Dave. Obviously, in addition to our current pathway. We've got a pipeline of activities sort of clearly mapped out, which spans the next five years, if you like, investing in organic options in the business, and they will be realized at different stages over the next five years. But it's a question that we're going to continually debate. We're not aspiring to be a large company, but there will be a sweet spot for the size of a company like this, I suspect. We're just getting to the point now where we've actually got a pipeline. We've got choice in how we invest in assets, which assets we invest in, and now we're at a point where we can also consider divestments, given we've got a pipeline. That's an enviable position to be in. I think that's the sweet spot you need to be in as a very healthy company where you can make asset allocation decisions, including considering divestments. We've still got a bit more work to do over the next few years, but that very question is one that we're gonna debate every year. I can't give you an answer to it because it will evolve through time. It's a great question, one that we'll keep considering. I appreciate the insight into that. Thanks, Andrew. Cheers. Thank you. I show our next question comes from the line of Peter O'Connor from Shaw and Partners. Please go ahead. Hi, Andrew. Just Andrew. Just further to Dave's question on the fourth quarter production profile, and thanks for the detail about Prominent Hill. That grade presentation and the slope presentation sounds like you're quite confident. Is Carrapateena breakthrough a risk to the quarter if you don't get that? I think you mentioned that would happen this quarter. Is that necessary to get the Carrapateena guidance, or is that just a benefit along the way? Firstly, I think we're hopeful. I'd love to predict a breakthrough, but unfortunately, I can't.[audio distortion] Andrew, the comments you made when you were opening remarks about safety. You've had a fantastic track record of meeting guidance and been a safe operation, et cetera. Safety is a big deal. I'm just wondering why the need to have the day out, which is a great initiative and well done for doing that. Are you doing too much? Are there too many you talked about having a pipeline which is right. Is there too much going on? Are you too stretched? Are you too distracted by external suitors? Why now has the safety gone off the rails? Is there any definitive step change? You know, I don't think it's gone off the rails. I think it's more there's been an increase in low severity injuries, mostly hand type injuries to people and in the operating assets. These are frontline operator maintainers hurting themselves. As we saw that trend start to increase, and it has been a very dynamic year with turnover high, COVID, rules changing, higher cost of living, people distracted, ever-changing operating assets themselves, leadership changes, et cetera. This is just about making sure that people understand that their personal safety and their personal mental wellbeing is the most important thing that they need to be thinking about when they're in a workplace. We use events like this just to make sure that people understand that. We symbolically demonstrate it. We obviously don't want anybody hurt in our business. That's one symbolic initiative that we can take. I wouldn't think of it any more than that. It's more a frontline concern than it is to a company portfolio concern. We're not seeing the same sort of increased injury trends in other parts of the business. It's frontline operations at the moment. Look, I shouldn't have used the term off the rails, so my bad. Thanks for the correction. Thank you. No. Thank you. As a reminder to ask a question, you will need to press star one one. I show our next question comes from the line of Paul Young from Goldman Sachs. Please go ahead. Yeah. Hi, Andrew. Can I ask a pretty direct question? Have you had any discussions with BHP, recently? No, I haven't. Okay, thanks. Secondly, just on the of West Musgrave, trying to understand what you're trying to solve here. I mean, one is of course flexibility around the balance sheet, but selling a minority stake is pretty broad. It's between 1% and 49%. What are you looking for? Is it a dollar million number? Is it a percentage above NPV? Is it, you know, partner alignment? You know, I'm just trying to figure out what you're trying to solve here with the minority interest. Thanks. Yeah, sure. Let me start with strategy. Our strategic aspirations that we released to the market recently should give you an indication as to the direction here. We are setting this company up to produce clean, green, environmentally friendly commodities that are supported by traditional owners as partners in a very safe jurisdiction. These are commodities that will be sought after in a world which is very rapidly changing and very rapidly demanding it. These are commodities that we're setting up to be able to put into a market like that. With copper concentrates, nickel concentrates, by selling these into a smelter, it makes it harder for traceability through the system because they generally get blended. We are looking at opportunities to be able to provide traceability from these metals in the ground through a value chain to an end customer, because it's only at that point that you can potentially capture the value attributable to producing clean green metal in a very safe jurisdiction with no modern slavery, et cetera. The partner that we are looking for is a strategic partner who can help build traceability of those commodities down a value chain and then can leverage those commodities in their customer set as clean green products. Because I do believe, and we do believe as a company, that in the future there will be a structural pricing difference between clean green commodities and those that are not. Now, whether that's a price premium or a tax to those who are not, doesn't really make a difference. It will still be structurally different. That's what we're setting up here. The first we're setting up in a way is the nickel at West Musgrave, given the interest and the demand. What form that takes, we remain very open. We are talking to downstream partners in a very open way, seeking to understand what they value, what they want, before we start narrowing our expectation. Okay. Thanks, Andrew. Just one follow-up. Does that mean that in that case that, you know, a cathode producer, a precursor cathode producer is, you know, that group of, you know, potential off-takers and customers are the group you're probably targeting? We're staying pretty open here. There's a number of groups that we're talking with. Anybody who can sort of fill the criteria that I mapped out would fit the invitation list, if you like. As long as they can demonstrate that they can produce or provide that traceability through the value chain, we are open to and probably already engaging with them. Okay. Thanks again, Andrew. Okay. Thank you. Thank you. I show our next question comes from the line of Lyndon Fagan from JP Morgan. Please go ahead. Thanks a lot. Andrew, just wondering when you were hoping to get that minority sell-down done. Like, is there a timeline on that? Lyndon Fagan, the only commitment we've made so far is that we'll give you an update toward the end of this year. There's no tight timeframe around this. By the end of this year, we'll be able to give you an update on how that process is going and what the timeframe probably looks like. Thanks for that. I guess second one's just a high level question. Fair to say you've done a great job creating value for shareholders. I guess I'm just sort of thinking about a scenario where the BHP offer doesn't exist or the market loses confidence in that offer and the share price potentially falls from AUD 25 to, say, AUD 20 or even lower. A lot of that hard work that you've done in creating value would, there'd be a lot of heavy lifting to go in the absence of copper pricing recovering materially in the short term. I guess I'm just wondering how comfortable you'd be if that scenario played out, given some of the comments in the news over the weekend. Thanks. Sure. Look, I think we demonstrated that confidence by rejecting the bid in the first place. We're not assessing the value we create for our stakeholders on one day's share price trading. We assess the value we're creating over long-term value, and that's created through a number of channels, but we believe that we can create superior value above AUD 25 a share over the medium to long term. I think we've demonstrated that we've got the capability to do that, and I think we definitely have a pipeline in order to do that. That's. I'm generally very comfortable if that eventuates. Thanks, Andrew. Thank you. As a reminder, to ask a question, please press star one one on your telephone. I show our next question comes from the line of Kate McCutcheon from Citi. Please go ahead. Hi. Good morning, Andrew and team. At Carrapateena, you've given us great adjusted mine numbers. Thank you. Good to see the grade coming up. Are you still feeding development waste with half or what's driving that uplift in mined and milled tonnes and grade? Yeah, sure, Kate. I'll get Matt to talk this through for you. Matt? Yeah. Kate, we are continuing to add development material and development waste into the ore stream. The logic is the same as we've spoken about previously. The feed bottlenecks our total materials handling system, and because our processing plant has capacity, it allows us to increase metal make. I expect we will continue to do this probably through until the point where we commission Crusher 2, and we'd reevaluate at that stage. Okay. To be clear, like this is by definition waste. Are you saying that the starting and stopping of the materials handling system you would get for doing separate runs, it's accretive to feed this material on the conveyor? Is that? Am I thinking about that correctly? Yeah, that's spot on. The interruption to the conveyance system, as well as the load and haul cycle means that we're better off with the continuous blending into the system. Yeah, spot on. Okay. Right. Can I just try to understand what's going on at Prominent Hill? Has the mine plan changed there? You're no longer milling the gold stockpiles. Is that because you're running behind on, ore movements or are these higher grade stopes in Q4 the same ones you're always planning to take? Then second part of that question, what are you expecting, copper recoveries to go to in Q4 if you're pulling back that stockpile material? Yes. There's a couple of things going on there. There's a little bit of sequencing change as you mentioned, primarily between Q3, Q4 and a little bit of Q1 next year. We've been aggressively increasing the amount of gold stockpile C, which was a planned activity. We have had some challenges with plant performance while we've been processing large amounts of that. We backed that off a bit for this quarter while we continue to work in parallel on plant performance improvements and consider some minor capital investment as well and the merits of that. I don't think it's something that will continue, but we will see as we've said through Q4. Okay. For example, you did 84% and 72% for copper and gold recovery last quarter. What are you expecting for December quarter without doing those stockpiles anymore? Sorry, Kate. I don't have the numbers off the top of my head. Okay. We can come back. I'd think about it more as overall plant performance than just amount of recovery. It's about throughput and stability as well. Right. Okay. You'd be plant constrained per se more so if you were feeding the stockpiles? Yes, that's right. Yeah. Okay. That's crystal clear. Thank you, Matt. Thank you. I'm showing no further questions in the queue at this time. I'd like to turn the call back over to Andrew Cole, CEO, for closing remarks. Okay. Thank you very much, operator, and thank you everybody for dialing in. As usual, if you have any questions you'd like to follow up with, please give Travis a call and we'll aim to get the right people on. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.