My name is Tony Kiernan. I am the Chairman of the company. Our general meeting is being delivered from the traditional lands of the Whadjuk people and the Noongar nation. I would like to acknowledge them as the traditional owners and pay our respects to their elders, both past, present, and emerging. We wish to acknowledge and respect their continuing culture, the contribution they make to the life of the city and the region, and the area in which we operate in the north of the state. A quorum is present, therefore, I declare the meeting open. With me today at the table, immediately here is Alex Eastwood, our Company Secretary and General Counsel, then go to Ken Brinsden, the young man there who just put his tie on, Steve Scudamore, Sally-Anne Layman, and further up the end, Nick Cernotta. I'd also like to acknowledge Dale Henderson, our Chief Operating Officer, who is here. Our Chief Financial Officer, Brian Lynn, is unable to attend today. I'd also like to acknowledge Miriam Stanborough, the lady just sitting down in the front here, who'll be joining our board early in October. Also at attendance today's meeting is the company share registry Computershare, represented by Rod Somes, who's that wonderful young bloke looking up the back. Okay. Look, I need to provide some information on the conduct of the meeting, and when I do that, I'll go through the business of the meeting and then Ken will deliver a presentation. Why I need to go through meeting procedures, because this meeting today is what's called a hybrid meeting, which means it's being conducted both physically here at the Melbourne Hotel and online by what's called the Lumi meeting platform. It's an online meeting as well. All online attendees can watch and listen to a live webcast of the meeting. In addition, shareholders and proxy holders have the ability to ask questions, either verbally or in writing, and submit their votes online. The point I'm making is that those which are looking at this online, as well as seeing the meeting, they can cast their votes and they can see what's going on, and they can ask questions. The notice of meeting for today's meeting includes the live webcast details, which I'm going to have to run through. These outline how shareholders can participate in today's meeting, including instructions on voting and asking questions. The notice of meeting itself can be viewed on the ASX and the Pilbara Minerals platform, as well as the Computershare website. There is also a Lumi, L-U-M-I, a Lumi online meeting guide available on the company's website. For those in attendance here today, the persons entitled to vote on the poll are all shareholders, and they will be holding a green card, which was given to them on the way through. On the reverse of that green piece of paper is your voting paper, how you vote, and also your instructions. Our proxy holders have attached to their admission a summary of the proxy vote, which details their voting instructions. In respect of any open votes a proxy holder may be entitled to cast, you need to mark the box beside the motion to indicate how you wish to cast your vote. After the final resolution, Computershare will collect all the green voting cards. Online attendees, and those which are online on the Lumi platform, can submit questions at any time. To ask a question, they need to select the messaging tab at the top of the Lumi platform. At the top of the tab, there is a section for that person to type in their question. If your question relates to a particular resolution, please identify the resolution number at the start of your question. Once you have finished typing your question online, press the arrow symbol and it'll send the question through to Alex here. Please note the shareholders online can submit their questions now, I won't address those questions till we get to the particular resolution. I should say that if we get multiple questions on a similar subject, we may amalgamate them and answer them that way. For those shareholders who wish to ask a verbal question, as I said, you can do one online, but you can also, a shareholder who's online can do it verbally. An audio question facility is available during the meeting. To use the service, you please pause the broadcast on your Lumi platform and then click on the link under asking audio questions. A new page will open, and then you'll be prompted to enter your details. Notwithstanding when you're doing that, you'll still be able to listen to the meeting. If you have any issues in relation to that, have a look at the Lumi platform and also the instructions on the screen. Finally, due to time constraints, as I said, we may not get to answer all your questions. If that is the case, any outstanding questions, we'll just put on our website. Voting today will be conducted by way of a poll. Excuse me. As opposed to a show of hands, and as you'd appreciate, that seems to be the method on which most meetings are conducted these days. Shareholders present, as I said, will be given poll papers to complete those, and those online can use the online facility. Okay. In order to provide those online with enough time to ask questions on the resolution, what I'll do is I'll declare the business of the meeting open, allowing those questions to be put online. If you experience any difficulties during the meeting, refer to the online meeting guide available on the Pilbara Minerals website. Please appreciate, to those people online, there is a slight audio delay between what I'm talking about now and there online. We'll at times pause for the appropriate time to allow questions to be put to Alex and that sort of stuff. With regard to proxies, these numbers will be displayed on the screen in relation to each resolution. Would you please note, excuse me. In relation to open proxies, which have been given in my favor as chairman, I will be casting a vote in favor of each of those resolutions. We'll move to the business of the meeting fairly quickly, but I think there's a number of people in this room who've been shareholders with the company for, excuse me, for a number of years. If you just go back 12 months, even 15 months. The state of the company now is substantially different today than what it was then. That's not just a function of the spodumene price, which is the commodity we sell, but the nature of the operations are different. 12, 15 months ago, we were going through what we call a moderated production strategy. Now we're hell-bent and full production. Our balance sheet 12-15 months ago was a little bit different than what it is today. We've been able to refinance our debt. Certainly, the balance sheet is in a much better position. As I said, if you look at where we were 12 months ago, 15 months ago, to where we are today, the operations are different and they're far more streamlined. I'd like to acknowledge Dale Henderson's contribution on that. He's the Chief Operating Officer over there. Plus the guys on site, people like Simon Coyle and that sort of staff, who's our on-site manager. The work and effort been put into our operations by the engineering and technical team has been outstanding. Obviously, one of the areas which was a bit of a struggle for us was our recovery. That's called the concept of when you pull out your saleable minerals, like our lithium, out of each a ton of spodumene. We had early on, 12, 15 months ago, our recovery rate was running about 50%, probably pushing 60%. It was well short of the feasibility study, and it's now up into the mid-70s. Cost you as much to put 1 ton of ore through when you're only getting 50% recovery as it is to put 1 through at 70%. You can see the difference there in that. Also, one of the differences, of course, we acquired the operating plant next to us, Altura. Ken will talk about that a bit more in his presentation. Obviously, not only does that give us access to further ore bodies, it solves a bit of a boundary issue because the Altura minerals resource was running up onto our boundary. As you'd appreciate, it gives a lot of synergies in operating facilities. It certainly has been a great acquisition for us. We paid a fair price for it. I'm sure if we bought it today, it would probably cost 3x as much. The Board, as you would know, has made a decision to put the Altura plant into operation, and I think our first saleable ore, Ken, will be early October. Is that right? It's been a great effort by our team to get the Altura plant, knock it into shape. We've had to spend a little bit of your money to do that. Thank the engineers. They're always asking for money. As I said, we hope to be able to have the first ore on that in relation to early October, which is a terrific effort considering we only settled that transaction, excuse me, in January this year. I now need to go to the formal matters. If anybody's got any questions, please put your hand up, either whilst I'm talking or when Ken's talking or even afterwards. We'll have a cup of tea. If you want to stick around and ask questions, please do so. As I mentioned, all resolution will be done by way of a poll. That's not a show of hands, but that doesn't militate against you asking any questions. We need to offer shareholders the opportunity to ask questions. I mentioned Rod Somes from Computershare has agreed to be the returning officer today. Following confirmation by Computershare of the final results of the poll, these will be posted on the ASX platform and also on our website. Online voters, those who are listening, I outline how you to vote. As I said, the instructions are on the screen. At the conclusion of the formal part of the meeting, Ken will make a presentation. Instead of the opportunity to ask questions of him and members of the board which are here. Moving on further down the notice of meeting. I propose to take the notice of meeting as read. Any objections? If there are, I'm going to read the notice. There may be no objections, I won't read the notice. I would take the notice as read. I'll now move on to the business of meeting. I confirm that all resolutions are now open for voting so those onliners can cast their vote. Alex, at this stage, have you got any questions from any of the onliners as to my less than erudite explanation? No, Tony. There's no questions online at this stage. Okay. Thank you. Under resolution number one, which in the notice of meeting, it relates to the ratification of the issue of what we call the Tranche 1 Deferred Consideration Shares. The votes in relation to that are on the screen. The for, discretionary, against, and the total ballot. That will tell you the proxies which are received. As shareholders would remember, or may remember, is that when we bought the Altura asset, part of the consideration was deferred for a period of time and we got the opportunity to settle. I think it's payable in January, I think from memory. January 22, Alex? Yep. To satisfy that either in cash or shares. We've negotiated with the bondholders to bring that forward at a discount, so we paid less. Tranche 1 here relates to the ratification of shares. We've already issued a pile of shares to the note holders as part satisfaction. We're now seeking ratification of that issue. That is the object of resolution one. Ratification acknowledges that the shares have been issued, and that we're now seeking shareholders to ratify that. The resolution is that pursuant to and in accordance with Listing Rule 7.4 and all other purposes, shareholders ratify the prior issue of 32,670,451 Tranche 1 Deferred Consideration Shares on the terms and conditions set out in the explanation memorandum, which sets the whole detail. Explanation memorandum, of course, was part of the notice of meeting. I'll now invite any shareholder present to ask questions or comment on the resolution. Any other question on the resolution? We got any onliners there, Alex? No questions, Tony. Okay. All right then. I now put the resolution. As I said, it will now go to a poll. I now move to the next item of business, which is resolution number two. That is part of the Tranche 2 Deferred Consideration Shares. We agreed a number of shares with the entity to which the consideration was payable. We had sufficient capacity in what we call our 15% capacity to issue the first Tranche of shares, which is Tranche 1. Excuse me. We now need shareholder approval to issue Tranche 2. Proxies should be displayed on the screen in relation to that. You'll see that there's 99.12% for. Okay. The resolution itself is that pursuant to and according to Listing Rule 7.1, and for all other purposes, shareholders approve the issue of 32,670,451 Tranche 2 Deferred Consideration Shares to the loan note holders on the terms and conditions set out in the explanatory memorandum. I now invite shareholders to comment or ask any questions in relation to that resolution. Alex, anyone there? I'm sure they're there, but there are no questions, Tony. Okay. Thank you. That resolution will now go to a poll. Resolution number three was all still part of the Altura acquisition. We issued shares, which are set out in the notice of meeting and the explanatory memorandum to RCF Resource Capital Funds and also to AustralianSuper, which gave us part consideration to be able to satisfy the transaction. We're now seeking a ratification of those. They've already been issued, what the ratification does is, under the Listing Rules, it reinstores our ability to issue further shares. There's no plan to issue any more further shares at the moment, I can assure you of that. Resolution three is put to you to ratify the issuing of the placement shares. The resolution is that pursuant to and in accordance with Listing Rule 7.4, and for all other purposes, shareholders ratify the issue of 330,268,145 placement shares on the terms and conditions in the explanatory memorandum. I invite shareholders to comment or ask any questions in relation to the resolution. Anyone there, mate? No questions, Tony. No questions. Okay. That's fine. Okay. Resolution number four relates to the adoption of a new constitution for the company. Excuse me. By way of background, the existing constitution was first adopted in 2009. Since then, there's been a number of changes to the Australian Securities Exchange Listing Rules and also the Corporations Act. The Board's reviewed that in company with our lawyers, who are present here, and believe the constitution should be updated and renewed. It's appropriate to do so in the best interest of the company and the shareholders. The annexure to the notice of meeting sets out the differences between the old constitution and the new constitution. I should say that in relation to the constitution itself, which makes it quite clear that the company conduct what we call these hybrid meetings, whereby we can have them online or physically as we're doing today. A couple of proxy holders raised with us their concern that we may take the opportunity to exclude all physical meetings and simply have online meetings. That's not the case. Obviously, we prefer to have physical meetings. I'd just like to place on record for those that were concerned, that it is not the intention of the company at all to simply only have online meetings. I'm happy for the minutes of this meeting to record that. Alex, is that right? That's correct, Tony. Thanks. Yep. Fantastic. Thank you. This is a special resolution, and it requires approval of at least 75% of the members who are eligible to vote. Proxies received in relation to the resolution are on the screen. The resolution itself is that pursuant to and in accordance with Section 136 of the Corporations Act, and for all other purposes, the company adopt the constitution tabled at the meeting on the terms and conditions set out in the explanatory memorandum. I now invite shareholders to comment or ask any questions in relation to the constitution. No questions, Tony. No one in cyberspace, Alex? Okay. Any other question or any comments at all on the resolution? All right. Well, I now put the resolution, and as I said before, it will go to a poll. Resolution number five relates to an increase in the aggregate pool, not the individual pool, the aggregate pool for Non-Executive Directors. Clearly, I'm a Non-Executive Director, and I have an interest in the resolution. If I'll ask Ken if he would put that resolution in. Thanks, Tony. The proxy votes received on this resolution are displayed on the screen. The resolution is that pursuant to and in accordance with Article 13.8 of the existing constitution, Listing Rule 10.17, and for all other purposes, the maximum total fees payable to non-executive directors be increased from AUD 750,000 per annum to AUD 1.1 million per annum on the terms and conditions in the explanatory memorandum. I would simply make the point that the resolution here is not a reflection of non-executive directors necessarily looking to pay themselves more money. I think you'd all agree that it's modest, the current fee structure. However, it's our intention to continue to grow the pool of non-executive directors for and on behalf of Pilbara Minerals. Are there any questions from the floor in the first instance? Alex, online, any questions? No, Ken. No questions online. If there are no more questions, I'll put the resolution to the meeting. Please cast your vote if doing that online, and it'll be the subject of a poll. I'll now hand the chair back to Tony. Thank you. Thank you, Ken. That concludes the formal business of the meeting. Ken will make a presentation. As I said, I welcome shareholders to ask any questions in relation to that. I did mention early on the difference between the company 12 - 15 months ago and where it is today, and I did pay a lot of credit to management and the work and effort that they have done. I'd also like to record my appreciation of the efforts of the Board. The Board has worked quite closely in relation to that, and we had pretty tough times. 12- 15 months ago, we were on the window ledge like that. I'm pleased to say we've actually climbed through the window, but we're keeping the window open behind because things can change. To my fellow directors who worked very well with all management, I'd like to thank them for their contribution through what was a difficult time to the company. As I said, it's not just been the increase in the spodumene price that has put us in this position. It's been a substantial improvement in the way the company itself operates, certainly at a site level and on a processing side. Look, in relation to that, in conclusion of that, I would like to thank you all for attending and appreciate your support. I now formally close the meeting and invite our managing director, Ken Brinsden, to deliver a presentation. Oh, hang on. Anything online, Alex? No, Tony, nothing online. What's that ET? Is there anyone there? Something like that. I thought there'd be at least one question, but no, there isn't today. Well, you see John Stanley from Macquarie just ducked in. He might have a question to ask us. Okay. Thank you very much. Oh, sorry. I forgot to say. Those that have a poll form, if they could just please cast their votes, and Rod Somes here will run around and collect your vote. As I said, Computershare will tally those up, and the results will be published on the ASX platform and also on the Pilbara Minerals site. As you can see, there's very strong support of each of the five resolutions. Don't anyone leave with the green form in their pocket. It needs to go in the box. Okay. Thanks, Rod. Thanks, Tony. Thank you, ladies and gentlemen, for your participation in the room today, and a big welcome to those that are participating online, especially those that have persevered into the evening from the eastern states. We really appreciate the chance to meet with you again and some familiar faces in the room today. Thank you very much for your participation and in anticipation of an update as to the company's activities. We have some presentation materials here to share, some of which I will skip through relatively quickly because I think the topical information that relates to our position is very much about what's happening in our market, and in particular for the purpose of the spodumene sales. Discussion about our response to what's happening in the market. There has obviously been some substantial changes, especially over the last 12 months in our market. I feel like, and the team feels like Pilbara Minerals is now really well-placed to take advantage of the significant growth that we expect to see in our market, especially over approximately the next five years. In that respect, moving on, it's been a big year for Pilbara Minerals. I'm assuming. No, I've lost it, Alex. Sorry about that. I lost my page. Oh, well done. There, thank you. You forgot your presentation. Excellent. All right. Oh, it's on the screen there too. It's on the screen. Yeah, brilliant. Okay, got it. I'm back on track. Yeah, a very big year for Pilbara Minerals. I guess the two key events, Tony alluded to them being really important thresholds for Pilbara Minerals to have leapt over. The first related to the refinancing, which we reflected a lot on in the Annual General Meeting last year. The only reason that we could refinance our facilities was because the operating platform at Pilgangoora had improved to the point where we're really well-positioned with a competitive cost base and a product that was eminently saleable in the market. That was the first of the thresholds. The second was the potential in the aggregation of the asset base at Pilgangoora. Obviously, that's something that we'd had our eye on for quite some time. Of course, in the circumstance where Altura fell into receivership, we were well-placed to be able to respond. By well-placed, I mean understanding the physical assets, because of course, we're neighbors, so we're mining, in essence, the same or a very similar ore body. We understand the way it processes and we understood the way to recover it. The last of the missing links was having the investor base back Pilbara Minerals in achieving the acquisition. One of the reasons why that all worked for us, and some might say worked quickly in the circumstance where Altura fell over, was because we'd already been working with financiers around the support for our business more broadly, the growth of our Pilgangoora project, the refinancing event to deal with the debt. In which case, financiers were lined up understanding our assets, and it really didn't take much to convince them that it was a worthwhile acquisition for the aggregation of the asset base at Pilgangoora. I'm pleased to say that that aggregation is now well underway. The last of the key threshold questions was the market itself. It's a little bit embarrassing discussing it in this context, but COVID's been good for Pilbara Minerals because it's had the effect of forward demand for lithium raw materials. The link is that as governments globally have stimulated their local economies, a lot of it has been targeting new energy, the new energy economy. That means decarbonizing their economies, it means the application of renewables, it means electrifying their transport fleet. Batteries are a key co-commitment to that outcome. That has meant that demand has come forward. It's created a pretty remarkable-- refinancing, operating performance, acquisition of Altura, and now the market working in our favor with a global demand base that is much more material than would've been the case even just three or four years ago when it was really about China. I feel like we're about as well-placed as we could ever be. Moving on to the next slide. We have an amazing asset base now at Pilgangoora, some of which is already on show. We've joined the resource base and we've restated our resource at Pilgangoora, inclusive of the Altura acquisition. There's been a material uplift in the resource now, +300 million tonnes. We're soon to publish a new reserve. Reserve will take into account the effect of the aggregation of the assets, the opening up of the tenement boundary that Tony referred to in his comments, and then also the effect of recent exploration programs. All of which bodes well for future growth in the reserve base at Pilgangoora. With that, we have the opportunity to expand, and that's one of the things that I'll reflect on during our presentation materials today. Moving forward to the next slide. Australia, it's not a great place to be reflecting on this change from, because here in Australia, the truth is we're behind the rest of the world. The rest of the world is probably moving faster as it relates to the adoption of electric vehicles, and at least in part, depending on where you are in Australia, the application of renewables. Now, it turns out that here in Perth, we're one of the world leaders with respect to the application of solar, and especially in the domestic environment. The rest of the world is doing a lot in renewables as well. The combination of wind farms, wind and solar, wind, solar and batteries. All of that is now playing in the favor of significant global demand growth. More lithium raw materials are required. It's turning out to be quite a challenge for the industry. That's why we're now seeing a material uplift in price. I'm going to come back to price and explain the market dynamic there in a little bit more detail. Big change in the growth in lithium raw materials. The demand growth is accelerating. As it stands today, our industry is having a bit of trouble responding, at least not at the right pace, and that's leading to an acceleration in price. Moving on to the next slide. The other thing is when you start to drill down into the detail, the cathodes or the technology that's required to support the application of the lithium-ion batteries is resulting in this growth that is just extraordinary. It's off the charts. On the right-hand side of this particular slide, we're reflecting on the growth that's required in lithium markets between today, 2030 and 2050. The European Commission has estimated that our market will have to grow approximately 10 times over less than the next decade, and then up to about 25 times by 2050. Now, based on historical precedent, you'd probably say they're still underestimating the growth that's required. The reason why I'm reflecting on that is that there's not many industries where this sort of growth happens. Not that many paths to follow. What it speaks to is a huge amount of investment that's still required in lithium raw materials. Pilbara Minerals has the benefit of having a first-mover advantage, and as a result, being able to play to a market that is short in the raw materials and achieving a healthy price outcome. The detail inside the battery technology, well, it's a lot about high nickel cathode materials, which is where a lot of the EVs are headed, especially those that require long range. Then in lithium iron phosphate batteries, iron, I-R-O-N. Lithium iron phosphate batteries being a cheaper lithium -ion battery alternative, and especially for low-range vehicles or heavy vehicles with low range, and also energy storage that relates to renewables. For example, a battery pack on your house with solar on your roof. These areas are growing at an incredible pace, measured in hundreds of percent. Not just tens of percent, but hundreds of percent annually in growth. We're at the front end of what is a pretty significant change globally. Combination of distribution of power, or the way we generate the power, the way we distribute the power, and the way that we store the power, and they're all key drivers to the application of the battery technology. Next slide, thank you. As the demand has come on, we've done our best to respond, and Dale and the site team have done a fantastic job getting the site back up to its full capacity. Actually, even to the point where today it's probably running a bit harder than the original design. We're obviously working incredibly hard to bring back the Ngungaju plant, the former Altura Lithium Operations, and we'll be doing that as soon as we possibly can. That's all very active. I'm not going to reflect too much on results. There'll be a bit more discussion about that during the AGM. If I could go to slide 28, which is our production or growth outlook. Keep going one more. That's it. Thank you. Here we've laid out what we expect to happen with respect to our expansion in production capacity at Pilgangoora. It all starts with the Pilgan facility. That's our old Pilgangoora facility, running at nameplate capacity and including what we call the plant improvement projects. A debottlenecking exercise, for the purpose of expanding interim production at Pilgan plant. It's taking the nameplate design from 330,000 spodumene concentrate tonnes up to 380,000 spodumene concentrate tonnes. That project is now well advanced. Its commissioning is imminent, in which case, we'll start to see that additional capacity kicking in during the December quarter. The team's done a great job delivering that project in light of the pressure that exists here in Western Australia at the moment in accessing project resources, people, that type of thing. A really fantastic effort, and we're very pleased with the progress of that project. The next one, shown in green, that's the Ngungaju restart. Commissioning during the December quarter, with a view to achieving approximately 200,000 tonnes capacity by June next year. I've often been asked in respect of the restart at the Ngungaju plant, are we confident about our ability to see that plant perform. One of the reasons why Altura struggled with their facility, in total, and ultimately fell into receivership was because they never got the plant to perform. Based on the team's track record at the Pilgan plant and what we've learned there and is now proven, we're confident in our capacity to overlay that operating regime to the Ngungaju facility. It does include a few changes as we restart that facility, but nonetheless, we're confident in being able to see the flotation plant perform there and ultimately achieve its 200,000 tonnes in relatively short order, over about approximately six months worth of commissioning and ramp up. We expect to be at 580,000 tonnes by the middle of calendar year 2022. A little bit further down the track is the next steps, and the next steps relate to coming back to considering expansion at our Pilgan plant. We're going to be guided by our views around how the market performs over approximately the next 12 months. It's a critical time for the industry, and today you'd say that the market's probably wanting every single tonne it can. In the intervening period, we're also going to be expanding our facilities in any case. We're keen to see how the market responds as we make more production available. In particular, how it goes over the next 12 months so that we can start to make critical decisions about the timing of the potential in subsequent expansion at the Pilgan plant. Suffice to say, Pilgangoora can be a huge mine over time. At 1 million tonnes per annum plus of spodumene concentrate today, that would make it pretty close to one of the largest operations globally. Greenbushes probably comes close. It's a significant mine and a very important mine, one that we're pleased to be looking after as we consider its expansion capacity. Moving on, next slide. Let's talk about the market and a bit of innovation that Pilbara Minerals has deployed. An observation that we'd made of the market historically was that even though conditions were tough during the period late 2018 through to late 2020, it hadn't stopped the world's push into lithium-ion battery-making capacity. In particular, the important role that China's played in the build-out of chemical capacity or value-added chemical capacity supporting lithium-ion battery manufacturing capacity. A lot of new players had entered the market, and our experience was that they would come knocking on our door. "Can you help us with spodumene supply?" I guess we'd say, "Well, maybe. Tell us what you're up to." They'd lay out a plan that, in some respects, looked grandiose as to where they might go with respect to expansion capacity. Actually, the truth has turned out to be something even stranger. Now there is easily 25 buyers of spodumene who can or would like to access more spodumene that historically either not locked in offtake or actually in some respects, not even considered the potential in lithium raw material supply in support of their chemical capacity. After lots of discussion at Pilbara Minerals, we were thinking about how we could access this market. If there's more buyers and they don't have supply, how can we create competitive channels for access to our spodumene as and when it's available? This gets to the heart of what we saw in the opportunity about the Altura Lithium Operations acquisition. Because the capacity is being bought out of receivership, there was no offtake in place, in which case you could buy the asset, sit on it, wait for the market to turn around, and then sell the product to the open market rather than making it available in offtake. It's turned out to be, I'm pleased to say, so far, a very effective strategy. We've now run two very competitive auctions, both of which have created record precedent in spodumene markets. Based on our observations as to where the industry is headed, it's reasonable to expect that that competitive tension is going to be there for a while yet. We're very pleased with the outcome so far, albeit early days, and the net effect of it, moving on to the next slide, has been to win more margin for the spodumene. Because of the competitive tension to access the raw materials, the industry downstream is giving more margin to the miner. If I could just get you to step through to the next slide. The net effect of this is to create, people might perceive it to be a little bit unusual outcomes in respect of the auctions, but from our point of view, logical outcomes. Because the chemical conversion industry is so desperate to secure lithium raw material supply, they are prepared to give away their margin to the miner to access the raw material, and it's creating some pretty incredible pricing outcomes. Just bear in mind, the previous high water mark from late 2017 was approximately $950 a tonne delivered to China. In the last two weeks, we sold a cargo for the equivalent of approximately $2,500 a tonne. There's your evidence to indicate that there is a major shortage in the China market, and Pilbara Minerals is incredibly well-placed to access that opportunity. New production and expanded production coming from the Ngungaju plant available in the competitive marketplace via our BMX sales platform. It's a really amazing initiative and one that I feel is going to work well for the company into the future, including as we grow. It's perversely creating, if I can move on to the next slide. Thank you. It's creating a push in international lithium markets. It's now the reverse of where the market was historically. Spodumene pricing achieving very high prices is now forcing lithium chemicals higher all the way around the world, but especially in China, to the point where today they're also now looking like they're going to break historical records. In fact, I think that might have already happened. The previous high water mark for lithium chemicals in China was The equivalent of $24,500 a tonne, and I think it's probably getting close to cracking $25,000 a tonne today. We're moving back into record territory. It's an amazing outcome and happened in a relatively short period of time. Where do we go in the future? We believe in leveraging Pilgangoora's resource base into additional value-added products. What we would like to do is sell multiple products into multiple markets. Today, it's all about spodumene principally going to China. A little bit goes into South Korea, and our expectation is more will go there over time. We'd also like to sell value-added chemicals. A midstream product, something that represents a value-added spodumene, again, selling for a higher price and creating a cleaner solution in the supply chain. Something that has a much lower carbon footprint. We're working very closely with Calix here in Australia to see that happen. Of course, there's the potential in downstream chemicals, so fully value-added lithium chemicals. In this case, the example we'd highlight is the relationship with POSCO, where we expect over time to be producing lithium hydroxide in partnership with them, going to high-end lithium-ion batteries. Especially for the emerging Korean market, who are the next big mover after China in respect to battery-making capacity. There's big opportunities for Pilgangoora yet, and the team is working really hard on achieving these aims in the relatively short term. Moving on to the next slide. We have the potential in a joint venture with Calix to build out our midstream product strategy. That's value-adding the spodumene at Pilgangoora itself into a new lithium salt. Sorry, a value-added lithium salt that's not a fine chemical. The advantage in doing that is lesser CapEx, lesser technical inputs to achieve a very fine or high-grade chemical. Perhaps most important of all, materially lowering the carbon footprint in the supply chain, which we know is such an important part of, for example, getting into the European market or getting into the U.S. market over time, where we know they're going to become, if not already, major consumers of lithium raw materials and value-added lithium products. That's an important part of our future as well. In summary, thank you everyone for your participation today. I'll open up to questions shortly. A big vote of thanks to the team at Pilbara Minerals. The executives work incredibly hard. Thank you to Alex, Dale, and Brian for all the efforts that's gone into continuing to put Pilbara Minerals at the head of the queue, and the balance of the team at Pilbara Minerals that are making a great Australian company. Thank you to Tony and the Board. Amazing to be working with such a fully integrated board and management team. I really do appreciate everybody's inputs. Fantastic. On that note, for those that are online, encourage you to fire away with your questions now. We'll come to Alex shortly. But are there any questions from the floor here in the room at the Melbourne Hotel? Thank you very much for all. I might have missed it, but what is the cost of producing a tonne of spodumene? The question for those online is what is the cost of producing a tonne of spodumene? There's probably three phases that I would like to describe. There is the phase that we've been through, where we had moderated production. We slowed down our mining activity. We slowed down our plant production. We ran at less than full speed. Costs were approximately $350-$400 a tonne. In our most recent guidance for FY 2022, we've guided to costs just a bit higher than that, approximately $390-$430 a tonne, principally driven by additional waste movements in mining. That represents a catch-up from the slower period, when we weren't running the mine at full speed and we weren't moving the waste. The good news is that once we get through that hump, we expect our cost base to migrate back down towards approximately $350 a tonne. That's a landed cost in China. It's been pretty incredible today for those tonnes that are sold into the spot market. Offtake pricing is less than spot pricing. I think I can safely say that. We have an expectation that there will be improvement as the chemical price continues to appreciate, which is obviously what's happening today. Go ahead. Hey. Just wondering on the BMX, what percentage of your overall sales- Does that represent the total production? Yeah. No, really good question. That's from Kevin, Australian Shareholders' Association. What proportion of our production is represented by spot sales? Today, it's not much because we're still waiting for the restart at the Ngungaju operation, which is where the tonnes come from for the BMX sales platform. On the assumption that our ramp-up occurs as planned, between now and June next year, we'll have taken the sales on the spot platform to approximately 200,000 tonnes of 580,000 tonnes. Let's say, broadly speaking, that represents about 30% of our sales. Any other questions from the floor? Yeah. Congratulations on being here today. Given what you all have said, there is the overall forces of supply and demand, which affects all the mining, which will need to have a certain fixed window before supplier response. Comment on that. Aren't you risking being too conservative, in not adopting plans to expand early? No, look, they're both logical questions here, and I agree. I broadly agree with the premise that you're suggesting. Two parts to the question. The first relates to the laws of supply and demand. If pricing is very high, then of course, supply will respond. Yes, of course, we understand that. The good news is that there is limited capacity between now and approximately the end of next year before there'll be any material spodumene supply other than what we bring to market, in the spodumene category. In [inaudible], it's possible that there is more supply. In fact, as South America's continuing investment and expansion. I would simply make the point that historically they've typically disappointed, and they haven't been as successful in expanding as much as they might have said they would. We're reasonably optimistic that pricing will still be strong for the foreseeable future. In the medium and the long term, our response is much more sophisticated, hence the discussion about multiple products for multiple markets. That's really the future for Pilgangoora. Selling higher value products than merchant spodumene, and in particular, diversifying our sales so that we can participate in lots of different markets. Europe and the U.S. and North Asia, ex-China, being key examples. They're all very important markets and places where we would like to play over time. To do it, you need probably something that looks more like a value-added product. That's the benefit in the midstream and downstream product strategy. The second part to your question has just escaped me. Your timing for expansion. Expansion. Sorry. Of course. Yeah. Okay. Yeah, the potential in being a bit too conservative. Well, I'd like to think that we're hedging our bets. We are continuing with projects that support the expansion capacity, but without actually having triggered it. In which case, today, we're running about as hard and as fast as we can, with decisions yet to be made about what we do next in expansion capacity. The last point I'd make there is that the first steps beyond those already committed, so plant improvement projects and the Ngungaju restart is a relatively quick one and a relatively cheap one to continue to expand capacity. That's not a bad place to start. Yeah. All right, Alex, anything on the interweb? Thanks, Ken. I'm feeling a bit redundant today. There's no questions online. No, I find that hard to believe. Oh, actually, I've just been told there is one that's just come through. Here we go. This is from a shareholder. How often is the bidding done on the BMX platform? Okay, another good question. How often is the bidding done on the BMX platform? In the very short term, it's subject to what capacity we can spring free, albeit with Ngungaju expansion capacity coming soon. Once we're in something that looks a lot more like regular business at Ngungaju, we'd be expecting auctions approximately every two to three weeks. At the moment, we've been trying to run them as frequently as we can, albeit with lesser capacity. We've been running them approximately four or five weeks apart. They should get more frequent over time. Here we go. You mentioned another 1% on that expansion. Yep. Yeah. The participation in the BMX platform is dominated by Chinese interests, albeit, the good news from our point of view is that by far, the majority of them are users of spodumene. There's very little in the way of traders' participation or traders' interest. They are end users and those that appear the most aggressive in their buying behavior to secure spodumene. Why China? Well, China, by far, has the majority of the chemical conversion capacity that can handle the spodumene. We sell some spodumene into South Korea, that relates to relatively small facilities that are owned by POSCO as part of the development of their larger scale project. They run a demonstration plant that we support with our spodumene. In the medium term, it's not unreasonable to expect that there will be more chemical conversion capacity built around the world, and there's plenty of moves afoot to make that happen sooner rather than later. All right. Any other questions? Okay. Okay, we have one more question online here, Ken. "Any approaches from OEMs or big battery players to take equity positions in WA spodumene plays to secure long-term raw material positions?" Yeah. Well, it's fair to say that there's interest across the board. I'm also pleased to say that I think the car manufacturers have got more interested over time. An observation I would make about their behavior historically is they've been very weak, with a couple of notable exceptions, but very weak in understanding the upstream part of the supply chain, and in particular by the time you get to a mine. Which might sound strange, and to be honest is a bit strange to me, given their reliance on the raw material supply base. I think it's fair to say it's been relatively weak historically, albeit improving over time. Without specific reference to Pilgangoora or Pilbara Minerals, in a circumstance where people are going to have to pay more and more for either spodumene and/or lithium chemicals, it's not unreasonable to expect them to get more interested in what's happening upstream so that they don't have to pay more money. I think that's a logical conclusion to draw. All right. We're all done, I think. Done. Okay. Thank you, ladies and gentlemen. I think we're done for the meeting, Tony, yeah? Thank you everyone for your participation. Really appreciate you making the time to come and join us in the room. Thanks to those joining online. If there's any more questions, please don't hesitate to follow up via the website and/or our shareholder email address. Thank you.