Good morning, ladies and gentlemen. A pleasure to be with you. Thanks to those participating here in The Melbourne Hotel, thanks to those participating via the Chorus, a big thank you to those participating via the webcast, especially if you're a Pilbara Minerals shareholder. We really appreciate your attention. Welcome to Pilbara Minerals Strategy and Investor Forum. A slightly different forum to how and where you might have heard from us historically. We think an important opportunity to present a more fulsome story about what Pilbara Minerals is up to and why. In particular, the important piece that we think we have to play through a fantastic team and an amazing resource at our Pilgangoora Project. A quick reminder that there's a Q&A session running at the end of the presentation, and we'd like to be able to hear questions from each of the forums. Just a reminder, for those that are participating via the webcast, you can ask a question. There's a tab named Ask a Question, and you can log your question. Our team will be paying attention to the chat line, and as a result, we'll do our best to try and address questions from each of the forums. I want to introduce you to the hardest working executive team in Australia. Today, we have presenting Dale Henderson, our Chief Operating Officer, Brian Lynn, Chief Financial Officer, and attending, and in particular for all the tricky Q&A, Alex Eastwood, our General Counsel and Company Secretary. Very, very proud of what the guys have achieved over several years now, and I'm sure, like you, I'm looking forward to hearing from them as well. We're in this amazing time. We've been through a tough period when the lithium markets, lithium raw materials, clearly wasn't working in our favor. Pilbara Minerals got through it with a plum, and we are now ready for the global energy transformation. Our opportunity today is to share with you how we think we can go about it, the reason as to why Pilbara Minerals and our Pilgangoora Project can be worth so much more. It starts with some introductory comments. Dale will talk about projects, current operations, and also more detail about what we're up to with the combination of our midstream or proposed midstream business and the downstream business. Brian's going to talk about our financial discipline and what we've done to get ourselves in what we think is a great position as the market starts to head in our favor. Lastly, I'll close with a summary. A summary position about our strategic intent. Of course, lastly, followed up by the Q&A. How lucky are we to be living here in Perth, almost COVID free. We're on the Noongar lands, and in particular, the Whadjuk region, host for the Whadjuk people. We respect their culture and their connection to their country, and obviously, we hope that you do too. I'd also like to make special mention of Ngarluma, our key partners in the development of the Pilgangoora Project. We pay respect to their elders, past, present, and emerging. Let's get on with it. I'll point you to the usual disclaimers. You can read them at your leisure. That's available via our website and via the ASX. I think it's fair to say that most of you know where we are. We're at the Pilgangoora Project. Massive endowment, huge mineral resource, huge reserve, having just got bigger through the acquisition of Altura Lithium Operations. We now have two plants, two production facilities with massive flexibility to grow production off a really, really large resource. We've renamed the plants, I'll explain the history as to why we've got there in a little bit more detail. As a result of a fantastic resource, very, very long-lived mine, we've attracted some incredible partners, both as key shareholders but also as key partners in the business downstream, including critical offtake positions. Lastly, we've developed an alternate sales channel that I'll explain in a bit more detail and get to the heart of the logic why that model makes sense for our business. I'd like to introduce to you a new addition to the Pilbara Minerals team, David Hann, Investor Relations Specialist. David has a long history in the combination of broking, the analyst community, and financial sectors. We're lucky to have David on board, and he's a fantastic fit for our team. I encourage you all, whether you're online, via the email or via direct calls to David, you'll find him an important resource for Pilbara Minerals information going forward. Key strategic shareholders, they're all a big part of our business. You might very well be familiar with our team. I think a fantastic board, and a board that's deeply integrated with the management team and vice versa. I'm really proud of the dynamic that's emerged between the board, the capability, and the skill that they bring to the table, and how information is shared seamlessly between the management, the exec, and the board. I think you'd agree that that's one of the reasons why we've been able to develop our company at a great rate of knots. As I alluded to earlier, they are Australia I'm not joking. They are Australia's hardest working executive team. At the heart of it, a lot of it hinges on our people. Who wouldn't want to work for our purpose, making the world a better place by enabling the global energy transformation? If you're at risk of going the way of the dinosaurs and you're in fossil fuels, you need to work for Pilbara Minerals. If you're stuck in the rust belt in iron ore, you need to work positioned for the future. You need to work for Pilbara Minerals. There is a big change happening around the world, and we want our employees to be an important part of that change. That's why we've created what we stand for. This is quite longstanding within our company, albeit the first time we've sort of thrown it out there in the public domain in a meaningful way. It really gets to the heart of the way we work. We are a bit different, and we don't mind that. The contribution that our team makes is really important as we consider the big changes that are going on around the world. People, culture, it's right at the center of the work that we do. Of course, we have some fantastic assets, and we've built more sophisticated systems and processes as the company has grown, but it wouldn't happen without our great team, and we really appreciate them. Of course, we also appreciate the Ngarluma people. I've been working in the Pilbara for quite a long time now. It's getting close to 20 years. I'm really proud to have got to know many of the elders in the Pilbara, not just Ngarluma elders, and I consider it a privilege. They are constructive and sophisticated partners to our business. We really appreciate their involvement, and that's why we decided to use them to help rename our facilities at the Pilgangoora Project. Now what was formerly known as our Pilgangoora Stage 1 project, it's the Pilgan Plant. The Pilgan Plant, it's a representation of Pilgangoora, the bigger picture. Pilgangoora Hills, the land adjacent to the hills. The Pilgan Plant is well-positioned adjacent to the Pilgangoora Hills. Ngungaju. Slightly different spelling, but Ngungaju is the name of the Altura plant, and that's because it's adjacent to abundant water. There is natural springs right adjacent to the old Altura plant. As a result, Ngarluma said you could not think of a better name, and we agree, of course. It's fantastic. Ngungaju, the Ngungaju plant, and a key part of our consolidated facilities at the Pilgangoora Project. By the way, I remember when we first started drilling out at Pilgangoora, and everyone said we'd never find water. I can assure you there is plenty of water at Pilgangoora. Of course, our traditional owners, the Ngarluma people, they knew that all too well. We've got plenty of water, don't you worry about that. It's been a wild ride. A lot's happened. There's been a few ups and a few downs, but mostly it's been a lot of fun. Fun because we all work amongst a great team, and that's allowed us to do things quickly. There's not many mines that you'd find that have gone from first exploration drill hole to exports in less than four years, but that's exactly what our team did. That's because they're a bunch of capable, grounded people working as a really, really strong team. The Altura acquisition, it goes without saying, it was a fantastic addition to our portfolio. As much as we're sorry for shareholders and unsecured creditors that have lost money, it represented a fantastic opportunity for Pilbara Minerals. Having bolted on the former Altura assets, now the Ngungaju plant, we've given ourselves an incredible amount of flexibility as it relates to the next generation of growth at Pilgangoora. There's, excuse me, there's also a very important link to the offtake position. That's something I'm going to discuss in a bit more detail later in the presentation. In short, we've got incredible flexibility as to what we do with that product, and it now represents significant value. Huge critical mass, lots more to be done through the integration of the assets, and Dale will explain a little bit of that in more detail. On that segue, I'll hand over to Dale. Appreciate it. Thanks, Ken. Good morning, everyone, for those in the room and for those online. In particular, a very special thank you to those shareholders who really have gone the journey with us, who backed the thematic, but backed us as a team. Yeah, it's been ups and downs, is the way Ken described it, but it's been a hell of a challenge. We've worked through that. For those shareholders, thank you. Your support meant a lot, and we're now on the other side of it and looking forward to enjoying the upswing. What I'll be speaking to is a bit about the operations and looking back and then looking forward and looking at our value add initiatives in the form of a midstream product and downstream product. I'll take you through that. To kick off with, we thought I might jump into a video just to give you guys a bit of a feeling for what it looks like at site. We've got a bit of a flyover here, and what you can see here is our central pit adjacent to the Pilgan plant. It's our widest ore load, which we've been developing the last two years. You can see MACA, our mining services contractor, loading out some of the spodumene ore there, which is the white-gray ore. Off to the ROM, the run of mine, to be fed there into Crushing Contracted Partners plant, CSI. A pan around of the Pilgan plant, the comminution circuit in the foreground, float circuit out to the top right, and our sheds, which hold the final con, top left. Big integrated plant, 900 meters end-to-end float, concentration, and coarse. This here is our new haul road connecting through to Altura, the Ngungaju plant, affectionately known as "Ramsay Street," which is a bit of a shout-out to "Neighbours," our TV show. Thanks, Macquarie, for that one. That was a good idea. Here you have the Ngungaju plant, being the former Altura asset, sitting ready to go, albeit needing a little bit of love. A bit of a pan around there of their plant. Lastly, to finish, white gold coming out the end of our Pilgan plant. Coarse product to the left and our fines product to the left and coarse product on the right-hand side there. Loading out to Qube, our haulage contractor, there you have it. We are 25 months into operation. 1st of April 2019 was when we kicked off. We've done 33 vessels, comprising some 40-plus cargos. We're well into the thick of it, having produced over 500,000 tonnes of concentrate. Yeah, here we are, looking forward to taking a stepwise fashion into expansion. To start with that story, I just want to recap on the resource, which Ken touched on. We do have one of the largest hard rock pegmatite systems globally, that was before the Altura acquisition, which of course, adds to that. Sort of stretches us, well and truly positions us in that top quartile category as a Tier 1 asset owner and developer. We can reasonably expect to find more. Case in point is the drilling program we've had progressing down the boundary of what was formerly the Altura to Pilbara Minerals tenement boundary. We're two-thirds through that drilling program, and it's been coming up with some great results. A bit early, we've got some really healthy intercepts, thick loads, near surface, and the grades looking good. Looking forward to drilling that out further, and we will report that reserve increase as part of our annual reserve reporting, which will be September quarter this year. Given this massive Tier 1 asset and our base operation, how are we thinking about our expansion strategy? Well, it's all about value creation, and the way we think about value creation is really through three driving forces. It's about expanding and getting larger, and in fact, getting much larger, up to 3x the size of our current operation. Secondly, it's about increased margin, value-adding. Looking for ways to value-add our lithium product into more valuable refined lithium products. The third driver really relates to ESG, and specifically to carbon reduction and carbon out. That's a thematic across globally, particularly the heavy industry. Furthermore, for us as a battery materials business, it's a must-have. Those three drivers are really shaping our value creation, getting larger, value-added product, and the ESG drive with carbon out. What we've displayed here is a sort of a pictorial of how we're thinking about our expansion. On the left-hand side is our core business, which is what we do today, producing spodumene concentrate with a stepped expansion path from that point. In the first instance, that's about our debottlenecking improvement projects, which are under construction now. Looking to bringing online the Ngungaju operation, being the former Altura plant, and moving on to the phased expansion for our, what was our stage 1 operation at the Pilgan plant. Moving to the right-hand side, we've got what we call our midstream product. This is an R&D focus for us as a business, and this is about the creation of an intermediate product which does some of the processing of the spodumene product to get it into a more valuable, straightforward form, a better product for carrying lithium units, and lastly, to the right-hand side, downstream, in the form of either lithium hydroxide or lithium carbonate. Our ongoing work on the POSCO joint venture has been our first foray. In the picture, this is the pathway, and as we think about the future, over time, although our business is positioned on the left, ultimately, we want to move to the right, which is around higher value add, higher levels of integration, and separating ourselves away from the pack. Starting with the left-hand side and a bit of a talk about our core business around spodumene concentrate. What you have here is a bit of a schematic of the Pilgan plant. In the background, we have the ore body sort of going left to right on the screen, 10 km in strike length, six sub-ore bodies. In the foreground, of course, you've got the plant, crushed ore stockpile to the right, and power station to the left. From a safety performance perspective, it's been pretty good. It's been steady. Not perfect, but steady. As a low hours site, as in small staffing, our TRIFR rates are very sensitive to injury, but we've been going not too bad, and the trend continues in the right direction. LTI free for coming up to two years, which is in good stead. Not too bad, but as always, a continual focus on safety. It's foundational for our culture and for our operation. Moving from safety performance to production performance. This picture really does paint a thousand words in terms of the journey we've had. Really three chapters we've moved through as a business. We had chapter one, which was around construction and commissioning back in 2017, 2018. A period of elation, white gold, the new oil. It was a bright future we had ahead. Just as we almost got to nameplate, that pricing started rolling downhill, and we entered our second chapter of being one of challenge and frankly, survival for the industry and many of our peers. Moderated production is what we called that phase, it was exactly that. It was about managing our operating asset in lockstep with sales and cost down, balance sheet preservation, and maintaining a war footing to survive that part of the cycle. Such that we could be here today and stepping into chapter three, which is around capitalizing, but capitalizing with discernment and leveraging off the position we have, this massive asset, and scaling up, and a timing which makes sense for the business. Now, as part of this period through the moderated production, it was a hard-fought period, not only around being on the other side of that period, but during that period, it was a key phase for the business to really get better, frankly. For us, that was about becoming a leaner, more performance-driven organization, driving down cost, and improving operations performance, namely lithium recovery. To that end, that's been our journey with lithium recovery. I love the trend. That's a linear line going straight there. Ken wants it to keep continuing. I'm telling him, "No, well, it's got to taper off at this point." Where we find ourselves today is 70% is the new normal for our lithium recovery, and we see ourselves, frankly, head and shoulders above many of our competitors. We see this as a key differentiator. As I said, it was hard-fought, and it's come through the dedication of our team. In all aspects, a business-wide effort of teamwork, a relentless focus on improvement, and a first principles approach to test work, engineering, implementation, followed with operational discipline in the field. That's played through starting in the ore body, our ore body understanding, where we did ore petrology studies with a gentleman, John, starting with the defects period following RCR when they went into administration. Which that happened too, by the way. Just to remind everyone, we had that, plus plant improvements itself. You name it, we've done it, plus the operating discipline aspect. All of that sums through to what you see today. We have a first-rate team, who is incredibly capable. It's through this technical backbone gives us so much confidence about where we want to take the Ngungaju plant, the Altura operation. The Ngungaju Altura plant into operation, and then bringing the expansion focus back to our Pilgan base operation. I think the thing to emphasize here is we've got flexibility. We can time this expansion when it makes sense. This is not greenfields expansion. This is brownfields expansion of a base which contemplated expansion. We're in an incredibly solid position to step into expansion when that makes sense. As you can see from the blue stream, that is the step up from the Ngungaju plant care of Altura's operation. Just like to give you guys a bit of insight into what that looks like for our asset. Their tails facility up the top in the background. Their pit, our pit, I should say, out to the right. Where we're at with the acquisition is it transferred in January. Subsequent to the transfer, our focus has been really around getting ready. It's been around the evaluation work, mine plans, understanding the maintenance requirements through the asset, studying the engineering fixes we'll look to deploy, assessing the contracts, et cetera. All of this is summing through to a decision point, an FID decision point, which we're timing for late June next month. Coming up upon us, and we'll be taking that forward to the board. Subject to market conditions and those approvals, we will look to get it back into life. We're thinking most likely would be a recommissioning in December quarter this year. Initially, using some of our transitional ore, which we've stockpiled. We think that's a really smart way to undertake a rolling start to bring the operation back to life. As we step into next calendar year, January onwards, we'd look to ramp it up to a full rate of knots. The future business we're building. We've got a series of projects which are starting to take us in that direction, and these are related to emissions reduction and carbon displacement. The noteworthy mentions here are, firstly, we're underway to deploy a 6 MW solar farm. The team's busy working on that, and we're looking to award that in the second half of this calendar year. We're doing some work on ore sorting. In fact, we have done for the last two years. We see that as a really important capital investment, not only to reduce energy intensity in our processing operation, but also it's about maximizing reserve and extracting every ounce of lithium we can out of that incredible asset that we have. The last key initiative to touch on is our midstream product, which I'll go into further detail in a second. This is a really key initiative. Very early days, it absolutely is about I'll get into the detail about the drivers. From an industry perspective, the industry needs to change, frankly. The hard rock lithium processing industry, like all heavy industries, is carbon intensive. Firstly, it's high energy intensive, and it's a carbon-based energy. There are smarter ways. We think there are smarter ways to move to, and certainly lower carbon solutions to move towards. Yeah, we're up for the challenge. The lithium industry, different from many of the other industrial industries, has got a special position in that it's growing. It's growing rapidly. That's probably point number one. It's got a chance to pick better solutions from the outset and grow into a better format from the outset, really around the two drivers shaping the industry are firstly around the demand drivers, being EV, a growth industry. Secondly, this carbon out necessity, which for many of you would have seen is well and truly end-to-end through the battery material supply chain. Frankly, we don't have a choice, and it makes sense to step down this direction. In terms of the solutions we've been looking at here, in a nutshell, what we've been pursuing is the creation of a superior lithium concentrate product. One which is greener and one which is simply better. Higher in lithium concentration, more pure, and easier to receive by the customer. We think we're onto it. We think we're onto a good thing here. To describe that in a bit more detail, what we've displayed here is a compare and contrast of the existing industry as it stands today versus where we think we can take things. The existing industry, as I mentioned, for hard rock lithium processing, incredibly energy intensive. We mine, so it's blast, drill and blast, mine haulage. We crush, mill, grind, then we float. What flows from the back of that is a 6% lithium product, which you can see the picture of there. That goes onto a vessel, 6% lithium, 90% plus other stuff, being aluminum silicate. We sell that to our chemical conversion customers, who then take that product. The first step of their process is heat treatment in the form of calcination, which takes the spodumene concentrate through a phase change, like popcorn, alpha to beta, an expanded phase through these big kilns fueled by fuel gas. This expanded product which comes out the other end is then in a state that can then be digested in acid. From that point, it goes through a series of precipitation and concentration steps, ultimately to crystallization, to produce a lithium hydroxide or lithium carbonate product. That's what we do today and what we have done to date. The below the line is a view of where we think the industry can migrate to over time. A big difference here is taking the front of the chemical conversion process and bringing that to the mine site. That's part one. Part to the job that they do, they're powered by renewable energy. This is essentially what we've been working at through on a lab scale. The picture down the bottom is an example of a lithium salt we've produced. The benefits, it achieves all those aims that I mentioned in that moving from spodumene concentrate to a lithium salt, lithium chemicals, offers the advantage of a material step up in lithium concentration. On a metals unit basis, you can see it goes from sort of 2% well up to 15% and above. From a waste perspective, that aluminum silicate I mentioned, that 90% waste heading off on the boat, that doesn't go on the boat, it stays at the mine site, another key advantage. From a purity perspective, we think much higher levels of purification can be achieved through the right lithium salts concentration process. Many, many advantages. Plus, of course, there's the deployment of a renewable energy process solutions in particular, the form of the calciner. In the calciner space, we've been working with Calix. Calix is another great Aussie company, living on the other side of the island, who's been working this area for some time. Now, their electric calciner unit has been deployed at industrial scale, been deployed in cement plants in Europe. We've been working with Calix over the past year for the application of their technology in this space, in spodumene calcination. The good news is those results are looking really encouraging. We've partnered with Calix, and that's what we've announced this morning, to work together as a team to create this new midstream product. Their expertise in the calcination, our expertise in the chemical conversion and concentration process, and those two things combined. Where we're at in developing that pathway, I guess you'd say there's plenty more to go here. We've moved beyond the concept phase, and we're now really into the scoping study phase. Of which we're planning to have that done and dusted by the end of the calendar year. From that point, we'll look to take it hopefully straight to a demonstration scale. We'd love to do it at our site at a demonstration scale to what lead to a commercial solution. That commercial solution, how would we deploy it? Yet to be decided, there's multiple avenues. This type of solution makes a lot of sense, not only for Pilbara, but of course, for the industry. The intention is to work with Calix to deploy that more broadly. Yeah, incredibly exciting in concept. The concept grounded, and we're grounded in our base operation, our base business, and our expansion path. We have not taken our eye off the ball in that regard, and we see this for what it is, a very, very important value add R&D piece of work, which we'll continue to move that forward. 90% of the business focus remains on our core business. I'll also mention that we're absolutely aware we're not the first ones to product and to finish on downstream. Downstream being the further refinement of the lithium products into either hydroxide or carbonate. Our focus here has, of course, been POSCO, who we've been working with the last couple of years. Of late, many of you may have read that POSCO has really stepped up the pace there and looking to proceed vigorously forward, which is fantastic. For Pilbara, we've been knee-deep in technical and commercial discussions of late these past few weeks. There's more to be done, and ultimately a major decision to go towards the board here on where we take our engagement with POSCO. We are absolutely, positively disposed to that engagement and moving forward. This has been a strategic objective from the outset of Pilbara, we've done a lot of work together working with POSCO to get to this point. Considering other opportunities, we are absolutely keen and open to new downstream opportunities. Given the massive resource, the stepwise scale, and production we can move towards, it makes lots and lots of sense for us to continue to do further downstream, further value adding either on our own or in partnership with others. We're absolutely keen to explore that. Ken will speak a bit later about our offtake position and what potentially could unfold in the coming years. Lastly, to finish, I just wanted to summarize and say, look, I hope that gave you good insight to where we've come from and where we're heading. As I said at the start, our upstream business, our spodumene concentrate, is the key focus. We've got what we think is a very smart, flexible plan around scaling up that side of the business. We have our midstream R&D project. Very, very sensible. Looks great. We should continue to pursue that, and we will. We've, of course, got our downstream initiatives, further increasing that value add on a per lithium unit basis. More to come in that space as we move from an outright spodumene concentrate provider further to the right on that value add chain. Incredible asset, incredible team, and we do have a fantastic future ahead of us. Thanks for listening to me, and that's a wrap for me. At this point, I'll hand over to Brian Lynn, our CFO. Thanks very much, Dale, and good morning, everyone. We've probably all heard the adage that a year in football is a very long time. What I can tell you is the last 18 months in the lithium game has been incredibly a long period. We've gone through incredibly difficult market conditions. We've all had to work. We've come out the other end feeling like we're in a very strong financial position and ready to take on what we believe is a growing market and an improving market. There's probably three key messages I'd like to leave with everyone today as part of my presentation. The first is the financial additions, and we now look to the future, and we see that there's actually some really good signs that we've seen the worst and the best is ahead of us. We feel like we've got a balance sheet which will actually allow us to take those opportunities in our stride. The third point is around funding options. We think we've got a number of ways to fund those options as long as they are sensible for our business. Sometimes it's worth looking back where you've come from to understand where you're going. I thought it would be worth just reflecting on, I guess, the cash flows that we've experienced over the last 18 or so months. This is a waterfall that we've put out in the marketplace before for the Financial Year 2020. If I think about the FY 2020 year for us, I think about it as a year of financial discipline. If you think about it, we were faced with an incredibly rapid deterioration in the market from about June of 2019. Demand suddenly evaporated. Pricing reacted and came down, and we were faced with some fairly difficult business conditions. At the same time, we're still spending money on our plant. We were still working on the plant to improve it and to get it to the nameplate capacity and achieve the recoveries that we believe the plant was capable of. We felt we needed to continue to invest in our plant, even though the market had taken a turn. We also had looming debt repayments under our Nordic bond cash flow as much as we possibly could. We did that in two ways. One was you matched your production to the demand that you're getting from customers. We made sure we didn't produce tons that we didn't think we could sell. Secondly, and most importantly, I thought, was that we drew down all of our inventory that we had built up, in anticipation of customers taking product. We made sure that we drew that product down first. The result of all that is that whilst we didn't make a lot of cash flow from operations, we actually came pretty close to break even. I think in those trying market conditions, I think that was a reasonably good outcome. We also really, having got some feedback from our customer, we just got the sense that those soft market conditions weren't just a flash in the pan, they were going to be actually something which is going to be with us for a while. We undertook a preemptive equity raise. We raised about AUD 111 million back in September 2019. That was largely around protecting our that we wanted to, and it also allowed or gave us confidence that we weren't going to be strangled by the Nordic Bond facility that we had in place at that particular point in time. We move on to the last nine months. We're still with very tough market conditions. We're still in a moderated production strategy. What we did see is that we had actually made large inroads into how the plant was operating. We were able to get much more clarity on the cost of our production. The combination of all that meant that we could actually generate a positive cash flow from operations. Interestingly, if you take into account the provisional pricing adjustment outcome. Importantly, though, with us having confidence in the plant's ability to operate and having re-engineered the balance sheet through the equity raise that we did, we felt now we could actually go to market and try and refinance that Nordic Bond. The Nordic Bond had some looming repayments, which were going to start in June 2020. It was clear to us that the business wasn't generating cash flows. We were able to replace what was a very expensive debt facility with one that is much better aligned to our business. We're able to get a cheaper form of debt, and I'll talk a bit more about this in a couple of slides, but it was a cheaper form of debt. Most importantly, we're able to resculpture the repayment of the debt so that we gave ourselves another two years of runway as we waited for the market to improve. I think that was very important for us. It was a key step in terms of the financial discipline that we demonstrated. Having our operations starting to turn, and we saw the price starting to at least start turning north, having done that equity raise, having replaced our debt with a more sensible debt structure, we felt we were in a position where, in fact, we could look for opportunities now. Almost straight after completing the refinance of the debt, the opportunity to acquire Altura came up, and we felt we had the balance sheet where we could actually go ahead and do that, knowing markets in the very near term. This is really just a pictorial of trying to show the actual quarterly margins that we've actually achieved since September quarter of 2020 to March. What you can see is as we were, I guess, working on our plant and moderating productions, we were actually losing margin. As we got the plant performing better, you can see the gray line, which is our operating cost, that started to flatten out. We started to see a small improvement in pricing in the last couple of quarters. If you look to the future, and you actually look at what some of the independent forecasters are expecting for pricing in the very near term, what you can see is that we should be in a world where the pricing dynamics are going to be much more positive for our business. If we can be disciplined about our costs and try and maintain our cash flow, which is returns for shareholders. We're pretty excited about the next one to wo years, because we do think that the prices are going to be incredibly healthy. We do think that we have got a very good business. We've got a disciplined business, and we think we can actually generate some very good cash flows as a result of that. Again, we think that the financial discipline that we've demonstrated has positioned us well to take advantage of an improving market. I mentioned the refinance of the Nordic Bond before. I thought I just wanted to spend a bit more time on that, because I think it was a real key step for us as a business to take to make sure that we actually could take advantage of the market when it did turn. I spoke before about the challenges that our business was being faced with looming debt repayments. We felt that having done the plant improvement work and the equity raise, we could go to market and just understand how much appetite there was in the market to replace that debt. We were quite surprised with the level of interest. We had an interest from a number of different areas. In the end, we felt the most compelling was the offer from BNP and the Clean Energy Finance Corporation. The reason that was compelling for us was not only was it cheaper debt, but these guys were prepared to, as they termed it, to bank the recovery in the lithium sector. They were quite happy to give us a runway of two years to wait for pricing dynamics to change and to improve, which would therefore support cash flows, which would be available to pay back the debt. For us, it was quite an easy decision in the end to go after what is quite a conventional finance facility with these two banks. We got a cheaper interest rate, but most importantly, we actually got to resculpture our debt repayments so that it matched more closely the period when we expected to actually generate cash flows. That's obviously provided balance sheet strength for us. What that now allows us to do is think about the funding options for the growth opportunities. Dale obviously spoke to a number of opportunities we believe our business has in the next little while. Obviously, to take advantage of those, we need to find funding sources. If I just step through the three or four key ones in my view. The first is the Pilgan plant improvements. This is where we're spending money to take the Pilgan plant from about 330,000 tons of concentrate to about 380,000 tons. We've already put in place a prepayment with Yibin Tianyi, one of our customers, for $15 million. That basically will fund the works that are required to complete those plant improvements. Clearly, the Ngungaju plant restart and improvements is front and center for us at the moment. That's, I think, the most important piece of work that we're doing in our business right now. There will be some money that will need to be spent as part of that. We're obviously going through a fairly detailed analysis of that at the moment, and there will be more to say on that in the very short term. If we think about how we're going to fund that, well, we've got AUD 100 million in the bank. Clearly, that's going to be a source of funding that work. We've also got the opportunity to increase the debt facility we have now. We obviously acquired the Ngungaju assets through an equity raise. They're unencumbered. Those assets can form part of a security pool if needed. On the back of that, we should be able to access more debt as long as it's sensible. POSCO downstream joint venture is also another important piece of work that we're currently rounding off on. People may recall when we did the original deal with POSCO, we put in place a convertible bond, which they would provide. On the assumption that we do proceed with an investment in that joint venture, that will be the source of funding to allow us to do that. We've always spoken about expansion opportunities. We've always spoken about doing that in a disciplined way when we think that the market is actually going to be there. When the market is there, we think we've got the opportunities to either use customer prepayments, existing cash flow that will generate out of operations, and again, the ability to upsize the existing debt facility and the working capital facility to actually be able to fund those. In summary, again, I just really wanted to go back to the three points I started with. One is around the demonstration of financial discipline in what has been a difficult market. I think as an organization, we've done a good job there. The other is around where we pop out at the other end in terms of balance sheet strength. We've got a strong cash balance. We've got a sensible debt facility in place, and that really puts us in a strong position to actually grow our business from here. Thirdly is around the growth opportunities that might come. We think we've got credible sources of funding to actually take advantage of those growth opportunities. That's a wrap from me, everyone, and I'll hand back over to Ken. Okay, thank you, Dale. Thank you, Brian. They're grounded, humble guys, you won't hear them singing their praises, but I'm going to do it on their behalf. Dale and his team have done an amazing job with our Pilgan plant. We expect that we can overlay our expertise to the Ngungaju plant in exactly the same light. How good are they? Independence Group disclosed. You don't hear much about the Greenbushes show pony, but they disclosed that recoveries at Greenbushes were between 65%-75%. We achieved 70% treating when you consider that we are producing the combination of an SC6 product. They are processing a 2% head grade as compared to our, say, roughly 1.4% head grade. Dale and his team have deployed a fantastic layer of skill and hard work to achieve industry-leading recoveries, as I said, at a 6% product spec, because there are others producing a lesser grade. In the case of Brian and Alex, the sleepless nights that they deployed to achieve the financing with the CEFC and the BNP facility was extraordinary. Let me remind you, in the period June to September last year, that was the lowest of the lows in chemical pricing and spodumene pricing. We took our headline interest rate from 12% to less than 5%. Absolutely unbelievable and a credit to Brian, Alex and their teams, and a credit to Dale and his team. Brilliant. Absolutely brilliant. All right, moving on. What else are we doing? I'm going to go through and partly summarize and partly flesh out our strategic intent. Here we have our sustainability pillars. We've been a lot more fulsome in our disclosure as of the FY 2020 financial reporting period, and our intention is to do more of that. We're taking this aspect of our business very seriously because, of course, it's the right thing to do. It's also a big part of your value add to the industry. It's critical. We're giving it due attention, and of course, you will see more about it from us over time. In FY 2021, we've continued to get on with it. Some of the sort of key packages of work are already underway that'll become part of our reporting for the FY 2021 year, and we've listed a few of the sustainability initiatives that are underway. Let me call out a couple. We love going to the Yandeyarra community. We've got a Books in Schools program running there. The bottom right, Soa the Hulk. Soa the Hulk is a champion MMA fighter, and he runs Healthy Minds. Fantastic guy and a really good program to get our team into. We also took the opportunity to take Soa to Yandeyarra, and we also took him to Port Hedland High School, and it was fantastic to see the interaction underway, particularly focused on mental health initiatives. The bottom left photo there, key initiatives around indigenous enterprise, and this particular one was, again, another important one because it represented the highest value contract that we've awarded to a Nyamal aligned business. Here you have Sticks in the middle there, Ian Taylor. Ian's a great guy. He's been very entrepreneurial. He's teamed up with SIMPEC for the development of the IronMerge JV. What they're doing is they're going around winning work in the Pilbara, including at Pilbara Minerals, for structural, mechanical, and piping works. Really good effort. The SIMPEC JV's doing our Stage 1 or Pilgan improvement works, traveling really well. We're deep into our climate change strategy as a subset of our sustainability initiatives. You heard Dale talk about the big solar farm that's going in. Of course, our midstream product strategy is also another key initiative there. Let me be a bit more explicit about the benefit in that midstream scheme, particularly as it relates to carbon reduction. Old school is just not going to cut it. Just because we've been shipping spodumene concentrate from Greenbushes to China for the last 25 years, doesn't mean it's the right solution for the industry. This industry, in its current phase, is ripe for innovation, new ideas, and better ways of doing things. What Dale and his team have flushed out through the work that's been underway for the best part of about 15 or 16 months now is, of course, the Calix calcination technique, which is a beautiful match to our fines flotation concentrate. Absolutely perfect. Means that we can structurally change the carbon footprint of the spodumene supply chain. Those that call spodumene as high carbon, called it way too early. There is heaps more innovation that's going to be deployed to make for a low carbon footprint, and Pilbara Minerals is determined to be at the leading edge of that change. Structural growth that's going on in the industry. I'm sure many of you have heard me talk about this infinitum, so I'm not going to dwell on it too much. Apologies if I skip through it quickly. The key theme is, fundamentally, Pilbara Minerals and the lithium raw materials industry has been a net beneficiary of the COVID experience because demand has been brought forward. Why has it been brought forward? It's been brought forward because the global picture around new energy investment has been brought forward. As people look to stimulate their economies, they are targeting new energy industries. Of course, batteries are a co-commitment to those new energy initiatives, electrification of the transport industry, and energy storage. They're kind of the two big stories. That's what's brought forward demand. That's why we've experienced a spike in demand. Of course, that's now playing out in respective pricing. Just to ram the sort of issue home, have a look at what CATL's up to. They're a fantastic partner in our business. We really enjoy working with them. Very innovative company and very aggressive in their investment strategy. Already the world's largest lithium-ion battery manufacturer and continuing to invest at an incredibly rapid pace. Do you know, by their estimate, by about the mid-2020s, they will have consumed on their own the global equivalent of production last year. Pretty amazing what's happening in their business. That's why they're happy to work with partners like Pilbara Minerals, who can continue to support their growth. Another thing that's often lost, and I reflect on it often, is just how quickly China's built out the middle section of the lithium-ion supply chain, the value-added products, the chemical pieces. When we first started in the industry back in 2015, you could literally count on one hand the buyers of spodumene. Now, these days, there's over 25, most of them being primary end users. There is a few traders that have come to the market, but most of them being primary new users. That's important because it links to our strategy as it relates to the Battery Material Exchange. I'm going to explain that in more detail. There is more buyers now than there was even just a couple of years ago, and they are not supported by offtake agreements. The opportunity in the Battery Material Exchange is the creation of a spot market. I'll explain why that's important in a minute. The statistics here relate to the obvious, I guess, that hits the headlines every other day. Growth in EV sales. That's happening in Europe, it's happening in China, there's been a second wave of growth, as I alluded to, principally as a function of the whole COVID experience. That's motivating, in the data here from UBS, that's motivating now growth in both lithium hydroxide production, which has a healthy link to the quality in the spodumene supply chain, and growth in lithium iron phosphate cathode materials or carbonate-supporting cathode materials. LFP has become a bit of a phenomenon in China because those cells are now so cheap. In China, the LFP cells are about 30%, maybe a third of the cost of a high nickel cell. That's grown the scale in the market that they can address. That's what's creating this kind of next wave of lithium raw materials demand, obviously supported by growth in hydroxide demand. On the right-hand side, it's a reflection of a bit of a longer-dated future. The key behind that particular, or those data points, is to reflect on how much growth is yet to come in lithium raw materials. Yeah, it's huge. By the independent economic agency's assessment, 10 times growth over roughly this decade, but they're 25x growth by 2050. Not many commodities go through that sort of growth. That's basically what we're faced with, and that's why Pilgangoora is ultimately going to be such an important project to the industry. Finally, that started to reflect in pricing. The graph on the left is a representation of chemicals price and then spodumene prices, at least in this case, via Asian Metals. Each of the price reporting agencies is obviously reporting, I guess, what we're experiencing, and that's that there is price appreciation going on. It's been a pretty hectic first four or five months of the year. We would argue on the spodumene front, more to come. Spodumene markets would typically lag the chemicals by at least a month or two. A bit more to come. Brian's reflected on that in the way our provisional pricing models work as well. Again, we don't talk about tantalite much, but I thought I'd include a little bit of data in that regard. That's to say, it's also been on a bit of a run. We think that's a function of underlying capacitor demand. During the COVID period, a lot more mobile phones, tablets, and also the 5G rollout, they're heavy users of tantalite capacitors. A bit of that is starting to be reflected in price appreciation in tantalite, which is great news. Hit a low of about AUD 55 a pound, currently 70-plus. Some healthy appreciation going on there. We love to reflect on the great partners in our business. They are both strategic and they're both off-takers. We provided a little bit more detail about what each of our partners is up to and the interplay or the connection to our business. Often they're shareholders, often they're off-takers or both. In any case, as much as it's been a tough period, we have been able to maintain all of those key relationships. It hasn't been easy. I'd certainly make that point during the period where the demand's been well off, it's been hard. I'm pleased to say that each of our partners in their own way, and Pilbara, has come through the other side with a healthy relationship intact and a swathe of growth in front of us so that we can be mutually beneficial outcomes to be derived. All right. Uncommitted offtake. Again, an important representation of the optionality in our business. I know people have thought of us as being sold out. That's not the right way to think about Pilbara Minerals. In the short term, we have two to 230,000 spodumene concentrate tons unallocated. It's not an offtake. That's principally driven by the recent Altura acquisition, but it constitutes one of the key opportunities in the acquisition because we have flexibility to deal on that product. As I said, it has important links to our online or sales trading platform. At the end of 2024, another big step up in unallocated spodumene, moving to 400,000 tons plus. The combination of available offtake through the Ngungaju facility, but also the first round of offtake starting to roll off from our Pilgangoora project. Those tons, 400,000-plus tons, is larger than most mines being proposed. We have a lot of flexibility and ultimately a lot of optionality and value in that available offtake. The Pilgangoora plant expansion, Dale's referenced the stepwise approach with which we hope to be able to expand that facility. There is offtake associated with that, but it's all conditional on the completion of a Final Investment Decision as we launch into those subsequent expansions. That's outside the unallocated offtake that I've already explained is available. All right. Battery Material Exchange. This is worth a bit more explanation. A key point of value that we are hoping to unlock. What we're doing is we're basically opening up the pool of unallocated product to a broader buying group than was available historically. In essence, the creation of a spot sales trading platform. It's really slick infrastructure. Believe it or not, developed here in Perth. We've scoured the world looking for something like this, and we ended up in our own backyard, which is just fantastic. GLX Digital has done the work here on our behalf, and it's very cool. The benefit that we get out of it is being able to create buying tension by opening up the pool of available buyers in a convenient and single trading platform. It's very cool and valuable. Why? Okay. Here's the why. What I'm going to do is I'm going to paint a picture for you about a couple of key points in time in the market and explain the dynamic between or the link between the headline chemicals price and typically the way that offtake works, because there hasn't really been spot trading historically in spodumene. It's typically all been done via offtake, and the offtake has a predetermined price outcome where you share the benefit, if there's any, in the headline price in chemicals versus the contributing cost of mining and a margin and processing and a margin to create the cost base compared to the headline price. Let's talk in the first instance to the lowest of the lows. Here we are, September 2020. In September 2020, if you looked up Platts, if you looked up Fastmarkets, you'd see a headline chemicals price of about $5,500 a ton in China. You'd see, based on what we know of the industry, chemical conversion costs, for the sake of round numbers, let's say that's $2,500 a ton, in which case you're left with the cost of raw material supply. There was no margin. In September 2020, basically, everyone's margins being compressed to, in essence, zero. There is no addressable margin. That's the way the market works. I hope I've got everyone with me so far. Let's step forward to today. Now, we're here in May 2021. Roughly speaking, the headline price in China for lithium chemicals at a battery-grade level is $12,500 a ton. The cost of chemical conversion hasn't really changed. It's $2,500 a ton, for the sake of round numbers, which means you're left with $10,000 a ton to pay for mining, miner's margin, and the chemical converter's margin. I can tell you that Platts, Fastmarkets, let's say roughly, today's price for the spodumene landed in China is $675 a ton, roughly. What that means is the contributing cost of the miner with our margin is $5,000 a ton, implying that there's a gap. This thing I've called the addressable margin is $5,000 a ton. The headline price, less the cost of chemical conversion, less the price paid to the miner and his margin. The gap is $5,000 a ton. In bidding for our product, our thesis is that when spodumene is short, there will be more margin applicable to a spodumene ton on the sales trading platform, i.e., the price can be higher than $675 a ton, and possibly a lot higher, depending on how much tension there is in securing that supply. I'm not saying this is going to happen. If we were to win all of that addressable margin, that pushes spodumene well beyond $1,000 a ton today. I'm not saying that's going to happen. There is an opportunity there that is well worth exploring. Let me show you one more extreme. In November 2017, the market was close to the highest of its highs. If you went to Platts, if you went to Fastmarkets at that time, it's roughly $24,000 a ton. Peak of the market back then or the last peak in the market. Cost of chemical conversion hasn't changed. Still $2,500 a ton. At the time, Platts, Fastmarkets, your spodumene was worth $950 a ton. There is still this enormous gap in addressable margin. In this case, I think it was close to $18,000 a ton, implying, can spodumene be worth a lot more if there's enough tension in the market to secure the spodumene, and of course, chemical pricing is high? The answer is categorically yes. It can. It can be higher. I'm not saying that we're going to get it. I'm just saying there's an opportunity there that absolutely has to be explored, and we've created the platform to try and make that happen. Okay. I'm hoping that that's all made sense to you in the room and everyone online. I'm going to close with a, we'll call it the strategic plan on a page. This is ultimately where we think the value is added for Pilbara Minerals and our Pilgangoora project. The way to think about this plan on a page is to think about our core business on the left-hand side. It's pre-existing. It's the spodumene concentrate, 6%, and we're feeding our offtake customers today under agreed pricing mechanisms. As we step to the right, we're starting to participate in new parts of the business where we're pretty confident we can add more value. The first of those is to feed product down to the Battery Materials Exchange, the BMX platform. In so doing, we can unlock the opportunity that I described about winning more of the addressable margin. That's an important initiative to us, and I think going to be of value over time, and especially for the phase in the market that we appear to be heading into. What goes on to the Battery Materials Exchange? Well, in the first instance, it's the 6% product. Actually, pretty much it's all about the Ngungaju plant production. With rats and mice from our Pilgan plant or the combined effect of Pilgan and Ngungaju. Over time, we can feed low-grade product, and that's a facility that we're building into the first round of plant improvement projects. We've called it SC 5.x. It's going to be five point something. It's lower grade. Why do you do it? Well, of course, in today's market, everybody's chasing lithium units. The benefit that we get out of that is to be able to recover more lithium product. If so, win more cash flow as a function of selling that lower-grade product on the BMX platform. It just so happens that that SC 5.x is perfect feed for the midstream product and the Calix technology. The pilot scale test work that we've done at the Bacchus Marsh facility was tested at these lower grades, and it performs. It's fantastic. Really good opportunity because of the smarts that Calix has developed in the technique for dealing with the fine spodumene and in particular being electric-fired, which ultimately lowers the carbon footprint through renewables. That same product goes down onto the Battery Material Exchange, or it goes into further partnerships downstream where we're working with other key partners globally, Europe, the U.S., doesn't matter. That product can penetrate the global markets, not just about China. Ultimately, we create fines chemicals. Battery-grade hydroxide or battery-grade carbonate. It just so happens that in some of those raw materials that we're exploring in the midstream, they might yet be a good fit for the cathode materials market as well. More work to be done there. Lastly, bottom right, not meant to be bottom right as in last, not at all. That's the first of the deals that we think about as it relates to linking spodumene production directly to lithium hydroxide. That's via an example, good example, the POSCO relationship, which we're looking to deal with in the current quarter. Very detailed discussions underway with them. We're dealing with the last of the due diligence there, and our expectation is that we'll get there this quarter. I hope all of that makes sense and ultimately translates to what we think is a much more valuable Pilgangoora project and therefore Pilbara Minerals. Okay. That's it for the formal presentation materials. A couple of key things to share. We have Phil Hodgson, Managing Director and CEO of Calix, on standby. I encourage you to think about questions that you'd like to fire at him. Great guy, fantastic team. I'm sure he can help you with some of his queries today. He's in the studio in Sydney. I'm going to hand over to Nicholas and Kate, and they'll facilitate the combination of our Q&A that we're going to deal with, firstly online, via the Chorus Call, and then back to the room here. I hope that all makes sense. Thanks everyone for your attention. Really appreciate your valuable time, given it's a long session. Equally looking forward to all those very clever questions, I'm sure. Thank you. Nick, I'll hand over to you. Thanks very much, Ken. Good morning, everyone. Welcome to question time. It's my pleasure to facilitate this session. As Ken said, we're going to do this in three phases, so we're going to deal with the online component first. We have had a lot of questions come firing in in the course of the morning, so we'll do our best to get through them, but we probably won't get through all of them, unfortunately. We will make a note of those that we don't get to, and David and myself will reach out to you later in the day to address anything that we don't cover. Before I get into that, for those who are dialed onto the Chorus Call telephone conference line, can I just ask you to log your question by pressing star one on your telephone pad if you'd like to ask a question? We'll start with the online first so that we give you guys on the phones a chance to form a queue. Once we've done the telephone questions, we'll move to everyone in the room. We've got two roving mics. There's going to be no shortage of questions coming thick and fast to the Pilbara team here. We'll try and keep the responses as quick as possible so we get through stuff. Ken, I'll start with a question, given you finished on a strategy note there. I've got a question here from Howard Klein from RK Equity, and he says, "As the largest independent spodumene producer in a market that looks to be structurally short of independent spodumene for some time to come, can you explain to us why it's a better move for Pilbara to move downstream or midstream rather than JV and/or acquire more WA or international spodumene mines and solidify its dominant spodumene status? Following, for example, Fortescue, a new force in spodumene." In essence, why is spodumene to China or elsewhere different to iron ore to China? Well done, Howard. That's a really good question. Trust all is well in the U.S. Okay. The way to think about your line of inquiry is to say, in part, I agree. I agree that our position as a merchant seller of spodumene is really good as it relates to today's market and for the foreseeable future, because we agree there is likely to be a structural deficit. Our response is somewhat nuanced. I'll give you sort of two reasons why we think about the production base at Pilgangoora as being a portfolio available to the market. We very much like the idea, as you've described, that you can be a merchant seller and maximize the leverage in a short market. That's why we've created the BMX sales trading platform. The start or the inception of a genuine spot trading position, for which we can maximize the value in the product while the market's short. It's also fair to say that we are here for the long haul. Our asset is going to be live for argument's sake, 20, 30, who knows, 50 years. With that as a backdrop, it makes perfect sense to consider the medium and the long term. In which case, creating a portfolio that opens up alternate markets, i.e., a global footprint, that is, sales beyond China, is important and participation downstream is important as a function of maximizing margin for every ton in the ground at Pilgangoora. Agree with the principle you've described, albeit somewhat balanced via a portfolio approach. I hope that makes sense. Thanks very much, Ken. The next question is from Chris Robb from Robb Commodities Consulting. I think this is possibly for Dale, but I'll leave that up to Ken. Management has been very clear about the timing and re-start of the Altura assets. Could management also please give some color about the timing and decision-making for the Pilgangoora plant phase two expansion? Yeah, Dale, fire away. Thanks for the question. The order and the way we're thinking about the expansion, as we've outlined is fairly concrete. As it relates to the expansion for our main plant, our Pilgangoora plant, we've purposefully been non-specific on that because it's a question of when does it make sense in terms of the market outlook and partnering those tons with the right partner if we choose to do so. Essentially, it's in a bit of a holding pattern, but we're ready to go when that makes sense, and we will trigger that when that makes sense. Yeah. Partly about customers, what their objectives are, and the timeframe within which they think about their chemical conversion facilities. We can respond pretty quickly as required. Great. Thank you. Next question is from Mitchell Chan from LyGH Capital. Cash costs and pricing strategy of the new SC6 product. Could Ken also please elaborate more on the digital platform and Pilbara's ability to realize improved SC6 pricing amidst a currently flat Chinese carbonate pricing environment? Yep. Okay. Well, on the midstream, it's very difficult to be definitive because we still have a lot more study work to be done. We very much like the initial test work, and we'll obviously throw to Phil Hodgson to get him to explain a bit more about how he views his technology. That has been done at a reasonably significant scale. The facility at Bacchus Marsh is basically industrial in scale. It's already been producing product for the magnesite industry. It's a pretty serious piece of kit. We very much like the test work that's been derived there. That gives us confidence to step down the path now towards commercialization. Very difficult to be definitive around price and margin. Our expectation is you can make more money and lower your carbon footprint by pursuing the midstream strategy, but very difficult to be definitive about it at this stage. The BMX sales trading platform, I'm not sure there's too much more to add other than to say there is the potential to redress the value in the spodumene versus the value in the chemical conversion, depending on the tension in people trying to access product. What we're looking for in the sales trading platform is to discover that price by making product available in a way that it hasn't been made available historically. A new initiative, one that we're confident in, of course, it represents quite a big step forward for the industry, but we're not being shy about it. We're basically saying, "We can make that product available to you. We know that there's people that are going to be hungry for it, in which case, put your best foot forward. We're very pleased with the engagement we've had with the customer group so far. Lots and lots of interest and participation in that platform. Thanks, Ken. Lots of questions about the midstream strategy, and this one might be an opportunity to bring Phil Hodgson in from Sydney. The question is from a shareholder: What are the steps required to commercialize the Calix technology? Yes, Phil, fantastic of you to join, mate. Please, have a crack at answering that question. Thank you very much, and thanks for the question. The steps to commercialize the technology. Well, actually, the technology's already commercialized, as Ken mentioned, for magnesite and also diatomites. We run diatomites, and that gets sold commercially as well. There are other various streams that we are commercializing. Lime and cement manufacturing are being commercialized now. Of course, now spodumene, which we've been working on, as you've seen, for nine months now with Pilbara. The steps to commercialize, the scoping study, as outlined, will be about looking at building a commercial scale electric calciner. That will be a bit of a scale-up from our current electric calciner. That one scale or that one step up will be enough to have a commercial demonstration module. From there to scale to larger volume throughput, for example, will just be multiples of that one module. Really, the step is one step, and that one step, we're looking to do with Pilbara Minerals, for the spodumene processing. Yeah. Thanks, Phil. That's well described. It actually raises another good point there that the solution that Calix have come up with is very modular in nature, and in that respect, it's quite different to conventional calcining technology, where you build one massive device to suit one train. In our case or in the case of the Calix technology, it's incrementally-Additive. The benefit that I see in that is that we can continue to add capacity in a way that's very capital versus market effective, as compared to having to build one big 20,000 LCE equivalent calcining device. Yeah. I see that as being one of the benefits in accessing the technology as well. Thanks very much, both. Next question I've got here from Andrew Beck. This is for Dale. He says, "Hey, Dale, any plan to expand the Ngungaju plant in the near future? Also, what do you see total PLS SC6 production being in 2030? Thanks, Andrew. Good question. In terms of the Ngungaju plant, it's unlikely that we would look to expand that off that existing base. It's fairly well designed at its limits that Altura previously been running at it. We don't think it would be money well spent to look to augment that plant too much more in terms of increased expansion. In contrast, Pilgan plant was purpose-built with expansion in mind. That's where we'll divert any capital for more tonnage expansion. As to where we at in 2030 for our total production, well, you'd have to hazard a guess we will be at full scale. I think, given the demand and the trajectories that we all see, the world needs plenty of lithium, and Pilbara's in the box seat to be a major supplier in that. I think the only nuance will be how much have we stepped down that path in terms of increased value add, whether that's midstream or the downstream. You'd have to think that by 2030, we'd be converted well down that path and be at scale. Thank you, Dale. The next question comes from Andrew Churnside from Canaccord Genuity. "Would the aim be to eventually produce all midstream product?" He asks. Yeah, that is a good question. I didn't really address it directly in our presentation materials, but I can give you a bit of a shape of our thinking. I mentioned that creating a portfolio of offtake positions is really important to us, including those that might serve our own purpose. In particular, midstream strategy and/or participation with further downstream facilities. Given the current offtake position and time, my expectation is that if we were producing at a million tons plus in spodumene concentrate, approximately 50% would be serving our own supply chain. It would be part of our vertically integrated business, as compared to the other 50% being for the purpose of merchant sales. Including obviously looking after our offtake customers who will be there for the medium and the longer term. Excellent. I've got another question, this time, I think probably for Brian from a shareholder. "What's your current debt position? Is your strategy to accelerate debt repayment or consider paying a dividend? No, the current debt position is $110 million U.S. That's the facility we have in place with BNP and CEFC. Look, I think the way to think about the debt is that we'll want to try and use that facility as much as possible to help with any expansion. I don't think we'd want to necessarily accelerate the repayment of the debt. What we'd probably want to try and do is build up some cash flow, try and use some of that cash flow to expand the business, really just expand the debt position as required, depending on what opportunities we're chasing. Really just have the debt roll off in a timely manner, certainly not to accelerate the repayment. Thanks very much. We'll do a couple more online questions. Just a reminder to those on the teleconference, if you would like to ask a question, please press star one on your keypad to register your Q&A. We'll be getting to those very soon with China and whether that will impact or has impacted Pilbara Minerals in any shape or form. Ken? We've seen no evidence in our relationships with customers to indicate that there's been any impact as a result of the current diplomatic tension that exists amongst the key reps in government. Fortunately, the lithium industry and in particular, actually our customer group, they're all typically private interests. Genuinely private or otherwise listed both Hong Kong and within China. In which case, they're typically taking a very sort of worldly view about their market and their engagement with key suppliers. That gives me some comfort. The other key thing to keep in mind is that China's investment in new energy is both extraordinary in its scale and quite deliberate, with a view to minimizing their reliance on international energy sources, obviously, in particular, fossil fuels. Therefore creating some energy self-sufficiency. To do that, they need key raw materials, of which clearly spodumene is one in support of the new energy industry. That also gives us some comfort. Thanks very much. A couple of quick ones. Sean Shivers says, "Hi, Ken. Great presentation. What's the estimated mine life as of today? Well, if it was just the combined effect of today's Pilgan plant and the Ngungaju plant, it would be approximately 35 to 40 years. Obviously, it's our intention to continue to keep expanding the operation. For most foreseeable outcomes, that would translate to a mine life of 20-plus years. My sense is that there is still plenty of opportunity in the mineral endowment at Pilgangoora. It is huge. It's a huge pegmatite system. The recent drilling that Dale pointed out, adjacent to the old Altura tenement boundary, is a really good example. It's been underexplored historically. It doesn't take too much effort to go in there, drill a few holes, and lo and behold, you turn up a whole heap more spodumene. Our expectation is that the combination of both the resource base and the pit inventory will continue to grow over time. That affords us the opportunity to then either extend the mine life or alternatively look to more capacity in spodumene concentrate production and value-added products. Fantastic. One final online question from Mark Bugden from AMZ. This is a question for Ken and/or Dale. "If recoveries are at approximately 72% today, assuming the Calix development works as designed and you can utilize the SC5 fines to feed this process, what are you expecting overall plant recoveries to be?" Dale? A great question. We haven't really tested our grade recovery relationship of late with the current mineral feed. A bit of a technical answer. If I was to hazard a guess, there would be another 5% at least in terms of increased lithium recovery stepping down that grade curve, and frankly, that's being quite conservative. Yeah, the ability to bring in a Calix-type technology, such that you can stream off and purify a valuable product and effectively increase your outright recovery from lithium ore body. It's a massive value add. Yeah, more work to come until we can be more definitive about the quantum of that value add. Nick, before you step on, this is another good one for Phil. Phil, I wonder whether you couldn't just offer a brief explanation about why or how it is that the Calix technology deals with that lower grade. I think technically, that's also worth explaining because it's a really important value add to the technique that Calix have developed. Yeah, sure. Thanks, Ken. The technology for those who are unfamiliar with it is just a new way to heat stuff up. Traditionally, that's done in a rotary kiln when you're processing spodumene, you're trying to convert what's called alpha to beta spodumene. What that means is you're taking what's effectively a crystal structure inside that ore. When you heat that up, that sort of blows up like a bit of popcorn, and that is then what allows the extraction of the lithium out of the ore. Blowing it up like a bit of popcorn takes heat. The problem is with finer grades. Typically, there's more contaminants, and they, when you heat it up, move to the outside of the particle. What then happens is it makes it very hard to extract that lithium or much harder. With our technology, we have a vertical kiln, and basically you take a fine powder, and you drop that down that vertical kiln, and it basically just floats down through the kiln. That kiln we heat to 1,000 degrees centigrade, and as it's covered off, we can heat that electrically, so we can have renewable energy power in that kiln. What we can do is get the temperature profile right on that kiln so that the spodumene ore, as it floats down, is cooked perfectly. You don't overcook the popcorn and burn it. As it exits the base of the kiln, you get the maximum conversion without all those contaminants coming to the outside and blocking what will then be your downstream lithium extraction. That's a brief, hopefully, explanation of how the technology works in spodumene processing. Yeah. Well done, Phil. Great. Thank you very much, Phil. While we're in Sydney, I might just throw the line open now to Ashley from Chorus Call. Ashley, are you there? Yes, thank you. We are showing no questions on the phone at this time. Okay. We'll come back and check with you at the end if anyone has popped up. But we're off the hook on the phone questions at least. We might go straight into the room here in Perth. Ladies and gents, we've got two roving mics, and they'll come to you for COVID safe reasons. We might just start over here. Thank you. Mitch Ryan from Jefferies. You've talked to the greener aspect of the MoU with Calix. Can you just flesh out your thinking on this in terms of the fact that the CLX creates a CO2, so that moves it into a scope one emission? How have you thought about that process? You've talked a bit, wanting to be greener. No, Mitch, you've hit on a good point there. In fact, as Dale rightly described, you're bringing a part of what was historically the normal chemical facility, in this case, in China, typically, and you're bringing that to the mine. You're right. That translates in the world of emissions assessment from scope three to basically scope one at the mine. In recognizing that, it's also important to note that the value created is in our view, very, very strong. Whilst you're taking on the emission, it's a materially lower emission that is otherwise going to be valued by the global buying group as compared to it just being a China story. Yes, we take on more scope one emissions, but we're opening up a global market that is going to value the lower carbon footprint that supply from Pilgangoora represents. To our view, that is a really important initiative and one that we're very much on the front foot with this strategy around midstream products that we've described today. Dale, have you got anything else you think is worthwhile adding there? I'll just add that, as we think about the growth markets in Europe and U.S., we think what we're working on here is appealing for the reason Ken mentioned around reduced carbon footprint. You've also got this product, which we think will be much more easily handled and concentrated if you're building a new facility in Europe or U.S. Yeah. Orders of magnitude in change in terms of dealing with the waste. You're going from having to find a home for 95% of the stuff that we've shipped you to probably less than 5%. It's a really, really big change to the current supply chain. In our engagement in Europe, we've heard that being incredibly valuable, very difficult to dispose of these products. Sorry. Thank you. Two more sort of follow-ons from that. One, you've outlined the use of a solar plant, 6 MW. Does that provide all of the power required in this process? That's one for now. Thank you. Yeah. Dale? The 6 MW solar, the sizing of that is actually relating to our clean energy finance undertakings. That's actually the background for why we've sized it, is because we had to your question on what is the renewable energy size we need for the demonstration plant? We haven't calculated that yet. That will follow through post the scoping study, which we're working on this year. Sorry. Before we go to the next question, could I just ask Darin, is it possible to turn the volume of the roving mics up at all? We just had some feedback that the questions were a little indistinct online. Thanks very much. Sorry. Final one from me. Can you just talk us through the CapEx on the calciner? You said it's scalable. How do we think about how many units of additional production does each addition to that add, and what does the CapEx look like per additional scale? Good question, Mitch, we'll be coming back basically with more information once we've completed the next round of feasibility work. You need to think about the demonstration plant. We are thinking about that as being tens of millions of dollars, not hundreds of millions of dollars. I don't want to give people the wrong impression about the scale in the facilities that supports the demonstration plant. It's not as though it's going to blow your socks off as to what we're doing with our balance sheet in support of the demonstration plant. Yeah. It's to be measured in tens of millions, not hundreds of millions. Hi, Tim Hoff from Canaccord. You talked producing a salt. I guess, the next step after roasting is acid leach. I guess, is there an acid leach stage? Then if you're producing a product with about 16% lithium, that sort of points to it being a chloride rather than sulfate, or is it some other product altogether? Well done with that line of questioning, Tim. We'll make you a chemical engineer yet. The innovation as it relates to the midstream project, relates principally to this unit processes that we bring to the mine. In particular, the application of the Calix technology to lower the carbon footprint and perfect the conversion of a lower grade fines concentrate. That's important. Then acid digestion and precipitation is reasonably conventional, and it is via a sulfate path. We're taking something that looks a bit more like the conventional Chinese approach. Once we've been through the process of calcination, the final midstream product is targeting, as you say, higher lithia units, but not a fine chemical. Let me explain why. That's something that's also quite valuable. In bringing the first half of the chemical conversion facility to the mine, we ultimately create what should be a materially lower CapEx solution. Because a lot of what's required in your chemical facility, a la Kwinana or the Kemerton facilities being constructed here in WI a lot of the CapEx is related to creating a very, very high-grade fines chemical product. We don't see that as our area of expertise. Think of us, similar logic is deployed for the POSCO relationship. We're not pretending that we're going to be a fines chemical player that's producing a four nines or a three nines or a two nines product. Our product, its intention is it's industrial grade, but a material uplift as compared to the spodumene product. I think. Sorry. It is Trent Barnett, Euroz Hartleys. I think in the last year, maybe some of your customers breached the offtake agreements. Have you waived those rights or in theory, could you have a much higher proportion go to the spot market? Yep. It's fair to say that there's been some difficult periods, as you quite rightly pointed out, Trent. We have had lots of conversations with customers that relate to this very point. What I've said historically is that we've reminded our customers that they weren't compliant, and as a result, we've reserved our rights, and at the same time, we've continued to maintain the relationship. I feel like that has served us well as we're coming now out of a difficult period back into more demand, because we have customers that are the best integrated into the sophisticated kind of Tier 1 battery supply chain. Our partners are typically aligned with the most important partners in the battery world, Japan, Korea, the big players like CATL in China. There has been some tinkering as it relates to the contractual terms. I don't want to say that they're wholesale. They relate to things like we've previously described, provisional pricing mechanisms, some reset in the underlying terms around time frames for price. That's pretty much where we targeted our efforts in those conversations. Thank you. Question down the front. Thanks. Hi, it's Jack Gabb at Bank of America. Can you talk a little bit more about the potential optimization from producing a midstream product? What's the potential freight cost saving? Can you push through higher iron oxide grades into the concentrate or the salt? In terms of sort of crush size, because you can maybe recover more fine material, can you lower the crush size as well or recover more of the sort of sub 1 millimeter type material? Thanks. Yeah, good question, Jack. Going backwards, last point first. You're right, it's actually the reverse. What Calix brings to the table is the opportunity to deal with a finer grade concentrate in calcination at a lower grade. By implication, Phil mentioned the same thing. By implication, it means there's more impurities in there. The really strong benefit that Calix brings to the table is those impurities don't necessarily penalize the conversion and the recovery of the lithia. The answer to your question is yes, you can handle more impurities in the spodumene concentrate as dealt with by Calix. As a result, at a mine level, we can recover more spodumene. It's a really healthy match between the technology as envisaged by Calix and the fines concentrate, and in particular, the fine fraction of the fine concentrate, which means we can optimize our flotation circuit and fundamentally push through more product and, as a result, recover more product. Second one, shipping. Yeah. A big benefit that comes out of the midstream strategy is to rationalize the freight task. You basically move from being spodumene in bulk to being So by bulk, it means tipped into a ship's hold, to it becoming much more conventional in lithium terms, i.e. a bagged product. You move from being bulk shipping to a bagged product. For reference, say, two-ton bulker bags, that type of thing. That also means you can ship smaller lots. You can target containerized vessels. It's quite a different freight task, and as a result, gives you a lot more flexibility and ultimately, we'd hope, lowers the cost. The good news is that Port Hedland Harbor is moving in the direction of regular container freight and break bulk freight, which means more service as compared to today. By the time we get to a commercial product, we'd expect to be able to have a reasonable service out of Port Hedland. Was there three? Was there a third one, Jack? No? No, just regarding the grind size. Oh, grind size. Yeah. Well, actually, on that particular one, I'll hand over to Dale. Okay. Good. Increasing iron content, another. Where you end up will be a function of unit costs to recovery. We haven't done the work yet, but it may well make more sense to do more grinding to get more finer particles that therefore can convert through the Calix technology. That may well make sense, particularly if the impurities are higher. Certainly the test work we've seen to date, Calix versus traditional for fines concentrate, it wins hands down. That's very, very clear, and that's not even considering the downtime events that the chemical plants have, chipping out the kiln, all of those types of eutectic challenges. We think we're onto something far superior for fines concentrate. Plenty more work to be done to bed all that down. Tim Bunney, Euroz Hartleys again. Do you think the midstream product, is that going to be competitive on a carbon basis with North American hydro spodumene into Europe? Does that make sense? Yeah. No, that makes sense to me. Midstream, mate, I think you've just branded something there. Well done. I like it. Between Ramsay Street, the BMX platform, and now Midstream, I reckon you're onto something. I made the point during the presentation that those that called the hard rock supply chain as being overly carbon intensive called it way too early. There is a lot more innovation to come to the table because we are a relatively young industry, and it's only now that people are seriously thinking about how to change the supply chain. We'd like to think that we're at the leading edge of that, in which case I would argue yes, absolutely. The Pilbara, don't forget that the Pilbara is one of the world's great renewables resources. That's why FMG are targeting Fortescue Future Industries and it's to take advantage of what is one of the world's great solar resources. In our particular part of the woods, we also think wind resources. There is a huge opportunity to change the game. Yes, the combination of new technology, rationalizing the supply chain, and in particular, our proximity to the port, basically 100 kilometers as the crow flies, is absolutely globally competitive, I would argue. As I said, those that are calling it too high, they're calling it way too early. I think we're going to do well. Question on the left. Yeah. Ken from Drummond. The BMX platform seems to be a potential game changer. How much of your production do you intend to allocate to that platform? Yep. In the first instance, it's principally described via what's available via the Ngungaju plant. Sorry, I single out the Ngungaju plant, basically, we think about the entire portfolio of production, it just so happens that that's the piece that's new, additive, and uncommitted in offtake. There is a little bit that's freed up as it relates to original Pilgan plant production. Our intention would be to take advantage of that on the BMX platform, and the leverage that we feel should emerge as a result of that production. 200,000-230,000 spodumene concentrate tons in the short and the medium term, as compared to a total portfolio of about 580,000 tons once we've commissioned and ramped up the Ngungaju plant. In the medium term, we free up more capacity from the original offtake agreements from the inception of the Pilgangoora project. It translates to 400,000 tons plus. Now, we say plus because there might yet be other flexibility about the allocated product in the original Stage 2 project development. As a minimum, 400,000 tons, could very well be higher in the medium term. Any other questions down here in the front? Two in the front. Yep. Al Harvey from JP Morgan. Just wondering with more downstream, you mentioned beyond the POSCO JV, how do you weigh that up now with this potential for midstream? Where do you see potential for more value coming from downstream or with the midstream? Do you think that'll be the way forward for you guys with that 50% you're potentially targeting going forward? Yep, good question, Al. The good news is they're complementary, I think. The effect you get with a midstream product is you can rationalize the supply chain in the way that we've described. We think that's very valuable. Equally, you can use that product to participate downstream with a partner who's producing fine chemicals. We think about that as being very similar to the relationship that we've described with POSCO, except that in the first instance, it's POSCO with spodumene. It could be a downstream player producing a fine chemical. It could be with spodumene. Perhaps even more importantly, it could be with a midstream product because we think that's going to ultimately be the best value in the supply chain and bring more margin back to Pilgangoora project. Hayden, microphone is coming your way. Ken, on the midstream product, I like that name. It's quite good. With the BMX platform, is that really the key to, because spodumene's always struggled to get unlocked from 5%, 6% of the carbonate price? Is selling this stuff at a much higher percentage of the base LCE price really the key to sort of unlocking that or getting some of the margin from the converters, do you think? It's a really good question, Hayden. In essence, yes. To get there is ultimately going to be a bit of trial and error. In the same way we think about spodumene being placed on a sales trading platform and improving the price discovery process, we would argue exactly the same mechanism could be deployed for a midstream product. You could test the market with demonstration plant capacity and find out what the product's worth. Well, we would suspect there is people that are hankering for a product like that that we're describing. It hasn't historically been available in the market, but that doesn't mean people don't want it. It was just never available. The idea that we can commercially test a sales regime via what we think is a bit more of a sophisticated sales trading platform than the usual norm in the lithium raw materials industry is ideal and represents one of the channels that we can use to penetrate the market with new products. Follow-up question. Just on the other downstream stuff, I think you spoke earlier about being sort of 50/50 spod versus downstream. With the POSCO JV, that's a fair bit of spod tons anyway. What do you see your ultimate equity ownership of some downstream capacity? Because at the moment, that would be less than 25%, I guess, of the total. Also, can you just confirm with that POSCO JV whether all of the original agreements with the 50/50 debt equity and the convertible note to help fund your share of that equity, is that all still in place or has that all been recut now? Yeah. Okay. Yeah. When I think about the portfolio being weighted 50/50, I'm actually thinking about it principally in comparative terms to spodumene supply. Spodumene supply is either 50% to the merchant market, which would include people like our existing offtake customers. The other 50% is where we have material vertical integration downstream in a spodumene sense. It could equally already be converted to a midstream product. Have I got you there? It made sense? Yep. Yeah. For example, that would include the relationship with POSCO. POSCO has a hope that they do a lot more over time, and we like the idea that we can help them and others, with things like a midstream product as well. It remains to be seen where all that lands. As to the commercial mechanics, well, our expectation is we'll have more to say about that in the coming short period. Actually, on the face of it, we don't expect material change. There is still going to be support from POSCO in our investment in downstream facilities and there's also a piece of that that relates to our subsequent expansion in plant one, which broadly speaking, Brian alluded to when we think about working with our customers around the subsequent expansion of the Pilgan plant. Great. Any more questions from the room here in Perth? No questions. Going, going, gone. Fantastic. We're not showing any questions on the teleconference, Ken. Yeah Might wrap up now. I think you wanted to end about 10:30 A.M. Yep. Fantastic. I'll hand back to Ken to close. Thank you. Well done, Nick, and Kate, magnificent host for question times. A quick round of thank you's for everyone's participation. Of course, everyone here in the room, at the Melbourne hotel, those that participated on the Chorus Call and those that participated via the webcast. I know we've taken up a lot of everyone's time, but we think well worthwhile to explain the future of our Pilgangoora project and ultimately where Pilbara Minerals is heading to. Angela, David, Linda, thank you very much for your contributions in organizing today's event. Nicholas and Kate, we really appreciate the help of Read Corporate, and the support that you've continued to provide to our business. Thanks, everyone, for your time. Look forward to a quick chat in the morning tea. Thanks, everyone. Appreciate your participation.