Good day, and thank you for standing by. Welcome to the PLS March quarterly conference call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Dale Henderson, Managing Director and CEO of PLS Group. Please go ahead. Good morning, and good evening. Thank you for joining us today. I'll begin by acknowledging the traditional owners on the lands in which PLS operates, the Whadjuk people of the Nyoongar nation here in Perth, and the Nyamal and Kariyarra peoples in the Pilbara. We pay our respects to elders past and present. I'm joined today by Flavio Garofalo, our Interim CFO, and Brett McFadgen, our Chief Operating Officer. Today, we are reporting a record quarter and a step change in financial performance. We will take you through the quarter and then allow time for questions. Now, before turning to the results, I'd like to frame what is happening in the lithium market. Lithium remains a young, capital-intensive industry that is still scaling rapidly. Demand can move quickly, supply responds more slowly, and capital is cyclical. That combination means volatility is structural. In that environment, value doesn't accrue evenly. It concentrates on operators with structural cost advantages, strong balance sheets, and discipline to pace capital through the cycle. That is how we've built and managed PLS. Through the recent down cycle, our focus was to strengthen the operating platform, lower unit costs, preserve financial flexibility, and maintain growth optionality. This quarter shows that model working as designed. We delivered record production of 232,000 tons, materially stronger pricing, and a significant increase in cash generation. Closing the quarter with approximately AUD 1.5 billion in cash. Importantly, this is not simply price leverage. The work undertaken through the cycle is now converting directly into margins, earnings, and cash flow. Please turn to slide two. Our strategy is consistent. To operate at scale, maintain low costs, preserve balance sheet strength, and deploy capital in a disciplined way through the cycle. We manage the business as a system. Operational performance drives margins convert to cash, and that cash gives us flexibility to control the timing and sequencing of growth. Capital discipline is central to that. We invest only when returns are compelling through the cycle, not in response to short-term price movements. Moving to slide three. PLS is positioned to create value through the cycle. First, our asset base and cost position. High quality, 100% owned Tier 1 assets with a cost structure that protects margins in weaker markets and expands them as pricing improves. Importantly, that ownership means our shareholders retain the full benefit of that operating leverage, a distinctive advantage among our peers. Second, the balance sheet, with approximately AUD 1.5 billion cash and approximately AUD 2.1 billion of liquidity, gives us control over timing and the ability to act from a position of strength. Third, execution. As you've heard today, record production, lower unit costs, and strong cash generation reflect a platform that is performing reliably and converting into financial outcomes. Finally, disciplined optionality. Multiple pathways to grow, activated selectively, and only when returns are resilient through the cycle. Turning to slide four. The March quarter demonstrates strength and operating leverage of the PLS platform. Production was a record of 232,000 tonnes, reflecting strong operating performance across the business. Pricing improved materially, with realized prices up 61% quarter on quarter to 1,867 per ton on an SC 5.2 basis. That translated directly into financial cash outcomes with a revenue lift of 52% to AUD 567 million. Cash margin from operations rose 178% to AUD 461 million, and we closed the quarter with approximately AUD 1.5 billion cash. On growth, the Ngungaju restart remains on track for July, and the P2000 and the Colina project studies continue to progress. Now with that, I'll now hand over to Brett for an update on operations. Thank you, Dale. Moving to slide five. Safety is our highest priority, and we never lose sight of that, regardless of our operational performance. During the quarter, we recorded three injuries. Our total recordable injury frequency rate increased slightly to 3.82. Each injury is a reminder that our work here is never finished. What I do want to highlight is the lead indicator performance. Quality safety interactions reached 4.13 per thousand hours worked, well above our target of 1.6 and up from 3.8 in the prior quarter. That reflects continued delivery of our in-field leadership programs and deeper frontline engagement with our critical risk management framework. We remain focused on translating that engagement into improved outcomes. Moving to slide six. The Pilgangoora operation delivered a record quarter and I want to walk through the key drivers. On mining, total material mined increased to 9.9 million tonnes, up from 8.1 million tonnes in the December quarter. This reflects improved operational efficiency and the plan to ramp up in waste stripping to support the Ngungaju restart. Ore mined came in at 1.3 million tonnes, consistent with our mine plan. On processing, plant reliability was strong. Lithium recovery was consistently high at approximately 75%, a reflection of the capability embedded through the P1000 expansion. The ore sorter continued to perform well, providing operational flexibility despite elevated contact ore feed. On costs, FOB unit operating cost of AUD 520 per tonne or $362 per tonne was 11% lower than the December quarter. That improvement reflects both higher production volumes and the benefit of our continued cost focus. On sales, volumes of 195,000 tonnes were on budget. Moving to slide seven. Fuel and supply chains. We're monitoring the global supply chain environment closely, particularly in the context of ongoing geopolitical tensions and their potential impact on energy markets and key inputs. Our energy mix at Pilgangoora is deliberately diversified. Our processing infrastructure and site facilities are powered primarily by locally sourced LNG, supported by solar and battery systems. Heavy mining equipment runs on diesel. This diversified structure reduces our exposure to any single energy source, and diesel represents only 4%-5% of total historical production costs. At this time, we do not expect any material fuel shortages or supply disruption, and we are working closely with our long-term contracted suppliers to stay ahead of any emerging risks. The same applies to our other key inputs, explosives and processing reagents, where we're currently seeing no supply constraints. I'll now hand back to Dale to cover growth and chemicals. Thanks, Brett, and well done to you and the full operating team for a cracking set of results. Moving to slide eight. Our approach to growth remains disciplined and unchanged. Staged, returns-gated, and supported by balance sheet strength. Having preserved operational capability and financial flexibility through the down cycle, we are now able to advance growth from a position of strength and timing control. Ngungaju is the near-term step, with the restart on track for first ore in July and ramp up through the September quarter. Beyond that, P2000 and Colina continue to progress through their respective study phases, preserving longer-term growth optionality. Across the portfolio, capital will only be deployed when returns are resilient through the cycle. It is an option, not an obligation. Moving now to slide nine. Our approach in chemicals is consistent with our broader strategy, preserving optionality across the value chain while maintaining capital discipline. For the midstream project, we have materially advanced the project by completing the ownership restructure with Calix, securing up to AUD 38.1 million in ARENA grant funding courtesy of the government, and secured offtake with Ronbay, a leading cathode maker for LFP. Commissioning has now commenced, with first product expected in the September quarter. That meaningfully de-risks the pathway. At our JV with PPLS, both trains have restarted and are producing battery-grade material. While downstream conversion margins remain challenging, we have retained the flexibility through an agreed extension with POSCO on our at-cost option to increase our ownership from 18%-30%. We've moved this through to July 27th, and PPLS continues to engage with additional customers on sales. Taken together, these initiatives provide PPLS with staged downstream participation and the ability to scale exposure selectively as returns become compelling. With that, I'll now hand over to Flavio for the financials. Thanks, Dale, and good morning, everyone. Please turn to slide 11 for a review of the key financial metrics for the quarter. March was a strong quarter, and the numbers reflect that clearly. Revenue of AUD 567 million was up 52% on the December quarter, driven by a 61% increase in price. While sales were in line with our plan. On costs, FOB unit operating costs came in at AUD 520 per tonne, down 11% quarter on quarter, driven by higher production volumes and the benefit of capitalized waste stripping flowing through the cost base. CIF unit cost moved slightly higher to AUD 733 per tonne, up 2%, reflecting the impact of higher royalties on stronger pricing, which is a good problem to have. While unit costs are expected to increase in the June quarter with the restart of the Ngungaju in July, our full forecast remains within guidance underpinned by the discipline of our cost-smart culture. The combination of stronger pricing and lower unit cost underpins the material uplift in operating cash margin this quarter at AUD 461 million, up 178% on the prior quarter. I'll speak to the cash flow detail on the next slide. Moving to slide 12. Slide 12 shows a cash flow bridge for the March quarter. The bridge shows approximately AUD 500 million increase in cash for the quarter, closing at approximately AUD 1.5 billion. This was driven by strong operational cash margin and the receipt of $100 million, equivalent to AUD 141 million- For the Canmax offtake prepayment secured earlier this year. Moving to capital. Capital expenditure of AUD 95 million on the accrual basis, comprised of AUD 52 million of mine development, AUD 28 million of infrastructure and projects, and AUD 16 million of sustaining capital. Interest, leases, and other financing cash flows were AUD 26 million for the quarter. In total, financing activities, leasing, and foreign exchange movements resulted in a net cash inflow of AUD 125 million, inclusive of the Canmax prepayment, closing the quarter with a cash balance of approximately AUD 1.5 billion. Taken together, it's a quarter that reflects solid execution and strong operational cash conversion, disciplined capital deployment, and a balance sheet that continues to strengthen. Moving to slide 13. Before I close, I want to highlight the bond transaction. As announced yesterday, PLS successfully completed its inaugural $600 million, 6.875% senior unsecured notes due in 2031. This is a meaningful milestone for PLS. The bond was competitively priced and extremely well-supported by high-quality global credit investors, a clear validation of PLS's credit quality and business outlook. The debut offering is also strategically significant. It aligns our funding sources with the scale and long-term nature of our operations, introducing long tenor unsecured funding into our capital structure and adding genuine depth and flexibility to how we fund the business moving forward. In terms of deployment, a portion of the net proceeds has been used to repay the AUD 375 million drawn down facility of our revolving credit facility. Alongside the bond closing, we have also reduced our RCF from AUD 1 billion to AUD 500 million, maturing our overall funding framework. On a pro forma basis, incorporating the bond proceeds and RCF refinance, our total liquidity position would have increased from AUD 2.1 billion to AUD 2.4 billion as of the 31st of March. PLS's revised debt capital structure provides significant flexibility for future capital allocation decisions and positions us well for the next phase of growth, underpinned by discipline, flexibility, and long-term funding certainty. On a personal note, this is my last webcast as Interim CFO, and what a quarter to close on. I'm proud of the results we've achieved and the milestone the company has delivered with the bond offering. I look forward to supporting Alex as she steps into the role on the 1st of May. With that, I'll now hand back to Dale. Thank you, Flavio. Certainly a great quarter. Moving now to slide 15. Speaking to positioning for growth. This slide highlights the scale of the PLS production platform today and the stage pathways we have to grow it over time. In calendar year 2025, PLS produced approximately 100,000 tonnes on an LCE basis, positioning us among the top three primary lithium producers globally. That was with the Ngungaju processing plant and care and maintenance. With the restart of Ngungaju, we restore P1000 installed capacity. Beyond that, P2000 provides a clear brownfields expansion pathway, while Colina adds longer-dated portfolio optionality. Importantly, these assets are 100% owned, which means we control the pace and sequencing of development, and our shareholders retain the full benefit of future value creation. Because that growth is staged rather than committed all at once, capital is also sequenced over time across sustaining, enhancement, and growth, which we'll turn to now, moving to slide 16. This is how we translate that into a capital allocation framework across a long life asset base. With more than 30 years mine life at Pilgangoora, it is appropriate to invest progressively over time, sustaining the operation, enhancing it, and then growing production when returns justify. We think about capital in three categories. Firstly, sustain, the capital required to maintain the existing operation, including mine development and sustaining CapEx. As flagged here, FY2027 capital will be more heavily weighted towards mine development. Second, enhance. Targeted investment to improve the efficiency, reliability, and long-term capability of the asset. Importantly, this does not increase production. It strengthens the existing platform at P1000 and positions the operation for future capacity growth. Third, grow, which is strictly production expansion, including P2000 and Colina, and remains subject to study outcomes, FID, and disciplined returns thresholds. This framework ensures capital is sequenced over time, sustaining the base, enhancing the asset, and only then committing to growth when returns are compelling. We'll provide more further detail on FY2027 capital allocation, alongside the June quarter update. Moving now to the market, turning to slide 18. Lithium demand remains structurally strong and has continued to broaden across both geographies and applications. Electric vehicles remain the primary driver, with global EV sales reaching around 21 million units in calendar year 2025 and approximately 7x the level seen in 2020, five years ago. Demand is now diversifying across regions. Recent data for March showed global BEV sales up 8% year-over-year. Despite China being the largest market declining 12% over the same period. This highlights how growth is now being driven more broadly across regions. Now, I was in China earlier this week meeting with customers, and that reinforced what we're seeing in the data, continued strengthening in EV demand, very strong growth in energy storage, and the increasingly visible emergence of electric commercial vehicles. Trucks are a particularly interesting segment. In many respects, they are where energy storage was three to four years ago, still relatively small in absolute terms, but growing very quickly. Global electric heavy vehicle sales grew approximately 180% between 2024 and 2025, given the scale of the commercial vehicle market. The segment is developing rapidly. Importantly, battery sizes in heavy-duty vehicles are materially larger, in some cases, around 7x those of a typical passenger vehicle, which increases the intensity of lithium demand. As we have seen with ESS, segments that start small can become a much more material part of the overall demand stack over time. The result is a demand profile that is growing and increasingly diversified. That broadening demand base is important, but the market outlook is ultimately shaped by how the demand growth interacts with a much slower supply response. Now moving to slide 19. This slide brings demand and supply picture together. On the left, you can see that lithium demand is expected to broaden materially over time, with both EVs and energy storage contributing meaningfully to the demand stack. Set against that, the middle chart shows the gap emerging between projected demand and high probability supply. On the right, the reason becomes clear. New supply is taking longer to bring online, with mine development cycles extending further over time. That combination of broadening demand and a slower supply response underpins a market where volatility and periods of tightness are likely to persist. In that environment, scale, cost competitiveness, balance sheet strength, and staged brownfield growth pathways become structural advantages. Importantly, value increasingly accrues to operators who are already in production and able to deliver tons, rather than projects still subject to long development timelines and execution risk. To PLS, that reinforces the strategy we have outlined today, sequencing growth deliberately, maintaining discipline through the cycle, and allocating capital only where returns are compelling. To finish with some closing comments. The March quarter demonstrated the strength of the PLS platform more clearly than any quarter before. We delivered record production, strong margin expansion, and a material increase in cash generation with a structurally stronger balance sheet. Importantly, this is not price leverage alone. The work undertaken through the down cycle is now converting into results. This is operating leverage built deliberately. PLS is a business producing at scale with a cost-competitive position, a strong balance sheet, and growth we can sequence from a position of control. In a volatile capital-intensive market, value does not accrue evenly. It concentrates in operators with cost discipline, financial strength, and control over the pace of growth. PLS is built to do exactly that. Finally, I want to acknowledge Flavio's contribution during his time as interim CFO, including supporting our debut unsecured notes offering and his stewardship of the finance function. As planned, Flavio will remain part of the senior leadership group, within the finance team, ensuring continuity as we welcome Alex Wilcox as permanent CFO, starting next Friday, May the 1st. Having worked closely with Flavio this last while, there's not many conversations that don't involve a cricket analogy. To that end, Flavio, great earnings. Well done on hitting a six at the end, literally a 6% coupon rate. I would note that debut bond is the first in the Australian high yield market for metals and mining since 2019. A cracking six to finish. Thank you, Flavio. Thank you all for your time this morning. I'll now pass to Maggie to open the line for questions. Thank you. We will now conduct the Q&A session. As a reminder, to ask an audio question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. PLS will take one question per person with one follow-up. Just a moment for our first question, please. First, we have Kaan Peker from RBC. Please go ahead. Morning, Dale and team. First one's on FY2027 spend. I know you've flagged assessing multi-infrastructure upgrades. Maybe if you can talk through what quantum you're considering and does that imply anything for FID for P2000? Thanks. Yeah. Thanks, Kaan. No, we can't offer any numbers at this point. Really the purpose of today is just to flag we've got work underway on these particular projects and as per the release, we will provide more detail with the FY2027 guidance. Sure. Thank you. Maybe the second one, on the POSCO JV. Is there any additional funding requirements or, that may come through in sort of the next three to six months for that? Thanks. We're not anticipating anything through, certainly, this financial year. We're all okay in that regard. Cool. Thanks, I'll pass it on. Thanks, Kaan. Next we have Levi Spry from UBS. Please go ahead. Yeah, I think that's Levi. Good day, Dale. Thanks for your time. Maybe if I can just push a little bit more on the slide 16. Is there any reason why the sustaining and mine development would be any different from this year? I guess on the enhanced piece, what have you said there before in terms of particularly those first two items, the road and the village? Yeah. Morning, Levi. In terms of sustaining CapEx, your mine plans are still being finalized. It'll be, I suspect, broadly, quite close to what we had last year. I can't confirm that until we complete the process. As to the enhancement works, those investments are abundantly sensible for the future of the mine. In the case of the access road, ultimately what that unlocks is going from triples to quads, which is obviously cost reduction. HME facilities is obviously about supporting the owner-operator fleet we've brought on in the last couple of years, and part of the reason we're seeing the strong cost improvement. The permanent village is very much a necessity as we look to move from what's a combination of secondhand camps which have grown over time to moving to something much more fit for purpose for a 30+ year mine life. I should probably just sort of add that, when you think back to the journey of Pilgangoora, it's come a long way. The progressive resource upgrades, particularly, through 2019, the acquisition of Altura, we've significantly extended the resource and with that also significantly extended the tenement package. Now with that, it's abundantly sensible that we've got to move some of the infrastructure effectively to make way for the larger resource we get to develop. This is what we've got lined up to do over time. As I say, we'll provide more visibility with FY2027 guidance. Yeah, got it. Thank you. I appreciate the extra color. Thank you. Thanks, Levi. Next we have Glyn Lawcock from Barrenjoey. Please go ahead. Morning, Dale. Just on the fuel side, firstly, could you just confirm you've secured the fuel for the Ngungaju restart? Just when you talked about diesel as a percent of cost base, 4%-5%, that looks like it's about AUD 10 million per quarter or about AUD 40 million per year you spend on diesel. What's been the cost of that gone up now? Is it gone up 50%, 100% when you look at your cost of diesel? I've got a second question. Thanks. Yeah, good day, Glyn. It's Brett here. I'll take the fuel for Ngungaju, and then hand over to Flavio on the cost side. We've been working with our suppliers for some time and highlighting our return, as we announced with the board for Ngungaju. We've got that in the works and we're working with them. Again, our main power is LNG, sourced locally, for our processing and support infrastructure. The diesel is for the mining. We've got it covered and working closely with our suppliers. Yeah, good day, Glyn. You're correct. In terms of the diesel percentage, it's around 4%-5% of the production cost. In terms of liters, you're pretty close on the mark for that. The majority use obviously for the diesel is on our heavy mining equipment fleet, which provides feed to the plant. Okay. I just worked it out, it's AUD 40 million per year as your diesel cost. Has that gone up, what, 50% with where diesel prices have gone or not? Is it something different? Yeah. No, it's not that significant. As I mentioned, it's around 4%-5% of the production cost, and it's not a really material amount. In terms of overall guidance for FY 2026, we still expect to be within the $560-$600 per ton of FOB, so we don't really see it as a material impact. Yeah. That was a great quarter on cost. I mean, when I do the numbers, Flavio, and this is my last question. You take the last three quarters, C1 times production volume, you've actually been very steady at AUD 120 million per quarter spend Aussie from a C1 perspective. If you call out diesel, you call out the Ngungaju costs that are going to adversely impact you in the June quarter without the volume. What does the 120 do? Does it go up 10%, 5%? It's been pretty consistent, so congratulations on that front. Yeah, look, I would probably tend towards the lower percentile quartile of around the 5% or less. As I mentioned, we are very comfortable in terms of our guidance, notwithstanding the impact that we're seeing with the increase in our fuel costs. We're still very comfortable with our guidance for FY 2026. Glyn probably Thanks very much. Sorry, Glyn, just to round out, just to add a little bit of color. I think part of the success the team's had here is from a production standpoint. There's been some really fantastic progress around mining productivity. Rates have gone ahead of plan. Recoveries have continued to be strong and a couple of percentage points higher. You might recall, as we commenced the year, this was all about maximizing concentrate ore feed. That's gone better than expected, so some of that has certainly helped offset where we've seen some of these other cost pressures. Yeah, great work by the team. All right. Thanks again, Dale. Thanks, Glyn. Next, we have Rahul Anand from Morgan Stanley. Please go ahead. Oh, hi, Dale and team. Thanks for the call and congratulations on a good result. Look, I had one question on the costs, which was around the pre-stripping side. I believe you got a credit in terms of pre-strip, this period, in terms of your cost base. Would you be able to quantify that or just give us a feel for movement in terms of quarter-on-quarter or otherwise, and how we should think about it in the next few periods? Yeah. Good day, Rahul. It's Brett here. Yeah, look, our mining, as Dale pointed out too before, is on plan, but we're ahead of face position care of some of the earlier productivity uplift than we expected, getting it in there with a lot of the activities we've done, particularly owner-operator, getting a better efficiency. The uptick in this quarter in mine movement was also weighted towards some pre-stripping for Ngungaju, to get ready for that. It'll continue on. We were starting to increase the pre-strip as we go ahead into our cutback in Central Pit Stage 6 in the next year or so. Got it. I guess in terms of the capitalization, was there an element that was capitalized and helped you lower costs as a result? I believe Ngungaju, you were going to expense the cost, but is there any element there in terms of P1000? Yeah. Flavio here. Thanks for the question. In terms of Ngungaju, you're correct. The cost will be expensed through the P&L. In terms of some of the capitalized stripping, that's reflected in the capital expenditure on the cash flow. In that element, there's around AUD 40 million of mine development contained with that AUD 71 million of cash outflow for the quarter. Of that, the majority of it is in relation to the stripping. Got it. Okay. Look, I had a second, but I'll let you decide if you want to take it or you want me to queue back. We'll take it. I'm not sure how your queue is looking at the moment. No, away you go. Okay, brilliant. Look, you did talk about the positive demand factors, Dale, at the start on lithium, which is great, and I think, obviously demand's surprised everyone positively this year, which is great. There is also a new development in terms of sodium-ion batteries that have been released by CATL. I guess in the past when people talked about sodium-ion batteries, there was a, I guess for lack of better words, people didn't take it that seriously because no major player was involved. Now we've had one of the biggest battery producers in the world put out a sodium-ion battery, which is quite attuned to colder temperatures and also ESS. Any views or initial views on that or how you're thinking about it or any color you can provide? I guess it might be hard from a market perspective, but anything, any color would be great. Sure. Yeah, no problem. Yeah, so CATL has every now and then rebroadcast sodium-ion as a potential battery chemistry, and have been doing that probably for at least two years. They tout its potential. Through the work we have done and what we've assessed, it is a battery solution. However, it's very heavy, and it's less energy-dense, and for those reasons, it doesn't appear to play well for e-mobility, and that sort of seems to be the consensus view. The other piece I'd add is to look at actions over words. CATL and other industry continue to invest heavily in the lithium-ion supply chain, and I think that speaks volumes as to directionally where they see the market going. For us, we're not concerned about sodium-ion. Does it ultimately become part of the energy storage set? Possibly. When we look at the work of Benchmark who are studying this, it's predicted to be a very small component. Good. Next question. That's helpful. Thank you very much. I'll pass it on. Thank you. Thank you. Next, we have Matthew Frydman from MST Financial. Sure. Thanks. Morning, Dale and team. Can I ask on the midstream work that you're doing? You put out a fairly detailed release there this morning. I guess specifically on the offtake agreement that you're talking about in terms of your agreement there with Ronbay. Obviously, understanding the volumes are small with the demo plant, but just wondering if you can discuss the pricing mechanism at all for that offtake. How do you determine a price for the lithium phosphate? I guess how might that compare to the price that you might have otherwise received for selling that spodumene into your other agreements? Thanks. Yes. Thanks, Matthew. Yeah, we haven't disclosed that level of detail. One's commercially sensitive, so I cannot speak to that. What I can say is the pricing structure broadly works on the same principle as the way we think about spodumene in terms of utilizing headline chemical references and a proportion against that. We're very happy with the pricing which will be printed against those, and we think it's appropriate and it is in line with the earlier work as we progress the midstream concept in terms of potential expectations around where we might be able to take pricing. Ultimately, as you say, this is a very small volume. What's more important to us is proving up the process flow and optimizing it, getting some volumes out to market and really testing pricing in the market, because that will be the true determinant, and with no sort of headline lithium phosphate, NDCs or price points out there. We really got to get real product out there to test that and delighted to be a part of the production profile with Ronbay. They're one of the biggest LFP producers, and they're looking to support us technically as we look to optimize this. Yeah, look forward to progressing in time. Got it. Thanks for the information there, Dale. I guess, ultimately, as a follow-up, I'm just trying to get a handle on whether you're expecting a higher or a lower or broadly equivalent price for the spodumene that you're sending to that plant. You reference in the release, I guess, an intention to kind of get more exposure to the cathode end of the value chain. I'm just wondering, is that part of, I guess, a broader overall strategy in terms of potentially underpinning future offtakes, like for example, P2000, if and when you push ahead with that. Is that relevant for offtakes there? Thanks. Yeah, sure. On the first part, once the plant is fully ramped up, it requires about 20,000 tons of spodumene concentrate over the course of the year. Fairly small volume by component of our total production base, and that will be market priced into that demo plant. Of course, we've got 100% ownership now of that plant care of the restructure with Calix, which obviously we will optimize the economics appropriately. As it relates to where does this ultimately head with the market and LFP and other cathode makers? Well, this is the question we're seeking to try and answer. If you still step back and you think about spodumene concentrate, it is an intermediate product on its way to achieve a battery-grade product. What we're really circling here is there a better intermediate product? Now midstream, maybe lithium phosphate is the answer, maybe it's technical grade lithium carbonate or lithium sulfate, et cetera. This is really what we're working through to see if there's a superior economic outcome in a different intermediate product. Yeah, we're paving the way there. We'll have to continue to develop it further, test the market. Lithium phosphate could potentially go well in terms of accessing a broader market, given that we see this as a potential product to not only serve the existing customer set who are making hydroxide and carbonate, but if we can also access directly the cathode market, that essentially skips a step of the supply chain and accesses a whole bunch of other buyers. Time will tell. Product needs to be of the right quality. There's a lot to work through, and we're really in the early phases of testing this out. Understood. Thanks, Dale. Thank you. Thank you. Next, we have Ben Lyons from Jarden Securities Limited. Thank you. Good morning, Dale and everyone on the call. Just want to take you back to the numbers briefly, if possible, please, and just looking at that differential between sales during the quarter versus production. Obviously aware that there was a tropical cyclone towards the end of March, so maybe that was an influence on the sales being significantly below production for the quarter. I assume it's just a timing issue going forward, and you'll clear that inventory during the June quarter. Maybe the second part to it is just, if I just multiply out that sales by realized price, again, there's a significant difference between that simple calculation and the revenue number. Just trying to track down whether that's a QP sort of influence or maybe it's about the realized pricing being struck at the 15th of April rather than at the close of the quarter. Just any comments you can provide on that. Thanks, Dale. Good day, Ben. It's Brett here. Yeah, just look, the sales and the production just don't match. It was just the congestion around that cyclone at Port Hedland. Nothing else in there. We'll clear the inventory out with shipping through as we get through this quarter. Yeah. Good day, Ben. Flavio here. In terms of QP adjustments, we had the benefits from December in terms of the higher pricing, which reflected through the March quarter. We did pick up around AUD 70 million worth of QP adjustments as part of those provisional pricing adjustments reflecting through that period. Okay, cool. Thanks. I'll pass it on. Thank you. Thanks, Ben. Next we have Mitch Ryan from Jefferies. Morning, all. Just a quick question. As you ramp up the midstream product, can you just talk to any change in capital mix that you'll require, and do you have line of sight on that given the changes to the supply chain disruption that we're seeing globally? Sorry, Mitch, that part didn't come through clearly. Can you repeat that? Sorry, Dale. Yeah, I was just asking if, as you're ramping up the midstream product, what should we think about with regards to consumables? Do you have them on site? Is there any risk to those, given all the disruptions to the supply chain we're seeing globally? Okay, got it. Look, yeah. I guess bear in mind this demonstration plant is quite small in the scheme of our business and operations. As to consumables, at this early stage, we're not anticipating any issues in that regard. That's for me. Thank you. Thanks, Mitch. Thank you. Next, we have Andrew Harrington from Petra Capital. Please go ahead. Oh, that'll be Petra Capital. Morning, Dale and team. Congratulations on a great quarter. I took note of your comments, Dale, on the excellent sort of flywheel of your planning and production and revenue. Now sitting on AUD 1.5 billion in cash, I guess the obvious question becomes shareholder returns are obviously important. What's the thinking on spending or distribution of that cash? Yeah. Thanks, Andrew. Flavio, do you want to take that? Yeah. Good day, Andrew. Look, we have our capital management framework, which sort of clearly articulates how we allocate capital throughout the business. We have a targeted dividend payment ratio of 20%-30% of our free cash flow. As you can see from today's results, we've got a very strong positive cash flow at current realized pricing. As part of the distribution, we'll clearly look at this within the context of the capital management framework. This is going to be clearly influenced by current pricing and operational performance through to now and the year-end. On the assumption pricing continues at these levels, the board will be well-placed to consider dividend distributions along with the rest of the capital allocation within the framework for the financial year. Yeah. I might just add, just a broader comment, Andrew, building on Flavio's outline. We're sort of two quarters into profitability post the downturn, which was sort of circa 18 months. We're really back into strongly positive financial territory. The question is where to from here. Now, the wonderful position PLS finds itself is we've got heaps of talk in the business now, keep a low-cost position, scaled our production base. We're seeing really the start of that revenue generation. Look, depending on your outlook for the market and pricing, we could go very well and be well positioned to not only fund projects, but support returns as per the capital management framework that Flavio mentioned. This is really the key thing that management will be circling with the board over the next while as we come into the end of the financial year. Well, thank you very much. Thanks, Andrew. Thank you. That's all from the audio questions. I will now hand to James for the webcast questions. Thanks, Mimi. We have a number of questions regarding dividends, which we've just addressed, so we won't reread those ones. Next question is the increased price of tantalum making any considerable improvement to revenue or costs? Yeah, I can take that one. Tantalum is taken on as a by-product to our FOB. Look, it has increased considerably. It's not really that material in the context of things, but we'll take the benefit during the high pricing environment. Okay, thank you. Is there any talk of listing on the NASDAQ or any other exchange? Not at this time. We don't see a benefit at this time. Okay. Given the market cap and the growth in the company, do we even need the debt market? Is the plan to keep raising debt and paying down the RCF? Yeah, I can take that. I guess the evolution of the funding for PLS naturally has sort of moved us to that debt capital market with the inaugural U.S. bond that we took on. At the moment, given the strong cash flows that we have, we really are well-placed moving forward to satisfy our capital growth within our capital management framework and more than sufficient at current pricing should they continue into the next financial year as well. Okay, thank you. Any plans to introduce electric mine trucks as happening at FMG? Look, we love the idea of going electric, and of course, we're embracing that where we can. We've started in the base operation with lithium batteries and progressively increasing solar. Obviously, the midstream demonstration plant we spoke about today has an electric calciner care of our partner Calix. Which by the way could make a very material impact in terms of carbon intensity for the supply chain. As to mining trucks, yes, lovely idea. We're very much in the early phases of exploring that, principally because there's been limited development in terms of available trucks at this point. But of course, we're watching some of the big miners, and it's great to see the progress we're making. We look forward to being hopefully a fast follower in due course. Can you please outline what risks you are assessing in regards to disruptors to the lithium market and the lithium-based battery usages? Yeah. In this regard, we keep, of course, a close eye on competing technologies, and we study those with interest. Of course, within the industry itself, we're obviously partnered with scale producers and operators who themselves, of course, study this as well, and we triangulate with them. Out of all of that, we feel very comfortable about the trajectory of the lithium-ion battery supply chain for a couple of reasons. One is, the tech has just got better and better, both in safety, energy, density, and cost. Second is the scale of the industry is now immense. Those two sort of compound on each other. What we're seeing is almost an unassailable lead on competing tech at this point. That being said, it's horses for courses for energy storage and e-mobility. For lithium-ion, it seems to be a real sweet spot as it relates to mass energy storage. There's lots of other tech competing in that space, and time will tell. As I say, we feel very positive about the trajectory at this point. Okay, thank you. How long would it take to scale midstream as compared to the demand product? Great question. We are yet to sort of do the deeper work on that. Scaling it would, to a full extent, essentially be building quite a large chemical plant to take whole of spodumene concentrate product flow. How long would it take? It would be, no doubt, several years post-design. We're quite a way off assessing that. Okay. Final question. How important is a low carbon product to our Chinese partners? What we've observed over the years is an increasing focus on sustainability outright. Now, of course, carbon intensity is part of it, but it's broader than that. We've seen increasing interest and focus through our customers. This is partly because what we see is at the end of the supply chain, it's being demanded through some of the car makers and the levels of measurement are increasing. It is definitely part of the consideration in a way that's much more present than it has been historically. Okay, thank you. One final question. How is the study with Ganfeng progressing? Yeah. We're continuing to progress that study with Ganfeng. We revised the study dates for that study. Yeah, we're continuing to work together on that one. Okay. With that completes our March quarter results update. Again, congratulations to the team on delivering record production. Fantastic set of results. Incredibly proud of. Thank you very much to our shareholders for your continued support, and we look forward to updating again in due course. Thank you for your time. This concludes today's conference call. Thank you for participating. You may now disconnect.