Apologies for the delay. I would now like to hand the conference over to Mr. Mark Norwell, Managing Director and CEO. Please go ahead. Welcome, thank you for joining the Perenti First Half R results Call. My name is Mark Norwell, Managing Director and CEO of Perenti, and with me is Peter Bryant, our CFO. Whilst the focus of this call is on our results from 1 July to 31 December, I'll first discuss the tragic incident at Dugald River last week. First and foremost, my thoughts are with the families, friends, and workmates of Trevor Davis and Dylan Langridge, our colleagues who tragically lost their lives as a result of the Dugald River incident. Their loss has been and continues to be felt across our whole organization and the wider community, with the profound sadness knowing the families of Trevor and Dylan will never see them again. Our immediate focus has been on providing support to the families and workmates of Trevor and Dylan during this devastating period. In addition, we have commenced a comprehensive investigation of the incident with internal and external experts, so we can fully understand what occurred to ensure an event of this nature never happens again. The health, safety, and well-being of our 9,000 employees is paramount. I cannot stress this enough. We are absolutely committed to the physical and psychological safety of our people. In this instance, clearly this objective has not been delivered upon, which is simply unacceptable. Everyone at Perenti, from the board to the group executive and senior leadership team, are absolutely aligned and committed to work towards a future where our people can start their shifts knowing that they will safely complete each and every shift. We will continue to empower our people to remain vigilant and to speak up or stop work if they are not completely confident that the safety risks inherent in a task they are undertaking are being adequately managed. In addition to any specific improvement actions that are identified from the Dugald River investigation, I, along with the board and group executive, are considering further changes beyond the actions identified from the comprehensive safety review of the business late last year. I'll discuss this review later in the presentation. When we hold our annual strategy briefings to the market prior to 30 June, additional information will be provided. Finally, I'd like to thank everyone who carried out the search and rescue effort for Trevor and Dylan last week. This was a complex operation which was undertaken under very difficult and challenging circumstances. I would also like to thank the wider organization for their support to people directly involved in the incident and more generally, the care provided to each other. On to slide five. Whilst I'll now talk about our financial results, which are positive for the first half with a similar outlook for the second half, nothing is more important than our people, so our results are completely overshadowed by the loss of Trevor and Dylan. To our first half results. The combination of strong operational performance, ramp up of growth projects, and improved commercial and macroeconomic conditions has driven us to deliver our highest revenue, EBITDA and EBITA numbers for the first half of this financial year. The continued ramp up of our growth projects, including Motheo, Zone Five, Cowal, and Iduapriem, was reflected in a $1.4 billion revenue result, which is 21% higher than the first half of FY 2022. While we had significant revenue growth, our focus is to generate returns while operating safely, and the team did extremely well to deliver improved earnings across every measure. As a result of improved operating and commercial conditions, as our growth projects contribute to a greater proportion of earnings, our EBITDA and EBITA result has also improved significantly. At the end of the period, the group delivered EBITDA of AUD 281 million and EBITA of AUD 135 million. We delivered a group EBITA margin of 9.4%, marking the third consecutive half of margin improvement. This is a direct result because of our people as we continue to deliver our strategy and as we see progressive improvements in operating and commercial conditions across our projects and operating jurisdictions. We're pleased to report our NPATA is up 75% on the prior comparable period. This was due in no small part to the implementation of our capital management and tax optimization initiatives, which when combined with our operational performance, saw profit increase to AUD 61 million. These headline P&L figures are in themselves positive, but looking at our balance sheet and cash flows, we have also delivered some important improvements, all of which demonstrate the significant progress we have made on the execution of our strategic objectives. We delivered AUD 70 million of free cash, which is a good outcome and very much a starting position as we see further cash generation upside in the second half from which we want to continue to improve as we deliver on our 2025 strategy. Pete will talk to cash in further detail later in the presentation. Leverage again exceeded our interim target and is driving closer to our medium-term goal of less than 1 times with a clear line of sight to achieving this objective. Once we achieve this target, we will continue to be disciplined with our capital allocation to generate return for shareholders, including giving due consideration to dividends. Last but certainly not least, Return on Average Capital Employed for the period of 22.2% was up significantly from previous periods and exceeded our target of 20%, which is something that we are extremely pleased with. Similarly to the results we announced at the end of FY 2022, every financial metric presented here is an improvement on prior periods. Slide six, business overview. Our total recordable injury frequency rate, or TRIFR, at 31 December, was the lowest it had been for a few years. The incident last week is a tragic reminder that vigilance is always needed, regardless of improving lag statistics or any other indicator. We will continue to focus on improving our safety performance, particularly in elimination of fatalities, while continuously improving our management systems and controls, and leadership effectiveness at all levels to empower our people with the objective of no life-changing incidents. Ultimately, as an industry, and it's rightly expected by the community, we need to improve to keep our people safe. Everyone acknowledges that there are critical risks associated with mining, and that we need to continue to identify ways to engineer out the risk, including further use of technology to keep our people safe. In FY 2022, we announced the implementation of our critical control management program, with the first two phases being CHECKMATE for our operators and check-in for our supervisors. These two programs encourage our employees, before they commence high-risk work, to determine if critical control measures are present and working. Furthermore, it empowers our people to not start high-risk work until they are absolutely satisfied that the appropriate critical controls are in place and verified as working. In January this year, we implemented our third phase of the program, System Check, which is a deep dive into our risk standards undertaken by senior leaders to ensure our critical control systems are current, relevant, and effective to mitigate the critical risks at each project. We've also continued with our Contract Mining Safety Transformation Plan, which included a survey across our entire contract mining workforce and site visits globally. These reviews were conducted by an independent and external organization to better understand the current state of our safety performance and capability across all sites. The results from this work will be used in this half to update the comprehensive Safety Transformation Plan. This plan is focused on all aspects of our safety system, including our safety culture, with a focus on capitalizing on any opportunities identified. During the period, we continued to implement our It's Not Okay program, which aims to eliminate harmful and disrespectful behaviors from our workplace. We concluded the discovery phase of the program and analyzed and communicated the results to our Australian workforce. As part of our response, we have identified and are implementing several priorities to eliminate sexual assault, sexual harassment, and other harmful behaviors from our workplace. Ultimately, we want to create a diverse and inclusive workforce across our business where people feel safe and respected. We have continued with the implementation of our sustainability strategy. We published our climate change position statement, conducted a climate change scenario analysis with input from senior leaders from across our business, and incorporated greenhouse gas emissions reductions initiatives into our SDI program. In support of our sustainability strategy, we announced a memorandum of understanding with ABB that will see experts from our contract mining division and idoba, along with ABB, to collaborate with mine owners to decarbonize mining operations through the increased adoption of electrification. From a more commercial perspective, in previous periods, we announced our intention to strategically exit Mali, and in the first half, we finalized this exit and divested our remaining assets. We also entered into an agreement for the sale of our non-core power generation infrastructure in Senegal. We capitalized on the improving commercial and operational conditions to outperform expectations and deliver a third consecutive period of earnings and margin growth. As we previously announced to the market, in the first half, we introduced an updated operating model which will enable us to deliver enhanced value for our clients and stakeholders, but also enable us to capture additional value that we may not have otherwise been able to. I'll provide further detail when I present slide 24. Further to our announcement yesterday, we continue to enhance our work in hand with several contract awards and extensions in predominantly top-tier mining jurisdictions, including our largest Australian surface contract at the Super Pit in Pilbara, with AUD 5.2 billion of work in hand, including AUD 2.5 billion of secured revenue for FY 2023. When we incorporate our first half performance with our second half forecast, we are pleased to further upgrade our FY 2023 guidance. Moving to the business performance section, starting on slide eight. This is a positive slide demonstrating three consecutive periods of improvement across critical financial performance metrics. There are some elements of this slide that I want to call out. As we announced in December 2022, our performance was helped by a favorable foreign exchange ratio along with retrospective rate adjustments. In the first half, the sensitivity of our earnings to FX movements is slightly greater than in previous years, given the increased USD earnings base. The rate adjustment related to Iduapriem is AUD 11.3 million with no cost implication, and therefore, it cascades directly from revenue to earnings. A normalized EBITA position for the period can be considered at AUD 124 million, which is in line with our top end of guidance as provided in December. Slide nine, underlying group performance. These graphs are a continuation of what we presented in August when we delivered our FY 2022 results. The trend is clear. Our increase in revenue is not only generating EBIT growth, but importantly, we are delivering improved percentage margins and increased Return on Average Capital Employed. Going forward, we expect to experience more of a steady period of growth as we continue to bed down growth projects, navigate the broader global challenges, and deliver on our 2025 targets. Slide 10, underground mining. As forecast, our underground business delivered a third consecutive period of improvement, underpinned by the previously announced improved rates and a continued ramp-up of key growth projects, which contributed to increased revenue and earnings as well as percentage margin improvement. These projects include Zone five, Iwasi, Agnew, Cowal, and Red Chris. Looking to the remainder of FY 2023, we see some projects rolling off, although some projects will also continue to ramp up. Dugald River was scheduled for completion on 31 December just gone, the clients attended for the new contract. To assist the client with their transition, we agreed to a two-month extension concluding next week, the 28th of February. Walvis in WA will also conclude, with the inclusion of Sepeka and given the improved rates, as rise and fall continues to pull through, we expect that earnings will remain in line with the first half, albeit against slightly softer revenue, generating a slight half-on-half margin growth. Slide 11, surface mining. As the title suggests, it is positive for us to see our surface business delivering double-digit margins. As you can see, even if we were to exclude the impact of the Illipim retrospective rate revision, the performance of our surface business has delivered consecutive periods of growth, driven by strong performance at Mako, Zambrano, and Motheo. This slide tells a positive story, given the AMS challenges that we have called out previously and put in place a comprehensive improvement plan, which is clearly delivering value upside. This improved performance demonstrates the quality of our people across the business, and when the team focuses on driving improvements, they do get results. Slide 12, investments. Our investment segment, which includes our mining services and idoba divisions, delivered increased revenue on strong demand for our services. Supply Direct produced improved earnings on improved operational performance and greater demand as global supply chains free up as COVID limitations on the economy ease. BTP's earnings were flat as improved fleet utilization and part sales were offset by some restructuring costs. idoba is still in its startup phase, but revenue is trending upwards, and the business is performing to expectations at this stage of its development. On to slide 13, our EBITA margin expansion to FY2025. We have presented this slide a few times since we first delivered it as part of our strategy update in June 2022. As you can see, we've made good progress on our margin expansion, and we are identifying opportunities to continue to grow margin towards 10%. We remain confident in our ability to continue to extract value from our current suite of projects and add projects and businesses to our portfolio that generates value for our shareholders. As the domestic labor market continues to improve and as we deliver overall business improvement and overhead cost reductions, our target of AUD 0.10 is within reach, albeit at a moderated pace in comparison to our recent performance. Thank you, and I'll now hand to Peter Bryant. Thanks, Mark. Ordinarily, I'd be feeling excited and positive about presenting the results Perenti has achieved. However, the tragic events of last week are still very fresh and had an impact on all of the Perenti team. There's not much more I can add to Mark's comments, but to say we are all deeply saddened by the loss of Dylan and Trevor while working at Dugald River. On that basis, I'd now like to share my section of the results deck with you. Slide 15 reflects the underlying result for the half. Mark has been through the numbers to the EBITDA level and provided commentary around the performance of the divisions, which collectively deliver the result we are presenting. What's gratifying on this slide is the uninterrupted green arrows that reflect the positive momentum and results that have been delivered by the hard work and commitment of the circa 9,000 employees that make up the global Perenti workforce. Below the income line, we can see an uptick in interest expense, which for the half was AUD 32.2 million, up circa AUD 5 million on the prior corresponding period. It will be no surprise to you that the weakening of the Australian dollar relative to the US dollar and the increase in interest rates across the reporting period has driven our cost of debt up. Our core high-yield bonds debt, which I know is at a fixed interest rate, is denominated in US dollars, and our revolving credit facility, which has been drawn to an average of circa AUD 200 million throughout the period, has a variable rate. The quantum of this increase in interest was reduced by some capital management initiatives that I'll talk to in a few slides. Our effective tax rate for the half was in line with the guidance at 36%. A slight step up on the rate achieved in recent reporting periods. This step up is driven by a mix, by our mix of earnings, with our international earnings generally attracting a higher effective tax rate, which includes withholding taxes on profits remitted to Australia. This, coupled with the fact that Perenti has now recognized the majority of its off-balance-sheet carry-forward tax losses, has seen the effective tax rate increase. For some time, we've talked about the importance of Australian earnings in the context of the management of our effective tax rate. Put simply, Australian earnings will see the effective tax rate come down. Additionally, Australian earnings will enable us to accelerate the utilization of the carry-forward tax losses available to the group, which will clearly increase our free cash flow. Bottom line on this slide, Perenti delivered an underlying NPAT for the half of AUD 61 million, up 75% on the prior corresponding period. Slide 16 steps through the reconciliation of our underlying result for the numbers reported in the statutory accounts. As I called out when we presented our FY 2022 results, we are once again presenting results where the delta between the statutory result and the underlying result is relatively small, both in terms of the number and value of the reconciling items. At the EBIT line, the delta before amortization is AUD 7.8 million. At the NPAT line, the delta is only AUD 1.1 million. Of the EBIT variance, $4.7 million relates to the impairment of assets associated with the power generation business called PSA that we own and operate in Senegal. The impairment arose as part of the sale process of this non-core business, which is consistent with our strategy of simplifying the portfolio and divesting of non-core assets. The sale of the PSA business will generate a cash inflow to the group of circa $6.5 million in the second half of FY 2023. In the early Perenti days, we regularly have a number of often material reconciling items between statutory and underlying, which in the main arose as we address certain legacy contracts and issues predominantly in AMS. As Mark articulated earlier when presenting the surface result, AMS is performing strongly and we are confident that the legacy issues have been identified and addressed. Onto slide 17. We have continued with the cash flow waterfall graph we first presented at the end of FY2022, which I think gives a clear reflection of the activities for the half. I won't run through every bar on the graph, but I will add some commentary to explain a couple of items that I think require some clarification. SIB or stay in business capital expenditure for the month was AUD 101.6 million. As a general rule, we expect stay in business capital spend to run at about 9%-10% of revenue. This falls short of that benchmark. The primary driver for the shortfall ties back to the significant investment we made in capital in the prior year. Our total FY2022 capital spend was AUD 468 million. A large proportion of this capital spend was in new and growth projects, some of the more notable being Mufako, Subika, and Kau. In the first half of this year, these growth projects all performed well, and given the age of their fleets, did not require any material investment in stay in business capital. Growth capital, the second dark bar on the left of the page, was AUD 63.6 million, with the bulk of that capital spent on Zone five, Mufako, and Kau. The proceeds from the strategic exit from Mali reflect the sale of our Malian exploration business, which was called out when we presented our preliminary results circa six months ago. For bond and share buybacks, I'll talk through in a few slides. Finally, the NCI and other. This reflects the distribution made to non-controlled interests during the Appian joint venture. Slide 18. This slide presents the numbers from the graph on the previous page in a table with comps to the prior corresponding period. Our cash flow conversion at 75% was one of the softest conversion rates we've seen for some time and clearly fell short of our well-publicized target at +90%. There are some reasons for the variance. I'll run through them on the next page. Importantly, these reasons do not reflect any underlying issues with the cash conversion. They reflect the significant growth in the business and the timing of the material one-off receipt. Going down the page, I talked to the increase in interest earlier. I also talked to our effective tax rate. Effective tax and cash tax are two different things, and pleasingly, our cash tax for the half was notably down on the prior corresponding period. This reduction was due in part to the prepayment of some international withholding tax last year, which we outlined in our full year presentation, and the implementation of some global tax management initiatives in relation to our operations in a couple of West African countries. Continuing down the page, you can see in bold our cash flow before corporate activities and shareholder returns, which for the half was AUD 16.6 million, up AUD 17 million on the result achieved in the prior corresponding period. Below that, we paid down some debt, bought back some bonds and shares, which I'll talk to you shortly. In line with our undertaking to shareholders, we've been focusing on free cash flow generation, and we're starting to see the results with cash flow generation materially better than it was for the first half of the previous financial year. This focus continues and is front of mind for the executive, the senior leadership team, and the broader operational leadership for our various businesses. Slide 19 is the cash flow conversion explanation that I was just referring to. The three drivers for the dip in the conversion for the half were the one-off Subika rate adjustment that Mark referred to. This amount was invoiced in late December, and the funds were received in early January. To be honest, this happens whenever we sell assets, but we don't generally call it out as our cash flow conversion is usually very strong. That said, when we sell assets as part of our normal operations, the profit or loss generated from those assets flows into EBITDA. However, the inflows are not classified as operating cash flows. They are classified as investing cash flows in the statutory accounts. The final and most material item is a AUD 33.5 million working capital outflow that is quite simply attributable to the revenue growth in the business. The consolidated group generated revenue in June last year of circa AUD 220 million. Revenue in December was circa AUD 240 million, excluding the Subika adjustment. This increase in revenue and the related increase in the debtor balance and the accrued revenue translates to an increase in receivables, which is a working capital outflow. We also saw inventory and creditors tick up a bit, noting that a creditor balance increase is a positive working capital movement. Bottom line, the growth in the business impacted working capital. The above said, we remain focused on cash flow conversion and our financial models see us back at circa 90% for the full year. Moving to slide 20, which outlines the capital and liability management initiatives we undertook during the half. The share buyback, which is the graph on the left, is well-known and was reported by the ASX every step of the way. We were active in our buying back of shares and traded whenever we were able, having regard to both the regulatory requirements and our internally agreed guidelines. As the share price appreciated, there was a point at which we considered the economics of the buyback at those higher share prices was not the best allocation of capital, so we paused our activity. That said, there is still capacity under statutory regulations for further buyback activities, and we will continue to monitor the situation. The graph on the right relates to the buying back of higher bonds. Till today, our activity in this space is very much under the radar. Under the terms of the high-yield bonds and the relevant exchange and regulatory frameworks that govern the high-yield bonds market, we are able to repurchase bonds on market up to a certain threshold without announcement. During the half, we took advantage of a depressed bond price off the back of some angst in the global debt markets to buy back bonds. We bought back bonds with a face value of circa AUD 27 million at an average purchase price of AUD 0.915. This initiative delivered a reduction in debt levels, a gain on the buyback due to the discount, and a reduction in interest costs. On to slide 21. There are only a couple of items I want to call out on this slide. As per the first bullet point, during the half we successfully refinanced our revolving credit facility with an expanded syndicate of top-tier lenders. This refinance occurred as interest rates were on the up, and there was a reasonably high level of anxiety in foreign debt markets. To have secured the refinance is a credit to all involved. My last point on this slide is net leverage, which at 1.1 x has us well on the way to delivering our FY 2025 target. Thank you. I'll now hand you back to Mark. Thank you, Peter. Slide 23. From a financial and operational perspective, our strategy is delivering improved results. Our financial performance over calendar year 2022 is a window into what our people are capable of, and with ongoing and disciplined execution of our strategy, we will be in a position to sustain this level of performance. As we presented at our 2025 strategy update, our strategic focus areas are across two time horizons, with some focus areas delivered ahead of schedule, which has in turn enabled us to accelerate some of our longer-term objectives. However, there are some areas that will require ongoing focus, particularly safety, as I detailed earlier when I spoke to slide six of the presentation. Delivery on our first time horizon enables us to progress to our longer term objectives. Again, we have discussed a few here today. For example, further business simplification and exiting Mali and recycling capital across our business. As Pete mentioned, we have implemented mechanisms that we expect will deliver future reductions in cash tax and interest costs. While there is room for improvement, we are pleased with many of the aspects that we have delivered to date, which has positioned us for a strong FY 2023 and beyond. Slide 24. Helping to both execute strategically and deliver operational performance is our new operating model. The central construct of our operating model is that the core capabilities that makes the services we offer successful vary by business, hence establishing three separate operating divisions and a focused corporate center. For example, idoba and Contract Mining will collaborate on various opportunities to generate greater value, but they are fundamentally different businesses requiring different capabilities to be successful. Our operating model is designed to drive accountability and responsibility down through the divisions, so the people with the knowledge of the business are empowered and responsible to deliver operational performance across a range of metrics. At the same time, we have a centralized system of performance management and governance to ensure the right level of oversight and support is delivered in the most effective way. This is underpinned by investment in company-wide systems where appropriate and analytics to assist in managing a global business in an increasingly complex world. The other benefit of this model is if we embark on M&A activity to generate shareholder value, integration risk is decreased as there will be minimal impact on each operating division. We still have further work to fully embed the operating model. However, it is a critical platform in delivery of our business strategy now and beyond. Slide 25, guidance. Looking ahead, we are confident of delivering positive results in the second half of 2023. The tragic event at Dugald River last week means our safety objectives have not been achieved. Nevertheless, our continued focus on safety remains. Our growth projects continue to ramp up, and we expect to generate further revenue above our secured number, which we expect to land in the range of AUD 2.8 billion-AUD 2.9 billion, with earnings of AUD 250 million-AUD 265 million, and leverage of about 1x at 30th of June 2023. We'll continue to focus on capital discipline across the organization and optimize our cash flows. In closing, I'd like to thank all of our people who continue to make me humbled and proud to work for the business. Whether it be the care they show in dealing with tragedies, or the resilience to navigate COVID and other global challenges, or the desire to deliver, no matter the challenges, it is our people that make our business. Our improved results in the first half is due to our people and their sheer determination and commitment over the last few years to deliver this positive outcome for our shareholders. To our people, our clients and our shareholders, thank you for the ongoing support. Once again, our focus and thoughts continue to be with the families, friends and workmates of Trevor and Dylan. Thank you. I'm happy to now take any questions from investors and analysts. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from William Park with Citi. Please go ahead. Good morning. Thanks for taking my questions and congratulations on your results. Perhaps, firstly, can we just touch on the safety performance? Obviously this is four consecutive years of fatalities. I mean, I appreciate that you've given some examples of some of the initiatives that you've undertaken to address this. Can you give us some more color around some of the specific examples of what you're, you know, implementing? Are there differences across these protocols and processes you have in place to manage safety performance in different jurisdictions, please? Will, thanks for the question. It's Mark Norwell. First and foremost, the focus absolutely is on supporting the families and friends of Dylan and Trevor, given the Dugald River tragedy. It's also called out in parallel, running a detailed investigation, one of three investigations that are occurring associated with Dugald River. I mentioned in the call earlier about a broader, independent and external review that has been conducted at T-Vac. It's partially through being received, that it's being assessed and then considered in our broader continuous improvement associated with safety. As far as your specific points regarding sort of different sort of regions and different standards. No, we have one consistent approach to safety, physical safety, starting with policy that's approved by the board, cascading through our corporate or group standards. Into contract mining where there are a number of critical risk standards, and they are applicable regardless of jurisdiction, regardless of the clients we work with, regardless of the type of work. The nature of that type of work then goes into the next level of detail around assessing the the risk associated with the activities and then putting controls in place. That is, that is consistent across the organization. The other aspect that we then need to look at in addition to critical risk is around broader sort of leadership, broader cultural elements. We're very focused on our principles across the organization, which go directly to safety and safe operation of our business. We talked about principles such as smarter together, safe together. We talked about no shortcuts to drive compliance with controls that we have in place. There's a range of areas, Will, that are pretty comprehensive and consistent across the organization, bespoke by each project. There's lots of different examples that I can go into, Will, I think the fundamental focus for us as the organization from the board, the group executive down is around keeping our people safe, which clearly there's further opportunities for improvement and we'll continue to work that through. As I also mentioned in the call, once we have completed and received the full feedback and therefore update to a final position around the ongoing safety transformation plan, I will present more of that detail in due course. At the moment, really continue to focus on the families at Dugald River and the investigation specifically. As does have the attention, from the full board all the way through the organization as you would expect. Thanks for the color. Can I just move on and touch on, I guess your work in hand balance? Looks like it's stepped down from AUD 6.5 billion to AUD 5.4 billion. You know, I appreciate that the pipeline is up since June last year. Did I take that to mean that... I mean, is it fair to say that there has been some a few sort of tender losses or anything that we should be mindful of in terms of competitive dynamics here? Is it just a matter of, it's just, you know, I'm just trying to work out some with the dynamics here in the heart. Thank you. Well, it's more a function of timing. If you look at our overall revenue of AUD 1.4 billion for the half and then annualizing that at AUD 2.8 billion, we have a pretty significant burn rate with our revenue generation. Therefore, with our work in hand, we have some sizable tender awards that occur from time to time that then replenish that work in hand. From where we sit today, I see it as a timing issue. We've got some tenders up for extension and renewal at the moment that, including the announcement we had yesterday with Fimiston. Plus we also have some other projects that we're working towards extending throughout the course of the year. We'll basically it's a timing item, and that will be replenished. I'm pretty comfortable where we're at. Very comfortable with our, with our pipeline. The pipeline has increased, and we're continuing to focus on replenishing, the work in hand that we have. Very comfortable with the status there, Will. No, I appreciate that. Just one last one from me. In terms of the retrospective rate adjustments, are there any other projects that are in your pipeline at the moment that we could that you could potentially expect benefits from, you know, retrospective rate adjustments that you've done with either of Perenti? Thanks. In terms of the way we've approached updating guidance, Will, is we've taken obviously the first half results, and the teams with a detailed forecast and reforecast every quarter, and that's been completed. Our updated guidance includes everything that the team are seeing is coming through in the next, well, this half, effectively. The guidance reflects what we see in front of us. Therefore, no, we're not seeing any further one-offs. Having said that, if there are opportunities that the team can capitalize on, they will go after those, but the guidance reflects what we're seeing in the next five months. Thank you very much. Your next question comes from Nicholas Rawlinson with Jefferies. Please go ahead. Hi, Mark and Pete. Thanks for taking my questions. Could we have a rough indication of expected CapEx FY 2024 and maybe split into both sustaining and growth? Thanks, Nick. The short answer to that question is no. We'll put out FY 2024 guidance when we deliver our FY 2023 results in August. It's fair to say our focus is continued on cash generation, driving down leverage, and well, same business capital will be pretty standard to previous rules of thumb. In terms of definitive numbers at this point in time, Nick, we won't be providing that. Peter, anything to add there? No, I think that's right, Nick. Okay. Thanks for that. Could we have an update on the sale of BTP? I can say that we're continuing to operate BTP. Wasn't aware of a sale process in play there, Nick. No. As far as our portfolio is at the moment, we're continuing to run the three divisions that I've outlined. There's nothing further to add to that question, Nick. The only thing I'll add is we've I think we talked about it at the last call. We have appointed some new leadership into that business, a new team running it, and it's actually performing pretty solidly following those changes. Okay, great. Just the last one from me. Would you look to reinstate the dividend in FY 2024, given it looks like leverage would now be down below 1 times? Nick, if I look back to our capital management policy, there's various ways that we can generate further value for our shareholders. Dividends obviously being sort of one of those options to return value to shareholders. The board will make a decision on that in August, taking into account all options that are in front of us at the time for generating value. That will be an option if we end up below one. It's not a guarantee that we will. If we see other options to generate further value, we'll focus on those. We'll make that decision in August at the FY23 results board meeting. Okay. That's it from me. Thanks, guys. Thank you. Thank you. Your next question comes from Roger Flynn with FSS Asset Management. Please go ahead. Thank you. Mark, I have two questions. One is, why are you holding so much cash? The second thing is that whilst I hear your statements about capital efficiency, the numbers seem to me to be year after year, very heavy on capital spending. The question arises: What initiatives have you undertaken to extend equipment lives rather than just churning into new equipment all the time? Roger, thanks for the two questions there. I'll start with capital efficiency and touch on cash on hand. A bit of variety there as well. Capital efficiency, I guess, well, first and foremost, look at the nature of contract mining. Work is a large amount of capital. We have increased our pecerntage of earnings more into the underground space, which has a lower capital intensity up front for projects. That has shifted over the last few years. We do focus on various efficiency metrics with Return on Average Capital Employed is one of those key metrics where we had over 20% for the half with a target of 20 that we had stated in our strategy previously. We are seeing that improvement on the back of improved EBIT results. The team also do focus on the broader capital employed, assets being one component, inventory, working capital more broadly. We have seen positive progress in those areas. Having said that, with the supply chain challenges, in part, we have increased inventory to sort of manage the ongoing delivery of profit. That's been a, informed decision, but it continues to be a focus. As far as extending of life, Roger, that's an area that the team always explore and look at how do we get sort of longer life, out of assets. Although there is the balance between longer life versus, reduced performance as well. That's an ongoing focus, and Roger, your call out there is, absolutely spot on as far as what the team do focus. As for cash and holding so much cash, it goes down to the number of jurisdictions that we operate in and the need to hold cash in those jurisdictions. I'll ask Pete to provide some further detail. Yeah, I think on cash, Roger Flynn, there's two elements to the balance at the end of the reporting period. Firstly, full credit to the team who did an excellent job in receiving or in getting all of the debtor balances paid. We, by definition, add payments which contributed to cash. As Mark Norwell said, the bulk of our operations also are offshore, that cash would be sitting in foreign bank accounts. We have a sweep where we repatriate the cash to Australia via dividend or loan payments as quickly as we can. As soon as we get it into Australia mid-period, we'll deploy it to offset the revolving credit facility. Sorry, do I correctly understand that there is an offset arrangement with the bank that offsets the credit? Well, for the funds that are held offshore, the jurisdictions that we operate in West Africa generally don't have global banks present. We don't have an offset arrangement whilst the funds are in West Africa. As soon as we can get them back to Australia, we offset it with the revolver. Yeah. Okay. On the capital, life extension one, I listened carefully to what you said, and I appreciate your comments, but I urge you to think more laterally about some initiatives of what can be done to extend lives. I didn't hear any comment really on what initiatives are being taken, saying you're cognizant of it, but I didn't hear any initiatives being taken. I commend to you to have a task force look at that because it is potentially a big impact on shareholder returns. I appreciate the feedback and, Roger, and, while I didn't sort of go into any specifics in response to the question, there are absolute specifics. Do take on board your feedback, and you're right, it is a large component of our life. Yeah, sure. Hey, thanks for your input. Thanks, Roger. Your next question comes from Mitch Ryan with Jefferies. Please go ahead. Good morning. Thanks for taking my questions. Just wanted to clarify in the guidance, so that includes Subika, as it stands, that upgraded guidance? Yeah. Subika, we have a, we've announced proceed to extend that beyond 31 December, that the team are working on it at the moment, and they are looking to conclude that longer term extension hopefully within the next couple of months. As far as the FY 2023 guidance is concerned, it does include Subika to include into June. Great. Just to clarify, it also includes the Iduapriem expected rate adjustments, but that needs to be normalized from the first half. Yes. That's right. That guidance number does include the AUD 1.1 billion that we've called out for the first half with idoba. Great. just to make sure, that incremental upgrade from your last one, a couple of months ago, what's driven that? Is that more certainty around Subika or is it washing through the outperformance, the commercial conditions, the rate improvements that you've called out? Yeah. That is combination. I guess there has been, and if we think back to the December upgrade, we called out some specifics in there. We also have called out Forex to be positive in the first half, a range of commercial progress by the team, improving operating conditions. Whilst it's still a challenge with people, it's easier than it had been. There's a range of areas that have been coming through to contribute to the improved performance. Great. Great. Thanks. Thanks, Mitch. Once again, if you wish to ask a question, please press star one on your telephone. Your next question comes from Cameron Bell with Canaccord Genuity. Please go ahead. Thanks. Morning, guys. Just a couple of little finance questions for you, Peter. The corporate costs have been trending higher just for the last two or three halves. Can you give us an idea on where you think that might go over the next six months? Cam, I might skip some commentary on the step-up in terms of the half or step-up as reported. We're up circa AUD 60 million. There's a number of drivers to it. They're all interrelated. Firstly, the company pays a discretionary bonus to the board or to a number of the employees. We switched from cash Accounting to an accrual accounting method for that discretionary bonus. That did see an uptick in the amount that hit us in the first half of this year. With the relative strong performance of the company, also having regard to how the market in terms of employees are operating, we did increase some of the accruals we put through for contractual short-term and long-term incentives, and also gave ourselves some buffer for potential other strings to ensure we retain and attract staff. There's also a little bit of cost that's come through in relation to the work we've been doing on our new operating model and development of group standards and other processes. Some of those have come through and contributed to that AUD 6 million PCP step up. For the second half of this year, Cam, I see the number being broadly the same. I think importantly, when we look at the number in the context of the revenue growth and how the business is performing, although it's gone up in absolute dollar terms, in percentage terms, it's reasonably flat. Beyond that and into FY 2024, I'll revert back to Mark's earlier comment when we give some guidance on 2024 numbers. We'll clarify more when we send that number in the note. Yep. Okay, that all makes sense. Just trying to get a sense of, I guess the underlying growth rate of the business backing out the upfront stuff, but then also looking at the FX. Can you give us maybe an idea of the tailwind at the EBITDA line in the first half versus potential headwind in the second half? Specifically on FX, Cam. In the first half, if we look at the FX impact compared to the first half of the prior corresponding period, the positive contribution was circa AUD 10 million. If you look at the exchange rate and how we forecast for the second half, we make our assessments on guidance based on consensus. Consensus is pretty consistent with how FX rates are currently sitting. If there's no material movements in currency rates, I'm not expecting either a headwind or a tailwind for the second half. Okay. You're not expecting a headwind in the second half versus PCP or versus the first half? Versus the first half and versus the guidance that we gave to the guidance. Yeah. Okay. All right. Thanks, guys. Well done. Cheers, Cam. Thanks, Cam. We are showing no further questions at this time. I'll now hand back to Mr. Norwell for any closing remarks. Thank you for taking the time today and the questions. Just a quick close and just a bit of a wrap up. Again, 9,000 employees delivered a very positive performance in the first half. We were well positioned for the second half and beyond. Now with this outcome, as I outlined earlier, it's certainly overshadowed by the devastating event at Dugald River last week, and our focus continues to be on supporting the families and the investigation and then the business more broadly. That brings it to a close. Once again, thank you for your time to join the call. That does conclude our conference for today. Thank you for participating. 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