Thank you for standing by, and welcome to the Ramelius Resources Mount Magnet Updated Mine Plan conference call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you'll need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Mark Zeptner, Managing Director. Please go ahead. Thank you, Darcy. Good morning, everyone. Thank you for taking the time to dial in this morning. In addition to the ASX press release, we have released a presentation that I will speak to largely this morning. Obviously, all documents have been uploaded on the platform and will also be available on our website shortly. This morning, I'm joined by our CFO, Darren Millman. As I mentioned, I'll run through the presentation, and as always, there will be an opportunity for listeners to ask questions at the end. Just introductory-wise, ever since I started with Ramelius in 2012, the challenge for the company has been to demonstrate a meaningful mine life. Not anymore. Mount Magnet Mine Plan keeps the mill full for 17 years, delivering over 2 million oz in the process. This morning, we released an updated, and we call it updated, Mount Magnet Mine Plan, remembering that almost 12 months ago to the day we released a 2024 version. Slide two, we normally skip over this, but I have to give special mention to our CPs, Paul Hucker and Jake Ball, for the power of work that has obviously gone into putting the plan together. Slide three, the corporate summary. I will not dwell on the corporate overview other than to welcome Tim Hewitt, Alan Thom, and Kim Bodman, who have recently joined the executive team as COO, CDO, and EGM HR, respectively. Slide four, project locations. For those who are not aware, right now we have two production centers and one development project. Mount Magnet, obviously, the subject of today's presentation. Over 2 million oz as mentioned, adding to the plus 6 million oz already mined at that project today. Whilst we'll mainly talk about Mount Magnet, we will get the chance to see what the combination with Rebecca-Roe looks like on a consolidated basis towards the end. Onto the mine plan itself. If we can go to slide six before we actually get to the plan. On slide six, what we see here is a similar chart to what you would have seen before, except this is only projects related to the Mount Magnet hub. The format of the hub is the same. We have the capital cost or the price in blue, the cash generated in yellow, and the net cash being the red dot. We also have the cash generated in the year 2024 in the brackets, which will point out total AUD 483 million for the year. The two projects I'll highlight, which you may not have seen for some time, in the center of the chart, Eridanus and Galaxy, situated at Mount Magnet itself. The original Eridanus pit was completed in September last year. And you can see from the chart that it's actually made the most cash out of any project at Mount Magnet in the last a year period. Galaxy, after being developed in FY 2024 at a cost of around AUD 50 million, is almost in the black with what we believe many years of profitable production ahead. We believe that it's this close monitoring of each project which makes our multi-mine plans work. Over to slide seven, the mine plan itself, as it was last year, it's prepared using rolling forecasts based on site-developed models, which are built on a first-principle basis, along with inputs from the corporate tech services team. The result is a 17-year mill full profile with the first 10 years or 10 and a half years shown here. Total production over 2 million oz, strong at the front as it was last year, but with a stronger back end due to the Eridanus open pit coming in, which is a long-life pit but has to get through lower-grade material before it really shows its colors. The all-in sustaining cost for the first two and a half years of AUD 1,600 an ounce is amongst the best in the sector and still very respectable over the 10 and a half year period you see here at AUD 1,870 an ounce at the midpoint. Last year, I made a comment that the first three and a half years of the Mount Magnet mine plan would produce AUD 1 billion in free cash flow, remembering gold price at the time was around AUD 3,000 an ounce. At the current gold price of AUD 4,500 an ounce, we'll go close to generating that figure over the next 18 months. Over to slide eight, just comparing the 2025 plan versus the 2024 plan, we have over 500,000 more ounces this year, not surprisingly largely due to Eridanus, but also to a lesser degree the Hesperus open pit, which is a cutback on an old pit at Mount Magnet, which is in similar porphyry rocks to Eridanus. To slide nine, the various ore sources at Mount Magnet from open pits and underground. Open pits will continue to provide the base load of mill feed but also provide a percentage of oxide ore that's important for mill throughput, which we'll see on the next slides. Overall, in this 10-year period, there are less ore sources, somewhat simplifying operations. In terms of the open pits, Eridanus essentially fills the entire profile in some form, with Cue an important contributor before we start Morning Star in FY 2027. On the underground, as we've seen, Galaxy is in commercial production and run to FY 2029, although we believe it will go much longer before Hill 50 is restarted. If you need to consider our confidence in the plan, please refer to the bottom part of the chart where indicated resources make up 89%, inferred resources less than 10%, and we have a tiny amount in the exploration target category, which is an improvement on last year's plan in terms of confidence categories. Slide 10, a few charts for the analysts on the line. Should be most of what you need to build models. The ore mining schedule is pretty consistent without building massive stockpiles, remembering that we do have a starting position close to 3 million tons. Indicatively, grades are reasonably consistent, remembering that 2 g a ton is always a good target for the Mount Magnet mill. In terms of processing throughput, the top right chart, Eridanus material is hard, and this does affect annual tonnages. We've attempted to do this properly, accounting for the various ore hardnesses, and we'll obviously look to increase throughputs by accessing softer ores for longer. We'll come back to this when we talk about the Mount Magnet mill upgrade a little later. Operating costs in a total dollar sense gradually decrease as Penny and Cue are mined out, and we move to the larger bulk tonnage underground operations at Bartus and Eridanus. Lastly, fiscal year 2027 is obviously our big CapEx year with Eridanus commencing and the mill upgrade also being carried out in that year. Big in terms of what we've spent on CapEx in the last few years, but not big when compared to our expected cash balance by then. Onto Eridanus, which is obviously the driving force, just jump to slide 12. The Eridanus cutback is going to be a pretty large-scale pit, bearing in mind the original pit, you can see the bottom left, was almost 17 million BCM in material moved. We declared our maiden ore reserve of 680,000 oz and 18 million tons of ore, which is enough to feed the current mill for over 10 years by itself. The potential to have a single large pit and a relatively large underground at Galaxy will simplify the Mount Magnet operations, negating the need to jump from deposit to deposit on a regular basis. On slide 13, we have the PFS numbers. We have the cutback starting in April 2026. We have submitted the mining proposal, and we do need to tender the work and allow for mobilization of a fleet. There is probably the next size up from what we have traditionally used at Ramelius. I would like to think we could start earlier, but again, we've been conservative in this plan. The strip ratio is higher than the original pit. You can see 9 to 1 versus 5.3 to 1, which you would expect given that's a cutback. You can see all the numbers yourself of a pretty robust project. At a conservative AUD 3,500 gold price, pre-tax cash flow is AUD 653 million, after-tax NPV, AUD 241 million, internal rate of return, 17%. Obviously, the numbers are considerably higher if you add AUD 1,000 an ounce to the gold price. Slide 14. We still have an underground mine at Eridanus. It's simply moved down to the bottom of the cutback, which goes to about 375 m-380 m deep. We are able to mine relatively low-grade material economically here due to the width of the ore body. At these depths, around 60 m-65 m wide and the ability to employ relatively few quite large stops. The upfront capital for this underground will be small, effectively a decline loop off the bottom of the pit. I fully expect the underground to continue below the current 550 m below surface. It is still relatively shallow, largely driven by the high grades we saw in the deeper drilling, and we can see on the slide there. Slide 15, we have the production schedule for both the cutback and the underground, with the cutback particularly showing the increase in grade with depth we have referred to a number of times. On recoveries, they are very good at 93.5%. It is just a pity that the rock is so hard, but I suppose you cannot have everything. We have mentioned that Eridanus is the base load feed that drives the long-life expectation at Mount Magnet. Just a reminder that five years ago, Eridanus did not exist. Onto the mill upgrade. If we can jump to slide 17, our scoping study work, which started some time ago, landed on an upgrade to the existing mill, which covers crushing, grinding, leach tanks, and tails pumping capacity to deliver a mill capable up to 3.3 million tons per annum. Now, the throughput does depend on the ore mix. If you have 75% + of Eridanus, you get 2.5 million tons. If you have, say, 50% of Eridanus and other softer ores, you can get to 2.7 million tons. If you had a majority of softer ores, you can get to 3 million tons. Commissioning of the upgrade will take about 20 days, but we'll obviously reduce the operating costs, as we'll see on the next slide. In terms of the throughput, it is worth remembering that the 2024 plan in the out years where Eridanus was the dominant ore source, the 2 million ton was only operating at around 1.6 million tons. We have almost from the 1.6 million tons to the 2.5 million tons in the out years, we have almost a million tons of additional throughput. It is worth bearing in mind with the upgrade. Over to slide 18, we estimate the capital cost for the upgrade, AUD 95 million, of which AUD 80 million is really the plant itself and AUD 15 million for power and water supply upgrades. You can see where those upgrades occur in relation to the existing mill on the image on the right. The chart on the bottom shows the operating cost reducing from around AUD 28 a ton in FY 2024 to about AUD 21 a ton in FY 2028 before coming back up a little. Currently, the longer-term average is around AUD 2,350, which is due again to the Eridanus material. Any additional softer feed will increase throughput and reduce unit costs, especially from FY 2029 onwards. Onto a brief update on exploration efforts at our highest-grade ore sources. Firstly, with Penny on slide 20, and we have a long section on the left and a plan on the right. We have received our first results from surface exploration drilling, which effectively started at the south end of the lease and is working its way through to the north. We have got some results to the south. We have highlighted there a result about 50 m down plunge of the high-grade Penny North lode, 0.55 m at 22.5. From memory, that's the highest-grade result that we've received at Penny away from the Penny West and Penny North ore bodies. I suppose the question is, have we found the top of a new lode, potentially? Whilst drilling at the moment continued further to the north, we will obviously be swinging the rig back to follow up this result deeper down very shortly. Over to Cue on slide 21. Cue, or more specifically the Break of Day pit, was the star of the show in quarter two. You have a plan view on the right showing the tenement package with the operations sort of at the very bottom and the larger exploration lease, which was part of an Evolution Musgrave joint venture, which now Ramelius owns 100%. Break of Day style targets, existing long strike to the north. We have not quite got the drill rig there yet, but we are endeavoring to get one there as soon as possible as there are some walk-up drill targets, which the exploration team actually ranked this project at the top of the list in terms of exploration priority. Onto slide 22, Galaxy. You can see Galaxy is the Sat and the Mars ore bodies with the historic Hill 50 decline on the right. As I mentioned earlier, Galaxy's been in production for a little while, but we're just accessing the Sat and [audio distortion]. You can see that on the right with the orange area showing the complete development. Now, given the excellent vertical continuity of the Mount Magnet or 50 for the best example, we expect many years of extensions here. We have an underground rig drilling them at the moment. You can see the green plan drilling, but we also have a surface rig drilling, effectively a new pit called Saturn East, which you can see very close to surface on the left-hand image. If we move now to the group production profile on 24, in total, the ounces are 3.1 million oz with down to 0.6 million oz over the next 10 and a half years. You can see the underlying profile of Mount Magnet. Only this time Eridanus is shown in orange, but its impact probably more obvious there. Rebecca is in the lightest blue color overlay over the top. Average annual production rate is just under 250,000 oz over the 10-year period, at an all-in sustaining cost of around AUD 2,150. As we pointed out earlier, the all-in sustaining cost over the next two and a half years is closer to AUD 1,600. Now, last but not least, our notional reserve position. Our reserve position does get a lot of commentary. 1.1 million oz as of June 2024, but we have recently banked 850,000 oz from Rebecca and today another 680,000 oz from Eridanus. Having consideration for mining depletion financial year to date, we are looking at something around 2.5 million oz in notional ore reserves at this point in time. If you have any doubts around our ability to deliver this mine plan, make this one comment. We're one of the few ASX gold producers that has delivered on both production and all-in sustaining cost guidance every year for the last four years. To finish off on slide 26, in terms of our focus areas, today's announcement ticks a number of boxes, namely Eridanus, the mill, and the Mount Magnet mine plan all at once. We'll obviously now turn our attention to completing more detailed work and making final investment decisions on both the mill expansion and Rebecca in the September quarter this year. That completes the presentation. Darcy, if you can open the line up for questions, please. 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 Hayden Bairstow from Argonaut. Please go ahead. Good morning, guys. Thanks for all the detail. I mean, Zeptner, just a question on the Oxford mill expansion size. I mean, when I compare these studies to the last one, just for the next sort of through to 2034, when the last study went up to when your gold production's up marginally, costs are up, all-in sustaining costs are up about 14%. But with the CapEx on top, the total annual dollar minimum spend over that nine-year period's like 35% higher. I'm just trying to understand what's driving all that and how this delivered the best outcome. Was there anything else you could look at in terms of a blended underground open pit with Eridanus or bringing some other grades forward into this plan to try and get that sort of three- to five-year outlook higher than what it is? Yeah, thanks for the question. It's a valid one. Look, I think seven, eight years mill full, it probably surprised us to some degree as well. We expected better than 10 years. Whether we go back and reconsider mill size, you do need to remember that when we did the study, if you go to a larger mill size than three, three and a half, four, then you do hit a step-changing CapEx. In terms of sort of the overall focus of underground versus open pit, we obviously take a little bit of a hit in the early years on ounces by pushing the underground out. Two things, as I mentioned at the outset, Ramelius has always been challenged on mine life. We are really banking mine life here. Secondly, rather than taking a short-term win on, "Okay, let's go in and dive in on the high-grade parts of Eridanus, sterilize a whole lot of lower-grade material, and go for the underground," we've decided the best thing by the ore body is to actually do the cutback. It will spend a bit more upfront in terms of CapEx, but this will just really consolidate the mine profile at Eridanus for the next 15 to 17 years. If we have another look at that mill size, we may do that over the next little while, given I think we've got 42 million tons now in the plan. It's probably more than we thought. Ideally, we could get closer to 3 million tons. There might be some more work, but the caveat is that you're probably looking at considerably higher CapEx. We might need to run some more numbers given the tonnages that we're now looking at. Yeah, okay. I mean, gold production aside, I mean, the overall spend is way higher. I mean, how much inflation and additional CapEx is there from last year's study? I mean, that nine-year period, the CapEx, I worked out at AUD 800 million, it was less than AUD 300 million last time. That's a fair bit for the cutback and the mill expansion. Yeah, there's CapEx, and then there's, I suppose, pre-commercial production capital or capitalized production. Last time around, there was really no consideration of a cutback at Eridanus. I'll let Darren chime in. There is a small upfront CapEx associated with Eridanus. Then you have, because you're mining through the lower-grade material, there's a fair period of time of mining through lower-grade material where you're producing ounces, but you're not at commercial production levels. That's that AUD 300 million. Unfortunately, you have to start at the top, work our way through, and you can see that the ounce production is pretty lean in those first couple of years before you get to the good stuff deeper down. That's just the nature of the beast. I think the large amount of CapEx is associated with that. Obviously, there's AUD 100 million or so associated with the mill at Mount Magnet. I'm not sure whether there's too many other changes in terms of CapEx. It's really related to Eridanus and the Mount Magnet mill on this more down. Yeah, no, that's right. Obviously, the accounting standards make us classify this pre-production. It is still mining, and the costs would normally incur as an operating, but the accounting makes us classify it as capital. That is the big change. Yeah, okay. Just a final one, Zeptner, just on Break of Day, now talking about an underground, is that implied in that that supergene zone is now pretty well defined and that you have not changed the guidance for this year? There is no sort of last kick in the back end of FY 2025, or is there still scope for a better outcome than guidance for this year? We're still working through that stuff, Hayden. We obviously got a very nice kick in December. We've had stockpiles going through, and it still looks to be overperforming. We'll pull those numbers together probably for end of quarter. There are some additional ounces coming from Cue. Once we've got did not quite have all that together for this mine plan. Obviously, the focus was mine plan rather than Cue. I think you'll largely see that impact in FY 2025. There was always an underground contemplated by Musgrave Minerals, and we've basically piggybacked on that work for what we've put into the mine plan here at, albeit, I think it's slightly smaller than what they had. They had about 70,000 oz. We've got 50. I think there's potential for extensions to that, both at depth and along strike in the leaner direction. It's not a completely new thing at Break of Day. Okay, great. I'll leave it there. Thanks, guys. Thanks, Hayden. Thank you. Once again, if you wish to ask a question, please press star one on your telephone. Your next question comes from Alex Barkley from RBC. Please go ahead. Thanks. Good morning, Mark and Darren. Just trying to work out the impact on your mine plan in the near term from the Cue pit. The change in FY 2026 is pretty clear. Just trying to work out what happened in FY 2025. Calculate how much you figured goes into the plan in the first half, and now I've found a couple of numbers for the second half, 64,000 oz and 58,000 oz. Just if you could give it a hand versus the original 90,000 for the whole year, has that number changed? All we've done, Alex, is purely taking the midpoint for FY 2025. There has been no real change from our guidance issued at the start of this financial year. That is all we've really done for FY 2025. There is no real smoke and mirrors in there. It is just purely a midpoint for guidance. Yeah, okay. FY 2026 lifted for the Cue pits. Is that just shifting around the same amount of gold from last year's plan, or is that some of the positive reconciliation coming through? Look, there's an element of positive reconciliation at Break of Day. If you're looking at the detail, we've lost a few ounces at Penny with the bifurcation of the ore body or the splitting of the ore body down the northern, the bottom section of Penny North. We've made some up, and that's why having multiple operations is always handy. We've made some up at Cue, particularly Break of Day where we're getting that outperformance. We've restricted that to FY 2026 only, which is probably the first part of FY 2026 because we don't see it carrying on into the deeper fresher rock and not at all ore bodies at Cue either. Yeah, okay. A last question. The Eridanus pit grade, 1.2 for the reserve, it seemed to come around the bottom end of your production target ranges. I thought maybe with extra infill drilling, you might catch a little bit more gold, and it could be higher than that. The M&I grade for the pit is higher still, I think 1.7. Just how did that grade come about, and is there potential it might lift higher towards the M&I over time? Yeah, look, the grade, and obviously talking about the pit, we did the geotech drilling. We had to lay the wall back in that northern area, flatter than the original pit for those who are interested. There is a section there where we do intersect the ultramafic. There is some more material that needs more waste that effectively needs to be mined in that area. We have accounted for that. Obviously, it is a pretty big and deep pit, so we have to get that part right. In terms of the overall grade, the original pit, I think, mined at about 1.3. Whilst we do mine more of the or we mine deeper, so we get some of that high-grade material, we are also mining sort of wider at the top, so more lower-grade material. That is what the numbers come out. I know the guys, we had some third-party reviews and modeling of basically a large granodiorite with veining that's both horizontal and vertical, and that was like four- or five-months' work. That is where it's landed. Ideally, the grade's a bit higher, but again, we'd rather be on the conservative side than putting a number in that no one really believes we're going to achieve. That underwent a lot of work and a lot of revisions and reviews, both internally and externally. Okay, the design change makes sense. What of the resource grade, is that eventually going to drop towards the reserve grade, or does that cover an area beyond the pit shell? I think it covers an area beyond the pit shell. For example, you look at the long section, there might not be the best one in the deck, but there's some high-grade material that we drilled 12 months ago that sits outside the pit that's not either in the underground or in the pit, which obviously I've put a big circle around for the guys to say, "How do we bring this in?" It would be actually in the resource. I think there's some features like that with high-grade material not either captured by either at the moment. Yeah, okay. No, that's very clear. Thanks very much, guys. Thanks, Alex. Thank you. Your next question comes from Paul Kaner from Ord Minnett. Please go ahead. Yeah, hi, Gents. Thanks for taking my questions. Just following on from Alex's question there in relation to Cue, I just want to be 100% clear here. There's obviously less ounces coming out of that in FY 2026 to 2029 relative to last year's plan. Just want to make sure we've got this right in terms of what's driving that. Is that because you've brought forward some of those tons into FY 2025? I think the only ounces that would be less would be, as I referred to, the underground. I think there's about a 20,000 oz delta. Bringing ounces forward is not what we've talked about, and I think that's the only loss of ounces. In fact, in 2025, and as mentioned in 2026, I think there's a bit of overcall, particularly at Break of Day. I would have to get back to you on that in terms of reconciling those individual ounces out of Cue mine plan 2024 versus 2025, Paul. I think because actually we are expecting to be generating more ounces out of Cue also in 2027. I think it's just a little less in 2028, 2029. Once again, we've got a lot more confidence in this category than we did historically as well, so. Okay, great. T hat's clear. I guess second part to that is sort of what likelihood do you think there are for extensions here given the drilling you've been doing over the last little while and what you're going to be doing over the next sort of 6 to 12 months? I'm getting impatient in terms of getting the rig or getting our rig up to those northern Break of Day targets. I think the rig is finishing one of our other projects, and it's ready to move up there, but it couldn't get up there soon enough as far as I'm concerned. We haven't actually drilled one hole to the north on that old Evolution Mining joint venture ground, but we're very keen to. It's exploration, but the guys are pretty excited about those targets. In terms of extensions around the ore bodies, I think at depth there's potential at Break of Day. The rest of the pits we've largely drilled and we've got designs on them, albeit they may be anywhere between AUD 3,000 an ounce and AUD 3,500 an ounce pit shells. Whether we need to revisit those, we'll consider in the fullness of time. Yeah, that's great. Just looking at your production profile from sort of FY 2027 to FY 2031, is there any other sort of high-grade material in the portfolio? I know you've sort of just spoken there about the JV material. But is there anything else there that could sort of displace some of the lower-grade material going through the mill and maybe reduce the overall sort of production decline? It's really the focus on exploration is on our highest-grade projects, Penny, Cue, and then Galaxy in that order. We are pretty optimistic of extensions. Those projects, obviously, Penny's the biggest prize, and to get a result, 22.5 g, is pretty encouraging. These ore bodies and these loads can be pretty small. Let's follow that up and let's see. It is the best result that I have seen, like I said, away from those main ore bodies that we currently have. Yep, no, that's very clear. Thanks for that, guys. Thanks, Paul. Thank you. Once again, if you wish to ask a question, please press star one on your telephone. Your next question comes from Tim McCormack from Canaccord. Please go ahead. Good morning, guys. How are you? I just got a couple of ones. I think you mentioned that there might be a few levers to pull to potentially bring the Eridanus cutback forward. What are those? Is my first question. Thanks, Tim. In terms of both the Eridanus cutback and the mill upgrade, I think in terms of Eridanus, we have April 2026. You could potentially get started there a little earlier because the mining proposal has already been submitted. We will get that back this year. It is again just our guys being a bit conservative on, okay, tendering process, which will happen shortly, and then mobilization of a fleet that is slightly large, well, the next size up from what we are used to. Again, we could pull that. I think we could pull that back a little earlier. In terms of the mill upgrade, that is potentially, in some people's eyes, a little bit later, but we have assumed from, let us say, an FID in the September quarter, we have 70 weeks in there for delivery timeframe. There potentially is upside on some of that, depending on what bits of kit you're ordering, whether they're available on a shorter timeframe than that. I think there's potential to bring, and ideally we can because the mine plan could do with a larger mill and getting into Eridanus in our mine earlier. Again, we haven't set ourselves up for failure in terms of this plan. Okay, thanks. Just another question around hedging. Obviously, the Eridanus PFS has pretty crazy sensitivity spot to base case on the NPV and IRRs and stuff like that. I know there is a comment around hedging, but could you just flesh out a little bit around, is it worth putting some more hedging in to sort of protect the upside or the downside of that project if gold price sort of fell away? Yeah, as we put in the press release, page four, we put in place 22,500 zero cost collars at a floor of AUD 4,200 and ceiling of AUD 5,906. That is basically largely just covering the mill expansion. I think we will look at it again in the context when we make the decision, the timing around Eridanus. I think that is probably the next decision point. When When we look for the board FID on that, that would be probably the timing around if we do hedge further to, once again, step up the economics around that. Yeah, we do not put in place for economic purposes, but we do like the pricing at the moment. We are talking about hedging, Tim. We have not put any more traditional forwards in for some time. We made the point in the release. We would be looking at this stage anyway at zero cost collars to provide some certainty, especially around the larger CapEx years, fiscal year 2027 to 2028. Yeah, and those economics have not been factored into the AUD 3,500 base case we put in for Eridanus either. We have already bagged in additional upside with those hedges. All right. Thanks. And just finally on how the DFS is tracking on Rebecca-Roe, you're seeing tolerance levels much the same as the PFS on all the key inputs there as you track towards kind of FID in the September quarter? Yeah, no earth-shattering changes there, Tim, working through doing the hydrology geotech drilling, working with the native title group, talking to the environmental regulators. We've got some more project management people involved now that our new COO has started. We're able to pull Peter Ganser as GM Projects over to oversee that project and push things along. No changes really, just continuing on in terms of the plan that we've put in place. Very good, guys. That's all from me. Thanks. Thanks, Tim. Thank you. There are no further questions at this time. I'll now hand back to Mr. Zeptner for closing remarks. Yeah, not much more to add. Thanks for joining the call. Thanks for the questions, guys. Have a good day. Bye for now. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.