Good morning, everyone. Thank you for joining our call to discuss this morning's announcement of our agreement to sell our aluminium value chain assets to Alcoa for up to $5.6 billion, repositioning South32 as a leading upstream base metals-focused company with high-margin assets and transformational growth. I am joined on the call today with Matt Daley and our Chief Financial Officer, Sandy Sibenaler. As you have also seen, Matt has today commenced as CEO and Managing Director, marking the completion of our leadership transition. Before we go into questions, I will provide some opening remarks on the transaction and hand over to Matt to speak to South32's future portfolio. Under the transaction, Alcoa will acquire our interest in Worsley Alumina, Hillside Aluminium, the MRN Bauxite Mine, and the Alumar refinery and smelter. This transaction will deliver significant value for our shareholders. It represents a premium value for our aluminium value chain, supported by attractive transaction multiples and unlocked value from our share of material synergies from combining our respective alumina businesses in Western Australia. The transaction provides significant upfront cash and equity proceeds while retaining upside to commodity price strength through price-linked consideration. The transaction has an implied enterprise value of up to $5.6 billion, comprising $3.1 billion in upfront cash consideration, $1 billion in Alcoa shares, approximately $750 million in net debt and lease liabilities to be assumed by Alcoa, and up to $700 million in contingent consideration linked to alumina and aluminium prices to 2030. In addition, Alcoa will assume $1.2 billion of rehabilitation provisions associated with the assets. Lastly, the transaction enables us to reorganize and streamline our business, driving an expected $125 million annual overhead cost saving, unlocking further value for our shareholders. Transaction completion is targeted for the second half of FY 2027, subject to conditions precedent, including South32 shareholder approval. Following completion, we will deliver a return to South32 shareholders of half the Alcoa shares received in consideration through an in-specie fully franked special dividend. Additional shareholder returns will be considered following transaction close. With that said, I will hand over to Matt. Thanks, Graham. Good morning, everyone. This transaction is a major milestone for our business. It repositions South32 as the leading ASX-listed base metals-focused company. Our portfolio we have built on high-margin, long-life assets in favorable jurisdictions leveraged to attractive market fundamentals. With 85% of pro forma earnings from copper, zinc, silver and lead, and approximately 55% production growth from approved projects. Turning to these in a bit more detail. Sierra Gorda is a large-scale, long-life copper mine with multiple growth and life extension options, including the fourth grinding line project, which I am very pleased to announce was approved for execution today. This high-returning brownfield plant expansion will increase our share of copper production by approximately 30%. At Hermosa, our Taylor Project is expecting to deliver high-margin zinc, silver and lead production across multiple decades, effectively doubling our current annual silver production. Taylor represents the first phase of a regional opportunity at Hermosa, with the infrastructure being developed to benefit what comes next, including debottlenecking of Taylor, copper from the Peake deposit, and a highly prospective regional land package. Our Cannington mine remains a high-margin operation with potential to extend the mine life into the 2040s through underground extensions and open pit development options. I'll have more to say about this in the next six months. In Alaska, we hold 50% of the Ambler Metals joint venture, which has the potential to be a district-scale base and precious metals opportunity. Positive momentum is continuing with this project with Arctic Deposit's acceptance into the FAST-41 permitting program in the U.S. South32 will be a much simpler business. This transaction enables a leaner support model with reduced overhead intensity, unlocking $125 million reduction in annual overhead cost, delivering ongoing value. Further, our simpler operational footprint, including a complete exit from refining and smelting, enables us to focus exclusively on upstream mining operations and our growth projects, positioning us to drive additional value from a relentless focus on operational excellence. Today is an exciting day for South32. This transaction realizes significant value for our aluminium value chain assets and repositions South32 as the leading ASX-listed base metals focused company. We've got a strong balance sheet, a leaner operating model poised to deliver our peer-leading funded growth projects in copper and zinc. Thank you, and I'll now hand back to the operator for questions. 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 today comes from Paul Young with Goldman Sachs. Please go ahead. Morning, Graham, Matt and Sandy. Yeah, Graham, sounds like you have a spring in your step. Good to announce such a big transformational transaction on your last day. Well done. Just a couple of questions on some of the differences between Alcoa's summary of the transaction and yours. There's some differences on multiples, the price outlook, rehab liabilities, views on synergies, and that's always the case. Just want to hone in a few of those. First one is on the alumina price. It really comes down to the contingent payment. I see that there's a trigger there, at around the $450 a ton mark on alumina, which seems like a pretty high number, well above the marginal cost for alumina. Just curious around, is that just high level what was assumed by Alcoa for alumina prices going forward in this transaction? Paul, obviously, hard to sort of comment on what alumina's long-term price is. Not something they would necessarily share. From our perspective, we believe we've captured a portion of any price upside, if there is to be a significant flare-up. We believe that protects our position to a degree around that flare-up. In saying that, we probably have a more challenged view of alumina for the next couple of years. We certainly see additional supply coming on in Indonesia that is putting pressure, if you like, on the price. We're probably of the view that focusing on the aluminium for us was probably more where some of the value was in the short term. The challenge with any kind of obviously divestment is you want to basically sell it at the high and buy anything at the low. While not necessarily at the peak, we think when we look at the metal side of the things, we've got our timing right in that space. Paul, you said you had a follow-up question on rehab? No, not on rehab, Graham. Actually, just around some of the longer-dated options in that portfolio, which the market hasn't focused on for a very long time, to be honest, around extending the Hillside power contract, but also the ability to creep and put more trains, I should say, at the Alumar refinery in Brazil and all those longer-dated options. How much work did you actually do on those longer-dated options from a value perspective out of interest? Absolutely. Obviously, we have a long-term model that we update a regular basis for all those operations. We understand what the synergies and opportunities are in the businesses that we own and operate, but also what Alcoa's been operating. Certainly, when we looked at the price versus our own internal valuation, getting a share of some of those synergies was important about how we considered the valuation. Recognizing that not all those synergies will happen on day one. They will happen over time, but we're certainly comfortable that we've got an appropriate share of those shares, and we thought about what the consideration price was. I would start by also saying, I think both Worsley and Hillside are world-class operations, and I think the teams there do a superb job. I just think, when we think about commodity markets, we see medium to long-term and even, to be honest, short-term for alumina, there's more attractiveness in the zinc copper space for us, closer to the resource than there is down the smelting and refining side. Yeah. Okay. Excellent. Good stuff. That's it for me. Your next question comes from Rahul Anand with Morgan Stanley. Please go ahead. Hi, team. Thanks for the call and congratulations on the transaction. Look, can I just get a bit of a read in terms of. It's a bit hard for, I guess, the market and analysts to kind of get a clear picture of the rehab side. If you could just help me with that to start off with, because that does help kind of square away the transaction. If I understand correctly, as at first half 2026, you were at $1.7 in provisions, and then post-transaction, you're $0.5. Is that right? Basically, that's a like for like because I only have the 31st December 2025 numbers. Yeah. Well, certainly that is the last set of numbers we published were halfway through our financial year. When you talk about that, we talk about a total closure and rehab number for the group of about $1.7 billion, of which the biggest components of those relate to some of these assets. For example, the aluminium value chain that we are selling to Alcoa, it is worth $1.2 billion of the provision that we had on the 31st of December 2025, of which Worsley would be the largest component of that. Got it. Okay. Just to follow up on that one to close that off, Graham. Is there any impacts that we should bear in mind in terms of forecasting those rehab provisions as we close this year, I guess? We would not expect any material movements from our side in that, understanding how the locked-box works from that defined date. Certainly, you might have the normal kind of impacts of FX, that obviously is a bit more of a variable. We have planned rehab that we will continue to execute as per the agreement with Alcoa, but outside of FX, I would not be expecting any kind of movements in that from our side. Brilliant. Okay, look, the second one is, I guess, a question for Sandy and Matt, and perhaps yourself as well, in terms of where you go from here. Firstly, in terms of your capital allocation framework, how does that look going forward in terms of your targets for, I guess, net debt? Shareholder returns, those transactions. Importantly, your Slide 40 puts forward a long list of potential opportunities. Is there a simpler way beyond Ambler to give us a couple of names that you think are most prospective in terms of the ones that are coming up earliest in terms of that potential future development? Yeah, look, I'll pass that on to Matt to talk about the opportunities and where he sees the company going, which is appropriate. Sandy can then talk about the balance sheet, which is, I can tell you, if I was in Matt's position to have that balance sheet, that set of assets and that opportunity, it's super exciting. Over to you, Matt. Yeah. Thanks, Graham, and thanks for the question. Near term, focus for us around project delivery is clear. The Hermosa project in Arizona, which is currently in execution. The announcement today of the fourth grinding line at Sierra Gorda, which will, once completed, increase our copper production by 30%. That's our share. Then, we are working very hard at the moment on Cannington life extension and open pit. I'm going to have more to say on that in the next six months. That's taking a look at the ore body with a very new lens, and looking at opportunities there around things like stope sizes, cut-off grades, and how we optimize and integrate an open cut and an underground transition with all the associated work that comes with that. That's extremely exciting for us, and we've talked about a life extension there out to 2040s. Beyond that, the Ambler project in Alaska is incredibly exciting for us. The good news there, as I mentioned in the opening comments, is the Arctic Deposit has recently moved into the FAST-41 process, which is the same process that we had for the Hermosa Taylor project in Arizona, which is seeing us move towards getting federal permits there within a couple of years. That's really exciting for the Arctic project. You mentioned the slide on Slide 40 in the pack. That talks to some of our, I'd say, a little bit longer dated exploration potential. There's a few really exciting ones in there for us, like the American Eagle Gold NAK project, where we currently have about a 50,000-meter drilling campaign that's looking at a large-scale open cut potential ore body. We'll continue to evaluate how we allocate capital in the near term to those options and some of the exciting long-term options that exist there as well. Very exciting for us. I'm going to hand over now to Sandy to talk about the balance sheet and capital allocation framework. Thanks for that, Matt. With the $3.1 billion in upfront cash proceeds, this does result in a pro forma balance sheet of $3.8 billion net cash. As we've touched on following completion, half the Alcoa shares received as equity consideration will be distributed to South32 shareholders as an in specie, fully franked special dividend. That'll provide initial return of approximately $500 million. Eligible shareholders will receive franking credits as additional value in relation to this distribution. We'll consider more returns following completion based on our disciplined allocation of capital and our commitment to a strong balance sheet. We'll continue, obviously, to execute our growth projects, as touched on in zinc and copper, in particular building out Taylor and Sierra Gorda's fourth grinding line, which you would've seen the FID on this morning. The potential for additional returns is supported by a healthy dividend franking credit balance of $1.6 billion. I think it's important to remember that prior to completion, the assets will continue to form part of our underlying earnings. Accordingly, the calculation of dividends are under our 40% payout ratio in dividend policy. They'll be maintaining that earnings and dividends per share leverage to the assets through to completion. Got it. Thank you, Sandy, Matt, and Graham. I'll pass it on. Your next question comes from Mitch Ryan with Jefferies. Please go ahead. Thank you for the question, and I think you somewhat answered it, Sandy. I was just interested around that locked-box impact on earnings and dividend, also on cash. If you could sort of help us get a rough feel for how much cash is built inside that over the three months to the end of June would be appreciated. Clearly when it comes to the locked-box, those cash flows are effectively owned by Alcoa, and the job of the team here is to deliver the budget safely. We obviously have the ticking fee that will kick in from the AGM, which is basically, a 5% cost of equity return on those cash flows. The cash flows you will see very soon. It will be when we announce our results. Very dependent on price, and obviously it has been a reasonably strong period in terms of aluminium price, but a relatively weak period in terms of alumina price. I don't know, would you add anything, Sandy, to that? No. The principle here is under the locked-box mechanism, Alcoa is entitled to the asset cash flows from the 1st of April. As Graham touched on, there will be that payment of a ticking fee, 5% per annum on the upfront cash consideration, from shareholder approval. Okay. Thank you. Your next question comes from Robert Stein with Macquarie. Please go ahead. Hi, team. Thank you very much and congratulations on the deal. First question, holding the $500 million worth of Alcoa scrip, what's the rationale for that given that the fully franked distribution is quite attractive to Australian shareholders? Look, we recognize that, obviously the first $ 500 million we are treating as in specie dividend. If you have the entitlement to fully franked, obviously that's something we provide. I think the next $500 million, while there are no constraints on how we do it's in an orderly way, and I guess from an Alcoa side, it's about managing how much movement they see in their shares in a short period of time. The $500 million up front I think is also advantageous for our shareholders because it gives them the choice. They can make a choice to hold onto the stock and have more exposure, or they can make a personal choice to sell. It's up to them. That clears it up. Thank you. Just to follow up. Look, just noting, the 80 something percent of earnings, copper, zinc, but manganese was excluded from that number. Does that mean that we're now looking, potentially to even further, I guess, purify the portfolio into that growth-oriented base metals mix, going forward and, see that true multiple expansion that we could see versus comparables overseas? Yeah. Really good question. Just to confirm, 85% of our pro forma earnings on a go-forward basis will be from copper, zinc, lead and silver. Certainly, commodities that we find very attractive, good underlying structural elements there. You'll see our growth, 55% growth will be in those commodities, and that's delivered through our Hermosa project, the fourth grinding line at Sierra Gorda. We're yet to talk about, but we, in more detail, put the numbers, but the potential life extension and, using the full capacity of the mill at Cannington. On a go-forward basis, we can talk about manganese business, the assets in Australia and in South Africa. Where we're really looking to allocate and grow our business is in those core commodities of copper and zinc. Thank you. Sorry, just one last follow-up just on funding mix. The $ 3.1 billion cash or the Is that going to basically cover Hermosa off in terms of its capital commitments and then Sierra Gorda fourth grinding line, I would expect somewhat the cash flows from the asset to fund that. How should we think about the internal allocation of that capital through the South32 capital allocation framework? Sandy? Yeah. Yeah. Certainly an element of capital recycling into the preferred commodities that we've talked to. That's definitely a piece of it. Looking to fund Taylor and other organic growth options. Sierra Gorda itself, as we've touched on, will predominantly be funded at the joint venture level. We have aligned with our joint venture partner there on external funding sources, which will then be topped up with some modest operating cash flows in the back end of that build. Really recycling the capital combined with our shareholder returns. Okay. Thank you very much. I'll pass it on. Your next question comes from Lyndon Fagan with J.P. Morgan. Please go ahead. Oh, thanks very much. Well done on this deal. The first question is just to drill into the operational cost reductions. Or the corporate cost reductions. $ 125 million just seems like a pretty big number. Where is that coming from? Yeah, look, I'll get Matt to work through that obviously, Lyndon, because he sort of, has designed a lot of that for the way forward. I would sort of take a step back first and say, if you think about who we are as an organization pre this transaction, we are quite a complex business with multiple offices, multiple commodities, and historically with the aluminium value chain as well as, what we used to have in Cerro Matoso around refining and with the closure of Mozal, a lot less operations and also moving far closer to the resource, less intensive on some of those other pieces. Matt, maybe your take. Thanks, Graham. A really good question. We're looking to embed a new operating model across the organization. We'll see a leaner center, and we'll reduce those overheads by around $125 million. Looking to move decision and accountability for delivery much closer to the ore body while strengthening the technical capability for mine planning, processes and geoscience. These are the core disciplines that we want to be known for, that deliver real value to our stakeholders. You'll see that focused technical expertise. There'll be a simplification in our systems and processes and that runs through IT, looking at standards. We're now concentrated into a downstream base or upstream base metals mining and processing company. We don't have to now carry capability around the smelting and refining business. Again, as Graham mentioned, a much smaller corporate footprint. Looking at rationalizing our offices, where our people are located across the globe to really pull those costs out and position us really well for the leverage growth we have in the commodities that we really like. Thanks, Matt. Lyndon. Just to- Off you go. I was just going to say, is that $125 million embedded in the EBITDA for the aluminum assets? Or like when I look at the divisional accounts, where is that $125 million sitting? Because it seems more than the corporate costs. Look, I'd consider it's not embedded in the aluminum assets. We're talking about what's left, if you like, in our business. It's currently embedded in our current operations that will exist as part of. Some of it's a corporate charge out, some of it basically is pure overhead functions that we'll have. To give you some numbers, Lyndon, to help, when we started the demerger, we had 16 operating sites. Half of the year we had eight, we're now going down to four. Things like closure and rehab provisions, at half year, we had $1.7 billion. The new pro forma will be about half a billion. If you think about things just like your Scope 1 and Scope 2 emissions, we're going to go from roughly being around 23.4 million tons down to 0.5. Some of those things we had to do at the corporate side no longer will have to be done in a simplified, more focused base metals company. Okay. Maybe I'll take it offline. Thanks for that. The follow-up I had is just on the pro forma balance sheet. There's obviously a lot of money there. We've got to fund Hermosa. Fourth Grinding Line is internally funded. Can we talk a bit about capital management and M&A in a bit more detail? Obviously, not the focus of this transaction, but obviously number one question on investor minds is, what happens to that cash? Matt, just any initial comments on your attitude towards M&A and capital management potential? Yeah. Good question. Near term for me, I've talked about project delivery, operational excellence, and embedding this new operating model are the real near-term key focuses. Inorganic growth, listen, definitely look to pursue opportunities that we see are value accretive, that are strategically aligned and maintain our financial strength. They're going to have to compete for capital with the organic pipeline again, which I think is incredibly exciting when you look at what's near term, looking at the Ambler project, optionality we have across the portfolio. Certainly open to ideas, but really important that they are value accretive for our shareholders and, of course, the bar is pretty high for any kind of transaction. Just from a capital management framework perspective, you'll observe in the pack, Lyndon, that we have updated that in light of the different structure we'll have post the transaction. We've updated that capital framework, continuing to prioritize the safe and reliable operations. You'll note a strong balance sheet continues to be a core part of our strategy. The allocation of capital towards that committed growth and life extension projects, and then competition for capital, which is a principle we've had since demerger, and we'll continue to have that as a way to make sure we do maximize per share value in the long run. Looking at that as a combination of factors to consider between dividends, buybacks, and considering our growth focused portfolio. Thanks. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Jitmin Tang with Barclays. Please go ahead. Hi. Morning. Congratulations on the transaction. Quick question on the pro forma net cash of $ 3.8 billion. I see that you assume repayment of the U.S. dollar bonds, the $700 million bonds, through early redemption. Can you share a bit more color on your plans in terms of timing and whatnot? Yeah, we are expecting to execute on that at completion. That's really just a fairly simple early redemption, $700 million 144A Reg S bonds that we have in place. We expect that will be one of the uses of the cash position we have. Appreciate that. Thank you. Your next question comes from Glyn Lawcock with Barrenjoey. Please go ahead. Graham, Matt, Sandy, good morning. I'm in transit, so apologies if I've joined late and if I've missed anything. Firstly, Graham, it's been a long journey. I think that's 11 years and one month to the date almost. You've now managed to, I guess, bring us back to a mining business, finally. Got rid of all your downstream. Well done. Congratulations and all the best for the footy season ahead. My first question is to Matt. Matt, you've been gifted now a good company, strong balance sheet. Is there anything left in the portfolio that you don't like or you think needs to be looked at as well? Or are you happy with what Graham's left you? Yeah. No, thanks for the question, Glyn. I think Graham, over the last 11 years, has done a fabulous job to reposition the portfolio into the commodities that we like and growth optionality that sits there. For me, every single asset's got to earn its place in the portfolio. You want them to be generating cash. Of course, looking for optionality as well across the portfolio. That's how I look at it. Everything's got to earn its spot, we'll continue to review. The obvious ones to look at there is the manganese business. Not a core part of the portfolio for us. You won't see us putting in growth CapEx into that part of the business, as we're very much focused on the copper and zinc growth that I've talked about today. I think there is lots of opportunities that sit in the existing portfolio, particularly around operational excellence. Now we're able to focus the company's resources on base metals mining, no longer spread right through that aluminium value chain, smelting and refining. A big focus on things like mine productivities, processing plant performance, and just looking at more optionality that can exist in the ore body. That's how I'm thinking about it, Glyn. A big focus around the commodities that we like and project delivery over the next 12, 24 months. All right. Thanks. The second question is to Sandy. On the lock box, Sandy. I am sorry, I have not had a chance to read through everything, is there anything special at all about it? Is it simply the cash goes in? Is there a minimum you must pay them? Is there a maximum? If we get a spike in aluminium and it goes crazy, is there anything special about the lock box? Do we just lose all the cash as a shareholder from April 1? Thanks. It is a fairly vanilla lock box mechanism, Glyn. The principle is that they are effectively the beneficial owners from April 1, and then they take operational control at completion. Consideration as we think about it, has been framed around that. That has really informed the proceeds and the consideration price that is accounted for. As I touched on, obviously, the ticking fee is the other piece. That is return on the cash consideration from the shareholder approval. That is recognizing, of course, the funding of those cash flows. Pretty vanilla structure, to be honest, Glyn. There is not really much about it. There is obviously lots of elements about ensuring that we are delivering our commitments as a safe and reliable operator. You would expect that in any of these types of transactions, there is not any standout elements on that. What if there was an operational hiccup in the next 12 months and things went awry? Who wears that? Is that all worn by Alcoa then, if it is an operational hiccup? How does that work? Operational hiccup would sit on Alcoa. We obviously have obligations to run it well. In terms of the cash flow outcomes of that, absent some kind of very serious event, it would be sitting with Alcoa. That is the principle of the arrangement, and of course, we will do everything we can to run these operations very safely and reliably on their behalf. Yeah, okay, fine. Thanks very much, and all the best. Sorry, Glyn, just on the flare-ups, just to touch on, we do have that contingent consideration kicking in as well, just to your point on potential price flare-ups, which is what we've looked to manage through that contingent consideration. Yeah, I was more worried that if there was an operational hiccup, we'd wear it. I guess we've got upside with no downside, potentially. Yeah. All right, thanks again, and all the best, Graham. Thanks again. Thanks, Glyn. Enjoy the holiday. Your next question comes from Paul Young with Goldman Sachs. Please go ahead. Yeah, good day. Again, don't want to drag this call out, but just seeing as you've approved the fourth grinding line at Sierra Gorda, thought we'd celebrate just a little bit and just talk about it a little bit. First one is for Matt. Matt, you've obviously had a lot of experience executing projects at Anglo, with Quellaveco and seeing all that journey and then managing big engineering projects. I'm just curious around the first production mid FY 2030, which is like a three-and-a-half-year journey from here. I know that this is a big project. It's complex. It's a lot of time involved with the existing plant, et cetera, but it does seem a touch conservative. I'd be interested in your view on the timing, Matt, just with your experience on that project. Then probably the second one is around the MOU on the JV with Spence, which got dropped within the Chilean press a couple of weeks ago. I'm just curious around your initial thoughts, Matt, around where the synergies lie with the oxides, tailings, water, procurement, et cetera. Anything you can share on those two things. Yeah, perfect. Thanks, Paul. The three-and-a-half year build time for the project is right based as my experience. Engineering's really well progressed. We're at 60% into detailed engineering, which really helps de-risk the project. It's almost a copy and paste of the existing three lines, so there's no new technology involved. You still are doing a new expansion within an existing plant. All the tie-in complexities that you have as you continue to operate the plant. Yeah. Three and a half years is right. We'd love to obviously bring it forward. We'll be working very closely from day one with the joint venture management team to make sure we deliver on time and any opportunities to bring that forward. At the same time, making sure we position the mine, so that when we have the expanded throughput, we have the right and the capacity to make use of that. We'll be updating in terms of resource and reserves at the end of the year into next year for the ore body, and the drilling continues to impress us. The expansion plays into what we see as an expanding reserve base, and the Catabela Northeast project as well. Drilling's continuing there. Really long life asset, and this expansion plays into that full scope of that region. Going across to the MOU with Spence, some great industrial synergies. You've got two assets, which are 10 km apart with another ore body, the Catabela Northeast exploration target sitting between them. You can imagine the synergies are very similar to what Anglo American's talked about with Codelco between Andina and Los Bronces and of course, QB2 and Collahuasi. You've got differentials in grade, you've got feed opportunities. We've got 110 million tons of oxide sitting there with no plant to feed it into, and obviously Spence got that capability. It's a start of a conversation. It's early days. Industrial synergies are often win-win for both parties. Of course, opportunities across water and other elements you talk to as well. Excited about those. They come often with very low to no capital cost to exploit the money that sits there. We've got a great partner in KGHM who's willing to explore these opportunities and obviously BHP seeing the same potential there. Early days, Paul. It's the start of a right conversation. We'll make sure it continues and update the market as it progresses. Yep. Good one. Thanks, Matt. There are no further questions at this time. I will now hand back to Mr. Kerr for closing remarks. Thanks everyone. Really appreciate the time and support today. To sort of talk a little bit about Glyn's point, if you think back to 11 years and when we started as an organization, we were given names like Shitco, Crapco, we also had some feedback that we were so complicated to actually model it made people's life really difficult. I do think the team has done a great work to sort of get us to where we always wanted to be. We should be the premier base metals opportunity in the Australian market and one of the few mid-tier mining companies. I think with the strong balance sheet, the suite of assets we have, the growth potential that we have, I look forward to seeing what Matt, Sandy, and the rest of the team can deliver. I think it is a super exciting time. Thanks everyone for your support, we will see you on the road.