We're returning on time zone. Welcome back. The quarter's gone pretty quick. Feels like we were only here a couple of weeks ago with Bruce and Mark. Looks like a pretty good quarter. The format will be the same as always. Bruce will be giving a presentation, which will probably last around fifteen to twenty-five minutes, and then we'll go on to the audience Q and A. There is a Q and A button, so please post in your questions whilst Bruce is delivering his presentation. Bruce, yeah, good start to the quarter. Looks like the plan's working. You must be pretty happy. Yeah. Thanks. Thanks, Peter. We are definitely very, yeah, very happy with this quarter, even if it's the first quarter since we announced the new business plan for Thunderbird. Yeah, thanks to everybody who's arrived for joining again. As Peter said, same format, same slides updated. With that, I'll get into this. Same general intro. As it arrives, I'll focus mostly on Thunderbird and the ramp-up there. First, it was worth mentioning, given that we had a couple of developments on our other projects during the quarter, at South Atlantic, we, at the end, were able to clear a maiden resource across the two larger deposits there at Retiro and Bujuru, 771 million tons at 3%, which is more or less in line with the exploration target we identified when we started getting involved with it. We're pretty happy with that. It's got an interesting assemblage. The other thing was we did get the installation license for Central Retiro during the quarter. Where there's other approvals required, I think that was pretty important to show that you can continue, that we can continue the progress of approvals in that part of Brazil. The other piece, in Sri Lanka with our investment in Capital Metals, we did set our money alongside a new strategic investor from Sri Lanka, who is looking to actually largely fund the build of that project through a secondary listing in the local subsidiary in Sri Lanka plus some debt instruments. That was quite encouraging. We fired our money there to protect or effectively maintain our 3% interest and the associated rights we have. In terms of Thunderbird, just as you look at some pictures put on the left, you can see obviously the pit in the background. In the foreground is waste clearing activities, continuing with drill and blast and now with our new contractor RE Group in there with the larger excavator and trucks. We have seen a step change in the productivity of the waste mining as a result of both drill and blast and the new deal with the new contractor. There's still ongoing optimization there. It just started, but we're very pleased with that and are confident that we're ultimately going to get the waste mining capacity we need to increase our ore mining rate. To put in the background, probably a comment I would make is because it gets bigger, you can see that the pit's actually quite clean. The wall's quite clean. It's stayed up very well. It's been kept at its very orderly mile. You can actually see the use of the oversize to build the wall. You can see how we're starting to develop the first of the cells for anything that I need to follow. Yes, general progress in mining is impressive now. The right-hand side, process plant, from later in the quarter, in the foreground, a lot of aluminum in the fingers, drying before loading into the trucks to go to port. In the background, the zircon concentrate stockpiles from the process plant, sitting there. Not a lot of change there, but process plant continues to run really well. In terms of an update on the business plan, probably key points here, the plan on the left-hand side is exactly what I presented on the call at the end of the last webinar. What we thought we'd do is probably focus on what we've done in the quarter, sort of what's our rate of progress. Recap key elements. The drill and blast will transition to a new waste mining contractor with a larger fleet designed to increase our waste mining capacity so we can uncover more ore to increase our mining rate ultimately to the ability to mine up to 16 million tons per annum. Ultimately, the focus is on keeping the process plant full. Once we've got the expansion to the mining, how it's graded varies, et cetera. What we found is there are times when we were ready to mine at 16 million tons per annum equivalent in order to fill the process plant, but there will be other times when we mine at less than that. We will, I would describe it as, become more like a normal mining operation where we'll be process plant constrained and varying the mining rate to ensure the process plant stays full. When process plant is full, as we've indicated previously, we expect to see concentrate production increase. We have the capacity to hurdle and shift that. Overall, we are looking for a reduction in unit costs as we increase production. Progress today. Drill and blast has been in place now for basically six months. We have seen that has really made a big difference to the ability of the waste. As I say, we're still learning the optimal way to drill and blast. That continues to be optimized, but that's optimization. The blasting itself is very effective. New waste mining contractor with their larger fleet motorized that in with May, first full month of waste in June, seeing a step change in the sort of daily waste movements. We expect to continue to ramp that up to achieve the waste mining rates that we need. Similar to that, but even more so than ore mining, the shift does vary as we move around in the quarter. There will be times when we mine less waste, times when we mine more. We need to have the capacity to be able to handle that variability. Pretty thoroughly within a year, we managed to achieve record production for the quarter, but equally record production in June. We pushed over a million tons of ore for the month, and it was a real step up from where we were before. It shows we're clearly on that path to the sort of 16 million ton equivalent, but we're not there yet. I think it's good progress, but you're looking at 1, 2 or 3 million tons a month of mining every month if you were to achieve 16 million tons. There's a lot of evolution still required to get there. I'm really confident we're on that path, but it is going to take time to be able to be, as I say, sort of mining up waste to get far enough ahead and to consistently and sustainably be able to increase the mining rate above that million ton a month. Looking at the charts we always use, the consistency. We're looking here as always, effectively back four quarters. We look at five quarters, the equivalent quarter last year, and then the interim quarters. What we can see is that from the June quarter in 2024 through to the March quarter, we really were mining at around that 2.5 million tons a month, 2.5 million tons a quarter. We were able to sustain that, a little bit of variation. You can see in Q4 we had that distinct step up. We mined, I think it was about 2.7 million tons- 2.8 million tons in the end. With a million tons, we'd be closer to that if we sustained that full four quarter through. We're now seeing that step up in mining rate. There's a way to go yet, but we're very pleased that we've already started on that journey to ramp up the mining rate. How does that translate through to feed? Again, similar story. As we've done before, the first is the dark blue and green line. The actual is the last. The dotted lines are the grades from the block. Probably two key points here with the main point. You can see that we've seen the uptick in lock and heat feed on volume, largely driven by that uptick in ore mining. It means that whereas previously we were running around 75% of our actual lock and heat feed being generated based on the early mining, we're now circling about a little bit above 80%. We're already seeing that benefit that as we push more ore through the B&U, we will be able to raise the lock and heat feed production and ultimately achieve that designed rate consistently, irrespective of the grade. Grade is a little bit lower in the current quarter. That was a few things, just partly reflected where we were in the ore mining. Also, you can see that the block mining is a little bit lower, partly because managing waste means at times we're mining a bit more of the lower grade T1 ore to keep the B&U from where we were, kind of catching up with waste mining. Over time, we'll continue to look at doing that at times because T1 ore is quite rich in zircon. Ultimately, we would feel that as the mining rate increases, we'll largely be targeting the ore that we had in the original mine plan. The process plant, same again, the design versus actual on both recovery and grade. What we are seeing is now, for simple, with really much consistent with design, still comfortable that as we're pushing more material into the plant, we're sustaining that good overall recovery as per design. We are making products that are going to land with our expectations. We don't have a hard target for clarity. We basically are making a sellable product and allow that grade to vary a little bit. In terms of the in-and-out products, similar story. Recoveries are still, they have been above and in line with design. We're sustaining that as we increase throughput. Grade very much in line with design. We don't do secondary processing on this material. It's largely the grade is what you get out of it. The quality of the material is largely determined by where you're mining. What does that look like in terms of the key production KPIs for the quarter? As I said before, you see the first quarter's quite steady around that 2.5 million tons, the big step up in the current quarter. The way to think about it is that was one quarter of a five-quarter ramp-up plan. We are still targeting to be and have the ability to mine at 4 million tons a quarter by the first quarter of 2027. Effectively, when we're recording the June quarter next year, 12 months from now, we would expect to have the capacity to mine at that rate, be able to mine at that rate, and have achieved that rate during the June quarter, but not have sustained it for the full quarter. Hence, we say the first full quarter at that higher rate is the quarter a year from now. In terms of concentrate production, firstly, zircon production, again, strong quarter for production up Qo Q, consistently building, shipping a little bit above production. As you will know, we did have a deferment of some shipments late in the June quarter. Unfortunately, we actually had a zircon vessel around Farge, the jetty ready to load when the crane failed. We had to fill that load. There was a booming of the vessel due in a couple of days later, and we actually missed 10,000 tons of June sales. We would have expected to have made those sales should we have been able to ship. We expect to catch that up in the current quarter, as well as shipping what we produce. Overall, we're looking at production to continue to increase, marginally quarter by quarter, building towards that higher production in a year's time, and shipping what we produce plus a little bit of that catch-up shipment. We're shipping that catch-up shipment. The two to three shipments actually did ship in early July. Ultimately, the timing of the crane was down for a week and it bridged the year-end. The shipments that would have been laid during ended up in early July. In terms of in-and-out, similar stories. Sales, production, more around for the quarter. We actually, again, here we would have done a little bit of catch-up shipping, but we weren't able to load the last vessel. It has shipped now. Current quarter, again, expecting production to increase quarter on quarter as we increase mining rates, and to ship more than we produce. We are looking at another record quarter of production and sales in the current quarter. Building, again, building towards that year from now, enhanced production rate of the 220,000 tons- 240,000 tons a year of, if it's happening enough concentrate. The cash flow for the quarter, yeah, it's probably a personal highlight of the race. I think about this as, you know, second consecutive quarter of operating cash flow positive. We don't see, you know, certainly in a relatively restrained fashion there, and we've been able to, we're able to produce positive work cash, which, you know, puts us in a different situation to perhaps some peer operations that found themselves operating with negative cash flow, which is a very different situation to manage. You know, there's definitely room for improvement here. As we ramp up, we expect obviously revenue to go up and costs to go up with. We do expect to grow the operating cash flow per quarter independent of any change in price. Other than the non-operating cash flow elements here, the prepay, there was a net movement in prepay of about AUD 20 million. We repaid the last of the first two facilities, and we did draw down another one, effectively to help manage cash flow through the quarter. That more or less was equal to the principal payment that was made to Orion. We did make the first debt repayment downtown, downfill. It was a pleasing outcome. This outcome, you know, we still had that we were still carrying inventory at the end of the quarter given those deferred shipments. Just in terms of the Orion, you know, the debt still equal to what we made that first repayment. I think those who were around the equivalent quarter or quarter ago, I spoke about the need to reshape the cash flows to align them, so reshape the debt repayments to align them with the expected cash generation given the new plan. Highlighting the fact that with the original repayments, the June payment, then a step up to the next couple of six-month repayments, and then a decline was based on a different ramp-up schedule at different costs, different pricing. We're in the exercise with the lenders of reforecasting the cash flows over the life of loan and looking to reshape those payments to align them with expected cash generation from the asset. As for the process, it takes time. It's not complete. I can't make any comments about the likely outcome there. The expectation is that we generate enough cash over the life of loan to allow the repayments to be made, just not in the shape they were originally. It's probably also worth stressing that fixed repayments tend to be made on a low-cost forecast. You always create a bit of room between your sort of base case expectations and what your fixed commitments are to the lenders. We're working through that process at the moment. I think that's probably all I've got to say in terms of prepared remarks. Happy to take questions now. Brilliant. Thank you, Bruce. We've got a few questions rolling in. For those watching, please feel free to submit your questions via the Q&A, and we'll get around to them. Just remember as well, obviously, Sheffield Resources is a listed company, so anything that's too forward-looking, they might not be able to talk about just based on the risk, listing rules. I think most of you sort of know what they can and can't. Bruce, just to start off with, I wouldn't mind talking to you about the market, especially in China. Can you give us maybe bring out your crystal ball again as I often ask? How is the market looking? We've had some commentary from Iluka. How are things on the Sheffield side? Yeah, look, I think it's interesting. There's been a lot of commentary from others, and it's probably sort of generally in the market, but we've seen price pressure in China this year, sort of settling them out. A little bit of an Iluka decline to provide guidance for the current quarter, so there's obviously a bit of uncertainty there. I think what I would observe is, within the quarterly, we effectively had flat pricing quarter on quarter, but still, particularly that zircon, which is where we had our variable price exposure. We had flat pricing quarter on quarter. There was a slight uptick, but it was driven by composition rather than underlying price. We thought that was a pretty good outcome. Effectively, we've been flat for three quarters. Effectively, since we started resuming sales in the fourth quarter of last calendar year, we've more or less had that AUD 530 type pricing in net. I think what I will say is certainly, it wasn't trying to recently, you know, I think there are, you know, it's certainly the, I wouldn't say the band is playing and everything's rosy. I also didn't feel terrible either. It sort of feels like there's a bit of coming out as we are at the moment. I think we expect to continue to see some price pressure in zircon. It's It's sort of inevitable. I think we have a bit of a view that our product is probably more closely aligned with the way the Chinese market works today, predominantly a concentrate market, not a big consumer of premium zircon, sulfur stone, sort of standard superstandard stuff. There's a lot of different sector mixtures. Actually, ceramics are a lower proportion of consumption in China than elsewhere, more focused to some of it. It makes sense China is an industrial manufacturing hub. Some of the demand sectors are those that feed more into those other sectors like foundry and refractory and chemicals seem to be doing all that. The Chinese customers focus much more on concentrates than final product zircon. I think I wouldn't, you know, we're very pleased with our past outcome. I think we will come under a little bit of pressure for price, but at this stage, we're certainly not seeing the market moving probably dramatically in either direction for the next quarter or two. The fact now that you have so many approved customers, is that helping? Yeah. With the price pressure as well? I mean, I'll say it's about a year ago, we had three customers. Those three customers had taken a lot of product and weren't ready for more, and we couldn't sell it to anyone else. That's a pretty invidious position to be in. A year in, I think we're up to 15 now. It's become the least important to count them every day, but we had added more permitted customers in the quarter. We've had more new customers taking shipment for the first time, and that just means that it's just one customer to uptake that are around now. They're still processing material. It just gives us more truth, and I think it gives us a greater ability to kind of sell out a little bit. That's what we do, a number of people at once. Certainly, that has made a big difference to us. Individually, it's not market-based. Essentially, it means we can sell to a broader range of customers in that market. Yeah. Okay. Interesting. A few questions here. One from Chris Baker. When do you think you'll get to a steady state on waste mining removal? Do you think the miners will open up a little more rapidly than previous guidance? No. I mean, I think [post-COVID], as I said in my commentary, we were really expecting that we would be progressively ramping up. I think in terms of waste mining, it's probably less about getting up to the capacity we need and more about getting ahead with building a bit of hand-to-mouth and ore available for mining. Maybe a quarter or so to allow the waste mining to get far enough ahead, and then ramping up the mine. Through the process plants is the key point. At some point, we're not just going to be mining flat out. We need to be mining to fit the process plants. I think to sustainably, we need to—the ramp-up is all about sustainability. Can you do it month in, month out, quarter in, quarter out? I do think that's a journey. It's not instantaneous. We're comfortable about that. Just to be clear, we're saying we will achieve the high—we will have the capacity to achieve the mining rate in the June quarter next year. We just don't expect to be able to do it for the full quarter. We're now less than 12 months from achieving that rate, which I think is a realistic timeframe. Certainly at this stage, no change to our expectations about how long it takes to achieve that ramp-up to the higher production level. Okay. Great. Just another question here from Chris. The B&U, obviously a critical part of the mine. Are you pleased with its performance? Yeah. I know we have to be. It's performing better than it was. You know, again, the journey not on the roof, that you found is that you move to the, you know, you find new tools. It's a process of working with, you know, that's not a piece of equipment we own. That's provided by a mining contractor. Working with them on how you work to continue to enhance both throughput and availability. It does mean that we are mining at a relatively high rate. Being able to mine every day when you're not, or every day when you're not doing B&U moves, is the key part of how you sustain that high mining rate. There's a process there about continuous improvement around that. The B&U is on that journey. We're definitely not there yet. Let's go to that point. The spring optimization, for example, which we talked about before, we haven't done that yet. We're doing the work. The spring is probably still a quarter, probably last quarter of this year is the soonest that will happen. There are still things happening that will need to happen to fully get that ability to mine at that 4 million tons a quarter equivalent rate when we need to. Okay, another question here from Anonymous, basically asking whether or not there's an opportunity here for cost reductions moving forward. Yeah. Yeah. Yeah. I think the simple answer is yes. I think probably the focus we've had has been, we've been very focused on actually forward to lifted production. I think, you know, the reality is we need that. We need to be at a newer design throughput is what gives us the sort of most sustainable business model. The focus, I mean, it's not that there's no focus on cost, but, you know, as you get more up to steady state, you have a greater ability to understand the cost and look for the opportunities. You know, inevitably, in any new operation, particularly when you're chasing production to start with, you do build some inefficiencies into what you do. We're certainly looking for the opportunity to reduce not just to have unit cost savings through increased production, but also to actually look for opportunities to reduce overall cost. That is a big part of what we'll be looking for going forward. I think we see that as, again, we've meddled in design, and we're working on the business as if there's no magic bullets here. We need to make it work with this cost base and these prices. Cost savings, if they're able to be, you know, would be outside from what we for what we currently are anticipating. Certainly, I do believe there's an opportunity to reduce costs over time. Or reduce. I mean, as we produce more and total costs will be up, but that, you know, we'll have the opportunity for cost reductions, irrespective of what our production rate is. Okay. All right. Especially on a per-ton basis as you're ramping up. Correct. Yeah. The per-ton will come down because volume goes up, but we'll also be looking to try and compress the costs where we can as well. A combination of the two, and definitely targeting the idea is as we're ramping up and growing revenues, we're definitely looking for, and I think I said it before, we have a 50% cost, more or less 50% fixed cost base. As you increase production, you are looking for sort of circa half of that to sort of flow through as margin. Yeah, no, good. Just going back onto the zircon market, when you were first setting up the mine, a lot of the narrative around the zircon market was obviously we had JA that's come to you with supply. There seemed to be this deficit forming. Do you still have that view looking forward a couple of years? Is there still a supply change? Yeah. I mean, I think there's probably two things. I think the big thesis about there are some significant sources of zircon that have been in the market now for an extended period of time and are nearing the end of their mine life, and are going to be difficult to replace remains true. JA, you know, a couple of years out because it's definitely into the, you know, it's going to close. I think Iluka themselves, I think it was in the previous quarter, there was apparently an update where they talked about it, but, you know, they are focused on a couple of, without extensions associated with it, but those were very, very different deposits. If you actually look at a grade sort of zircon grade, heavy mineral grade, they just look like ordinary mineral sands deposits. They're not JA with the very, very high zircon content. I think they might provide some life extension, but they're not going to provide the volume that came out of there. You know, we still haven't seen a decision to proceed resorting south at Richards Bay Minerals, which means that, you know, RBM continues to probably slowly decline through the end of the decade. You know, Tronox is maintaining production. If you look at the traditional big three, there's a reasonable amount of production to come out, probably on a two, three-year view. Not for that. You know, the capacity is there today. The other component, which is sort of interesting, is that we have seen concentrates flowing from places that people didn't traditionally associate with. So, you know, there is more HMC shipped from Mozambique today than there was previously into China. Now, it doesn't contain a huge amount of zircon. It does contain zircon. That sort of incremental zircon. We've seen a bit more out of Brazil. We've seen out of parts of Nigeria, which traditionally did not export a lot. Similarly, I am. I think there's been, in the short term, a little bit of, and I think this will do a little bit in the way, but there is probably a bit more flex capacity than people imagine. Certainly with China very focused on concentrates, we have seen sort of new interesting sources of supply for concentrates, which add up to a reasonable amount of zircon. They don't replace JA, for example. It's very difficult to replace an asset like that. Yeah. Okay. Sorry to be flipping around, but we're going back to cost again, Bruce. Someone here just asking if you could just explain why we had seen a bit of a jump in the last two quarters in cost. Was there anything in particular that may have caused that? A lot of it is the transition cost from even in the waste mining is a big part of it. In the March quarter, we did have, you know, we were starting, we were starting drill and blast. There was a transition from the previous mining method to that. We were demoting the previous waste mining contractor during the June quarter. We just had a turnaround. We had a temporary contractor in, and that's a contractor that kept waste mining going in the interim. We had mobilization associated with the new mining contractor. There was a bit of run-offs associated with that transition. Certainly, we're comfortable that the underlying cost base is where it was. It's not, we don't at a given product. I think previously, we'd said if we were sustaining that 2.5 million tons- 3 million tons a quarter of production, we expected AUD 55 million-AUD 65 million a quarter of C1 costs. That's still our expectation that that's where our true cost base is. Obviously, as we ramp up, that cost is going to go up, by definition. We are going to move more material. We expect that to result in a unit cost rise. We certainly don't believe that the last couple of quarters reflect a permanent change in underlying cost. Okay. Good. Just moving on to Capital Metals. Obviously, you've covered the top of your main 10%. I think you mentioned in there that you also kept your rights. Would you mind just explaining a little bit around, I guess, what the attraction is to the deposit and what the rights are that you've kept as well? Yeah. I mean, we're not super passive with the routes. I mean, unless it's, we have an 80-day issue route, which allows us to maintain the 10%. If we walk around that, then, you know, route, we might reach an agreement with the company to do so. We don't have a, I don't have a right to maintain our share. We have the ability and some things like that. Those are our routes. I think if that's, if we didn't like the project, we wouldn't have to pay all that money. We'd ask that we wouldn't have done it in the first place. I think, you know, what do we, what do we like about that project? I mean, I think fundamentally, and we've seen this in the current quarter, that the drilling route, we've seen this, shreds of very high grade. There's more than ever, but very, very high grade. When I say very high grade, in situations could be 60%, 70% like at parts and averaging, well into the pins to threes type range. Also found with deeper well, which we'd always expect because the drilling is quite shallow. The resources would be surprised, but because of the grade, it enables a low capital development. You don't need to move a lot of tons to get a reasonable amount of production. Because of that, you could actually operate at a relatively small scale and have a good business. The expectation is that business can, that mine can get into production to sort of, I think it's in that $20 million - $30 million range, which is pretty rare. We think that's quite an attractive proposition overall. Interestingly, the development in the quarter, we have a partner who sees that that is the kind of funding that could actually be provided within Sri Lanka, not the only within Sri Lanka, but if people buy Sri Lanka, which is sort of interesting. You have that alignment between the development and local interests and so on. I think we like the project anyway. The deal with the Sri Lankan group, I think, just enhances the likelihood of that happening and probably a clearer path to funding, and potentially funding based on a view of value in the underlying entity rather than the Capital Metals current market cap. Okay. All right. It sounds like all goes well, that could add some pretty good value to Sheffield. What I guess, what's the plan moving forward? If that goes into production or obviously it becomes a bit more valuable, is the plan to become more involved in that project, or is it just to retain and increase in value in what you already have? Okay. I think, yeah, both cases we retain what we've got and increase in value. I think everybody understands this, but we're very focused on Thunderbird. Thunderbird is not generating cash for us. If I had a magic money tree, would we be interested in, you know, would that be an attractive investment for us to be more involved with that project? Yes. But we don't have a magic money tree. We're very happy with the 10% stake. We see that should grow in value as they progress the project. We'll keep monitoring it. We'll see what happens. It's not something that we're going to be, we're not in a position to make any sort of material investment in there in the short term. A little bit of money to follow our money and protect our position is not, that kind of cost is not really, it's not material from a Thunderbird perspective. Going and spending millions of dollars on a third-party project is not what we should be doing at the moment. Okay. Cool. Moving on to the other project in Brazil, South Atlantic, maybe we could just do a quick update on that for those interested. Yeah. Like I said in the intro remarks, we've, you know, as a result of the drilling, we've now got a resource over the whole, or over the two main deposits, Retiro and Bujuru. Very much around with the exploration target, which isn't surprising. There hasn't been a lot of historical drilling. The quality of that, we didn't, it certainly went with drilling for that back at QAQC, etc. I think overall, generally showed pretty good correlation with historical. We were able to validate that. More importantly, we've basically got an up-to-date resource. We had a good understanding of that deposit now, so I think it's a large deposit. It's very low. It's relatively thin. It's not a deep deposit. No stripping. It sits at surface. Definitely a bridge now. There are ways to go there. We've only got effectively about an equal permanent with Southern deposit. We have a mining or an installation office for a subset of that. No place for us to venture. I think there are a few steps required before that project is really ready to proceed into full production. I also sort of look at the current market dynamics and say now is probably not the time to be rushing to bring a new large mine into production. The value product, it sits out, you know, it sits in, it's certainly well positioned to supply both local and western markets with high-quality zircon. There is a lot of optionality in that. We're certainly not in any particular rush to be moving into execution. We don't think the times are right when the project's not actually ready in our view. We're working with the partner there. The idea would be to probably continue around the path we have, which is that there's a sort of slow burn to get the project ready for an execution decision. When that's the case, we'll look to move it through. I think in the short term, it's more about expanding the approvals to get more of the project able to be included in the initial mine plan to support the economics of that. That's probably aligned with where we are in the market at the moment. We are a couple of years away from that squeeze on zircon. Okay, low cost but high value derisking. Yeah. It's optionality and lack of other options. You want to spend money to, A, retain the action and, B, maximize the value of the optionality. You don't want to get ahead of yourselves. You're not trying to pre-exercise. We don't see it again. We don't see that as a significant cash burn for Sheffield in the short term. We do love the project. We'd like to retain the optionality on it. Okay. Brilliant. I think we're out of questions from the audience. Bruce, I'll leave it to you. Any final thoughts? What are you most looking forward to in the next quarter or two? I think it's probably the final thoughts that we've been talking about. I think very, very strong quarter production via sales. I think we're on that path to the new business plan. We need to continue on that. Ultimately, it seems like we've started that journey and we can build on it from here. I think we're all very, very pleased with that quarter and onwards and upwards. Perfect. Okay, we are recording. We'll send out the recording link to those who have registered and anyone who may have missed it. It will also be on the Sheffield Resources YouTube channel and website. Obviously, feel free. There's contact details there on the screen. They'll be on the website as well. Feel free to reach out to the team. I'm sure they'll get back to you with any questions. Bruce, thank you very much for your time. Thank you, everyone, for joining. Thanks, Peter. Thanks, everyone.