Welcome, everyone, to today's Sheffield Resources Limited investor briefing webinar. Thank you for joining us. My name is Lucas Robinson from investor relations consultancy, Corporate Storytime, and I will be your host today. Sheffield Resources carries the ASX code SFX and is a mineral sands company whose core asset is a 50% interest in Kimberley Mineral Sands, the joint venture that owns and operates the Thunderbird Mineral Sands Mine in Western Australia's Kimberley region. Thunderbird produces mineral sands concentrates containing zircon and titanium minerals. Joining me today is Sheffield's Executive Chair, Bruce Griffin, who brings extensive experience across the global mineral sands and titanium industries. Today is an opportunity to hear directly from Bruce about Sheffield's recent activities and developments at Thunderbird, and the company's priorities ahead, followed by your questions. Before we begin, a quick reminder that today's webinar is being recorded. You are welcome to submit questions at any time using the Q&A function on your screen. We will address as many as possible following the presentation, and any questions we do not reach will be passed onto the Sheffield team for follow-up. With that, Bruce, thank you for joining us, and over to you. Thank you for the introduction, Lucas. I will just share my screen. All right. I hope everyone can see that okay. As Lucas said, I am Bruce Griffin, Executive Chair of Sheffield Resources, and primary purpose of today is an update following our recently released quarterly. We will skip through the obligatory notice and disclaimer. Just a recap on Sheffield Resources from a corporate perspective. Primary asset is our 50% interest of the Kimberley Mineral Sands joint venture, which owns the Thunderbird Mine, and that is what I will spend my time talking about today. We have, over time, looked at other projects within mineral sands, and we do have an option on a project in Brazil. We are not currently funding that project. We are focusing all of our time and resources on the Kimberley Mineral Sands joint venture. A couple of quick pictures, on the assumption that most people dialing in have probably joined a Sheffield Resources presentation before. I will follow a very similar format to what I have done in previous quarters. A couple of very recent photos from the operation. The photo on the left-hand side is the dry mining unit in the mine. Actually, it is the current block being mined. You can see dozers and the dry mining unit. On the right-hand side is aerial view of the process plant with the ilmenite stockpiles in the foreground, and then the process plant in the background. Just a reminder that we have been working on a revised effective business plan since March last year. As I talk through today, we will talk a little bit about some of the challenges we have faced, but this continues to be the plan that the company is working towards. A number of the elements have already been delivered, so specifically around being able to drill and blast mine and an enhanced mining fleet. We have the capacity to mine at higher rates, and that is what we are ramping up to now. Then we have a process plant and logistics, supply chain, et cetera, that will allow us to export those high levels of production. This basic plan is still in place. It has been given some of the production challenges we had earlier in, well, late 2025 and early 2026. The plan is a little bit delayed, but we are back on that track. Probably the more recent highlights, we did change our mining contractor and separated the operation of the in-pit processing equipment from the mining contract earlier in the year. We have seen the benefits of that with an effectively sustained increase in mining rate. So, with, by the last quarter, an annualized rate of nearly 14 million tons per annum, which is sort of halfway from where we were previously at 12 to our longer-term target of up to 16. That has been driven mainly by improvements in the reliability of the dry mining unit following that separation of contract. There is still further work being done on that, and over time, we expect further improvements in that reliability and utilization is what will allow us to get all the way to 16 million tons. To be clear, we do not plan on mining 16 million tons every quarter. The intention is, we can mine that fast when required by grade, but basically, we will run the plant, or mine fast enough to keep the plant full, is the operating model. Just in terms of sort of graphically what does this look like, as I touched on earlier, we had some challenges, particularly from a mining throughput rate, in the back end of 2025 and early 2026. Since we made those changes, we have seen now two consecutive quarters of improved mining rate, and we expect that there is more of that to come. We believe that those mining challenges are largely behind us now, and it is really about optimizing and extracting sort of further utilization of the equipment. From a process plant perspective, as is often the way when one thing goes wrong, a couple do. We had some recovery challenges, again, late last year, early this year, those have now been overcome. We are now seeing recoveries consistent with the historical performance, and that was really a result of improved operating practices, including hygiene in the process plant. Again, believe that is largely behind us, and it is all about making sure that we continue to run the process plant well and extract the valuable minerals from the tons of ore we are mining. Just how does that sort of translate into sort of, again, quarter-on-quarter performance? Again, here, similar to that earlier graph, you see the decline and now the step change in performance over the last couple of quarters. For the current quarter, we forecast somewhere similar, the potential to have slightly higher performance. It is always a bit variable depending on the blocks we are mining in and the amount we need to mine to keep the process plant full. In terms of the valuable products, zircon concentrate production, this is production and sales for the past five quarters, and a forecast for the next quarter. Again, we have seen the zircon production increase with the higher ore mining rate, and then also the improvement in recoveries from that low point in the third quarter of the previous financial year. There was a deferred shipment in late September, and if we had achieved that, we would have shipped even more. The expectation for the upcoming quarter is we will achieve similar production, potentially a little bit higher, and the expectation is we will have some catch-up shipments. We are targeting to ship at least as much as what we did in the prior quarter, and potentially one additional shipment in the coming quarter. A similar story for ilmenite. Again, production recovering very well now with the improvements both in mining rate and the process plant performance. Shipments, again, timing matters a lot here. We did have a shipment deferred in late September. It is a less valuable product, so over time, while we want to ship all of both products, when push comes to shove, if we have to choose, we will ship zircon with priority over ilmenite. Again, an expectation of some catch-up shipments in the coming quarter. In terms of the cost performance, as common with a lot of mines, unit cost peaked with the low production in the third quarter. This is on a per ton of product produced, per ton of concentrates. There is a very strong cost focus in KMS. We have changed a number of contracts, and in doing so, have changed the cost structure of the business. As the production ramps up, we are seeing the costs decline, and we expect the unit cost to continue to decline with increased production. Albeit that we are seeing some cost pressure from, for example, diesel. I think we highlighted in our quarterly, current diesel prices as results about a couple of million dollars of extra cost over a quarter versus what it would have been at perhaps what we would consider more normal price levels for diesel. In terms of cash costs, the overall cash flow for the quarter just gone, revenue and OpEx were very similar there. There were some timing issues, particularly for the revenue. We have been, I think people who follow the company, we have been using early payments in some cases to manage cash flow. Not all of the product shipped in the quarter would have been paid for in the quarter. Also, I think as I mentioned before, we did have one shipment deferred from the September quarter into the December quarter, and had that shipment gone, then the operating cash flow would have been about AUD +10 million for the quarter. The other items are all relatively small. CapEx largely reflects the in-pit tailings, so the cost we had for building the walls and so on, and we are now depositing in-pit. Interest and leases, no interest was paid. We have the ongoing deferral of waiver in place for our debt. Those are lease payments based on the amortization under those various contracts. Given those delayed shipments, we did have inventory on hand at the end of the quarter, about 25,000 tons of zircon and 105 of ilmenite, reflecting that we had capacity to make another shipment, but that final shipment was delayed. I think that's really what I wanted to say in terms of prepared remarks. Happy to take questions now, Lucas. Thanks for your presentation, Bruce. I do have a few questions. I'm just going to get them up on the screen in front of me. Which milestones should shareholders watch for as evidence that Sheffield is making progress against its priorities? Yeah. Well, that's a good question. I guess, we've been very much focused on ensuring that we achieve the production performance. I think, without strong production, it's very hard to have a strong business. Given the challenges we faced earlier in the year was getting production back to a sustainable level. That, I think, has been a key milestone. We get feedback. People are looking for us to put a series of quarters together, where we're able to sustain and improve production. Certainly, we've now seen two quarters of that, and we expect to continue to deliver those going forward. Thank you, Bruce. Okay, the next question. Will KMS record an operating profit in the December quarter? Well, I do not know operating profit for the quarter. Quarterly tends to be about cash flow. I would expect that if we ship the products that we expect to, we ship what we produce, then that would see us generate an operating cash flow in the quarter, definitely. Excellent. This may be our final question. Sheffield has outlined negotiations on a proposed standstill agreement and a potential debt restructure. What is the status? Yeah. I think for those that have heard me speak on this before, it is very difficult to provide running commentary on commercial negotiations. But we made an announcement last week that we have further extended the waivers through till 18 December, and highlighted that we have actually now made significant progress in agreeing the principles initially for a standstill, which would effectively see that we have a period of time where we do not need the continuous waivers. The current target is to the middle of next year, and that would allow us time to then agree a substantive restructure. People will probably sort of, o ne of the questions is often as well, "That has taken a long time." I think I would highlight that when we had those production challenges earlier in the year, fundamentally, like the same comment I made around shareholders and milestones, at the end, the debt restructure is fundamentally built on the underlying business. When an asset is not performing, it is very hard for that to form the basis for a debt restructure. Now that we have seen the sustained improved operating performance, it has effectively allowed us to move those discussions forward. Certainly, the expectation is that we are targeting a standstill by the 18th of December, which will give us at least six months of no payments required under the debt, and that should allow time to agree the long-term restructure. Fundamentally, we have a view this is an asset. It's got a long life. It can generate a decent amount of cash over that life, and therefore, a debt restructure should be feasible, once everybody's got confidence that the asset's going to perform. There has been one question come in late, Bruce. Yeah. It's pertaining to your preparations for the upcoming wet season in the north. Yeah. Can you describe that for us? Yeah. I mean, we've now had a few. There's a few different things we do in preparation for the wet season. One of the things that's been happening for a number of months now is we go and resheet all of the in-pit roads. So, effectively make sure that the road conditions are as good as possible on site and on our haul road. We have a whole series of, effectively, plans for how you deal with a significant rain event. Normal weather, I mean, it's the Kimberley, you get the wet, you get wet. That in and of itself doesn't really impact operations too much, in terms of mining and so on. If we have a significant rain event like a cyclone, there'll be times when we actually suspend operations, because you have the risk of flooding in the pit, et cetera. Those tend to be fairly short interruptions. Our haul road, once we've gone on our haul road out to the coast, it's then the main road all the way through to Broome. We have no bridges there, but there are occasions if there is a significant rain event, the main road can close. In recent years, we've seen that road close for maximum of a week at a time. That's something you can handle within normal operating. Where we probably see some of the biggest impact is actually ship loading. We're shipping dry. Our material is not dry, but effectively, you're shipping bulk. You can't really load during wet weather, so you find that we don't assume that we can load as much product through the wet. When we put our guidance out for the March quarter, we'll probably put a bigger range on it because that's the quarter where we see the impact. Our expectation would normally be that any, certainly any impact on shipping in the March quarter would be caught up in the June quarter. The preparations are very similar to what we've been through for the last few years. Well answered. That appears to be the end of the Q&A session. Thanks for your presentation, Bruce, and for taking the time to answer the investors' questions. Yeah. Thank you also to everyone who joined us. Any questions we haven't reached will be passed onto the Sheffield team for follow-up. For further information, please visit Sheffield's website, where you can access the company's ASX announcements and subscribe to updates. Thank you, Bruce. Thank you to all attendees, and enjoy the rest of your day. Cheers. Thanks very much, Lucas, and thanks everyone for joining.