Thank you for standing by, welcome to the Syrah Resources Limited Q4 quarterly results update 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 will need to press the star key followed by the one on your telephone keypad. I would now like to hand the conference over to Mr. Shaun Verner, Managing Director and CEO. Please go ahead. Good morning, everyone, thank you for dialing in today. With me on the call is Stephen Wells, our Chief Financial Officer, and Viren Hira, our General Manager of Business Development and Investor Relations. Today, Syrah released its December 2022 quarterly results covering operations, market conditions for the Vidalia initial expansion and further expansion projects, and the outlook for natural graphite, Active Anode Material, and their end-use markets. We'll use the presentation we released today for this discussion. It's been an eventful period for the company, and in some ways that's indicative of the EV and battery market overall. On this front, there's a clear gap between the shorter lead time battery and EV developments versus the raw materials, downstream processing capacity, and localization that's required to facilitate them. Customers, investors, and other public stakeholders are increasingly aware of what that means for supply and prices. Demand continues to grow very strongly, and the broader macroeconomic and geopolitical trends are making development and expansion more complex and more expensive. Whilst we encountered some short-term challenges during the quarter, Syrah has a significant incumbency advantage and is advancing towards becoming a large-scale, vertically integrated natural graphite anode material supplier. A favorable upstream market setting for natural graphite is translating to high demand for Balama products, and we're now closer than ever to the market requiring Balama's full production capacity and beyond to satisfy demand. Our long-term vision is to grow Syrah's downstream business to become a leading supplier of anode material products globally, capitalizing on the benefits of vertical integration with our world-class Balama graphite resource and operations. Summarizing the company's unique position and value proposition on slide three, four, and five of the presentation. Syrah is a key participant in the global natural graphite market, which is expected to grow by four times, and the lithium-ion battery anode material market, which is expected to grow by seven times over the next 10 years. Syrah is the only vertically integrated natural graphite anode material supplier outside China that's producing qualified anode material and producing upstream natural graphite that's sold into the Chinese market, in use today in lithium-ion batteries and electric vehicles. Our Balama natural graphite operation in Mozambique is unique, with 350,000 tons per annum production capacity in a global natural graphite market of approximately 1.3 million tons per year currently, and a more significant position in the natural graphite market for battery anode material specifically. The EV and battery end-use markets underpin higher capacity utilization of Balama in coming years. Other ex-China projects with relevant potential production volume are still some way from production, especially where downstream integration is part of the development strategy. Balama at design capacity is based on reserves for a 50-year mine life, and there is immense growth potential from a 1.4 billion ton resource. Below both our intended volumes and customer demand due to the unprecedented shipping constraints in 2022, Balama produced a record 163,000 tons last year, demonstrating its importance to global supply. Vidalia is the site of our downstream Active Anode Material facility in Louisiana. We've been operating there since 2018, having recognized the market reliance on China before then, something that's now increasingly recognized in the critical minerals government policy agenda. Noting that natural graphite from Balama has been in use in EV batteries for a number of years, Vidalia material has been in qualification and testing with auto OEMs and battery manufacturers for the last two years, and the first phase of commercial expansion is well underway, which will deliver 11.25 thousand tons of Active Anode Material capacity per year. We're also nearing completion of a definitive feasibility study for expansion to 45,000 tons per annum, underpinned by market demand, significant customer offtake interest, and U.S. domestic government policy tailwinds. Our plan is to accelerate development of this expansion subject to the necessary funding and customer commitments. We have a contract in place from December 2021 with Tesla for 8,000 tons per annum, or 70% of the production from the first phase expansion of Vidalia. In December 2022, Tesla exercised an option to purchase a further 17,000 tons per annum for a combined 25,000 tons for 56% of the production capacity from an expanded Vidalia facility. We have MOUs in place with Ford and SK On and LG Energy Solution for Vidalia supply. We've also closed the $102 million Department of Energy loan under the Advanced Technology Vehicles Manufacturing Program for the first expansion. In negotiating a $220 million grant from the DOE to fund a significant proportion of the further expansion of Vidalia to 45,000 tons per annum. We're making excellent progress with Vidalia's expansion projects and creating a differentiated downstream position that's not easily replicated. Syrah has developed a unique position. The fact that we are the first vertically integrated natural graphite anode material operation in the U.S., has resulted in extensive engagement with potential customers and government stakeholders. Our expected anode material OpEx cost position at Vidalia is competitive with China. CapEx is more expensive. However, there's no surprise in that CapEx challenge, and we have planned for it. With Balama in the upstream, the size of the asset is such that at full capacity will be a first quartile cost producer with significant expansion potential. Governments and industry participants recognize the key role of critical minerals, such as graphite, in facilitating transport electrification and energy storage development towards the objective of reducing global carbon emissions. Last year, the U.S. Senate passed the historic Inflation Reduction Act of 2022, which will offer tax credits and financial support to end users of electric vehicles and material producers to mobilize the development of a domestic battery and battery raw material supply chain and to accelerate the adoption of EVs in the U.S. We expect that Vidalia products will qualify as a critical mineral processed in the U.S. for the EV tax credit under this act underpinning demand, and that our U.S. operating subsidiary will also benefit for direct tax credits. It's also apparent that this legislation is promoting significant investment allocation towards the U.S. EV and battery supply chain, which will also benefit the Vidalia facility. Other consumer regions, such as the EU, are progressing policy to ensure similar significant investment allocation that's required for local battery supply chain development. Syrah has a great future opportunity with its combined position at Vidalia and the globally significant graphite resource and operation at Balama. Tesla's commitment to offtake additional Active Anode Material volume, MOUs with Ford and SK On and LG, and broader customer interest for Syrah's products continue to highlight both the requirement for significant ex-China natural graphite supply to help bridge the imminent supply deficit, particularly in China, and the need for a localized supply of Active Anode Material in both the U.S. and other markets outside of Asia. Syrah's engagement with the potential downstream customer base has highlighted broader concerns with a looming input material production capacity deficit and high dependency on imported anode material supply from Asia. We believe Syrah will have compelling natural graphite and Active Anode Material costs and margins as the market evolves and production volumes increase. On slide six, our environmental, social, and governance activities are fundamental to our company, and every quarter that passes highlights the criticality of this focus and of our commitments. Given the illegal industrial action at Balama, which occurred in Q4, I want to comment on the work done to move ahead positively and capitalize on the strong relationships with our workforce and remind you of the approach and commitments in Mozambique, ensuring that our value to the local, provincial, and national communities in the country is clear. Our commitment to local employee development remains very strong. Of almost 1,500 direct and contractor employees, 98% are Mozambican nationals, and 56% are from the local host communities around Balama. We have a localization focus and a demonstrated history of skills and career development. Our two general managers in country and many senior leaders are Mozambican. We've invested heavily in training and development since initial employment for the operation started in 2015 and 2016. We have an active union covering the majority of the Balama workforce and a company-level collective agreement ratified by the labor authorities covering employment conditions. During the fourth quarter, we successfully completed the periodic renewal of the labor agreement with the designated representatives of our new unionized workforce, leading to improvement in conditions for all employees that are covered by the CLA. There's been no issue with regards to industrial relations since October. Since Balama's inception, our total economic contribution to Mozambique has been over $360 million. We're deeply committed to improving education, health, and sustainable income generation in the district through local development committee capital and development projects. Success at Balama comes hand in hand with our employee, community, and government relationships. Given the very long-term nature of the asset, we will take the time to get them right. We've released a lot of further information on our ESG position today in our quarterly sustainability update, which is available on our website. We'll now move to the highlights for the quarter, and I'll hand over to Stephen here to make some comments on the corporate position and some market context. Stephen? Thank you, Shaun, and good morning, everyone. I'm now on slide seven. Our health, safety, and environmental performance at Balama remains outstanding. The Total Recordable Injury Frequency Rate, or TRIFR, at Balama was 0.7 at quarter end and has remained at or below one since late 2018. TRIFR at Vidalia was 10.5 at quarter end, and there were no lost time injuries sustained through the quarter. With a significant increase in hours due to the ramp up in construction activity of the Vidalia project. A medical treatment injury was sustained by a construction contractor in November, which resulted in the Vidalia TRIFR increasing from the end of Q3. Shaun will provide the update on operational and project performance in the fourth quarter 2022 shortly. Syrah finished the fourth quarter with a cash balance of $90 million compared to $136 million at the end of Q3. Total quarter cash outflows were $46 million versus $33 million last year, with approximately $38 million being related to investing activities. With the Vidalia project moving into more intensive construction, Vidalia cash outflows were $30 million in Q4, and the remaining investment capital represented the construction of the Balama TSF Cell 2. The remaining $8 million cash outflow related to Balama working capital and corporate costs. Balama operating cash flows were impacted by the operational interruptions and relatively higher working capital at quarter end, with natural graphite inventory positions increasing as production returned to higher volumes in December. As previously indicated, due to cost pressures experienced globally in the last 12-18 months, we withdrew our Balama C1 cost guidance, which we first provided in late 2019. Given our expectations of a sustained increase in production volumes, we are now providing guidance at a 20,000 ton per month production rate and have revised that Balama C1 cash cost guidance to $430-$480 per ton at that 20,000 tons per month rate. There is still uncertainty around diesel prices in particular, which is reflected in the range provided, with the top end of the range reflecting current fuel prices and also noting that the cost guidance reflects the implementation of the solar battery system operating at full capacity, which is expected in the second half of the year. It also reflects updated labor costs associated with the renewal of the C ompany Level Agreement or CLA. As a result, Balama cost guidance may not align with current levels and also the dynamic backdrop, particularly in relation to diesel costs and certain imported consumables. Equally, however, Balama's cash costs are expected to reduce further as the production rate increases beyond 20,000 tons per month and as improvement initiatives continue to be embedded. Syrah is progressing funding processes with the U.S. DOE and DFC on funding requirements for Vidalia phases II and III and Balama respectively. In December, Syrah closed its ATVM loan facility of $102 million from the DOE to support financing of the Vidalia's initial expansion project for 11.25 thousand tons per annum. The company and DOE are targeting the first advance from the loan within the March 2023 quarter, aligned with the capital spending program for the Vidalia project. We also continue to work through negotiation with the DOE for an additional grant of approximately $220 million to fund a significant proportion of capital costs to expand Vidalia further to 45,000 tons capacity, and we are targeting finalization of this within the June 2023 quarter. Our selection of the grant demonstrates the criticality of Vidalia to the U.S. battery supply chain. We were one of 20 projects out of over 200 applications awarded a grant, and we were awarded the largest amount for a materials processing project out of all successful applicants and one of five to receive a full 50% allocation towards estimated CapEx. We are also progressing a potential loan for Balama from the U.S. Development Finance Corporation with due diligence and commercial engagement through the quarter. DFC is currently preparing to publish an environmental and social impact assessment for public comment, which is a critical step in their approval process. Moving to slide eight and current market conditions. 2022 was outstanding, with strong momentum in EV production and sales globally. With broad-based electrification of model ranges planned by major automakers this decade, the trend is likely to continue. To underpin the substantial energy transition underway, further large commitments are being made to develop battery manufacturing capacity across the globe, including in North America, and regionalization of supply chain remains a major trend in the EV and battery markets. Positive momentum continued in our key leading indicator EV sales. Global EV sales grew 68% in the quarter compared to the prior year to nearly 4 million units, with record monthly sales in November and December. Global EV sales grew 64% in 2022 versus 2021 to nearly 11 million units. EV sales and battery demand growth drove demand for anode material, with anode material production outpacing strong growth in global EV sales through 2022, reflecting industry expectations of continued growth momentum. We note, however, that in December, Chinese anode production did weaken from record high levels due to consumption of anode inventory positions and operational logistics disruptions due to COVID-19. Slide nine provides an updated perspective on regional battery manufacturing capacity pipeline forecasts and announcements. The growth ahead for the industry is astonishing. Providing a very strong backdrop for the company to increase the production capacity utilization of Balama and a great setting for Vidalia's various stages of expansion that are well supported by customers, the regulatory environment, and potential funding options. Global OEM and battery participants foreseeing the opportunity are building significant production capacity in the United States, often across multiple states. Tesla's recently announced 100 gigawatt hour expansion of its Nevada Gigafactory, in addition to its development in Texas, is an example of this. With the combination of policy support plus the market evolution, the USA has proven to be the correct choice for Syrah's first AAM facility commenced back in 2018. I'll now hand you back to Shaun. Slide 10 outlines our long-term vision and pathway to growing Syrah's downstream business to become a leading supplier of anode products globally, capitalizing on the benefits of vertical integration with the Balama graphite operations. To succeed in this strategy, provision of production capacity in the key markets is needed to underpin resilient and localized supply chains to customers. In addition to the Vidalia project construction, the 11,250 ton facility, which I'll talk about shortly, the last quarter of 2022 saw Syrah make strong progress on the potential further expansion of the value to 45,000 tons on the feasibility study, customer interaction, and funding fronts. As part of the company's vision and given the market fundamentals, Syrah is also progressing the evaluation of a large-scale anode material production facility in Europe, with the assessment of the strategic merits of such a development through a partnership. We're engaged with high-quality counterparties in this process. These downstream project opportunities are all possible given the tremendous Balama capacity available to support these expansions, as well as the clear market demand for a vertically integrated ex-China source of materials. Moving to slides 11 through to 15 and an update on the key points of Balama's production, sales, and logistics performance in Q4. Sales were 28,000 tons, constrained by production at a higher weighted average basket price of $716 a ton. Production was 35,000 tons, impacted by the timing and sequence of operational interruptions. 19,000 tons of production in December, with good operational performance in uninterrupted operations and logistics movements showed that the plant still operates well post the interruptions. C1 costs, FOB Nacala of $709 a ton, included an aggregate $175 a ton impact from fixed costs during operational interruptions and higher diesel costs compared to the end of Q1. Balama's performance through Q4 was impacted by two interruptions and subsequent production ramp-ups. Illegal industrial action caused production to be suspended for 26 days in October, and a precautionary security measure resulted in a one-week impact to production in November. Balama production in December with uninterrupted operations and logistics movements was strong, as I mentioned, at 19,000 tons, with production rebuilding finished product inventory. Balama average and maximum daily production run rates were 19,000 tons per month and 25,000 tons per month respectively during the campaign production runs over the quarter. Notwithstanding some ore feed variability and processing instability in the ramp-up of operations, Balama achieved stable grade and recovery compared with the September 2022 quarter. Plant recovery was 80% in December. We're focused on moving towards our 90% medium-term recovery target with the benefit of greater operational stability. It's also important to comment on security at Balama and the surrounding district. Since the interruption in November, which saw us take a precautionary measure to remove staff from site for two days, there has been a marked increase in the commitment of Mozambican and international security authorities to ensuring stability in the southern districts of Cabo Delgado specifically, but also across the province more generally. There's been no further disruption to Balama since that time, with operations, people movements, and logistics. I'll hand back to Stephen to give some more detail on costs and sales. Thanks, Shaun. Balama C1 costs were higher this quarter due to the unplanned operational interruptions, sustained high government set diesel prices for Balama power generation, and higher costs of imported materials. We continue to evaluate and implement operational cost savings to offset these inflationary pressures and note that C1 costs should trend lower with recovery uplift and other improvement initiatives, including the solar and battery project, and most importantly, with increased production levels as shipping constraints fall away and we leverage our fixed cost base. I previously provided our updated view on C1 costs of between $430-$480 per ton at a 20,000 ton per month production rate. The company has worked diligently and in good faith through the periodic review of the CLA. The successful renewal of the CLA provides several improvements to the conditions of employment for approximately 450 employees covered under this agreement and is expected to bring further stability to Balama. Moving to slide 14, which contains further detail on the graphite sales and marketing side. We reported lower sales in Q4 of 28,000 tons due to the operational interruptions at Balama, which impacted the availability of finished product for shipment, with most inventory only available at port through December. Pleasingly, natural graphite sales were unconstrained by container availability for Balama shipments from Nacala, with 10,000 tons shipped in December. No break bulk shipments were completed in the quarter due to the timing of inventory availability, however we expect to recommence this activity in the first quarter. In short, we could have sold and shipped more product without the significant interruptions to Balama operations. As you'll be aware, the winter period represents a seasonal outage of Chinese domestic production. Natural graphite production in Heilongjiang Province in China has declined due to major suppliers facing water supply issues and seasonal shutdowns for the winter outage. As a result, and over the medium to long term, at expected EV demand levels in China and globally, Chinese natural graphite demand will require increasing imports. Nevertheless, due to the impacts of changing Chinese policy towards COVID-19 impacting immediate demand, forward demand and sales orders for Balama products in China, and particularly in the anode market, have somewhat softened over year-end against historically high levels in 2022. In particular, there has been short-term destocking evident in the supply chain and operational and logistics disruptions due to COVID-19 reopening in China and also Chinese New Year closures. However, expected growth in EV and energy storage markets and the customers remain concerned about availability of Chinese natural graphite fines and the future market balance. The weighted average sales price increased to $716 per tonne in the quarter, reflecting these stable and strong market conditions, with fines accounting for 81% of product sales. Fine spot pricing was stable compared to last quarter, with strong downstream anode market demand and lower Chinese production. Coal slag prices ex-China remain strong and stable due to ongoing supply disruptions, including from the U.K., Ukraine, and Russia. Sea freight volatility and surcharges remain evident through the quarter, with Syrah's average container shipping unit costs in Q3-Q4 at three to four times the long-run average. The global container shipping market is improving with growth in the vessel fleet easing at port congestion, improving scheduling reliability, and weaker trade demand trends. Global container freight rates are almost 80% below recent peaks and approaching pre-COVID-19 pandemic levels. East Africa vessel services and container availability improved in December 2022 and into 2023 already, due to easing demand on major trade lanes. Freight rates for Syrah's Nacala container and Pemba breakbulk cargos have declined from three to four times the long-term average through 2022 to less than two times in the March 2023 quarter. The company will continue to use the Pemba export route for Balama products in addition to container shipments from Nacala, subject to overall shipping availability, costs, and customer preference. The integration of breakbulk shipping from Pemba, in combination with container shipping availability, will support Balama sales and production of at least 20,000 tonnes per month. I'll now hand you back to Shaun. Moving on now to Vidalia on slides 16 and 17. We're making strong progress with the Vidalia expansion project and in our strategy to become a vertically integrated natural graphite anode material supply alternative for the ex-Asia markets. Syrah is a first mover in the integrated downstream anode market outside China, and we've created a differentiated position at Vidalia, which is not easily replicated. Our offtake agreement to supply anode material to Tesla from the facility is core to the initial expansion. In December, we agreed the final specification of Vidalia product, fulfilling a key condition to Tesla's offtake obligation. As mentioned earlier, Tesla exercised its binding option for an additional 17,000 tonnes per annum or a combined offtake to 25,000 tonnes per annum from the potential expansion to 45,000 tonnes for production capacity at Vidalia. This key customer commitment for the Vidalia further expansion project represents a combined 56% of the planned production capacity for the operation. Syrah also announced a further non-binding MoU with LG Energy Solution for up to 10,000 tons per annum supply from Vidalia. We're advancing commercial negotiations towards offtake agreements with these tier one customers with a focus on maximizing the value of Vidalia for shareholders. We're strongly advancing further commercial and technical engagement with other potential customers to provide future optionality in contracting volumes for spot sales. Qualification and iterative testing programs are progressing well. Following the announcement of a final investment decision on the initial expansion of Vidalia in February 2022, detailed engineering is effectively completed and equipment fabrication and deliveries and on-site construction activities are now intensively progressing. The project is being overseen by our own high caliber team alongside the Worley Group. The effective completion of detailed engineering has enabled equipment fabrication and construction to progress in line with the planned schedule. Procurement for all key construction activities and equipment were advanced with contracts for $150 million in total installed capital costs awarded. The project remains on budget after this procurement effort with an acceptable amount of project contingency remaining unallocated. All major mechanical, electrical, and instrumentation, and equipment work packages are proceeding. As shown in the photos, in today's releases, concrete foundation and slabs have been completed and erection of permanent buildings has commenced. Building steels, pipe rack, structural steel, tanks, cable spool reels, and fabricated piping are being delivered to the site and erected. All overseas fabrication of critical equipment is complete. Delivery of this equipment commenced during the December 2022 quarter and will continue into the March 2023 quarter. Construction activities in the March quarter will focus on steel erection, roofing, and cladding for permanent buildings, structural steel and equipment installation in these buildings, structural steel levels, final mounting of the first power distribution center, and taking delivery of the second power distribution center. Operational readiness for the Vidalia facility, which includes preparing business and maintenance systems and operating teams to move from commissioning to operations, is on track for commencement of operation in September 2023 quarter. The DFS on the expansion of Vidalia's production capacity to 45,000 tonnes of anode material, inclusive of the 11.25 thousand ton facility, is ongoing with Worley Group and nearing completion. This will enable the Syrah board to assess an investment decision in conjunction with customer and financing commitments. Scaling Syrah's downstream business is underpinned by Balama and its resource, reinforcing why we're so intent on continuing to develop both labor and community relations for long-term success at both operations. The opportunity to consume a significant proportion of Balama's production at Vidalia over time, and to potentially expand Balama to supply third-party customers further, are important factors in the overall upstream supply and demand balance globally. Even at an expanded 45,000 tons facility at Vidalia, only approximately 25% of Balama's current production capacity would be utilized internally. To conclude, on slide 22, EV sales growth, a constructive demand environment for anode material, and Chinese supply challenges are driving good demand and supportive pricing for Balama products. We're focused on increasing Balama production and sales to at least 20,000 tonnes per month and achieving a sustainable C1 cash cost position. Construction of Vidalia's initial expansion is progressing within schedule and budget with an accelerated pathway to 45,000 tons of Vidalia being de-risked via feasibility, customer, and funding work streams. DOE loan and grant and DFC loan processes to fund the company's capital requirements are progressing well, helping to maintain liquidity, broaden the capital structure, and being sized to ensure the balance sheet is prudently geared. The DOE and DFC commitments clearly highlight the strategic importance of Syrah's integrated operations to EV and battery supply chains. The current market and Syrah's progress demonstrate the unique position we occupy with the largest global integrated natural graphite operation at Balama and forthcoming vertically integrated supplier of natural graphite anode material outside Asian markets. We look forward to keeping you up to date with the company's progress in 2023, a year in which we anticipate the company will achieve many exciting milestones. With that, we'll move to Q&A. 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. We will now pause a short moment to allow questions to be registered. Your first question comes from Mark Fichera with Foster Stockbroking. Please go ahead. Yeah. Hi, Shaun. Yeah, just a question on Vidalia regarding offtake. You previously had or you've got the MOUs with Ford, the BlueOval SK JV, and LG. I was just wondering, previously you targeted a deadline date to execute those, I think by the end of calendar year 2022. I was just wondering, you know, are those, you know, with those MOUs, have they got any deadlines that you've got in mind, and in terms of how they're progressing and why they sort of went over that sort of December 2022 end? Thanks. Thanks, Mark. Yeah, obviously, that initial target was the end of the year. I think, you know, there was a good degree of optimism as we entered those MOUs and the level of engagement with those potential customers is very strong. The addition of the LG MOU during the quarter indicates that commercial interest and commercial tension for potential offtake, both for the balance of phase II or what we call the initial expansion and phase III, the additional expansion to 45,000 tonnes, remains very positive. I think we're trying to balance the completion of the feasibility study, the funding progress, and the right mix of commercial outcomes to support an investment decision. Clearly we're targeting, you know, moving towards that investment decision in the coming months. We don't have a hard deadline on it, suffice to say, but it is critical to the assessment of an FID for Vidalia. Right. Thanks. Just one more from me. On the freight cost, you mentioned that they're now down to less than 2x, you know, the historical average. I was just wondering, you know, can you sort of maybe quantify that in terms of dollars a tonne, what that might be? I mean, we previously said that our long-term average, prior to the unprecedented escalation in that market was around $50 a ton across the book. You know, as we said today, it's less than 2x that now and continuing to come down. Differs significantly between different trade lanes. But we expect that the freight market conditions will continue to normalize towards that long-term average over time. Okay, thanks. Your next question comes from Alex Ren with Credit Suisse. Please go ahead. Morning, team. A couple from me, please. Just so far, you haven't provided 2023 production guidance, but could provide a forecast like a cost forecast $430-$480, at 20,000 tons a month. Is that the rate we should expect throughout next year if enjoying no disruptions? Yeah, thanks, Alex. I mean, as those who have been with us for some time know, we are quite careful about telecasting production forecasts, given our significance in the overall market supply demand balance. you know, we've been clear in this that we are seeking to produce and sell around 20,000 tons per month, but we will be guided by market conditions. If market demand supports an increase from there, we'll seek to increase from there. very much driven by how the supply demands, demand balance evolves, and ensuring that we're, we remain very cognizant of our impact on the overall supply demand balance. Yeah. Yeah, makes sense. Understood. Next question on inventory. Total inventory, 20,000 tons, now. Just wondering how much of that is already at Vidalia, and, you know, what's a comfortable inventory level there for the, you know, stage one set up? The inventory at Vidalia at the moment is low. The initial fields for that will be done through the course of this year. Obviously, the total consumption for the 11.25 thousand ton anode material facility is only around 21,000 tons of fines from Balama. So, you know, there's not a significant amount of that inventory yet required at Vidalia, but that will happen through the course of this year. The vast majority of the inventory that we built up through the quarter is destined for the China market. Obviously, with fines primarily going to the anode market there. As we said during the call, it took time to rebuild that inventory position, and consequently, we didn't quite get to a break bulk shipment in Q4, following the interruptions we had earlier in the quarter. Understood. Basically now inventory has normalized, and we should, like, going forward, we should, full year normalize operations like production and logistics. Is that? Yeah, I think that's absolutely a fair assessment. You know, all the way through 2022, we were constrained every single month by the ability to have container availability and vessel schedules meet our sales targets. As Stephen mentioned earlier, nearly all of the constraints in the container market have released, and there's good availability of vessels from a break bulk perspective. So we're very comfortable with the improvements in logistics as we head into 2023. Got it. Next one is on the daily stage one offtake. Obviously, Tesla is taking the 70%, but there's still, you know, 30% uncontracted. Just are you engaging with other customers on, you know, qualification? Just trying to figure out how you can sell that remainder, 30% out of stage one. Yeah, absolutely, we are. As we've said previously, we're very much focused on combining our thinking around the remaining volumes from the initial expansion with the planned volumes from the expansion, potential expansion to 45,000 tons capacity in our commercial arrangements. You know, much of our commercial discussion considers both the balance available from the first phase as well as potential volumes from the next phase. Our testing and qualification processes, both with the customers we have announced MOUs with, as well as a number of other potential customers continue to progress. Basically you're saying the remaining, the remaining volume is still, like, under test with SK On, Ford and LG. I'm just looking at the pre-presentation. Vidalia is expected to ramp up to full capacity in 18 months, right? Is that basically just you're running against the clock, 18 months clock, well, 24 months clock or so, for them to like, you know, succeed in qualification? Yeah, I mean, part of it is the qualification process, but equally, you know, some of the timing around the commercial arrangements have been driven by our desire to ensure that we have the best, you know, view of market conditions and potential customers in the process. You know, the qualification process continues to progress well. We don't see that as a constraint in settling the balance of offtake from the first expansion. There are multiple examples, not just with us, but with other commodities in the battery supply chain and commercial arrangements being finalized before qualification is complete, but with a contingent element on that qualification being achieved. Yeah. Got it. Got it. Last one from me, just a bit on the medium to long-term prospect in Europe. Could you give us a bit more color on the discussions? Are you having any discussions with government on subsidies or financing? Right now, what's your ideal approach, you know, to expand the footprint going there? Are you thinking about a joint venture with downstream customers or you are going alone, similar to Vidalia? Yeah, we've been pretty clear that we believe that Europe would be best facilitated by some type of a joint venture arrangement, basically to accelerate the process. We have engaged broadly across different industry and supply chain participants through that assessment process. As to scale and timing, you know, I think certainly we would see a facility similar size to an expanded Vidalia facility being the best option for Europe, somewhere in the 40,000 ton range. That would very much be dependent on how the commercial assessment continues to evolve with potential partners. With regard to government funding, options, certainly in Europe there are similar programs and there is a lot going on at the moment looking at further development for potential funding of the supply chain expansion. We are focused first on the right partnering arrangements and as part of that, we will certainly assess what funding arrangements are available. Yeah. Understood. That's it from me. Thanks, Shaun, and looking forward for a smooth 2023 ahead. Thanks. Thanks, Alex. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. We'll now pause momentarily to allow questioners to register. There are no further questions at this time. I'll now hand back to Mr. Verner for closing remarks. Thank you very much for the attendance today. We're looking forward to keeping everyone up to date as we progress with both the Vidalia project and with the Balama continuing capacity utilization growth through the course of the year. Thank you very much. That does conclude our conference for today. Thank you for participating. You may now disconnect.