Standing by, and welcome to the Syrah Resources Q1 quarterly report update. 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 number 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, and thanks for joining the Syrah Resources quarterly activities call for the first quarter, 2024. 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, we'll focus on three key topics: firstly, the market and operational updates for the quarter. Secondly, medium-term market expectations, government policy initiatives, and Syrah's position to maximize strategic advantage. And finally, how we'll generate shareholder value through differentiation and delivery of strategic objectives. Before we move to those topics, I wanted to highlight that as the supply chain develops into different market segments based on geopolitical events, Syrah has delivered. Sorry. Syrah Syrah has delivered critical elements in our strategic plan in first quarter and is well placed to continue delivery in 2024. Immediate market conditions remain very challenging, but the progress being made across the company is delivering baseline assets and market outcomes that position the company for a long period of differentiated value creation. In Q1, key evidence of the development of an ex-China anode material supply chain crystallized, demonstrating Syrah's importance in satisfying the new demand for ex-China source, natural graphite, and anode material products. Syrah's key milestones and actions taken through the quarter were: the completion of project construction and commencement of operations at the Vidalia Active Anode Material Facility, with on-specification production from the first ex-China integrated natural graphite anode material facility at commercial scale. Signing a six-year offtake agreement for Balama natural graphite with POSCO Future M, delivering a cornerstone contract with the largest ex-China anode material producer. Achieving our first large volume shipment and sale of Balama fines to an ex-China anode material facility through the sale to PT Indonesia BTR New Energy, an 80,000 ton per annum Indonesian anode material facility, expected to start production shortly, which is being developed by BTR, the largest anode material producer globally. Actions taken to improve the balance sheet and liquidity position to secure our ability to deliver 2024 targets and execute the medium-term strategy, whatever market conditions present in the short term, and subsequent to quarter end, dispatch of initial commercial scale production samples to Tesla and other customers. The importance of these milestones cannot be emphasized strongly enough. In commercial and project areas, we are delivering on commitments as the ex-China market develops. We have two unique operating assets in a bifurcating market, supported by deep competitive tension ahead from high-quality OEMs and lithium-ion battery manufacturing counterparties. Counterparties who are seeking large-scale supplier positions for the long term to compete with and diversify away from Chinese domination of the global anode and graphite markets. There remains significant short-term challenge, but our achievements and forthcoming catalysts are widening the gap between us and other market participants, also providing an incredible base from which to accelerate as further market support crystallizes, which is not only reliant on China. Firstly, to short-term market and operating conditions for the natural graphite market and Balama. Shown on slide 9 of the presentation we released today, global EV sales in Q1 2024 were up 21% compared to Q1 2023, to 3.1 million units. Volatile anode, China anode production was evident in Q1, with significant variability between months and over Chinese New Year, which showed a 17% year-on-year increase overall, roughly equivalent to EV sales growth. Significant artificial graphite anode material production capacity growth has continued to come to market and dominate Chinese domestic anode material sales, driving unsustainably low pricing and substitution in the domestic China market. The implementation of Chinese export licensing controls severely limited demand for imported natural graphite into China from Balama, given the uncertainty amongst Chinese producers over their ability to export material until later in the first quarter. Slide 11 shows that toward quarter end, exports of value-added graphite products began to return to normal levels. More licenses were granted, and higher volume of exports of spherical graphite and finished anode material are expected in the second quarter of 2024, which should lead to an increase in natural graphite consumption and import demand for Balama natural graphite. So uncertainty exists in how consistently licenses will be granted in the future. The continuing immediate market challenge is in stark contrast to the evolution of the medium-term market dynamics, which are positive Syrah's position, as I'll expand on shortly. At Balama, production was held back given the weak demand conditions. Importantly, despite the interrupted nature of production campaigns, the safety and sustainability performance at Balama is outstanding, with the current TRIFR at zero, contribute to the deep focus on this for the leadership team in Mozambique. Eleven thousand tons of natural graphite was produced in the first quarter, as we made the decision to limit production pending further demand visibility, with the low volume resulting in a higher C1 cost during the operating period of $635 a ton FOB. Clearly not a competitive position based on volume and an average additional freight cost for the quarter of $85 a ton CIF. Syrah's realized sales price increased quarter-on-quarter to $607 a ton CIF over 20,000 tons of external sales for the quarter. As mentioned, sales volumes were similar quarter-on-quarter, but not enough to drive a signal to increase production. Balama recovery was good, despite the short campaign at 78% during operating periods, and maintenance completed during the quarter positioned us well for improved dryer and power efficiency through coming campaigns, fully utilizing the new solar battery operations. Standby C1 fixed cost of $4 million per month for Balama was in line with cost guidance. As noted, low but stable quarter-on-quarter natural graphite sales were achieved, but we saw a significantly different composition with a 10,000-ton natural graphite break-bulk shipment sold to BTR's new joint venture anode material facility in Indonesia, and a very strong coarse flake market demand impacted by poor global supply. We took advantage where possible, but our coarse flake inventory was drawn down through the quarter. Low fines demand in China limited our production and therefore our ability to restock coarse flake. Many of our Chinese customers are awaiting anode export demand to improve, which will be the driver of further production signals for us for fines. A thousand tons was shipped to Vidalia during the quarter, where we currently have an inventory of around 8,000 tons, which is more than adequate for the planned production ramp-up. Moving on to the Vidalia operation. We safely commenced production at the 11,250 thousand-ton Vidalia Active Anode Material Facility. Production commenced in February, and bringing the plant online involves a period of stabilization and product optimization. This saw our milling, wet plant, and furnace carbonization areas begin to run concurrently and more consistently through towards the end of the quarter. The start-up process is at relatively low levels of plant utilization, as optimization is undertaken, and incremental concurrent operating periods are achieved across the plant. On-specification product was key to our declaration of product commencement, and we've continued to produce high purity, stable, and on-specification anode material. Internal quality assessment, after multiple batches of initial production, made us comfortable to dispatch mass production samples to customers, demonstrating the confidence we have in the early product quality. As with any new plant commencement, there have been some commissioning issues, and the team has responded very well with troubleshooting and increasing production and stability. Milling yield and furnace capacity will be the key determinants of production levels over the coming months of ramp-up, and we're on target to reach 50% capacity utilization by the end of July, around six months after production commencement. Subsequent to quarter end, we undertook the substantial completion testing process with the Department of Energy to close out project construction and commissioning, which was a huge milestone for the team over a very detailed assessment process from both the DOE and the independent engineer, giving confidence in the potential of the plant ahead. Through Q2, we will continue to focus on assessing the operating cost base against plan as operations ramp up and plant capacity utilization is increased. We understand that investors are eager to see operating statistics for Vidalia, but production volumes at this early stage of ramp-up are not the primary driver, so reporting outcomes are not yet meaningful. We expect to report commercial production levels from Q3, and expected initial reporting metrics will be on-specification anode material production volumes, on-specification anode material production yield, and process or milling yield, and cost per ton. We're currently focused on availability, yield assessments, wet plant consistency, and furnace capacity and automation for product quality and stability through the process. We've so far run some areas of the plant at up to 50% capacity utilization for short periods and are increasingly confident of the operating capability of the plant against expectations. The majority of the increased workforce is also new to operating the plant, with it being highly unique outside China. So strong leadership in safe, repeatable implementation of process and the utilization of lean management principles is the focus for the operational leadership team. From a customer and revenue perspective, the short-term focus has been the delivery of on-specification product samples to customers for the commencement of the commercial production line qualification and testing processes. The marketing team continue to work with Tesla and other customers on the earliest conversion of production to revenue, noting that the contractual obligation with Tesla commences upon their certification and qualification of the products and the facility reaching an 8,000 ton per annum run rate production level. Given the testing time frames and ramp-up profile, we're looking at all opportunities to accelerate revenue into the group from Vidalia, noting that the restricted DOE loan cash reserves are accessible to fund working capital at Vidalia through the ramp-up period under conservative assumptions for revenue timing. I'll now hand over to Steve to talk about the current financial position, strategic government funding interaction, and progress in developing Syrah's financial position aligned with long-term downstream customer and policy support. Steve? Thank you, Shaun. Syrah's quarter-end cash balance was $99 million, and included $38 million of restricted cash. It also included institutional proceeds from the capital raising. A further $13 million from the retail component was received after quarter end. Excluding the proceeds from the equity raise, the net cash outflow from unrestricted cash for the quarter was $36 million, of which $19 million was investment into the completion of Vidalia phase II and early expenses for Vidalia phase III, with the remainder representing cash outflow from corporate and Balama. Also noting, however, that cash proceeds from our significant breakbulk sale through the first quarter was received just after quarter end. In the quarter, an AUD 98 million equity raising was completed at a challenging time for the company and was critical to providing near-term certainty through this period of changing supply chain dynamics that benefit Syrah in the medium term. This raising provided financial support to the company, and along with DOE and DFC funding, through volatile market conditions, and ensures that we can bridge to the development of ex-China active anode material capacity that strongly requires Balama's graphite supply. We also announced AustralianSuper will be converting its Series 1 and 3 Convertible Notes at a revised conversion price, subject to Syrah shareholder approval, to simplify Syrah's capital structure and remove the material potential redemption required later on this year. We believe that Syrah's shareholders understand the strategic rationale for continuing to support the company through the existing challenging market, to position the company for participation in the ex-China market well ahead of all other players, and providing the potential for a significant period of pricing differentiation and margin capture. We are grateful for the support of shareholders in this process and believe that strong value creation is ahead, given the forthcoming expected catalyst this year, even if short-term market conditions remain challenging. Syrah's strategic positioning will be clearly evident. With regard to our future strategic funding activities, we continue to make strong progress on the near-term catalysts. We are targeting completion and first disbursement of the $150 million loan this quarter to Balama from the U.S. International Development Finance Corporation, and are working with government, DFC, and other stakeholders on the final processes required for this funding to be available to support Balama. We will progress Syrah's $350 million loan application with the DOE to fund a significant portion of the Vidalia further expansion project, noting that progress with additional customer offtake is key to further progression and the major focus of current effort. We are targeting readiness for FID as soon as possible, but timing will be dictated by the company's financial position in the current business environment, customer support for acceleration of additional capacity, and DOE loan processes. We continue to assess opportunities to access tax, tax credits in the U.S. under both 45X and 48C programs, noting that companies are only able to access one of these two programs. Rules under the 45X program are yet to be finalized. There are multiple rounds of the 48C program, and an active market is beginning to develop to monetize these types of tax credits in the U.S. Significant activity is also evident in other policy areas with direct implications for Syrah, including the application of 301 tariffs on the import of graphite from China into the U.S., and the foreign entity of concern guidance on sourcing of graphite to enable customers to benefit from 30D credits on EV purchases in the United States. We are also seeing greater appreciation for Syrah's unique strategic position more broadly, and investigating increased potential for supply chain fund-financing opportunities, with collaboration and support of accelerated development and de-risking. We'll have more to say on this front in the coming months. I'll now hand you back to Shaun. Thanks, Steve. We'll move on to the medium-term market in particular. Syrah's strategic position and value is integrally linked to the global EV market evolution, OEM and lithium-ion battery customer manufacturing capacity expansion, and government policy across the energy transition. To understand Syrah's position and why, despite the near-term cash draw, we see great shareholder value potential accruing, we need to go back to the market development. Currently, the global anode material market is dominated by Chinese production, and four key factors are causing U.S. and European OEMs and lithium-ion battery manufacturers significant strategic concern and forcing them to act. First, Chinese domination of artificial and natural graphite anode material production capacity, and the unsustainable nature of current domestic market competition, pricing, and capacity utilization means that little ex-China natural graphite or anode material capacity is being induced to market. Second, Chinese government policy actions implementing controls on the export of graphite and anode materials, potentially impact future supply continuity or absolute availability, whether globally ex-China or of specific materials to specific countries or companies. Third, there is a need for diversification of sourcing risk and co-location of ex-China supply to meet U.S. and European government policy objectives, such as the Foreign Entity of Concern definition, and IRA compliance, to ensure eligibility for consumer and producer tax credits and funding programs in the U.S. And fourth, the concern of ex-China customers regarding product provenance, traceability, and, in particular, life cycle emissions impacts. Importantly, customers in ex-China anode markets continue to demand a broadly unchanged blend of high-quality, natural, and synthetic anode material products, providing a strong natural graphite demand profile outside of China. Syrah expects that underutilization of expanded artificial graphite anode material capacity and sustained loss-making prices caused by intense competition, will ultimately lead to rationalization of marginal anode material supply capacity in China, which will support higher pricing for both artificial graphite and natural graphite anode material. Natural graphite anode material demand for ex-China battery cell customers is expected to be around 240,000 tons in 2025, and over 600,000 tons by 2030. We're focused on ensuring that both Balama and Vidalia are best positioned to capture benefit from exposure to ex-China customers. Syrah's strategic position is enhanced through readiness of production capacity of both natural graphite and anode material into the ex-China supply chain, developing to serve the U.S. and European markets. We have a unique set of attributes. We have long-term, large-scale, vertically integrated supply, with Syrah being the only fully integrated ex-China natural graphite anode material supplier from a mine source. We have advanced standing versus project peers with a multi-year head start on other integrated ex-China new entrants on production, know-how, qualification in sales, and product quality. We retain geopolitical independence, with supply from Balama into both the China and ex-China markets, and U.S. processing capacity and capability able to be replicated in other locations, and this includes government recognition and potential funding support for Syrah's solutions. We are U.S. Inflation Reduction Act compliant. We are a non-foreign entity of concern, qualified and auditable natural graphite and anode material supply source, and that enables Syrah and its customers potential access to IRA funding and tax benefits. And we have a differentiated ESG position with lower environmental impact and trusted accreditations on both quality and ESG, and a position demonstrated in operations, something that's becoming increasingly important to customers. The key strategic actions we have underway are focused on strengthening Syrah's position relative to both ex-China and China customers, capitalizing on our stage of development and the current geopolitical situation. Firstly, we're diversifying and balancing the Balama sales book through long-term, large-scale, natural graphite offtake contracts with anode material producers ex-China, and seeking a key position in the emergence of potential directed purchase contracts from OEMs and lithium-ion battery manufacturers for natural graphite into anode makers. Secondly, we're settling long-term, high-volume anode material contracts, supporting both margin generation at the existing Vidalia operation and underpinning development of the potential 45,000-ton expansion project. Importantly, also seeking optionality to cover any contract performance variations. Thirdly, we're ensuring that contract terms and pricing mechanisms in those contracts facilitate the development of more transparent pricing and exposure to market supply-demand fundamentals. Fourth, we're focused on securing non-dilutive funding options that best de-risk and accelerate capacity development opportunity, and provide security through the near-term volatile market conditions. Lastly, we're continuing to build IP and operating workforce capability ourselves, and through interaction with our customer base, embedding Syrah in the supply chain and providing opportunity for continuing product development. The progress of these actions will continue to build differentiation of the Syrah value proposition. Lastly, moving to the milestones ahead. We'll continue to navigate the short-term market conditions with a laser focus on cash preservation, and we expect greater visibility of the potential for sales volume improvements through this quarter. We're strongly driving toward other key milestones with greater momentum following the completion of the Vidalia project, giving us a visible presence as an integrated participant in the global anode supply chain. Key milestones ahead for the company include U.S. DFC loan funding for Balama, with targeted completion this quarter. Progression of qualification processes toward commercial sales from the Vidalia Active Anode Material Facility. Further Balama natural graphite offtakes, capitalizing on strong interest in large scale, long-term supply to ex-China market participants for IRA eligible and foreign entity of concern compliant feedstock, including the potential for directed purchase offtake agreements from OEMs or lithium-ion battery manufacturers. Finalization of further anode material offtake sales for both the remaining tonnage from the current Vidalia capacity, in conjunction with agreements to underpin the development of the Vidalia further expansion project to 45,000 tons. As customer and project milestones are achieved, pursuit of U.S. Department of Energy conditional loan commitments for the Vidalia further expansion project funding, targeting $350 million. Finally, development of commercial options to accelerate Syrah's exposure to the ex-China downstream market and de-risk investment through non-dilutive funding sources toward the subsequent potential FID on the Vidalia further expansion project. We understand that outwardly, progress has been overshadowed by the very challenging near-term market overlay. The catalysts ahead are very strong, and momentum is shifting in recognition of the need for offtakers to move to contract completion quickly to ensure access to Balama and Vidalia potential tonnage in coming years. It's also important to note that every one of these progressive steps in the operating project development, the operation of our assets, and our marketing engagement, puts the company ahead of others who remain in pre-development or in the early stages of funding and project planning, opening a window in which Syrah will deliver significant value. We look forward to keeping everyone updated, and we'll now move to questions and answers. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Dim Ariyasinghe from UBS. Please go ahead. Thanks, Sean. Thanks, team. Just a couple of questions from me. Just on the sales price, great that it's moving in the right direction. Can you maybe quantify how much of that is due to the BTR sale? I presume some of that agreement went into the weighted average realized price. And I'll come back with the second. Yeah, it did, Dim. We won't talk specifically about the price. It's obviously confidential, but it did have, it did have an impact on the overall basket price, as did improvement in the coarse flake market prices as well. So, you know, we've, we've been very clear that we will seek to differentiate pricing for sales of fines outside of China as that market develops. And, you know, I think that is an important factor as we look at the price that we achieved during the quarter. Yep. Yep. Okay. No, that's, that's fair. And, and then just in terms of production, so obviously, lower in response to, the demand as we see it. But looking forward, do you expect that'll, that'll pick up again for, for the next, quarter? Could I maybe even ask, do you expect maybe a couple of campaigns, for, for the, for the June half, for June quarter, potentially? Anything, any clarity on that would be great. Yeah, I think we're obviously pleased to see that exports of spherical graphite and anode material picked up late in the quarter, which is a good leading signal that there should be demand starting to improve for natural graphite imports into China. You know, I think it's important to reflect on what's happened over the last six months. This has just been a fundamental interruption and disruption to the market profile. And the impact of the license restrictions has been really really significant issue around confidence of the Chinese spherical graphite and anode material producers on the potential consistency and application of these licenses in the future. So, while we are starting to see some improvement in that, I think it's fair to say that there's still some concern and hesitation around you know, how that will be applied in future, and customers are taking a very cautious approach to restocking. But it is a positive to see that there's some renewed market activity at this point. So, you know, assuming we obviously ended the quarter with a very low inventory level of natural graphite across the company. So assuming that we see that, you can expect to see that there'll be production in the quarter. We won't comment yet on whether that be one or two campaigns at this point. Yep. Yep, okay, cool. And, and maybe last one, if I could sneak it in. Just on the DFC loan, can you give any more granularity in terms of what's left to do? I know you, I guess the targeting for June quarter hasn't changed, but, yeah, any insight to whether that could potentially even slip, or you know, your confidence level that that actually gets executed in the next couple of months, please? Yeah. I mean, sorry, this is Steve. We've kept— Thanks, Steve. Yep, yep. We've kept the timeline at the end of June. All parties are aligned to working towards that. You know, there are documentation and approval processes to go through. But, you know, we've significantly progressed the loan documentation. So we're still targeting that June 30 timeline. Yep. Okay, cool. No, that's, that's great. Thanks, guys. Thanks, Stephen. Thanks, Shaun. Thanks, Dim. Thank you. Your next question comes from Mark Fichera from Foster Stockbroking. Please go ahead. Yeah. Hi, Shaun. Yeah, just a couple of questions around BTR again. Firstly, just given the size of their facility and obviously, you know, your, your value to them as a ex-China supplier, are you working towards sort of narrowing down a binding offtake agreement sort of long term? I, I guess, similar with what you have done with POSCO. And, and, and just a second question around BTR. You know, given obviously the ramp up in their, their production, you mentioned expectation of sort of the shipments later this year, do you expect those to, you know, be greater than, than the 10,000 tons of shipped already? Thanks. Thanks, Mark. Look, I think it's fair to say it's early stages and participants in the China natural graphite and anode material supply chain have a fairly different historical approach to supply and contracting. You know, I think across other commodities, POSCO has a long history of large volume support in the long term under offtake. Typically, China market participants are much more focused on stock market conditions and the evolution of shorter term supply-demand fundamentals. What we're focused on is that we are, you know, the only large scale supplier of ex-China, Foreign Entity of Concern, compliant product. And we believe that that is important not just to BTR, but to others who are developing anode facilities outside of China, and that'll put us in a good position for future shipments. But, you know, I wouldn't wanna speculate at the moment on how contractual development will evolve over time, nor on sort of timing or size of additional shipments through the course of the year. Okay, thanks. Thank you. Once again, if you wish to ask a question, please press star one on your phone. The next question comes from Ben Lyons, from Jarden. Please go ahead. Thank you. Good morning, Shaun, and everyone on the call. Just another one on the potential future relationship with BTR to follow, that previous question. Is it your understanding or your current interpretation of the IRA, that this style of active anode material will be compliant with both the, the sourcing requirements, but probably more importantly, that foreign entity of concern stipulation? Just wondering, you know, Mozambique natural graphite being processed in Indonesia into activated anode material ultimately sold into the United States. You know, will it be compliant, for those potential tax credits, subsidies, et cetera? Thanks. Thanks, Ben. I think there's a lot still to be determined on that front. You know, certainly with the supply of our feedstock is compliant on that basis. There's still some questions of interpretation around ownership structure for entities which have Chinese participation. And I think, you know, that that will be important in the determination of the categorisation of the Indonesia facility over time. What I can say, I guess, is that there's a strong drive to see this type of ex-China facility developed for the purposes of trying to meet not just IRA, but also, you know, European regulation development offer some perception of diversification of supply risk. So it's not just about that IRA or tax credit compliance. So I think there's still a little bit of uncertainty at this point, but what is clear to us is that, you know, in our interaction with each of these players, that Balama is seen as a critical and large- scale option for supply into the development under or to underpin the development of these facilities. Okay. Yeah, no, that's, that's helpful. Thank you, Shaun. Second one, just, switching focus to Vidalia, and the potential offtake structure for the 45,000-ton capacity facility. My understanding, and I may be incorrect, so please correct me, but my current understanding is that Tesla has exercised their option to participate up to that 25,000 tons level. Just wondering if you could possibly clarify if that would still be on the fixed price, terms, or if that additional capacity, if the company was to proceed to FID, the, the ultimate price of that material may be, open to renegotiation? Thanks. Yep. So, there's a two-step process for that option to crystallize. So yes, Tesla have declared that option, but it is subject to finalization of a binding offtake for that second 17,000 tons, which is being worked through in conjunction with the other opportunities that we're looking at for offtake for that potential expansion. The pricing mechanism for that 17,000 tons is for four years of fixed price sale, but specific to that 17,000-ton portion of the potential offtake. What we have been extremely clear about is that beyond that initial contract and option, everything that we are seeking to do for Vidalia will be underpinned by pricing mechanisms, which include floating elements to them. The customer base have varying degrees of excitement about that idea. But it's certainly critical for us, given where we see the market balance, both for the upstream natural graphite mines, and the flow-through of that pricing dynamic into anode material, but also for IRA and foreign entity of concern and compliance, anode material in the U.S. And you see different supply-demand dynamics for each of those compared to the China market. So, certainly all future contractual arrangements, we're seeking to make sure have exposure to that dynamic. Okay, understood. Thank you very much. And just a final one, coming back to the potential funding stack for the 45,000-ton Vidalia facility. There were a couple of references in your introductory remarks and Stephen's about potential non-dilutive funding sources, and I think you used the terminology potential for supply chain financing as well in your remarks. Can you provide any further detail about what you might be referring to in those potential funding solutions? Thanks. Yeah, I think— I mean, we won't go into specifics at this point, apart from saying that, the dynamics around compliance supply and the understanding of the supply-demand balance fundamentally changed in recent months. And I think that change in understanding, I mean, it's obviously something we've always thought was ahead, but that very clear visibility of, you know, what that availability of compliant material looks like opens additional options to us around funding. We have talked in the past about the lack of participation that's been evident of customers in funding the development of either natural graphite or anode material facilities. But we certainly see that there is a greater recognition, not just from customers, but other participants in the supply chain, that that type of funding is important to help see the development of capacity. So it's just to say that there are broader options, and we're engaged around those. You know, certainly at the time that we did the original facility, FID really was government funding and equity were the only options. We think it's a very different situation today. Okay, excellent. No, I really appreciate your answers. Thank you very much, Shaun. Thanks, Ben. Thank you. Your next question comes from Peter Kormendy, from Shaw and Partners. Please go ahead. Yes, good morning. Thank you for taking my question. I'm just interested in those two offtakes that you announced last year in the U.S. with Graphex and Westwater. Shaun, where are those facilities up to at the moment? The Westwater project is developing slowly. It's still has a requirement for further funding, but is under construction and progressing. Graphex is still pre-investment decision, so the Westwater facility is certainly further advanced. But at this stage, the likely or the expected entry of these additional facilities is BTR Indonesia first, POSCO second, and the potential of Westwater and others to follow behind those two. Thank you. Thank you. Your next question comes from Andrew Harrington from Petra Capital. Please go ahead. Good morning, Sean and Stephen. Thanks for your time. On cost of Balama, has the new supply of power and your expected run rates, like, how is that benefiting this? Or is it benefiting already, or what do you think long term, like, if you're running at 10,000 a month or 20,000 a month, are you still happy with sort of sub-$500 costs? Yeah, certainly, in the longer term, you know, the cost guidance we've provided previously, we're very comfortable with. We just haven't had the opportunity yet to get a good long run, given the demand position, to crystallize the benefits of the solar and battery system. And, you know, we're hoping that through upcoming campaigns, and hopefully seeing some improvement in those demand conditions, that we can better demonstrate that benefit. So, it's still early stages, but the system is absolutely working as designed and, you know, providing power both when we are online and off. But the full extent of seeing that benefit yet, we'll need to see, you know, a decent production campaign period to be able to comment further. Okay. That leads, I guess, to a separate question. Are you able to send power back into the grid if you're not in production mode, or where do you—w hat's happened to all that solar capacity? The grid, as it exists, is extremely underdeveloped in north Mozambique, so there's no, no opportunity at this stage to do that, Andrew. Okay. Thank you. Thanks. There are no further questions at this time. I'll now hand back to Mr. Verner for closing remarks. Thank you very much. We appreciate the attention and the attendance today, and we look forward to continuing to keep everyone updated on catalysts in the coming quarters. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.