Project in the September quarter of 2024, outlining a 29-year, large-scale, low-cost, open-pit copper gold operation. With the completion of the PFS, the operatorship of the project has transitioned to joint venture partners at Zijin Mining Group. Joining me today is Executive Chairman Colin Moorhead to provide an update on the next steps for the development of the Kharmagtai project. The format today will be a video presentation with slides, followed by audience questions. Please type your questions into the Q&A panel on the webinar platform, and we will answer them live. We will aim to get through as many as possible today; otherwise, Xanadu will come back to you directly. Please note that this webinar is being recorded, and a replay will be available on the company's website within the next 24 hours. Thank you for joining us, and over to you, Colin. Thanks very much, and welcome everybody to the presentation. Thanks for your interest, and apologies to our Western Australian friends for being so early in the day. It's an opportunity today to sort of update everyone with where we're at, to answer some questions, and hopefully do a bit of myth-busting. I'll just set the context with a few slides, and then we'll get stuck straight into the Q&A. Usual disclaimers. Firstly, why we like Mongolia, I won't spend too much time on this, but it certainly is elephant country. The company's been focused there for a number of years. We have three current projects, of course, the flagship being the Kharmagtai project that is the subject of today's discussion. We've also got a project over in Red Mountain, also in the South Gobi. We see that as highly prospective for smaller, higher-grade copper gold discoveries, and recently got into a magmatic nickel-copper system up in the northwest of the country at Sant Tolgoi. That is a good country. I just spent some time with the minister. They are very keen, the current government, to promote mining in Mongolia and improve Mongolia as a foreign investment destination. What is Kharmagtai? It's, excuse the language, a bloody big system, right? It's a huge, porphyry, low-grade porphyry system. It does have some structure and some higher-grade zones to it. Currently estimated to contain nearly 5,000 tonnes of copper and 11 million ounces of gold. Our reserve in the PFS, exclusive inferred material, of course, is a not insubstantial 730 million tonnes for 1.6 million tonnes of copper and 4 million ounces of gold. A big system, still open at depth. There is real potential for further discoveries, particularly at depth where we see a potentially future underground for this project. Next one, please, Spencer. It's actually a wonderful place for a porphyry copper deposit. It's not far from the Oyu Tolgoi, the joint Oyu Tolgoi project down the road. That'll be the fourth biggest copper mine in the world shortly. Very similar geology and rocks to us. Also not far from the Tsagaan Suvarga copper moly system up the road. That blue line there is an existing railway line. For a bloke that spent a lot of time looking for infrastructure, this is a beautifully well-located project in a relatively flat and unpopulated part of the world. We have a very good relationship with all levels of government and our local neighbors, and that's a blessing for this type of project. There's a 30-year lease with an option to extend. Our PFS delivers or describes a 30-year open-cut mine, conventional truck and shovel operation through a conventional concentrator. That averages 75,000 tonnes of copper and 165,000 ounces of gold per year. To put that in context, in terms of gold equivalents, that's about a 500,000-ounce per annum gold mine, depending on what prices you want to use. That generates some pretty interesting numbers, depending on what metal price and cost of capital you would like to use. We've used $14,000 copper, $2,100 gold, and 8% discount rate to generate those numbers you can see there. NPV of almost $1 billion, IRR 21%, quick payback on stage one with upfront capital at about $890 million. Sounds like a lot of money, but it's a big mine. You don't build these things cheap. Interestingly, that was the capital, very similar capital for Zijin's Julong mine, which is at 5,000 m in Tibet. I suspect that there's some improvements to be made under Zijin's management for that capital number. Having Zijin there, they're a great partner, a strong balance sheet, and they operate mines very similar to this all over the world. In fact, there's one just on the other side of the border in Mongolia that runs at 80,000 tonnes per day on similar grades and is knocking out about 100,000 tonnes of copper and some gold at the moment, and they're looking to put a moly plant in there. Those strong gold credits and the low strip ratio, low operating cost generate a very competitive cost of production of copper. Technically simple. There are some complexities, of course. We're dealing with Mongolia, which is an emerging jurisdiction, extreme weather, etc. We're also dealing with a relatively complex JV with a Chinese partner. It's not all beer and Skittles, but I think I'm very proud of the progress we've made. The next steps really require us to get to FID, including completing a bankable feasibility study, the usual Western-type study. Zijin will be operating at that. We need to lodge a Mongolian feasibility study off the back of a Mongolian resource estimate. They need to be done. It's a very prescriptive Soviet-style approach where a licensed Mongolian engineer needs to sign off on those things. We also need to complete a DEIA, which is a Detailed Environmental Impact Assessment, very similar to a Western-style EIS there. Once you have those things ticked off, you apply for an investment agreement, which will set all your fiscal parameters for the project. Once all those things are in place, the rest of the permits and approvals become very administrative in nature. Next one, please. How does our JV look? There's a history on the right. I won't go through that. The 50/50 JV is at the Khuiten Metals level. That's a Singaporean holding company. Khuiten owns 85% of Mongol Metals. The other 15% is held by Ganbayar Lkhagvasuren, our Executive Director in Mongolia. Mongol Metals owns 90% of the project. So Khuiten owns 85% of 90%, which is 76.5% of the project. Each Xanadu and Zijin share 38.25% each of this project. That's the nature of the deal. Effectively, we share control with Zijin. They are currently the operator, and we are working together, hand in glove with them, to progress this project forward. In terms of the extraordinary general meeting, go to the next one, please, mate. The resolution, the key resolution in that meeting notice is about whether or not to exercise the 25% put option. Spencer can take us through the detail on the options available to us shortly. The 25% put would see us sell half of our half of Khuiten to Zijin for $25 million and see us loan carried through to commercial production, where we pay off that debt through future dividends. We do have 10% of the cash sweep to run the company as working capital until that debt's paid, and then we get the full benefit of the mine. I think it's important to point out that due to the ASX requirements for notice of an extraordinary general meeting, we needed to put the notice out yesterday. In effect, putting that notice out keeps those options alive and on foot until April 14th. That effectively allows us more time to complete the strategy that we're currently executing to secure a deal that is superior to that 25% put option. There are a number of options we're pursuing. Clearly, the most favourable is to do a deal at the corporate level. We're certainly in discussions with Zijin and others on those options. I could talk to that in more detail later. Jefferies is helping us as our defence advisor with those discussions. We also have Bacchus Capital advising us on debt solutions that could allow us to stay in the project at 50% longer, certainly through the feasibility period, and the numbers required are estimated in that dot point up there. At this point, the board has not made a decision to exercise the puts. The board has made a decision to put a notice of meeting out to keep those puts on foot because we believe they give us leverage in our discussions. I'll keep it simple and leave it at that. Let's move on to the next slide. Spencer, maybe you can take us through these quickly. Don't read it all because there's a lot to be continuing there. Yeah, for sure. At a high level, Colin was just talking about a corporate transaction being perhaps everyone's first choice. It returns cash to shareholders, has that potential for a buyout, and is tax-effective. The put option, which we put into the notice of meeting, gives the shareholders a long-term exposure to a cash-generating asset. It brings $25 million, so AUD 40-something million, into the company to generate new value in the interim through exploration, new projects, M&A. Of course, Xanadu gives up control of the project to Zijin for that. Other options, funding Xanadu's share, as you talked about, we're looking at and have been looking at a host of different options to do that, including off-take, royalty, equity, and debt. To be clear, we have term sheets in hand, but we're in the process of negotiating what we believe are the best possible outcomes under those categories or combinations of those categories. Ultimately, this is likely to be expensive due to a number of factors, including the fact that it's in Mongolia. We have a Chinese partner. It's a pre-feasibility study. Xanadu is not a cash-generating entity, etc., etc. We are putting a lot of work into this to get it as good as possible. Other options, asset-level transaction. It's simple, but it's not tax-effective for shareholders because Xanadu has to pay some tax on whatever we sell the asset for before we can return any money to shareholders. Finally, that 50% put option. Giving away our entire share for $50 million U.S. I know people haven't had a lot of time to read the independent expert's report yet, but we believe that is truly out of the money. Thanks, Spencer. With that, there are potential here, depending on deal structure, to spin out our exploration projects, get some value out from them, and potentially have a vehicle there for contingent payments. We have two high-quality projects already. I would seek to continue to explore in Mongolia and elsewhere in certain scenarios. These projects are not worth nothing. They are actually quite strong projects. If Red Mountain was in the Lachlan Fold Belt, you would probably float a company on it. It is true. Our focus has been on Kharmagtai. We do have to be drilling at Red Mountain in the spring and Sant Tolgoi in the summer. Last summer, we did the mapping, sampling, geophysics over at Sant Tolgoi and it generated some cracking drill targets. We hope to get up there in the summer, drill some holes. With that, I will go to Q&A. Over to you, Anna. You're on mute, Anna, if you're talking. Just realized. Thank you very much for the update, Colin. Now, if you would like to type your questions in the Q&A box, yeah, we'll start through. We've got quite a few that have already come through, so we'll just start off with these. Please explain why you believe the 25% put option is better than a debt structure to hold onto your current 50%. Why wouldn't that give you more leverage after de-risking the feasibility study? The question is, the answer is it depends. I mean, I know, as Spencer said, people haven't had time to read through the independent expert's report yet, but I think that clearly lays out that on a risk-adjusted basis, the 25% put is a superior option. Now, debt is not as simple as it sounds. In my view, the best debt structures involve off-take because they're production-linked. The reality is we need a resolution at Khuiten board level for Zijin's support to allocate that type of debt. We have certainly asked Zijin for that support, and their position on it is yet to come back to me, but it's not no at this point in time. That is one of the aspects of our discussion with Zijin. You can do a deal with us on one hand, or you can help us with debt on the other hand. To be fair, they're taking that. They understand that to fund this project forward, a solution is required here. I think they're supportive. Thanks for that, Colin. Now, moving on from that, what do you do if the put option is actually voted down at the upcoming EGM? We will not have an EGM if we have a superior solution before then. That is plan A. If we go to the EGM under the resolution as it currently is, and that gets voted down, then we will need to put a debt solution in place, which could be dilutive to shareholders. We would certainly slow the project down to our pace, not Zijin's pace, and fund it in a sustainable way through the next phase. I certainly would like to see the project move faster than that. I think there is a window of opportunity right now while we have a coalition government or multi-party cabinet in Mongolia that is favorable to adjusting the mining laws and to approving projects. The next elections are in 2028, so I would like us to get to FID well before then and be well and truly committed in construction if and when the government changes in 2028. If it's the shareholders' view that they wish to vote down the 25% put, if it gets to a vote, then that's their view, and we'll have to manage it. It will mean slowing down the project. Okay. Thank you for that. Was the decision to put the option to a vote a unanimous board decision? Apart from the Executive Chair, yourself, how many directors supported the decision to take the $25 million option? See, that's a good question. It allows me to kill three myths at once. Firstly, we haven't voted to exercise the put option. We voted to put the notice of meeting out. The specific reason for that was to keep those put options alive and to maintain the leverage while we complete negotiations. Of course, you know what? Was it unanimous? Yeah, it was, because it makes no sense to let those put options expire at this point in time. We just lose leverage that we would otherwise have. I think the implication between the Executive Chair being me, pushing an agenda is just silly because I'm certainly not pushing an agenda towards exercising those 25% puts. I just see it as the least worst outcome in the absence of a superior deal at this point in time. The suggestion that I have any influence over the rest of the board, I'm not Alan Joyce, and I think it doesn't do the other board members justice, really, because we are a very good board, and the other board members are very strong in their views, and they don't do what I say. They do what they think's best for the shareholders. I'm sorry, but if there's a conspiracy out there that says otherwise, don't believe it. Okay. Thanks for that, Colin. What is your plan to progress exploration at all three projects? Which do you expect to be the most prospective and your reasons why? Oh, listen, come back to us the most prospective. I mean, all the vectors in the drilling data say go deeper. It's getting higher grade and deeper. I did have some former colleagues of mine do some block cave layouts, some what-if planning scenarios earlier on, and it doesn't take much more than what we've got now to create a serious block cave underneath these pits. In fact, under White Hill, it wouldn't take too much more to drop off those last high strip ratio pit phases and replace them with a block cave and bring some production forward. I think that's a huge opportunity, that Kharmagtai. Red Mountain, it's highly prospective. I mean, there's lots of copper and gold geochem there and some great geophysics. Like all porphyry projects, they take a lot of work. Of course, we haven't been in a position to go into that boots and all over the last couple of years. We are looking for a JV partner and had some interesting discussions to allow them to burn in and help us take that forward faster. Certainly very prospective. I think Sant Tolgoi is a bit of a dark horse, really. I mean, it's early days, but there's some cracking targets there. Whilst nickel isn't the flavor of the month, those magmatic systems can host some pretty nice deposits of nickel, copper, platinum, palladium, precious metals. I think that that's a really intriguing one. Exploration projects are like your children. You can't love one more than the other. Clearly, Kharmagtai is the most advanced and has the most obvious growth potential at this point in time. The other two are waiting for a discovery. Okay, great. Thank you for that. The PFS indicated that the current water resources are insufficient for the Kharmagtai project needs. What is being done to address these? Yeah, good question. I mean, water is the ultimate power and water the ultimate constraint for these type of things. You've got 2 billion tons of mineralisation there so far. So you're not short of oil, right? And with these systems, the bigger you make them, the higher the NPV, but also the higher the capital upfront. Ultimately, it comes down to what's the most sustainable rate from a power and water point of view. We certainly have, there's plenty of water in the South Gobi, and I don't think OT had the water they needed at this point in time either and had to go and find it. There's plenty of groundwater in the Gobi. We have a firm roadmap to sufficient water for stage one. The government of Mongolia have several initiatives to pipe water to the South Gobi because they understand that water is an issue. The current government have 14 mega projects that they wish to attack in the 2024 to 2028 period, one of which is a 2,000 l per second pipeline from a dam in the north to the Gobi in the south. That would underpin stage two. Just with groundwater locally, we've got an eye to stage one. With power, which I'll answer at the same time, currently the power comes up from Inner Mongolia to the South Gobi. The Rio Tinto project was predicated on the Mongolians building a power station down there next to the Tavan Tolgoi coal deposits. That has not yet happened. It is one of their mega projects that they would like to see happen, which would give Mongolia energy security. However, at the moment, it comes up on the grid from China. Our base case has a hybrid renewable grid solution. We believe we can get north of 50% of our power from wind and solar and provided by a third-party provider. You just buy electrons over the fence. Believe it or not, Mongolia has a lot of sunny days and a lot of windy days. It certainly is worth looking at. Based on our modelling, the more renewable we generate, the lower the total energy cost will be. Okay, great. Thank you very much. Now, just a bit of a change in tact. How have your more recent discussions with Zijin played out? Is there mutual alignment, or have discussions proven icy? Can you provide color on their preference for moving Kharmagtai forward? Yeah, I can't really speak for Zijin. I can say that I met them three times last week, and that they see Kharmagtai as very much fitting their strategy. It's probably not number one in their pipeline, but it's certainly in their pipeline. They would like to sort of slot it in where it fits from their point of view. There have been discussions around timing and how we fit it into their development pipeline. We're talking about sort of the BHP of China, right? They're a big company and not particularly agile, which can be a bit frustrating. At a technical level, there's strong alignment. They're good guys and girls, and we work well with them. At a commercial level, they understand that effectively the JV is out of funding in 29 days' time, or what's today? 20 days' time. We need to agree on the budget for this year and how we're going to fund it. That's a problem for them as much as it is for us. Our discussions with them are an acknowledgement that that's a problem that we need to solve as a joint venture. They are looking at how they can help us solve that. Okay, great. Thank you. We have a few more coming through. Here, what capital is included in the $890 million capital spent? That's all pre-production capital to first commercial production. Then there's another lump of capital for stage two, which you'd pull that trigger depending on market conditions and where the project's at at the time. I think we're currently modelling that to happen in year eight. Eight, nine, I think. Yeah, yeah. I suspect the trigger on that would be the supply of water and the copper price, etc., at the time. It certainly scales up beautifully. When the conditions allow, you would scale it up. Interestingly, stage two, as described as a 50 million tonne per annum operation, is almost exactly what Zijin are currently doing at Julong in Tibet. They are actually looking at taking that one from 150,000 tonne per day up to 300,000 tonne per day, which is going to be one of the biggest mines in the world by tonnage. Great. Thank you very much. Just another one, changing tact again. Giving Bacchus was appointed to procure a debt facility for Xanadu and acknowledging today's announcement that a facility is not forthcoming, with the board encouraging shareholders to sell half of Xanadu's ownership in the project, will this end the engagement with Bacchus? I might let Spencer answer that, but for me, it's complex, right? We certainly have a short list of term sheets negotiated. None of them are locked at this time. In the absence of a locked term sheet that's competitive, we had to put the notice of meeting out, otherwise the put options fall away, right? The assumption there is that Bacchus haven't done anything, and we don't have any deals. That's not a great assumption, right? There's also the complexity of requiring Zijin's support for some of those debt structures. Also, as Spencer said earlier, the complexity of being a pre-production company in Mongolia. Most of these debt positions are put in place at FID, not at this stage. You want to add anything to that? I think you captured it well, Colin. We're not finishing the work with Bacchus yet because we haven't finished the work with Bacchus yet. We have term sheets in place, and we're negotiating right now. By the time we get to the EGM, we will have a firm position on whether the outcomes are better or worse than the put option or the other alternatives available to us. Thank you for that. Given the April 2025 deadline for the put option and ongoing discussions with potential funding partners, how likely is Xanadu to proceed with the 25% put option versus securing third-party deal or a full strategic takeover? Are there active discussions with credible third parties happening, and what valuation thresholds would be needed to be met for the board to favour an external sale over the put option? Starting with the end, I would say read the independent experts report because that gives you an idea on what would be a fair and reasonable valuation for a transaction. The short answer to are we having fruitful discussions with third parties is yes. There's certainly the whole copper world knows about this project. There are obviously Zijin, but other serious parties, and there's probably a hell of a lot of tire-kickers in the data room at the moment. How likely is it to occur? I'm quietly confident. I've got to hope for the best and plan for the worst. Putting a notice of meeting out is planning for the worst, right? Hoping for the best, and everybody who knows me knows I'm an optimist, is that we'll get a deal done well before then. If there's an assumption out there that we're not doing much and we're just drifting towards the put, it's wrong. All of our waking hours are towards getting a better outcome than that. Okay, great. Thank you very much for that, Colin. Does exercise of the $25 million put option provide any protection against a takeover in the future and before construction? I don't know. Anyway, this is a lot of questions. What the 25% put option does is a bit like Gold Road, right? It's a non-dilutive way to get a significant exposure to a mine that's going to run for 30 years. Now, there's a degree of trust in that because you're trusting Zijin to actually build and operate it effectively. Having a look at their portfolio and what they do around the world, I think they're certainly highly capable of doing that. They produced over 1.1 million tons of copper last year and have an internal target to hit 1.4 million tons of copper and 3.2 million ounces of gold. This project is very similar to what they run elsewhere and takes a big step towards that objective. I'm pretty confident that Zijin want to build and operate this mine, and I think that they would be a good partner. Does it protect us from a takeover? Not really. I mean, because you can put a value on that. At any time, Zijin or someone else can come along and offer you a deal that's a higher value than the NPV or waiting for your money. Certainly, you're in a very strong position because you're a seller, not a forced seller, right? You can just sit there and do it. We've seen some precedents for that in Australia. It's not a terrible outcome. We're trying to do a better outcome, a more immediate outcome for our shareholders. It's not a terrible outcome. Okay, great. Thank you for that, Colin. If an offer for Xanadu is forthcoming and the board is in favour, does Xanadu need to vote, I mean, sorry, does Zijin need to vote its stake in favour? Is Zijin able to vote? That is why they have their 88% stake. It is a blocking stake, is it not? It depends on whether it is a bid or a scheme, of course. My understanding, if it is a scheme, you need 75%. You would need 75% of 82%. Everybody would have to vote for a scheme. As a bid, without Zijin's support, the third party would get to 82% and control the company. Whether Zijin want to be in that company or not would be up to them. There are various iterations of those two things, but probably better with their support, but not impossible without it. That is certainly topical at the moment. Okay, great. Thank you for that one. Another one. You mentioned confidence in securing a deal, but given the approaching April deadline, at what stage are these discussions? Are we talking about advanced negotiations with term sheets in place, or are these still early-stage discussions? I can't really answer that question, but they're not early stage. We're having real discussions with real parties. When you think about it, why would Zijin do a deal a long time before the April deadline? I understand their position. If there was a feeling out there that we'd publish the PFS in October and a deal would be done in November, the Chinese were never going to do that, right? They're a big, cumbersome mining company that will act in their own time, and I can't force Zijin to move fast or slow. They're certainly respectfully engaging with us and understand it. I believe committed to building Mongolia's next big copper mine. The ball's in their court around that speed. I always expected that this six-month period would take six months. Okay, great. Thank you for that, Colin. For Zijin's construction plan of Kharmagtai, they indicate it will combine open-pit and underground mining. However, underground mining was excluded from the PFS. What's still needed to get it across the line, and how do you think they plan to include it for FID? There won't be any underground considered in FID. It requires a significant amount of drilling at depth. As I said earlier, I've done concepts around it. I think that there's real potential for some block caves that could extend the mine life or bring production forward or both. Talking to my opposite number, who runs overseas operations, very keen to investigate that, but we both agree that's a down-the-road problem, not something for FID now. As I said earlier on, you've got to put in a Mongolian feasibility study, and that would just complicate the whole shooting match. Absolutely. What porphyries do over time as they grow? One conversation I had with Zijin is, it's really hard to go and buy 200,000 tonne per annum copper mines these days, right? In fact, you can't. Everybody's going to pre-development projects. The way to find a 200,000 tonne per annum project is to buy a 100,000 tonne per annum project and work on it. We've seen my old stomping ground, Kharmagtai, go from a small open-pit to a small open-pit with a high-grade underground to a fumbling-grade underground project over time. That's the beauty of these projects. They do evolve over time. Just another one. How is the Forward Works budget plan for Kharmagtai BFS shaping up? Obviously, that's a bit of a political football, that one, because it's linked to funding, right? I suspect my view is it's probably a $30 million to $40 million two-year journey to get the water, the exploration, the BFS, all the permitting and approvals, and an investment agreement done. Zijin's probably a longer period and more money. As JV partners, a big one and a little one, you're sort of negotiating on that. The budget proposal for the rest of this year, there's been one tabled, and it's not a silly budget and subject to funding. Our company will agree on something sensible. As we said, if we're going down the debt route and staying in there at 50%, it's going to be a smaller budget than they would like. If we're in at 25%, it'll be whatever they decide. It is not an insubstantial amount of money required to get it to where we're going. It still has a ways to go to get to FID. Okay, great. Based on your recent interactions with the Mongolian government, how are they thinking with respect to environmental approvals and investment agreement for Kharmagtai? Are there any stumbling blocks? Listen, as I said, I had lunch with the Mines Minister the other day. It's interesting. He visited site on the same day that our Environmental Minister killed off McPhillamys. People talk about political risk. I thought that was quite ironic. The purpose of his visit brought a parliamentary delegation down to understand what the government could do to support mining developments in the South Gobi. We talked about power. We talked about water. We talked about royalty rates. We talked about all the barriers to developing a thriving industry in Mongolia. The Mongolian government very clearly sees mining as a backbone to its economy and are keen to progress in the right way and make themselves an attractive destination. In terms of, as I said earlier, you do a mineral resource assessment, Mongolian feasibility, a DEIA, and then you negotiate an investment agreement. That investment agreement will set your royalties, taxes, the whole lot, right? I can tell you that the government's policy on that is to try and engineer an overall economic benefit for the country at a certain level. They'll trade off equity versus royalty versus tax, etc., to try and structure a deal. We've seen the recent Orano deal on the French uranium, which gave some real indications on that one. Being uranium, it was regarded as a strategic deposit, which means the government's negotiating from a stronger start point than they will be for us because we're not a strategic deposit. I would say that once we have that investment agreement in place, the permits and approvals, social and legal license to operate are all fairly administrative and fall into line pretty quickly. The tough bit is that investment agreement. With our guy, Ganbayar Lkhagvasuren, in there, he's the guy that will head up the task force to negotiate that with the government. Okay. Thank you for that. Colin, thanks for the presentation. Just trying to understand how the board is thinking about the 25% option versus a better offer. 25% of the NPV is $930 million. It's about AUD 1.4 billion at 65 FX. So 25% of the AUD 1.4 billion is around AUD 357 million. Would this be a correct way of thinking of the value of the 25% option? Is this the threshold the board is considering when evaluating getting better value for shareholders than the 25% option? Appreciate your thoughts. Not really. I mean, I would encourage you to read the independent experts report. When you look at $930 million, firstly, that number depends on your metal price, cost of capital, etc., assumptions. It is also an unbelievable value, right? You have to build that mine, which means you have to finance that mine. Once you look at the risk-adjusted value, it is significantly less. Obviously, when you have it built and operating, you get closer to that NPV number as you de-risk the thing and have it financed. The purpose of the independent experts report is to basically answer that question and work through systematically what are fair and reasonable values. I think the way that was described in the question is a bit simplistic, but certainly have a read of that independent experts report. If you've got further questions, shoot them through, and I'll get my CFO to answer them. Okay. Thanks for that one. You've done a great job navigating Mongolia. I see Xanadu as one of the very few to make significant progress on a large-scale project there. Would appreciate hearing more on other companies out there besides Zijin that recognize this competitive advantage and whether they might be interested in working with you in some shape or form. Listen, it's interesting because obviously my network involves people who run exploration for some pretty large companies. The conversations usually ignore the Central Asian fold belt at your peril. It's one of the few places in the world where you're in elephant country, right? You can make discoveries. You can walk over rocks that haven't really been whacked before, or the last exploration was in the Soviet era. There are discoveries to be made in that belt of rocks, which goes from Mongolia through China and the Stans. They're also in the post-Soviet era, countries that are all looking for Western investment, trying to improve their credentials for foreign direct investment from the West. There are also large unpopulated areas where you can actually your ESG complexity is lower, and you're able to build mines. I think that ticks a lot of boxes for a lot of people. All the Western majors have said, "Mongolia is not a problem as long as the project's big enough." I think BHP was the first one in and out of Mongolia. I think none of them, I can't speak for them, but they'll never say never, right, on a country like Mongolia. To be fair, the more serious interest we've had on this project and our exploration projects has come from non-Western companies, right? I don't want to name specifics, but there's a lot of money coming into the stands from Saudi, Kazakhstan, China, etc. Russia's out of bounds at the moment, but who knows? I think that in a general theme, that Central Asia, including Mongolia, will become an area of focus because it needs to be. Initially Eastern, but eventually Western companies are going to need to be there. I certainly welcome working with those guys. I mean, I see exploration in Xanadu with our experience in Mongolia and Andy Stewart's understanding of the rocks, etc., etc., as we're an excellent company to put the toe in the water in Mongolia and learn about the country. As I said, we're looking for a partner on Red Mountain. Certainly not short of interest there. It would be a great way to learn about the country. Okay. Thank you very much for that. Can you confirm if the FID is still on track and what key milestones need to be cleared before this happens? Additionally, is a major deal, whether through a strategic partner, acquisition, or off-take agreement, actively being negotiated? If so, how can shareholders expect material developments? Finally, how do you balance securing the best possible deal while ensuring existing shareholders are not heavily diluted? I mean, I've advanced a part of it before, but some new parts in there too. That's a good bunch of questions. The best way to not dilute the shareholders is probably to exercise the 25% pull because whatever you do on there is probably going to lead to some sort of dilution eventually. Yes, we are actually pursuing all of those other options. By April 11th, when we have this EGM, if we haven't announced something beforehand, all of that will become very clear. Great. There's only a few final questions left. If anybody wants to, 10 minutes left. When do you expect to push the button on long lead CapEx items for Kharmagtai and what would this entail? Sorry, I'll answer that, but also go back to the how are we going with FID? I missed the answer there. Oh, sorry. Oh, sorry about that. Yeah. FID, as I said, you need that investment agreement first and foremost. We'll need to, and with that, it's an interdependent issue with the power and the water because once you have the investment agreement, the government's going to help you with those two things, right? Once you've got the power, the water, the investment agreement, and a bankable feasibility study to support any project finance, what have you, you're ready to go. I would like to see some exploration happening in that time too. As I said earlier, we currently have a multi-party cabinet who are in power up until the next election, which is the middle of 2028. I would like to see us get that FID before midterm. That's a significant point of discussion with our JV partner on how hard we go on that. It is also linked back to funding. Early lead. It is not unusual during feasibility to lock in some early lead items. I do not know the Zijin's position on that. I suspect they have got some pretty good links into some pretty good suppliers. We certainly had discussions on fleet with the usual suspects. I do not see that as being a critical path issue. You are probably talking about the big SAG mills and the crushers being the critical path. The sooner you order them, the better. I cannot see that happening before 2026. Okay. Great. We've got another question come through. How do you explain the valuation gap with other operating companies in Mongolia, i.e., Steppe Gold with a cap of CAD 170 million and Erdene with a CAD 170 million as well, when clearly Kharmagtai is a much superior project in terms of where it is located in Mongolia? Gold is operating. It's producing gold. I was talking to Peter Akerley the other day. I mean, there'll be a picture of him smiling and holding a piece of gold very soon from Erdene. You would, and I'm not sure, but I think Erdene's basically doubled as they've gone closer to production. You're going to get a re-rating as you get closer to production. That's absolutely for sure, particularly on those smaller projects. I think the answer in that is the valuation of an operating company from a pre-development company is different. You would hope to get re-rated as you move classic production. Okay. Great. Thanks for that. Look, thank you, everyone, for the questions. I mean, we've got a few still there, but I mean, we're getting pretty close to an hour. Look, thank you for joining today. There'll be a version of recording of this webinar on our website very soon. Look, I'll just send over to Colin for just some closing comments. I'd like to thank everybody for their interest and attendance today and your great questions. Happy to answer any more. I acknowledge that this is a frustrating period for everyone as we get to the pointy end of our six-month option period. I want everybody to, if there's one key takeaway, it's that notice of meeting had to go out today. Otherwise, we don't get the EGM in time and the puts fall away. We believe that those put options give us leverage. I would like to be more open about where we're at with the other options, but I can't be. Appreciate your support. Watch this space, and hopefully, we'll deliver a great outcome in the near term. Thank you.