Hello, everyone, and welcome to Antofagasta. Also, thank you to everyone who's joining on the webcast online. So I'm gonna give a brief summary today of today's agenda. I'm gonna read the forward-looking information disclaimer, and then I'm gonna hand the presentation over to Kevin Parkes. So from an agenda perspective, Kevin's gonna give a 20-minute overview of our compelling business as well as our strategic priorities. Juan Pablo is then gonna talk about how our South America business is mobilizing for growth, as well as play a couple of videos to bring the region to life for those that are joining online and can't join our tours. That'll be followed by a 10-minute break. From there, Tim Ferwerda will give a presentation on the agile business that is the U.K. and Ireland. Dave Primrose will give a presentation on the steady growth that we see in Canada, and Kieran Holm will present on sustainable growth opportunities in our used business. I'll then wrap up with a financial summary, then we'll turn over to Q&A. So for following these prepared remarks, we'll have an opportunity to ask questions. If you're joining by webcast, please use the questions window on the webcast page to enter questions at any time during this presentation. So our presentation will also be posted on our website, so you can follow along that way. And now I will read the forward-looking disclaimer. I want to remind everyone that some of the statements provided today are forward-looking. Please refer to slides 68 and 69 for important disclosures about forward-looking information, as well as currency and specified financial measures, including non-GAAP financial measures. Please note that this forward-looking information is subject to risks, uncertainties and other factors as discussed in our annual information form under Key Business Risks and our MD&A under Risk Factors and Management and forward-looking disclaimer. Please treat this information with caution, as our actual results could differ materially from current expectations. Okay, with that done, now over to Kevin. Thanks, Greg, and I want to extend a warm welcome to all of our colleagues and investors and analysts that have joined us here in Antofagasta today, and to those of you that are joining us on the webcast. A year on from my, the announcement of my appointment to CEO, I thought it was both helpful and important to provide an update around our strategy. In our presentation today, we'll cover how we've executed since our Investor Day, the structural transformation in our earnings capacity, the scale and importance of product support, and how it will remain a strategic priority for us. How we are positioned for growth moving forward, specifically supported by the mega trends and the energy transition, and we'll also provide an update on our go-forward strategic priorities. Let me take a moment to provide a brief overview of the company. Finning is the largest Cat dealer, with revenues of CAD 9.2 billion over the last four quarters. This year, we're celebrating our ninetieth anniversary of our strong partnership with Caterpillar, and we operate in highly attractive territories in Western Canada, U.K. and Ireland, and South America, where we are today. We have a diverse revenue base, with product support being our largest and most resilient line of business. We have a large equipment base of mining and construction equipment and a growing population of power systems engines. The foundation of our culture at Finning is the safety and wellbeing of our 15,000 employees and our commitment to customer service. I'm very proud to lead this company, and I have the support of a very strong, operationally focused team. So let me take a moment to introduce my team, starting with a brief introduction of myself. I joined Finning in 1996 in the parts department of our U.K. and Ireland headquarters. I've enjoyed a number of sales and operational roles during my 22 years with the company. I did spend five years away from the company following the divestment of our rental business in 2010, and I rejoined the company in 2015. I led our U.K. and Ireland business from 2016 to 2018, moving to Canada to lead that business in 2019, until my appointment as CEO last year. I'm an operationally focused leader. People are my passion, and I really enjoy spending time on the shop floor and with our frontline teams. I'm joined today by the Finning leadership team, who you can see on the chart here. I'm very proud of this team, and it's a strong mix of very long service with Finning. Indeed, our operational leads, Dave, Juan Pablo, Tim, and myself, have almost 100 years experience between us. This is complemented by Greg, Jane, Alex, and Kieran, who bring new capabilities and experience from market-leading organizations. This team has a strong record of strong execution, as evidenced by our performance since our last Investor Day. You will hear from some of the team today, and for those you don't hear from, you'll have the opportunity to ask them questions when we finish our formal presentation. Since our last Investor Day, we have executed very well. I was part of the team in June 2021 that presented our new strategy to deliver breakthrough EPS by growing product support at a CAGR of 5%-9%, reducing costs to 17%, and reinvesting CAD 250 million to compound earnings in our company. We're very pleased that from that Investor Day to the second quarter of this year, we actually grew product support at a CAGR of 21%, despite a higher mix of product support, which is more SG&A intensive and some strong inflation, we achieved 17.3% SG&A. Through this period, we also reinvested CAD 630 million in our business through a combination of acquisitions and share repurchases. The result of this strong execution is significantly increased earnings capacity. Over the last four quarters, we achieved a record EPS of CAD 3.75. This record EPS is both structural and transformational. Comparing 2018, a strong pre-pandemic year, 2021, our last Investor Day, and current performance, product support has grown significantly, both from a dollar and a revenue mix perspective. When you combine this with disciplined cost management, the result is record margin. Our consistent share repurchase program means we have 10% less shares outstanding, and this results in significantly transformed earnings capacity and record ROIC for our business. We are yet to increase the velocity in invested capital turns in our business, as we've supported extremely strong growth in all of our regions, and we continue to make strong commitments to our customer through a challenging supply period. This highlights a key opportunity to improve invested capital turns moving forward, increase ROIC, and build even more resilience into our business. Absorption is a key metric we use internally. Basically, it measures the proportion of our costs which are covered by our product support business, our most resilient line of business. As we note on this slide, this ratio is now significantly above 100%, which means our earnings are more resilient and reliable. Switching gears to looking forward. Our business is well positioned to benefit from a number of mega trends, including the energy transition, connectivity and automation, and the asset sharing economy. Finning is uniquely positioned to support the energy transition, supporting our customers to mine the minerals required to support the energy transition, build the infrastructure required for electrification and decarbonization, and provide power resilience to support electric power generation and renewable redundancy. We do this in a sustainable way and believe the energy transition will expand our addressable market and create exciting opportunities to grow sustainably. You will hear from the team this morning how we are embracing mega trends around connectivity and automation and asset sharing through profitable rental services. I want to take a moment now to just provide a high-level update on the macro in each of our regions. We are here in Antofagasta, Chile, for a reason. Chile represents 80% of our business in South America and 34% of our revenues globally. This region is rich in the resources and critical minerals required to enable the energy transition, and this region is mobilizing to support the growth in the production of copper and lithium, which has to significantly increase moving forward. Juan Pablo will talk more in detail about this region, and we're excited for those of you that are here with us in Chile to demonstrate and show you over the next few days how we are building capabilities and capacity to capture the growth in this region. Moving to the U.K. and Ireland. Tim will provide more, color on this region, and we describe this region as resilient and agile. It has a large population, aging infrastructure, and decarbonization is moving faster in Europe than other areas of the world. We have built a lean and agile operating model to support major infrastructure build and the growing demand for low carbon energy and data processing. Dave will talk more about how Canada is positioned for steady growth. The energy sector is very robust, and the outlook is constructive due to the supportive economics, disciplined CapEx spending, and increased export capacity. The government of Canada is also committing more capital to low carbon, carbon energy projects and infrastructure. Turning to our go-forward strategic priorities. Recent performance reinforces that our current strategy is working, and we plan to build on that in a number of ways. Firstly, and most importantly, by unleashing the full potential of our people. Our team is our largest competitive advantage, and we are committed to providing a safe, secure, and prosperous place for them to work. We are also committed to empowering our team to make decisions which build customer loyalty. Driving product support remains our primary strategic objective. Why? Because it builds customer loyalty through greater integration and performance. It is our most resilient line of business through contracted recurring revenue, and it's our largest driver of value and continued earnings growth. We will continue to optimize our operating model and culture. Full cycle resilience is a new explicit strategic objective, and this includes building more contracted revenue than contracted costs, continuing to optimize and variabilize costs, and increasing working capital velocity, with the objective of building more reliable and consistent earnings. We are also building a sustainable growth platform. This will increase our addressable market, protect and grow our future product support business, and future-proof us against the mega trends which I spoke to earlier. You will hear more specific examples of this strategy from our regional teams this morning, and in summary, our refreshed strategy is designed to deliver strong ROIC through all market conditions. I'm very focused on simplifying and prioritizing our business, so I'll attempt to do that now. Many of you are familiar with our business, but for those of you who've not, let me take a moment to explain our business model. It all centers around capturing product support through the asset life cycle. It starts with a new equipment or engine population, and this can be through a capital lease, capital purchase, or indeed through rental, which is a growing source of population. Really important to note is that our installed base has actually grown 9% since 2021, with a clear priority around products which have a greater product support potential. Next in the cycle, we will hear from the team about how we are capturing more CVAs or customer value agreements at point of sale. CVAs can take many forms, but essentially, they're designed to improve equipment, performance, and reliability for our customers, contract product support revenue, and provide greater certainty and planning opportunities for Finning, and increase our product support market share. Next in the cycle is the second life opportunity. This is the critical moment in the asset life cycle. Our priority is to ensure the equipment stays in our territory as product support intensifies in years 4-10. The second life opportunity exists in a number of ways. This could be a major component rebuild for an existing customer on an existing machine. It could be a used sale to a new customer with rebuilt components, or simply a used sale to a new customer with a future product support opportunity. We then provide a CVA again for the second life of that equipment, until it is time to discuss a new machine purchase or full machine rebuild at the top of the cycle here. Again, a rebuild can take many forms. It can be a full machine rebuild, which essentially brings the machine back up to new standard, a partial rebuild, which focuses on major components and electrical systems, or a customized rebuild to suit whatever the customer requirement is. Then the asset life cycle starts all over again. On this chart at the bottom, you'll see how we're working with Kieran to bring used equipment into our territory, support our customers, and increase our population. We are also building capabilities to profitably participate in used equipment sales when assets do indeed leave our territory. We have strong alignment with Caterpillar. Our focus and prioritization of product support is in complete strategic alignment with Caterpillar and their services growth strategy. I want to reinforce to you that Finning is fully committed to services growth. We are confident we have the opportunity to grow, and we are building capabilities, capacity, and coverage to capture this opportunity. We've experienced strong product support growth. We achieved a 7% CAGR since 2016, and that CAGR has increased to 15% since 2020. Important to note that when we have seen declines in product support, the decline has been less than 10%, and free cash flow generation in that period has been very strong. We are confident we have the opportunity and capabilities to continue to grow, and the team will talk more about this in their regional updates. We're very focused on building more greater resilience into our business. Resilience means greater security and certainty for our employees, continued support for our customers, strong partnership with Caterpillar, and reliable returns for our investors. We have previously described this as a mid-cycle operating model, and we've made great progress in increasing flexibility and efficiency in our service operations, reducing corporate costs, and increasing our operating leverage. Going forward, we will express this as full-cycle resilience, and we'll continue to drive revenue resilience and cost flexibility. Invested capital velocity is our primary focus within full cycle resilience, with the objective of improving customer service levels and driving more efficiency into our operations. You will hear from the team this morning about more specific examples on how we plan to do this. We're excited about sustainable growth at Finning. We will build out from our core business with a focus on growing our addressable market and future product support opportunities. As I described earlier, building used equipment capabilities is a great way to increase the installed base in our markets and the subsequent aftermarket potential. It is also a great capability to drive full cycle resilience when customers are de-fleeting. You'll hear more about that, about this, this morning from Kieran. Dave will provide an update on how we plan to grow on our solid base rental business to support our customers, grow our addressable market, especially in the small and retail customer base. We also plan to power up our business by building capabilities in prime power solutions, capacity power to support growing demand for electrification, and standby power to provide grid relief to support grid resilience. Tim will talk about this later this morning. Excuse me. We are committed to sustainability at Finning. We are working with utilities in our regions to source clean energy. 21% of our electricity is now sourced from renewables, and we are operating efficiently, which results in a commitment to reduce our greenhouse gases by 40% by 2027 from our 2017 base, and we are well on track to deliver this. We are working with our customers to help them decarbonize their operations. This is a real priority and actually our largest opportunity to reduce greenhouse gases across all scopes. This will take time and progress at different paces based on geography and application. Juan Pablo will talk more about this and the work that we're doing with BHP here in Chile at the Escondida mine. And with other customers, we're working with them to build individual greenhouse gases reduction pathways. This starts with optimizing their fuel usage through data and digital tools, switching to lower carbon sources of fuel, including CNG and RNG and renewable diesel. Indeed, our 4Refuel business is leading the way in providing energy-agnostic fueling solutions to a growing base of customers. We are proud of our sustainability report, which is now in its sixth year, and encourage people to take a look at that. We believe Finning South America is a premium business. I want to reinforce why we elected to hold our Investor Day here in South America, and specifically in Chile and the Antofagasta region. We want to bring attention to what we believe is a premium business. The region has compelling growth opportunities. Finning has a strong, operationally focused management team, a highly engaged employee base, large and growing installed base of equipment, best-in-class capabilities, and we are building more capacity, as some of you will see later today. Our business is strong and growing, earnings are expanding, and return on capital is extremely strong. In summarizing my remarks and reinforcing the key takeaways, driving product support remains our critical and primary strategic objective. It builds customer loyalty, increases customer performance and uptime, it's our most resilient and contracted line of business, and largest driver of value and continued earnings growth. We will continue to optimize our operating model and culture around full cycle resilience. It's a new strategic objective, building more contracted revenue than costs, continuing to optimize our cost base and our capital velocity, and increasing our earnings, reliability, and consistency. We are also building capabilities to drive sustainable growth from the core out around used equipment, rental, and power generation. This will grow our addressable market and provide future product support opportunities. From a regional standpoint, South America is a premium business and is mobilizing for growth. Our largest business in Canada is well positioned for steady growth, and our U.K. and Ireland business is resilient and supports innovation and efficiency within our company. That concludes my remarks. I'll now hand over to Juan Pablo for a South American update. Juan Pablo, please. Oh, thank you. Thank you, Kevin, and good morning, everyone. Thank you for joining us, whether you are participating in the room or through virtually. Today, I wanna share with you, you know, the competitive advantage and competitive capability we have, which have been helped us today, winning today, and how we're building new capabilities and capacity to support the growth in the future. I am Juan Pablo Amar, and I am responsible for Finning South America, which include Chile, Argentina, and Bolivia. I have been with Finning for over 30 years, including the last 3 years as President. I joined Finning Santiago back in 1992, and I have had the opportunity to lead several finance roles and areas across our operation for more than 20 years, including the finance VP role back in 2013-2017. More recently, I had the opportunity to lead our business for Chile and Bolivia. We're very proud of the strong and experienced team we have in South America. We are operating a premium business, and we have been able to improve customer value and delivering an excellent financial performance. Our total on adjust, adjusted cap, adjusted invested capital exceeded 26% in the second quarter. We have a world-class facility and industry-leading technicians to serve our customer. Those of you who are joining us in person had the opportunity to visit a few of our facilities yesterday, and we look forward to showing you more of our mining facility later today and tomorrow. We're expecting a significant growth opportunity as part of the accelerated copper and lithium demand. That's why we are hosting the Investor Day here in Antofagasta mining region. This region accounts for roughly 20% of the global copper production and 30% of the lithium production globally. Finning South America is a CAD 3 billion revenue business that represent about 35, 35% of Finning consolidated net revenue. We have a total workforce over 6,000 employees. Almost half of them are qualified mechanics. Chile represent 80% of our business, with mining being by far the largest market segment, accounting for 64-65% of our revenue in South America. As you can see, we have achieved a very strong growth in our growth support business over the last three years, which is a result of a disciplined execution of our strategy to capture after-market demand and share. Growth support, in our case, is 54% of our total revenue in South America over the last twelve months, driving our improved profitability and record return on invested capital. One of the key competitive advantages in South America, in our industry, we have an industry-leading employment brand. Our success is a result of the strong employee value proposition. We have a highly committed, loyal, and skilled employees who are delivering outstanding service to our customer every day. We take pride in developing our employees and offering them an exciting opportunity to grow with Finning. We place a particular emphasis on increasing the participation of women in the industry, and we are making great progress. We now employ over 800 women, an increase of 37% from 2021 levels. Furthermore, we are proud to have a world-class leadership team in South America, with a diverse mix of skill sets and extensive international business experience. The team has an excellent track record on improving the business, proactively mitigating risks, and delivering a strong result to our customer and shareholders. Now, turning to slide 22. Turning to our service network coverage in Chile. As you can see, northern Chile is home to the local mining industry, where we have developed an extensive network of branches, parts warehouses, and other operational sites, including present or at almost major mine sites. Our main facilities servicing our mining customers in the region includes the Component Repair Center, Integrated Knowledge Center, and our Technical Training Center here in Antofagasta, in Antofagasta City, as well as a Parts Solutions Center and an Assembly and Repair Center that we're gonna visit today in La Negra. Similar to Canada, we are operating a component remanufacturing business, which plays a very significant role, not just in reducing costs and extending the life of our assets and component to our customer, it's also reducing waste and the need for water and raw material. We have had a significant increase in component repair capabilities. Today, we repair 24-25% more components on average each month than we did back in 2021. We continue to hire technicians as we grow product support business across all industries. In mining, we have had a lot of success in renewing and extending our existing product support contracts, as well as winning additional markets at aftermarket business. Technology training has always been a key focus area for us. As you saw yesterday at the technical training center, we are offering industry-leading courses and enhanced training to develop our capabilities in two critical areas required for the future of mining: supporting autonomous operations and maintaining and repairing electric equipment. The next slide outlines our plan to increase capacity in Antofagasta and make our operational service coverage in this area more efficient. We continue to look for opportunity to optimize operations and our capital base and expand our capability in Antofagasta region. Specifically, we plan to sell our Antofagasta construction branch and relocate our service operation to La Negra. We will also add a new electric component repair area to our component repair center to support our increasing number of electric equipment in the region. The plan is self-funded, as we expect, we expect to sell our current Antofagasta branch at the city. We're also investing in updates to our sales areas, space, office space, and another facility to improve employee and customer experience as we build enough capacity for the growth. Next, I will show you a video with an overview of our South American business for those of you who won't be able to join in person. Let's take a look. At the gates of the Great North of Chile, in the Antofagasta region, where 25% of the world's copper is produced and the Atacama Desert meets the ocean, Finning South America greets and welcomes everyone with whom we share the purpose of generating positive impacts to each of our stakeholders. Because in its 90 years of history, Finning has grown in alliance with its partners, its workers, and its communities, committed to the care of people and the territories where we operate. As the largest Caterpillar distributor in the world, Finning in South America celebrates 30 years of presence in Chile and 20 years in Argentina and Bolivia, with a team of more than 6,000 workers located in 80 facilities in the region between branches, service centers, and mining contracts. We are a global company that, since its inception, has remained true to its promise of providing excellent service, placing the customer at the heart of everything we do. We are passionate about being the trusted partner of small and large companies in the energy and transportation, construction, oil and gas, forestry, and mining industries. Innovating in technologies to provide our customers with solutions that maximize their operational efficiency, productivity, and risk reduction at work. Because for Finning, safety is a fundamental value. In recent years, we have managed to reduce the frequency of significant incidents as a result of training activities, risk assessments, inspection procedures, audits, and many other tools that have allowed us to ensure that our people go home safe and healthy at the end of each shift. We are focused on building talented and inclusive teams, where diverse perspectives are respected and valued. This is how, in recent years, we have trained more than 1,000 women in technical and mechanical trades through STEM interventions, bridging the gender gap, betting on female talent, and contributing to employability. At the same time, we work hand in hand with our communities, benefiting more than 6,000 people in South America through training workshops and programs that have an impact on future vocational decisions, which have made it easier for more people to opt for professional technical trades for the productive industries in which Finning operates. All of the above, based on a robust sustainability policy, which has led us to minimize greenhouse gas emissions in our facilities and fleets, improving waste management, rebuilding equipment and components, generating circular economy, and researching the use of clean and renewable energies as part of the solutions we deliver to our customers. In this way, we will continue to move forward, building strategic alliances to become an increasingly reliable, collaborative, innovative, and passionate company that continues to be the trusted partner of our investors, customers, employees, and communities in each of the countries where Finning is present. Okay, let me explain why we are very excited about the future of our business. I'm in slide 24. We are very well positioned in South America to benefit from the global electrification, mining digitalization, and the significant investment needed in the infrastructure going forward. Those are the foundation of our strong growth opportunity going forward. First, remember that Chile produces 25% of copper globally, being the number one copper producer in the world. We also have under our territories the little triangle between Bolivia, Argentina, and Chile, with more than 50% of the resources worldwide. Second, our customer, the global copper producer, are leading the way in decarbonizing their operation and implementing a more sustainable mining ecosystem in their mine sites. Our latest strategic win are a testament to Caterpillar's and our strong competitive position to continue capturing opportunities and growth our market share in mining. And finally, Chile has a strong potential to continue developing renewables industry. We are seeing a very rapid increase in renewables supporting electric grid. And while renewables are good for the environment, they are not as stable as the, as the power sources they are replacing. The grid stability is one of the, is one of the most, or one of the most important challenges we are facing in Chile. Finning South America is very well prepared, positioned to provide reliable power to our customer and help to stabilize the grid through our solutions. We see today in Chile an improvement operating environment. The new royalty framework was approved early this year. Inflation is under control and moderating, and the social situation is stable. In case of Argentina, we are very excited about the renewed investment in the oil and gas development in the Vaca Muerta, Neuquén Province, with the first phase of the Néstor Kirchner pipeline having just recently started. So next, I'm in slide number 25. I would like to spend a couple of minutes on the latest development in Chile, which are summarized in this slide. We are encouraged by the improved business environment and higher clarity and stability to our business community going forward. Last May, Congress approved, the Chilean Congress approved a new mining royalty. The bill was approved by the President in August and will come into effect starting in January 1, 2024. The total taxation will be capped at 46.5% of profit, including the new royalty plus the income tax. The new royalty puts Chile in average tax rate, similar with other competitive mining jurisdictions. This, this outcome provides improved clarity for foreign investment. The work on the new Chile Constitution is progressing well, and the new process is a, is a positive development for the business community. The revised draft of the new constitution is expected in the fourth quarter, and the national exit referendum will be take place in December seventeenth. We will move to the next slide. Another metal that plays a critical role in the energy transition is lithium. As I mentioned earlier, Chile, Argentina and Bolivia contain over 50% of the world's lithium resources and accounting for approximately 35% of the lithium production as of 2021. The global demand for lithium is expected to grow approximately 8 times by 2030 from 2021 levels, to meet estimated lithium demand based on the global net zero targets. We see incremental opportunity for Finning in the, in the long term. It is estimated that each new operation needs 9 100-ton trucks, 4 dozers, 4 excavators, and 5 loaders. In addition to a strong outlook for mining, we expect to see a ramp up on the industrial activity in Chile. I will highlight a couple of examples in the slide that is presenting. Of the 178 billion total capital expenditure expected for Chile in the next 10 years, $80 billion is projected to be allocated in roads and highway infrastructure. This will directly benefit our construction customer and will provide significant opportunity for Finning in all lines of business. On the other hand, we are particularly excited about our electric power generation business. With the growing investment in the rapid development in the data center market. A large number of large-scale projects in Chile and Argentina has been announced recently for the global cloud providers. Our current backlog includes $50 million in orders for data center projects in Chile. And we believe that we are in a great position to win more business in this growing market, leveraging our U.K. expertise in this area. Now, let me go back to copper, which is our main growth area. Chile has the world's largest copper reserve, and global demand for copper is projected to outpace supplies, starting in 2025. Codelco's studies suggest that meeting projected global demand for copper requires production to increase from 25 million tons per year today, to over 31 million tons per year by 2032. This means that the world will need to build at least 5 projects the size of Escondida over the next ten years. Codelco's latest report outlines 53 projects of various stages of planning and development in Chile, with expected total mining investment of $74 billion. 60% of this, it is related to brownfield expansion, and 40% it is related to greenfield projects. Most mines in Chile are mature and have declining ore grade profile. This means that our customers have to move more material to maintain or increase production, which require large equipment fleet that travels longer distances and run more hours every day. We have seen a 44% increase in mine volumes since 2008, which has been a key driver for our mining product support, fleet renewal and also incremental fleet. The recent government approval of large-scale brownfield expansion and increasing customer confidence to invest into brownfields and greenfield project is a positive trend that support our strong outlook for the mining business in Chile. As we can see in the bottom, we have copper projects, not just in Chile, also in Argentina, where we also have leading industry capabilities. In terms of projects going forward, going ahead, today, Q2 is the main example, and we do expect several brownfields, and greenfield mines to go forward in the future. Both are very important for us. For example, the incremental equipment population achieved in the BHP Escondida in itself represent equivalent fleet to a new greenfield. So I'm gonna reinforce this one. So the following slide show the size of the equipment and pro support opportunity from the development of a new copper mine. At a high level, there is a variety of equipment required, from support equipment and power system plant solution in the early stage phase, to production equipment, which are the ultra-class trucks, shovels to drills. So when we are in the production stage of the mine's life cycle. We also mention two things here. One, the intensity and demand of equipment increasing as the mine matures. And second, the support equipment and also the power system equipment are used throughout the entire life of the life cycle. For example, a copper mine with 25 years of useful life that produces 150,000 tons per year, will need 29 ultra-class trucks, four shovels, eight wheels, and at least 42 support equipment in the first five years. But as the ore grades decline, we have deeper pits, longer distances, and operating conditions become more and more challenging. The number of trucks to move material at the peak production will be more than double. In addition to the new equipment opportunity, this also create a significant need for product support. Now, I will spend a few minutes speaking about the key drivers of our product support growth in mining. The industry dynamics in Chilean copper are providing a strong support for our product support. As you can see at the bottom left, our total product support revenue has been closely tracking mining volumes in Chile over the same period. We are supporting a very large population of mine equipment with an aging profile, more than 1,000 large equipment, large and ultra-class trucks, and 50, and 50 big shovels, and we continue expanding our installed equipment installed base. Codelco's Radomiro Tomic and Ministro Hales mines, mines, wins that we have had, which added 22 797, and 13 797, 798 electric drive trucks, respectively. We also continue to deliver the 794 electric drive trucks for QB2 Teck projects. We are starting to deliver the 798 electric drive trucks to Escondida, and later today, you will visit our La Negra truck shop, where we're delivering on average one 798 truck per week. As at the end of June, the ultra-class trucks population in Chile is up by more than 30% since 2019. A significant proportion of our mining product support in Chile is contracted. More than half of our mining product support revenue is generated by two type of long-term agreement. First, MARC, maintenance and repair contracts, and second, LPP, which are the labor plus parts contracts. Over 600 mining equipment, approximately a quarter of our total mining population, is served under this long-term, long-term MARC, maintenance and repair, or LPP, labor plus part contracts. These contracts are U.S. denominated and also inflation-linked. Worth to mention in this point, that we have secured 6 additional major LPP and MARC contracts since 2021, which is, contributed out to our strong product support revenue growth rates that you're gonna see. In addition, we also have CVAs agreement covering approximately 20% of our mining product support revenue in Chile, bringing our total contracted product support revenue mining, in mining, over 70% based on 2022 revenue. As you can see, mining contracts play a key role in maximizing equipment availability for our customer, as those machines operate around the clock and in high-altitude challenging conditions. Fulfilling, for us, mining contracts are the foundation of our steady and reliable long-term growth in our product support business. Electrification and autonomy are the future of mining, and last year, we won the single biggest contract in our history with BHP Escondida. The new trucks will be replacing the existing Caterpillar and also the competitor fleet currently operating at Escondida. The new Caterpillar 798 electric drive trucks with autonomy technology does deliver significant improvement in speed, material moving capacity, efficiency, reliability, and also safety, which is more important for us. But more importantly, that electric drive and autonomous technology are critical in supporting BHP's mining decarbonization strategy. Worth to mention that our agreement with BHP Escondida also include to support BHP diversity and inclusion agenda, with a joint effort to balance workforce, men and women, at Escondida mine site by the end of 2025. And the second, to invest in the local community through education and technical programs for our Antofagasta region. In addition to BHP Escondida, we are also supporting 16 794 electric drive trucks operating in Teck QB2, and 13 798 electric drive trucks at Codelco's Ministro Hales mine. In case of Teck, QB2 is also implementing autonomous trucks. We have a strong competitive position and leading product support capabilities in Antofagasta to support our mining customer in achieving their decarbonization goals. The Integrated Knowledge Center we visited yesterday will be providing technical support and performance insight for our new fleet and in Escondida. We will continue investing in our capabilities to help our customer drive improvement in trucks' physical availability and reducing the cost per ton. As BHP leads the way in reducing their Scope 1 and Scope 2 emissions, they will look at the dynamic charging solution, and we will work closely to support this effort, bringing our power system capabilities on the table. Now, we want to show you our recent employee videos from Kevin's last visit to Chile, to see more of our people and capabilities in action. Let's take a look. Kevin, buenos días. Hola. Juan Carlos Pulgar, instructor técnico del área de capacitación de Finning Chile. Aprovechando la instancia que nos encontramos acá en nuestro centro, uno de los más importantes del país, de Finning, quisiera aprovechar de consultar acerca de las capacidades y competencias que debiera tener el personal de Finning para, en el futuro, seguir siendo la mejor opción para nuestros clientes. Okay, thanks for the question, Juan. It's super important. This is an amazing facility. I've been here a number of times now, and it's great just to, talking with some of the students who've now gone on their break. Mm-hmm. You know, improving our capabilities is a big priority for Finning. Product support growth remains one of our biggest priorities. And our equipment is changing. The 798, I don't know whether you can see it behind here- Yes. is an electric machine, and mechanical, electrical. And so we need to update our capabilities. So, electrical machines have been advancing for a number of years, but with opportunities like BHP, it's a real accelerator to, to get up our—to increase our electrical capabilities. So, super important that we have places like this and instructors like you- Correct. to help our technicians learn, and to make sure that we have the capabilities for the future, to keep this business successful. Hola, Kevin. Hola. Mi nombre es Valentina Barrera. Hola, Valentina. Trabajo hace 10 años en la compañía, y así como Juan Carlos mencionó que estamos en la sede del FIT, también nos encontramos en la sede de nuestro Centro Integrado del Conocimiento, más conocido como IKC, desde donde aportamos a la propuesta de valor al cliente con soluciones de inteligencia y tecnología. En este contexto, ¿nos podría comentar acerca de las proyecciones y oportunidades que se nos presentan con la cartera de clientes a través de la inteligencia de datos, tecnologías y automatización? Sí, so data and technology have been growing really quickly in our company and very quickly over the last five years. And the IKC, which was pioneered in this building, has been a huge success for us. We have similar operations in the U.K. and in Canada. But as the machines have been more and more connected, they send us more and more data. It's really important that we take that data, we use our expertise, which you all have, and we give that to relevant information to our customers, or internally to our technicians or our site performance experts, but equally to the supply chain as well, to give them an indication of how many parts we need or how many components we need to build at the CRC. Data will continue to become a more important part of what we do at Finning. We need to move now into optimization. There still remains lots and lots of opportunities for our customers to use their fleet better, for us to be able to provide support and supply chain to our customers. Now, turning back to pro support, I'm in slide 32. Our pro support growth strategy is closely aligned with Caterpillar and is based on three key drivers. One, CVAs, rebuilds, and growth equipment population. First, CVAs, Customer Value Agreement, is all about integrating with customers and deliver performance and value across the machine life cycle. From a basic CVA self-service option, those are basically parts kits to our small construction customers, to a job site solution type of CVAs, which is in mining, our MARC and LPP contracts. In construction, we are also leveraging our digital capabilities to offer CVAs to customers with machine that have reached the high opportunity pro support opportunity, which is the age of 4-10 years old machines. About 80% of our active construction machines in Chile have more than 4 years, and we have seen over 30% CVA growth in the construction market since 2021. A high proportion of our customers is taking advantage of CVAs with repair and rebuild options. CVA renewal and higher CVA penetration, of course, for us, is our main areas of focus. Second, Caterpillar equipment is built to be rebuilt. We see an upside, an upside from growing demand for rebuilds. We leverage our customer relationship and service network in the construction, and we target rebuild for a specific mining, with the goal of-- to offer an attractive option to customers looking for a new-- so to renew their equipment at a low, at a lower cost than a new. We are on track to grow our construction revenues by 50% this year compared with, compared to 2021. 50%. The wheel loader we recently built in our Copiapó branch is a good example. You can see at the slide in the bottom. And lastly, we have been expanding the equipment population in our territory, and we expect to continue to do so through various channels, including nearly 700 machines in our current backlog. We expect to grow our total active equipment base to grow by 8%, 8% since 2021. To summarize, in the next slide, the following growth drivers are the key foundation of our product support outlook in South America. First, equipment market leadership. We continue to increase install base, the install base of equipment from our market share wins in mining, including the electric drive trucks, in construction, and also in power. The projected increase in mine volumes and production, the new mining product support contracts in place, and continued contract escalation factors, and the new technology platforms and tools, such as e-commerce, that enable greater visibility into product support need of a retail customer who operate a small fleets. Going forward, we expect our product support revenue in South America to grow at an average annual rate exceeding 8% through 2025. And lastly, we have a significant opportunity in South America to continue improving our invested capital. We are building differentiated capabilities to improve velocity on parts and equipment distribution into Southern Cone, including how improve shipping lead times and reducing the number of days to get parts to our warehouses. We will be automating our warehouses operation using the latest technology, such as robotics and conveyor for to move small parts. And we are driving efficiencies and reducing component cycle times at our CRCs with integrated planning, including our customer, improved critical parts availability, and continuously improving our processes. All these initiatives are designed to increase capital velocity in a very sustainable way. We target CAD 125 million-CAD 175 million reduction in invested capital for South America by 2025. Most of this is expected to be achieved through our higher velocity in our working capital, which are parts, components, service ordering process, and equipment preparation. To conclude, we are very proud of our achievements, and we are very excited about our future in South America. We have a dedicated and experienced team and the best-in-class capability to continue delivering exceptional service to our customer and win new businesses. I would say there are three key takeaways for our South American business. First, we're very well positioned to capture aftermarket opportunity in all sectors as our region mobilize for growth. Second, we will continue disciplined execution of our strategy, and as Kevin, you know, outlined earlier, with an emphasis on driving improved capital velocity. And finally, we see a great opportunity ahead of us as we're helping mining customers to meet their long-term decarbonization objectives. Over 200 Caterpillar electric drive trucks have been already committed by our customers. With that, we will now go for a 10-minute break. Thank you. Good morning, everyone. My name is Tim Ferwerda, and I lead the Finning dealership in the U.K. and Ireland. I've been with Finning for nearly seven years, of which the past two in my current role and the five years prior, leading sales, marketing, and distribution for the dealership. In the U.K. and Ireland, the shape of our business is different, with a diversified customer base across construction industries and a proportionately large and thriving power systems business, with strong capabilities to serve our customers and to support colleagues in the other Finning regions. Due to the different market dynamics in the U.K. and Ireland, product support represents a smaller proportion of our revenue portfolio relative to the other regions. Nonetheless, it's a profitable and growing part of our business with ample future runway. By building on existing strengths, developing new capabilities, and expanding our addressable markets, including, but not limited to, the recent addition of Hydraulic, a leading provider of hydraulic services in the U.K. Our strong performance in product support and power systems continues to drive sustainable earning growth and resilience, delivered through a lean operating model with invested capital terms of three, resulting in ROIC in excess of 15%. In addition, the U.K. and Ireland business has proudly led the way globally on a number of breakthrough initiatives, such as Triple R, centralized parts distribution, and equipment preparation. You'll hear more about these and other initiatives from me and my colleagues today. Turning to the macro outlook in the U.K. and Ireland. Fundamentals driving the industries we serve remain robust, and the medium-term outlook is positive, with significant government spend in infrastructure and energy transition planned over the next decade. This will have positive knock-on impacts on the quarrying and aggregates and industrial and waste segments, which are important drivers of product support activity. The energy transition is driving increased demand for primary and backup power generation, and continuously growing demand for cloud storage and the emergence of AI will require significant data center capacity growth. At approximately 45,000 machines per annum, the unit volume of construction equipment is large relative to the other Finning regions, driven by high penetration of plant hire, also known as rental. Customers in that segment typically have shorter equipment life cycles, which limits product support, but creates a significant used equipment opportunity that we will be participating in. You'll hear more from Kieran about the global used equipment opportunity later. Let's take a closer look at our product support business. We have grown product support revenues across all industries, largely driven by customer value agreements and rebuilds. In parallel, we have expanded the asset population and leveraged new capabilities to grow the addressable market. Customer benefits of CVAs include higher uptime and more predictable cost of ownership. For Finning, CVAs secure revenue, drive operational efficiencies from better planning, and enable incremental sales capture from increased customer touchpoints. Nowadays, the vast majority of all new assets we sell go out with a CVA, and we have made step improvements in customer experience and renewal rates in parallel. This has resulted in CVA revenue growth at a 30% CAGR and an active CVA population that now exceeds 10,000. In addition, we're giving more assets and components than ever before, a second life through our rebuild offering with compelling economic and sustainability benefits for our customers. Using connected asset data, we work closely with our customers to plan the rebuild well in advance, which minimizes asset downtime, secures future revenue, and enables operational efficiencies. On top of doubling the number of rebuilds, we are now returning most of them back to our customers with the CVA. The growing in-territory Cat asset population expands the addressable product support opportunity, and we have seen a material increase in the installed equipment base in both construction and power in recent years. And finally, the acquisition of Hydraulic provides Finning with rapid response capability, and this growing business is already making a material contribution to our product support revenue and the dealership's profitability. Hydraquip also opens up new markets to us beyond the traditional Finning domain, and the vast majority of their revenue comes from non-Cat equipment. Looking ahead, we expect our product support revenue in the U.K. and Ireland to grow at an average annual rate of greater than 6% through to 2025. We will continue to build on our existing strengths in CVAs and rebuilds. We will extend the duration, value, and coverage of our CVAs and expand the range of rebuild models, options, and customer coverage. In addition, we will grow the addressable market. Firstly, by expanding the installed equipment base, with particular focus on product support-intensive market segments with both new and used equipment, recognizing older assets consume more parts and service. And secondly, by leveraging existing capabilities and developing new ones. Prime examples include Hydraulic, with great opportunity to grow in a highly fragmented market, and deploying our evolving digital capabilities to capture incremental business from non-traditional customers. Over the past few years, we have made great strides to make the U.K. and Ireland business more resilient by becoming highly cost and capital efficient. This is underpinned by our lean operating model, a productive and engaged workforce, and digital enablement. Let me show you a short video in which some of my local team explain each of those core foundations. We are delivering growth by driving efficiencies and velocity through our leading service operating model, consisting of Triple R, centralized equipment prep, and the National Parts Distribution Center. Our established rebuild, response, and repair, Triple R operating model, concentrates capabilities in centers of excellence, which drives efficiencies and enables double-digit growth in rebuilds. Centralization of our prep operations into a single facility has significantly reduced cycle times and optimizes equipment turns. We have doubled prep volumes without adding capacity. This year, we have reduced to normalized levels without increasing the cycle times. We have optimized parts stocking and distribution through our national distribution center, resulting in improved customer service with best-in-class parts turns. I'm focused on three new capabilities: case management, workforce enablement, and remote services, that together will improve the productivity of our workforce. Case management digitizes every customer service interaction. This enables us to grow revenues by having an improved relationship between our customers and our employees, and it also helps us reduce our working capital cycle by providing visibility into every stage of every job. Workforce enablement provides us with the capability to allocate the right service resource to the right job at the right time. This provides us with the ability to increase our efficiency and our capacity and reduce waste from the service workflow. Remote services uses a combination of machine data and expert insights to remotely diagnose and fix customers' assets the first time. Remote services enables us to fix more assets sooner. This increases customer asset uptime and reduces our cost to serve. This year, we will remotely diagnose and fix over 4,000 assets e-commerce complements our existing sales and service channels, enabling us to serve existing customers in new and different ways. This matters because we know that existing customers spend up to 23% more with us when they use e-commerce as part of their channel mix. It enables us to extend our reach and grow incremental sales from new customer segments where we're not traditionally strong, for example, the smaller retail customer, and it allows us to guide more straightforward transactions through a lower cost channel. Our customers increasingly expect to be able to self-serve in their day-to-day interactions with Finning, and CUBIQ is our digital access point into the dealership, which allows customers to manage their accounts and track their business with us, which in turn allows our people to focus on adding real value in the moments that matter. CUBIQ puts sophisticated safety, sustainability, and productivity insights into the hands of our customers, allowing us to generate incremental recurring revenue through the loyalty that that brings. Done by Janine, Neil, Rachel, and the broader teams. The initiatives and capabilities shown are deployed across Finning's operations globally. In the U.K. and Ireland, we are planning to reduce invested capital by CAD 100 million by 2025, by improving the velocity across our operations further and optimizing our pension assets. As mentioned by Kevin earlier, we see our power generation capabilities as a driver of sustainable growth. Power Systems represents 25% of total U.K. and Ireland dealership revenue and is underpinned by strong capabilities, positioning us to benefit from the favorable market outlook. The energy transition is driving increased demand for electricity. Most predictions suggest an increase of up to 50% in total electricity demand by 2035. Finning plays an important role in supporting that demand, where the local utility grid infrastructure does not support the demand, industrial users have high demand for both electricity and hot water, or utility generation is unable to meet with short-term demands. The increased demand for electricity will expand to the construction and quarry sites of the future as electrification progresses. Our product range, customer relationships, and capabilities mean that we are well-positioned to work with customers on their future energy needs, regardless of the application. Data centers are a key industry segment for us in the U.K. and Ireland. Data center infrastructure is anticipated to grow by 5.5% per year through to 2030 in our local market as cloud storage and AI drive demand. The product support pull-through is strong, with over 90% of our installed data center population under receiving. Our experience and strong capabilities in this space are well-recognized in the industry. We work closely with other Caterpillar dealers across Europe and with the other Finning regions, such as the data center opportunity in Chile, referenced by Juan Pablo earlier. In summary, the opportunities for sustainable power systems growth in the U.K. and Ireland are evident, underpinned by a strong market and the capabilities of our engineering and project management professionals. And we will continue to support building capabilities in Canada and South America, so that we can capture the increasing demand for prime, standby, and capacity power as customers in the Americas electrify. To conclude, we have a strong and growing product support business in the U.K. and Ireland. Used equipment and Hydraulic are examples of levers to grow the addressable market. We have built a resilient business that is highly cost and capital efficient. Finally, we have a thriving power systems business that is well-positioned for the energy transition. I am confident that there are even more and better things to come from this going forward. With that, I will hand over to Dave Primrose, who will cover Finning Canada with you. Thank you. Thank you, Tim. Good morning, everyone. I am Dave Primrose, and it is my pleasure to be with you here today in Chile. This marks my 35th year with Finning, and during that time, I've had the privilege of holding several roles across the organization, including in operations and construction, mining and power systems, but also roles in finance, supply chain, and human resources. During that time, I've also had the privilege of living in many locations across Western Canada and twice in the U.K., most recently as the managing director for our U.K. and Ireland business. Today, I am pleased to be addressing you as the President of Finning Canada. Our Canadian operations include British Columbia, Alberta, Saskatchewan, the Yukon, Northwest Territories, and a portion of Nunavut. In addition to our dealership business, we have a market-leading on-site refueling and energy agnostic solutions business called 4Refuel, that serves over 6,000 clients. I've held my current role for almost 2 years, and in that time, together with our experienced Canadian leadership team and our 6,300 dedicated employees, we have been focused on driving product support growth and expanding our operating leverage. In Western Canada, we have a very diverse business, with product support contributing nearly 60% of our net revenue. Additionally, Canada is the largest business and contributor of earnings, and we have significantly increased our operating leverage and grown our return on invested capital, which has increased by 400 basis points since 2018 and is now exceeding 20%. So in Western Canada, we see broad-based strength across our diverse end markets, including strength in the energy sector, ongoing infrastructure spending, and increasing demand for power solutions. In the energy sector, healthy and disciplined customers are steadily increasing reinvestment levels, expanding, refreshing, and rebuilding their equipment fleets. Western Canada is also investing broadly in infrastructure, be it new roads, bridges, pipelines, commercial, residential construction. This commitment from federal and provincial governments to development continues to drive demand for construction equipment and product support across our territory. With major pipeline construction approaching completion, we expect an increase in activity upstream as capacity is added. And finally, with the expansion of the industries and communities across western Canada, there is an ever-growing demand for reliable, efficient, and sustainable power solutions, from backup generators to sustainable power solutions, and we have strong capabilities and a vital role to play in partnering with our customers in providing electric power solutions. This chart shows our oil sands customers' EBIT relative to CapEx over time. As you can see, they are in a strong financial position today, living well within their cash flow. I've been around this business for a long time, and I can tell you that our customers today are being very disciplined. As you can see, they are increasing their CapEx at a steady pace, which we think is a healthy backdrop for the industry, but also for Finning in the years to come. This is one of the key reasons why we have a steady growth outlook for Canada. There are two major pipeline projects approaching completion, the Trans Mountain Expansion and the Coastal GasLink, and they will add significant capacity to move heavy oil and liquefied natural gas to end markets. As the Trans Mountain project completes, this will create an additional capacity of 590,000 barrels per day of heavy oil, with greater access to international markets. We expect customer production to grow around 3% per year. As the Coastal GasLink pipeline reaches its completion, it will add 2.1 billion cubic feet per day in feedstock capacity to liquefaction facilities. This boost in capacity will require additional natural gas, drilling, and production, and a lot of that incremental business will occur in northeast British Columbia, where we have a very strong presence. We expect to see increased activity across our drilling, well servicing, and compression businesses, as well as incremental infrastructure activity to support access roads, well pads, and associated gathering and processing infrastructure. The engines and machines in this population are a product support-intensive population, and that is great for our business. We have a fantastic product lineup in Western Canada, and as production volumes rise, so does our equipment population and our product support levels. We support a large installed base of mining equipment, nearly 3,000 machines, comprised of mining trucks, shovels, and support equipment such as tractors, graders, and wheel loaders. Our mining installed base has increased by a remarkable 25% since 2018. The majority of our recent equipment wins have been incremental adds to our population in the oil sands with producers and contractors. We've also been growing outside of the oil sands with our base and precious metals customers. Artemis Gold's Blackwater project is a good example of this, where we are supplying a complete fleet of construction and mining equipment with a multiyear product support agreement. Importantly, the average age of our trucks is now over 11 years and our support equipment at 7 years. This fleet is in the sweet spot for rebuilds. Based on customer commitments and discussions, we anticipate rebuilds to double from current levels over the next 2 years, and to help support this level of activity, we will be reactivating 8 ultra-class truck service bays in Alberta. About 75% of our mining product support business in Canada is under a product support contract, whether a specific CVA on a unit or a broad-based multiyear master agreement. Mining contracts play a critical role in maximizing uptime for our customers. As you heard from Juan Pablo and Tim, our product support growth strategy is closely aligned with Caterpillar and based on three key drivers: customer value agreements, rebuilds, and growing our equipment population. First, CVAs are all about growing our relationship with our customers and delivering customer value across the machine's life cycle. We continue to grow CVAs with a specific focus on expanded offerings to support growth during the equipment's peak product support age range in that four to 10 years. Most machines in our territory are now connected and transmitting operating data. This data is analyzed and linked to our PSEs, or our Prioritized Service Events technology, which allows us to monitor the health of our customers' fleets and provide smart leads to our sales force. We have grown our real-time condition monitoring capabilities that supports our customers' fleet uptime and productivity, lowers their total cost of ownership, and drives parts and service loyalty. Second, as was said earlier, Caterpillar equipment is built to be rebuilt. We have seen significant success in our rebuild strategy, with an 88% increase in rebuilds from 2021. We continue to work very closely with Caterpillar on deepening the number of standard rebuild offerings that we have for our construction customers and continue to make them attractive solutions. Lastly, we have a very large installed base of equipment across Western Canada, 44,700 units, which has grown 10% since 2021, including more than 1,700 units in our backlog right now. Growing our population is critical, and we've been spending more time than ever ensuring that we win as much as possible in equipment models and customer applications that have high product support intensity. You will also hear from Kieran on how we are working to maximize the number of used assets that come into and stay in our territory. I am proud to say that the Canadian business has achieved a 9% annual growth rate in our product support revenue since 2016. Going forward, we will continue to build on these record product support levels as we are targeting steady growth exceeding 6% through 2025. Fueling this growth is our strong rebuild pipeline, further expansion of our installed base, penetration of e-commerce, and continued growth of CVAs, both in quantity but also in scope and duration. Now, I would like to bring our operations to life by showing you a video. I'm extremely proud to have witnessed the transformation of the Canadian business over the past two years. Our biggest achievements are bringing the RR R network into operation, consolidating our warehouses in Edmonton under one roof, and continuing to expand our component rebuild capacity. Let's take a look. Over the past few years, we've been bringing our response, repair, and rebuild operating model to life that concentrates capabilities in centers of excellence, which drives efficiencies and positions us for efficient future growth. This strategy, already thriving in the U.K., is bringing benefits to Canada, including improving customer turnaround with a 35% increase to velocity in new equipment preparation, increasing resilience with a 15% increase in labor flexibility, and delivering higher product support per sq ft. In July 2023, we opened our new 140,000 sq ft, state-of-the-art Kamloops facility. The building is energy efficient and sustainable through on-site renewable energy. It houses our machine repair, component rebuilds, Cat rental store, regional warehouse, and customer support center. Supporting our triple R network and operations is our new 235,000 sq ft consolidated Edmonton warehouse that had its grand opening in July 2023. It has consolidated four warehouses into one, improving velocity through leveraging state-of-the-art technology and enhanced processes, leading to improved inventory management. Additionally, we have a 310,000 sq ft state-of-the-art component rebuild center in Edmonton. This building ensures best-in-class component remanufacturing capabilities with exceptional quality and reliability, as well as timely service. Over the last three years, our investments in our core network have created capacity, increased resilience, and improved the productivity of our operations, resulting in improved customer satisfaction and increased inventory quality. Over the next few years, there is significant opportunity to drive further productivity and velocity gains. So as you can see, we have improved capacity and velocity in our Canadian operations. We are still in the early stages, and we see significant opportunity to mature this network and leverage these investments for sustained improvements, and also to normalize working capital levels as supply chains continue to improve. We will work diligently to drive these efficiencies, which benefit all stakeholders, and importantly, drive improved service levels to our customers. We expect to unlock CAD 200 million-CAD 300 million of invested capital from our business over the next two years, while in a steady growth environment. Next, I would like to talk about our rental market and opportunities that we see in Western Canada. This is a business segment with structural growth trends and momentum, as customers are increasingly seeking flexibility for their equipment needs. The estimated addressable market of all equipment rental in Western Canada is over CAD 5 billion. Smaller customers also frequently use this rental channel, and it is an important long-term avenue for Finning to build relationships with new and growing customers during their brand preference establishment years. Our rental business is performing well as we leverage our core capabilities, which includes our facility network, experienced technicians and salespeople, and access to equipment and parts. Our strategy focuses on having the right composition of fleet, with a balanced mix of Caterpillar equipment, as well as specialty and allied equipment. Over 25% of our fleet today is in specialty equipment, which is a competitive advantage when combined with our Cat fleet. We currently have 15 rental locations in all major cities in Western Canada, and while this is solid coverage, we see an opportunity for additional expansion, particularly in the metropolitan areas, where we plan to open two new locations in the next 18 months. In rental, we see a scalable opportunity to grow our addressable market, build new customer relationships, and expand our equipment population. So to summarize, there are three key takeaways for Canada. First, through our dedicated focus on product support, including doubling our rebuilds, we are targeting in excess of 6% product support CAGR in the coming years. Second, we see a CAD 200 million-CAD 300 million opportunity in invested capital efficiency through velocity and productivity gains. Third, as we look to sustainable growth in used, rental, and power, in each of these categories, the largest opportunity lies within the Canadian business, and we look forward to growing these segments sustainably over the long term. So with that, let me now turn it over to Kieran Holm, and he will walk you through the opportunities that we see in the used business. Thank you. Thank you, Dave, and hello, everyone. My name is Kieran Holm, and I am the Executive Vice President of Global Used Equipment here at Finning. It is my pleasure to be here with you today and talk about the global used equipment business. I joined Finning in 2022. Prior to that, I was at Ritchie Brothers for over 17 years in roles such as President of Canada, President of Services, Senior Vice President of Operations, and Managing Director of Asia Pacific. I'm very passionate about building and growing relationships with our customers and developing new strategic markets and products. Let's start by looking at the used equipment market globally and Finning's addressable market. Out of the overall global used equipment market, approximately $300 billion, Finning's addressable market is approximately $5 billion, inclusive of all brands in the construction, mining, and power system sectors within our three regions. We have a mature team of used equipment professionals that enable and support the domestic and interregional mobility of equipment from the construction, mining, and energy sectors. Outside of our three regions, there is a strong wholesale demand for equipment of all types and brands, and we are networked with buyers to facilitate that trade. Finning is well-positioned to grow in the used equipment market. As the largest Caterpillar dealer globally, our name and reputation are instantly recognizable within the used equipment industry around the world. We have a strong internal network of capabilities underpinned by our staff, facilities, and customers in three key global markets: North America, South America, and Europe. We obtain insights and build relationships via our connectivity with customers, as well as their asset data that no one else can replicate. We leverage all of these attributes to grow our used equipment business in terms of trading volumes, internal and external velocity, and market share gain. We do this in service of customer satisfaction. As we can see on the left-hand side of this illustration, dealers play a large and important role in the overall global used equipment market. For in-territory retailing of equipment, the Finning dealerships offer the ultimate level of comfort and convenience to our customers through the quality and quantity of the used equipment on offer, and the availability of warranties and customer value agreements. We are also in the business of wholesaling Cat and non-Cat equipment internationally. Our dealerships leverage the global used equipment team's network of trading partners as an accelerator for their own market share growth. In each region, we have been focused on significantly upgrading in three key areas: sourcing, disposition, and marketplaces to grow our capabilities and velocity. In terms of sourcing, we take a proactive approach to engage with customers during their business planning processes to identify potential opportunities to partner with them in the timing and maximization of the return on their surplus fleet. We are also actively engaged in sourcing activities outside of our regions to secure assets most in demand and grow our installed base in each territory. In the area of dispositions, we strive to obtain the best market intelligence by closely monitoring domestic and in-territory customer buying intentions, as well as international demand on an ongoing basis. Our goal is to realize the best price for the equipment that we are remarketing. In addition, we're striving to offer customers the most user-friendly experience. We are optimizing our multi-channel network of disposition solutions that allow customers to transact with us in their preferred method, whether that's face-to-face or via an e-commerce platform. The in-territory retail sales of equipment is a profitable business. There are margins on the parts and service portion to prepare the machines for sale, and also, of course, in the transaction itself. Moreover, it offers near and long-term opportunities for product support and strong return on investment over the working life of a machine by our customers. The growth of used Cat equipment sold in our regions with warranty and CVAs will continue to generate product support opportunities in the long run. Taking a closer look at our near-term ROIC improvement opportunities, we are continuing to see gains through optimizing our rental rollout and trade-in disposition processes. Having a repeatable and scalable process. Having a repeatable and scalable rollout procedure is critical to the successful rental business. The disposition of heavy rents and allied fleet, which flows through our used equipment revenue, has been achieving higher asset recovery rates compared to historical returns. In addition, used equipment trade-ins are an important part of many new equipment sales as they provide customers with the opportunity to pre-sale, thereby creating more value for the customer while giving Finning a good source of used equipment to remarket. Going forward, we have identified significant room to enhance our used equipment sales velocity, timing, and price realization through a proactive and integrated approach, which combines machine and customer data, data connectivity with increased collaboration among our internal teams and customers. We'll analyze and leverage the information we have on in-demand and in-supply used equipment, sales, timing, and potential buyers, and arrange preparations ahead of time, such as ensuring we have the correct components, tools, and labor ready. Another topic is consignment sales, an attractive area of growth for us as we can improve customer experience while also being more efficient with our working capital. We plan to grow our penetration of consignment sales primarily by enhancing our sourcing capabilities to specifically target consignments that would normally flow to other competitive channels. Meanwhile, we are leveraging and training our sales network to increase their focus on actively seeking consignment opportunities while continuing to support trade-ins and purchased inventory. With our strategic focus on retail consignment, our consignment listing in the first half of 2023 increased by 60% compared to the same period in 2021. In a very recent example, we've secured a large-scale consignment worth up to CAD 20 million with a major Canadian construction company. As Kevin mentioned earlier, our used equipment business brings significant value over the asset lifecycle. A piece of used equipment can be sold multiple times, with product support opportunities captured throughout. It is an integral part of our global strategic priority to grow product support. In Canada alone, it can be generating CAD 100 million-CAD 150 million of incremental product support revenue annually. Moreover, the used equipment business also helps us become a more resilient company in the event market conditions soften. I'd like to highlight our comprehensive D6 Dozer rebuild program here as a great example, that not only offers customers an affordable option with strong value proposition, but would also keep our dedicated technicians fully utilized in times of economic slowdown. A Finning rebuilt Dozer costs less than 75% of the price of new and comes with a warranty and CVA, which benefits, of course, our, our customer, as well as Finning. In Canada alone, there are more than 2,000 D6s that have the number of hours on them currently to be considered near-term rebuild opportunities. With that in mind, we set up what we call a D6 fast lane to increase output and better support customer demand. To give you an idea of the product support opportunity, each D6 consumes almost 3,000 individual Cat parts when a nd then once the rebuild is complete, the machines return to the field in like-new condition and enters its second lifecycle. In a nutshell, the scale and efficiency of our D6 rebuild program is designed to increase equipment population and, as a result, aftermarket share in a high-utilization equipment category. We're also using our global network to minimize the supply and demand gaps within Finning regions and capture more sales and rebuild opportunities. We've highlighted a couple of examples here. In the first, we have a demand in Canada for used Cat 793 mining trucks. We were able to to secure the ideal cores here in Chile. Then the machines were brought to Canada, rebuilt to the customer's specifications, and resold. Similarly, recently, we found surplus used Cat 745 articulated dump trucks in the U.K. We found matching demand in Canada, and we're importing those machines, where they will be upgraded to the Canadian specs and sold to customers. In summary, I'd like to leave you with three key points. The first is that the used equipment opportunity for Finning aligns very well with our global product support strategy and drives attractive ROIC. Second, the global dealership footprint, facilities, technicians, and customer connectivity are competitive advantages for the Finning used equipment business and are very, very difficult to replicate. Overall, this creates full-cycle resilience for the three regions. And third, we see sustainable growth opportunities in a $5 billion equipment market through improving rental rollout and trade-in performance, increasing our rebuild volume and velocity, and growing our retail consignment volume and wholesale trade. This concludes my section, and I'll pass it on to Greg Palaschuk for the financial summary. Hi, everyone. I'll give a brief personal introduction. I'm Greg Palaschuk, CFO. I've been with Finning for nine years. I joined in 2014 as treasurer, then moved to the U.K. in 2016 to work with Kevin and Tim on a pretty significant retooling of that business. Then moved back to Canada to run the Canadian operational finance team in 2018, then was appointed CFO in early 2020. Prior to joining Finning, I was an investment banker for 11 years, the last seven with Goldman Sachs, starting in New York and ending in Calgary. But, that's enough about me. What I really want to do is recap and summarize what you've heard today from Kevin, JP, Dave, Tim, and Kieran. In terms of going forward strategic priorities, as you've heard from Kevin, we're building off the success and momentum of our 2021 strategic plan. We'll continue to drive product support and close alignment with Caterpillar as our top priority. We'll focus on full-cycle resilience, targeting improved flexibility of our costs and invested capital base with a transformation focus on invested capital terms. We'll also target sustainable growth in the areas of used, rental, and power, where we see very large addressable market opportunities today and over the long term. The overarching aim of this strategy is to deliver strong return on invested capital through all market conditions. Zooming in on product support, our largest driver of value and source of continued earnings growth. As you heard from each regional operator, we will be targeting above 8% compounded annual product support growth in revenue here in South America and above 6% in each of Canada and the U.K. and Ireland through to 2025. Continued CVA growth, rebuild growth, and increasing population in each of our region give us confidence in a clear pathway through 2025. And continuing our long-term trend in this profitable and resilient segment, this is the foundation of our strategic plan. Full-cycle resilience has many dimensions. It includes our focus on product support growth itself, our most resilient segment, and working to increase the level of contracted product support revenues. It also benefits from the contribution of segments like used, rental, and power that are very resilient themselves. Today, what we're highlighting is where we believe we have the most immediate impact opportunity for significant financial improvement, and that's on invested capital terms. This slide summarizes the investment capital improvement plans reviewed by each of the regional operator, as well as additional corporate initiatives. We are targeting opportunities to focus the business, improve processes, and increase velocity while maintaining or improving customer service levels in a way that unlocks invested capital. Under the exit optimize category, we have reviewed and will continue to review lower ROIC activities. Examples could include reviewing certain product line activity levels, IT investments with high license fees, reviewing and exiting certain minority investments, and opportunities to optimize pension investments. We're targeting over CAD 125 million of improvement in this area by 2025. In real estate, through our master plan in South America, as well as long-term network strategy in Canada, we have identified excess real estate we plan to sell over the next two years in Chile and Canada, with expected proceeds above CAD 50 million. Increasing velocity in the large is the largest and most important category, and executing a systematic approach, we plan to unlock more than CAD 275 million. In some cases, this will be through fundamental process improvement in areas such as integrated component planning, improved third-party logistics, warehouse automation, new equipment prep velocity, and collections management. In several areas, this will also be supported by supply chain normalization. I'm confident that in your tours that you've seen yesterday, today, and tomorrow, you will see a significant amount of activity happening in this region, but you'll also see a number of opportunities for our inventory and assets to move at a faster velocity through our customers. In the U.K. and Ireland, we have led the way in terms of invested capital velocity. Their turns are already at 3 times invested capital turns and are in low teens in terms of sale to working capital. The overarching objective here is to improve our consolidated invested capital turns to the range of 2.3-2.5 levels by the end of 2025. The invested capital reduction activities you've heard about throughout the day are a critical component to this target range, and, in this steady growth environment, we see the ability to unlock over CAD 450 million of capital by 2025. Turning to slide 65 in capital allocation. This highlights our capital allocation framework. This is a dynamic capital allocation model, which priorities will shift depending on variables such as profitability, level of cash generation, and our share price. Our overall philosophy is to allocate capital to maximize discounted cash flow per share of our long-range business plan. For our investments, we're looking for returns with a base case business case with above weighted average cost of capital, but that delivers a double-digit ROIC within two years. And also has an upside case where we can achieve our corporate average ROIC from year three onwards. We believe used rental and power organic opportunities fit this profile, and we'll continue to success fund these initiatives by redeploying about one-third of our invested capital unlock into these segments as achieved. Beyond organic growth, we expect our business to generate strong free cash flow to allocate. We're proud to have grown our dividend for 21 straight years, and we'll look to continue mid-single-digit growth in the future. Beyond dividends, share repurchases and M&A will compete for capital. We've been consistent with our share repurchase program, having repurchased about 1% of float most quarters since our last Investor Day, for a total of 15 million shares purchased from June 30th, 2021 to June 30th of this year. We'll continue to evaluate share repurchases relative to M&A, and we'll have a very high bar for M&A, with a focus on dealership expansion, product support growth opportunities, and used rental and power accelerators. From a balance sheet perspective, we'll continue to maintain a strong investment-grade credit rating, and normal course will plan to be in the 1-2 times net debt to EBITDA, with a willingness to temporarily go up to 3 times for a highly attractive strategic opportunity. This is a dynamic and balanced approach that we will believe will continue to drive strong returns and support compounding our earnings per share. We've made great progress on our ROIC in recent years, and we want to continue that momentum. As you can see, in most cases, margin has been the key driver. For the next phase, we see invested capital turns as the key driver for continued ROIC momentum. We see the most opportunity for improvement in our Canadian business. Our overarching goal here is to deliver strong ROIC through all market conditions on a consolidated basis, with contributions from our diverse portfolio of regions. With the rule of thumb that we've highlighted here, a 0.25 invested capital turns improvement can have the same impact as 100 basis points of margin, whether that's pushing for upside or offsetting margin pressure. Moving into that 2.3-2.5 invested capital turns range fundamentally improves the ROIC range of our company. So slide 67, our clear path to growth. This brings it all together on a page. By driving product support over 7% per year, building resilience by improving invested capital turns to 2.3-2.5, and building our capabilities to scale, use rental and power, we aim to achieve a range of consolidated ROIC of 18%-25% through all market conditions. This is a fundamentally improved range of ROIC and earnings capacity for the company. On the bottom end of the range, in a challenging market, our strategy's objective is to achieve an 18% ROIC through the proactive management of risk and leveraging full cycle resilience that we continue to build. This would obviously be a significant improved outcome in earnings capacity from prior challenging market years. In our anticipated market recovery that we've reviewed today, mobilizing growth in South America, resilience in the U.K. and Ireland, and steady growth in Canada, we expect continued expansion of our ROIC through 2025. We'll work to execute stretch plans to progress towards the upper end of the range and compound our EPS at attractive rates. As you've. So as you've heard today, this is a team that's very excited about this plan, and we'll continue to build on our momentum and track our record of delivering on our financial commitments. With that, I'll turn back over to Kevin. Thank you. Thank you, Greg, and thank you to the rest of the team our CHRO and EVP of Legal, and Alex Andersson, our EVP of Supply Chain. I'm gonna be moderating the questions this morning, so please direct your questions at me, and I'll make sure they get answered by the best person. Please, we'll go with questions in the room first, but please restrict your questions to two, and we'll get through as many as we possibly can. The last thing today really is, you know, we would appreciate questions that are directed towards what you've heard this morning on the strategy. We won't be providing any quarterly trading update information today. Please reserve those questions for our normal trading update, which we'll obviously share with you in November. Okay? Thank you. So if you'd like to put your hand up, and we'll get a microphone your direction. Hi, thank you. It's a question about Canada, the 59% of revenues that are product support. What percentage of that is rebuilds? Just so we can size the doubling of rebuild opportunity over the next two years. Yeah. So, in Canada, the rebuild activity has increased significantly. You know, we kind of look at it in terms of, you know, a third, like, a third is coming from rebuilds, a third is, as we describe it, a third is coming from CVA improvement and the additional integration and opportunities we get from that, and then a third from an increased addressable population. Hi, Devin Dodge from BMO. Thanks for the presentation. All the details today was really helpful. Just, I have two questions. Market share gains in South America, is the opportunity varied across the different categories in mining, or, or is it more focused on the ultra-class mining trucks? Yeah, sure. So I'll ask Juan Pablo to comment more about this, but, you know, we're coming off a period of, where our market share was less than the rate that we would like, and certainly less than we experienced in Canada. And we're really excited about the last couple of years since the introduction of the electric drive truck, where we've seen our market share return or return to the kind of levels that we'd expect and more in line with, what we see in Canada, particularly around the BHP QB2 Teck buying wins that we've had. But, Juan Pablo, do you want to add to that? Sure. In case of the, I would say, not non-ultra class trucks, we always been, you know, the market leaders. You know, support equipment, we're very strong on that, up to 240,000 tons, 793s. We have been, you know, the real leaders. And Kevin's point, 798s, 794s, electric, you know, equipment, plus autonomy, you know, have really, really, you know, have changed, you know, the, the game. So that's why we're winning. Okay. And maybe a follow-up. You just talked about, again, in South America, market share gains, increased production, declining ore grades, equipment traveling longer distances, all seem pretty positive for equipment demand, but also product support. Just from a Is there a framework that we should think about for from a Finning perspective on how do you go and support that equipment? What kind of, let's say, capital is required to kind of to support the capacity for from a product support perspective to support the equipment? Yeah, sure. So you'll see, those of you with us today, you'll see some of that increased capacity and capability this afternoon. You saw some of it yesterday. And as it relates to additional capital that's required, Greg talked about that briefly. And, you know, actually, from a facilities perspective, we see that as a net contributor. So we're very fortunate in that regard, and we have space to increase the capacity that we have, that we need. And, you know, obviously, you know, this period is, Juan Pablo talked about a growth rate. You know, it doesn't include a big inflection in the number of greenfield sites. You know, we've obviously got a long list of sites that are under review right now. And should that change dramatically, we don't anticipate it over this period that we've talked to you today, but should it change, and we start to see increased greenfield applications, then we'd have to sit down and review the extra capacity we, we would need. Thank you. Hi, Cherilyn Radbourne from TD Cowen. In terms of the plans for progress towards a 25% growth, largely driven by improvements in invested capital turnover, what kind of flex have you allowed in that plan to sort of invest in inventory, if that were necessary, to cope with growth, that surprise to the upside, or if that were necessary to respond to competitive behavior, for example? I think the way that we've been doing that, Cherilyn, for the last little while is good evidence. I'll ask Greg to add to this, but, ultimately, we have been investing in that level of. So you've seen the kind of numbers that we presented today in terms of what we think is, what we can achieve through increased velocity in the supply chain. I've said. We're very consistent in saying with, the first thing we will do is support our customers, and we'll support the growth trajectory that we have, and we will carry the appropriate amount of capital and inventory required to be able to meet those, those goals. You know, the growth rate that you're seeing going forward is less, is moderated over the past growth rate that we've seen over the last three years. Hence, why we believe that we can now really start to increase velocity and some of that, that working capital. Greg? Sure. Not much to add. I mean, we've been pretty consistent about talking about our capital allocation priorities. You'll notice previously we had inventory at the top. In the environment that we kinda discussed today, see inventory being a source rather than capital in that environment. Of course, the environment could change, but in our base case, we feel like inventory is a source over the next. Hi, Michael Doumet, Scotiabank. This investor day versus other investor days, it seems like there's a lot less discuss on SG&A and costs. I wonder if that's part of the message, if this is more of a growth story than what, you know, Finning used to be a little bit of a blend for both. Maybe just dig into that. I mean, are there opportunities generally, or is the story here that you're looking to utilize the current cost base to grow on top of? Yes. So the way I would describe that, and I'll ask Dave to talk about some of the further opportunities that he sees in Canada as an example. You know, ultimately, we've had. We have seen inflation through this period, like all businesses have, and, you know, considerable growth in our product support business, which is more SG&A intensive than other lines of business. So, we still see there are opportunities, and as the supply chain continues to improve, there are costs in the supply chain of operating in this environment, you know, like, such as increased emergency costs for shipping things in emergency. There are still opportunities to optimize our cost structure. I guess the message that you're pointing to, Michael, was more around, you know, what we are explicitly presenting today is the opportunity around working capital. Probably, a balance shift in that regard, which you're picking up on. Dave, do you want to add anything to that? I would just add that, you know, we continue laser-focused on return on invested capital, and we, you know, part of that is continued commitment to cost efficiencies, and we think there's more there. So I talked about our network, for example. I mean, it's not done yet. We just opened our new Kamloops facility a couple of months ago. I was just there last week. You know, as that gets fully up to speed, there's more efficiencies to be gained there. And I would also say just the, this, full cycle resiliency mindset for our 6,000 people is something that we're very focused on as well. Hi, Bobby Reynolds with Fidelity Canada. So slide 66 shows a range of EBIT margins and working capital terms for the 18%-25% ROIC. Should we view that EBIT margin range as sort of what you would expect in different economic scenarios? Like, would 8% be the lower end, or how would you think about that? Yeah, I would say, I mean, it's any sensitivity table's got to have, you know, ranges put on it. At the end of the day, the main message is, you know, getting into that 2.3-2.5 turns lane really puts us in a different working or ROIC position. And from an EBIT perspective, you know, there's plus or minus around that. You know, in the last few years, you've seen healthy margins and things like rental and used to manage some of the supply gaps. I don't think we can depend on that every year. And so, but there's also cost opportunities, as Kevin highlighted, that can come out as some of that normalizes. So we feel like it's a reasonable range. I wouldn't say that's the exact range through the full cycle. Of course, the market can go different directions, but, you know, it's a reasonable plus or minus off of our current. Then just a follow-up. Could you talk about the working capital investment that will be needed to build out the used business? Do you plan to hold more used equipment at your branches to support that? And then on the rental side, how to think about the investments in fleet expansion there? Yeah, sure. So I'll ask Kieran to speak about follow-up on used equipment. But safe to say there will be investments required. You know, you can't sell from an empty shelf, but ultimately, Kieran also talked about the exciting growth in consignment stocks, which is a really efficient way to participate in the used equipment business. From a rental perspective, we're still in that discovery phase right now. I think the message today is that rental is not new to Finning. We have a very strong base business, which has been performing very well. Our growth rates in many in our rental business, excuse me, have been kind of exceeding the general market levels that we see in the public with the public companies. But, you know, we're, we're undergoing a review right now in terms of what that growth trajectory could look like, which sort of product ranges we would, you know, we would focus on to sort of serve customers, but also to provide the right returns for the business and ensure that that business. The focus in rental is growing a profitable rental business. There isn't a market share target. It isn't a OEC target. It's grow a profitable rental business. We've got a big addressable market we can participate in. Participating in that profited- profitably with the right returns is a great growth lever for this organization. Kieran, do you want to talk a little bit more about used equipment? Yeah, just around the inventory question, and I think the primary focus for us is accelerating based on the inventory levels that we currently have. And we can accelerate our turns on the inventory we have. Once you have that momentum, if you have the opportunity to acquire more inventory that fits with the mix that you're looking for. You know, you'd not be afraid to do so. But we start with what we have today, and we're happy with the acceleration that we're already seeing in the business. Scott Fletcher from Mackenzie Investments. A key theme in the product support growth is the availability of technicians. Dave, you talked about improvements in, labor flexibility. So maybe just a question on any big constraints on technicians, from a geographic standpoint, hiring for the future, whether there's any constraints there. And then also, Dave, just maybe touch on what the improvements or KPIs you measure on labor flexibility and, how you got there. Yes. So let me just cover the three regions, and then we'll come back to Dave's specific questions to Dave. So we're very focused on technician growth in all three regions. And that starts with retaining the technicians you have, is a good start. And then if you can provide more security around the technicians you have, that's a great lever for attracting new technicians to the organization if they feel like they're joining a secure organization. The other thing, as you heard from one of the videos, is trying to get more out of the technicians. So remote diagnosis is transforming the productivity of our technicians. They go to site with the right parts. We send the right people, and in the U.K. last year, we won 150,000 hours of technical labor just through remote, the remote diagnosis. But, Dave, do you wanna talk about some of the work you're doing in Canada? Yeah. We've, we've had tremendous success recruiting skilled technicians in Western Canada. Last year, we hired well over 300 skilled technicians. This year, we're on track to add even more than that. You know, I think we have a tremendous brand and value proposition to offer, you know, people in that industry. And the other thing that we've done, you know, it's a key part of our Triple R network. So, you know, instead of trying to bring people to where the work is, we'll bring the work to where the people are. So Kamloops is a perfect example of that. You know, it's a great place to recruit. A lot easier to get people, you know, to move there than up in the far north. We can very cost-effectively bring rebuilds and other repairs to Kamloops, have the team there, do the work, and then get the machine back to the customer. The other thing I would add, Scott, is that in all regions, one of the best sources, and you saw some of that yesterday, one of the best sources of technicians is from the ground up, right? So it's getting engaged with young people or people who are looking for a career change, getting them involved in the business. I was in the U.K. three weeks ago, where we've almost doubled the number of apprentices we've brought into the U.K., and that applies the same in Canada, to more than double. I think there's 25 in the U.K., 80 in Canada, and a lot more than that in South America. And you saw what we're the kind of facilities we have to enable that kind of technician growth. So, that remains a great source of technical base. We build real good loyalty as people come through that apprenticeship scheme. So we think we've got a differentiated offer, across all three regions, and if we can just add that kind of, security to that kind of employee brand proposition, which has been impacted in the past when we've let people go. If we can change that, then I think it stands us in really good, in a really good place. Sorry. Okay. Just one thing to add over there, because it's very important. Because I would say in terms of quantity, we are gonna get, we're gonna get there, but of course, it takes more time because of the upskilling and reskilling because of the new technology. That is our focus, and you saw yesterday in our technical training center, that's the main focus we have, at least in South America. That's the gap we're seeing. Sorry. All right. Hi. Hi. Good morning. It's Sabahat Khan from RBC. I guess just on the broader product support theme, I guess maybe a two-parter. One, on the CVAs, you know, I guess a part of it is to get more customers to sign those. Is it really just in-house capabilities why a customer wouldn't sign a CVA? And then, secondly, just on getting those people to come back and execute on those CVAs, you know, how do you stay on top of them? Is it just data, calling them again till they come back? How do you make sure they execute on those and come back to get work done under those CVAs? Yeah. So, I mean, I'll ask Tim. Tim and the U.K. team have in all three regions, but I'll ask Tim to talk about renewal rates and how we're making sure that we're performing. I mean, in terms of why a customer wouldn't take a CVA, for sure, they've got internal capabilities, in some cases, that they may choose to deploy to the servicing of the machines. It's becoming less and less the case, because of our value proposition, and in most cases, it's part of the overall proposition at point of sale. So, you know, I'd say I don't know why a customer wouldn't sign up to a CVA. It's a great outcome for them. But, Tim, do you want to speak to what we're doing to make sure we retain those customers? Yeah. So, thanks for the question, Saba. We, we've been on a journey in all three regions, actually. Initially, we focused on making sure that the vast majority of new assets go out with the CVA. Then the next step was to ensure that we offer all those customers that have signed up and put their trust in us an amazing experience by, you know, carrying out the maintenance work at the correct service intervals. They get a very predictable experience, and that will then help with the renewal decision that the customer makes down the line. So we've seen a doubling, more than doubling of, because we measure both. We measure renewal rates, we measure customer experience. We've seen a doubling of both those metrics over the last few years. We are excellent at the execution of the service work, and customers keep coming back as a consequence of it, and we make their life a lot easier. Hi, good morning. Maxim Sytchev from National Bank Financial. I had a question in relation to the competitive dynamic in, in Chile. My understanding, it's, it's really just kind of yourselves and, and Komatsu, but was wondering, if you can maybe comment in terms of, is it, pricing, product dynamic, what is really sort of driving, the competition here? Thank you. But I did have a question about this earlier, and just to be really clear, you know, particularly in mining, but also in other applications, you know, our proposition is based on total cost per ton or total cost of production. It's not based on an acquisition price. It's not based on a product support rate per hour. It's part of a whole proposition that we propose to customers. But JP, do you want to speak specifically- Sure. about South America? Yeah, yeah, sure. It, it's subject to, you know, the segment and the market you are. So if you're in the construction, you have more than 20 brands competing, including, you know, the huge presentation of these Chinese brands. So it's a different, completely different, you know, dynamics over there. And in mining, of course, you know, it is very sophisticated in terms of the value proposition. So it's, it's copper ton, even, you know, sometimes right now it's, it's carbon per ton. So it's all around, you know, this, kind of very sophisticated, value proposition we have. But the dynamic is not just, you know, pricing or, or cost. The other thing I would add, Max, is dealer support, right? So as you all know, you've all traveled a long way to be with us today, for which we're very thankful, because we want to show our capabilities, but it also reinforces how far away we are from other sources of other resources. And so, the strength and depth that Finning has in this region matters, and we hear customers call it out all the time, that the level of investment you're seeing this week and the capacities that we're building make a big difference. Maybe one follow-up question in terms of general M&A, maybe especially on the dealer side, wondering if there's any sort of change in the body language in, in the market, whatever you can maybe comment on. No, I mean, it's not M&A, as it relates to the kind of dealer territories, is not something that we either control or we like to speak about. Our focus right now is always on being a top Caterpillar dealer, so that we're seen as positioned in the top quartile of dealers around in each of our territories, and I'm happy to say that I'm confident that's the case. But also being strategically brilliant, whether that be in autonomy deployment, power systems, capabilities, supply chain capabilities. If we can be seen as strategically advantageous to the Caterpillar organization, I think that's our focus, and it stands us in good stead. Yeah, it's just Steve Johnson here from Raymond James. Two-part question, one short term, one longer term. The first side, short term, how should we think about the cadence of deliveries of these new equipments, the large and ultra-class deliveries over the next 24 months in Escondida and QB2, and, and how does that shape the complexion of the revenue mix versus new versus product support? And then longer term, how does that complexion change with an increase in share of electric drive trucks in that mix, or in that installed base, I guess? Okay. So Juan Pablo, do you want to talk about the cadence of the delivery, so how, how many we're delivering? Yeah. It, it is, what we're delivering is kind of, you know, 1 798 per week. So that's what we are doing, you know, for now to probably, you know, 2024. That's the agreement we had, we have with the, the customer. Part of that one is gonna be in the, in the backlog, what we're gonna have, you know, at the end of the quarter. And then in terms of the revenue mix, Steve, you know, I would suggest that as we've already been delivering trucks, but that's that cadence. I think we've got 6 delivered now, maybe 6 or 7. And that cadence will continue. We've got a number of trucks still delivering in Canada. So you would anticipate that the movement between new equipment and product support may normalize a little bit more, you know, to, I think we're at 55% today, so somewhere between 50% and 55%. But ultimately, it's an and, it's an and discussion, right? So, as long as the product support is growing at the CAGRs that we've talked about today, if the revenue mix changes, but the product support CAGR stays the same, meets these targets and we deliver new equipment profitably, then it's an and conversation. Then I guess the final part of your question was around the impact on the business with the electric drive trucks being delivered. Yeah, sure. So the way that we think about that is, number one, as evidenced by the BHP opportunity, is market share growth, okay? So, having a really competitive, high-performance truck, a good electrification pathway and, what we believe to be a market-leading automation system, you know, the real prize there is market share growth. We also believe that the equipment will accumulate hours a lot faster. So a lot of our equipment, for sure, the propulsion will be electrified, but there's still a lot of hydraulics and electrical systems on the machine. So we believe that through automation and electrification, machines will move faster, and they'll accumulate hours faster, so that will have a net benefit as well. And then finally, we're very confident that in all cases, the opportunity to provide additional power capacity to the remote mine sites is a good opportunity for us. So we're not suggesting for a minute that an electrical drive truck doesn't have less components. It does. But we think the balance of those different aspects stands us in good stead, particularly if you're increasing the installed base of equipment in your region. I'm curious about the rental build-out. It seems like your revenues today in rental are around CAD 275 million, so I guess the OEC must be, call it CAD 500, CAD 550, something like that. In your planning, how large do you have the rental business in whatever timeframe you want to provide? How much of that is built? Because that should help your margins, but it, it does maybe challenge the ROIC targets a bit. I'm curious how much you look to build that out. Yeah. So it's important to know that within the rental numbers that we published today, there's kind of three types of rental. There's rental services, which is akin to United Rentals type business. There's power rental in there as well, and there's heavy rent. So there's three different components to that business. So in terms of planning moving forward, we're not putting a number on OEC or how much capital we want to deploy to it. We are still in the discovery phase. We've got an accelerated growth plan that we're working with Caterpillar on. And we believe that that business should be growing at a double-digit CAGR. And, you know, we will be investing behind that level of growth as long as it's profitable. And the profit, the definition of profitable, is accretive to ROIC. Now, you know, when you're running a rental business, you've got to look at the ROIC perspective through the whole cycle, and so we'll be making sure we cover that off as well. And maybe a follow-up on the mining trucks that are the installed base in South America. I think you said there was, like, 250 ultra and 750 large. How long did it take to build that? And where do you see the volumes over, say, the next five years versus the last five years? Just to give us a little sense on the volume growth. Thank you. So, let me help out, Juan Pablo. So we've got 1,000 large trucks, 750 large trucks and 250 ultra class. How long did it take to build that level of installed base? It's taken over 10 years, at least, you know, something like that. That's the kind of the range of the years. And going forward, we see a great opportunities and several other expansion we are seeing. You saw, you know, the recent announcement by the government on the expansion for Los Bronces and other companies. So we are seeing a couple of good opportunity on the expansion of several customers we have, so on the renewable fleet. Yeah. And then in terms of I think the second part of your question was to expand on from there. So as Juan Pablo mentioned, there is still lots of brownfield expansion going on, and the installed base, the fleet has grown 7% or 8% since 2021. If you just take the, I think, what Juan Pablo talked about earlier today was, if you remember the slide with all the potential projects along the bottom, you know, and then there was an illustrative example of a project that's—let's call it 180,000 tons a year, and having 29-30 trucks in the initial phase of that equipment rollout. Two things I'd like to make about that. QB2 edition is at the top end of that range, so it's in the 300,000 tons kind of range. And then, you know, the additional third of market share that we won at Escondida is even bigger than that, okay? So I think as those projects, as we watch those projects evolve, that's why we included the illustrative example in the update today, so we can kind of get a feel for as projects happen and evolve, you can kind of get a context for how the fleet expands. Question in online. Yes, thank you, Kieran. We have a question online from Ali Majid. Can you talk about how product support might evolve in the long term for a growing electric heavy equipment fleet? Presumably, there is a parallel with electric automobiles with less maintenance requirements. Yes, I think it was a similar question to which Steve- Yeah. As asked previously. So, you know, there's no argument, engineering argument, to suggest that electric equipment doesn't have less mechanical parts. But we think the combination of having a really good product range, the market share advantage to that, because electrification only happens really with automation. They're, they're really linked. And we believe we both in terms of our electrification pathway and our automation, proposition, it puts us in really good stead for market share. But we're also super excited about the power opportunities that, that go along with the electrification. So when we go and talk to a customer now, it kind of goes, you talk about electric equipment, then you talk about how you dynamically charge that equipment, and then you say, "Well, where are we going to get the power from and how do we provide the resilience?" So when you look at that value stream across all those aspects, we feel we're very well placed as a dealership organization and the capabilities we have. Hey, Michael. Hi. Yeah, me again, Michael Dumais, Scotiabank. If I look at the specific equipment population since 2021, so in each region, they're all above the product support expectation for growth through 2025. And then on top of that, you've got, you know, CVEs growing as a percentage. You've got rebuilds growing as an opportunity. So it feels like a relatively, like, easy baseline in my perception. So just trying to think about whether that perception is correct, and maybe just to think about, you know, the potential upside as well. Yes, obviously, with new equipment, I'll ask each one of them, when new equipment goes into the market, it takes a while. So remember the asset life cycle we talked about in terms of the product support intensity increasing from years four onwards? So that's a factor, so that'll take a while for that product to reach that kind of rich product support place. There's also, as we spoke about previously, service technicians within that product support number as well, which, you know, we're growing at a steadier rate. And, you know, what we've talked about there, Michael, is in excess of. What we're trying to get the message across today is it's more than 2% or 3%, and it, you know, which is more than GDP. But we believe that's a solid baseline to work from. Good. Yeah, it's Steve here. Just to follow up, the focus on Chile today is obvious, and I understand that's why we're down here, but we didn't talk that much about the neighboring countries in South America and the opportunity there. I think Juan Pablo referenced it very briefly, some of the lithium reserves. But is there, is there a second generation or second phase of growth that you could see in those neighboring countries? Again, recognizing some of the political backdrop there might be a little bit shaky. Thanks. Yeah. Actually, we are seeing a very, you know, I would say, huge growth on the oil and gas in Argentina, so and it's very intensive in terms of the product support. So all across the, you know, different type of phases of the oil and gas well services bringing, so it's completely, you know, booming. And you saw the news in the newspaper of the Vaca Muerta, and we are, you know, one of the most important supplier over there. So we are seeing that one, and then we have, you know, the growth that we are expecting on the mining side in Argentina, where vast majority investment is Canadian investment in several of your project. You know, Lundin, Barrick is still over there, and we're still working with the other companies. So we see a lot of opportunity over there. On the lithium side, of course, you know, the size of the opportunity is less, but for us, you know, means, you know, incremental revenue. So that's why we are very. We are pushing, you know, to be there in a very good position. Yeah, and just to add to that, and we didn't speak much about it today, so we've hugely increased our product support capacities in Neuquén, which is the Vaca Muerta shale basin, and recently reopened a facility in Mendoza, which is the main mining area for Argentina. You know, when you look across the bottom of those proposed copper mines, two of the most advanced future greenfield sites are actually in Argentina. You know, we're optimistic that they'll come to materiality. So you know, I guess, you know, when we look at the future reward there, and how the team, we've got a great team, got great support from Caterpillar in Argentina, they're deploying a really great framework. You know, a message we'd like to leave you with today is that we feel like we've got the risk well managed and the reward that's out there is balanced. Hi, Saba Khan again from RBC. You know, one of the things you talked about a couple of years ago was kind of using the CUBIQ platform to win work at HS2. You know, can you maybe talk a little bit about, you know, any learnings from HS2 as the project goes on? You know, are those the kind of things you're able to deploy into these kind of new mines here in South America? Just curious how that platform performed at HS2 relative to what you thought at the beginning of that project, maybe. Yes. I'll ask Tim to comment about HS2 and how that's going. But safe to say, you know, you probably picked up that CUBIQ formed a much bigger part of our investor update in 2021. You know, it is a nuance that, you know, digital is across all of the everything that you've heard today. It's embedded in a lot of the work that we're doing it, and it's very much an enabler of the product support growth that we've, we've articulated through the course of the presentation this morning. And Tim has taken on responsibility for digital within the organization, from the U.K. base. But Tim, do you want to update maybe on how HS2 is going, but, and how, or equally, how you're repositioning digital in the organization? Yeah, okay. So, CUBIQ enabled us ultimately to go through the market, go to market very differently on the HS2 opportunity. So, rather than leading with the Caterpillar equipment, we actually talked to the customers how we could support their operations, and executing the project in the safest, most environmentally friendly and cost-effective manner. And that built a trusted partnership on the back of which, we won, I would say, outsized market share on the equipment and, 100% contracted to maintenance agreement to CVAs. So that was, that was great. And, you know, linking it to the repositioning of digital, you know, we see CUBIQ very much, and our digital capabilities, as an enabler of the business, in service of supporting our customers. And we've actually renamed it now to Customer Performance, so it's very much focused on supporting our customers and enhancing their performance in the areas of fleet health and availability, safety and productivity, and also on their journey in the energy transition. Hi, Max again from National Bank. Just had a question in terms of the rebuild opportunity in, in Chile, because I think if we kind of go historical, that's kind of not the market that was sort of really focused on rebuilds, much more sort of on, on you. Was wondering if maybe you can comment on kind of the velocity of potentially adopting this, go-to-market strategy. Thank you. So it is different than Canada, and Juan Pablo will articulate it. And, you know, focus on smaller trucks and equipment right now. And ultimately, you have to fold in the energy transition as well. So the energy transition in mining, we believe will happen faster in Chile than it will do in Canada. And so that's a factor at play as well, but Juan Pablo? That's exactly the explanation, to be honest. First of all, you know, on the construction side, we have been building a lot, you know, the rentals, 50% as we highlighted in the presentation. That's, you know, the smaller type of equipment. And in the mine site, we're quite active on the support equipment to the mine site, up to 793, 250 tons, trucks. So that is where our focus. But in the 797, which are these ultra-class trucks, it's a question of two things, the aging of the fleet and the Codelco's fleet, you know, is brand new, 797. And then, you know, the ESG approach by customer. So one of them, it is Escondida, BHP, that already took the decision, you know, to move to the electric drive trucks. The other one is Antofagasta Minerals, who also, you know, decided to move to the electrical ones, trucks. So it's a question of different, different profile. We are similar but not the same than Canada. Just with regards to autonomy, how has that changed the conversations you're having with customers in terms of the packages of trucks, ancillary and support equipment you're offering? And how have competitors changed their pitches to maybe address that? Yes. So I'll ask Dave. I'll ask Dave. I'll ask Dave, so let me just start by saying, I'll ask Dave maybe to talk about Kearl, which is our most advanced automation project that we have in the business right now. Essentially, automation is built around your safety and productivity and speed of execution, but also, you know, effective use of the equipment as well. So, you know, automated machines behave more predictably than ones that humans drive. So a good example, we were talking about this yesterday, is, you know, when you're operating one of the huge shovels, like the simulator you saw yesterday, the shovel operators actually prefer an automated vehicle because it goes exactly where it's supposed to do. It doesn't go four meters too far to the left or right. So, the precision that you get from automation is quite incredible, and then that conversation is now advancing into electrification. So, the precise movement of machines as is required for dynamic charging means automation is an essential part of that. But Dave, why don't you talk a little bit about, you know, the curl and opportunity? Yeah. We have a very successful fleet running up in the oil sands, and like Kevin said, and I think people often first think about it just about removing the operator, but it's about safety, and it's about lowering cost per ton. And, you know, the truck will do exactly what it's supposed to do every cycle, and that's, you know, a real production advantage for autonomy. So now that, you know, we've shown what it can do at the one site, there's a strong interest with many customers because they see what that opportunity is to ultimately lower the cost per ton and improve the safety in the organization. Yeah, I'll just add to that, that, you know, ultimately, when you're embarking on a proposition to support a customer with such a huge project, everyone's different, right? So there's not a sales pitch that we go versus competition. You have to look at the site specifics. You have to look at their what they're trying to achieve. You have to look at their ambitions in terms of electrification. So I would suggest that, you know, it's not a dedicated sales pitch as such, and it's certainly not you know to combat competitive position. What we're doing is going into those applications and mine sites, doing thorough reviews with Caterpillar to what we propose, what we believe to be the optimum solution for the customer. And, you know, we're very confident in most cases that that solution is market leading. Thanks. I just got a question. Love to hear more about the opportunity to improve the efficiency of product support delivery. For example, spreading work around to avoid queues in certain facilities when there's capacity in other facilities, just to get optimal utilization. And does it require any sort of culture change or change in incentives? And I guess, what's the size of the prize there? Yes. So, I'll let Dave talk about the control tower and how we distribute work around the FIPLA network that you saw on the video. And then, before I turn it to Dave, just a reminder, so one of the biggest kind of technology implementations we're already doing right now is case and workforce management, which Neil spoke to on the U.K. video. So what this is trying to do is take a case, which ultimately is a customer job, put it in one place so everybody can see that job, which helps with the flow of that work going through. But then workforce management connects the right capability and capacity with the workload, which we're really excited about, will create great opportunities. But right now, we don't have it. It's just being implemented now, but for the past two or three years, we've had a system called the Control Tower. So Dave, do you wanna go? Yeah, it's been a big change. You know, Kevin brought it into place when he was in the U.K., and we've now brought that to all our regions, and it's in place today. And it was a big change. And, you know, historically, each of our branches ran somewhat independently, and, you know, one branch might have a long backlog to get in the shop, and another branch may have, you know, may have been empty. So the way it works today, now we have a control tower that schedules the work. All the work funnels through that control tower, and like I say, we'll assign the work to where the capacity availability is. So, you know, we will rebuild D11 tractors from British Columbia in Regina, for example. You know, and we're moving equipment back and forth all the time to really increase that efficiency in all of our operations, productivity in all of our operations. And you asked about incentives, and that was part of the change as well. You know, to really have the operational teams really focused on quality, on cost, on velocity, and, you know, the sales team out securing the business. It has been a change, but a very successful change in the organization. Yeah, and just one thing to add to that. I mean, a major motivation and is the value proposition is getting the machine back to the customer faster. And so if you can make an 8-week rebuild, a 3-week rebuild because you can create velocity, that's a really nice proposition to sell. So our sales force would have gone through a transition of saying: "I want that rebuilt machine where I can see it. I want to go in every day and see what the progress is like." And so we had to work through some kind of trust and confidence issues there. But the overall value proposition of maximizing our, the resources around our network has proved out to be very advantageous for our salespeople to sell. And obviously, they benefit from the kind of rebuild and increase numbers. That's what they get paid on, right? So net-net, they're happy. Yeah, Sean. Thank you. A question about copper prices. A lot of these trends are secular in nature, but I'm curious, when you speak with your customers, what are the. What's sort of the investment level of price on copper, where, you know, maybe there's a little more of a question mark on their willingness to move forward, you know, full blast? Yeah. So, you know, one of the highlights we had today was, you know, Goldman Sachs came out with a report last week that just said, you know, likely the expansions in Chile, and Escondida is the example they gave, 20% IRR when they put the new royalty framework through, and, you know, $3.75+ copper. So, you know, I think there's some safety margin in all of that, but I think well above 3% or $3 is helpful. That said, as you've seen through QB2, there are some cost escalation pressures. So we feel in the upper $3s that there's good momentum, and of course, with that enormous supply gap that's emerging over the next decade, it'll be interesting to see where, you know, equally, equilibrium prices go. But we feel confident that there are brownfield and greenfields that are economic at current levels, and obviously, if there's upside to price, then that's, you know, helpful, too. Thank you. Yeah. Our customers see, you know, very volatile, but, you know, very supportive going forward. Very supportive- Thank you. in terms of price. Maybe, Bob, if we have the last question, we'll have it to you. Sure. Hi, Bob Robotti, Robotti & Company. We've talked about, of course, the BHP transition and effectively that new fleet's a new greenfield. Could you talk about two customers out there? So one is everybody else has got to be looking at that opportunity, what the impact of that is. On the identifiable next couple of years, do you see other operators making that conversion, which would mean effectively without a new operation, a greenfield sale opportunity? And secondly, the biggest customer you have is Codelco. So, you know, one of the huge things about mining today is that the numbers are great, cash flows are strong. They've got capability to do capital projects is there. So where does Codelco kind of fit in that process, and what does their capital program look like, and what's the opportunity, and is it constrained by their limited to capital access, and how that might change, what impact that has on new greenfields as you renew those, fleets and those operations? Yeah. So I'll ask Juan Pablo to talk about Codelco specifically. He's very close to that. In terms of other examples, you know, all customers are looking for incremental capacity right now. And so not to the scale that we see at BHP, but very much we've got, I think, you know, we've got four customers that are involved in the Caterpillar Early Learning Program, which was described by Juan Pablo along the bottom of the slide. So four customers in our territories are a part of that program, I think maybe four of ten customers. Dave mentioned one, Artemis Blackwater in Northern BC is another one. And so, yeah, there are more than one customers doing that. I'd also, you know, in the context of your question, Bob, I'd also point to QB2, which in the b ecause of the scale of the BHP opportunity, you know, we're overlooking QB2 a little bit, which will come on stream, you know, the end of this year. And so that is greenfield, but it's an example, a similar example, which will be automated to Codelco, Dave? Yep. In case of Codelco, because it's, you know, a state-owned company in Chile, all this information is in the public domain. So you can read, you know, what is happening. You know, there is no doubt that, you know, Codelco has had an impact on their production and that's, you know, basically because of the delays on the expansion projects. So Codelco have at least five, you know, expansion projects, and they still continue working on that, so we are quite close to them on that one. So we're gonna have the chance, you know, tomorrow to be in one of their mine site, and we can, you know, see what they are doing. So very close. They continue the same way, and we are, you know, very active. I want to put it that way, you know, very active, you know, in the next couple of business we have with them. So very active, still there. Okay, thank you. That concludes our Investor Day presentation. I'd like to thank my team. They put a lot of hard work into this to provide a really good update to you today. I'd like to thank the team at the back there for the fantastic work in helping us make this happen. There were some scary moments over the weekend. You know, I'd also like to thank people who have joined us via the webcast. Thank you for your attention and for showing interest in Finning and our story. A special thank you to you guys for making the long trip down to Antofagasta to be with us. We hope, and we know we're gonna have some fun over the next 24 hours or so, bringing what you've seen on the slides to life in reality, and let's go see some yellow metal. Thank you.